Mr. Ronald Coombes reports

PROVIDENCE INSIDER PARTICIPATES IN FINANCING

Further to the private placement arranged on Nov. 14,2024, an insider of Providence Gold Mines Inc. is participating in the first tranche of the private placement in the amount of $75,000 for 1.5 million units at five cents per unit. Each unit comprises of 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 funds will be used for general corporate purposes.

As announced, a placement of up to $1.8-million for 36 million units at five cents per unit is now under way. Each unit will comprise of 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.

Use of proceeds

The funds from this placement will be used for the 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 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. The first stope at surface alone produced 50,000 ounces.

Ronald Coombes stated, "Exploration efforts have modelled potential for robust, significant, high-grade 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

Dr. 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.