Mr. Rauno Perttu reports

PROVENANCE GOLD PROVIDES OPERATIONAL UPDATE AND A REVIEW OF RECENT ACTIVITIES AT ELDORADO

Provenance Gold Corp. has provided an operational update and a review of recent activities at its Eldorado gold property.

As the company reviews an exceptional year for Provenance, the company looks to aggressively advance the Eldorado gold property in Malheur county, Oregon, in 2025. Recent exploration results from Eldorado suggest that the property hosts a large, low-sulphur gold system that extends significantly deeper than previously recognized and remains open in all directions.

2024 highlights:

• Increased its land position to secure the newly recognized expanded footprint of the gold system;
• Conducted an IP (induced polarization) geophysical survey across the property that confirmed key structural controls for the gold mineralization and identified exciting exploration targets that remain untested;
• Completed a detailed geologic map of the property, including a surface alteration map;
• Drilled three core holes to follow up on the very positive 2023 RC (reverse circulation) drill results:
  • EC-01 returned 2.01 grams per tonne gold over 288.34 metres from surface, including 3.07 grams per tonne gold over 175.26 metres;
  • Discovered a new high-grade zone below the previously known mineralization that returned 13.18 grams per tonne gold over 13.69 metres, including 21.70 grams per tonne gold over 6.10 metres;
  • The zone appears to have a true thickness of 85 to 100 metres and to have a significant strike length;
  • Results for the remaining two core holes are pending;
• Identified at least two previously unrecognized large, high-grade zones outside of the historically reported pre-National Instrument 43-101 non-compliant resource through new drilling and surface mapping;
• Expanded the target size potential at Eldorado significantly through increasing the grade as well as depth and strike extent;
• The company saw increased market recognition in 2024 and expects to be even more active in its efforts to articulate the exceptional projects held by the company and the excellent opportunity that the company believes presents itself.

Current cash position

As of Dec. 31, 2024, the company had available cash on hand of approximately $2.5-million. A total of $1,921,753 was generated through the exercise of warrants during the fourth quarter of 2024.

Eldorado option payment

Provenance and Nevada Select Royalty Inc., a subsidiary of Gold Royalty Corp., have agreed to amended payment terms for the 2025 $400,000 (U.S.) option payment due on the Eldorado property as follows:

• $133,333 (U.S.) to be paid on or before March 31, 2025;
• $133,333 (U.S.) to be paid on or before June 30, 2025;
• $133,334 (U.S.) to be paid on or before Sept. 30, 2025.

2025 drill program

Provenance is planning a 10,000-plus-metre core and RC drill program at Eldorado that will be completed in stages starting in early 2025, with several drill locations currently permitted. The company plans to issue a comprehensive update regarding details of this program in the coming weeks.

2024 diamond core assay results

The company is currently awaiting assay results from core holes EC-02 and EC-03. Results will be released once available.

Vancouver Resource Investment Conference (VRIC)

The company will be attending the Vancouver Resource Investment Conference on Jan. 19 and Jan. 20, 2025, booth No. 829.

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 NI 43-101.

About Provenance Gold Corp.

Provenance Gold is a precious metal 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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