Mr. Hugh Agro reports

REVIVAL GOLD TERMINATES ROYALTY INTEREST

Revival Gold Inc. has reached an agreement to terminate a 1-per-cent net smelter royalty (NSR) on 16 claims (the HAI and Gold Bug claims) that comprise approximately 133 hectares within Revival Gold's Beartrack-Arnett 5,800-hectare project area.

The HAI and Gold Bug claims were acquired by Revival Gold in 2017 subject to a 1-per-cent NSR with an option for the company to buy back the 1-per-cent NSR for a price of $2-million (U.S.). The claims are undrilled by Revival Gold and currently host no mineral resources.

Revival Gold has agreed to deliver the following in exchange for extinguishing the 1-per-cent NSR on the HAI and Gold Bug claims:

• $75,000 cash payment on closing;
• 200,000 common shares of Revival Gold issued on closing with such shares subject to a hold period from the closing date as follows: (i) 66,666 shares shall be tradeable after four months; (ii) 66,667 shares shall be tradeable after 12 months; and (iii) the remaining 66,667 shares shall be tradeable after 18 months.

"The opportunity to terminate an NSR on undrilled claims enhances Revival Gold's exposure and flexibility in advance of planned future exploration later this year," said president and chief executive officer Hugh Agro.

The termination of the 1-per-cent NSR is subject to customary closing conditions and receipt of all necessary regulatory approvals, including TSX Venture Exchange approval. Closing is expected by the end of August, 2023, or such later date as the parties may agree.

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.

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