London- and Mexico-listed Fresnillo has completed its acquisition of Canadian explorer Probe Gold, securing entry into the prolific Val d’Or gold district in Quebec and expanding its long-term growth pipeline.

The precious metals producer paid about C$770-million, or $555-million, to settle the transaction, which was funded from existing cash reserves. The deal followed the receipt of all required shareholder, court and regulatory approvals.

The acquisition marks Fresnillo’s first investment outside Mexico and provides the company with an established platform in a leading global mining jurisdiction, supported by well-developed infrastructure and a skilled workforce.

Central to the transaction is the Novador project, an advanced-stage gold asset hosting a resource base of about 10-million ounces and capable of producing more than 200 000 oz/y for over a decade. The project is expected to form the cornerstone of Fresnillo’s Canadian growth strategy.

In addition to Novador, the transaction includes a 1 798 km² prospective land package with significant exploration upside, including the early-stage Detour Gold Quebec project. Fresnillo plans to apply its technical and operational expertise to accelerate exploration and development across the portfolio.

CEO Octavio Alvídrez said the acquisition met the group’s strict investment criteria.

“This acquisition is consistent with our disciplined approach to M&A and meets our criteria of having a sizeable resource base with upside optionality in a region with mining history, skilled personnel and existing infrastructure,” he said.

“We are excited that our first project outside of Mexico is in Canada, an outstanding mining jurisdiction with a global reputation for responsible development, and in the Val d’Or region with its proud history of mining.”

Alvídrez said the company would prioritise stakeholder engagement to ensure long-term value creation at Novador and across the broader exploration portfolio.

Following completion of the transaction, Fresnillo will begin advancing the Novador project, drawing on its experience in developing and operating gold and silver mines. The group will also intensify exploration across Probe’s landholding to unlock further growth opportunities.