Fresnillo (FRES) investor relations material

Deal rationale and strategic fit

• Acquisition provides strategic entry into Canada, a tier-one mining jurisdiction with established infrastructure and skilled workforce, expanding geographic footprint beyond Mexico.

• Adds a large, high-quality gold project and advanced resource base, including the Novador project with over 8 million ounces of gold, and a substantial underexplored land package in Quebec and Ontario.

• Aligns with a disciplined, value-driven M&A strategy focused on early-stage precious metals projects and complements existing operations for long-term growth.

• Strategic location in Val-d'Or, a prolific mining region, enhances competitive positioning and supports long-term value creation.

• Substantial exploration upside and resource growth potential from a large, underexplored land package.

Financial terms and conditions

• All-cash acquisition of all outstanding shares for C$780 million (approx. US$560 million), at C$3.65 per share, representing a 24% premium to the 30-day VWAP.

• Funded entirely with existing cash reserves; robust post-transaction cash balance and no change to dividend policy.

• C$31 million termination fee payable by Probe under certain circumstances.

Synergies and expected cost savings

• Leverages technical and exploration capabilities to unlock value from a 1,798km² largely unexplored land package adjacent to major gold operations.

• Potential to optimize and advance the Novador project, targeting over 200,000 ounces of annual gold production for 10+ years.

• Opportunities to extend mineralization and add open-pit resources at higher gold prices.

• Open to collaboration with neighboring mining companies to realize operational synergies.