Mr. Hugh Agro reports

REVIVAL GOLD ANNOUNCES NON-BROKERED PRIVATE PLACEMENT FINANCING

Revival Gold Inc. intends complete a non-brokered private placement of up to 11 million units of the company at a price of 35 cents per unit for gross proceeds of up to $3.85-million. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of 45 cents per warrant share at any time for a period of 36 months following the closing of the financing.

"Revival Gold has made outstanding progress over the past year derisking and advancing the company's Beartrack-Arnett gold project. The project stands as one of the largest new discoveries of gold in the United States in the past decade. We have a robust prefeasibility study on our first phase heap leach restart plans for the project and we are continuing to explore with several exciting high-value targets to pursue. Today's private placement financing will augment our cash position as we approach year-end and make preparations for the season ahead," said Hugh Agro, president and chief executive officer.

The company reserves the right to increase the size of the financing by up to 25 per cent of the size of the financing pursuant to which the company may offer for sale up to an additional 2.75 million units at the issue price. The upsize option may be exercised in whole or in part in the company's sole discretion at any time up to the closing of the financing. If the financing is fully subscribed and the upsize option is exercised in full, the total gross proceeds of the financing is expected to be approximately $4,812,500. Closing of the financing is expected on or about Nov. 30, 2023, or such other date or dates that the company may determine.

The company may pay finders' fees to eligible finders in connection with the financing in accordance with the policies of the TSX Venture Exchange. The net proceeds of the financing will be used to finance continuing exploration and development at the company's core Beartrack-Arnett gold project located in Lemhi county, Idaho, and for general corporate purposes. The financing is subject to the receipt of all required regulatory approvals including the approval of the exchange. All securities to be issued and issuable pursuant to the financing will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.

It is expected that certain directors and officers of the company may participate in the offering. The participation of insiders in the offering will constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company anticipates relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the flow-through shares to be acquired by the participating insiders nor the consideration to be paid by such directors and officers is anticipated to exceed 25 per cent of the company's market capitalization.

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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