Mr. Stephen Kilmer reports

PROFOUND MEDICAL ANNOUNCES PROPOSED PUBLIC OFFERING OF COMMON SHARES

Profound Medical Corp. intends to offer and sell common shares in an underwritten public offering. In addition, Profound expects to grant the underwriters of the offering a 30-day option to purchase up to an additional 15 per cent of the common shares sold in the offering. All of the securities in the offering are being offered by Profound. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The net proceeds of the offering are expected to be used: (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.

The offering is expected to be completed pursuant to an underwriting agreement to be entered into between the company and Raymond James Ltd. and Lake Street Capital Markets as co-lead underwriters and joint bookrunners, and a third underwriter. The offering is expected to take place in each of the provinces and territories of Canada, except the province of Quebec, and in the United States.

The offering is expected to close on or about Dec. 10, 2024, subject to customary closing conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange. Profound will notify the Nasdaq Capital Market in accordance with the rules of that exchange.

In connection with the offering, the company has filed a preliminary prospectus supplement and intends to file a subsequent prospectus supplement to its short form base shelf prospectus dated July 10, 2024, in each of the provinces and territories of Canada relating to the proposed offering. The prospectus supplement will also be filed in the United States with the United States Securities and Exchange Commission (the SEC) as part of the company's effective registration statement on Form F-10 (file No. 333-280236), as amended, previously filed under the multijurisdictional disclosure system adopted by the United States.

Access to the base shelf prospectus, the prospectus supplement and any amendments to the documents will be provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The base shelf prospectus is, and the prospectus supplement will be (within two business days of the date hereof), accessible on SEDAR+ and on EDGAR. The common shares are offered under the prospectus supplement. An electronic or paper copy of the base shelf prospectus, the prospectus supplement (when filed) and any amendment to the documents may be obtained without charge, from Raymond James Ltd., Scotia Plaza, 40 King St. W., 54th floor, Toronto, Ont., M5H 3Y2, Canada, or by telephone at 416-777-7000 or by e-mail at ECM-Syndication@raymondjames.ca by providing the contact with an e-mail address or address, as applicable. Copies of the prospectus supplement and the base shelf prospectus will be available on EDGAR or may be obtained without charge from Raymond James & Associates Inc., attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Fla., 33716, by telephone at 800-248-8863, or by e-mail at prospectus@raymondjames.com, and from Lake Street Capital Markets LLC, 920 2nd Ave. S -- Ste 700, Minneapolis, Minn., 55402, prospectus@lakestreetcm.com, 612-326-1305. The base shelf prospectus and prospectus supplement contain important, detailed information about the company and the proposed offering. Prospective investors should read the base shelf prospectus and prospectus supplement (when filed) before making an investment decision.

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. 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.

We seek Safe Harbor.