Mr. Rauno Perttu reports

PROVENANCE GOLD ANNOUNCES RESULTS FROM THE FIRST STAGE OF ITS 2025 RC DRILL PROGRAM AT ELDORADO WEST, TARGETING BULK TONNAGE AREAS WITHIN THE TYEE AREA

Provenance Gold Corp. has released the initial results of the first 10 reverse circulation drill holes totalling 2,548 metres of its continuing 2025 RC drilling program at the Eldorado West gold property in eastern Oregon. Assay results are currently pending for a further five holes totalling 843 m.

Highlights

• All 10 holes intersected gold mineralization, confirming broad, coherent and pervasive zones extending the open-ended gold mineralization from east to west over 800 metres, and identifying new mineralization in the previously untested area between zones 2, 3 and 4.
• Drilling demonstrated broad shallow-dipping mineralization in laterally extensive sheets, punctuated by high-grade intercepts within steeply dipping structures that are likely to serve as feeder zones.
• A second drill rig has been commissioned for the next phase of the drilling season, to enable selected core drilling to take place in addition to further RC (reverse circulation) drilling.

This initial stage of the drill program was designed to confirm the extent of gold mineralization within zones 1 through 4 in the Tyee area and demonstrate connectivity between these zones while trying to identify the feeder structures of the gold system. The new results expand the mineralized footprint over 800 metres of strike length across all four known zones, with multiple shallow-dip mineralized sheets that steepen toward the east, linking historic mineralized areas into a single, cohesive system. Subsequent drilling is planned to further evaluate and confirm this geological model.

Provenance chairman Rauno Perttu stated: "This project continues to experience significant growth. We were particularly pleased by the large intervals of open-pit grade mineralization shown in holes ED-16, ED-18, ED-19, ED-20 and ED-21 and the substantial open-pit grade mineralization close to surface in holes ED-12, ED-13 and ED-14. Our refined geological model, updated in light of early drilling results, indicates multiple high-grade feeder zones interconnected by open-pit grade mineralization, likely aligned along structural corridors. Equally compelling, in my view, is the deposit's outstanding economic potential: widespread near-surface gold mineralization, minimal overburden and excellent metallurgical recoveries all point to robust margins. As we advance through the drilling season, I'm genuinely excited to continue to grow the project and explore these high-grade targets."

Zone-by-zone results

Provenance has identified several new areas of stronger alteration and mineralization beyond previous drilling extents. These assay results support the model that broad and widespread mineralization occurs in repeating, gently dipping sheets punctuated by high-grade mineralization hosted within steeply dipping structures/zones that likely act as important mineralization pathways, thus providing considerable opportunity to extend the total footprint of mineralization in all directions.

Zone 1 and 2 drilling intercept

• ED-12: 0.54 gram per tonne Au over 15.24 metres from surface and 0.50 g/t Au over 18.29 m;
• ED-13: 0.52 g/t Au over 22.86 m from surface;
• ED-14: 0.54 g/t Au over 25.91 m from surface and 0.50 g/t Au over 3.05 m;
• ED-15: 0.46 g/t Au over 12.19 m and 0.26 g/t Au over 10.67 m and 3.55 g/t Au over 1.52 m;
• ED-16: 0.27 g/t Au over 117.35 m, including 0.39 g/t over 64.01 m and 1.85 g/t Au over 16.76 m;
• ED-17: 0.50 g/t Au over 10.67 m and 0.36 g/t Au over 9.14 m;
• ED-21: 0.45 g/t Au over 89.92 m, including 0.62 g/t Au over 51.82 m and 0.44 g/t Au over 7.62 m.

Holes ED-15, ED-16, ED-17 and ED-21 were drilled to the northwest in Zone 1 to test the continuity of the mineralization toward Zone 2 as well as a possible feeder zone fault zone. Both ED-16 and ED-21 reported strong mineralization; ED-16 extends the mineralization directly to the southwest by 125 m and ED-21 extends the mineralization 140 m to the northwest into a previously undrilled area, thus increasing the footprint of the mineralization significantly.

Holes ED-12, ED-13, ED-14 and ED-21 were drilled below of historic holes ED-04, EC-02 and EC-03 between high-grade zones 1 and 2, in an area that lacked known strong alteration or mineralization at surface. ED12-14 reported broad mineralized zones from surface with further zones encountered down dip in hole ED-12. ED-21 encountered broad mineralized zones down dip.

Zone 3 and 4 drilling intercept

• ED-18: 0.73 g/t Au over 47.24 m and 0.26 g/t Au over 172.21 m, including 0.39 g/t Au over 74.68 m;
• ED-19: 0.43 g/t Au over 53.34 m and 0.28 g/t Au over 109.73 m, including 0.44 g/t Au over 38.10 m;
• ED-20: 0.48 g/t Au over 48.77 m, including 0.94 g/t Au over 15.24 m.

Holes ED-18, ED-19 and ED-20 tested the previously undrilled area between zones 3 and 4. All three holes were mineralized identifying a potential broad shallow zones mineralization.

Drilling program overview

Following the recent approval by the Oregon's Department of Geology and Mineral Industries (DOGAMI) of Provenance's 17 additional drill locations, the continuing drill program will expand south to the Herman area testing the historic high-grade intercepts. Additional drill locations will continue developing the western portion of the Tyee area around Zone 4 and continue to prove up the continuity of the mineralization over the entire Tyee area. A second drill rig has been commissioned to enable selected core drilling to take place in addition to further RC drilling.

Geological setting

The Eldorado gold system is hosted in diorite. The gold-bearing fluids that formed the gold system are directly associated with the diorite, which is believed to underlie both Eldorado East and Eldorado West, locally covered by roof pendants of the host rocks. The diorite locally intruded a carbon-rich black shale, the Burnt River schist, which is a primary host. The mineralizing fluids used fractures in the relatively impermeable diorite to gain entry, resulting in a guide that the more fractures, the higher the grade of mineralization.

The resulting framework for the gold system is believed to host broad zones of gently dipping mineralization mixed with blocks of high-grade mineralization that are associated with the east-northeast-trending feeder system faults and breccia zones. This pattern repeats across both of Provenance's large property blocks, supporting a large gold system that continues across the multikilometre expanse of the diorite.

Sampling, laboratory and QA/QC (quality assurance/quality control)

The company has implemented a quality assurance and quality control program to ensure sampling and analysis of all exploration work is conducted in accordance with industry best practices.

The RC drill chips were sampled at 1.5-metre intervals onsite. A rotation of certified standards, blanks and field duplicates were inserted into the sample stream approximately every 30 metres. The company QA/QC, as well as the laboratory inserted standards, blanks and duplicates, were monitored closely upon receiving assay certificates from the laboratory.

Provenance submitted samples for gold determination by PhotonAssay to fully accredited Paragon Geochemical in Reno, Nev. (ISO 17025:2017). PhotonAssay is a fast, accurate, non-destructive process to determine gold, silver and copper in geological and process samples. The technique uses gamma ray activation to induce nuclear transitions in the elements of interest, which leads to photon emissions with highly characteristic energies. After analysis, the entire assay charge is returned intact and can be submitted for subsequent analyses such as geochemistry, cyanidation, metallurgical testing, environmental testing or retained for future verification.

RC samples were split onsite and shipped to Paragon in Reno. Samples submitted to Paragon beginning in June and July, 2025, were processed whereby the entire sample is coarsely crushed to approximately 70 per cent passing two-millimetre mesh and subsequently riffle split leaving an approximately 500 g charge. The large assay charge of approximately 500 g is introduced to the instrument, improving representativeness of the sample, particularly for those samples which may exhibit coarse gold.

As part of an continuing orientation study, traditional 30 g fire assays were performed on samples from holes ED-12-15 (584 samples) in addition to PhotonAssay. Excluding samples at or below the detection levels, the PhotonAssay returned on average 32-per-cent higher gold assay values compared with traditional fire assays. Of note, PhotonAssay returned 35.5-per-cent higher gold assay values up to 0.2 g/t (n equals 424). Between 0.2 and 0.5 g/t, the PhotonAssay returned 20.9-per-cent higher gold assay values (n equals 46), between 0.5 and 1.0 g/t, the PhotonAssay returned 7.2-per-cent higher gold assay values (n equals 24), for assays above one g/t (n equals 5), the PhotonAssay returned 15-per-cent higher gold assay values. Differences in assay value between the two methods, particularly in the lower grades are likely due to the coarse nature of the gold in the rocks at Eldorado which is under reporting gold values in the small sample size of the fire assay technique. Further metallic screen assays are currently under way to assess the level coarse gold.

Field duplicate QA/QC reported reasonable correlation in the PhotonAssay (0.86). Fire assays duplicate correlation was heavily skewed by one outlier. Removing the outlier, the correlation was reasonable (0.94). No discrepancies were reported in the company inserted blank reference samples. No discrepancies were reported in the company inserted standard reference samples assayed with the fire assay technique. Initial underreporting of assays in standards assayed with the PhotonAssay technique was resolved in subsequent assay batches and was due to the types and preparation of the standards used. The company will continue to monitor QA/QC procedures closely.

Qualified person

The technical content disclosed in this press release was independently 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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