When using smbclient to connect to a Samba share that is configured with "msdfs proxy", I've observed that the full path provided in the proxy parameter is not always followed.
As an example, I can configure "share1" on "dfs.example.com" as follows:
comment = MS DFS Proxy Share
msdfs root = yes
msdfs proxy = \fileserver1.example.com\shares\share1
When connecting to \\dfs.example.com\share1 from smbclient, I am redirected to, and see the contents of "\\fileserver1.example.com\shares" rather than "\\fileserver1.example.com\shares\share1". In contrast to this, Windows, Mac, and even Linux via mount.cifs go to the expected location, the full path provided in the "msdfs proxy" parameter.
It seems as though smbclient is failing to evaluate the full DFS path provided and is stopping at the root share of the proxy location.
If I can provide any further output to help with debugging, please let me know.