Provenance Gold Closes Upsized Private Placement and Provides Drilling Update

Rhea-AI Summary

Provenance Gold (OTCQB: PVGDF) has successfully closed an upsized non-brokered private placement, raising $2,541,800 through the issuance of 12,709,000 units at $0.20 per unit. Each unit includes one common share and a half warrant exercisable at $0.25 until July 17, 2028.

The company has completed seven drill holes at its Eldorado project in Eastern Oregon, with the eighth underway. The drilling program targets expansion of the 2023 discovery zone and tests new areas, with all completed holes showing visual mineralization. Additionally, Provenance has granted 1,900,000 stock options to officers, directors, and consultants at $0.22 per share with a 36-month term.

Positive

• Successfully raised $2.54 million through an upsized private placement
• All completed drill holes showed visual mineralization
• Previous drilling results showed significant gold mineralization (2.01 g/t Au over 288.34m)
• Company has funds to continue summer drilling program

Negative

• Significant share dilution with 12.7 million new units issued
• Additional dilution potential from warrants and broker warrants
• Securities subject to resale restrictions until November 18, 2025

Vancouver, British Columbia--(Newsfile Corp. - July 17, 2025) - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the "Company" or "Provenance") is pleased to announce the closing of its non-brokered private placement (the "Offering") for gross proceeds of $2,541,800. The Offering received strong interest from investors.

Upon closing of the final tranche, the Company issued 12,709,000 units (each, a "Unit") at a price of $0.20 per Unit. Each Unit consists of one common share and one-half of one share purchase warrant (each, a "Warrant"), with each full Warrant entitling the holder to purchase one additional share at $0.25 until July 17, 2028.

"We would like to thank our shareholders for their support and interest in our projects. Our Eldorado West and Eldorado East acquisitions are standing out to investors as a district-scale opportunity in Eastern Oregon. We continue to advance these projects diligently and are excited to have this financing behind us to enable our drill program to continue throughout the summer. We are excited to finally start receiving assays and continue to build on the gold mineralization and footprint at Eldorado. This project has unusually strong grade and scale. I believe it is just beginning to reveal its impressive dimensions as we continue to expand our exploration and drilling." - Rauno Perttu, CEO

In connection with closing the Offering, the Company paid $87,045 and issued 435,225 broker warrants to certain arms-length brokerage firms that assisted in introducing subscribers to the Offering. Each broker warrant is exercisable on the same terms as the subscriber Warrants. All securities issued in connection with the Offering are subject to restrictions on resale until November 18, 2025, in accordance with applicable securities laws.

Drilling Update

Seven drill holes (Figure 1) have been completed to date, with the eighth currently underway.

• Holes ED12-14 target expansion of the 2023 discovery zone from RC hole ED-04 and core holes EC-02 and EC-03.
• Holes ED-15-17 test the gap between this zone and the one intersected by core hole EC-01 (2.01 g.t Au over 288.34m: see December 9^th, 2024 new release).
• Holes ED-18 and 19 and the next two are testing a significant step-out area to the southwest.

All completed holes exhibited visual mineralization. Results will be released when available.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5654/259114_provimg1.jpg

Stock Options

The Company also announces that it has granted 1,900,000 stock options to certain officers, directors and consultants of the Company. The options have an exercise price of $0.22 per share, have a thirty-six (36) month term from the date of the grant and vest immediately.

About Provenance Gold Corp.

Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in Nevada, and eastern Oregon, USA. For further information please visit the Company's website at https://provenancegold.com or contact Rob Clark, President at rclark@provenancegold.com.

On behalf of the Board,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer

Safe Harbor Statement: Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259114

FAQ

How much did Provenance Gold (PVGDF) raise in its July 2025 private placement?

Provenance Gold raised $2,541,800 through a non-brokered private placement, issuing 12,709,000 units at $0.20 per unit.

What are the terms of PVGDF's July 2025 private placement units?

Each unit consists of one common share and one-half warrant, with each full warrant allowing purchase of one additional share at $0.25 until July 17, 2028.

What is the status of Provenance Gold's Eldorado drilling program in 2025?

The company has completed seven drill holes with the eighth underway, targeting expansion of the 2023 discovery zone and testing new areas. All completed holes showed visual mineralization.

What stock options did Provenance Gold grant in July 2025?

Provenance granted 1,900,000 stock options to officers, directors, and consultants at an exercise price of $0.22 per share with a 36-month term.

What were the previous drilling results at Provenance Gold's Eldorado project?

Previous drilling at the Eldorado project revealed significant results, including 2.01 g/t Au over 288.34m in core hole EC-01.