Dr. David Palmer reports

PROBE GOLD COMPLETES PREVIOUSLY ANNOUNCED BOUGHT DEAL PRIVATE PLACEMENT OF $10 MILLION

Probe Gold Inc. has closed its previously announced bought deal private placement (pursuant to the listed issuer financing exemption (LIFE)), for aggregate gross proceeds of approximately $10-million. The Offering was comprised of 4,545,400 Canadian Exploration Expense ("CEE") flow-through common shares (the "Flow-Through Common Shares") of the Company, at a price of C$2.20 per Flow-Through Common Share.

Dr. David Palmer, President and CEO of Probe, states: "We are delighted with the robust support received for the Offering. By leveraging the significant flow-through premium for Quebec projects, we not only sustain our 2024 exploration programs with minimal shareholder dilution but also have the opportunity to expand these initiatives, accelerating growth and unlocking additional value. In 2024, our focus will be on expanding our resources, exploring new gold targets and advancing development studies at Novador in Val-d'Or. We are also continuing exploration efforts on our district-scale land package at Detour, including the recent copper discovery at La Peltrie and numerous regional gold targets. With the successful completion of the Offering, we now have approximately $25 million in treasury to drive these exploration endeavors and advance development at Novador. We're excited about the prospects that 2024 brings and want to thank all our shareholders for their support as we work towards building one of Canada's top-tier gold projects."

The Flow-Through Common Shares were issued and sold pursuant to the LIFE, available under Part 5A of National Instrument 45-106 - Prospectus Exemptions. English and French copies of the offering document under the LIFE dated December 12, 2023 (the "Offering Document") are available electronically on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile. The Flow-Through Common Shares issued in accordance with the LIFE are not subject to resale restrictions in Canada in accordance with applicable Canadian securities laws and the policies of the TSX.

The Company plans to use the gross proceeds from the Offering to fund exploration and drilling at the Novador Gold project and the Detour Gold project. The Offering was completed through a syndicate of underwriters led by BMO Capital Markets, and including Canaccord Genuity Corp., CIBC Capital Markets, SCP Resource Finance LP, and Laurentian Bank Securities Inc. (collectively, the "Underwriters"). The completion of the Offering is subject to the receipt of all regulatory approvals including the final approval of the TSX. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

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 well-funded and dedicated to the exploration and development of high-quality gold projects, notably its 100% owned flagship asset, the multimillion-ounce Novador Gold Project in Quebec. Probe controls a large land package of approximately 1,600-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec.

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