Mr. Hugh Agro reports

REVIVAL GOLD ANNOUNCES CLOSING OF $6.2 MILLION BROKERED PRIVATE PLACEMENT

Revival Gold Inc. has successfully completed its previously announced brokered private placement for gross proceeds of $6,159,998. The offering was led by Beacon Securities Ltd. and Paradigm Capital Inc. 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.

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.

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