Mr. Stephen Kilmer reports

PROFOUND MEDICAL ANNOUNCES AT-THE-MARKET OFFERING OF UP TO US$30,000,000

Profound Medical Corp. has established an at-the-market equity program that allows the company, through certain securities dealers acting as agents, to issue and sell from time to time up to $30-million (U.S.) of common shares in the capital of the company.

Any common shares sold under the ATM program will be made through at-the-market distributions as defined in the Canadian Securities Administrators' National Instrument 44-102 -- Shelf Distributions, including sales made through the Toronto Stock Exchange or the Nasdaq Stock Market LLC or on any other trading market for the common shares. The TSX has conditionally approved the listing of the common shares that may be issued under the ATM program and listing will be subject to the company fulfilling all of the listing requirements of the TSX. Distributions of the common shares under the ATM program will be made pursuant to the terms of an equity distribution agreement dated Sept. 6, 2023, between the company and the agents.

The sales of common shares, if any, will be made at the market prices prevailing at the time of each sale and, as a result, prices may vary as between purchasers and during the period of the ATM program. The volume and timing of distributions under the ATM program will be determined at the company's discretion. The ATM program will be effective until the earlier of the issuance and sale of all of the common shares issuable pursuant to the ATM program and April 23, 2024, unless terminated prior to such date in accordance with the terms of the distribution agreement.

The offering of the common shares under the ATM program will be made pursuant to a prospectus supplement dated Sept. 6, 2023, to the company's short form base shelf prospectus dated March 23, 2022, which were each filed with the applicable securities regulatory authorities in each of the provinces and territories of Canada, and in the United States pursuant to a prospectus supplement dated Sept. 6, 2023, to the company's U.S. base shelf prospectus included in its registration statement on Form F-10, as amended (file No. 333-263248), filed with the U.S. Securities and Exchange Commission under the United States Securities Act of 1933, as amended.

The timing and extent of the use of the ATM program will be at the discretion of the company. Accordingly, total gross proceeds from equity offerings under the ATM program could be significantly less than $30-million (U.S.).

The company intends to use the net proceeds of the offering, if any: (i) to finance the continued commercialization of the Tulsa-Pro system in the United States, (ii) to finance the continued development and commercialization of the Tulsa-Pro system and the Sonalleve system globally, and (iii) for working capital and general corporate purposes.

Copies of the distribution agreement, the prospectus supplement and the base shelf prospectus are available on SEDAR+ and the distribution agreement, the U.S. prospectus supplement, the U.S. base prospectus and the registration statement are available on EDGAR.

Copies of the distribution agreement, the prospectus supplement, the base shelf prospectus, the U.S. prospectus supplement, the U.S. base shelf prospectus and the registration statement may also be obtained directly from the company at 2400 Skymark Ave., unit 6, Mississauga, Ont., L4W 5K5, telephone: 647-476-1350.

About Profound Medical Corp.

Profound is a commercial-stage medical device company that develops and markets customizable, incision-free therapies for the ablation of diseased tissue. Profound is commercializing Tulsa-Pro, a technology that combines real-time MRI, robotically driven transurethral ultrasound and closed-loop temperature feedback control. Tulsa-Pro is designed to provide customizable and predictable radiation-free ablation of a surgeon-defined prostate volume while actively protecting the urethra and rectum to help preserve the patient's natural functional abilities. Tulsa-Pro has the potential to be a flexible technology in customizable prostate ablation, including intermediate stage cancer, localized radio-recurrent cancer, retention and hematuria palliation in locally advanced prostate cancer, and the transition zone in large volume benign prostatic hyperplasia (BPH). Tulsa-Pro is CE marked, Health Canada approved, and 510(k) cleared by the U.S. Food and Drug Administration (FDA).

Profound is also commercializing Sonalleve, an innovative therapeutic platform that is CE marked for the treatment of uterine fibroids and palliative pain treatment of bone metastases. Sonalleve has also been approved by the China National Medical Products Administration for the non-invasive treatment of uterine fibroids and has FDA approval under a humanitarian device exemption for the treatment of osteoid osteoma. The company is in the early stages of exploring additional potential treatment markets for Sonalleve, where the technology has been shown to have clinical application, such as non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy.

We seek Safe Harbor.