Probe Gold

What Probe Gold does

Probe Gold Inc. was a Canadian gold exploration and development company headquartered in Toronto, Ontario, with all operations focused on gold projects in Quebec's Val-d'Or mining district. The company's core asset was the advanced-stage Novador Gold Project, containing approximately 8-10 million ounces of gold resources with projected annual production exceeding 200,000 ounces over a decade-plus mine life. A secondary early-stage asset, the Detour Gold Quebec project, added 1,798 square kilometres of greenfield exploration land holdings adjacent to established mining operations.

The company operated a pre-production business model funded entirely through equity capital rather than operating revenue. Between June 2024 and April 2025, Probe Gold raised approximately CA$93 million across three bought-deal private placements (CA$18M, CA$30M, CA$45.275M), including flow-through shares, to fund drilling campaigns, resource definition, and pre-feasibility study execution. In June 2025, the company awarded major engineering contracts for the Novador PFS to Ausenco (lead and process plant design), G Mining Services (mining engineering), and GHD (tailings and water management infrastructure), keeping the PFS on track for year-end 2025 completion. Technology centered on conventional gold exploration methods, including a 50,000-metre infill drilling program supporting resource estimation and study work.

In October 2025, Mexican precious metals producer Fresnillo plc announced an agreement to acquire Probe Gold for approximately CA$770-780 million (US$555-558 million) in an all-cash transaction at C$3.65 per share — a 39% premium to Probe's market valuation and Fresnillo's first international expansion outside Latin America. The transaction closed in January 2026, making Probe Gold a wholly-owned subsidiary of Fresnillo and transferring its Quebec gold resource portfolio into Fresnillo's operating platform.

Name

Probe Gold

Legal name

Probe Gold Inc.

Website

https://probegold.com

Company type

Private

Founded year

2015

Operating status

Acquired

Headcount range

11–50 employees

Short description

Probe Gold Inc. was a Canadian gold exploration and development company headquartered in Toronto, focused on advancing its flagship Novador Gold Project and Detour Gold Quebec project in Quebec's Val-d'Or mining district. The pre-revenue company financed exploration and pre-feasibility work through equity placements before being acquired by Fresnillo plc in January 2026 for approximately CA$770 million.

Ownership category

akta.pro rank

Product category

Gold Mining and Mineral Exploration

NAICS

Gold Ore and Silver Ore Mining (212220), Metal Ore Mining (2122)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

Keywords

• Gold exploration
• Mineral exploration
• Mining development
• Resource definition
• Drilling services

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Supply Chain

Revenue model

1. Asset Monetization via Acquisition: As a pre-production gold exploration company, Probe Gold did not generate operating revenue. The company raised capital through equity financings and was acquired for its gold resources and project assets.

Go-to-market motion1 record

Core offering

Probe Gold is a Canadian gold exploration and development company focused on advancing its flagship Novador Gold Project in Quebec's Val-d'Or mining district toward production. The company conducted drilling programs and pre-feasibility studies to define approximately 10 million ounces of gold resources, with projected annual production exceeding 200,000 ounces over a decade-plus mine life. Its secondary asset is the early-stage Detour Gold Quebec exploration project covering 1,798 square kilometres of land holdings.

Product overview

Probe Gold Inc. is a Canadian gold exploration and development company operating a dual-project portfolio focused on advancing its flagship Novador Gold Project in Quebec's Val-d'Or mining district and the early-stage Detour Gold Quebec exploration project. The company operated as a single unified exploration entity with two distinct gold assets at different maturity stages—Novador as the advanced-stage development project driving near-term production potential, and Detour as an early-stage exploration play providing long-term resource growth upside. Following Fresnillo's acquisition in January 2026, the company's projects became part of Fresnillo's expanded portfolio.

Differentiator

Problem solved

Functional benefit

Products and services

• Novador Gold Project Advanced-stage gold development project located in Quebec's Val-d'Or mining district containing approximately 10 million ounces of gold resources. Projected to produce over 200,000 ounces of gold annually for more than a decade once in production, with pre-feasibility study on track for completion by year-end 2025.
• Detour Gold Quebec Project Early-stage gold exploration project in Quebec covering 1,798 square kilometres of land holdings, representing a greenfield exploration opportunity adjacent to established mining operations with long-term resource growth potential.

Quantifiable outcome

• Projected annual gold production exceeding 200,000 ounces over a decade-plus timeline from the Novador project.
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• AusencocoreImplementation/ SI/ Consulting Partner · 3 June 2025Probe Gold awarded Ausenco the lead contract for the Pre-Feasibility Study of the Novador Gold Project, including process plant design. Ausenco is a global engineering and project management company specializing in mining and infrastructure projects.
• G Mining ServicescoreImplementation/ SI/ Consulting Partner · 3 June 2025Probe Gold awarded G Mining Services the mining engineering contract for the Pre-Feasibility Study of the Novador Gold Project. G Mining Services is a mining consultancy providing technical services for mine planning and development.
• GHDcoreImplementation/ SI/ Consulting Partner · 3 June 2025Probe Gold awarded GHD the tailings and water management infrastructure contract for the Pre-Feasibility Study of the Novador Gold Project. GHD is a global engineering consultancy specializing in water and environmental management.

Scale indicators7 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• IAMGOLD Corporation: Canadian gold mining company with producing assets and development projects in Quebec and West Africa; comparable as a Canadian gold producer with Quebec assets and significant resource base.
• Wesdome Gold Mines: Canadian-focused gold mining and development company operating mines in Ontario and Quebec; directly comparable to Probe Gold as a Canadian gold developer with assets in established mining jurisdictions.
• Osisko Mining: Canadian gold exploration and development company focused on Quebec's Abitibi region; closely comparable to Probe Gold as a Quebec-focused gold developer with advanced-stage projects.
• Torex Gold Resources: Canadian gold mining company operating in Mexico with significant development upside; comparable as a Canadian-headquartered gold developer with single-asset production profile.

Broad incumbents

• Eldorado Gold Corporation: Canadian gold producer with operating mines and development projects across multiple jurisdictions; comparable as a mid-tier gold miner with both producing and development assets.
• New Gold Inc. Canadian gold producer with operating mines in British Columbia and Ontario; comparable as a Canadian gold mining company with intermediate production profile.
• Equinox Gold Corp. Canadian gold producer with operating mines across the Americas; comparable as a Canadian gold miner focused on mid-tier production growth from multiple assets.
• Centerra Gold: Canadian gold mining company with operating mines in Canada, Turkey, and Mongolia; comparable as a mid-tier Canadian gold producer with diversified asset portfolio.
• Agnico Eagle Mines: Senior Canadian gold producer with multiple operations including significant Quebec presence; comparable as a major Canadian gold miner with extensive Quebec portfolio and infrastructure.

Emerging players

• Monarch Mining Corporation: Quebec-focused gold development company advancing projects in the Abitibi region; comparable as a Quebec gold developer with a single advanced-stage asset profile similar to Probe Gold's Novador.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ProbeGold
• LinkedInlinkedin.com/company/probe-gold-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds11 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Probe Gold