Mr. Hugh Agro reports

REVIVAL GOLD COMPLETES C$15 MILLION BOUGHT DEAL FINANCING

Revival Gold Inc. has closed its previously announced public offering of 13,685,000 units of the company at a price of $1.10 per unit for aggregate gross proceeds of $15,053,500, including 1,785,000 additional units issued pursuant to the exercise in full of the overallotment option granted to the underwriter (as defined as follows) in connection with the offering.

The offering was conducted by BMO Capital Markets as sole underwriter. In consideration for the services provided by the underwriter in connection with the offering, the company has paid the underwriter a cash fee of 6 per cent of the aggregate gross proceeds from the offering.

Each unit consists of one common share of Revival Gold and one-half of one common share purchase warrant of Revival Gold. Each warrant entitles the holder thereof to purchase one common share of the company at a price of $1.60 per common share for a period of 18 months following the closing date.

The company intends to use the net proceeds of the offering to finance continuing exploration and development at Revival Gold's Beartrack-Arnett gold project located in Lemhi county, Idaho, and for general corporate purposes.

"The completion of this financing will accelerate Revival Gold's plans for Beartrack-Arnett," said Hugh Agro, president and chief executive officer. "Geologic fieldwork was initiated this season in July. The deposits are open and exploration drilling is expected to resume shortly."

The units were offered by way of a short form prospectus in all provinces of Canada, excluding Quebec, and offered by way of private placement in the United States pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended, and applicable state securities laws and other jurisdictions outside of Canada and the United States on an exempt basis. The offering remains subject to the final approval of the TSX Venture Exchange.

Steven T. Priesmeyer, CPG, vice-president, exploration, Revival Gold, 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 is a growth-focused gold exploration and development company. The company has the right to acquire a 100-per-cent interest in Meridian Beartrack Co., owner of the former-producing Beartrack gold project located in Lemhi county, Idaho. Revival Gold also owns rights to a 100-per-cent interest in the neighbouring Arnett gold project.

Beartrack-Arnett is the largest past-producing gold mine in Idaho and hosts the second-largest known deposit of gold in the state. A preliminary economic assessment is under way on the potential restart of a phase 1 open-pit heap-leach operation and exploration continues focused on expanding the current indicated mineral resource of 36.4 million tonnes at 1.16 grams per tonne gold containing 1.35 million ounces of gold and inferred mineral resource of 47.2 million tonnes at 1.08 grams per tonne gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometres and is open on strike and at depth. Mineralization at Arnett is open in all directions. For further details, including key assumptions, parameters and methods used to estimate the mineral resources, please see the company's technical report titled "Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA" dated Feb. 21, 2020, and with an effective date of Dec. 10, 2019, available on SEDAR.

Following the completion of the offering, Revival Gold has approximately 70.2 million shares outstanding and a current cash balance of approximately $14.8-million.

We seek Safe Harbor.