Mr. Rauno Perttu reports

PROVENANCE GOLD DRILLS 3.07 G/T GOLD OVER 175.26M INCLUDING 21.7 G/T GOLD OVER 6.10M AT ELDORADO

Provenance Gold Corp. has released the assay results from the first core hole drilled by Provenance (EC-01) on its Eldorado gold property in Malheur county in eastern Oregon. Drill hole EC-01 (HQ) was drilled to a total depth of 338.18 metres (m) at a minus-68 dip and a 315-degree azimuth. The entirety of the hole was sampled (231 samples) with average sample lengths of approximately 1.45 m each.

Highlights:

• EC-01 returned 2.01 grams per tonne (g/t) gold (Au) over 288.34 m from surface, including 3.07 g/t Au over 175.26 m;
• Discovered a new high-grade zone below the previously known mineralization, which returned 13.18 g/t Au over 13.69 m, including 21.70 g/t Au over 6.10 m;
• Bulk composite samples of key mineralized zones with visible gold are being processed and assayed to ensure the full coarse fraction is being captured.

Provenance's chairman, Rauno Perttu, stated: "This first core hole considerably extends the high-grade zone found in last year's reverse circulation drilling by over 65 metres to a depth of 183 metres with at least three distinct higher-grade zones. Our work this autumn has confirmed the presence of several broad, strongly mineralized zones that stretch across the property in a criss-cross pattern that was confirmed by surface mapping, geophysics and computer modelling. With our new understanding, the area around ED-04 has been identified as a second strongly mineralized zone that is being targeted by EC-02 and EC-03 (assays pending). We are extremely pleased with the results of EC-01 and are excited to receive the core results on the remaining drill holes. We are now planning a much larger drill program for 2025 to extend the mineralized zones further, and test other prospective zones that appear to be broader and more intensely altered than our initial ones. This is truly just the beginning of this discovery."

Provenance believes that the gold-bearing fluids entered the diorite along intersecting primary northeast-trending faults and secondary northwest-trending faults that created key mineralized corridors, possibly flowing into these faults from an underlying moderately dipping fault zone. This first mineralized corridor intercepted by EC-01 appears to be approximately 100 m wide (approximate true width) and has been tested to 200 m vertical depth. The mineralized corridor remains open below 200 m and along the strike.

While the strongest mineralization seen in EC-01 is proximal to these recently identified broad fault zones, the mineralizing fluids also penetrated much of the more distal diorite. The younger gold-bearing geothermal system is associated with retrograde alteration of selected diorite minerals and with potassic enrichment.

Metallurgy

Following the results of metallurgical testing last year, the large variation between bulk assay and fire assay indicated that a nugget effect could be underrepresenting the gold grade, most notably with last year's reverse circulation holes ED-07 (13.44 g/t to 22.34) and ED-11(4.86 g/t to 6.35 g/t) (see news release dated Feb. 7, 2024).

As expected, fire assay results from EC-01 are similarly subject to the nugget effect, whereby the nature of the small sample size and assay technique is prone to underrepresent the coarse gold component within the samples, as evidenced by the presence of visible gold throughout each high-grade zone (see attached table). EC-01 marks the first visible core and assay result at the Eldorado project that can be compared and used to estimate a potential bias. For instance, the local intervals with visible gold at a depth of 156 m (see attached table 1) graded 2.78 g/t, which does not appear to adequately represent the visible gold in the assays.

Because of the presence of visible gold, additional bulk composite samples are currently being processed. Five of six bulk composite samples from the 2023 reverse circulation drilling program reported significantly increased assay values compared with the original fire assay. To that end, seven bulk composite samples, including bulk samples from the visible gold-bearing intervals of EC-01, are currently being tested and results will be reported as they become available.

2024 diamond drill program update

The maiden diamond drill hole program is now complete, with a total of 698.14 m drilled over three drill holes. Targeting the 2023 ED-04 hole (32 m of 3.98 g/t Au; see news release dated July 18, 2023), hole EC-02 was drilled to a depth of 156.36 m and finished in mineralization, but was unable to reach the final target depth due to drilling difficulties encountered in a fault zone, believed to be an important mineralizing structure. Hole EC-03 (200.56 m total depth) successfully reached the same target horizon at a steeper angle than hole ED-04 and just east of EC-02 with the intent of crosscutting the mineralized fault zone intersected by hole EC-02 and continuing deeper into the mineralized fault zone. EC-02 and EC-03 cores are currently being processed.

Geology

The core has been invaluable in providing key technical information that will assist the reinterpretation of the geological model at Eldorado and provide increased confidence in targeting additional mineralization across the property. Provenance believes that the Mesozoic diorite may be much older than the gold system and that the gold system may be as young as mid- to late Tertiary in age. Regardless of age, it is clear that the gold mineralizing event was a lower-temperature late-stage event, which explains the exceptionally favourable metallurgy of the deposit. A later relatively sulphide and silica-free gold deposition event deposited gold or amalgam that is exposed to easy metallurgical recovery.

Mr. Perttu comments: "Even with our strong assays last year, we never saw any visible gold. We knew it had to be there to have produced the historic placer deposits. With the core program, we have learned much more than where the placer gold originated. We have confirmed new zones of high-grade gold that are wide open to expansion and learned that the high-grade gold is not limited to breccia zones. Even after all the historic and current work to date, this system is so extensive that our exploration is just starting."

Quality assurance and quality control (QA/QC)

On receipt from the drill site, the HQ-sized drill core was systematically logged for geological attributes, photographed and sampled at Provenance's core logging facility. Sample lengths as small as 0.45 m were used to isolate features of interest; otherwise a default 1.52 m downhole sample length was used. Each sample is identified by a unique sample tag number, which is placed in the bag containing the core to be assayed. Once logged, the core was transported to ALS Global in Reno, Nev., for cutting and assaying.

Once at ALS Global in Reno, the core was cut in half lengthwise along predetermined lines, with one-half (same half, consistently) collected for analysis and one-half stored as a record.

Gold was determined by fire assay fusion of a 30-gram subsample with atomic absorption spectroscopy (AA23) or 30-gram subsample with gravimetric finish for samples assaying over 10 g/t Au (GRA21). Thirty-six elements, including silver, arsenic and antimony, are analyzed by inductively coupled plasma (ICP41) atomic emission spectroscopy, following multiacid digestion. ALS Global meets all requirements of ISO/IEC 17025:2017 and ISO 9001:2015. ALS Global operates according to the guidelines set out in ISO/IEC Guide 25.

The company has implemented a QA/QC program to ensure sampling and analysis of all exploration work is conducted in accordance with the National Instrument 43-101 and industry best practices. No issues with respect to the QA/QC of assays have been detected to date.

Qualified person

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

About Provenance Gold Corp.

Provenance 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.

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