Mr. Ronald Coombes reports

PROVIDENCE EXTENDS PRIVATE PLACEMENT

Providence Gold Mines Inc. has been granted an extension of its previously announced private placement (Nov. 20, 2024, Dec. 6, 2024, Jan. 16, 2025, and Feb. 14, 2025) until April 30, 2025. As announced, a placement of up to $1.8-million for 36 million units at five cents per unit is under way. Each unit will comprise one common share and one non-transferable warrant, exercisable into one common share of the company at a price of nine cents for a period of two years from the date of closing.

The company closed the first tranche of the placement on Dec. 6, 2024, issuing 1.5 million units for gross proceeds of $75,000. An officer of the company participated for the full amount of $75,000.

Use of proceeds

The funds from this placement will be used for evaluation of the new gold surface discovery reported for reference on May 6, 2024, and for a significant drilling program of up to 2,500 metres designed to target the historical McCarthy and Mexican shafts, and as well as an area north of the Mexican shaft, where significant ground preparation provides a favourable structural setting for hangingwall splay veins analogous to the historical Bonanza stope at the Providence mine, alone producing 50,000 ounces.

Ron Coombes stated, "Exploration efforts have modelled potential for several robust gold targets."

All securities issued will be subject to a hold period of four months and one day from the closing date of the private placement in accordance with applicable Canadian securities laws.

Qualified person

Lee Groat, PhD, PGeo, a geologist and qualified person (as defined under National Instrument 43-101), has read and approved of the technical information contained in this news release.