Mr. Hugh Agro reports

REVIVAL GOLD ADVANCES PRE-FEASIBILITY STUDY AND PERMITTING WORK AT MERCUR, UTAH'S LARGEST PRIMARY GOLD DEVELOPMENT PROJECT

Revival Gold Inc. has provided an update on the Mercur gold project, Utah's largest primary gold development project.

"Over the past 18 months, Revival Gold has completed 24 kilometres of resource delineation drilling at Mercur. Geological modeling, mineral resource modelling, metallurgical testing, engineering trade-off studies and mine permitting preparations are all progressing as planned towards targeted completion of an updated mineral resource estimate (MRE) and preliminary feasibility study (PFS) and the potential filing of a notice of intention (NOI) to revise Mercur's large mine operating (LMO) permit, by the end of Q1 2027," said Hugh Agro, president and chief executive officer.

John Meyer, executive vice-president, engineering and development, added: "An updated South Mercur resource model is nearing completion, and an updated draft of the Main Mercur resource model is expected to be completed later this month. This year's 18 metallurgical column leach tests have wrapped up, and an additional 11 columns are expected to commence shortly. Site layout and mine design studies have resulted in an optimized project layout and mine plan. Environmental baseline field studies and draft reports are largely complete, and the preparation of a NOI to formally kick off project permitting is under way."

Further details are outlined below.

Resource and geometallurgical modelling

• Approximately 24 kilometres of resource delineation drilling undertaken to convert inferred mineral resources to the measured and indicated category have been completed since the 2025 Mercur MRE and preliminary economic assessment (PEA).
• Updated lithological models, structural models and grade shells have been developed for both Main and South Mercur.
• An improved legacy end-of-open-pit-mine surface has been developed for Main Mercur, and a legacy underground workings model has been developed for South Mercur.
• The company's mineral resource consultant, Respec Company LLC, is developing updated mineral resource models for Main and South Mercur.
• Revival Gold consultant, CS-2 Pty. Ltd., has completed an analysis of Mercur's geometallurgical characteristics leveraging historical and recent cyanide assays (AuCN), fire assays (AuFA), sulphide sulphur and organic carbon analyses, carbon-in-leach tests, multielement analyses, preg-robbing tests, bottle roll tests, column leach tests, and Datarock AI predictive analysis. Development of a block-scale geometallurgical model based on this analysis is in progress.

Metallurgical column leach testing program

• The company's metallurgical consultant, Kappes Cassiday & Associates (KCA), has completed 18 column leach tests in support of the PFS based on 11 composites developed from 2025 drill core.
• The columns varied in crush size from 6.35 millimetres (0.25 inch) to 37.5 mm (1.5 inch). Three of the columns were agglomerated, as necessary, to achieve the desired permeability. The leach cycle for the columns ranged from 89 to 125 days. The columns included oxide, refractory sulphide and refractory carbonaceous sample composites.
• Most columns performed as expected; however, cement agglomerated columns yielded higher leach recoveries when compared to un-agglomerated columns, while composites with elevated sulphide and carbonaceous materials had lower recoveries than was predicted from their AuCN/AuFA ratio.
• The columns have been rinsed, drained, percolation tested, disassembled, sampled and tailings assays are in progress. Initial results were released on Aug. 17, 2026. Complete results are expected later this month.
• Four additional composites were developed from 2025 drill core and will be used to complete 11 more column leach tests. These tests are intended to assess the potential benefits of cement agglomeration, to further understand the sensitivity of heap leaching to crush size, and to improve Revival Gold's understanding of the leach performance of elevated sulphide and carbonaceous materials. Results are expected in Q1 2027.

Site layout studies

• Revival Gold's mine planning and geotechnical consultant, WSP USA Inc., completed a trade-off study comparing the company's PEA heap leach facility (HLF) siting at West Mercur with an alternative site at Main Mercur.
• Although more constrained, the HLF site at Main Mercur has more favourable geotechnical conditions, and will reduce ore haulage distances and costs when compared to the West Mercur site.
• The Main Mercur HLF design is expected to proceed in two phases. The initial phase will be immediately down-gradient from the legacy Barrick tailings storage facility, and the second phase will extend into the previously mined Marion Hill pit area. Geotechnical field investigations in support of the HLF foundation are in progress.
• WSP completed a crusher location trade-off study and established a preferred location near the southwestern limit of the Rover pit. This location will minimize ore haulage early in the mine life and serve as a convenient crusher location for ore hauled from South Mercur.
• A trade-off study to assess the preferred process pond location is in progress.

Mine design studies

• WSP completed a trade-off study to assess the implications of reducing the mining bench height from the 7.6 metres (25 feet) adopted for the PEA to 6.1 metres (20 feet) for the PFS. Results indicate that even without the potential dilution advantages of going to a smaller bench size, and the additional mining selectivity advantages, the smaller bench height combined with using smaller trucks and loading units is economically more attractive.
• A pit slope geotechnical field investigation and lab testing program is in progress.

Baseline environmental studies and permitting

• Environmental baseline studies in support of a draft NOI to commence the formal LMO permit revision process at Mercur are well advanced. The work is being carried out under the direction of Revival Gold's principal permitting consultant, Stantec Consulting Services Inc., and includes:
  • Air -- baseline wind and air quality data collected and processed, air model of the site developed to assess air quality impacts of waste rock management, crushing, heap leaching and refining;
  • Aquatic resources -- baseline field surveys and data collected and draft baseline report complete;
  • Cultural -- baseline field surveys and data collected, and draft baseline reports complete for Main, West and South Mercur;
  • Eagles and Raptors -- baseline field surveys and data collected and draft baseline report complete;
  • Geochemistry -- existing geochemical data compiled, gap analysis complete, sampling complete, geochemical testing in progress;
  • Hydrogeology -- baseline field surveys and data collected and draft baseline report complete;
  • Soils -- baseline field surveys and data collected and draft baseline report complete;
  • Wildlife -- baseline field surveys and data collected and draft baseline report complete.
• Stantec has begun incorporating available baseline data and project description information into a draft NOI. Submission of the draft NOI to the Utah Division of Oil Gas & Mining is expected in Q1 2027. Approval for a revision to the existing Mercur LMO permit is expected within approximately 12 months of NOI filing through the state-led mine permitting process.

Site team and facilities

• The Mercur site team under the leadership of general manager, Tim Barnett, is firming up. Earlier this year, Everett Brill was appointed manager, exploration, and Teisha Black was appointed manager, permitting and environmental affairs, last month.
• Revival Gold has completed several upgrades to the Mercur project site including upgraded road access to the site office from Utah Highway 73, refurbishment of the site office to support early construction works, and enhanced site safety and security protocols.
• Rocky Mountain Power completed an assessment of the existing 43.8-kilovolt power line and site substation. Modest maintenance of the existing switchgear will be required to support future operations.
• A preliminary investigation of the existing water supply wells that were previously used by Mercur has been completed. The pump for the highest yielding well was replaced with equipment suitable for commercial operation and, as previously reported, a successful pumping test was performed.

Qualified person

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

About Revival Gold Inc.

Revival Gold is one of the largest, pure-play gold mine developers in the United States. The company is advancing development of the Mercur gold project in Utah and conducting 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 United States exploration and development office located in Salmon, Idaho.

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