Mr. Ronald Coombes reports

PROVIDENCE GOLD MINES INC. ANNOUNCES EXTENSION OF PRIVATE PLACEMENT

Providence Gold Mines Inc. has received an extension from the TSX Venture Exchange with respect to the duration of its previously announced private placement (please see the company's news releases dated Nov. 20, 2024, and Dec. 6, 2024). The outside date upon which final acceptance of the private placement will be granted by the TSX-V has been extended by 30 days. While the company has closed a first tranche of the private placement, it applied for an extension to Jan. 28, 2025.

As previously announced the private placement of up to $1.7-million for 34 million units at five cents per unit. 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 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, 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 first stope at surface alone produced 50,000 ounces. Ron Coombes states, "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

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.