Corporate Presentation

1. TSX-V: PRB
WELL-FUNDED CANADIAN GOLD EXPLORER
Corporate Presentation
March 2020
EXPLORING
VAL-D’OR
EAST

2. FORWARD LOOKING STATEMENTS
2
Forward Looking Information
This presentation may include certain “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included
herein, including, without limitation, statements regarding future plans and objectives of Probe Metals Inc. (“the Company”), future opportunities and anticipated goals, the company’s portfolio,
treasury, management team, timetable to permitting and production and the prospective mineralization of the properties, are forward-looking statements that involve various risks, assumptions,
estimates and uncertainties. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “seeks”, “believes”, “anticipates”, “plans”, “continues”,
“budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain
actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved”. There can be no assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those anticipated in such statements. Forward-looking information is subject to known and unknown risks, including but not limited to: an
inability to complete the business combination; general business, economic, competitive, geopolitical and social uncertainties; delays in obtaining or failures to obtain required governmental,
regulatory, environmental or other required approval; the actual results of current exploration activities; acquisition risks; and other risks of the mining and resource industry. Although the Company
has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to
be as anticipated, estimated or intended. These statements reflect the current internal projections, expectations or beliefs of the Company are based on information currently available to the
Company. The Company do not undertake to update any forward-looking information, except in accordance with applicable securities laws. The Company believe that the expectations reflected in
those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this presentation
should not be unduly relied upon by investors as actual results may vary. Unless required to be updated pursuant to securities laws, these statements speak only as of the date of this presentation
and are expressly qualified, in their entirety, by this cautionary statement.
National Instrument 43-101
Technical and scientific information contained herein relating to the Projects is derived from National Instrument 43-101 (“NI 43-101”) compliant technical reports (“Reports”) Mineral Resources Val
d’Or East Property dated August 28, 2019. Technical and scientific information not contained within the Report and contained in this Presentation has been reviewed and approved by Independent
Qualified Person Merouane Rachidi, Ph. D., P.Geo and Calude Duplessis., from GoldMinds Geoservices, who are the independent “qualified person” under NI 43-101. The Technical Report will be
available for revision on SEDAR at www.SEDAR.com under the Company’s profile. This Presentation uses the terms “indicated resources” and “inferred resources”. Although these terms are
recognized and required by Canadian regulations (under NI 43-101), the United States Securities and Exchange Commission does not recognize them. Mineral resources which are not mineral
reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or
other relevant issues. There is no guarantee that all or any part of the mineral resource will be converted into mineral reserves. In addition, “inferred resources” have a great amount of uncertainty as
to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules,
estimates of inferred mineral resources may not form the basis of feasibility or pre feasibility studies, or economic studies, except for a Preliminary Assessment as defined under NI 43-101. Investors
are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
Currency
Unless otherwise indicated, all dollar values herein are in Canadian $.

3. 682
866770
722
2,557
2016 2018 2020
Highlights
3
M&I Resources (koz)Inferred Resources (koz)
Increased the gold resource by more than 4 times since
acquiring the project in 2016
1 Mineral Resources Statement, GeoMinds Geoservices – September 2019
Val-d’Or East Project is One of the Top Undeveloped Projects in Canada
RESOURCE GROWTH
Exceeding our Goals
LARGE LANDHOLDINGS IN TOP MINING JURISDICTION
▷ Val-d’Or East project is located in Quebec, a World Class Mining District
▷ 334 km2 of consolidated under-explored land position
▷ Best in class infrastructure allows for low all-in sustainable costs
ONE OF ONLY 6 GOLD DEPOSITS OVER 3MOZ IN OUR PEER GROUP
▷ Total gold resource of 3.4Moz so far and growing
SIGNIFICANT UPSIDE POTENTIAL
▷ Less than 5% property explored thus far
▷ Significant exploration upside, resource growth and new discovery potential
WELL-FUNDED WITH $35M IN CASH
▷ Aggressive drill program for 2020 and 2021
TEAM WITH TRACK RECORD OF DISCOVERING MINE AND LOOKING TO
REPEAT SUCCESS OF BORDEN PROJECT SOLD TO GOLDCORP

4. 47
39
38
34
19 18
18
15 15
13
Probe Stock has Significant Upside Potential
4*Thomson Reuters and Company presentations as of Sep 2019
EV/oz: PRB $18 vs Peer avg $19
PRB IS TRADING
AT PEER
AVERAGE
(based on current
resource size)
Company Gold Standard Pure Gold Sabina Gold Marathon Integra Res. Probe Metals Bonterra Nighthawk Midas Eastmain
Key asset location USA Canada Canada Canada USA Canada Canada Canada USA Canada
Stage Resource Feasibility Resource PEA PEA Resource Resource Resource PFS PEA

5. Project Located on Prolific Gold Mining Belt
5
ABITIBI
Greenstone
Belt
200M
Au oz
Produced
30M
Au oz
Reserves
Over 200Moz of
Gold Produced
World Class
Mining Belt
Abitibi
Greenstone

6. Strategic Land Position in a World Class Mining District
6
DISTRICT SCALE
One of the Largest
Landholdings in
Val-d’Or
GOOD
INFRASTRUCTURE
in a Mining Friendly
Jurisdiction
Four Past Producing Mine Trends on the Property

7. Val-d-Or Properties – Significant Exploration Upside
7
Less than 5% of
Probe’s Val-d’Or
Property has
been explored
2016 0.77M oz
Inferred
2018 1.4M oz
(0.7M Indicated and
0.7M Inferred)
2020 + 3M oz
(0.9Moz M&I and
2.5Moz Inferred)
Highway
North Zone
New Beliveau
North Zone
Highway
New Beliveau
South
Highway
North Zone
New Beliveau
Creek
Bussière West
Southwest
Southeast
Monique

8. One of the Top Undeveloped Projects in Canada
8
*Mineral Resources Statement, GeoMinds Geoservices
**Measured and Indicated
Val-d’Or East Property (100% Interest)*
Val-d’Or East Optioned Properties (option to earn 60% interest)*
ALL DEPOSITS /
CATEGORY
PIT-CONSTRAINED RESOURCES UNDERGROUND RESOURCES TOTAL
Tonnes
Grade
(Au g/t)
Gold
(oz.)
Tonnes
Grade
(Au g/t)
Gold
(oz.)
Tonnes
Grade
(Au g/t)
Gold
(oz.)
M&I** 13,511 100 1.69 733,100 1,060,700 3.91 133,200 14,571,800 1.85 866,300
Inferred 28,263,550 1.49 1,356,200 9,603,472 3.35 1,034,000 37,867,022 1.96 2,390,200
DEPOSIT / CATEGORY
PIT-CONSTRAINED RESOURCES UNDERGROUND RESOURCES TOTAL
Tonnes
Grade
(Au g/t)
Gold
(oz.)
Tonnes
Grade
(Au g/t)
Gold
(oz.)
Tonnes
Grade
(Au g/t)
Gold
(oz.)
Probe 60% inferred
Sleepy
- - - 1,113,180 4.70 167,856 1,113,180 4.70 167,856
Val-d’Or East Project– Resource Summary
More than doubled the
resource and improved
confidence with M&I
0.9M oz in M&I* and
2.5Moz in Inferred
Category

9. Low Cost Open Pits with Underground Potential
9
Highway
M&I: 37,328 oz @ 1.39 Au g/t
Inf: 62,990 oz @ 1.63 Au g/t
New Beliveau
M&I: 778,969 oz @ 1.89 Au g/t
Inf: 705,813 oz @ 2.03 Au g/t
North
M&I: 50,035 oz @ 1.65 Au g/t
Inf: 115,257 oz @ 1.58 Au g/t
Southeast
Inf: 53,068 oz @ 1.40 Au g/t
Southwest
Inf: 193,252 oz @ 1.78 Au g/t
Creek
Inf: 307,064 oz @ 1.93 Au g/t
Bussière West
Inf: 185,370 oz @ 1.70 Au g/t
Courvan Gold Trend
Pascalis Gold Trend
N
Focused on Low
Cost open pit
Significant
untested
Underground
Potential

10. 10
Courvan
Gold Trend Pascalis
Gold Trend
Parallel Gold Trends
Two Parallel Gold
Trends Discovered
to date
Potential for Multiple
New Trends
▷ New
Exploration
Techniques
previously
undetected
mineralization
▷ Seeing More
Targets
High Power
Geophysics

11. Senore Highway
Lapaska
New Beliveau
North
Monique
SoutheastSouthwest
Creek
Bussière West
CONCEPTUAL CENTRAL MILL
Sleepy
Multiple Satellite Pits Feedings a Central Mill
11
▷ Project reaching a
threshold for
consideration of
development
scenarios
▷ Deposits in close
proximity could
support a
conceptual central
mill
▷ All deposits
accessible by road
and well connected
Satellite Pits
feeding a
Central Mill
Reaching a
Critical Mass

12. Timeline
12
Jun 2016
Adventure
Acquisition Aug 2016
$14.6mm
Financing
Aug 2016
Begins
10,000M
drill
program
Jan 2017
Monique
property
optioned
Feb 2017
$13.5mm
Financing
Jul 2017
Aurbel East
property
Acquisition
Oct 2017
Courvan
Property
Acquired
Feb 2018
RE update 682,400
Oz Ind & 722,100
Oz Inf)
Jun 2018
$24.7mm
Financing
Nov 2018
New Gold
discoveries
Feb 2019
Begins
Winter
drilling
program
Aug 2019
New Gold
Zone at
Monique
Sep 2019
RE update
866,300 Oz
M&I;
2,293,500 Oz
Inf)
Dec 2019
$17mm
Financing
Jan 2020
New drill
program3.4Moz
1.4Moz
0.77Moz
Increased Gold
Resource by More
than 4X since
2016
Property Growth
from 47 km2 to 334
km2 since 2016
Mar 2020
Monique
acquisition
Feb 2020
New drill
results
Jan 2020
New drill
results

13. Capital Structure
PROBE METALS INC.
Market capitalization $127.6 million
Shares outstanding (basic) 121.5 million
Shares outstanding (fully diluted) 146.9 million
Cash and Investments ~$35 million
52 week trading range $1.53 - $0.90
Recent Price (04/03/2020) $1.05
TOP SHAREHOLDERS
Newmont Goldcorp
Caisse de dépôt et
placement du Québec
AGF Investments Libra Advisors Kingsley Advisors U.S. Global
Van Eck Merk Investments BMO Asset Management GAM Holding AG
Fonds de solidarité
FTQ
SIDEX
Management and Directors (~5%)
13
ANALYST COVERAGE
BMO Capital Markets Andrew Mikitchook
Canaccord Genuity Tom Gallo
Industrial Alliance Securities George Topping
Laurentian Bank Securities Barry Allan
Mackie Research Capital Stuart McDougall
Sprott Capital Partners Brock Sailer
Strong SupportWell FundedGood Structure

14. Management and Board
14
Track Record of Delivering Shareholder Value
DAVID PALMER
President, Chief Executive Officer and Director
MARCO GAGNON
Executive Vice President and Director
YVES DESSUREAULT
Chief Operating Officer
PATRICK LANGLOIS
Vice President, Corporate Development
▷ Former President and CEO of Adventure
Gold (2007 to 2016)
▷ Has over 25 years of experience in Project
Acquisition, Exploration and Mine
Development
▷ Former President and CEO of Probe Mines (2003
to 2015)
▷ 2015: PDAC Bill Dennis Award for a Canadian
Mineral Discovery
▷ 2015: Northern Miner Mining Person of the Year
▷ 2014: Prospector of the Year, Ontario
▷ Former COO of Probe Mines
(2014-2015)
▷ Has over 25 years of experience in
Operations, Project Evaluation and
Mine Development
▷ Former Vice President of Probe
Mines (2012 to 2015)
▷ Has over 15 years of experience in
Corporate Development, Venture
Capital and Investment Banking
JAMIE SOKALSKY
Chairman
▷ Currently, Director of
Agnico Eagle Mines and
Royal Gold
▷ Former President and
CEO
of Barrick Gold
Corporation (2012-2014)
▷ Former CFO of Barrick
Gold Corporation (1999 to
2012)
GORD MCCREARY
Director
▷ Former Director of Probe
Mines (2012 to 2015)
▷ Former CEO of Newcastle
Gold and Baffinland Iron
Mines
▷ Founding Officer of
Kinross Gold
▷ Former Director of Probe
Mines (2001 to 2015)
▷ Founder of Peterson
McVicar LLP
▷ Has 20 years of
experience
as a corporate securities
lawyer
DENNIS PETERSON
Director
BASIL HAYMANN
Director
▷ Former Director of Probe
Mines (2013 to 2015)
▷ Entrepreneur, currently
Chairman of FabriTec
Structures LLC
Team with Track Record
of Making Discoveries
JAMIE HORVAT
Director
▷ Former Director, Global
Equities, for a large U.K.
based Asset Manager
▷ CIO Oberon Capital
Corporation
▷ Director, Troilus Gold
Corp