Provenance Gold Announces the Addition of Mackenzie Watson, a Canadian Mining Hall of Fame Inductee and Co-Recipient of the Prospectors and Developers Association of Canada (PDAC) Bill Dennis Award, to the Advisory Board

Rhea-AI Summary

Provenance Gold (CSE: PAU) (OTCQB: PVGDF) has appointed renowned mining expert Mackenzie Watson to its advisory board as senior exploration advisor. Watson, a Canadian Mining Hall of Fame Inductee, brings over 50 years of experience in Canadian exploration and mining.

Watson's notable achievements include discovering the Holloway Gold Mine in Ontario, for which he received Canada's Prospector of the Year award in 1991. Through Freewest Resources, where he served as President, he secured a $100 million deal with Noranda for a 35% interest. His discoveries also include the Icon-Sullivan copper mine, Long Lake zinc mine, Ellison gold deposit, and Hebecourt copper deposit.

Watson is a two-time recipient of the PDAC Bill Dennis Award and was named Quebec Prospector of the Year in 1992. His team's chromite discoveries in the Ring of Fire led to Freewest Resources' $239 million sale to Cliff Natural Resources.

Additionally, Provenance has granted 500,000 stock options to advisors and consultants, exercisable at $0.20 per share with a 36-month term, vesting immediately.

Positive

• Appointment of highly accomplished mining expert with over 50 years of experience
• Addition of advisor with proven track record of valuable mineral discoveries
• Strategic expertise in fast-tracking exploration and development projects

Negative

• Dilutive effect of 500,000 new stock options issuance

Vancouver, British Columbia--(Newsfile Corp. - March 13, 2025) - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the "Company" or "Provenance") is pleased to announce the addition of Mackenzie ("Mac") Watson to the advisory board as senior exploration advisor. Watson brings over 50 years of experience in the Canadian exploration, mining and development industry and has been involved in the discovery of numerous mineral deposits in Canada.

Watson graduated with a B.Sc. in geology from the University of New Brunswick in 1959. Watson was awarded Canada's Prospector of the Year award in 1991 for his involvement in the discovery of the Holloway Gold Mine (Ontario). Freewest Resources, of which Mac was President, sold its thirty-five (35%) interest to Noranda for $100 million. Mac also discovered or assisted in the discovery of the Icon-Sullivan copper mine (Chibougamau, Quebec) the Long Lake zinc mine (Ontario), the Ellison gold deposit and the Hebecourt copper deposit (Quebec). In l992, he was also awarded the Quebec Prospector of the Year award for the discovery of the Pusticamica and Verneuil gold deposits in Quebec.

Watson is a Canadian Mining Hall of Fame Inductee and two-time co-recipient of the Prospectors and Developers Association of Canada (PDAC) Bill Dennis Award, for a Canadian discovery or prospecting success, and his contributions, among others, to the mineral discoveries in the Ring of Fire area of Northern Ontario, Canada. Watson is the first person to have received the Bill Dennis prospecting success award twice: for numerous discoveries in 1991; and in 2009, as part of the team responsible for chromite discoveries in the Ring of Fire by Freewest Resources, which was sold to Cliff Natural resources for $239 million. His success owes much to his tenacity and thoroughness as a geologist and zest for mining discoveries.

Rauno Perttu, Provenance's CEO states "Mac's foresight into fast-tracking exploration and development is a great asset at this juncture for our Eldorado project. We look forward to utilizing his experience and knowledge to help expedite our exploration efforts."

The Company also announces that it has granted 500,000 stock options to certain advisors and consultants of the Company. The options have an exercise price of $0.20 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.

Provenance is also active on social media and invites investors to follow us on X to stay up to date with our latest news and developments:

https://x.com/ProvenanceGold

For further information please visit the Company's website at https://provenancegold.com or contact:

Rauno Perttu, CEO
rkperttu@provenancegold.com
1-541-930-0986

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/244421

FAQ

What significant discoveries has Mackenzie Watson made that led to his appointment to PVGDF's advisory board?

Watson discovered the Holloway Gold Mine, Icon-Sullivan copper mine, Long Lake zinc mine, Ellison gold deposit, Hebecourt copper deposit, and led chromite discoveries in the Ring of Fire.

What are the terms of the stock options granted by PVGDF in March 2025?

Provenance granted 500,000 stock options at $0.20 per share, with a 36-month term and immediate vesting.

How much did Freewest Resources sell its Ring of Fire chromite discoveries for under Watson's leadership?

Freewest Resources sold to Cliff Natural Resources for $239 million.

What major awards and recognition has PVGDF's new advisor Mackenzie Watson received?

Watson is a Canadian Mining Hall of Fame Inductee, two-time PDAC Bill Dennis Award recipient, Canada's Prospector of the Year (1991), and Quebec Prospector of the Year (1992).