2023 - Revival Gold

Revival Gold Closes Termination Of Royalty Interest

kai erfle on August 31, 2023

Toronto, ON – August 31st, 2023 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to announce that it has closed the previously announced termination of a 1% Net Smelter Royalty (“NSR”) on sixteen claims (the “HAI and Gold Bug Claims”) that comprised approximately 133 hectares within Revival Gold’s Beartrack-Arnett 5,800 hectare project area.

Revival Gold delivered the following in exchange for extinguishing the 1% NSR on the HAI and Gold Bug Claims:

C$75,000 cash payment; and
200,000 common shares of Revival Gold (the “Shares”) with such Shares subject to a hold period from the Closing date as follows: (i) 66,666 Shares shall be tradeable after four months; (ii) 66,667 Shares shall be tradeable after twelve months; and the remaining 66,667 Shares shall be tradeable after eighteen months.

The Company received all necessary regulatory approvals, including TSX Venture Exchange approval, in connection with the termination of the 1% NSR.

About Revival Gold

Revival Gold 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. The project benefits from extensive existing infrastructure and is the subject of a recent Preliminary Feasibility Study for the potential restart of open pit heap leach gold production operations.

Since reassembling the Beartrack-Arnett land position in 2017, Revival Gold has made one of the largest new discoveries of gold in the United States in the past decade. 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.

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.sedarplus.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.

This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of U.S. securities legislation (collectively “forward-looking statements”. Forward-looking statements 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 statements could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the timing of Closing, the receipt of all regulatory approvals, including the approval of the TSXV, the terms of the termination of the 1%NSR, the Company’s objectives, goals and future plans, and statements of intent, the implications of exploration results, mineral resource/reserve estimates and the economic analysis thereof, exploration and mine development plans, timing of the commencement of operations, estimates of market conditions, and statements regarding the results of the pre-feasibility study, including the anticipated capital and operating costs, sustaining costs, net present value, internal rate of return, payback period, process capacity, average annual metal production, average process recoveries, concession renewal, permitting of the project, anticipated mining and processing methods, proposed pre-feasibility study production schedule and metal production profile, anticipated construction period, anticipated mine life, expected recoveries and grades, anticipated production rates, infrastructure, social and environmental impact studies, availability of labour, tax rates and commodity prices that would support development of the Project. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to maintain the modelling and assumptions upon which the interpretation of results are based after further testing, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, changes in regulatory requirements, political and social risks, uncertainties relating to the availability and costs of financing needed in the future, uncertainties or challenges related to mineral title in the Company’s projects, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity and in particular gold prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates, the continued availability of capital, accidents and labour disputes, and the other risks involved in the mineral exploration and development industry, an inability to raise additional funding, the manner the Company uses its cash or the proceeds of an offering of the Company’s securities, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, future climatic conditions, the discovery of new, large, low-cost mineral deposits, the general level of global economic activity, disasters or environmental or climatic events which affect the infrastructure on which the project is dependent, 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 statements 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 statements, whether as a result of new information, future events or otherwise, other than as required by law.

Revival Gold Terminates Royalty Interest

kai erfle on August 18, 2023

Toronto, ON – August 18th, 2023 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to announce that it has reached an agreement to terminate a 1% Net Smelter Royalty (“NSR”) on sixteen claims (the “HAI and Gold Bug Claims”) that comprised approximately 133 hectares within Revival Gold’s Beartrack-Arnett 5,800 hectare project area.

The HAI and Gold Bug Claims were acquired by Revival Gold in 2017 subject to a 1% NSR with an option for the Company to buyback the 1% NSR for a price of US$2 million. The claims are undrilled by Revival Gold and currently host no Mineral Resources.

Revival Gold has agreed to deliver the following in exchange for extinguishing the 1% NSR on the HAI and Gold Bug Claims:

C$75,000 cash payment on closing (“Closing”); and
200,000 common shares of Revival Gold (the “Shares”) issued on Closing with such Shares subject to a hold period from the Closing date as follows: (i) 66,666 Shares shall be tradeable after four months; (ii) 66,667 Shares shall be tradeable after twelve months; and the remaining 66,667 Shares shall be tradeable after eighteen months.

“The opportunity to terminate an NSR on undrilled claims enhances Revival Gold’s exposure and flexibility in advance of planned future exploration later this year”, said President and CEO Hugh Agro.

The termination of the 1% NSR is subject to customary closing conditions and receipt of all necessary regulatory approvals, including TSX Venture Exchange approval. Closing is expected by the end of August 2023 or such later date as the parties may agree.

About Revival Gold

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

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.sedarplus.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

Larry P. Radford Appointed to Revival Gold Board

kai erfle on August 8, 2023

Toronto, ON – August 8^th, 2023 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to announce the appointment of Larry P. Radford to the Company’s Board of Directors, with immediate effect.

Mr. Radford brings over 35 years of leadership and operational experience in the mining industry. Most recently, Mr. Radford served as President & CEO, and Director of Argonaut Gold Inc., where he led the 200,000 ounce per year gold producer and oversaw a turn around of the Magino Project in Ontario, Canada. Previously, Mr. Radford served as COO of Gold Standard Ventures Corp., where he led development of the South Railroad Project in Nevada, USA. Before Gold Standard Ventures, Larry held the role of Sr. VP & COO of Hecla Mining Company (“Hecla”) where he managed the operating portfolio of underground mines, including the Lucky Friday mine in Idaho, USA, the Greens Creek mine in Alaska, USA, the Casa Berardi mine, in Quebec, Canada and the San Sebastian mine in Durango, Mexico.

Prior to his role at Hecla, Mr. Radford held roles of increasing responsibility with Kinross Gold Corporation from 2007 through 2011, including Vice President & General Manager of the Fort Knox mine in Alaska, USA, Vice President of Strategic Mine Planning and Vice President of South American Operations. Mr. Radford worked with Barrick Gold Corporation from 1989 to 2007, including 14 years at the Goldstrike mine in Nevada, USA, two years at the Tambo mine in Chile and two years as General Manager of the Cowal mine in New South Wales, Australia.

Mr. Radford is a second-generation miner who began his mining career in 1984 with Coeur D’Alene Mines Corporation. He has received a Bachelor of Science in Mining Engineering from the University of Idaho and an MBA from the University of Alaska. He is a member of AIME and a registered Professional Engineer in Idaho.

“We are thrilled to welcome Larry as an independent director to Revival Gold’s board. Larry’s extensive leadership experience and operating background in underground and open pit gold mining, as well as heap leach and mill processing, will be invaluable to Revival Gold as we transition from explorer-developer to developer-operator”, said President and CEO Hugh Agro.

Mr. Radford joins current directors Wayne Hubert (Non-Executive Chairman), Hugh Agro, Robert Chausse, Maura Lendon, Michael Mansfield, and Tim Warman effective immediately. In connection with Mr. Radford’s appointment, Don Birak has stepped off Revival Gold’s board and transitioned to a senior advisory role with the Company.

“Don is one of Revival Gold’s founding directors and was instrumental to the Company’s success in assembling the Beartrack-Arnett project and making what amounts to the second largest new discovery of gold in the United States in the past decade”, said Mr. Agro.

“Don’s critical eye, keen sense of curiosity and unwavering support for exploration and mining in Idaho are hallmarks of his involvement in Revival Gold that will live on in the Company”, said Mr. Agro. “On behalf of our entire management team and the board, I wish to thank Don for his past dedication and service and to say that we look forward to his continued involvement as a senior technical advisor to the Company”, Agro added.

Subject to regulatory approval, Revival Gold has granted Mr. Radford 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 $0.60 each for a period of five years and are subject to vesting provisions.

About Revival Gold

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

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

This press release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of U.S. securities legislation (collectively “forward-looking statements”. Forward-looking statements 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 statements could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the Company’s objectives, goals and future plans, and statements of intent, the implications of exploration results, mineral resource/reserve estimates and the economic analysis thereof, exploration and mine development plans, timing of the commencement of operations, estimates of market conditions, and statements regarding the results of the pre-feasibility study, including the anticipated capital and operating costs, sustaining costs, net present value, internal rate of return, payback period, process capacity, average annual metal production, average process recoveries, concession renewal, permitting of the project, anticipated mining and processing methods, proposed pre-feasibility study production schedule and metal production profile, anticipated construction period, anticipated mine life, expected recoveries and grades, anticipated production rates, infrastructure, social and environmental impact studies, availability of labour, tax rates and commodity prices that would support development of the Project. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to maintain the modelling and assumptions upon which the interpretation of results are based after further testing, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, changes in regulatory requirements, political and social risks, uncertainties relating to the availability and costs of financing needed in the future, uncertainties or challenges related to mineral title in the Company’s projects, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity and in particular gold prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates, the continued availability of capital, accidents and labour disputes, and the other risks involved in the mineral exploration and development industry, an inability to raise additional funding, the manner the Company uses its cash or the proceeds of an offering of the Company’s securities, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, future climatic conditions, the discovery of new, large, low-cost mineral deposits, the general level of global economic activity, disasters or environmental or climatic events which affect the infrastructure on which the project is dependent, 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 statements 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 statements, whether as a result of new information, future events or otherwise, other than as required by law.

Revival Gold Files NI 43-101 Preliminary Feasibility Study Technical Report

kai erfle on August 3, 2023

Toronto, ON – August 3^rd, 2023 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), has filed on SEDAR a technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) on the Beartrack-Arnett Heap Leach Project (“Beartrack-Arnett” or the “Project”), titled “Preliminary Feasibility Study NI 43‑101 Technical Report on the Beartrack – Arnett Heap Leach Project, Lemhi County, Idaho, USA” (the “Technical Report”). The Technical Report supports disclosure made by the Company in its news release dated July 11th, 2023, titled “Revival Gold Marks Impressive Continued Growth in Mineral Resource and Advances Open Pit Heap Leach Restart Plans with PFS”. There are no material differences in the Technical Report from those results disclosed in the July 11th, 2023, news release.

Mineral Resource Update Highlights

The updated Mineral Resource is based on 172,244 meters of drilling through the end of 2022 and contains:
- A Measured & Indicated Mineral Resource of 86.2 million tonnes at 0.87 g/T gold containing 2.42 million ounces of gold¹, an increase of 14% over the 2022 Measured & Indicated Mineral Resource²; and,
- An Inferred Mineral Resource of 50.7 million tonnes at 1.34 g/T gold containing 2.19 million ounces of gold¹, an increase of 13% over the 2022 Inferred Mineral Resource²;
Contained gold in open pit heap leach Measured & Indicated Resources increased 142%² to 42.3 million tonnes at 0.70 g/T gold containing 959,000 ounces of gold with additional Inferred Resources of 6.3 million tonnes at 0.53 g/T gold containing 108,000 ounces of gold; and,
Contained gold in underground mill Inferred Resources increased 180% to 6.7 million tonnes at 4.0 g/T gold containing 877,000 ounces of gold with a 33% increase in grade over the 2022 Inferred Mineral Resource².

Open Pit Heap Leach Restart PFS Highlights

Inaugural Proven & Probable open pit heap leach Mineral Reserve of 36.2 million tonnes at 0.74 g/T gold for 859,000 ounces of gold³;
Average gold production of 65,300 ounces of gold per year, for a total of 529,100 ounces of gold over an eight-year mine life;
Pre-production capital of $109 million, working capital of $5 million, and life-of-mine (“LOM”) sustaining capital of $100 million, reflecting only a modest increase in capital relative to the 2020 Preliminary Economic Assessment;
Total cash cost of $986 per ounce and All-In Sustaining Cost (“AISC”) of $1,235 per ounce of gold;
After-tax NPV at a 5% discount rate (“NPV_5%”) of $105 million and after-tax IRR of 24.3% at $1,800 per ounce gold increasing to an NPV_5% of $138 million and after-tax IRR of 29.5% at $1,900 per ounce gold;
After-tax payback period of 3.4 years at $1,800 per ounce gold decreasing to 3.1 years at $1,900 per ounce gold;
Low technical and execution risk of a brownfield project with existing infrastructure, minimal pre-production earthworks and mine pre-stripping, limited planned disturbance outside the Project’s current footprint, and a high proportion of low-risk pre-production capital expenditures on mechanical equipment;
Excellent additional exploration potential with exploration drilling currently underway on high grade open pit oxide opportunities at Roman’s Trench and Haidee that offer near term opportunities to extend the open pit heap leach PFS mine life; and,
Opportunity to pursue a potential second phase mill operation with Mineral Resources that provide optionality to begin underground or with an open pit, or concurrently develop both.

The full Technical Report prepared by Kappes, Cassiday & Associates of Reno, Nevada, Independent Mining Consultants, Inc. of Tucson, Arizona, KC Harvey Environmental of Bozeman, Montana and WSP USA Environment & Infrastructure Inc. of Reno, Nevada, and dated August 2^nd, 2023, with an effective date of June 30^th, 2023, can be found on the Company’s website at www.revival-gold.com and on SEDAR under the Company’s issuer profile at www.sedar.com.

Qualified Persons

John P.W. Meyer, Vice President Engineering and Development, P.Eng., and Steven T. Priesmeyer, C.P.G., Vice President Exploration, are the Company’s designated QPs for this news release within the meaning of NI 43-101 and have reviewed and approved its scientific and technical content. Mr. Priesmeyer’s review focused on the geological representativity of the Mineral Resource numerical models, including review of the laboratory and field data that support the models, while Mr. Meyer’s review focused on mine, process and infrastructure designs, capital and operating costs, and financial modeling.

About Revival Gold

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

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

This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of U.S. securities legislation (collectively “forward-looking statements”. Forward-looking statements 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 statements could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the Company’s objectives, goals and future plans, and statements of intent, the implications of exploration results, mineral resource/reserve estimates and the economic analysis thereof, exploration and mine development plans, timing of the commencement of operations, estimates of market conditions, and statements regarding the results of the pre-feasibility study, including the anticipated capital and operating costs, sustaining costs, net present value, internal rate of return, payback period, process capacity, average annual metal production, average process recoveries, concession renewal, permitting of the project, anticipated mining and processing methods, proposed pre-feasibility study production schedule and metal production profile, anticipated construction period, anticipated mine life, expected recoveries and grades, anticipated production rates, infrastructure, social and environmental impact studies, availability of labour, tax rates and commodity prices that would support development of the Project. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to maintain the modelling and assumptions upon which the interpretation of results are based after further testing, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, changes in regulatory requirements, political and social risks, uncertainties relating to the availability and costs of financing needed in the future, uncertainties or challenges related to mineral title in the Company’s projects, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity and in particular gold prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates, the continued availability of capital, accidents and labour disputes, and the other risks involved in the mineral exploration and development industry, an inability to raise additional funding, the manner the Company uses its cash or the proceeds of an offering of the Company’s securities, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, future climatic conditions, the discovery of new, large, low-cost mineral deposits, the general level of global economic activity, disasters or environmental or climatic events which affect the infrastructure on which the project is dependent, 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 statements 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 statements, whether as a result of new information, future events or otherwise, other than as required by law.

¹ Estimates based on a gold price of $1,900 per ounce. All figures in this news release are in Metric units and in $US unless stated otherwise.
² See Revival Gold’s May 16^th, 2022, news release and NI 43-101 Technical Report by Wood plc dated July 13th, 2022.
³ Proven and Probable Mineral Reserves were estimated at a gold price of $1,700 per ounce.

Revival Gold Marks Impressive Continued Growth in Mineral Resource and Advances Open Pit Heap Leach Restart Plans with PFS

kai erfle on July 11, 2023

Toronto, ON – July 11^th, 2023 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to report impressive continued growth in the Company’s Mineral Resources and the completion of a Preliminary Feasibility Study (“PFS”) on the potential open pit heap leach restart of the Beartrack-Arnett Gold Project (“Beartrack-Arnett” or the “Project”) located in the western United States.

Mineral Resource Update Highlights

The updated Mineral Resource is based on 172,244 meters of drilling through the end of 2022 and contains:
- A Measured & Indicated Mineral Resource of 86.2 million tonnes at 0.87 g/T gold containing 2.42 million ounces of gold¹, an increase of 14% over the 2022 Measured & Indicated Mineral Resource²; and,
- An Inferred Mineral Resource of 50.7 million tonnes at 1.34 g/T gold containing 2.19 million ounces of gold¹, an increase of 13% over the 2022 Inferred Mineral Resource²;
Contained gold in open pit heap leach Measured & Indicated Resources increased 142%² to 42.3 million tonnes at 0.70 g/T gold containing 959,000 ounces of gold with additional Inferred Resources of 6.3 million tonnes at 0.53 g/T gold containing 108,000 ounces of gold; and,
Contained gold in underground mill Inferred Resources increased 180% to 6.7 million tonnes at 4.0 g/T gold containing 877,000 ounces of gold with a 33% increase in grade over the 2022 Inferred Mineral Resource².

Open Pit Heap Leach Restart PFS Highlights

Inaugural Proven & Probable open pit heap leach Mineral Reserve of 36.2 million tonnes at 0.74 g/T gold for 859,000 ounces of gold³;
Average gold production of 65,300 ounces of gold per year, for a total of 529,100 ounces of gold over an eight-year mine life;
Pre-production capital of $109 million, working capital of $5 million, and life-of-mine (“LOM”) sustaining capital of $100 million, reflecting only a modest increase in capital relative to the 2020 Preliminary Economic Assessment;
Total cash cost of $986 per ounce and All-In Sustaining Cost (“AISC”) of $1,235 per ounce of gold;
After-tax NPV at a 5% discount rate (“NPV_5%“) of $105 million and after-tax IRR of 24.3% at $1,800 per ounce gold increasing to an NPV_5% of $138 million and after-tax IRR of 29.5% at $1,900 per ounce gold;
After-tax payback period of 3.4 years at $1,800 per ounce gold decreasing to 3.1 years at $1,900 per ounce gold;
Low technical and execution risk of a brownfield project with existing infrastructure, minimal pre-production earthworks and mine pre-stripping, limited planned disturbance outside the Project’s current footprint, and a high proportion of low-risk pre-production capital expenditures on mechanical equipment;
Excellent additional exploration potential with exploration drilling currently underway on high grade open pit oxide opportunities at Roman’s Trench and Haidee that offer near term opportunities to extend the open pit heap leach PFS mine life; and,
Opportunity to pursue a potential second phase mill operation with Mineral Resources that provide optionality to begin underground or with an open pit, or concurrently develop both.

_______________
¹ Estimates based on a gold price of $1,900 per ounce. See Tables 1 and 2 for additional assumptions. All figures in this news release are in Metric units and in $US unless stated otherwise.
² See Revival Gold’s May 16th, 2022, news release and NI 43-101 Technical Report by Wood plc dated July 13th, 2022.
³ Proven and Probable Mineral Reserves were estimated at a gold price of $1,700 per ounce.

“Completion of this PFS marks a significant de-risking milestone for Revival Gold”, said Hugh Agro, President & CEO. “Beartrack-Arnett presents a unique opportunity for meaningful US gold production from a low-risk, low capital restart of an established domestic mine site. The project features robust economics including an attractive 24% after-tax IRR at $1,800 gold which increases to 30% at current prices”, added Agro.

“Beyond the first phase of open pit heap leach production addressed in the PFS, potential exists for Revival Gold to pursue a second phase of underground and open pit mill operations. The more than doubling in Measured & Indicated open pit heap leach resources and near tripling of underground Inferred resources reflected in today’s update speaks to the impressive ongoing exploration and development potential at Beartrack-Arnett. With completion of the PFS, Revival Gold is now positioned to progress environmental and permitting preparations, fine tune engineering and design plans and advance the proposed Beartrack-Arnett project schedule. Meanwhile, exploration continues with drilling having resumed this month”, said Agro.

The Mineral Resource estimate, Mineral Reserve estimate, and PFS were prepared in accordance with National Instrument 43-101 (“NI 43-101”) by Kappes, Cassiday & Associates (“KCA”), Independent Mining Consultants, Inc. (“IMC”), KC Harvey Environmental (“KC Harvey”) and WSP USA Environmental & Infrastructure Inc. (“WSP”), collectively the “Study Authors”, with an effective date of June 30^th, 2023. The Company will file a technical report summarizing the PFS on www.revival-gold.com and on SEDAR at www.sedar.com in accordance with NI 43-101 within 45 days.

Conference Call

Management will host a conference call later this morning to discuss the results of the Mineral Resource update and PFS. Call-in information below:

Scheduled Start:	Tuesday, July 11^th, 2023, 10:00 am EST
Call-In Number:	416-764-8658
Toll Free in North America:	888-886-7786

A replay of the conference call will be available for one week at 416-764-8691 or toll free in North America at 877-674-6060. Playback passcode 416972#.

Further Details

Mineral Resource Estimate

The Mineral Resource estimate has been reported in accordance with NI 43-101 and was prepared by IMC with an effective date of June 30^th, 2023. Table 1 provides the pit-constrained and underground Beartrack-Arnett Gold Project Mineral Resource estimate, which includes oxide, transition, and sulphide material.

Table 2 summarizes the Mineral Resource definition parameters used to develop the Mineral Resource estimate. The Measured and Indicated Mineral Resources were estimated at a gold price of $1,900 per ounce.

Table 3 illustrates the sensitivity of the total Mineral Resource to changes in gold price from $1,800 per ounce up to $2,000 per ounce.

Inferred Mineral Resources include 6.7 million tonnes of underground material at 4.0 g/T gold containing 877,000 ounces of gold. The increase in underground Inferred Mineral Resources since 2022 is, in part, derived from a more focused approach to mining and the elimination of an open pit in the Joss Target areas. The pit elimination would reduce the environmental footprint of the potential mill phase and accelerate the expected permitting and development timelines for the potential mill production phase to commence.

Underground mining is assumed to utilize an overhand cut and fill approach on a “stand-alone” basis with a cut-off grade of 2.37 g/T gold. The underground Mineral Resource occurs in both the South Pit and Joss areas and vertically over an elevation of approximately 580 meters. The underground Inferred Mineral Resource dips at approximately 80-90 degrees and ranges in thickness from about 3 to 25 meters.

Table 4 summarizes the sensitivity of the Beartrack underground Mineral Resource to changes in cutoff gold grade. All underground scenarios in Table 4 are for Mineral Resources that sit below mill open pit Mineral Resource.

Figure 1 presents an overview of the Beartrack-Arnett Project area and the location of Mineral Resources on the property.

Mineral Reserve Estimate

The PFS and associated Mineral Reserve estimate was developed based on the open pit heap leach Measured and Indicated portion of the Beartrack and Haidee Mineral Resource estimates. The Proven and Probable Mineral Reserves for the Project were estimated at a gold price of $1,700 per ounce and are summarized in Table 5.

Open Pit Heap Leach PFS

The PFS was developed as an initial phase of open pit mining with approximately 36.2 million tonnes of heap leachable ore from the Beartrack and Haidee deposits at an average rate of 12,000 tonnes/day for a period of 8.1 years. The PFS mine fleet is conventional with loading accomplished by three 11 m³ front loaders matched to up to thirteen 90-tonne class haul trucks. Run-of mine ore from the open pits would be processed in a conventional, mobile crushing circuit to achieve a particle size of 100% passing 38 mm (1.5 inch). Crushed ore would be conveyor stacked onto heap leach pads and leached with a low concentration cyanide solution. The resulting pregnant leach solution would be processed in an existing, refurbished, adsorption-desorption-recovery (“ADR”) plant for the recovery of gold resulting in the production of a final doré product.

During the first five years of mine operations, ore would be mined from the Beartrack pits (North, South, and Mason-Dixon pits), then crushed, conveyor stacked, and leached on a dedicated leach pad at the Beartrack site. During the last three years of mine operations, mining would transition to the Haidee pit in the Arnett area. Prior to mining at Haidee, a two-way haul road between the Haidee and Beartrack sites would be constructed and a dedicated leach pad for the Haidee ore would also be constructed, adjacent to the Beartrack leach pad site.

LOM average metallurgical recovery for the Project is approximately 62% of contained gold and the estimated average annual gold production would be 65,300 ounces per year. Economics for the PFS are based on mining and processing the heap leach Mineral Resources only; mining and processing of mill Mineral Resources would be a separate second phase project.

Mine and Gold Production Schedule

The PFS mine plan was developed using conventional open pit hard rock mining methods. The mining operation was developed to deliver 4.38 million tonnes of leachable material to the primary crusher per year (nominally 12,000 tonnes per day). Table 6 provides the PFS mine schedule.

Infrastructure

Much of the infrastructure from the original Beartrack mining operation remains in serviceable condition. Wherever possible, refurbishment and reuse of the existing infrastructure is planned, including the following:

Site access and onsite roads;
Fencing and gates;
Fuel and water tanks;
Process solution, overflow (event), and other storm and treated water retention ponds and process solution channels;
Groundwater monitoring and stormwater management systems;
Water treatment plant;
Septic systems;
Core warehouse;
ADR plant / laboratory; and,
Power substation and overhead power distribution lines.

All other major infrastructure from the previous operations were removed as part of prior site reclamation efforts and would need to be replaced for future operations. The primary new infrastructure that would be required to support the PFS plan include:

Ore crushing and conveyor stacking systems;
Process solution distribution and collection systems;
Heap leach pads;
Additional process solution pond;
Haidee haul road;
Truck shop and warehouse; and,
Administration and office buildings.

Heap Leach Metallurgy and Ore Processing

The primary source of data that forms the basis of the PFS heap leach metallurgical recovery estimates include twelve 6-to-12-month duration column leach tests completed by SGS Mineral Services in Ontario, Canada, developed from nine bulk composites from Beartrack and Haidee drill core along with 36 corresponding coarse ore bottle roll tests. Production statistics from historical Beartrack operations were also used to supplement the SGS column leach testing results.

Crushing of run-of-mine ore would be accomplished by a two-stage mobile crushing circuit that includes a primary jaw crusher and two secondary cone crushers. Crushed ore would be stockpiled using a fixed stacker and reclaimed using belt feeders to a reclaim conveyor; pebble lime would be added to the reclaim conveyor for pH control. During the initial five years of operations, ore would be conveyed to the heap stacking system at the Beartrack leach pad. During the final three years of operation, the mobile crushing circuit and conveyor stacking system would be relocated on the Beartrack site to serve the Haidee dedicated leach pad.

Crushed ore would be stacked in 10-meter-high lifts and leached using a buried drip irrigation system. Gold bearing pregnant leach solution would drain by gravity to the existing pregnant solution pond where it would be pumped to the existing carbon adsorption circuit. Gold-cyanide compounds would be loaded onto activated carbon in the adsorption circuit; the resulting barren solution would flow by gravity to the barren solution tanks then pumped to the heap for additional leaching. High strength cyanide solution would be injected into the barren solution to maintain the desired cyanide concentration in the leach solutions.

Gold would be stripped from the loaded carbon using a modified pressure Zadra process and recovered by electrowinning. Cathodes from the electrowinning cells would be washed and the resulting precious metal sludge treated in a retort to recover mercury, followed by smelting to produce the final doré product. Carbon would be acid-washed to remove scale and other inorganic contaminants, and thermally regenerated using a rotary kiln.

The estimated average gold recovery from the heap leach pads based on the PFS mine and ore processing production schedule is estimated to be 62%. The estimated average recovery reflects recoveries of 78% for oxide material, 43% for transition material and 14% for sulphide material.

Capital and Operating Cost Estimates

Ore processing, infrastructure, and general and administrative (“G&A”) capital and operating cost estimates for the Beartrack-Arnett PFS were developed by KCA. Mining equipment, mining preproduction, and mine operating cost estimates were developed by IMC. Closure, water treatment, and permitting related cost estimates were developed by KC Harvey with input from KCA and IMC. Capital and operating costs were estimated based on first quarter 2023 US dollars.

Capital costs for all major and most minor equipment, as well as contractor quotes for major construction contracts, were estimated from one or more supplier quotes. Where project specific quotes were unavailable, estimates were developed from applicable recent analogue project quotes. Table 7 provides a summary of the PFS capital costs.

Ore processing and G&A costs were estimated by KCA from first principles. Labor costs were estimated using project specific staffing, salary, wage, and benefit requirements. Unit consumptions of materials, supplies, power, water and delivered supply costs were also estimated. The operating costs presented are based upon the ownership of all process production equipment and site facilities, including the onsite laboratory. Revival would employ and direct all process operations, maintenance, and support personnel for all site activities.

Mining costs provided by IMC are based on owner mining costs using leased mining equipment. Leases are based on a four-year term; consequently, all leased equipment would be owned by Revival before the end of mining operations.

Economic Analysis

Based on the estimated production schedule, capital costs and operating costs, a cash flow model was prepared by KCA for the economic analysis of the Project. All information used in this economic evaluation was derived from work completed by KCA, IMC and KC Harvey, with support by Revival.

The project economics were evaluated using a discounted cash flow method that measures the Net Present Value (“NPV”) of future cash flow streams. The PFS economic model was based on the following key assumptions:

A gold price of $1,800 per ounce.
The mine production schedule developed by IMC with a nominal mining and ore processing rate of 12,000 tonnes per day.
A period of analysis of 13 years that includes one year of investment and pre-production, 8.1 years of production, and 3.9 years for reclamation and closure.
Capital and operating costs as summarized in the preceding section.

The Project economics based on these criteria from the cash flow model are summarized in Table 8.

Figure 2 presents the annual and cumulative after-tax cash flow from pre-production through mine closure at $1,800 per ounce gold.

A sensitivity analysis was performed using the PFS economic model. Figure 3 and Figure 4 provide the after-tax IRR and after-tax NPV_5% sensitivities to gold price, capital cost, and operating cost, respectively.

Key Opportunities & Risks

Key opportunities identified by the Study Authors for the Beartrack-Arnett Gold Project include:

Mineralization at Haidee remains open in all directions providing the opportunity to expand the existing heap leach Mineral Resource, increase the mine life and mine throughput, and improve overall project economics.
Potential exists to identify near-surface, higher grade mineral resources on the Arnett Property, primarily in Roman’s Trench area.
Ore from Haidee does not appear to be sensitive to crush size in the range of crush sizes tested. Therefore, coarser crushing and run-of-mine leaching may be possible without appreciable changes in recovery.
Potential to increase the level of automation, electrification, and emerging mining and processing technologies, such as ore sorting, in all areas of the Project.
Potential to develop a second phase mill operation to process known mill Mineral Resources and numerous related exploration expansion opportunities (Joss, South Pit, Wards Gulch and elsewhere).

Key risks identified by the Study Authors for the Beartrack-Arnett first phase heap leach restart project include:

Risks associated with potential mine development include sensitivity to gold price and permit delays.
The project considers refurbishing and reusing much of the existing recovery plant and infrastructure. There is a risk that the refurbishment costs would exceed budgeted estimates.
The Beartrack site is serviced by an existing Idaho Power Co. 69 kV power transmission line with limited excess capacity and with power available on a first come, first served basis.
To account for the long leach tail observed during historical Beartrack operations, the metallurgical recovery calculated from column leach testing was increased by 2.3% of contained gold (approximately 11,000 ounces of gold in total) for Beartrack oxide and transition ores. Although the data supports this assumption, there is a risk that this added recovery may not be realized or may be delayed relative to the economic model assumptions.

Responsible Mine Development

The historical Beartrack Mine site was developed, operated, and continues to be managed in a responsible way. Revival Gold benefits from the Beartrack standard and plans to reinforce that legacy by developing the Project in a manner consistent with today’s more stringent best practice standards. Examples of this commitment from the PFS include:

Refurbishing and reusing the appreciable existing site infrastructure, including the ADR and water treatment plants, while introducing instrumentation and automation upgrades that improve efficiency, safety, and reliability;
Utilizing low carbon emissions grid hydro power;
Developing mine and site infrastructure plans that avoid new stream and riparian area disturbances and crossing, and, to the maximum possible extent, staying within existing historical project disturbance areas;
Developing reclamation and closure plans that adopt successful historical reclamation practices and improves-upon post-closure water management and treatment practices, including incorporating membrane cover systems into waste rock storage facility designs; and,
Prioritizing hiring locally, building an internal team, and contracting with external consultants, contractors and suppliers, that are Lemhi County and Idaho-based, and when those resources are unavailable, looking to neighboring States to bolster the project team.

Recommended Next Steps

The Study Authors have recommended additional work to increase the level of detail, improve the PFS economics, and de-risk aspects of the project. These recommendations include:

Additional heap leach metallurgical test work to verify recoveries and reagent requirements at Beartrack and assess the potential for run-of-mine leach at Haidee.
Additional hydrogeologic characterization to refine the current estimates on the site-wide water balance and pit lake modeling.
Additional environmental geochemistry characterization to support operational waste management planning and closure design.
The current environmental baseline study program should be maintained to prepare for permitting and NEPA review of the first phase heap leach restart project.
The development of a Plan of Operations in support of permitting the heap leach restart project.
A feasibility study should be completed on the heap leach restart project once supporting lab and field studies referenced above have been sufficiently advanced.
A scoping level economic assessment should be completed for mining and processing sulphide material in a potential second phase mill operation.
Ongoing exploration for open pit oxide mineralization at Arnett. The deposit at Haidee is open in all directions with several other promising untested near-surface oxide drill targets near the Haidee haul road and Beartrack ADR plant.
Further sulphide exploration on the open +5 km Beartrack trend and a scoping level assessment for processing sulphide material.

Estimated costs for select discretionary and core recommendations are provided in Table 9.

Figure 5 presents a preliminary proposed project schedule that spans from completion of the PFS through construction and commissioning.

Qualified Persons

The following professional engineers were the Qualified Persons (“QPs”) for the Mineral Resource estimate, Mineral Reserve estimate, and PFS as defined by NI 43-101:

Caleb Cook, P.E., Technical Director, Processing and Economics; KCA
John Marek, P.E., RM SME, Mineral Resource and Reserve Estimates, Mining; IMC
David Cameron, P.E., Environmental, Reclamation & Closure Plan; KC Harvey
Dr. Haiming (Peter) Yuan, P.E., Geotechnical; WSP

Mr. Cook visited the site on 16 and 17 of October 2022 to meet with project personnel and review general site conditions, especially the area of the heap leach pad and processing facilities.

Mr. Marek visited the site on August 3-4, 2022.

Mr. Cameron visited the site on May 11, 2021, inspected all areas of the site, reviewed site conditions, and collected reports on historical operations. KC Harvey personnel under Mr. Cameron’s direct supervision attended that site inspection and subsequently completed environmental monitoring and field work on the site through 2021 and 2022.

Dr. Yuan visited the site on June 14, 2021. The focus of Dr. Yuan’s site visit was to assess geotechnical conditions of major civil works including locations of waste rock facilities, heap leach pads, and potential borrow sources.

There is no affiliation between Mr. Cook, Mr. Marek, Mr. Cameron, Dr. Yuan, and Revival except that of an independent consultant / client relationship and each author is independent of Revival Gold as described in Section 1.5 of NI 43-101.

The Company will file a technical report summarizing the Mineral Resource and PFS on www.revival-gold.com and on SEDAR at www.sedar.com in accordance with N43-101 within 45 days.

About Revival Gold

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

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

This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of U.S. securities legislation (collectively “forward-looking statements”. Forward-looking statements 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 statements could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the Company’s objectives, goals and future plans, and statements of intent, the implications of exploration results, mineral resource/reserve estimates and the economic analysis thereof, exploration and mine development plans, timing of the commencement of operations, estimates of market conditions, and statements regarding the results of the pre-feasibility study, including the anticipated capital and operating costs, sustaining costs, net present value, internal rate of return, payback period, process capacity, average annual metal production, average process recoveries, concession renewal, permitting of the project, anticipated mining and processing methods, proposed pre-feasibility study production schedule and metal production profile, anticipated construction period, anticipated mine life, expected recoveries and grades, anticipated production rates, infrastructure, social and environmental impact studies, availability of labour, tax rates and commodity prices that would support development of the Project. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to maintain the modelling and assumptions upon which the interpretation of results are based after further testing, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, changes in regulatory requirements, political and social risks, uncertainties relating to the availability and costs of financing needed in the future, uncertainties or challenges related to mineral title in the Company’s projects, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity and in particular gold prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates, the continued availability of capital, accidents and labour disputes, and the other risks involved in the mineral exploration and development industry, an inability to raise additional funding, the manner the Company uses its cash or the proceeds of an offering of the Company’s securities, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, future climatic conditions, the discovery of new, large, low-cost mineral deposits, the general level of global economic activity, disasters or environmental or climatic events which affect the infrastructure on which the project is dependent, 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 statements 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 statements, whether as a result of new information, future events or otherwise, other than as required by law.

Revival Gold Reports On 2023 Exploration Campaign

kai erfle on June 12, 2023

Toronto, ON – June 12th, 2023 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to report on the Company’s 2023 exploration campaign at the Beartrack-Arnett Gold Project (“Beartrack-Arnett” or the “Project”) located in Lemhi County, Idaho, USA.

Over the course of the past six months Revival Gold has focused on the updated Mineral Resource and Preliminary Feasibility Study (“PFS”) which are expected to be completed on Beartrack-Arnett within the next 4-6 weeks. Meanwhile, the Company has progressed data compilation and analysis, as well as preparations for this season’s drill program and related exploration field work.

Highlights

Revival Gold’s Board of Directors has approved approximately 3,000 meters of core drilling to commence in early July for open pit heap leach oxide targets including:
- Roman’s Trench – where reverse circulation drilling from 1990 intersected 1.95 g/t gold over 18 meters drilled width and 1.90 g/t gold over 21 meters drilled width¹. To date, Revival Gold has not drilled at Roman’s Trench and the prospect offers the potential to add higher-grade mineralization to the Company’s first phase heap leach restart plans;
- Haidee – to follow up on hole AC22-094D from last year’s drill program which intersected 5.42 g/t gold over 10.2 meters drilled width including 9.62 g/t gold over 5.4 meters drilled width². The orientation of the higher-grade mineralization in hole AC22-094D is unknown however, if this zone extends beyond AC22-094D, it could add higher-grade material to the current Haidee Mineral Resource; and,
- Additional soil and/or geophysical anomalies – in the Ridge area west of Haidee, up-dip and down-dip from the current Haidee Mineral Resource and at depth beneath at Haidee.
- Notes: ¹ See Revival Gold press release dated June 30th, 2017, ² See Revival Gold press release dated January 30th, 2023.
Revival Gold’s geologists have refined and expanded the Company’s high-grade mineralization domains at Joss and extended the domains a distance of approximately two kilometers through the South Pit area. As underground mineralization at Beartrack-Arnett grows, consideration is being given to eliminating the current open pit model in the Joss area and incorporating those resources into an expanded underground model.
An extensive property-wide data compilation and review is underway. The compilation will reflect recent regional geological mapping by the Idaho Geologic Survey (“IGS”) which has interpreted the Panther Creek Fault to be a portion of the more regionally extensive Coiner Fault system;
Historical CSAMT geophysical data is being reprocessed, reinterpreted and combined with recent IGS mapping to refine untested structural targets;
Soil geochemical survey lines have been planned to test new under-cover target areas. Partial leach extraction will be used to identify the presence of leakage along key structures to focus future drilling for high-grade mineralization like that in the Joss area; and,
Consulting structural geologist, Dr. Brett Davis, a specialist in orogenic gold systems, has been retained and will be on site later this season to further assist in understanding both the geologic structure of the Beartrack-Arnett district and controls on high-grade mineralization.

“Revival Gold is well underway with this year’s multi-faceted exploration program. Enhancements to the underground resource model, planned drilling on existing high priority oxide targets, and new initiatives to identify undercover exploration targets, will provide the Company with multiple, and potentially significant, value catalysts through the balance of this year and into next”, said Hugh Agro, President & CEO.

Qualified Persons

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

Revival Gold 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. Engineering work has been initiated on a Preliminary Feasibility Study (“PFS”) for the potential restart of heap leach operations. Meanwhile, exploration continues, focused on expanding the 2022 Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold and Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold (see Revival Gold NI-43-101 Technical Report by Wood plc dated July 13th, 2022, for further details). 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.

Revival Gold has 103.7 million shares outstanding and a cash balance of approximately C$6.0 million as of May 16th, 2023. All figures in this news release are in metric units and in $US unless stated otherwise. 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

This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of U.S. securities legislation (collectively “forward-looking statements”. Forward-looking statements 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 statements could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward looking statements in this news release includes, but is not limited to, the size of the Financing, the completion, terms and expected closing date of the Financing, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, 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, an inability to raise additional funding, the manner the Company uses its cash or the proceeds of an offering of the Company’s securities, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, 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 statements 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 statements, whether as a result of new information, future events or otherwise, other than as required by law.

Revival Gold Announces Closing Of $6.2 Million Brokered Private Placement

kai erfle on May 16, 2023

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Toronto, ON – May 16th, 2023 – Revival Gold Inc. (TSXV: RVG) (“Revival Gold” or the “Company”), is pleased to announce the successful completion of its previously announced brokered private placement for gross proceeds of C$6,159,998.00 (the “Offering”). The Offering was led by Beacon Securities Limited and Paradigm Capital Inc. (the “Agents”) as co-lead agents and joint bookrunners.

Under the Offering, the Company sold 11,846,150 units (the “Units”) at a price of C$0.52 per Unit. Each Unit consisted of one common share of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share (a “Warrant Share”) at an exercise price of C$0.72 per Warrant Share at any time on or before May 16th, 2026.

The Company intends to use the net proceeds of the Offering to fund on-going exploration and development at the Company’s core Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho and for general corporate and working capital purposes, as further described in the Company’s offering document under the Listed Issuer Financing Exemption dated May 8th, 2023.

“Without unduly diluting shareholders or burdening the Company with streams, royalties or convertible debentures, Revival Gold has, in a difficult market, secured the financing necessary to advance Beartrack-Arnett through completion of an updated Mineral Resource, a PFS on the first stage restart of heap leach operations and the current field season of exploration”, said Hugh Agro, President & CEO. “I look forward to providing further updates on our progress in the months ahead”, Agro added.

The Units were sold to purchasers pursuant to the listed issuer financing exemption (the “Listed Issuer Financing Exemption”) under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”). The Common Shares and Warrants underlying the Units are freely tradeable and are not subject to a hold period pursuant to applicable Canadian securities laws.

In consideration for their services in connection with the Offering, the Agents received (i) a cash commission of $318,275.88; (ii) a corporate finance fee of $51,000; (iii) 612,069 non-transferable compensation options (the “Agent’s Compensation Options”); and (iv) 98,700 non-transferable corporate finance compensation options (the “Corporate Finance Compensation Options” and together with the Agent’s Compensation Options, the “Compensation Options”). Each Compensation Option entitles the holder to purchase one Common Share at a price of C$0.52 at any time on or before May 16th, 2026.

Certain insiders of the Company, namely Hugh Agro and Maura Lendon (together, the “Insiders”) subscribed to the Offering for an aggregate of 45,000 Units. This issuance of Units to the 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 Units issued to the Insiders will be subject to a hold period of four months in accordance with the policies of the TSX Venture Exchange (the “TSXV”). The Offering remains subject to the final approval of the TSXV.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold to, or for the account or benefit of, persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and all applicable state securities laws or compliance with an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Revival Gold

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

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

This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of U.S. securities legislation (collectively “forward-looking statements”. Forward-looking statements 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 statements could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward looking statements in this news release include, but are not limited to; the use of proceeds from the Offering as currently anticipated by the Company; statements relating to advancing Beartrack-Arnett through completion of an updated Mineral Resource, a PFS on the first stage restart of heap leach operations and the current field season of exploration, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans; timing of the commencement of operations; and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, 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, an inability to raise additional funding, the manner the Company uses its cash or the proceeds of an offering of the Company’s securities, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, 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 statements 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 statements, whether as a result of new information, future events or otherwise, other than as required by law.

Revival Gold Announces Brokered Private Placement

kai erfle on May 8, 2023

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Toronto, ON – May 8, 2023 – Revival Gold Inc. (TSXV: RVG) (“Revival Gold” or the “Company“), is pleased to announce that it has entered into an agreement with Beacon Securities Limited and Paradigm Capital Inc. (the “Agents“) to act as co-lead agents and joint bookrunners in connection with a “best efforts” private placement of a minimum of 9,616,000 units of the Company (the “Units“) at a price of C$0.52 per Unit (the “Issue Price“) for minimum gross proceeds to the Company of approximately C$5 million and a maximum of up to 11,846,153 Units for maximum gross proceeds of up to C$6.16 million (the “Offering“), representing the maximum amount that may be issued under Part 5A (the “Listed Issuer Financing Exemption“) of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106“).

Each Unit will be comprised of one common share of the Company (each, a “Common Share“) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant“). Each Warrant will entitle the holder thereof to acquire one Common Share (a “Warrant Share“) at an exercise price of C$0.72 per Warrant Share at any time for a period of thirty-six (36) months following the closing of the Offering.

“We are pleased to be working with Beacon and Paradigm to secure the next leg of financing to advance exploration and development at Revival Gold’s Beartrack-Arnett located in Idaho, USA”, said Hugh Agro, President & CEO. “The Company is on track for mid-year to deliver an updated Mineral Resource estimate and a Preliminary Feasibility Study on the Beartrack-Arnett first phase restart of heap leach operations. Beartrack-Arnett is the largest past producing gold project in Idaho. The deposits at Beartrack-Arnett are open, benefit from extensive existing infrastructure, and represent one of few independently controlled large gold development opportunities located in the United States”, added Agro.

The Offering is schedule to close on or about May 16, 2023 and is subject to certain conditions, including but not limited to, the receipt of all necessary approvals including the conditional approval of the TSX Venture Exchange.

Subject to compliance with applicable regulatory requirements and in accordance with NI 45-106, the Units will be offered for sale to purchasers resident in Canada, except Quebec, and other qualifying jurisdictions, pursuant to the Listed Issuer Financing Exemption. Since the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the securities issued in the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws.

There is an offering document related to the Offering that can be accessed under the Company’s profile at www.sedar.com and on the Company’s website at www.revival-gold.com. Prospective investors should read this offering document before making an investment decision.

As consideration for their services, the Agents will receive a cash commission of 6.0% of the gross proceeds of the Offering and compensation options (the “Compensation Options“) in an amount equal to 6.0% of the number of Units sold pursuant to the Offering. Each Compensation Option will be exercisable to purchase one common share of the Company at the Issue Price for a period of thirty-six (36) months from the closing date of the Offering.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“), and may not be offered or sold to, or for the account or benefit of, persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and all applicable state securities laws or compliance with an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the 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.

Revival Gold has approximately 91.9 million shares outstanding and a cash balance of approximately C$1.0 million as of March 31st, 2023. All figures in this news release are in metric units and in $US unless stated otherwise. 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

This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of U.S. securities legislation (collectively “forward-looking statements“. Forward-looking statements 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 statements could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward looking statements in this news release and risk factors that may affect such statements includes, but is not limited to, risk factors relating to the timely receipt of all regulatory and third party approvals for the Offering, including that of the TSX Venture Exchange, that the Offering may not close within the timeframe anticipated or at all or may not close on the terms and conditions currently anticipated by the Company for a number of reasons including, without limitation, as a result of 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 size of the Offering, the resale restrictions of the securities issued pursuant to the Offering, the issuance of the Units pursuant to the Listed Issuer Financing Exemption, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, 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, an inability to raise additional funding, the manner the Company uses its cash or the proceeds of an offering of the Company’s securities, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, 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 statements 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 statements, whether as a result of new information, future events or otherwise, other than as required by law.

Revival Gold Provides Update on Beartrack-Arnett Prefeasibility Study

kai erfle on February 27, 2023

Toronto, ON – February 27^th, 2023 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to provide an update on the Company’s first phase heap leach restart Prefeasibility Study (“PFS”) underway on the Beartrack-Arnett Gold Project (“Beartrack-Arnett” or the “Project”) located in Lemhi County, Idaho, USA.

The PFS is being led by industry leaders Kappes Cassiday & Associates (“KCA”) and Independent Mining Consultants Inc. (“IMC”). The PFS remains on track for completion by mid-2023. Key developments are as follows:

IMC has developed draft updated heap leach mineral resource models and mine plans for both the main deposit (Beartrack) and the satellite deposit (Haidee) at Beartrack-Arnett that incorporate 2022 drilling results. These items are under review; however, the draft leach resource models and mine plans are in-line with Revival Gold’s objective to see average production in the PFS at 65,000 to 70,000 ounces gold per year over a 7 to 9 year mine life;
Mill resource models that include the high-grade Joss area will be updated once the leach models are complete. Undated resource models for both heap leach and mill material will be incorporated into a new Mineral Resource estimate for Beartrack-Arnett, which will be released with the PFS;
KCA and IMC have completed trade-off studies to optimize heap leach mine sequencing, waste rock management, cell layouts and sequencing, haul road alignments, and crusher locations. These studies were key to moving forward with earthworks calculations, water balance modeling, bid package preparation, and drawing package development;
PFS drawing packages are progressing on schedule and include process flowsheets (100% complete), piping & instrumentation diagrams (100% complete), general arrangement drawings (75% complete), overall site layout drawings (65% complete), electrical drawings (15% complete), and leach pad details & stacking plans (10% complete);
Idaho Power Company (“IPCo”) has completed a power study to assess upgrades required to the existing 69 kV service to site to support the PFS. The IPCo upgrades include substation and other electrical system infrastructure improvements to increase the reliability and availability of power to the Project;
An assessment of existing site facilities and infrastructure has been completed and all required plant and mobile equipment requirements have been determined. KCA has developed eleven bid packages in support of cost estimating for the PFS, and quotes are actively being received, reviewed, and incorporated into a draft PFS financial model;
Process and sitewide water balance models have been developed and are being updated iteratively with the overall PFS designs. Meteorological modeling was completed in early 2023 to support the PFS water balance models; and,
Synthetic Precipitation Leaching Procedure geochemical testing on representative Haidee waste rock samples was completed in February 2023. These results will be compared with Acid Base Accounting testing completed in 2022 to develop predictions for operational and post-operational geochemical behavior of Haidee waste rock in support of the PFS closure plan.

“We are encouraged by the progress KCA and IMC are making on the PFS for the first phase re-start of gold production at Beartrack-Arnett. Under the direction of Revival Gold’s VP, Engineering & Development, John Meyer, the PFS and updated Mineral Resource estimate remains on track for delivery by mid-2023. Meanwhile, Revival Gold’s exploration team, led by VP, Exploration, Steve Priesmeyer, is continuing to advance preparations for this summer’s field season. Key target areas for 2023 in support of Revival Gold’s first phase re-start plans include open pit oxide resource expansion opportunities at Haidee and other new open pit oxide targets across the western side of Beartrack-Arnett,” said Hugh Agro, President and CEO.

Qualified Persons

John P.W. Meyer, P.Eng., Vice President Engineering and Development 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.

Revival Gold has approximately 91.9 million shares outstanding and a cash balance of C$3.2 million as of December 31^st, 2022. All figures in this news release are in metric units and in $US unless stated otherwise. 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

This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of U.S. securities legislation (collectively “forward-looking statements”. Forward-looking statements 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 statements could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward looking statements in this news release includes, but is not limited to, the size of the Financing, the completion, terms and expected closing date of the Financing, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, 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, an inability to raise additional funding, the manner the Company uses its cash or the proceeds of an offering of the Company’s securities, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, 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 statements 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 statements, whether as a result of new information, future events or otherwise, other than as required by law.

Revival Gold Intersects 1.5 g/t Gold Over 15.8 Meters and 1.07 g/t Gold Over 18.0 Meters in Near-Surface Oxides at Haidee

kai erfle on January 30, 2023

Toronto, ON – January 30^th, 2023 Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to announce results from the final six of eighteen core holes drilled in the Haidee deposit area during the Company’s 2022 exploration program at the Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA. Each of the six holes released today intersected above cut-off grade, near-surface oxidized gold mineralization.

Highlights

1.51 g/t gold over 15.8 meters¹ in AC22-086D
1.07 g/t gold over 18.0 meters¹ and 0.45 g/t gold over 13.2 meters¹ in AC22-089D
0.70 g/t gold over 27.1 meters¹ in AC22-099D
0.42 g/t gold over 19.9 meters¹ in AC22-093D¹ True width is estimated to be greater than 70% of drilled width.

The 2022 drilling program at Haidee was designed to upgrade and expand the deposit’s current heap leachable Inferred Mineral Resource. A total of 18 holes were completed for approximately 2,900 meters. Results released today from the final six holes of the 2022 drilling program include a couple of high-grade gold intercepts at a tenor not typically encountered in oxidized mineralization at Haidee. These results point to the possibility for continued expansion of the deposit to the south-west in potentially higher-grade material with a lower strip ratio.

“We’ve wrapped up the 2022 Haidee infill and expansion drill program with gold mineralization intersected directly from surface and intriguing high-grade results in the south-west quadrant of the deposit”, said Hugh Agro, President and CEO. “These results bode well for the updated Mineral Resource for Haidee and the successful completion of this year’s Pre-Feasibility Study on the first phase re-start of heap leach operations at Beartrack-Arnett. The gold deposit at Haidee benefits from very favourable metallurgical recoveries, the presence of little or no deleterious elements, a shallow depth of mineralization and advantageous topography. Any future enhancement to grade at Haidee will therefore have a compounding impact on potential economics”.

Details:

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

Hole Number	Area	Azimuth (deg.)	Dip (deg.)	From (m)	To (m)	Drilled Width¹ (m)	Fire Assay Gold Grade (g/t)
AC22-086D²	Haidee	63	-62	16.7	21.3	4.5	1.82
Incl.				20.0	21.3	1.3	5.85
				28.0	32.0	4.0	1.03
				44.0	59.8	15.8	1.51
Incl.				44.0	45.4	1.4	7.83
Incl.				48.6	50.0	1.3	7.57
				80.5	83.5	3.0	1.96
				94.1	128.6	34.6	0.39
AC22-089D³	Haidee	65	-59	20.0	33.2	13.2	0.45
				60.4	78.3	18.0	1.07
				150.7	154.7	4.1	0.90
AC22-093D	Haidee	67	-61	9.9	14.7	4.8	0.89
				20.7	23.4	2.7	0.30
				79.8	99.7	19.9	0.42
				125.1	128.4	3.4	0.70
				134.5	137.5	3.0	1.63
AC22-094D⁴	Haidee	64	-60	7.0	11.3	4.3	0.80
				21.0	31.2	10.2	5.42
Incl.				23.8	29.2	5.4	9.62
Incl.				23.8	25.5	1.7	19.39
Incl.				28.3	29.2	0.8	12.60
				76.7	79.9	3.2	0.78
				101.5	107.3	5.8	0.87
				117.7	127.2	9.5	1.22
Incl.				117.7	119.3	1.6	4.25
				132.0	135.0	3.0	0.53
AC22-096D	Haidee	65	-60	11.8	20.7	8.9	0.94
				65.4	68.0	2.6	0.38
				81.5	101.3	19.8	0.44
AC22-099D⁵	Haidee	63	-65	0.0	27.1	27.1	0.70
Incl.				17.6	19.2	1.6	5.23
				47.9	50.1	2.3	0.69
				77.8	83.1	5.3	0.85
				111.9	114.0	2.1	2.75
				142.8	154.5	11.7	0.40

¹ True width is estimated to be greater than 70% of drilled width (see footnote 4 below). Numbers may not add up due to rounding.
² AC22-086D: Recovery for the intervals 49.4 m – 22.9 m was 40% and 54.0 m – 54.7 m was 35%.
³ AC22-089D: Recoveries for the intervals 22.4 m – 22.9 was 33%; 23.5 m – 26.0 m was 18%; 29.4 m – 30.1 m: 38%; 72.5 m – 74.1 m: 0% and 75.0 – 76.7 m: 29% m – 74.1 m was 0%. The intervals 23.5 m – 26.0 m and 72.5 m – 74.1 m were included in the grade calculation at 0 g/t gold.
⁴ AC22-094D: Mineralization in the interval 23.8 m – 29.5 m is nearly parallel to the core axis. True width is estimated to be less than 30% for this interval.
⁵ AC22-099D: Recovery for the interval 11.6 m – 11.97 m was 0%. This interval was included in the grade calculation as 0 g/t Au.

Figure 1 is a plan view of the Haidee deposit area with results to-date from the 2022 drill program.

Figure 1: Haidee Deposit Plan View

Figure 2 depicts an updated cross-section through the Haidee deposit.

Figure 2: Haidee Deposit Cross-Section 65-18

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 content 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

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.

Revival Gold has approximately 91.9 million shares outstanding and an estimated cash balance of C$3 million as of December 31^st, 2022. All figures in this news release are in metric units and in $US unless stated otherwise. 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

This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of U.S. securities legislation (collectively “forward-looking statements”. Forward-looking statements 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 statements could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward looking statements in this news release includes, but is not limited to, the size of the Financing, the completion, terms and expected closing date of the Financing, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, 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, an inability to raise additional funding, the manner the Company uses its cash or the proceeds of an offering of the Company’s securities, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, 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 statements 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 statements, whether as a result of new information, future events or otherwise, other than as required by law.

TSX.V: RVG

TSX.V: RVG

Revival Gold Closes Termination Of Royalty Interest

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Larry P. Radford Appointed to Revival Gold Board

Revival Gold Files NI 43-101 Preliminary Feasibility Study Technical Report

Revival Gold Marks Impressive Continued Growth in Mineral Resource and Advances Open Pit Heap Leach Restart Plans with PFS

Revival Gold Reports On 2023 Exploration Campaign

Revival Gold Announces Closing Of $6.2 Million Brokered Private Placement

Revival Gold Announces Brokered Private Placement

Revival Gold Provides Update on Beartrack-Arnett Prefeasibility Study

Revival Gold Intersects 1.5 g/t Gold Over 15.8 Meters and 1.07 g/t Gold Over 18.0 Meters in Near-Surface Oxides at Haidee

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