Mr. Hugh Agro reports

REVIVAL GOLD REPORTS ON 2023 EXPLORATION CAMPAIGN

Revival Gold Inc. has provided an update on the company's 2023 exploration campaign at the Beartrack-Arnett gold project, located in Lemhi county, Idaho, United States.

Over the course of the past six months, Revival Gold has focused on the updated mineral resource and preliminary feasibility study (PFS) which are expected to be completed on Beartrack-Arnett within the next four to six weeks. Meanwhile, the company has progressed data compilation and analysis as well as preparations for this season's drill program and related exploration fieldwork.

Highlights:

• Revival Gold's board of directors has approved approximately 3,000 metres of core drilling to commence in early July for open-pit heap leach oxide targets, including:
  • Roman's Trench -- where reverse circulation drilling from 1990 intersected 1.95 grams per tonne gold over 18 metres drilled width and 1.90 grams per tonne gold over 21 metres drilled width. To date, Revival Gold has not drilled at Roman's Trench and the prospect offers the potential to add higher-grade mineralization to the company's first-phase heap leach restart plans;
  • Haidee -- to follow up on hole AC22-094D from last year's drill program, which intersected 5.42 grams per tonne gold over 10.2 metres drilled width, including 9.62 grams per tonne gold over 5.4 metres drilled width; the orientation of the higher-grade mineralization in hole AC22-094D is unknown; however, if this zone extends beyond AC22-094D, it could add higher-grade material to the current Haidee mineral resource;
  • Additional soil and/or geophysical anomalies -- in the Ridge area west of Haidee, up dip and down dip from the current Haidee mineral resource and at depth beneath at Haidee;
• Revival Gold's geologists have refined and expanded the company's high-grade mineralization domains at Joss and extended the domains a distance of approximately two kilometres through the South Pit area; as underground mineralization at Beartrack-Arnett grows, consideration is being given to eliminating the current open-pit model in the Joss area and incorporating those resources into an expanded underground model;
• An extensive propertywide data compilation and review are under way; the compilation will reflect recent regional geological mapping by the Idaho Geologic Survey (IGS), which has interpreted the Panther Creek fault to be a portion of the more regionally extensive Coiner fault system;
• Historical CSAMT (controlled-source audio frequency magnetotelluric) geophysical data are being reprocessed, reinterpreted and combined with recent IGS mapping to refine untested structural targets;
• Soil geochemical survey lines have been planned to test new under-cover target areas; partial leach extraction will be used to identify the presence of leakage along key structures to focus future drilling for high-grade mineralization like that in the Joss area;
• Consulting structural geologist Dr. Brett Davis, a specialist in orogenic gold systems, has been retained and will be on site later this season to further assist in understanding both the geologic structure of the Beartrack-Arnett district and controls on high-grade mineralization.

"Revival Gold is well under way with this year's multifaceted exploration program. Enhancements to the underground resource model, planned drilling on existing high-priority oxide targets and new initiatives to identify undercover exploration targets will provide the company with multiple, and potentially significant, value catalysts through the balance of this year and into next," said Hugh Agro, president and chief executive officer.

Qualified person

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 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 gold containing 2.11 million ounces of gold and an inferred mineral resource of 46.2 million tonnes at 1.31 grams per tonne 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 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 $6-million as of May 16, 2023. All figures in this news release are in metric units and in U.S. dollars unless stated otherwise. Additional disclosure, including the company's financial statements, technical reports, news releases and other information, can be obtained on Revival Gold's website or on SEDAR.

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