Mr. Ronald Coombes reports

PROVIDENCE GOLD REPORTS UP TO 8.0 G/T AU FROM MOJAVE GIRL PHASE 2 EVALUATION OF TARANTULA GOLD MINE SET TO BEGIN

Further to Providence Gold Mines Inc.'s news release of May 11, 2026, phase 2 sampling of stockpile material at the Tarantula gold mine is planned to begin.

On May 11, 2026, the company announced its gold assay results from its first phase of continuous surface stockpile sampling at La Dama de Oro property, located near the city of Victorville, Calif. Channel sampling across 121 feet (37 metres) of Mojave Girl vein stockpiles at the 4,300-foot level returned values of up to 8.0 grams per tonne Au, with several intervals above 4.0 g/t Au. The stockpile has an estimated volume of 650 tons of material.

Phase 2 will focus on the Tarantula mine surface stockpiles workings with the objective to complement phase 1 results. The Tarantula mine surface workings are located approximately 100 metres away from the Mojave Girl and appear to contain a good volume of potential material.

Its registered California geologist Mark Payne works under the guidance of qualified person Dr. Lee Groat (National Instrument 43-101). Dr. Groat has reviewed and approved the technical content of this news release.

Ron Coombes, president and chief executive officer, stated, "With the recently announced success of the phase 1 stockpile assay results, the company is optimistic that similar assay results from the phase 2 program will be achieved to further complement the company's objective for its 1,000-ton (909-tonne) permitted bulk sample."

Highlights from phase 1 stockpile sampling:

• Sample 205048: 8.0 g/t Au (0.233 ounce per ton) over 8.4 feet;
• Sample 205050: 5.2 g/t Au over 11.8 ft;
• Sample 205056: 5.2 g/t Au over 5.7 ft;
• Sample 205053: 4.9 g/t Au over 7.6 ft.

Note: The stockpile material is not National Instrument 43-101 compliant. Results are from surface sampling only.

The accessed underground lode zones at La Dama de Oro share characteristics with other known orogenic-type gold-quartz vein systems, including those of the Mother Lode gold belt in northern California. An underexplored system of both east-west- and north-south-trending gold-quartz lodes is present on the property. Historic high-grade gold production is derived from three separate east-west-striking lodes. Its field geologist Mr. Payne noted that the largest known mined vein, Mojave Girl, is five ft at its widest point and remains open downdip and for over 6,000 ft along strike.

Mojave Boy and the strike extensions of the Mojave Girl lode have not yet been evaluated by the Providence team. The north-south-trending lodes were not systematically prospected or developed historically. They are strongly mineralized and remain priority exploration targets, particularly where they project to intersect the productive east-west lodes. A zone of sheeted vein stockworks with visible mineralization was also discovered on the adjoining mountainside and will be assessed.

The property

La Dama de Oro is a historic high-grade gold producer located in California. All major permits are in hand, including for water, roads, environmental, mill site and operations plan and a 1,000-ton bulk sample permit. The property has had no prior drilling and is undergoing modern scientific exploration, providing an untapped opportunity to define NI 43-101-compliant resources.

Stock options

In addition to the above, the company is pleased to announce it has granted stock options to directors, officers and consultants of the company to purchase an aggregate of 6.65 million common shares in the capital of the company at an exercise price of seven cents per share, which expire on May 22, 2028. This stock option grant is subject to acceptance by the TSX Venture Exchange.

We seek Safe Harbor.