Provenance Gold Initiates Metallurgical Testwork at the Eldorado Project

Executive Summary

• Provenance Gold has launched a multi‑phase metallurgical testing program for its Eldorado Gold project in eastern Oregon, including both heap leach (bottle roll and column) and conventional extraction (CIL, gravity‑flotation) work.
• The first phase comprises 5 column tests on composite samples from the Tyee and Herman Areas and 20 bottle‑roll tests on RC‑drill composites to assess cyanide solubility and gold recoveries. Results from initial bottle‑roll tests are expected by May 2026.
• As part of a planned succession, CEO Rauno Perttu is retiring; Rob Clark will assume the roles of President and Chief Executive Officer, while Perttu remains Chairman of the Board.

Key Details

• Testing Scope – Phase 1:
• 5 laboratory column tests on composite samples from Tyee (zones 1‑4) and Herman Areas.
• 20 simple bottle‑roll tests on RC‑drill composites covering diverse lithologies across the project.
• Objectives:
• Evaluate heap leach amenability – metal recoveries, leach kinetics, reagent consumption.
• Assess conventional processing routes – carbon‑in‑leach (CIL) and gravity‑flotation performance.
• Historical Benchmark: Prior 2024 gravity & flotation tests (Dawson Metallurgical Testing Laboratories) reported an average gold recovery of 88.1 % (range 77.9‑97.1 %) on unoxidized sulfide samples, indicating high liberability with standard methods.
• Testing Contractor: Kappes, Cassiday & Associates (KCA), Reno, NV – independent specialist in heap leaching, cyanide processing, feasibility studies, and engineering design.
• Timeline: Initial bottle‑roll test results anticipated May 2026; subsequent phases to follow based on early outcomes.
• Leadership Transition:
• Retiring CEO: Rauno Perttu (remains Chairman of the Board).
• Incoming CEO/President: Rob Clark – will lead company operations and strategic direction.
• New Director Appointment: Etienne Gouin‑Proulx, CFA, P.Eng., joins the board effective immediately; background includes project evaluation, M&A, and public markets.
• Qualified Person Review: Technical content reviewed and approved by Jo Price, P.Geo., M.Sc., qualified under NI 43‑101.

Notable Quotes

“The initiation of this comprehensive metallurgical program underscores our commitment to de‑risking the Eldorado Project and advancing it toward commercial viability,” – Rob Clark, President & CEO.