Mr. Hugh Agro reports

REVIVAL GOLD DELIVERS IMPRESSIVE RESOURCE UPDATE AT BEARTRACK-ARNETT

Revival Gold Inc. has released the results of an updated mineral resource estimate (MRE) on the company's Beartrack-Arnett gold project located in Idaho, United States. All figures in this press release are in metric units and in U.S. dollars unless stated otherwise.

Highlights

• The updated mineral resource was completed by Wood PLC based on drill results through the end of 2021 and contains:
  • An indicated mineral resource of 65.0 million tonnes at 1.01 grams per tonne (g/t) gold containing 2.11 million ounces of gold, an increase of 56 per cent over the 2020 indicated mineral resource;
  • An inferred mineral resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold, an increase of 19 per cent over the 2020 inferred mineral resource.
• Within the indicated mineral resource, the open-pit heap leach contained gold increased by 49 per cent and the open-pit mill contained gold increased by 58 per cent. The upgrade in indicated mineral resources provides increased confidence in the quality of the resource and will help facilitate planned completion of a preliminary feasibility study (PFS) on the potential restart of gold production at Beartrack-Arnett.
• Drilling in the Joss zone over the past two years has increased mineral resources in this area and supports a more robust cut-off grade (2.2 g/t gold) for the underground mill component of mineral resources at Beartrack-Arnett. As a result, the average grade in the underground inferred mineral resource has increased 39 per cent over the 2020 inferred mineral resource to 3.05 g/t gold in a bulk minable long-hole mining scenario. Follow-up drilling on high-grade intercepts at Joss is expected to further enhance the underground resource model.
• Mineralization at Beartrack remains open along strike and at depth. Mineralization at Arnett remains open in all directions. Exploration continues, with 7,000 metres of planned drilling scheduled to begin later this month.

"Today's 56-per-cent growth in indicated resources and 19-per-cent increase in inferred resource represents an impressive step forward in both the size and quality of resources at Beartrack-Arnett. Revival Gold's technical progress over the past two years validates our confidence in project geology and the potential we see for Beartrack-Arnett to continue to grow. Today's news bodes well for work already under way on a PFS to resume gold production utilizing existing infrastructure and it builds on Revival Gold's understanding of additional potential future development alternatives. Revival Gold's track record of growing resources, our competitive cost of discovery and the alternatives we have for potential future development, add up to a compelling opportunity for our shareholders," commented Hugh Agro, president and chief executive officer.

Details

The "Beartrack-Arnett project mineral resources by material type and location" table summarizes pit-constrained and underground mineral resources for Beartrack-Arnett.

The primary input parameters used to develop the mining shapes used to generate the mineral resource estate are summarized in the "Conceptual parameters" table.

Mineral resources at Beartrack-Arnett are largely assumed to be exploited by open-pit mining methods. However, the Joss, South Pit and Ward's Gulch areas include mineral resources that may be amenable to bulk underground mining methods. In the Joss area, this mineralization extends for more than one kilometre along strike, and remains open to the south and at depth. Follow-up drilling on high-grade intercepts at Joss (including drill hole BT21-240D which intersected 4.34 g/t gold over 110.6 metres drilled width, including 12 g/t gold over 13.7 metres drilled width and 8.8 g/t gold over 11.8 metres drilled width; see Revival Gold's press release dated Dec. 2, 2021, for additional details) is expected to allow for a further focusing of the underground resource model and represents an important value creation opportunity (for example, by utilizing smaller block sizes and a model geometry and interpolation technique that matches the vertical nature of mineralization).

High-grade mineralization has also been intercepted at depth in holes drilled in the South Pit and Ward's Gulch areas (including drill hole BT12-175D which intersected 71 g/t gold over 9.8 metres drilled width; see Revival Gold's press release dated Nov. 13, 2017, for additional details).

To demonstrate the robustness of the underground mineral resources at Beartrack-Arnett, minable shapes were developed assuming a stand-alone, 2,500-tonne-per-day mine and mill, whereas the open-pit mill resources were developed at 12,000 tonnes per day. Further engineering analysis is under way to evaluate the potential for concurrent underground and open pit processing of mill material.

The deposit in the Haidee area is envisioned as an open pit operation that could either be operated independently of the main areas of mineralization at Beartrack-Arnett, or as a satellite operation taking advantage of existing infrastructure on the property. The Haidee mineral resource estimate pit shape was developed assuming the material would be trucked to the Beartrack adsorption-desorption-regeneration (ADR) plant for heap leaching; however, this approach will be revisited as additional exploration data are collected. Mineralization at Haidee remains open in all directions and several other nearby exploration target areas will be tested with exploration drilling later this year.

Heap leach resources at Beartrack-Arnett are primarily composed of oxide and mixed oxide-sulphide material; mill resources are primarily composed of sulphide material. The mineral resource block model was developed by estimating two separate net economic values for each block -- one value is based on heap leach and one based on mill processing parameters. The mineral resource estimate was generated from the maximum of the two conceptual block net economic values.

Heap leaching is assumed to precede a milling operation and take place at a nominal open-pit mining and heap leaching rate of 12,000 tonnes of mineralized material per day with two-stage crushing to minus one and one-half inches. To establish the optimum mining approach for a milling operation, Whittle software was used to determine the optimum open pit and underground interface (pit shell) using the parameters in the "Conceptual parameters" table. Once the optimum pit shell was defined, all underground stopes outside of the optimized pit shell were considered an underground resource and all material within the optimized pit shell was considered an open pit resource.

The mill process flow sheet assumes flotation concentrates will be pressure oxidized and cyanide leached to produce gold dore on site; mill flotation tailings would also be cyanide leached to produce gold dore on site.

The mill operating parameters in the "Conceptual parameters" table translate into break-even gold cut-off grades of 2.2 g/t for Beartrack underground mill material and 0.48 g/t for Beartrack open-pit mill material. Heap leach operating parameters translate into break-even cut-off grades of 0.18 g/t and 0.24 g/t cyanide soluble gold at Beartrack and Arnett, respectively.

Beartrack was previously operated as an open-pit, heap leach operation exploiting leachable ore until the operation was shut down in 2000 when the price of gold was below $300 (U.S.)/ounce. The historical Beartrack operation involved open-pit mining by truck and shovel at an annual average rate of approximately 12,000 tonnes per day of ore, with two-stage crushing to minus two inches, conveyed to a heap leach pad with gold recovered in an ADR plant. A total of 21.9 million tonnes at 0.98 g/t cyanide soluble gold were processed, producing 609,141 ounces of gold and yielding an average recovery of 88 per cent of the cyanide-soluble gold (approximately 70 per cent of contained gold).

Significant infrastructure from the historical operation remains, which may be redeployed for future operations. Revival Gold is evaluating the economic potential for a restart of heap leach operations at Beartrack and intends to continue to aggressively explore for additional leach and mill material on the Beartrack-Arnett property.

Cut-off grade sensitivity at various gold prices is summarized in the "Sensitivity analysis of grade and tonnage at varying gold prices for the Beartrack-Arnett project" table.

Wood developed the mineral resource estimates for the Beartrack and Arnett deposits using the ordinary kriging (OK) method. The block size used to develop the models measures 20 feet (6.1 metres) by 20 feet by 25 feet (7.6 metres). This block size was chosen by Wood based on the current drill hole spacing, assay length, style of mineralization and the primary open-pit mining method. Drill hole composites were developed for a range of lengths from five to 25 feet, with the five-foot composite being chosen for the final interpolation process.

Gold mineralization at Beartrack is associated with a large, northeast-trending regional structure known as the Panther Creek shear zone (PCSZ). In general terms, mineralization in the Joss and South Pit areas is hosted by the Proterozoic-aged Yellowjacket formation, mineralization in the Ward's Gulch area is hosted by the Yellowjacket formation and a Proterozoic-aged Rapakivi granite, and mineralization in the North pit and Moose areas is hosted by the Rapakivi granite. The estimate of gold resources was constrained by a combination of lithologic and gold grade wireframes. Block gold grades were independently estimated using fire assays and cyanide soluble analyses. The grade models were validated using visual and statistical methods. In addition, the grade models were extensively compared with historical cyanide-soluble and fire-assay blast hole data and historical production reports. The estimated block grades were classified as indicated and inferred categories based on drill hole spacing and continuity of mineralization.

The mineral resource estimates for the Beartrack and Arnett deposits were completed by Wood, with Henry Kim, PGeo, senior resource geologist, serving as the independent qualified person. As part of data verification for the mineral resource estimate, he visited the site in November of 2021 and, during his site visit, he reviewed the drill cores, located and recorded collar locations, visited the core logging and sampling facility, and reviewed geological modelling procedures. He also performed spot checks on the database entries by comparing against the original assay certificates.

Steven T. Priesmeyer, CPG, vice-president of exploration, and John P.W. Meyer, vice-president of engineering and development, PEng, are 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 have reviewed and approved its scientific and technical content. Mr. Priesmeyer's review of the mineral resource estimate focused on the geological representativity of the numerical models, including review of the laboratory and field data that support the models, while Mr. Meyer's review focused on verifying that open pit and underground mining shapes that constrain the mineral resources, and the parameters used to develop the mining shapes, were appropriate.

A technical report will be filed on SEDAR, EDGAR and the company's website.

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. Engineering work has been initiated on a preliminary feasibility study 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 the inferred mineral resource of 46.2 million tonnes at 1.31 g/t gold, containing 1.94 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.

Revival Gold has approximately 86.9 million shares outstanding and an estimated cash balance of $9-million as of March 31, 2022.

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