Mr. Hugh Agro reports

REVIVAL GOLD COMMENCES METALLURGICAL TEST WORK WITH SGS LAKEFIELD

Revival Gold Inc. has commenced its planned 2021 metallurgical and environmental test work program with SGS Lakefield, under the direction of Wood's metallurgical staff, for the past-producing Beartrack-Arnett gold project located in Idaho, United States. Approximately three tonnes of sample material have been selected and shipped to SGS Lakefield.

The primary goals of the program are to continue to evaluate heap leach recoveries and build on previous test work used in the 2020 heap leach phase preliminary economic assessment (PEA). Results will be used to establish recovery parameters for a prefeasibility study (PFS), which is scheduled to be completed by Wood in the second half of 2022. In particular, the sensitivity of heap leach gold recovery to overall crush size will be evaluated to identify opportunities for enhancement, particularly at Arnett, where historical bottle-roll tests on reverse circulation chip samples indicated higher recoveries were possible. The interaction of oxide, transition and sulphide material types in the heap leach pads and the acid-base accounting over time will also be evaluated.

A total of 12 standard column tests will be completed to test heap leaching performance, including test work on Beartrack oxide, transition and sulphide mineralization, and Arnett oxide gold mineralization. Included in the tests will be the evaluation of one mixed sample consisting of 50 per cent Beartrack oxide and 50 per cent Beartrack sulphide.

"To follow up on last year's successful PEA, this test work will provide critical technical input for the next steps in assessing the potential restart of heap leach gold production from existing infrastructure at Beartrack-Arnett," said Hugh Agro, president and chief executive officer. "We are at an exciting stage of the project definition as this metallurgical test work, together with Revival Gold's 2021 drilling plans, will set the foundation for a mineral resource update in early 2022, a PFS and, potentially, a decision to proceed with the first-phase restart of gold production at Beartrack-Arnett in late 2022."

Column tests will be undertaken over 120-day, 180-day, 240-day and 360-day periods. The total program will require one year to complete. The longer test periods are intended to capture the effect of blending transition and sulphide mineralization into the leach pads with respect to metallurgical and environmental behaviour.

A heap leach amenability test plan will be completed initially, consisting of coarse bottle-roll tests. These tests will be undertaken at three sizes (12.5 millimetres, 25 millimetres and 38 millimetres), with 12 tests per size. These will determine the effect of crushing size on overall gold recovery and will guide the size selections for subsequent column tests. Head analysis will consist of duplicate fire assays, cyanide soluble assays, total sulphur, total carbon, mercury by cold-vapour atomic adsorption and multielement ICP scans (strong acid fusion). All samples will undergo a modified acid-base accounting (ABA) analysis. The ABA test provides quantification of the total sulphur, sulphide sulphur and sulphate concentrations present, and the potential acid generation related to the oxidation of the sulphide sulphur concentration. Five samples will be selected for kinetic humidity cell testing to assess the affect of aerobic weathering.

The PEA featured mineralization amenable to gold recovery using standard cyanide heap leach processing. This first-phase project encompasses less than one-third of the available mineralized material in the project's resources. The estimated average recovery of gold from the heap leach pad in the PEA was estimated to be 60 per cent, reflecting average recoveries of 87 per cent for oxide material, 55 per cent for transition material and 28 per cent for sulphide material. Historical heap leach recoveries at the Beartrack mine averaged approximately 70 per cent of contained gold. Historical test work on Arnett material indicated that the material tested is highly amenable to gold recovery by cyanide leaching. Tests were leached for 48 hours and resulted in gold extractions of 85 per cent to 95 per cent.

A second-phase production development at Beartrack-Arnett would require a mill process. The mill process was studied on a preliminary basis in conjunction with the resource estimate. Metallurgical test work reported in December, 2019, demonstrated that Beartrack sulphide material responds favourably to a combined process flow sheet of rougher flotation, cyanide leaching of the rougher flotation tailings, pressure oxidation of the rougher flotation concentrate and cyanide leaching of the resulting residue to produce dore gold. The overall gold recovery in test work was 94 per cent to 95 per cent and appeared to be independent of primary grind size.

Qualified person

Rodney A. Cooper, PEng, a qualified person and a consultant to the company, 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 is advancing the Beartrack-Arnett gold project located in Idaho, United States. Beartrack-Arnett is the largest past-producing gold mine in Idaho. A preliminary economic assessment has been completed for a first-phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC (all-in sustaining cost) of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current indicated mineral resource of 36.6 million tonnes at 1.15 grams per tonne gold containing 1.36 million ounces of gold and inferred mineral resource of 47.1 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 as well as data verification, please see the company's NI 43-101 compliant technical report titled, "Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA -- NI 43-101 Technical Report," dated Dec. 17, 2020.

Revival Gold has approximately 71.2 million shares outstanding and had a cash balance of $7.6-million on March 31, 2021.

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