Provenance Gold Corp. — Capital/Financing Update 2021

Feb 3, 2021

PROVENANCE GOLD CORP. Suite 2200, 885 West Georgia Street Vancouver, British Columbia V6C 3E8 www.provenancegold.com

NEWS RELEASE

Provenance Gold Increases Private Placement

Vancouver, British Columbia - Provenance Gold Corp. (CSE: PAU) (FSE: 3PG) (the “Company”) is pleased to report that due to strong interest for its current private placement it has increased the number of units being offered up to 10,000,000 units (each, a “Unit”) at a price of $0.10 per Unit for gross proceeds of up to $1,000,000. Each Unit consists of one common share of the Issuer and one common share purchase warrant entitling the holder thereof to purchase one additional common share of the Issuer at a price of $0.15 per Warrant Share for a period of five years from their date of issue.

In connection with the placement, the Company may pay finders' fees to eligible third parties that have assisted in introducing subscribers to the Company. All securities to be issued in connection with the placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

About Provenance Gold Corp.

Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver resources within North America. The Company currently holds interests in two properties in Nevada, USA. For further information please visit the Company's website at https://provenancegold.com.

On behalf of the Board,

Provenance Gold Corp.

Rauno Perttu, Chief Executive Officer

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. These forward-looking statements or information may relate to proposed activities at the White Rock gold project, and other factors 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 forwardlooking 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.