Mr. Hugh Agro reports

REVIVAL GOLD EXPANDS LAND POSITION AND ADVANCES EXPLORATION SOUTH OF JOSS

Revival Gold Inc. has expanded its land position, the results of recent geophysical and geological work, and the advance of exploration on a newly defined target area known as Sharkey on the company's Beartrack-Arnett gold project located in Idaho, United States.

Highlights:

• Fifty-seven lode claims encompassing 476 hectares have been staked to increase Revival Gold's land position on prospective exploration ground at the south end of Beartrack-Arnett;
• 18-line kilometres of IP (induced polarization) geophysics along with 16 line kilometres of CSAMT geophysics collected over multiple campaigns at Beartrack between 1990 and 1996 were reprocessed with present-day algorithms to produce a consistent set of 2-D (two-dimensional) inversion products;
• The reprocessed geophysical data together with results from last season's soil geochemistry survey and recent Leapfrog software-based geological and structural modelling has further clarified Revival Gold's understanding of the geology and structure in the Panther Creek-Coiner fault system;
• The Panther Creek-Coiner fault system extends approximately five kilometres south of the Joss zone at Beartrack-Arnett and is now thought to be an anastomosing (or braided) fault system that is typical of the structures that host many orogenic gold deposits;
• Potential targets in braided shear zones include bends, or changes in strike, and structural intersections of the various structures within the broader structural system and multiple strands of the shear zone may be mineralized;
• Chief among the newly defined targets is Sharkey located within the Panther Creek structural corridor approximately two kilometres south of the existing underground mineralization in the Joss target area.

"Revival Gold's recent work analyzing and modelling geophysical and geological data from the south end of Beartrack-Arnett has sharpened our exploration team's focus on the Panther Creek-Coiner fault braided fault system," said Hugh Agro, president and chief executive officer. "The Sharkey target has emerged as a high-value undercover target with tonnage and grade potential equivalent to and perhaps greater than what we have at Joss. Sharkey lies within Revival Gold's approved plan of operations permit for drilling at Beartrack-Arnett and represents a high-priority target for follow-up exploration this season," added Mr. Agro.

Further details

The Beartrack-Arnett project consists of two orogenic gold systems with a measured and indicated mineral resource of 86.2 million tonnes at 0.87 gram per tonne (g/t) gold containing 2.42 million ounces of gold and an inferred mineral resource of 50.7 million tonnes at 1.34 g/t gold containing 2.19 million ounces of gold.

Most of the Beartrack-Arnett Mineral Resource is contained within five deposits at Beartrack distributed over more than five kilometres of strike of the Panther Creek Shear zone (PCSZ). Gold has been encountered in all Revival Gold drill holes intersecting the PCSZ and the structure has been drill tested over a vertical distance of 750 metres. The high-grade, potentially underground mineable resource at Joss (6.7 million tonnes of inferred mineral resource at 4.0 g/t gold containing 877,000 ounces of gold), has been drilled for over 400 metres vertically and mineralization is open in all directions.

The most favourable host rocks at Beartrack are Mesoproterozoic siltites and silty quartzites. These units are mineralized in the South Pit ore body and at Joss, where grades are generally highest. These units extend to the south and are exposed along the margins of the Leesburg Basin.

Revival Gold's IP and reprocessed CSAMT geophysical lines effectively map contrasting resistivities between the postmineralization (tertiary and quaternary) Leesburg basin fill sequence and the Mesoproterozoic host rocks. In the Joss area, mineralization occurs immediately east of a postmineral Basin bounding fault (Coiner fault). The structure is effectively mapped by the CSAMT and can be projected for approximately five kilometres south of Joss.

The Coiner fault, and associated mineralization, is not exposed south of the South Pit due to extensive postmineralization tertiary sedimentary and volcanic cover in the Leesburg basin. The postmineralization cover obscures geology and presents an intriguing exploration opportunity as any mineralization in this area is not exposed.

The intersection of the Coiner fault and the Arnett structure is also an exploration target. This is the deepest portion of the Leesburg basin but represents a large area of favourable structural preparation.

In addition to the recently reprocessed geophysics, Revival Gold conducted a soil survey during the 2023 field season to characterize the soil geochemistry over the Coiner fault. One hundred-nineteen soil samples were taken over the approximate trace of the fault. Over all, the soil survey showed a general trend of increasing gold, arsenic and mercury from south to north. A spatially coherent anomaly over the structure was, however, not detected.

In 2020, Revival Gold drilled three core holes approximately 1.2 to 2.2 kilometres south of the southern Joss drill fence to explore the intersection of the Arnett Creek structure with the Coiner fault. Difficult drilling conditions prevented the holes from testing a significant thickness of the target stratigraphy. The holes are thought to have encountered the trough of the Leesburg basin but were drilled west of the Coiner fault based on Revival Gold's current CSAMT interpretation.

In 2021, Revival Gold continued exploring both Joss and the southern extension of the Coiner fault south of Joss. One core hole was drilled approximately 500 metres south of the southern Joss drill fence. Based on Revival Gold's current understanding of the Joss deposit architecture, this hole is believed to have passed over the top of the mineralized horizon intercepting 73 metres of the target Mesoproterozoic stratigraphy before passing back into the postmineral basin fill. Anomalous gold (high of 0.048 part per million (ppm)) and arsenic (high of 185 ppm) were intercepted within the target stratigraphy associated with sericitic alteration and quartz veining.

Revival Gold's 2020 and 2021 drilling leaves the southern extension of the Coiner fault system untested and worthy of further exploration. An additional program of field mapping, infill geophysics and scout drilling is being prepared to further evaluate the structural corridor south of Joss.

Qualified persons

Steven T. Priesmeyer, CPG, vice-president, exploration, and Dan Pace SME, chief geologist, Revival Gold, are the company's designated qualified person for this news release within the meaning of National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and have 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.

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