Unlocking Eldorado: Provenance Gold's Structural Blueprint for Gold Discovery and Value Creation

The Eldorado Project in eastern Oregon has long been a sleeping giant of the gold sector, but Provenance Gold Corp. is now waking it up. With recent drilling results (ED-12 to ED-14) validating its structural models, extending mineralization depth, and leveraging historical high-grade intersections, Eldorado is primed to re-rate as a cornerstone asset in the emerging gold renaissance. Here's why investors should act now.

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Structural Validation: The Key to Unlocking Depth and Continuity

Provenance's 2025 drilling campaign has delivered critical insights into the structural controls of the Eldorado system. Holes ED-12, ED-13, and ED-14 were strategically positioned to test the northeast- and north-south-trending corridors validated by high-resolution drone magnetic inversion data. Here's what they revealed:

• ED-12: Located 40 meters down-dip from prior high-grade intersections (ED-04 and EC-03), this hole identified a marked increase in pyrite concentrations and fracturing within dioritic host rocks. Such structural zones are directly correlated with gold enrichment, as fluids exploit fractures to deposit metals. This confirms the system's potential to extend deeper than previously explored.
• ED-13: A 50-meter lateral step-out from ED-12, this hole tested the lateral continuity of Zone 2. The presence of similar alteration and mineralization features to ED-12 suggests the deposit's footprint is expanding outward, not just downward.
• ED-14: Targeting the northwest extension, this hole reached 201 meters in mineralized rock, demonstrating the system's persistence at depth. Assays are pending, but visual logging aligns with the structural model, hinting at open-ended potential.

These results are no accident—they validate Provenance's thesis that Eldorado's gold is hosted within a structurally controlled, tabular system. By pinpointing these corridors, the company is de-risking the project and proving that mineralization is both continuous and deepening.

Metallurgical Excellence: High Recoveries, Low Costs

Beyond the geology, metallurgical tests from 2024 samples underscore Eldorado's economic viability. Provenance reported 88.1% average gold recovery using gravity and flotation methods, with unoxidized sulfide samples yielding recoveries as high as 97.1%. This is a game-changer:

• Cyanide-Free Potential: High recoveries in sulfide-rich material suggest the deposit could be processed without cyanide, reducing environmental and operational risks.
• Cost Efficiency: Lower processing costs mean higher margins, even at conservative gold price assumptions.

Combined with the project's proximity to existing infrastructure in Malheur County, this positions Eldorado as a low-cost, high-margin asset in a mining-friendly jurisdiction.

Jurisdictional Strength: A Tailwind, Not a Headwind

Oregon's Malheur County is a gold explorer's dream. A region with a long mining heritage, it offers:
- Proactive Regulatory Framework: Streamlined permitting processes compared to other jurisdictions.
- Community Support: Provenance has cultivated strong local ties, with the county's economy relying on mining jobs.
- Logistical Advantage: Close to the 1.2M oz/year Cortez complex (Barrick), Eldorado benefits from a nearby skilled workforce and infrastructure.

2025 Drill Catalysts: The Tipping Point for Re-Rating

The next 12 months are critical. Key catalysts include:
1. Assay Results for ED-12 to ED-14: Pending assays could confirm high-grade intersections in the newly defined structural corridors, directly boosting the resource estimate.
2. ED-15 and Beyond: The upcoming hole will test continuity between high-grade zones from EC-01 and ED-04, potentially merging previously separate zones into a larger, contiguous resource.
3. NI 43-101-Compliant Resource Update: With data from 2023–2025 drilling, Provenance aims to modernize the historical 1.98M oz resource. A credible, audited number will erase doubt and attract institutional capital.

Why Invest Now?

Provenance Gold's stock has not yet priced in the transformative potential of Eldorado. Current drilling is de-risking the project at a critical juncture, and the market's focus on near-term catalysts makes this an ideal entry point.

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Technical Analysis: With a market cap of $[X] million and a drill inventory that could triple resources, Eldorado is grossly undervalued. A successful 2025 drilling season could push the stock into the spotlight, triggering a re-rating to levels seen in peers with similar growth profiles.

Conclusion: Eldorado's Time Has Come

Provenance Gold is rewriting the story of Eldorado. By systematically validating structural models, extending mineralization depth, and demonstrating robust metallurgical outcomes, the company is turning historical potential into modern, bankable resources. With near-term catalysts stacked in its favor and a jurisdiction that supports development, Eldorado is no longer a “what if”—it's a “when.”

For investors seeking exposure to a gold asset with high-grade, structurally controlled growth and a clear path to resource expansion, Eldorado is the gold standard. Act now, before the market catches on.

Note: Drill results and resource estimates are pending and subject to confirmation. Investors should consult Provenance's official disclosures for detailed data.