Probe Metals Announces a $10 Million Bought Deal Private Placement of Flow-Through Units

Press Release

Toronto, November 11, 2019 – PROBE METALS INC. (TSX-V: PRB) (“Probe” or the “Company”) is pleased to announce that it has entered into an agreement with Sprott Capital Partners LP and Canaccord Genuity Corp. to act as co-lead underwriters, on behalf of a syndicate of underwriters (collectively, the “Underwriters”), whereby the Underwriters have agreed to purchase, on a “bought deal” private placement basis, $10,000,000 of flow-through units of the Company (“Flow-Through Units”) at a price of $1.80 per Flow-Through Unit with each Flow-Through Unit consisting of one common share of the Company and one-half of one common share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company for 2 years from the closing of the Offering (the “Closing”) at a price of C$1.30.

The Company has also granted the Underwriters an option to purchase up to an additional $1,500,000 of Flow-Through Units in whole or in part, any time up to three business days prior to the Closing Date to cover over-allotments, if any. The Underwriters shall be under no obligation whatsoever to exercise the over-allotment option in whole or in part. The aggregate gross proceeds of the Offering if the over-allotment option is exercised in full shall be $11,500,000.

The gross proceeds from the Offering will be used to fund exploration on Probe’s projects in Québec. The Company has agreed to incur and renounce in favour of the subscribers for the Flow-Through Units “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) in an amount equal to the subscription price for the Flow-Through Units.

The Offering will be effected by way of a private placement to qualified investors in such provinces of Canada as the Underwriters may designate, and otherwise in those jurisdictions where the Offering can lawfully be made. The securities to be issued under the Offering will have a hold period of four months and one day from Closing.

Closing is expected to occur on or about December 10, 2019, and is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange. In consideration for their services, the Underwriters will receive a cash commission equal to 6% of the gross proceeds of the Offering.

About Probe Metals:

Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company is committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately 1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a result of the sale of Probe Mines Limited to Newmont Goldcorp in March 2015. Newmont Goldcorp currently owns approximately 13.7% of the Company.

On behalf of Probe Metals Inc.,

Dr. David Palmer,

President & Chief Executive Officer

For further information:

Please visit our website at www.probemetals.com or contact:

Seema Sindwani

Director of Investor Relations

info@probemetals.com

+1.416.777.9467

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