Probe Gold Inc. announced updated PEA for Novador Project, Quebec. The updated PEA provides a base case assessment of developing the Novador mineral resource by open pit and underground mining, and gold recovery with a standard free milling flowsheet, incorporating gravity and leaching of the gravity tails, with 50% estimated to be recovered via gravity. The economic model supports an operation with a high rate of return over a 12.6-year mine life, with significant average annual production of 255,000 ounces, an increase of 23% from the 2021 PEA.

The mill design availability is 8,059 hours per year or 92%. The crushing design availability is 5,694 hours per year or 65%. The tailings filtration design availability is 7,183 hours per year or 84%.

The process plant has been designed to realize an average recovery of 95.7% of the gold over the life of the Novador Project based on metallurgical test work completed at Base Metallurgical Laboratories Ltd. in Kamloops, British Columbia in 2022. While the incremental UG production demands substantial capital injection, all UG mining enhances overall production profile and project value with the $1,750/oz gold price (base case for the updated PEA mine planning), while offering additional leverage to a potential increase in the gold price. Basic geostatistics and technical parameters used for the Mineral Resource Estimate (MRE)., Resource based on 581,000m of drilling.

Enhanced geostatistics and tighter technical parameters used for the MRE., Geological model, 3D geological model from exploration and historical drill core supported by structural data., Enhanced and more constrained 3D geological model from exploration drill core and targeted mine scale drilling including improved structural analysis., Ratio of M&I to Inferred Resources, 44% M&I; 23% Inferred, Geotechnical Rock Mass Characterization, Geotechnical assessment from advanced exploration data, Assessment and compilation of initial mine scale geotechnical data from advanced exploration data and targeted mine scale drilling., Open Pit Geomechanical Design Criteria, Conceptual design criteria based on representative geotechnical characterization data, index testing for intact rock strength and limited structural orientation data from exploration drill core, Updated design criteria from detailed geotechnical characterize data, laboratory strength testing for intact rock strength and structural orientation data from targeted mine scale drilling and exploration drill core., Underground Geomechanical Design criteria established from detailed geotechnical characterization data., laboratory strength testing for intact rock strong and structural orientation data from targeted Mine scale drilling and exploration drill core, Geotechnical - Overburden Thickness, Based on exploration database and limited historic site investigations at Monique, Based on updated exploration database, and additional site investigations performed in 2022/2023 at Monique, Pascalis, and Courvan for site specific infrastructure (stockpiles and tailings storage facility). Geotechnical - Ground Conditions, Based on limited historic site investigations at Moniques, A geotechnical site investigation including a total of 65 test pits and 26 drillholes with 35 monitoring well installations and soil laboratory test work was completed during the period of September 2022 through February 2023 to characterize the general soil, bedrock, groundwater, and foundation conditions within the vicinity of select proposed locations for the open pits, stockpiles and tailings storage facility for the Pascalis, Courvan, and Monique sites.