Mr. Rauno Perttu reports

PROVENANCE GOLD PROVIDES DRILLING UPDATE AT ELDORADO WEST AND ANNOUNCES PRIVATE PLACEMENT

Provenance Gold Corp. has provided an update from its continuing RC (reverse circulation) drilling program at its Eldorado West gold property in eastern Oregon.

2025 RC drill program update at Eldorado West

The first five RC holes (ED-12 to ED-16) have been completed, and samples are currently at the assay lab in Sparks, Nev., for processing. Hole ED-16 was just completed to a depth of 274 metres. RC drilling is continuing with ED-17. Holes (ED-15 to ED-17) are designed to test the area of the Tyee area that has been virtually unexplored with the potential to link the mineralized system between hole EC-01 and hole ED-04. Visual observation of holes ED-15 and ED-16 in this new area suggests they are mineralized and to depths greater than previously tested. The 2025 RC drilling program thus far has been efficient and on budget, with holes achieving the targeted depths.

Rauno Perttu, chief executive officer, stated: "We are excited about our drilling to date with this program and the visuals we have encountered. Mineralization at previously untested depths and extent has the potential to increase the volume of this system extensively."

Assay results will be released when available and will help to guide the continuing program.

Eldorado West highlights

The 2025 drill program follows two previous successful drill programs at the company's Eldorado West property:

• Hole EC-01 (2024): 288.34 metres of 2.01 grams per tonne gold;
• Hole ED-03 (2023): 140.208 metres of 1.15 grams per tonne gold;
• Hole ED-04 (2023): 137.160 metres of 1.639 grams per tonne gold;
• Hole ED-07 (2023): 114.3 metres of 3.085 grams per tonne gold;
• Hole ED-11 (2023): 118.872 metres of 3.278 grams per tonne gold.

Private placement

The company also announces the intent to complete a non-brokered private placement of up to five million units at a price of 20 cents per unit. Each unit will consist of one common share of the issuer and one-half of one transferable common share purchase warrant, with each warrant entitling the holder thereof to purchase one additional common share at a price of 25 cents for a period of three years. Subject to regulatory approval, 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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