Why? Their coffers are pretty full.

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Toronto, July 7, 2016 – Probe Metals Inc. (TSX-V: PRB) (“Probe” or the “Company”) is pleased to announce that it has entered into an agreement with Macquarie Capital Markets Canada Ltd. and Medalist Capital Ltd. on behalf of a syndicate of agents (together the “Agents”), whereby the Agents will sell on a commercially reasonable efforts private placement basis up to 3,500,000 flow-through units (the “Flow-Through Units”) from Probe Metals at an average price of $1.50 per Flow-Through Unit for aggregate gross proceeds of up to $5.26 million (the “Offering”). Each Flow-Through Unit consists of one common share of the Company and one half of one common share purchase warrant (“Warrant”).

The Company is pleased to announce that Goldcorp Inc. (“Goldcorp”) has indicated it intends to exercise its participation right in full and participate in the Offering to maintain its pro-rata interest in connection with the Offering.

Each full Warrant will entitle the holder to purchase one additional common share of the Company at a price of C$1.75 per share for a period of eighteen months from the closing date.

The gross proceeds from the Offering will be used to fund “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) related to Probe’s projects in Ontario and Québec.

The Offering will take place by way of a private placement to qualified investors in such provinces of Canada as the Agents 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.

It is expected that the closing of the Offering will occur on or about August 11, 2016 (the “Closing Date”) 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 Agents will receive a cash commission equal to 6.0% 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 well-funded and controls a strategic land package of over 1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Ontario and Quebec: Val d’Or, West Timmins, Casa-Berardi and Detour Quebec. The Company is committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp on March 13, 2015. Goldcorp currently owns a 15% stake in the Company.

On behalf of Probe Metals Inc.,

Dr. David Palmer,

President & Chief Executive Officer