Mr. Hugh Agro reports

REVIVAL GOLD MARKS IMPRESSIVE CONTINUED GROWTH IN MINERAL RESOURCE AND ADVANCES OPEN PIT HEAP LEACH RESTART PLANS WITH PFS

Revival Gold Inc. has noted impressive continued growth in the company's mineral resources and has completed a preliminary feasibility study (PFS) on the potential open-pit heap leach restart of the Beartrack-Arnett gold project located in the western United States.

Mineral resource update highlights:

• The updated mineral resource is based on 172,244 metres of drilling through the end of 2022 and contains:
  • A measured and indicated mineral resource of 86.2 million tonnes (Mt) at 0.87 gram per tonne (g/t) gold (Au) containing 2.42 million ounces (Moz) of gold, an increase of 14 per cent over the 2022 measured and indicated mineral resource; and,
  • An inferred mineral resource of 50.7 million tonnes at 1.34 g/t gold containing 2.19 million ounces of gold, an increase of 13 per cent over the 2022 inferred mineral resource.
• Contained gold in open-pit heap leach measured and indicated resources increased 142 per cent to 42.3 million tonnes at 0.70 g/t gold containing 959,000 ounces of gold, with additional inferred resources of 6.3 million tonnes at 0.53 g/t gold containing 108,000 ounces of gold;
• Contained gold in underground mill inferred resources increased 180 per cent to 6.7 million tonnes at four g/t gold containing 877,000 ounces of gold, with a 33-per-cent increase in grade over the 2022 inferred mineral resource.

Open-pit heap leach restart PFS highlights:

• Inaugural proven and probable open-pit heap leach mineral reserve of 36.2 million tonnes at 0.74 g/t gold for 859,000 ounces of gold;
• Average gold production of 65,300 ounces of gold per year, for a total of 529,100 ounces of gold over an eight-year mine life;
• Preproduction capital of $109-million, working capital of $5-million and life-of-mine (LOM) sustaining capital of $100-million, reflecting only a modest increase in capital relative to the 2020 preliminary economic assessment;
• Total cash cost of $986 per ounce and all-in sustaining cost (AISC) of $1,235 per ounce of gold;
• After-tax NPV (net present value) at a 5-per-cent discount rate (NPV 5 per cent) of $105-million and after-tax IRR (internal rate of return) of 24.3 per cent at $1,800 per ounce gold, increasing to an NPV 5 per cent of $138-million and after-tax IRR of 29.5 per cent at $1,900 per ounce gold;
• After-tax payback period of 3.4 years at $1,800 per ounce gold, decreasing to 3.1 years at $1,900 per ounce gold;
• Low technical and execution risk of a brownfield project with existing infrastructure, minimal preproduction earthworks and mine prestripping, limited planned disturbance outside the project's current footprint, and a high proportion of low-risk preproduction capital expenditures on mechanical equipment;
• Excellent additional exploration potential with exploration drilling currently under way on high-grade open-pit oxide opportunities at Roman's trench and Haidee that offer near-term opportunities to extend the open-pit heap leach PFS mine life;
• Opportunity to pursue a potential second phase mill operation with mineral resources that provide optionality to begin underground or with an open pit, or concurrently develop both.

"Completion of this PFS marks a significant derisking milestone for Revival Gold," said Hugh Agro, president and chief executive officer. "Beartrack-Arnett presents a unique opportunity for meaningful U.S. gold production from a low-risk, low-capital restart of an established domestic mine site. The project features robust economics, including an attractive 24-per-cent after-tax IRR at $1,800 gold, which increases to 30 per cent at current prices," added Mr. Agro.

"Beyond the first phase of open-pit heap leach production addressed in the PFS, potential exists for Revival Gold to pursue a second phase of underground and open-pit mill operations. The more than doubling in measured and indicated open-pit heap leach resources and near tripling of underground inferred resources reflected in today's update speaks to the impressive ongoing exploration and development potential at Beartrack-Arnett. With completion of the PFS, Revival Gold is now positioned to progress environmental and permitting preparations, fine tune engineering and design plans, and advance the proposed Beartrack-Arnett project schedule. Meanwhile, exploration continues with drilling having resumed this month," said Mr. Agro.

The mineral resource estimate, mineral reserve estimate and PFS were prepared in accordance with National Instrument 43-101 by Kappes, Cassiday & Associates (KCA), Independent Mining Consultants Inc. (IMC), KC Harvey Environmental, and WSP USA Environmental & Infrastructure Inc. (WSP), collectively the study authors, with an effective date of June 30, 2023. The company will file a technical report summarizing the PFS on the company's website and on SEDAR, in accordance with NI 43-101, within 45 days.

Conference call

Management will host a conference call later this morning to discuss the results of the mineral resource update and PFS. Call-in information is below.

Scheduled start:  Tuesday, July 11, 2023, 10 a.m. ET

Call-in number:  416-764-8658

Toll-free in North America:  888-886-7786

A replay of the conference call will be available for one week at 416-764-8691, or toll-free in North America at 877-674-6060. Playback passcode is 416972 followed by the pound key.

Further details

Mineral resource estimate

The mineral resource estimate (MRE) has been reported in accordance with National Instrument 43-101 and was prepared by IMC with an effective date of June 30, 2023. The table entitled "Beartrack-Arnett gold project mineral resources by material type and location" provides the pit-constrained and underground Beartrack-Arnett gold project mineral resource estimate, which includes oxide, transition and sulphide material.

The table entitled "Beartrack-Arnett gold project mineral resource estimate definition parameters" summarizes the mineral resource definition parameters used to develop the mineral resource estimate. The measured and indicated mineral resources were estimated at a gold price of $1,900 per ounce.

The table entitled "Beartrack-Arnett gold project mineral resources sensitivity to gold price" illustrates the sensitivity of the total mineral resource to changes in gold price from $1,800 per ounce up to $2,000 per ounce.

Inferred mineral resources include 6.7 million tonnes of underground material at four g/t gold containing 877,000 ounces of gold. The increase in underground inferred mineral resources since 2022 is, in part, derived from a more focused approach to mining and the elimination of an open pit in the Joss target areas. The pit elimination would reduce the environmental footprint of the potential mill phase, and accelerate the expected permitting and development timelines for the potential mill production phase to commence.

Underground mining is assumed to utilize an overhand cut and fill approach on a stand-alone basis, with a cut-off grade of 2.37 g/t gold. The underground mineral resource occurs in both the South pit and Joss areas, and vertically over an elevation of approximately 580 metres. The underground inferred mineral resource dips at approximately 80 degrees to 90 degrees and ranges in thickness from about three m to 25 m.

The table entitled "Beartrack-Arnett gold project underground mineral resources sensitivity to cut-off gold grade" summarizes the sensitivity of the Beartrack underground mineral resource to changes in cut-off gold grade. All underground scenarios in the table are for mineral resources that sit below mill open-pit mineral resource.

Mineral reserve estimate

The PFS and associated mineral reserve estimate were developed based on the open-pit heap leach measured and indicated portion of the Beartrack and Haidee mineral resource estimates. The proven and probable mineral reserves for the project were estimated at a gold price of $1,700 per ounce, and are summarized in the table entitled "Beartrack-Arnett gold project mineral reserve estimate by location and category."

Open-pit heap leach PFS

The PFS was developed as an initial phase of open-pit mining with approximately 36.2 million tonnes of heap-leachable ore from the Beartrack and Haidee deposits at an average rate of 12,000 tonnes/day (tpd) for a period of 8.1 years. The PFS mine fleet is conventional, with loading accomplished by three 11-cubic-metre front loaders matched to up to 13 90-tonne class haul trucks. Run-of mine ore from the open pits would be processed in a conventional, mobile crushing circuit to achieve a particle size of 100 per cent passing 38 millimetres (1.5 inches). Crushed ore would be conveyor stacked onto heap leach pads and leached with a low-concentration cyanide solution. The resulting pregnant leach solution would be processed in an existing, refurbished, adsorption-desorption-recovery (ADR) plant for the recovery of gold resulting in the production of a final dore product.

During the first five years of mine operations, ore would be mined from the Beartrack pits (North, South and Mason-Dixon pits), then crushed, conveyor stacked and leached on a dedicated leach pad at the Beartrack site. During the last three years of mine operations, mining would transition to the Haidee pit in the Arnett area. Prior to mining at Haidee, a two-way haul road between the Haidee and Beartrack sites would be constructed, and a dedicated leach pad for the Haidee ore would also be constructed, adjacent to the Beartrack leach pad site.

LOM average metallurgical recovery for the project is approximately 62 per cent of contained gold and the estimated average annual gold production would be 65,300 ounces per year. Economics for the PFS are based on mining and processing the heap-leach mineral resources only -- mining and processing of mill mineral resources would be a separate, second-phase project.

Mine and gold production schedule

The PFS mine plan was developed using conventional open-pit hard rock mining methods. The mining operation was developed to deliver 4.38 million tonnes of leachable material to the primary crusher per year (nominally 12,000 tonnes per day). The table entitled "PFS mine and gold production schedule" provides the PFS mine schedule.

Infrastructure

Much of the infrastructure from the original Beartrack mining operation remains in serviceable condition. Wherever possible, refurbishment and reuse of the existing infrastructure is planned, including the following:

• Site access and on-site roads;
• Fencing and gates;
• Fuel and water tanks;
• Process solution, overflow (event), and other storm and treated-water retention ponds and process solution channels;
• Groundwater monitoring and storm water management systems;
• Water treatment plant;
• Septic systems;
• Core warehouse;
• ADR plant/laboratory; and
• Power substation and overhead power distribution lines.

All other major infrastructure from the previous operations were removed as part of prior site reclamation efforts and would need to be replaced for future operations. The primary new infrastructure that would be required to support the PFS plan include:

• Ore crushing and conveyor stacking systems;
• Process solution distribution and collection systems;
• Heap-leach pads;
• Additional process solution pond;
• Haidee haul road;
• Truck shop and warehouse; and
• Administration and office buildings.

Heap leach metallurgy and ore processing

The primary source of data that forms the basis of the PFS heap leach metallurgical recovery estimates includes 12 six-to-12-month duration column leach tests completed by SGS Mineral Services in Ontario, Canada, developed from nine bulk composites from Beartrack and Haidee drill core, along with 36 corresponding coarse ore bottle roll tests. Production statistics from historical Beartrack operations were also used to supplement the SGS column leach testing results.

Crushing of run-of-mine ore would be accomplished by a two-stage mobile crushing circuit that includes a primary jaw crusher and two secondary cone crushers. Crushed ore would be stockpiled using a fixed stacker and reclaimed using belt feeders to a reclaim conveyor. Pebble lime would be added to the reclaim conveyor for pH control. During the initial five years of operations, ore would be conveyed to the heap stacking system at the Beartrack leach pad. During the final three years of operation, the mobile crushing circuit and conveyor stacking system would be relocated on the Beartrack site to serve the Haidee dedicated leach pad.

Crushed ore would be stacked in 10-metre-high lifts and leached using a buried drip irrigation system. Gold-bearing pregnant leach solution would drain by gravity to the existing pregnant solution pond, where it would be pumped to the existing carbon adsorption circuit. Gold-cyanide compounds would be loaded onto activated carbon in the adsorption circuit -- the resulting barren solution would flow by gravity to the barren solution tanks, then pumped to the heap for additional leaching. High-strength cyanide solution would be injected into the barren solution to maintain the desired cyanide concentration in the leach solutions.

Gold would be stripped from the loaded carbon using a modified pressure Zadra process and recovered by electrowinning. Cathodes from the electrowinning cells would be washed and the resulting precious metal sludge treated in a retort to recover mercury, followed by smelting to produce the final dore product. Carbon would be acid-washed to remove scale and other inorganic contaminants, and thermally regenerated using a rotary kiln.

The estimated average gold recovery from the heap leach pads based on the PFS mine and ore processing production schedule is estimated to be 62 per cent. The estimated average recovery reflects recoveries of 78 per cent for oxide material, 43 per cent for transition material and 14 per cent for sulphide material.

Capital and operating cost estimates

Ore processing, infrastructure, and general and administrative (G&A) capital and operating cost estimates for the Beartrack-Arnett PFS were developed by KCA. Mining equipment, mining preproduction and mine operating cost estimates were developed by IMC. Closure-, water treatment- and permitting-related cost estimates were developed by KC Harvey with input from KCA and IMC. Capital and operating costs were estimated based on Q1 2023 U.S. dollars.

Capital costs for all major and most minor equipment, as well as contractor quotes for major construction contracts, were estimated from one or more supplier quotes. Where project specific quotes were unavailable, estimates were developed from applicable recent analogue project quotes. The table entitled "PFS capital cost estimate" provides a summary of the PFS capital costs.

Ore processing and G&A costs were estimated by KCA from first principles. Labour costs were estimated using project-specific staffing, salary, wage and benefit requirements. Unit consumptions of materials, supplies, power, water and delivered supply costs were also estimated. The operating costs presented are based upon the ownership of all process production equipment and site facilities, including the on-site laboratory. Revival would employ and direct all process operations, maintenance and support personnel for all site activities.

Mining costs provided by IMC are based on owner mining costs using leased mining equipment. Leases are based on a four-year term -- consequently, all leased equipment would be owned by Revival before the end of mining operations.

Economic analysis

Based on the estimated production schedule, capital costs and operating costs, a cash flow model was prepared by KCA for the economic analysis of the project. All information used in this economic evaluation was derived from work completed by KCA, IMC and KC Harvey, with support by Revival.

The project economics were evaluated using a discounted cash flow method that measures the net present value of future cash flow streams. The PFS economic model was based on the following key assumptions:

• A gold price of $1,800 per ounce;
• The mine production schedule developed by IMC with a nominal mining and ore processing rate of 12,000 tonnes per day;
• A period of analysis of 13 years, that includes one year of investment and preproduction, 8.1 years of production, and 3.9 years for reclamation and closure.
• Capital and operating costs as summarized in the preceding section.

The project economics based on these criteria from the cash flow model are summarized in the table entitled "PFS economic analysis summary."

A sensitivity analysis was performed using the PFS economic model.

Key opportunities and risks

Key opportunities identified by the study authors for the Beartrack-Arnett gold project include:

• Mineralization at Haidee remains open in all directions, providing the opportunity to expand the existing heap-leach mineral resource, increase the mine life and mine throughput, and improve overall project economics.
• Potential exists to identify near-surface, higher-grade mineral resources on the Arnett property, primarily in Roman's trench area.
• Ore from Haidee does not appear to be sensitive to crush size in the range of crush sizes tested. Therefore, coarser crushing and run-of-mine leaching may be possible without appreciable changes in recovery.
• Potential to increase the level of automation, electrification, and emerging mining and processing technologies, such as ore sorting, in all areas of the project.
• Potential to develop a second-phase mill operation to process known mill mineral resources and numerous related exploration expansion opportunities (Joss, South Pit, Wards Gulch and elsewhere).

Key risks identified by the study authors for the Beartrack-Arnett first-phase heap leach restart project include:

• Risks associated with potential mine development include sensitivity to gold price and permit delays.
• The project considers refurbishing and reusing much of the existing recovery plant and infrastructure. There is a risk that the refurbishment costs would exceed budgeted estimates.
• The Beartrack site is serviced by an existing Idaho Power Co. 69 kV (kilovolt) power transmission line with limited excess capacity and with power available on a first-come-first-served basis.
• To account for the long leach tail observed during historical Beartrack operations, the metallurgical recovery calculated from column leach testing was increased by 2.3 per cent of contained gold (approximately 11,000 ounces of gold in total) for Beartrack oxide and transition ores. Although the data support this assumption, there is a risk that this added recovery may not be realized or may be delayed relative to the economic model assumptions.

Responsible mine development

The historical Beartrack mine site was developed, operated and continues to be managed in a responsible way. Revival Gold benefits from the Beartrack standard and plans to reinforce that legacy by developing the project in a manner consistent with today's more stringent best-practice standards. Examples of this commitment from the PFS include:

• Refurbishing and reusing the appreciable existing site infrastructure, including the ADR and water treatment plants, while introducing instrumentation and automation upgrades that improve efficiency, safety, and reliability;
• Utilizing low-carbon-emission grid hydro power;
• Developing mine and site infrastructure plans that avoid new stream and riparian area disturbances and crossing, and, to the maximum possible extent, staying within existing historical project disturbance areas;
• Developing reclamation and closure plans that adopt successful historical reclamation practices, and improves upon postclosure water management and treatment practices, including incorporating membrane cover systems into waste rock storage facility designs; and,
• Prioritizing hiring locally, building an internal team, and contracting with external consultants, contractors and suppliers that are Lemhi county and Idaho-based and, when those resources are unavailable, looking to neighbouring states to bolster the project team.

Recommended next steps

The study authors have recommended additional work to increase the level of detail, improve the PFS economics, and derisk aspects of the project. These recommendations include:

• Additional heap leach metallurgical test work to verify recoveries and reagent requirements at Beartrack and assess the potential for run-of-mine leach at Haidee.
• Additional hydrogeologic characterization to refine the current estimates on the site-wide water balance and pit lake modelling.
• Additional environmental geochemistry characterization to support operational waste management planning and closure design. The current environmental baseline study program should be maintained to prepare for permitting and NEPA (National Environmental Policy Act) review of the first-phase heap leach restart project.
• The development of a plan of operations in support of permitting the heap leach restart project.
• A feasibility study should be completed on the heap leach restart project once supporting lab and field studies referenced above have been sufficiently advanced.
• A scoping-level economic assessment should be completed for mining and processing sulphide material in a potential second-phase mill operation.
• Continuing exploration for open-pit oxide mineralization at Arnett. The deposit at Haidee is open in all directions, with several other promising untested near-surface oxide drill targets near the Haidee haul road and Beartrack ADR plant.
• Further sulphide exploration on the open five-plus-kilometre Beartrack trend and a scoping level assessment for processing sulphide material.

Estimated costs for select discretionary and core recommendations are provided in the table entitled "Estimated costs for select study author recommendations."

Qualified persons

The following professional engineers were the qualified persons (QPs) for the mineral resource estimate, mineral reserve estimate and PFS, as defined by National Instrument 43-101:

• Caleb Cook, PE, KCA, technical director, processing and economics;
• John Marek, PE, RM SME, IMC, mineral resource and reserve estimates, mining;
• David Cameron, PE, KC Harvey, environmental, reclamation and closure plan;
• Dr. Haiming (Peter) Yuan, PE, WSP, geotechnical.

Mr. Cook visited the site on Oct. 16 and Oct. 17, 2022, to meet with project personnel and review general site conditions, especially the area of the heap leach pad and processing facilities.

Mr. Marek visited the site on Aug. 3 to Aug. 4, 2022.

Mr. Cameron visited the site on May 11, 2021, inspected all areas of the site, reviewed site conditions and collected reports on historical operations. KC Harvey personnel under Mr. Cameron's direct supervision attended that site inspection, and subsequently completed environmental monitoring and fieldwork on the site through 2021 and 2022.

Dr. Yuan visited the site on June 14, 2021. The focus of Dr. Yuan's site visit was to assess geotechnical conditions of major civil works, including locations of waste rock facilities, heap leach pads and potential borrow sources.

There is no affiliation between Mr. Cook, Mr. Marek, Mr. Cameron, Dr. Yuan and Revival except that of an independent consultant/client relationship, and each author is independent of Revival Gold as described in Section 1.5 of NI 43-101.

John P.W. Meyer, PEng, vice-president of engineering and development, and Steven T. Priesmeyer, CPG, vice-president of exploration, are the company's designated QPs for this news release, within the meaning of NI 43-101, and have reviewed and approved its scientific and technical content. Mr. Priesmeyer's review focused on the geological representativity of the mineral resource numerical models, including review of the laboratory and field data that support the models, while Mr. Meyer's review focused on mine, process and infrastructure designs, capital and operating costs, and financial modelling.

The company will file a technical report summarizing the mineral resource and PFS on its website and on SEDAR, in accordance with NI 43-101, within 45 days.

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. The project benefits from extensive existing infrastructure and is the subject of a recent preliminary feasibility study for the potential restart of open-pit heap leach gold production operations.

Since reassembling the Beartrack-Arnett land position in 2017, Revival Gold has made one of the largest new discoveries of gold in the United States in the past decade. 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.

We seek Safe Harbor.