Probe Metals Upsizes Bought Deal Private Placement to $17.0 Million

Toronto, November 13, 2019 – PROBE METALS INC. (TSX-V: PRB) (“Probe” or the “Company”) is pleased to announce that it has increased the size of its previously announced bought deal private placement to $17,000,000.

Pursuant to an amended agreement, the syndicate of underwriters co-led by Sprott Capital Partners LP and Canaccord Genuity Corp. and including BMO Nesbitt Burns Inc., Cormark Securities Inc., Mackie Research Capital Corp., Industrial Alliance Securities Inc., and Laurentian Bank Securities Inc. (together, the “Underwriters”), the Underwriters have agreed to purchase 7,697,500 flow through units of the Company (“FT Units”) at a price of C$1.80 per FT Unit for gross flow-through proceeds of $13,855,500 and 3,144,500 non flow-through units of the Company (“Hard Units”) at a price of C$1.00 per Hard Unit for gross non flow-through proceeds of $3,144,500 (together, the “Underwritten Offering”).

Each FT Unit and each Hard Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase 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 proceeds from the Offering will be used to fund exploration on Probe’s projects in Québec and for working capital purposes.

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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