Mr. Hugh Agro reports

REVIVAL GOLD ANNOUNCES BROKERED PRIVATE PLACEMENT

Revival Gold Inc. entered into an agreement with Beacon Securities Ltd. and Paradigm Capital Inc. to act as co-lead agents and joint book runners in connection with a best-efforts private placement of a minimum of 9,616,000 units of the company at a price of 52 cents per unit for minimum gross proceeds to the company of approximately $5-million and a maximum of up to 11,846,153 units for maximum gross proceeds of up to $6.16-million, representing the maximum amount that may be issued under Part 5A (the listed issuer financing exemption) of National Instrument 45-106 -- Prospectus Exemptions.

Each unit will be composed of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of 72 cents per warrant share at any time for a period of 36 months following the closing of the offering.

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

"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, U.S.," said Hugh Agro, president and chief executive officer. "The company is on track for midyear 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 Mr. Agro.

The offering is scheduled 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 SEDAR and on the company's website. 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 per cent of the gross proceeds of the offering and compensation options in an amount equal to 6 per cent 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 36 months from the closing date of the offering.

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 (PFS) for the potential restart of heap-leach operations. Meanwhile, exploration continues, focused on expanding the 2022 indicated mineral resource of 65 million tonnes at 1.01 grams per tonne (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's National Instrument 43-101 technical report by Wood PLC dated July 13, 2022, for further details). The mineralized trend at Beartrack extends for over five kilometres; it is open on strike and at depth. Mineralization at Arnett is open in all directions.

Revival Gold has approximately 91.9 million shares outstanding and a cash balance of approximately $1-million as of March 31, 2023.

We seek Safe Harbor.