Dr. David Palmer reports

PROBE GOLD INCREASES VAL-D'OR MINERAL RESOURCES TO 3,793,900 OUNCES OF GOLD MEASURED & INDICATED AND 1,418,700 OUNCES INFERRED, DOUBLES AMOUNT OF MEASURED AND INDICATED MINERAL RESOURCES

Probe Gold Inc. has released an updated mineral resource estimate for its Val d'Or project properties located near Val d'Or, Que. Total gold mineral resources currently stand at 3,793,900 ounces in the measured and indicated (M&I) category and 1,418,700 ounces in the inferred category along all trends and deposits. The estimate includes mineral resources from the company's 100-per-cent-owned deposits within the Novador project, which comprises only those mineral resources along the Pascalis, Monique and Courvan gold trends captured in the preliminary economic assessment (PEA) (see news release dated Sept. 7, 2021). The mineral resources have shown significant improvement in both expansion and conversion over the previous mineral resources estimate and remain open for future expansion. The current Novador mineral resources stands at 3,793,900 ounces of gold in the M&I category and 1,179,400 ounces of gold in the inferred category, demonstrating a global increase for the overall project and excellent conversion rate from inferred to indicated resources. Drilling was successful in converting an additional 1,993,000 ounces to the M&I category from the previous mineral resource estimate. This updated mineral resource estimate was independently prepared by InnovExplo Inc. in accordance with National Instrument 43-101 and is dated July 13, 2023. Drills will be active throughout 2023 on further expansion and regional exploration with a significant drilling program totalling 68,000 metres at Novador.

Highlights:

• Total Val d'Or properties gold mineral resources currently stand at 3,793,900 ounces M&I and 1,418,700 ounces inferred along all trends and deposits, representing a 28-per-cent increase from the 2021 mineral resource estimate;
• Novador project gold mineral resources, slated for development, currently stand at 3,793,900 ounces M&I and 1,179,400 ounces inferred along the Monique, Pascalis and Courvan gold trends deposits, representing a 30-per-cent increase from the 2021 mineral resource estimate;
• Other Val d'Or properties gold mineral resources currently stand at 239,200 ounces inferred, including the Lapaska and Sleepy deposits;
• Significant mineral resources growth observed at the Monique deposit and strong conversion to M&I mineral resources seen at all three (Monique, Pascalis and Courvan) gold trend deposits;
• Increases of 28 per cent in total ounces and 72 per cent of ounces contained in pit-constrained mineral resources, with strong potential for future resource growth;
• The Novador mineral resource estimate demonstrates significant increase in M&I ounces, with 111-per-cent increase in overall M&I ounces;
• Novador's Monique and Pascalis gold trend deposits represent 83 per cent of the pit-constrained mineral resource estimate;
• Drills are currently active on a significant expansion and exploration program at Novador with drilling program increased by 15,000 metres to a total of 68,000 metres;
• Development work will continue with an updated PEA in order to capture the value of significant growth, particularly at Monique and the potential increase in annual production profile.

David Palmer, president and chief executive officer of Probe, stated: "In 2022, we undertook our most ambitious drill program to date, with the primary goals of converting inferred gold ounces to M&I ounces while continuing to expand the mineral resources size at Novador. We are pleased to report that we successfully converted 76 per cent of our gold mineral resources to M&I categories while expanding the Monique mineral resources by over one million ounces. As a result of the successful expansion drilling program and the increased Monique mineral resources, we will be updating the 2021 PEA, in order to better capture this growth and value in a new development model. The updated PEA will also be based on our more advanced engineering studies and will not only capture additional value but impart greater certainty compared to our previous study. The project's focus has clearly shifted towards Monique, and we believe that an updated PEA, based on the latest mineral resource estimate and site-specific data, will provide a more comprehensive representation of the project's expansion, and progression towards a larger production scale. While the updated PEA will represent a significant new milestone, we are fully funded and have increased our expansion drilling program on Novador and will be adding the new Croinor gold mineral resources to our portfolio. Croinor is a recent acquisition in close proximity to Novador that has the potential to add high-grade ounces that will add value to the project."

Novador project -- summary of mineral resources

The Novador project includes the Pascalis gold trend, Monique gold trend and Courvan gold trend deposits, which are 100 per cent owned by Probe. As part of its land consolidation strategy in the Val d'Or East area, Probe also earned a 60-per-cent interest in the Cadillac Break East property in joint venture with O3 Mining Inc., which includes the Sleepy gold deposit. In addition, the company owns a 100-per-cent interest in the Lapaska property. Furthermore, by applying industrial sorting to mineralized waste, additional mineral material may be extracted from the mineralized waste and thus become additional mineral resource on the project.

As no new information is available, the 2021 mineral estimate is considered to be current by Goldminds, and the results are reported unchanged. The Senore property is now part of the Novador project and its 2021 mineral resource is part of the Courvan gold trend deposits.

This additional pit-constrained mineral resource represents mineralized waste between cut-off grades of 0.20 gram per tonne gold and 0.42 gram per tonne gold for the Monique deposit and between cut-off grades of 0.20 gram per tonne gold and 0.40 gram per tonne gold for the other deposits, exclusive of pit-constrained mineral resource. This lower cut-off was based on the following parameters: industrial sorting cost $1.73 per tonne, gold recovery in the industrial sorting process at 82 per cent with an overall gold recovery with gravity and leaching at 68 per cent, mass recovery in the industrial sorting process at 42 per cent. Potentially, the industrial sorting results on this material allow obtaining a product above 0.42 gram per tonne gold. For more details on industrial sorting technique and parameters, see the "Val d'Or East Project, NI 43-101 Technical Report & Preliminary Economic Analysis," dated Oct. 20, 2021, and available on SEDAR under company's issuer profile.

An attached table presents the detailed gold mineral resources for each of the trends/deposits that comprise the Novador project.

Additions to the current mineral resource estimate relative to the 2021 resource estimate

The 2021 MRE at Novador hosted a NI 43-101 mineral resource of 1,800,900 ounces of gold in the M&I category and 2,035,700 ounces of gold in the Inferred category. A total of 200,565 metres has been drilled since the 2021 MRE over the Pascalis, Courvan and Monique Trends. Using a gold price of USD $1,700 per ounce, the 2023 updated NI 43-101 mineral resource hosts 3,793,900 ounces of gold in M&I, and 1,179,400 ounces gold in Inferred, representing an increase of 30 per cent in total size and an increase of 111 per cent in the M&I category. A total of 75 per cent of the new, 2023 M&I mineral resources are pit constrained at Novador.

Mineral Resource Estimation Methodology and Parameters

As part of the mineral resource estimation process, the Company and InnovExplo compiled, verified, and modelled all technical information available from the Project. 3D geological models were built for key structures hosting and constraining gold mineralization along the Monique, Pascalis, and Courvan Gold Trend. The drill holes database closing date is October 25th, 2022 for Monique and May 19th, 2023 for Pascalis and Courvan.

Next Steps

A technical report with respect to the latest mineral resource estimate disclosed today will be filed within 45 days in accordance with NI 43-101.

About Novador Project

Since 2016, Probe Gold has been consolidating its land position in the highly prospective Val d'Or East area in the province of Quebec with a district-scale land package of 446 square kilometers that represents one of the largest land holdings in the Val d'Or mining camp. The Novador project is a sub-set of properties totaling 175 square kilometers hosting three past producing mines (Beliveau Mine, Bussiere Mine and Monique Mine) and falls along three regional mine trends. Novador is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.

Independent Qualified Persons

The Mineral Resource Estimate was prepared for Probe Gold Inc. by InnovExplo Inc. The Qualified Persons ("QPs") have reviewed and approved technical information provided on the Novador gold deposits mineral resource estimate presented in this news release. The independent QPs from InnovExplo who have prepared and supervised the preparation of the technical information relating to the 2023 Novador Mineral Resource Estimate are:

• Marina Iund, P.Geo., M.Sc., Senior Resources Geologist. Ms. Iund is a professional geologist in good standing with the OGQ (No. 1525), PGO (No. 3123) and the NAPEG (No. L4431).
• Vincent Nadeau-Benoit, P.Geo., Senior Resources Geologist. Mr. Nadeau-Benoit is a professional geologist in good standing with the OGQ (No. 1535) and EGBC (No. 54427, NAPEG (No. L4154).
• Martin Perron, P.Eng., Director of geology. Mr. Perron is a professional engineer in good standing with the OIQ (No. 109185).
• Simon Boudreau, P.Eng., Senior Mine Engineer. Mr. Boudreau is a professional engineer in good standing with the OIQ (No. 1320338).

The independent QPs from Goldminds Geoservices Inc. who have reviewed and approved the technical information relating to the other Val d'Or properties 2021 Mineral Resource Estimate on table 2 are:

• Merouane Rachidi, Ph.D. P.Geo. Mr. Rachidi is a professional geologist in good standing with the OGQ (No. 1792)
• Claude Duplessis, Eng. Mr. Duplessis is a professional engineer in good standing with the OIQ (No. 45523)

The technical content of this press release has been prepared, reviewed, and approved by Mr. Marco Gagnon, P.Geo., Executive Vice President of Probe Gold Inc.

Quality Control

During the 2021 and 2022 drilling program, assay samples were taken from the NQ core and sawed in half, with one-half sent to Activation Laboratories Ltd. or AGAT Laboratories Ltd. and the other half retained for future reference. A strict QA/QC program was applied to all samples, which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire-assayed with an atomic absorption finish on 50 grams of materials. Repeats were carried out by fire-assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more. Total gold analyses (Metallic Sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold. Historical drilling program assay sampling procedures are disclosed in the NI 43-101 technical report: Mineral Resource Val d'Or East Project - July 14, 2021, and available on SEDAR (www.sedar.com) under Company's issuer profile.

About Probe Gold:

Probe Gold Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company is committed to discovering and developing high-quality gold projects, including its key asset the multimillion-ounce Novador Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately 1,500-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec.

We seek Safe Harbor.