Mr. Hugh Agro reports

REVIVAL GOLD 2023 YEAR IN REVIEW

Revival Gold Inc. is providing a review of key accomplishments this year to advance the company's Beartrack-Arnett gold project located in Idaho, United States.

Highlights:

• Increased measured and indicated mineral resources to 86.2 million tonnes grading 0.87 gram per tonne gold containing 2.42 million ounces of gold (1) and inferred mineral resources to 50.7 million tonnes grading 1.34 g/t gold containing 2.19 million ounces of gold (1). Notably, open pit heap leach measured and indicated resources increased to 42.3 million tonnes grading 0.70 g/t gold containing 959,000 ounces of gold (1) with additional inferred resources of 6.3 million tonnes grading 0.53 g/t gold containing 108,000 ounces of gold (1); and, underground mill (sulphide) inferred resources increased to 6.7 million tonnes grading 4.0 g/t gold containing 877,000 ounces of gold (1).

• Filed a preliminary feasibility study (PFS) (1) on the potential first phase restart of open pit heap leach operations, with an inaugural proven and probable open pit heap leach mineral reserve of 36.2 million tonnes grading 0.74 g/t gold for 859,000 ounces of gold (1); 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; and after-tax net present value at a 5-per-cent discount rate (NPV 5 per cent) of $105-million and after-tax IRR 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 (1).

• After-tax NPV at a 5-per-cent discount rate (NPV 5 per cent) of $105 million and after-tax 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 (1).

• Continued to advance conceptual plans for a potential second phase underground operation by completing a third stage of metallurgical testing demonstrating gold recoveries of 93 per cent to concentrate from a composite of high-grade sulphide material in the underground resource achieving a concentrate grade of 50 g/t gold with a relatively coarse particle grind size (P80) of 150 micrometres and a resulting mass pull of 8.9 per cent (2). Completed a total of 18 core holes for 3,350 metres of exploration drilling focused on near-surface oxide gold opportunities in the broader Haidee area. Results included 3.93 g/t gold over 20.6 metres (3) in a potential feeder structure on the western flank of Haidee. Three of the four targets drilled this year were previously untested by Revival Gold and all three yielded above cut-off grade results in near-surface oxide mineralization including 0.37 g/t gold over 22.6 metres (4) and 0.36 g/t gold over 9.0 metres (4) at the Ridge and Midlands targets, respectively.

• The company raised $9.4-million in equity funding and reacquired a 1-per-cent net smelter royalty on 16 claims within the Beartrack-Arnett project area.

• Added to Revival Gold's operating and exploration expertise and capabilities with the addition of Larry Radford to the company's board of directors and the hiring of Dan Pace as chief geologist.

• Maintained an exemplary safety record with zero lost-time incidents among company employees and contractors.

(1) See "Preliminary Feasibility Study NI 43-101 Technical Report on the Beartrack-Arnett Heap Leach Project, Lemhi County, Idaho, USA," prepared by Kappes, Cassidy & Associates, Independent Mining Consultants, Inc., KC Harvey Environmental LLC, and WSP USA Environment & Infrastructure Inc. dated Aug. 2, 2023. Mineral resources estimated at a gold price of $1,900 per ounce. Proven and probable reserves were estimated at a gold price of $1,700 per ounce. All figures in metric, troy ounces and U.S. dollars unless indicated otherwise.

(2) See Revival Gold news release dated Sept. 6, 2023.

(3) See Revival Gold news release dated Oct. 31, 2023. True width is estimated to be 50 per cent to 70 per cent of drilled width.

(4) See Revival Gold news release dated Dec. 19, 2023. True width is estimated to be 50 per cent to 70 per cent of drilled width.

"We exit 2023 having delivered on key tactical objectives for the year. The updated and improved resource, completion of a PFS on the potential first phase restart of operations, de-risking of the potential second phase underground concept, and favourable exploration drilling results returned during the year, mark solid progress," said president and chief executive officer Hugh Agro. "Still, as a founder and significant shareholder in Revival Gold, I am not satisfied with the results of our efforts to reduce business risk and generate a return for shareholders. Heading into 2024, Revival Gold's board and management are committed to refocusing and redoubling our efforts to secure a strategic or other transaction that will help facilitate a commitment of long-term capital, reduce business risk, and deliver superior returns for our shareholders," added Mr. Agro.

Quality assurance/quality control program

Quality assurance/quality control consists of the regular insertion of certified reference materials, duplicate samples and blanks into the sample stream. Check samples are submitted to an umpire laboratory at the end of the drilling program. Sample results are analyzed immediately upon receipt and all discrepancies are investigated. Samples are submitted to the ALS Geochemistry sample preparation facility in Twin Falls, Idaho. Gold analyses are performed at the ALS Geochemistry laboratory in Reno, Nev., or Vancouver, B.C., and multielement geochemical analyses are completed at the ALS Minerals laboratory in Vancouver, B.C. ALS Minerals is an International Organization for Standardization (ISO) and International Electrotechnical Commission accredited lab.

Gold assays are determined on samples consisting of half drill core by fire assay and AAS on a 30-gram nominal sample weight (Au-AA23) for Beartrack, and fire assay and atomic absorption spectroscopy on a 50-gram nominal sample weight (Au-AA24) for Arnett. For shallow holes, targeting leachable mineralization, gold content is also determined by cyanide leach with an AAS finish on a nominal 30-gram sample weight (Au-AA13). Multielement geochemical analyses are completed on selected drill holes using the ME-MS 61M method.

Qualified person

John P.W. Meyer, PEng, vice-president, engineering and development, Revival Gold, is the company's designated qualified persons for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved its scientific and technical content.

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.