Companies · Mining & Resources

Probe Metals Inc.

TORONTO · Mining & Resources · refined from filed group “Other

Diligence memoA one-page analyst read on Probe Metals Inc. — recommendation, valuation, rhythm, risks.
$18.3M
Total raised · real
9
Rounds
11.1×
Latest step-up
Top 13%
Sector rank · raised
Series A
Latest stage · inferred · Tue Apr 15 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Probe Metals Inc. looks fair against its niche peers and is quiet on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the extractive sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Fair
  • Modeled value is 1.28× the median modeled value of Series A Mining & Resources companies in 2025–2027 (40 peers) — value vs value, same stage and era.
  • Within the normal band (128% of peer median) for its niche.
Quiet
  • Last raise 15 mo ago; this sector typically re-raises about every 11 months.
  • Slightly overdue versus sector cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Mining & Resources

Probe Metals Inc. is one of 701 Mining & Resources companies tracked from TORONTO. By capital raised it ranks in the upper tier (ahead of 88% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
5
Investors (latest)
2025-04-15
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$13M$25M$38M$50MSeed · 2016-08-17 Raised $1.9M (real) Modeled valuation $10M (est)Seed2016Seed · 2016-08-17 Raised $1.5M (real) Modeled valuation $8.3M (est)Seed2016Seed · 2018-06-19 Raised $3.8M (real) Modeled valuation $20M (est)Seed2018Seed · 2018-06-19 Raised $736K (real) Modeled valuation $3.9M (est)Seed2018Seed · 2019-12-10 Raised $1.9M (real) Modeled valuation $10M (est)Seed2019Seed · 2020-12-02 Raised $1.1M (real) Modeled valuation $5.6M (est)Seed2020Seed · 2022-06-09 Raised $933K (real) Modeled valuation $3.6M (est)Seed2022Seed · 2024-06-19 Raised $528K (real) Modeled valuation $1.4M (est)Seed2024Series A · 2025-04-15 Raised $5.9M (real) Modeled valuation $16M (est)Series A2025+$1.5M+$3.8M+$736K+$1.9M+$1.1M+$933K+$528K+$5.9MCumulative $18M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Seed$1.9M · 2016
Seed extension$1.5M · 2016
Seed extension$3.8M · 2018
Seed extension$736K · 2018
Seed extension$1.9M · 2019
Seed extension$1.1M · 2020
Seed extension$933K · 2022
Seed extension$528K · 2024
Series A$5.9M · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 67%.

Modeled valuation trajectory
$15.8M
Base estimate est.
$7.6M
Conservative case
$28.4M
Upside case
$26.7M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks scaled by the extractive sector profile. Directional, not a quoted figure.

Seed · modeled $10.3M · 2016-08-172016Seed · modeled $8.3M · 2016-08-17Seed · modeled $20.5M · 2018-06-19Seed · modeled $3.9M · 2018-06-19Seed · modeled $10.1M · 2019-12-10Seed · modeled $5.6M · 2020-12-02Seed · modeled $3.6M · 2022-06-09Seed · modeled $1.4M · 2024-06-19Series A · modeled $15.8M · 2025-04-152025
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
52%
Survival probability
28% low · 71% high
1.11×/yr
Annual markup
1.39×/yr upside case
1.2 yr
Elapsed time used
1.2 yr actual, capped for stale marks
extractive
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
13 mo
Avg between rounds
$2.1M/yr
Capital velocity
9.9 yr
On record since
2016
First round
9
Rounds on file
How it compares to the market

Benchmarked against 701 companies in Mining & Resources. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 8.0× above median
This company$18.3M
Sector median$2.3M
Latest round — vs other Series A rounds in sector (real $, this stage) 1.4× above median
This company$5.9M
Sector median$4.2M
Modeled value — vs sector median (estimate, all stages) 6.2× above median
This company$15.8M
Sector median$2.5M

Raised more than 88% of sector peers (real $). Modeled value above 84% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #14 of 40.

This companyCohort peer
$10.0M$100.0M$1.0M$10.0M$100.0MCapital raised (log)Fortitude Gold Corp · Series A Raised $12.5M · modeled $29.6M (est)San Cristobal Mining Inc. · Series A Raised $17.2M · modeled $28.8M (est)Torngat Metals Ltd · Series A Raised $21.9M · modeled $27.1M (est)Rua Gold Inc. · Series A Raised $16.4M · modeled $25.0M (est)Red Metals, Inc. · Series A Raised $9.6M · modeled $23.7M (est)West Point Gold Corp. · Series A Raised $9.2M · modeled $21.3M (est)McFarlane Lake Mining Ltd · Series A Raised $7.9M · modeled $19.2M (est)Evolution Metals LLC · Series A Raised $7.2M · modeled $19.0M (est)Silverco Mining Ltd. · Series A Raised $7.7M · modeled $19.0M (est)Miedzi Copper Corp. · Series A Raised $10.7M · modeled $19.0M (est)Rise Gold Corp. · Series A Raised $20.9M · modeled $17.0M (est)TDG Gold Corp. · Series A Raised $6.6M · modeled $16.4M (est)Probe Metals Inc. (this company) Raised $18.3M · modeled $15.8M (est)Probe Metals Inc.
CompanyStageRaised · realValue · estvs peer med.
Fortitude Gold CorpSeries A$12.5M$29.6M2.41×
San Cristobal Mining Inc.Series A$17.2M$28.8M2.34×
Torngat Metals LtdSeries A$21.9M$27.1M2.20×
Rua Gold Inc.Series A$16.4M$25.0M2.03×
Red Metals, Inc.Series A$9.6M$23.7M1.93×
West Point Gold Corp.Series A$9.2M$21.3M1.73×
McFarlane Lake Mining LtdSeries A$7.9M$19.2M1.56×
Evolution Metals LLCSeries A$7.2M$19.0M1.54×
Silverco Mining Ltd.Series A$7.7M$19.0M1.54×
Miedzi Copper Corp.Series A$10.7M$19.0M1.54×
Rise Gold Corp.Series A$20.9M$17.0M1.38×
TDG Gold Corp.Series A$6.6M$16.4M1.33×
Probe Metals Inc. this companySeries A$18.3M$15.8M1.28×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Seed$1.9M2016-08-17$9.6M$10.3M85%
Seed$1.5M2016-08-17$7.7M$8.3M85%
Seed$3.8M2018-06-19$19.1M$20.5M90%
Seed$736K2018-06-19$3.7M$3.9M90%
Seed$1.9M2019-12-10$9.4M$10.1M90%
Seed$1.1M2020-12-02$5.6M$5.6M90%
Seed$933K2022-06-09$4.7M$3.6M90%
Seed$528K2024-06-19$2.6M$1.4M90%
Series A$5.9M2025-04-15$26.7M$15.8M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Seed$1.9M2016-08-17
    • First recorded raise — entered as Seed.
    • 2 investors on this round.
  2. Seed$1.5M2016-08-17
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
  3. Seed$3.8M2018-06-19
    • Raised again after 22 mo — slower than the ~11 mo sector norm.
    • Round 2.5× larger than the prior — scaling up.
    • 3 investors on this round.
  4. Seed$736K2018-06-19
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 5.2× smaller than the prior — bridge or down round.
    • 8 investors on this round.
  5. Seed$1.9M2019-12-10
    • Raised again after 18 mo — slower than the ~11 mo sector norm.
    • Round 2.6× larger than the prior — scaling up.
    • 42 investors on this round.
  6. Seed$1.1M2020-12-02
    • Raised 12 mo later, in step with the ~11 mo sector norm.
    • Round 1.7× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  7. Seed$933K2022-06-09
    • Raised again after 18 mo — slower than the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 3 investors on this round.
  8. Seed$528K2024-06-19
    • Raised again after 24 mo — slower than the ~11 mo sector norm.
    • Round 1.8× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  9. Series A$5.9M2025-04-15
    • Raised 10 mo later, in step with the ~11 mo sector norm.
    • Round 11.1× larger than the prior — scaling up.
    • 5 investors on this round.
Intelligence
2026 ~Q2
Modeled next raise · ~13mo cadence
$17.6M
Modeled next size est.range $11.4M$28.2M
11.1×
Last step-up
$2.1M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Carmelo Marrelli11 other2016-08
David Palmer5 other2016-08
Renaud Adams3 other2024-06
Dennis Peterson2 other2016-08
Jamie Horvat2 other2020-12
Marco Gagnon2 other2016-08
PATRICK LANGLOIS1 other2016-08
Aleksandra Bukacheva2024-06
Basil Haymann2016-08
Gordon McCreary2016-08
Jamie Sokalsky2016-08
Marc Ducharme2025-04
Seema Sindwani2024-06
Shannon McCrae2024-06
Yves Dessureault2016-08
Registry & provenance

Probe Metals Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1640741
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Troilus Gold Corp.Mining & ResourcesSeries A$7.9M$5.7Mnetwork1 shared operator · same sector · same stage
Monarch Mining Corporation \ QuebecMining & ResourcesSeries A$4.5M$1.5Mnetwork1 shared operator · same sector · same stage
Probe Mines LtdOtherSeed$3.6M$67.5Mnetwork3 shared operators
Rubicon Minerals CorpMining & ResourcesSeries B$21.9M$9.3Mnetwork1 shared operator · same sector
RTG Mining Inc.Mining & ResourcesSeries A$18.3M$6.1Msame sector · same stage
Applied Minerals, Inc.Mining & ResourcesSeries A$19.5M$4.0Msame sector · same stage
San Cristobal Mining Inc.Mining & ResourcesSeries A$17.2M$28.8Msame sector · same stage
Rua Gold Inc.Mining & ResourcesSeries A$16.4M$25.0Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Metallic Minerals Corp.Mining & ResourcesSeed$7.5M86%
Discovery Metals Corp.Mining & ResourcesSeed$6.8M84%
Treasury Metals IncMining & ResourcesPre-Seed$705K84%
Scientific Metals Corp.Mining & ResourcesPre-Seed$1.1M84%
Resource Exploration, Inc.Mining & ResourcesPre-Seed$1.6M84%
Military Metals Corp.Mining & ResourcesPre-Seed$241K84%
Applied Minerals, Inc.Mining & ResourcesSeries A$4.0M83%
Affinity Metals Corp.Mining & ResourcesPre-Seed$1.5M83%
Frequently asked
How much funding has Probe Metals Inc. raised?
Probe Metals Inc. has raised approximately $18.3M in disclosed capital across 9 recorded financing rounds, aggregated from public filings.
What is Probe Metals Inc.'s estimated valuation?
Provath's modeled valuation for Probe Metals Inc. is approximately $15.8M (modeled range $7.6M–$28.4M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Probe Metals Inc. at?
Probe Metals Inc.'s latest modeled financing stage is Series A. Its most recent recorded round closed around Tue Apr 15.
What does Probe Metals Inc. do and where is it based?
Probe Metals Inc. operates in the Mining & Resources sector, based in TORONTO.
Explore related

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