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 press releases dated Jan. 16, 2025, 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 until March 12, 2025. While the company has closed a first tranche of the private placement, it applied for an extension to Feb. 13, 2025.

As previously announced, the private placement is for up to $1.7-million with 34 million units at five cents per unit. Each unit will comprise of one common share and one non-transferable warrant, with each 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 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, chief executive officer, 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, a qualified person (as defined under National Instrument 43-101), has read and approved of the technical information contained in this news release.