The Power of Rediscovery — And Why This Junior May Be Next...

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The Power Of
Re-Discovery

A forgotten potential multi-million-ounce system — now revisited in a $4,500 gold world.
 

That’s what Provenance Gold (PAU.CSE; PVGDF.OTCQB) is now offering investors, as a tiny company outlining a potentially massive, U.S.-based gold project that was defined decades ago.

The most compelling opportunities in junior mining aren’t always new discoveries...sometimes they’re re-discoveries.

As you’re about to see, Provenance Gold Corp. (PAU.CSE; PVGDF.OTC) is advancing exactly that kind of story today — returning to a system that already demonstrated scale...but in an era when gold prices were averaging only $300 an ounce, literally thousands of dollars lower than they are now.

And that difference has changed everything.

A Discovery That Came Too Early

If you study the biggest winners in junior mining over the past several cycles, a clear pattern begins to emerge.
 

Many weren’t born from untouched ground or first-time discoveries. Instead, they came from projects that had already shown meaningful results in the past — only to be left behind when the timing wasn’t right.

When those same projects are revisited under stronger metal prices, better technology and more focused management, the market often responds in a very different way.

That’s the opportunity that Provenance Gold is offering with its Eldorado project in eastern Oregon, where a large body of historic work outlined the makings of a major gold system long before today’s gold market ever existed.
 

The company now controls a district-scale land package in the region, including Eldorado West and the newer Eldorado East addition, in a part of the U.S. where infrastructure, access and jurisdiction all strengthen the story. 
 

And that historic work was not trivial:

An historical estimate by ICAN Minerals, based on work completed between 1989 and 1997, identified 1.98 million ounces grading 0.753 g/t gold*.

Provenance is explicit that these are historical estimates, not current mineral resources, and investors should not rely on them as such. But they do provide a very meaningful exploration target — and, just as important, a blueprint.

Click image to enlarge
The best of both worlds: Provenance’s large, 32-square-kilometer Eldorado project boasts both high grade and bulk-tonnage targets. While historical estimates can’t be relied upon, past work and current work is beginning to outline a large gold resource with rich, likely open-pittable grades at Eldorado West, while their Eldorado East property boasts the potential of extremely high-grade targets.

Proving Up What Was Already Discovered

That blueprint matters even more because today’s gold price is literally thousands of dollars above where gold traded when Eldorado was first outlined.

In a much higher gold-price environment, ounces that once may have looked marginal can become economic, and the size of the potentially mineable system can expand without the geology changing at all.

That is one reason rediscovery stories can rerate so hard.
 

Provenance did not come in blind. The company has been building on extensive historical work, with the 2025 program designed to confirm and expand mineralization across a system that already had more than 24,000 meters of drilling behind it.

The company’s own drilling had already delivered eye-catching proof of concept before the latest step-outs, including 2024 drill hole EC-01 at Eldorado West, which returned 288.34 meters of 2.01 g/t gold from surface, including 175.26 meters of 3.07 g/t gold. 

Then the 2025 campaign began to show what a rerating could look like.

Bigger And Better Than Before

In the Tyee area at Eldorado West, hole ED-26 cut 92.96 meters of 1.55 g/t gold, including 25.91 meters of 2.39 g/t, while extending mineralization northward and helping connect the company’s evolving structural model.
 

That was followed by the first Herman area step-outs, where ED-27 returned 179.83 meters of 0.67 g/t gold from surface, including 44.20 meters of 1.25 g/t, and ED-28 delivered 172.21 meters of 0.82 g/t gold from surface, including 108.20 meters of 1.01 g/t.

Just as important, those holes were drilled about 730 meters south of ED-26 and opened a major new target associated with a shallow-dipping diorite-metasedimentary contact zone. 

Then came Hole ED-29.
 

That hole returned 254.51 meters of 1.56 g/t gold from surface to the end of hole, including 42.67 meters of 2.84 g/t and a new mineralized zone grading 5.94 g/t gold over 19.81 meters, including 20.33 g/t over 4.57 meters.
 

In other words, Provenance didn’t just extend the system southward into previously undrilled ground — it found evidence that the system may be strengthening into that new area. 
 

And still the story didn’t stop.
 

In January, the company reported more drill holes that support the interpretation of Eldorado West as part of a large-scale, multi-kilometer gold system that remains open in all directions. 
 

And that is what makes this story so timely....

Click image to enlarge
Provenance has been drilling to expand and confirm previous work that showed extensive and consistent gold mineralization.

A Made-To-Order U.S. Gold Story

For Provenance Gold, the market is not being asked to imagine a theory on untouched ground.
 

It is being asked to reconsider a system that had already outlined multi-million-ounce potential at much lower gold prices, and to do so just as Provenance is showing continuity, scale and new growth corridors across Tyee, Herman and Striker Areas.

Eldorado East adds even more district upside, with Sunday Hill historical estimates cited by the company showing nice size and extraordinary grades: 154,000 ounces at a grade of 23 g/t gold, with a southern portion reported to hold 55,980 ounces at a grade of 9 g/t gold**.

Stay tuned, because a maiden drill program is planned at Sunday Hill for later this year which is planned to not only test but expand on historical exploration in the area.

Why Timing Matters

The rerating catalysts from here are easy to see.
 

Pending core assays from the Herman and Tyee Area, geophysical results, additional permitting for major step-out pads, a broader 2026 drill campaign at Eldorado West, a maiden drill program at Eldorado East and the company’s newly initiated metallurgical test work...

...Will all combine to move this story toward the point where the market can start valuing Eldorado not as an old historical curiosity, but as a current U.S. gold discovery in the making. 

That’s why Provenance Gold looks so interesting at this crucial moment.
 

By the time a project is fully defined, with a compliant resource and widespread analyst coverage, much of the upside is often already reflected in the share price. The earlier phase — when the story is being rebuilt and the market is just beginning to take notice — is where the most meaningful gains can occur.

That is the window where rediscovery stories tend to offer their greatest leverage...and Provenance appears to be operating squarely within that window today.

It is not about proving that gold exists here. It is about showing how much it matters now.

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To Learn More About Provenance Gold Corp.

Historical Estimates
 

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. Significant data compilation, redrilling, resampling and data verification are required by a qualified person before historical estimates can be classified as a current resource. There can be no assurance that any historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured resource category.
 

*Eldorado Historical Estimate
 

In 1990, the first historical estimate was calculated on what is now the Eldorado Project by Pincock, Alan and Holt (PAH), a reputable engineering firm that was used industry wide for this type of work. PAH modeled 158 of the historical drill holes which identified approximately 52,896,000 tons that graded 0.578 g/t gold (0.0169 oz/t gold) at a cut-off grade of 0.274 grams per ton (0.008 oz/t) in the open-ended gold system. A second historical estimate was calculated by ICAN Minerals based on work completed between 1989 and 1997, which identified 1,980,000 ounces of gold grading 0.753 g/t gold (0.022 oz/t gold) within 90,000,000 tonnes. The Company is not treating either estimate as current mineral resources and a qualified person has not done sufficient work to classify these estimates as current mineral resources. The estimates were prepared prior to the enactment of National Instrument 43-101, and the establishment of current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) classification categories 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. The Company plans to update these historical estimates into a current resource model. Near term work to accomplish this goal includes confirmation drilling by twinning a number of the historical holes, certifying and comparing assays between the old and new holes, validating all historical holes in the field with a GPS and confirming historical metallurgical test results. When the Company is comfortable with these upgrades, then a new stand-alone current resource can be calculated. Other than these, the Company is not aware of any more recent estimates prepared for the Eldorado Project, nor is it aware of the existence of any technical reports describing the historical estimates.
 

**The referenced resource estimates for mine sites on the Sunday Hill Property are considered historical in nature, are based on prior data prepared by a previous property owner, and do not conform to current CIM categories. While the Company considers the estimates to be reliable, a qualified person has not done sufficient work to classify the historical estimates as current resources in accordance with current CIM categories and the Company is not treating the historical estimates as a current resource. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimates can be classified as current resources. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. The Company is not aware of any more recent estimate prepared for the Sunday Hill Property.

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