Mr. Rauno Perttu reports

PROVENANCE GOLD ANNOUNCES PRIVATE PLACEMENT AND PREPARES FOR 2024 CORE DRILLING AT ELDORADO

Provenance Gold Corp. has opened a private placement that will support a near-term core drilling program on its Eldorado gold property in eastern Oregon. This program follows the additional claim staking announced on March 19, 2024, bringing the total size of the Eldorado gold property to 1,140 acres. The recent claim staking and proposed core drilling program are based on the strong results of Provenance's 2023 reverse circulation drill program and the company's recognition that the gold system is broadly open and extends deeper than previously recognized.

Eldorado geological summary

Eldorado is interpreted as a porphyry gold system associated with a diorite intrusive. Gold mineralization is pervasive in both the extensively altered and fractured diorite and the enclosing sedimentary rocks. Extensive zones of brecciated rock carry strongly higher-grade gold values. Based on both Provenance's and historic bulk metallurgical testing, the property has excellent recovery characteristics even in the unoxidized rocks, potentially even without the use of cyanide.

Surface geological work, historic placer mining, drone information, and both Provenance's and historic drill holes indicate that the gold system is extensive in all directions. Provenance's initial 11-hole RC drill program completed in 2023 totalled 1,446 metres (4,744 feet), which supported and exceeded the historic assay values of the 242 holes that were historically drilled on the property. The program additionally identified a newly recognized thick zone of higher-grade gold mineralization that extends below the majority of the historical holes which were primarily shallow. Two of the holes drilled by Provenance in 2023 intersected and bottomed in higher-grade gold mineralization associated within an extensive area of brecciated rock. Starting at the surface, these holes averaged more than 100 metres of continuous plus three grams per tonne gold mineralization and bottomed still in this mineralization. Modelling suggests that this higher-grade zone is associated with one of potentially several repeating mineralized fault zones.

2023 drilling highlights:

• Hole ED-03: 140.208 metres of 1.15 g/t gold;
• Hole ED-04: 137.160 metres of 1.639 g/t gold;
• Hole ED-07: 114.3 metres of 3.085 g/t gold;
• Hole ED-11: 118.872 metres of 3.278 g/t gold.

2024 proposed drill program

The planned core drilling program will allow the company to drill deeper into the system and provide a better geological understanding of the gold system and its structural controls as well as advancing the extent and continuity of the gold mineralization. The company anticipates the program to commence within the next 60 days or sooner, subject to field conditions and rig availability.

Rauno Perttu, Provenance's chief executive officer, commented: "The core drilling is a key step forward for this project and allows us to better geologically study and display the mineralization, test the depth of the system and likely receive better capture rates on the assays. We are excited by the size potential and grade of the gold system and are eager to continue to advance expeditiously."

Private placement

The company announces the intent to complete a non-brokered private placement for up to 15 million units at a price of eight cents per unit. Each unit consists of one common share of the issuer and one share purchase warrant with each warrant entitling the holder thereof to purchase one additional share of the issuer at a price of 12 cents per warrant share for a period of three years from the closing date of the placement. The company anticipates the closing of the placement within the next two weeks.

All securities issued in connection with the placement will be subject to restrictions on resale for a period of four months and one day in accordance with applicable securities laws. The company may pay finders' fees to eligible third parties who have introduced subscribers to the placement.

Qualified person

The technical content disclosed in this press release was reviewed and approved by Jo Price, PGeo, MSc, a qualified person as defined under National Instrument 43-101.

About Provenance Gold Corp.

Provenance Gold is a precious metals exploration company with a focus on gold and silver mineralization within North America. The company currently holds interests in Nevada, and eastern Oregon, United States.

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