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Probe Metals Announces Upsize of Private Placement to $10.5 Million

Press Release

Toronto, June 8, 2022 – Probe Metals Inc. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to announce that it has increased the size of its previously announced non-brokered financing with Quebec institutional funds to aggregate proceeds of $10,500,000 (the “Offering”) consisting of 6,000,000 units of the Company (the “Units”) at a price of $1.75 per Unit. Each Unit consists of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each full warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share of the Company at a price of CDN$2.40 per share for a period of 24-months from the Closing Date.

The proceeds of the Offering will be used to further explore and develop the Company’s assets in Quebec. The Offering is expected to close on or about June 9, 2022 (the “Closing Date”) and is subject to the Company receiving all necessary regulatory approvals. All securities issued under the Offering will be subject to a hold period of four months and one day from the Closing Date.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful prior to registration under U.S. Securities Act of 1933 or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom.

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 multimillion-ounce Val-d’Or East Gold Project, Québec. The Company is well-funded and controls a strategic land package of approximately 1,500-square-kilometres of exploration ground within some of the most prolific gold belts in Québec. The Company was formed as a result of the $526M sale of Probe Mines Limited to Goldcorp. Eldorado Gold Corporation currently owns approximately 10.4% 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

[email protected]

+1.416.777.9467

IBF4

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