Mr. Rob Clark reports

PROVENANCE GOLD PROVIDES AN UPDATE ON THE FIRST TWO CORE HOLES AT ELDORADO WEST, ENCOUNTERING NUMEROUS ZONES OF MINERALIZATION AND ASSOCIATED ALTERATION

The first two drill holes have been completed at the Tyee and Herman target areas at its Eldorado West project in Malheur county, Oregon, and assay results are pending. Guided by an optimization study, the 2026 core program targets underdrilled areas within a conceptual pit shell, aiming to expand known mineralization.

EC-10 highlights:

• EC-10 at the top of Herman Hill was drilled at an azimuth of 340 degrees and was terminated at a depth of 288 metres. It intersected altered hornblende diorite with pyrite from surface to about 168 metres. The alteration and mineralization encountered, particularly in the upper 168 metres, are similar in nature to that of the other mineralized Herman holes, including the nearby EC-04 (see the company's news release dated March 26, 2026).
• EC-10 then transitions into endoskarn and eventually exoskarn in the form of calc-silicate minerals, considered a high-temperature alteration assemblage of metasedimentary rocks at the contact of the diorite.
• The main deeper skarn assemblage comprises garnet, pyroxene, magnetite plus or minus sulphide (mostly pyrite) with several breccia zones. This deeper area northwest of Herman has had little historical or modern drilling.

EC-11 highlights:

• EC-11 was completed in the Tyee area from Pad 14 to a depth of 374 metres. The drill hole was drilled from west to east and was designed to extend known mineralization in altered hornblende diorite to the sparsely drilled area north of previously reported gold-bearing intersections in the Main Tyee area. Numerous zones of alteration in the diorite were intersected throughout the hole to its total depth (TD), including a number of sooty sulphide zones with pyrite from 133 metres to 283 metres in an area with little drilling.
• These sulphide-bearing intervals are visually similar to sulphide-bearing intervals observed in selected nearby drill holes. The northern extension of the Tyee Main zone is being targeted for its exploration potential and for additional information to aid with the company's continuing work toward a maiden mineral resource estimate.

A drill hole optimization program is being performed by Apex Geoscience Ltd. of Edmonton, Alta., to evaluate widely spaced areas showing indications of mineralization that need infill and exploration drilling. The program is intended to collect additional geological and analytical information that may support a future mineral resource estimate.

Core assays

Core from the current program is being logged, cut and analyzed at the company's core logging and storage facility in Vale, Ore. Provenance submitted samples for gold determination by PhotonAssay to the fully accredited Paragon Geochemical in Reno, Nev. (ISO 17025:2017), an arm's-length laboratory. Initial results are expected within approximately four weeks.

The observations described in this release are geological observations only and should not be interpreted as evidence of gold grade, continuity or economic mineralization. There is no assurance that a mineral resource estimate will be completed or that any mineral resource will be defined.

Warrant exercise

The company announces that warrantholders have exercised a total of 13,904,500 share purchase warrants at an exercise price of 12 cents per share for aggregate gross proceeds of $1,668,540. The warrants were previously issued pursuant to the company's private placement financing completed on Sept. 22, 2023. As a result of the warrant exercises, the company currently has 198,543,520 common shares issued and outstanding. The proceeds are expected to support the company's exploration activities, including the current drill program.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Michael Dufresne, MSc, PGeol, PGeo, of Apex Geoscience Ltd., who is a qualified person as defined under National Instrument 43-101. Mr. Dufresne is an independent qualified person in relation to the company and the Eldorado project and has conducted site visits.

About Provenance Gold Corp.

Provenance Gold is a precious metals exploration company focused on its flagship Eldorado gold project in eastern Oregon. The company is actively advancing the project through systematic drilling, geological modelling and expansion of its mineralized zones. Provenance's portfolio includes additional exploration-stage assets in Nevada, United States.

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