Toronto, ON – February 8th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to announce results from the final seven infill drill holes completed in the Haidee target area in connection with the Company’s 2021 exploration program at the Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA.

Each of the seven holes reported below encountered above cut-off grade, near-surface oxidized gold mineralization. Highlights include:

• 0.92 g/t gold over 16.2 meters in AC21-075D
• 0.75 g/t gold over 44.1 meters in AC21-084D
• 0.92 g/t gold over 14.8 meters in AC21-081D
• 0.57 g/t gold over 12.2 meters and 0.51 g/t gold over 22.2 meters in AC21-077D
• 0.42 g/t gold over 25.7 meters and 0.48 g/t gold over 27.4 meters in AC21-083D¹ True width is estimated to be greater than 70% of drilled width.

The 2021 drilling program at Haidee was designed to upgrade and expand the deposit’s current Inferred heap leachable mineral resources. In addition, the program included holes drilled to obtain engineering data for Revival Gold’s planned late-2022 Pre-Feasibility Study.

A total of 15 holes were completed for approximately 2,500 meters, with four holes drilled for geotechnical and hydrological purposes. Results are consistent with results from previous drilling and continue to support the up-dip and down-dip extensions of mineralization in the Haidee area as areas for the potential expansion of the current Mineral Resources.

“Drill results released today will support an upgrade in the quality of the gold resource at Haidee and point to future resource expansion opportunities both up and down dip of the current deposit”, said Hugh Agro, President and CEO. “An updated resource estimate for the entire Beartrack-Arnett project is well underway and results are expected to be released by quarter end”, added Agro.

Detailed results for drill holes released today are presented in the table below:

¹ True width is estimated to be greater than 70% of drilled width. Numbers may not add up due to rounding.
² Geotechnical drillhole.
³ The interval 111.7 – 111.9 m was removed for a geotechnical sample. This interval was included in the grade and thickness calculation at 0 g/t gold.
⁴ The intervals 14.3 – 14.7 m and 45.2 – 45.5 m were removed for geotechnical samples. These intervals were included in the grade and thickness calculation at 0 g/t gold. Recovery for the interval 128.6 – 130.1 m was 42%.
⁵ Recovery for the interval 20.7 m to 23.5 m was 30%. The intervals 23.2 – 23.5 m and 24.9 – 25.2 m were removed for geotechnical samples. These intervals were included in the grade and thickness calculation at 0 g/t gold.
⁶ Recoveries for the intervals 53.0 – 55.0 m and 82.2 – 83.2 m were 48% and 47% respectively.
⁷ Recovery for the interval 73.2 – 74.2 m was 48%.
⁸ Recoveries for the intervals 18.5 – 19.3 m and 90.0 – 92.5 m were 32% and 50% respectively.
⁹ Recovery for the interval 106.6 – 108.0 m was 24%.

Figure 1 below is a plan view of the Haidee target area showing collar locations and intercepts for all holes drilled in 2020 and 2021. Figure 2 is a section view looking north through the Haidee deposit.

Figure 1: Haidee Target Area 2020-2021 Drill Program Results

Figure 2: Haidee Target Area – Section View

QA/QC Program

Quality Assurance/Quality Control consists of the regular insertion of certified reference materials, duplicate samples and blanks into the sample stream. Check samples are submitted to an umpire laboratory at the end of the drilling program. Sample results are analyzed immediately upon receipt and all discrepancies are investigated. Samples are submitted to the ALS Geochemistry sample preparation facility in Twin Falls, Idaho. Gold analyses are performed at the ALS Geochemistry laboratory in Reno, Nevada or Vancouver, British Columbia, and multi-element geochemical analyses are completed at the ALS Minerals laboratory in Vancouver, British Columbia. ALS Minerals is an ISO/IEC 17025:2017 accredited lab.

Gold assays are determined on samples consisting of half drill core by Fire Assay and AAS on a 30-gram nominal sample weight (Au-AA23) for Beartrack, and Fire Assay and AAS on a 50-gram nominal sample weight (Au-AA24) for Arnett. For shallow holes targeting leachable mineralization, gold is also determined by cyanide leach with an AAS finish on a nominal 30-gram sample weight (Au-AA13). Multi element geochemical analyses are completed on selected drill holes using the ME-MS 61M method.

Qualified Person

Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc., is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved its scientific and technical content.

About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.

Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.

For further details, including key assumptions, parameters and methods used to estimate the Mineral Resources, and data verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 17th, 2020.

Revival Gold has approximately 86.9 million shares outstanding and an estimated cash balance of C$10 million. Additional disclosure including the Company’s financial statements, technical reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.

For further information, please contact:

Hugh Agro, President & CEO or Melisa Armand, Investor Relations
Telephone: (416) 366-4100 or Email: info@revival-gold.com

Cautionary Statement

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Technical information in this news release has been reviewed and approved by Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc., Qualified Person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company’s ability to predict or counteract the potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, failure to identify additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.

Toronto, ON – February 1^st, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”) is pleased to announce the appointment of Timothy A. Warman, P.Geo, to the Company’s Board of Directors.

Mr. Warman is a professional geologist and accomplished executive with over thirty years’ experience in all aspects of the resource industry, from grassroots exploration through feasibility, from development to operations. Mr. Warman has held board or senior leadership roles with some of the most successful exploration and development companies of the past decade.

Most recently, from 2016 until early 2022, Mr. Warman served as the President & CEO of Fiore Gold Ltd. (“Fiore”) managing Fiore through the successful start-up of the company’s Pan Gold Mine and development of the Gold Rock Project, both located in Nevada, USA. Fiore was acquired by Calibre Mining Corp. in a premium transaction for $151 million in late 2021.

Mr. Warman has served as a director of Continental Gold Inc. (2010 to 2018), President of Dalradian Resources Inc. (2012 to 2015), and Vice President, Corporate Development of Aurelian Resources Inc. (from 2006 until the company’s acquisition by Kinross Gold Corp. for C$1.2 billion in 2008). Prior to Aurelian, Mr. Warman held senior positions with several mining and exploration companies in North America, Africa, and Europe. Mr. Warman is a graduate of the University of Manitoba (M.Sc.) and McMaster University (B.Sc.) and a member of the Association of Professional Geoscientists of Ontario.

“We are absolutely delighted to welcome Tim Warman to Revival Gold’s board. Tim brings a rare combination of business and technical expertise with extensive experience in capital markets, international exploration and domestic U.S. mining operations. Tim’s experience will be invaluable as we build on the exciting potential at Revival Gold’s flagship Beartrack-Arnett Gold Project and position the Company for future growth,” said President and CEO Hugh Agro.

Mr. Warman joins current directors Wayne Hubert (Non-Executive Chairman), Hugh Agro (President and CEO), Donald Birak, Robert Chausse, Maura Lendon and Michael Mansfield effective immediately. In connection with Mr. Warman’s appointment, Carmelo Marelli, a founding director, has stepped off Revival Gold’s board.

“I am personally very grateful to Carmelo for his instrumental role in establishing Revival Gold and in helping to chart the Company’s course over the past four years”, said Mr. Agro. “On behalf of our entire management team and the board, I wish to thank Carmelo for his unwavering support and service to the Company”.

Subject to regulatory approval, Revival Gold has granted Mr. Warman 125,000 incentive stock options in connection with his appointment. Pursuant to the Company’s Stock Option Plan, the options are exercisable at a price of $0.70 each for a period of five years and are subject to vesting provisions.

About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.

Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.

For further details, including key assumptions, parameters and methods used to estimate the Mineral Resources, and data verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 17^th, 2020.

Revival Gold has approximately 86.9 million shares outstanding and an estimated cash balance of C$10 million. Additional disclosure including the Company’s financial statements, technical reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.

For further information, please contact:

Hugh Agro, President & CEO or Melisa Armand, Investor Relations
Telephone: (416) 366-4100 or Email: info@revival-gold.com

Cautionary Statement

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Technical information in this news release has been reviewed and approved by Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc., and Mr. Rodney A. Cooper, P.Eng., a consultant to the Company, Qualified Persons within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company’s ability to predict or counteract the potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, failure to identify additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.

Toronto, ON – January 26th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), announces that it has closed its previously announced non-brokered private placement of 15,500,000 Units (the “Units”) at a price of $0.65 per Unit for aggregate gross proceeds of $10,075,000.00 (the “Offering”). Each Unit is comprised of one (1) common share of the Company (a “Common Share”) and one half of one (0.5) Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable into one (1) Common Share at a price of $0.90 at any time for a period of twenty-four (24) months from the closing of the Offering.

Hugh Agro, President & CEO of Revival Gold, commented: “We welcome Donald Smith Value Fund, LP, as a significant new shareholder in the Company. Donald Smith’s investment is a strong endorsement of Revival Gold’s technical team and the exciting potential at our flagship Beartrack-Arnett Gold Project, located in Idaho, USA”.

Pursuant to the Offering, Donald Smith Value Fund, L.P. (“Donald Smith”) acquired 7,500,000 Units representing 7,500,000 Common Shares and 3,750,000 Warrants. Prior to the Offering, Donald Smith did not beneficially own or control any securities of the Company. The closing of the Offering resulted in Donald Smith’s beneficial ownership and control of 7,500,000 Common Shares and 3,750,000 Warrants representing 8.63% of the issued and outstanding Common Shares on a non-diluted basis, and 12.41% on a partially diluted basis, assuming the exercise of Donald Smith’s Warrants.

The announcement of Donald Smith’s acquisition of the Units is pursuant to National Instrument 62-104 Take Over Bids and Issuer Bids (“NI 62-102). This press release and Donald Smith’s corresponding early warning report which is expected to be filed on SEDAR on or around January 26, 2022, constitutes the required disclosure pursuant to section 5.2 of NI 62-104. A copy of Donald Smith’s early warning report will appear on the Company’s profile on SEDAR and may also be obtained by calling 416-336-4100. The Company’s head office is located at 145 King St. W., Suite 2870, Toronto, Ontario, M5H 1J8.

Donald Smith’s acquisition of the Units was made for investment purposes and may increase or decrease its beneficial ownership of the Common Shares or other securities of the Company depending on market conditions and as circumstances warrant.

The Company intends to use the net proceeds of the Offering for the further exploration and development of the Company’s Beartrack-Arnett Gold Project located in Idaho, USA and for general corporate purposes.

In connection with the closing of the Offering, the Company paid commissions to certain finders of an aggregate of $49,557.04 in cash and 76,241 finder warrants (each a, “Finder Warrant”). Each Finder Warrant entitles the holder thereof to purchase one (1) Common Share at an exercise price of $0.65 per Finder Warrant for a period of twenty-four (24) months from the closing of the Offering.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange (“TSXV”) and the securities regulatory authorities. All securities issued and issuable in connection with the Offering are subject to a hold period of four months plus one day. All dollar amounts including the symbol “$”, are expressed in Canadian dollars.

Certain directors, officers and other insiders of the Company (collectively, the “Insiders”) subscribed to the Offering for 124,654 Units in the aggregate. This issuance of Units to Insiders constitutes a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) of MI 61-101, on the basis that the participation in the Offering by Insiders does not exceed 25% of the fair market value of the Company’s market capitalization.

The securities offered pursuant to the Financing have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state security laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom.  This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.

Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.

For further details, including key assumptions, parameters and methods used to estimate the Mineral Resources, and data verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 17th, 2020.

Additional disclosure including the Company’s financial statements, technical reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.

For further information, please contact:

Hugh Agro, President & CEO or Melisa Armand, Investor Relations
Telephone: (416) 366-4100 or Email: info@revival-gold.com

Cautionary Statement

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Technical information in this news release has been reviewed and approved by Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc., and Mr. Rodney A. Cooper, P.Eng., a consultant to the Company, Qualified Persons within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the completion of the Offering and the expected expenditure of the proceeds of the Offering, and the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the inability to obtain the necessary regulatory approvals from the applicable securities regulators or obtain the approval of the TSXV in connection with the Offering; the inability to complete the Offering on the terms as announced or at all and/or the occurrence of a material adverse change, disaster, change of law or other failure to satisfy the conditions to closing of the Offering; the inability of the Company to apply the use of proceeds from the Offering as anticipated;, the Company’s ability to predict or counteract the potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, failure to identify additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.

Toronto, ON – January 14^th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), announces a non-brokered private placement of 15,000,000 units (the “Units”) at $0.65 per Unit (the “Issue Price”) for gross proceeds of up to $9,750,000 (the “Financing”). Each Unit will consist of one (1) common share (each a “Common Share”) of the Company and one half of one (0.5) common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant is exercisable into one (1) Common Share at a price of $0.90 at any time for a period of twenty-four (24) months following the closing of the Financing.

“With this Financing we are very pleased to welcome deep value institutional investor, Donald Smith Value Fund, LP, as a new cornerstone shareholder and position Revival Gold for the Company’s next phase of growth”, said Hugh Agro, President & CEO.

The Financing will include an over-allotment option (the “Over-Allotment Option”) pursuant to which the Company may offer for sale up to an additional 3,000,000 Units at the Issue Price, exercisable in whole or in part at any time up to the closing of the Financing. If the Over-Allotment Option is fully exercised, the total gross proceeds of the Financing would be approximately $11,700,000. Closing is expected on or about January 25^th, 2022.

The Company may pay finders fees to eligible finders in connection with the Financing in accordance with the policies of the TSX Venture Exchange (the “Exchange”). Net proceeds of the Financing will be used for further exploration and development of the Company’s Beartrack-Arnett Gold Project located in Idaho, USA and for general corporate purposes.

The securities issuable pursuant to the Financing will be subject to a four month and one-day statutory hold period in accordance with applicable securities laws. The Financing is subject to the receipt of all necessary regulatory approvals, including the approval of the Exchange. All dollar amounts including the symbol “$”, are expressed in Canadian dollars.

The securities offered pursuant to the Financing have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state security laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom.  This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.

Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.

For further details, including key assumptions, parameters and methods used to estimate the Mineral Resources, and data verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 17^th, 2020.

Additional disclosure including the Company’s financial statements, technical reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.

For further information, please contact:

Hugh Agro, President & CEO or Melisa Armand, Investor Relations
Telephone: (416) 366-4100 or Email: info@revival-gold.com

Cautionary Statement

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Technical information in this news release has been reviewed and approved by Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc., and Mr. Rodney A. Cooper, P.Eng., a consultant to the Company, Qualified Persons within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the intention to complete the Offering and the expected expenditure of the proceeds of the Offering, and the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the inability to obtain the necessary regulatory approvals from the applicable securities regulators or obtain the approval of the TSXV in connection with the Offering; the inability to complete the Offering on the terms as announced or at all and/or the occurrence of a material adverse change, disaster, change of law or other failure to satisfy the conditions to closing of the Offering; the inability of the Company to apply the use of proceeds from the Offering as anticipated;, the Company’s ability to predict or counteract the potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, failure to identify additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.