Mr. Hugh Agro reports

REVIVAL GOLD ADVANCES MERCUR FOR POTENTIAL RE-DEVELOPMENT

Revival Gold Inc. has provided an update on progress with the company's Mercur gold project, located in Utah, United States.

Highlights:

• Revival Gold and the company's principal consultants, Respec Company LLC and Kappes Cassidy & Associates, have completed draft geological models, grade domains, and a preliminary updated grade and metallurgical block model in support of the company's planned preliminary economic assessment (PEA) on Mercur:
  • The objective with updating models is to prepare a more robust mineral resource estimate for optimal PEA mine planning purposes.
  • The updated mineral resource will reflect additional historical drill logs and metallurgical data as well as Revival Gold's fall 2024 column leach metallurgical test results.
• Whittle pit analysis, trade-off studies and preliminary site layout planning are under way. Open-pit and waste rock storage facility designs, mine scheduling, heap leach and process facility designs, ancillary infrastructure designs, and operating and capital cost estimates are in progress:
  • Complete PEA results are expected within the next two months.
  • Revival Gold is targeting approximately 80,000 to 100,000 ounces per year of gold production over a nine-to-10-year mine life.
• Revival Gold and the company's permitting consultants have initiated work on a permitting schedule for the potential restart of production at Mercur and plan to include a preliminary permitting schedule and cost estimate in the PEA:
  • With mineral resources at Mercur located on private claims and in a dry climate, Revival Gold expects to proceed efficiently through mine permitting, when initiated, in a state process led by Utah's Department of Oil, Gas and Mining.
• An initial program of exploration data compilation, field reconnaissance and selective geochemical sampling at Mercur has been completed. Revival Gold has identified several opportunities to build on Mercur's current mineral resource with both adjacent and new exploration areas identified for potential future drilling:
  • Efforts are focused on the stratigraphic section at Mercur to evaluate the potential for mineralization in the South Sacramento, Rover and South Mercur areas.
  • To date, there has been little in the way of recent exploration or deep drilling on the west limb of the Mercur anticline. This represents an additional opportunity.

"Revival Gold's is making excellent progress and remains on schedule for release of an updated mineral resource and PEA on Mercur within the next two months. Resource modelling efforts have incorporated a more robust geological and metallurgical model and benefited from the integration of a substantial amount of additional historical drill log data and Revival Gold's fall 2024 program of column leach metallurgical test results. We are targeting potential open-pit heap-leach production of 80,000 to 100,000 ounces of gold per year over a nine-to-10-year mine life. The project benefits from its largely private land position and dry climate, which is expected to provide for an efficient mine-permitting process, when initiated, and put Mercur at the front of Revival Gold's project development pipeline," stated Hugh Agro, president and chief executive officer of Revival Gold.

The Mercur property includes interests optioned from Barrick Resources (USA) Inc. and others as summarized in "NI 43-101 Technical Report for the Mercur Project, Camp Floyd and Ophir Mining Districts, Tooele & Utah Counties, Utah, USA," prepared by Lions Gate Geological Consulting Inc., Respec Company LLC, and Kappes, Cassidy & Associates, dated May 24, 2024.

Qualified persons

John P.W. Meyer, vice-president, engineering and development, PEng, and Dan Pace, a registered member of the Society for Mining, Metallurgy & Exploration and chief geologist of Revival Gold, are 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 have reviewed and approved its scientific and technical content.

About Revival Gold Inc.

Revival Gold is a pure-gold mine developer operating in the Western United States. The company is advancing engineering and economic studies on the Mercur gold project in Utah and mine-permitting preparations and continuing exploration at the Beartrack-Arnett gold project located in Idaho.

Revival Gold is listed on the TSX Venture Exchange under the ticker symbol RVG and trades on the OTCQX market under the ticker symbol RVLGF. The company is headquartered in Toronto, Canada, with its exploration and development office located in Salmon, Idaho.

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