Mr. Rauno Perttu reports

PROVENANCE GOLD CLOSES UPSIZED PRIVATE PLACEMENT AND PROVIDES DRILLING UPDATE

Provenance Gold Corp. has closed its non-brokered private placement for gross proceeds of $2,541,800. The offering received strong interest from investors.

Upon closing of the final tranche, the company issued 12,709,000 units at a price of 20 cents per unit. Each unit consists of one common share and one-half of one share purchase warrant, with each full warrant entitling the holder to purchase one additional share at 25 cents until July 17, 2028.

"We would like to thank our shareholders for their support and interest in our projects. Our Eldorado West and Eldorado East acquisitions are standing out to investors as a district-scale opportunity in eastern Oregon. We continue to advance these projects diligently and are excited to have this financing behind us to enable our drill program to continue throughout the summer. We are excited to finally start receiving assays and continue to build on the gold mineralization and footprint at Eldorado. This project has unusually strong grade and scale. I believe it is just beginning to reveal its impressive dimensions as we continue to expand our exploration and drilling," stated Rauno Perttu, chief executive officer.

In connection with closing the offering, the company paid $87,045 and issued 435,225 broker warrants to certain arm's-length brokerage firms that assisted in introducing subscribers to the offering. Each broker warrant is exercisable on the same terms as the subscriber warrants. All securities issued in connection with the offering are subject to restrictions on resale until Nov. 18, 2025, in accordance with applicable securities laws.

Drilling update:

• Seven drill holes have been completed to date, with the eighth currently under way.
• Holes ED-12 to ED-14 target expansion of the 2023 discovery zone from RC (reverse circulation) hole ED-04 and core holes EC-02 and EC-03.
• Holes ED-15 to ED-17 test the gap between this zone and the one intersected by core hole EC-01 (2.01 grams per tonne gold over 288.34 metres; see Dec. 9, 2024, news release).
• Holes ED-18 and ED-19 and the next two are testing a significant stepout area to the southwest.

All completed holes exhibited visual mineralization. Results will be released when available.

Stock options

The company also announces that it has granted 1.9 million stock options to certain officers, directors and consultants of the company. The options have an exercise price of 22 cents per share, have a 36-month term from the date of the grant and vest immediately.

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.

We seek Safe Harbor.