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The Eldorado Project is a district-scale land position totaling 7,915 acres (32.03 km2) located 60 kilometres (38 miles) northwest of Vale in Malheur County, Oregon. The project benefits from excellent nearby infrastructure, road accessibility, and local and federal support, as evidenced by the nearby Grassy Mountain project, located just 36 kms SSW of Vale. The Grassy Mountain project recently signed a Record of Decision (ROD), by the Bureau of Land Management (BLM), which is the federal approval that completes the NEPA environmental review. This allows the project to advance from permitting into a construction ready stage on federal lands and paves the way for additional development of mining projects on federal lands in eastern Oregon.
The project consists of the Eldorado West and Eldorado East properties, both featuring highly prospective geology.
A NI 43-101 technical report has been filed for the Eldorado gold property. This historical database is currently not sufficient as the basis for developing a current mineral resource, but work is underway to verify and bring current the historical data.
VIEW TECHNICAL REPORTEldorado West hosts a historical resource estimate* of 1.98 million oz at 0.75 g/t gold, with much of the property still unexplored. The project has demonstrated strong metallurgical recovery, making it amenable to heap leach extraction and gravity/flotation. 2025 drilling extended gold mineralization to over 800 meters and confirmed broad, coherent zones of mineralization.
EC-01: 288m @ 2.01 g/t gold
Including 175m @ 3.07 g/t gold, extending to 250m depth
ED-26: 92.96 m @ 1.55 g/t gold
Incl. 25.91 m @ 2.39 g/t gold • Extending mineralization northward
ED-28: 254.51 m @ 1.56 g/t gold
Incl. 42.67 m @ 2.84 g/t gold • Expanding feeder zone at Herman southward
New Discovery at Striker Area
ED-32: 4.57 m @ 0.87 g/t gold • ED-36: 3.05 m @ 1.23 g/t gold
*All historical resource estimates are based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work to classify historical estimates as current resources in accordance with CIM (Canadian Institute of Mining, Metallurgy and Petroleum) categories and the company is not treating the historical estimates as current resources.
Intersected gold mineralization has confirmed broad, coherent, pervasive zones extending the open-ended mineralization from east to west over 800 meters, with new mineralization identified between Zones 2, 3 and 4.
ED-16: 117.35 m @ 0.27 g/t gold incl. 16.76 m @ 1.85 g/t gold
ED-21: 89.92 m @ 0.45 g/t gold incl. 51.82 m @ 0.62 g/t gold
ED-22: 30.48 m @ 0.47 g/t gold incl. 1.52 m @ 160.60 g/t gold
ED-23: 28.96 m @ 1.08 g/t gold incl. 7.62 m @ 2.46 g/t gold
ED-26: 92.96 m @ 1.55 g/t gold incl. 25.91 m @ 2.39 g/t gold and 1.52 m @ 11.61 g/t gold, extending mineralization northward
ED-30: 66.58 m @ 0.67 g/t gold incl. 9.14 m @ 1.18 g/t gold
ED-31: 117.35 m @ 0.59 g/t gold incl. 19.81 m @ 1.50 g/t gold
ED-33: 59.44 m @ 0.55 g/t gold incl. 6.10 m @ 1.03 g/t gold
ED-34: 15.24 m @ 0.71 g/t gold incl. 6.10 m @ 1.22 g/t gold
ED-35: 64.01 m @ 0.40 g/t gold incl. 15.24 m @ 0.84 g/t gold
The Herman Area is located approximately 730 m south of the Tyee Area. Drill holes ED-27, ED-28 and ED-29 intersected broad gold mineralization from surface and identified a new mineralized contact zone between the diorite intrusive complex and the host metasedimentary rocks.
ED-27: 179.83 m @ 0.67 g/t gold incl. 44.20 m @ 1.25 g/t gold
ED-28: 172.21 m @ 0.82 g/t gold incl. 108.20 m @ 1.01 g/t gold
ED-29: 254.51 m @ 1.56 g/t gold incl. 19.81 m @ 5.94 g/t gold and 4.57 m @ 20.33 g/t gold
Drilling tested a 2024 IP chargeability anomaly in this previously undrilled area, successfully identifying mineralization along intrusive-metasedimentary contacts. Results suggest a new northeast-southwest trending mineralized corridor exists further to the southwest.
ED-32 (Striker): 4.57 m @ 0.87 g/t gold
ED-36 (Striker): 3.05 m @ 1.23 g/t gold
The Eldorado East addition increased the size of the land package by approx. 5,867 acres (23.74 km²) through a combination of staking and an option agreement. The property hosts numerous mines and prospects, including two historical open-ended resource estimates*:
154,000oz+ @ 23.15 g/t gold*
50,000oz+ @ 9 g/t gold*
*The references assume estimates on made data on the Sunday Hill Property are considered historical in nature, are based on prior work prepared by another party and do not conform to current CIM categories. While the qualified person (Robert G. Carpenter, M.Sc., P.Geo.) has not verified the historical estimates with current exploration as current resources in accordance with CIM categories, and the Company is not treating the historical estimates as current resources, significantly-higher data to mineral resource reporting and the mineral resources classification current that are not in terms, neither of not the historical mineral estimates do not they demonstrated economic viability. As a result, any suggestion that any or all portions of the company is not treating the historical estimates as current resources. Similarly, the Company is planning to conducts an exploration program to verify the historical data and to the current procedures, to evaluate the historical resources/mineralized zones and determine how they might be upgraded to current resources estimates.
Looking south of Sunday Hill, trees that grew on old mine tailings from both lode mines and placer mines were burned by wildfire in 2024. Trees of historic mining arrived in Sunday Hill, demonstrating that the gold system extends over a much broader area.
The Mormon Basin extends across much of the Eldorado East property
Hosts numerous historic high-grade lode and placer gold mines dating back to the late 1800s and early 1900s
Has seen very little systematic or modern exploration
Provenance believes the near-surface historical gold mineralization in and around the Mormon Basin is part of a potentially large bulk gold system that includes both the original Eldorado and the new Eldorado East expansion
2025-2026 Program
Provenance completed ground truthing and data compilation in 2025 and is planning a maiden drill program for summer 2026.
The 2025 diamond core drilling program concluded with hole EC-09 on December 22, 2025. Core holes EC-04 to EC-09, totaling 2024 meters, are currently being logged and processed.
The Company recently completed airborne radiometric and magnetic geophysical surveys over both Eldorado East and Eldorado West properties to better understand the regional and deposit-scale mineralizing structures.
Full results are still being processed, however preliminary results of this survey support the geological model that the mineral system could extend far beyond any known exploration to date.
941-line kilometers flown at 50-meter line spacing to aid in delineating exploration targets for testing in 2026.
Detailed geologic mapping on Eldorado West and reconnaissance mapping at Eldorado East completed with multi-element geochemistry.