Mr. Hugh Agro reports

REVIVAL GOLD FILES NI 43-101 PRELIMINARY FEASIBILITY STUDY TECHNICAL REPORT

Revival Gold Inc. has filed on SEDAR a technical report prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, on the Beartrack-Arnett heap leach project, titled "Preliminary Feasibility Study NI 43-101 Technical Report on the Beartrack-Arnett Heap Leach Project, Lemhi County, Idaho, USA." The Technical Report supports disclosure made by the Company in its news release dated July 11th, 2023, titled "Revival Gold Marks Impressive Continued Growth in Mineral Resource and Advances Open Pit Heap Leach Restart Plans with PFS". There are no material differences in the Technical Report from those results disclosed in the July 11th, 2023, news release.

Mineral Resource Update Highlights

• The updated Mineral Resource is based on 172,244 meters of drilling through the end of 2022 and contains:
• A Measured & Indicated Mineral Resource of 86.2 million tonnes at 0.87 g/T gold containing 2.42 million ounces of gold 1 , an increase of 14% over the 2022 Measured & Indicated Mineral Resource2; and,
• An Inferred Mineral Resource of 50.7 million tonnes at 1.34 g/T gold containing 2.19 million ounces of gold 1 , an increase of 13% over the 2022 Inferred Mineral Resource2;
• Contained gold in open pit heap leach Measured & Indicated Resources increased 142% 2 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; and,
• Contained gold in underground mill Inferred Resources increased 180% to 6.7 million tonnes at 4.0 g/T gold containing 877,000 ounces of gold with a 33% increase in grade over the 2022 Inferred Mineral Resource2.
• Open Pit Heap Leach Restart PFS Highlights
• Inaugural Proven & Probable open pit heap leach Mineral Reserve of 36.2 million tonnes at 0.74 g/T gold for 859,000 ounces of gold 3 ;
• 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;
• Pre-production 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 at a 5% discount rate ("NPV 5% ") of $105 million and after-tax IRR of 24.3% at $1,800 per ounce gold increasing to an NPV5% of $138 million and after-tax IRR of 29.5% 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 pre-production earthworks and mine pre-stripping, limited planned disturbance outside the Project's current footprint, and a high proportion of low-risk pre-production capital expenditures on mechanical equipment;
• Excellent additional exploration potential with exploration drilling currently underway 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; and,
• 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.

The full Technical Report prepared by Kappes, Cassiday & Associates of Reno, Nevada, Independent Mining Consultants, Inc. of Tucson, Arizona, KC Harvey Environmental of Bozeman, Montana and WSP USA Environment & Infrastructure Inc. of Reno, Nevada, and dated August 2 nd , 2023, with an effective date of June 30th, 2023, can be found on the Company's website at www.revival-gold.com and on SEDAR under the Company's issuer profile at www.sedar.com.

Qualified Persons

John P.W. Meyer, Vice President Engineering and Development, P.Eng., and Steven T. Priesmeyer, C.P.G., Vice President 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 modeling.

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. 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 kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.

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