2023 Letter to Shareholders from Provenance's Chairman

We expect 2023 to be an exciting and pivotal year for Provenance.  We believe in the year ahead we will bring substantial recognition to our projects and to our Company.  I want to summarize why we believe this is the case by outlining our planned activities for each project and our plans to create corporate value this year.

Eldorado

Our Eldorado gold project in Eastern Oregon, hosts an exceptional near-surface gold system.  Historic exploration identified a significant gold system that remains open-ended.  The historical estimates of the system by previous operators using historic drill information need to be verified to be compliant with current disclosure regulations.*

Provenance plans to begin its verification and expansion drilling program after the snow melts this spring.  This program will involve both verification drilling and infill and step-out drilling to expand the already impressive gold system.  An indirect benefit of advancing this gold system is that it gives us a presence in an area with major potential not only to expand this project, but to acquire, on an opportunistic basis, additional nearby targets that show promise of hosting additional gold systems.

White Rock

Our White Rock gold project in the far northeastern corner of Nevada hosts another large gold system that starts at the surface based on our drilling to date. Our work and drilling in addition to historical work done on the property strongly support our belief that the property could host a major gold discovery. We are permitted for our next round of drilling. Our first round of initial drilling was severely hampered because many of the drill holes were forced to stop in, and often at the start of the thick gold-bearing zone. We believe that use of a different drill rig with more air capacity and using an environmentally friendly foam will solve our prior drilling problems.

In our next round of drilling, we plan to infill drill and to follow a feeder structure we found late in our first round of drilling.  We also plan to extend our drilling to the south, north and west into undrilled areas that have some of the strongest surface gold values on the property.  We expect this system to continue to grow substantially.  It is potentially the first deposit in a future new Nevada gold district.

Silver Bow

Our Silver Bow project in south central Nevada, east of Tonopah, is the least advanced of our projects, but is a personal favorite.  The property has abundant locally high-grade gold and silver mineralization and several historic small mines across its three-mile length.  Our work on the property has identified several targets on the property that need to be drilled.  Our Project Manager, Steve Craig’s favorite appears to be high-grade veining in the boiling zones of vein swarms that cross a pair of rhyolite flow domes on the property, while mine are a pair of extensive brecciated and highly altered areas on the domes.  Surface samples of one of these areas returned strong gold in every sample.

Moving Forward in 2023

Our corporate strategy to create and maximize corporate value in 2023 involves the following steps:

• Once permitted by DOGAMI, conduct our drilling at Eldorado in the spring, starting with confirmation drilling in the core of the historically identified mineralization while progressively informing the public of our drilling results.  We are confident that we will verify the historically identified mineralization, which was drilled by reputable companies using reputable testing laboratories.
• Initiate a follow-up drill program on the White Rock property by way of JV or capital expenditure
• Initiate discussions with gold producing companies to make them aware of our Company and projects as we continue to strengthen our foundation and look to maximize our long-term value for our shareholders
• Build relationships with potential strategic joint venture parties 

All of us at Provenance expect the above action plans to make this an exciting year for our Company.

*The Company is not treating any of these estimates as current mineral resources and a qualified person has not done sufficient work to classify the estimates as current mineral resources. The estimates were prepared prior to the enactment of National Instrument 43-101 and should not be relied upon for investment decisions. The purpose of presenting this information is to show that the Eldorado project has potential to hold a large mineral inventory. Provenance plans to update these historical estimates into a current resource model.

Provenance Gold's disclosure of a technical or scientific nature in this report has been reviewed and approved by Steven D Craig, Senior Consulting Geologist and as a Certified Professional Geologist (CPG-AIPG) who serves as a qualified person under the definition of National Instrument 43-101.