Confounding...

Toronto, July 11, 2016 – Probe Metals Inc. (TSX-V: PRB) (“Probe” or the “Company”) is pleased to announce that, due to increased investor demand, the Company is increasing its previously announced private placement (see news release dated July 7, 2016) to up to $13.38million from up to $5.26 million (the “Offering”). The Offering will now consist of up to 8,383,750 Non-Flow Through Units (the “Non-Flow Through Units”) of the Company at a price of $0.95 per Non-Flow Through Unit for gross proceeds of up to $7.97million and up to 3,616,250 Flow Through Units (the “Flow Through Units” and collectively with the Non-Flow Through Units referred to herein as the “Units”) of the Company at an average price of $1.50 per Flow Through Unit for gross proceeds of up to $5.41million. Each 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 and participate in the Offering. In addition, certain directors and officers of Probe are participating in the Offering for a total of 742,000 Non Flow-Through Units.

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

The Agents will also have the option (the “Agents’ Option”) to sell up to an additional 10% of the number of Non-Flow Through Units and Flow-Through Units sold pursuant to the Offering.

The proposed brokered private placement financing is co-led by Macquarie Capital Markets Canada Ltd. and Medalist Capital Ltd.and includes a syndicate of Haywood Securities Inc., Cormark Securities Inc., Paradigm Capital Inc., Mackie Research Capital Corporation and Beacon Securities Limited.

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, as well as for general working capital purposes.

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, including any proceeds realized on exercise of the Agents’ Option.

About Probe Metals:

Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration anddevelopment 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