Peñoles’ international expansion was bolstered by the acquisition of the Canadian company Probe Gold in 2026.

On October 31, 2025, Industrias Peñoles announced that its subsidiary Fresnillo plc, which holds a 74.99% stake, signed a definitive agreement to acquire all of Probe Gold’s shares.

The transaction involves the purchase of 100% of Probe’s issued and outstanding shares through a cash payment of 3.65 Canadian dollars per share. 

The total estimated value of the transaction amounts to approximately 780 million Canadian dollars, equivalent to around 560 million U.S. dollars.

Peñoles’ International Expansion

Probe Gold is an exploration company focused on the acquisition, evaluation, and development of highly prospective gold properties in Canada. It stands out for its portfolio of assets with significant geological potential and its focus on growth projects.

The company owns 100% of the Novador Gold Project, with resources of several million ounces, as well as the Detour Gold Project, both located in the province of Quebec, a well-established mining jurisdiction.

With this transaction, Fresnillo plc advances the internationalization of its operations, aligning itself with the world’s leading precious metals mining companies, which operate under diversified models across multiple jurisdictions.

Mining Assets

The acquisition of Probe Gold does not mark the beginning of Industrias Peñoles’ internationalization, but rather a recent step in its expansion. The company was already active in global markets through exports, international financing, and a well-established foreign shareholder base.

Prior to this transaction, Peñoles’ internationalization was based on its integration into global supply chains and access to capital through Fresnillo plc. However, it did not have operational mining assets outside of Mexico.

The acquisition of Probe Gold introduces a structural change: it represents the company’s first significant foray into mining assets in Canada, focused on gold exploration. Consequently, Peñoles is diversifying its geographic portfolio and moving toward a model with direct international operational exposure.

The transaction represents a strategic entry into Canada, considered one of the world’s leading mining jurisdictions. In particular, it adds exposure to the Val d’Or gold district, which boasts a long history of production, established infrastructure, and specialized human capital.

The acquisition adds a robust resource base of approximately 10 million ounces of gold, including nearly 8 million ounces corresponding to the flagship Novador Gold Project. This volume strengthens the portfolio and improves the visibility of long-term reserves.

Novador is positioned as a mature asset with an estimated annual production potential of 200,000 ounces of gold for more than a decade. This projected production profile reinforces the strategy of sustained growth and geographic diversification in the precious metals segment.