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Probe Metals Files PEA Technical Report for the Val-d’Or East Project, Quebec

Press Release

Toronto, October 20, 2021 – PROBE METALS INC. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”)  is pleased to announce the filing of the independent Preliminary Economic Assessment (“PEA”) technical report for its 100% owned Val-d’Or East project, located in Val-d’Or, Québec. The Val-d’Or East PEA supports a robust mining plan that averages over 200,000 ounces per year of gold production, with over 230,000 ounces per year in the first eight years of the 13 year mine life, and boasts an impressive after-tax NPV of $598 million.  The technical report, entitled “Val-d’Or East Project, NI 43-101 Technical Report & Preliminary Economic Analysis” (the “Val-d’Or East PEA”) and dated October 20, 2021 (effective date of September 7th, 2021) is available on SEDAR (www.sedar.com) under Company’s issuer profile.

Ausenco Engineering Canada Inc. (“Ausenco”) with the assistance of a number of specialized consultants, including by Moose Mountain Technical Services (“MMTS”), Geologica Groupe-Conseil Inc. (“Geologica”), GoldMinds Geoservices Inc. (“GoldMinds”) and Lamont Expert Conseil Inc. (“Lamont”) prepared the report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The scientific and technical content of this press release has been reviewed, prepared  and approved by Mr. Yves Dessureault, P.Eng., COO of Probe Metals who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Probe’s news release dated September 7, 2021 (titled “Probe Metals Announces Positive PEA for Val-d’Or East Project”) summarized the key results, assumptions and estimates contained in the Val-d’Or East PEA.

About the Val-d’Or East Project

Since 2016, Probe Metals has been consolidating its land position in the highly prospective Val-d’Or East area in the province of Quebec. The Val-d’Or East project is a district-scale land package comprising 436 square kilometers and represents one of the largest land holdings in the Val-d’Or mining camp. The property is host to three past producing mines (Beliveau Mine, Monique Mine and Bussiere Mine) and falls along four regional mine trends, including 14 kilometres of strike length along the prolific Cadillac Break.   Val-d’Or East is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.

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, 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 $526M sale of Probe Mines Limited to Goldcorp Inc. in March 2015. Eldorado Gold currently owns approximately 11.5% 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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