2. FORWARD LOOKING STATEMENTS
2
Forward Looking Information
This presentation may include certain âforward-looking statementsâ 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. (âthe Companyâ), future opportunities and anticipated goals, the companyâs 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 âseeksâ, âbelievesâ, âanticipatesâ, âplansâ, âcontinuesâ,
âbudgetâ, âscheduledâ, âestimatesâ, âexpectsâ, âforecastsâ, âintendsâ, âprojectsâ, âpredictsâ, âproposesâ, "potential", âtargetsâ and variations of such words and phrases, or by statements that certain
actions, events or results âmayâ, âwillâ, âcouldâ, âwouldâ, âshouldâ or âmightâ, âbe takenâ, âoccurâ or âbe achievedâ. 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 (âNI 43-101â) compliant technical reports (âReportsâ) Mineral Resources Val
dâOr East Property dated March 8, 2021. 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 Claude Duplessis., from GoldMinds Geoservices, who are the independent âqualified personâ under NI 43-101. The Technical Report will be
available for revision on SEDAR at www.SEDAR.com under the Companyâs profile. This Presentation uses the terms âindicated resourcesâ and âinferred resourcesâ. 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, âinferred resourcesâ 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
866
1,773
770
722
2,557
2,205
2016 2018 2020 2021
Highlights
3
M&I Resources (koz)
Inferred Resources (koz)
Increased the gold resource by more than 5 times since
acquiring the project in 2016
1 Mineral Resources Statement, GoldMinds Geoservices â June 2021
Val-dâOr East Project is One of the Top Undeveloped Projects in Canada
RESOURCE GROWTH
Exceeding our Goals
LARGE LANDHOLDINGS IN TOP MINING JURISDICTION
â· Val-dâOr East project is located in Quebec, a World Class Mining District
â· 436 km2 of consolidated under-explored land position
â· Best in class infrastructure allows for low all-in sustainable costs
GOLD RESOURCE WITH SIGNIFICANT UPSIDE POTENTIAL
â· Gold resource of 3.98 Moz
â· Significant potential for resource growth and new discoveries
ADVANCING THE PROJECT IN 2021
â· First Preliminary Economic Assessment (PEA) expected in Q3-2021
WELL-FUNDED WITH OVER $30M IN CASH & INVESTMENTS
TEAM WITH TRACK RECORD OF DISCOVERIES AND LOOKING TO
REPEAT SUCCESS OF BORDEN PROJECT SOLD TO GOLDCORP
4. 144
73
64
59 59
50
42
23
Probe Stock has Significant Upside Potential
4
*Thomson Reuters and Company presentations as of Sep 2020
EV/oz: PRB $50 vs Peer avg $64
PRB IS TRADING
BELOW PEER
AVERAGE
(based on current
resource size)
Company Marathon Perpetua Res. Gold Standard Bonterra Sabina Gold Probe Metals Integra Res. Nighthawk
Key asset location Canada USA USA Canada Canada Canada USA Canada
Stage PEA PFS PFS Resource PFS PEA PEA Resource
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-dâOr
GOOD
INFRASTRUCTURE
in a Mining Friendly
Jurisdiction
Four Past Producing Mine Trends on the Property
7. One of the Top Undeveloped Projects in Canada
7
*Mineral Resources Statement, GoldMinds Geoservices
**Measured and Indicated
Val-dâOr East Property (100% 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**
26,515,000 1.67 1,420,300 3,000,000 2.92 282,100 29,516,000 1.79 1,702,300
Inferred 20,702,000 1.58 1,053,800 7,409,000 3.37 802,300 28,111,000 2.05 1,856,200
Val-dâOr East Projectâ 2021 Resource Summary
1.77M oz in M&I* and 2.21Moz in
Inferred Category
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.)
Total Inferred 1,061,000 1.63 55,600 1,611,000 4.22 218,300 2,672,000 3.19 273,900
Val-dâOr East Other Properties (Lapaska1, Senore1, Sleepy2)
1 NI 43-101 Technical Report Val-dâOr East Project â October 2019, 100% interest
2 NI 43-101 Technical Report Sleepy Project â December 2014, Option to earn 60%, 60% presented
More than doubled the
resource in M&I
8. Pascalis
1km
N
Growth of Pit Constrained Resources Since 2018
8
2020 2M oz
(0.7Moz M&I and
1.3Moz Inferred)
2018 0.7M oz
(0.5M Indicated and
0.2M Inferred)
2021 2.7M oz
(1.5Moz M&I and
1.2Moz Inferred)
Pascalis
Monique
1km
Courvan
N
Pascalis
Monique
1km
Courvan
N
Continued
consolidation of open
pits through resource
growth
Over three-quarters of
pit-constrained
resources now hosted
within Pascalis and
Monique pits
9. 9
Pascalis Gold Trend â Surface View
Legend
New In-Pit Resource (Au g/t > 0.40)
New Underground Resource (Au g/t > 1.65 or 2.05)
Conceptual Pits
Former Beliveau Mine
PASCALIS TREND
DEPOSITS
M&I: 783,800 oz
Inf: 534,800 oz
N
Still Expanding
along strike
10. 10
Pascalis Gold Trend â Block Model 3D View
Legend
New In-Pit Resource (Au g/t > 0.40)
New Underground Resource (Au g/t > 1.65 or 2.05)
Conceptual Pits
Former Beliveau Mine
PASCALIS TREND
DEPOSITS
M&I: 783,800 oz
Inf: 534,800 oz
NORTH DEPOSIT
PIT CONSTRAINED
M&I: 70,300 oz
Inf: 61,600 oz
BELIVEAU PIT CONSTRAINED
RESOURCE
M&I: 584,000 oz
Inf: 235,300 oz
N
More Robust
Underground
Resource
11. 11
Monique Gold Trend â Surface View
Mining Lease
MONIQUE TREND
DEPOSITS
M&I: 660,400 oz
Inf: 643,500 oz
N
Legend
New In-Pit Resource (Au g/t > 0.42)
New Underground Resource (Au g/t > 1.65)
Conceptual Pits
Former Monique Mine Expansion drilling
underway to join pit-
constrained
resources
12. 12
Monique Gold Trend â Block Model 3D View
Mining Lease
Legend
New In-Pit Resource (Au g/t > 0.42)
New Underground Resource (Au g/t > 1.65)
Conceptual Pits
Former Monique Mine
MONIQUE TREND
DEPOSITS
M&I: 660,400 oz
Inf: 643,500 oz
UNDERGROUND RESOURCE
M&I: 112,400 oz
Inf: 232,500 oz
PIT CONSTRAINED
RESOURCE
M&I: 548,000oz
Inf: 411,000 oz
N
Over 90% of
Resource within the
mining lease
13. 13
Courvan Gold Trend â Surface View
Legend
New In-Pit Resource (Au g/t > 0.40)
New Underground Resource (Au g/t > 2.05)
Conceptual Pits
Former Bussiere Mine
COURVAN TREND
DEPOSITS
M&I: 258,100 oz
Inf: 677,800 oz
N
Improved
Exploration
Model
14. 14
Courvan Gold Trend â Block Model 3D View
Legend
New In-Pit Resource (Au g/t > 0.40)
New Underground Resource (Au g/t > 2.05)
Conceptual Pits
Former Bussiere Mine
COURVAN TREND
DEPOSITS
M&I: 258,100 oz
Inf: 677,800 oz
BORDURE, CREEK, & BUSSIERE PIT
CONSTRAINED
M&I: 84,100 oz
Inf: 239,800 oz
SOUTHEAST &
SOUTHWEST
PIT CONSTRAINED
M&I: 114,400 oz
Inf: 87,500 oz
N
Focussed on
continued
Resource Growth
15. PASCALIS TREND
DEPOSITS
M&I: 783,800 oz
Inf: 534,800 oz
MONIQUE TREND
DEPOSITS
M&I: 660,400 oz
Inf: 643,500 oz
VDE PROPOSED
PROCESS FACILITY
COURVAN TREND
DEPOSITS
M&I: 258,100 oz
Inf: 677,800 oz
15
Val-dâOr East Deposits - Location Map
2.5Moz of Pit Constrained
Resources within a 5km radius of
proposed mill site
16. 16
Advancing the Val dâOr East Project
METALLURGYTESTWORKRESULTS
â· All deposits amenable to processing in a single facility
â· Metallurgical test work results indicate recoveries +95% and
above 50% Gravity Recoverable Gold
â· All deposits responded well to pre-concentration methods
ENVIRONMENTAL & GEOCHEMICAL STUDIES COMPLETE
â· Results show waste rocks and ores are non-acid generating
and non-leachable
â· Potential for cost-efficient mining infrastructure
PRE-ECONOMIC ASSESSMENT ONGOING
â· PEAworkon-going.
â· Preferredlocationofinfrastructuresselected
â· Proximitytoinfrastructuresaclearadvantage(e.g.naturalgas
line,railline,majorroad)
â· PEAexpectedinQ32021
Advanced Development
studies Underway
19. Management and Board
19
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
â· Former President and CEO of Adventure
Gold (2007 to 2016)
â· Has over 25 years of experience in Project
Acquisition, Exploration and Mine
Development
â· Former President and CEO of Probe Mines (2003
to 2015)
â· 2015: PDAC Bill Dennis Award for a Canadian
Mineral Discovery
â· 2015: Northern Miner Mining Person of the Year
â· 2014: Prospector of the Year, Ontario
â· Former COO of Probe Mines
(2014-2015)
â· Has over 25 years of experience in
Operations, Project Evaluation and
Mine Development
â· Former Vice President of Probe
Mines (2012 to 2015)
â· Has over 15 years of experience in
Corporate Development, Venture
Capital and Investment Banking
JAMIE SOKALSKY
Chairman
â· Currently, Director of
Agnico Eagle Mines and
Royal Gold
â· Former President and
CEO
of Barrick Gold
Corporation (2012-2014)
â· Former CFO of Barrick
Gold Corporation (1999 to
2012)
GORD MCCREARY
Director
â· Former Director of Probe
Mines (2012 to 2015)
â· Former CEO of Newcastle
Gold and Baffinland Iron
Mines
â· Founding Officer of
Kinross Gold
â· Former Director of Probe
Mines (2001 to 2015)
â· Founder of Peterson
McVicar LLP
â· Has 20 years of
experience
as a corporate securities
lawyer
DENNIS PETERSON
Director
BASIL HAYMANN
Director
â· Former Director of Probe
Mines (2013 to 2015)
â· Entrepreneur, currently
Chairman of FabriTec
Structures LLC
Team with Track Record
of Making Discoveries
JAMIE HORVAT
Director
â· Former Director, Global
Equities, for a large U.K.
based Asset Manager
â· CIO Oberon Capital
Corporation
â· Director, Troilus Gold
Corp