Mr. Hugh Agro reports

REVIVAL GOLD CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Revival Gold Inc. has closed the first tranche of its previously announced non-brokered private placement of up to 11 million units of the company at a price of 35 cents per unit for aggregate gross proceeds of up to $3.85-million. An aggregate of 6,234,644 units were sold under the first tranche at the issue price for total gross proceeds of $2,182,125.

Each unit is composed of one common share of the company and one-half of one common share purchase warrant. Each warrant is exercisable into one common share at a price of 45 cents per warrant share at any time for a period of 36 months from the closing of the offering.

"We are pleased to have completed a first tranche of Revival Gold's planned private placement and expect to complete the balance in December," said Hugh Agro, president and chief executive officer.

The net proceeds of the offering 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.

In connection with the closing of the first tranche, the company paid commissions to certain finders of an aggregate of $91,038 in cash and 260,108 finders' warrants. Each finder's warrant entitles the holder thereof to purchase one common share at an exercise price of 35 cents per finder's warrant share for a period of 36 months from the closing of the first tranche.

The offering and the closing of the first tranche are subject to certain conditions, including, but not limited to, the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued and issuable in connection with the offering are subject to a hold period of four months plus one day from the date of issuance.

Hugh Agro, the CEO and a director of the company, acquired 100,000 units under the first tranche of the offering. This issuance of units to the insider constitutes a related-party transaction as such term is defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to Section 5.5(a) and Section 5.7(1)(a) of MI 61-101 on the basis that the participation in the offering by the insider does not exceed 25 per cent of the fair market value 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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