Mr. Hugh Agro reports

REVIVAL GOLD CONSOLIDATES MERCUR GOLD PROJECT BY EXERCISING OPTION TO ACQUIRE 100% OF BARRICK'S INTEREST

Revival Gold Inc. has delivered a notice to exercise its option to acquire 100 per cent of Barrick Mining Corp.'s interest in the Mercur gold project in Utah, marking a significant step forward on the path to restarting production. The option was granted and exercised pursuant to the mineral lease and option to purchase agreement dated May 13, 2021, as amended among certain wholly owned subsidiaries of the company and certain affiliates of Barrick.

The option agreement covers mineral interests amounting to 996 hectares, bringing the total Mercur project area to approximately 7,200 hectares. Revival Gold and its affiliates had previously consolidated ground held by a successor to Homestake Mining Company and various other owners.

Revival Gold completed a preliminary economic assessment on the Mercur gold project in mid-2025 (the PEA) and undertook a 13,000-metre drill program this year to, among other things, support a planned 2026 prefeasibility study and start the state mine permitting process in Utah.

Mercur heap leach PEA highlights

• Life-of-mine average production of 95,600 ounces of gold per year over a 10-year mine life;
• After-tax NPV (net present value) of $294-million at a 5-per-cent discount rate and a gold price of $2,175 per ounce, increasing to a $752-million NPV at a gold price of $3,000 per ounce; and
• Mine permitting is expected to take about two years to complete.

"Barrick produced 1.4 million ounces of gold at Mercur, but never controlled the contiguous Homestake claims and west Mercur land position. This option exercise completes the consolidation of a large Carlin-style gold system -- a rarity outside the Nevada gold majors -- and comes with paved road access, an energized powerline to the site and extensive technical information," said Hugh Agro, president and chief executive officer. "Mercur is our top priority to move to production. Utah is a favourable jurisdiction, and we expect a relatively short timeline to repermit Mercur for mining."

Mr. Agro continued: "Mercur's PEA economics have the potential to drive transformational value for Revival Gold's shareholders. Barrick has operated to high standards of environmental and community stewardship at Mercur and Revival Gold is committed to upholding the same high standards."

Option exercise details

Pursuant to the option agreement, Revival Gold must have incurred at least $6-million in exploration expenditures prior to Jan. 2, 2026, which has been completed. In accordance with the terms of the option agreement, to exercise the option, Revival Gold will enter into a membership interest purchase agreement (the MIPA) with Barrick Gold Exploration Inc. pursuant to which Revival Gold will acquire Barrick Resources (USA) Inc. (or a successor company thereof). Revival Gold will compensate Barrick as follows, with each such payment being in cash, or at the sole discretion of Barrick, in Revival Gold common shares: $5-million (U.S.) on the closing of the option and $5-million (U.S.) on each of the first, second and third anniversary of commercial production.

In addition, on closing of the option, in accordance with the terms of the option agreement, Revival Gold will grant Barrick a 2-per-cent net smelter return royalty over the mineral interests which are subject of the option agreement and a 1-per-cent net smelter return royalty on all mineral properties of which Revival Gold has an interest within one kilometre of the mining claims.

The closing of the acquisition is expected to occur on or around April 1, 2026, and is subject to certain conditions including, but not limited to, all necessary regulatory approvals, execution of the MIPA and other customary closing conditions including Revival Gold taking on environmental surety bonding. Revival Gold is working closely with Barrick to transition site management and is committed to continuing the strong stewardship standards set by Barrick.

Qualified person

Technical information included in this news release was reviewed and approved by John Meyer, PEng, a QP and vice-president, engineering and development, for the company.

About Revival Gold Inc.

Revival Gold is one of the largest, pure gold mine developers in the United States. The company is advancing development of 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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