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. GOLD EXPLORER UNLOCKING VALUE
Focused on the UNDER-EXPLORED VAL-D’OR EAST DISTRICT in Quebec
▷ 334 km2 district-scale land consolidation within one of Canada's leading gold mining camps
MORE THAN DOUBLED the gold resource in 2019
▷ 3.2 Moz of total resource with majority on its 100% owned property
▷ Attractive upside potential with existing gold resource and exploration targets
in Canada
3
STRONG BALANCE SHEET with over $25mm in cash and investments
STRATEGIC INVESTOR Newmont Goldcorp, senior gold producer
MANAGEMENT TEAM with PROVEN TRACK RECORD of delivering shareholder value
▷ Team includes CEO David Palmer, former President and CEO of Probe Mines, sold to Goldcorp for $526 mm in
2015, and Chairman Jamie Sokalsky, former CEO of Barrick Gold
Project located in a MINING FRIENDLY JURISDICTION with good access to INFRASTRUCTURE
▷ Proximity to road, electricity, regional airport, railroad
4. CAPITAL STRUCTURE
and Financial Information
PROBE METALS INC.
Market capitalization $121.7 million
Shares outstanding (basic) 110.6 million
Shares outstanding (fully diluted) 127.7 million
Cash and Investments ~$25 million
52 week trading range $1.53 - $0.91
Recent Price (11/10/19) $1.10
TOP SHAREHOLDERS
Newmont Goldcorp
(~14%)
Caisse de dépôt et
placement du Québec
AGF Investments Libra Advisors Kingsley Advisors Windermere Capital
Van Eck U.S. Global Investors BMO Asset Management GAM Holding AG
Fonds de solidarité
FTQ
SIDEX
Management and Directors (~6%)
4
ANALYST COVERAGE
BMO Capital Markets Andrew Mikitchook
Canaccord Genuity Tom Gallo
Cormark Securities Tyron Breytenbach
Industrial Alliance Securities George Topping
Laurentian Bank Securities Barry Allan
Mackie Research Capital Stuart McDougall
Sprott Capital Partners Brock Salier
5. UNLOCKING VALUE
in the Abitibi Gold Belt
5
ABITIBI
Greenstone
Belt
200M
Au oz
Produced
30M
Au oz
Reserves
6. VAL-D’OR EAST PROJECT
District-Scale Exploration Opportunity
6
Probe is
one of the LARGEST
LANDHOLDERS
IN VAL-D'OR
▷ Good access and
infrastructure: Proximity
to road, electricity,
Val-d’Or, regional airport,
railroad
▷ Quebec: mining friendly
jurisdictions
▷ Four past-producing mine
trends on the project
▷ Strategic land position
ABITIBI GREENSTONE BELT
Val-d’Or Camp ~40 Moz Au Production
8. VAL-D’OR EAST PROJECT
3D View Pascalis and Courvan Gold Trends Looking Southeast
8
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
9. PARALLEL GOLD TRENDS
9
▷ High-grade Open-pit with
Significant Underground
Potential
▷ Ongoing drill program confirms
the continuity of gold
mineralization and the expansion
potential of the New Beliveau
deposit
▷ Recent discoveries indicate
extensive gold mineralized system
that generated at least two
significant gold trends
Courvan
Gold Trend Pascalis
Gold Trend
10. REGIONAL EXPLORATION SUCCESS
10
▷ Ongoing 45,000-metre drill program expanding
the current gold resources and the discovery of
new gold deposits within the regional land
holdings. Continuous drill program since 2016
▷ New 3D Geophysical surveys in-progress to
locate additional parallel trends and new gold
deposits in regional land package
▷ New Geochemical surveys in-progress to prioritize
areas and geophysical targets for drilling
▷ Four past-producing mine trends with very little
historical work in surrounding area. Ideal situation
for potential new discoveries
Courvan
Gold Trend Pascalis
Gold Trend
11. VAL-D’OR EAST PROJECT
Multiple Satellite Pits Feedings a Central Mill
11
ABITIBI GREENSTONE BELT
Val-d’Or Camp ~40 Moz Au
Production
▷ 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
▷ Four past-producing mine
trends on the project, good
mining infrastructure
▷ Strategic land position
Senore Highway
Lapaska
New Beliveau
North
Monique
SoutheastSouthwest
Creek
Bussière West
CONCEPTUAL CENTRAL MILL
Sleepy
12. NEXT STEPS
12
▷ Ongoing environmental baseline and engineering
studies to de-risk the project
▷ Commence mining studies for main resource deposits
and find the best integrated approach
▷ Expand metallurgical studies to confirm responses
from various deposits and build optimum flow sheet
▷ Evaluate various project development permutations
and find the highest NPV scenarios to pursue
▷ Drill program focused on resource expansion
and new discoveries
▷ Ongoing 3D IP survey to test for parallel trends,
extensions to the known mineralized system
and new satellite deposits
▷ Expand project stakeholders consultation
Focussed on project catalysts: economics/development scenarios,
resource growth, new discoveries
13. 682
866770
722
2239
2012 2018 2019
WHY INVEST IN PROBE METALS
VDE project has Multi-Million Ounce Potential
M&I Resources (koz)Inferred Resources (koz)
13
EXPANSION POTENTIAL, significant
resource growth in both 2018 and 2019
Still open in all directions
Depth potential remains to be tested
Low discovery cost approx.
$10 PER OUNCE
14. 261
110
79 72 71
57
30 26
15
0
50
100
150
200
250
300
WHY INVEST IN PROBE METALS
Peer Average: $71
14
▷ Probe is significantly undervalued relative to peers based on current resource
▷ EV/Resource of $30/oz versus peer average of $71/oz
*Thomson Reuters and Company presentations
Probe is Significantly Undervalued Relative to Peers*
Company Osisko Gold Standard Pure Gold Bonterra Sabina Gold Marathon Probe Metals Nighthawk Eastmain
Key asset location Canada USA Canada Canada Canada Canada Canada Canada Canada
Stage PEA Resource Feasibility Resource Resource PEA Resource Resource PEA
15. WHY INVEST IN PROBE METALS
15
Resource size of 3.2 mm Oz of gold positioning the VDE project as one of the top undeveloped
projects in the Val d’Or area, Canada
Probe has Strong Fundamentals
Location in a mining friendly jurisdiction with good access to infrastructure
Management with a proven track record of adding shareholder value
Strong Balance Sheet with $25 million in cash and investments
Strategic Investor in Newmont Goldcorp, senior gold producer
Upside potential with existing resources and regional exploration
19. DAVID PALMER
President, Chief Executive Officer and Director
APPENDIX – MANAGEMENT AND BOARD
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
19
Track Record of Delivering Shareholder Value
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