Mr. James Hesketh reports

VIVA GOLD ANNOUNCES PRIVATE PLACEMENT OFFERING

Viva Gold Corp. intends to complete a non-brokered private placement of up to 16,666,666 units at a price of 12 cents per unit for gross proceeds of up to $2-million. Each unit will consist of one common share in the capital of the company and one whole non-transferable common share purchase warrant. Each whole warrant will be exercisable to acquire one share at an exercise price of 18 cents per share for a period of 36 months from the date of issuance.

Viva Gold plans to allocate the net proceeds of the offering principally toward a drill program and other technical work at its Tonopah gold project, located in Nevada, and secondarily for general working capital purposes.

"After careful modelling and analysis, Viva has determined that additional drilling is required to further delineate and expand the new high-grade gold zones discovered in our 2022/2023 drilling programs. These new zones were encountered at relatively shallow depths and have a strong potential to add to the high-grade starter pits previously defined in our 2022 PEA study. We strongly believe that this new drilling program will further expand and develop additional gold resources at Tonopah while also helping to reduce project strip ratios by converting undrilled waste material into gold resource to further improve potential project economics. A program has been designed to help accomplish this goal with a plan to drill approximately 22 new holes totalling around 3,000 metres," stated James Hesketh, president and chief executive officer.

Certain insiders of the company may acquire shares in the offering. Any participation by insiders in the private placement would constitute a related party transaction as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. However, the company expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the shares subscribed for by the insiders, nor the consideration for the shares paid by such insiders, would exceed 25 per cent of the company's market capitalization.

The company may pay finder's fees on a portion of the offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation. Closing of the offering is subject to approval of the TSX Venture Exchange. The securities issued under the offering, and any shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.

About Viva Gold Corp.

Viva Gold holds 100 per cent of the Tonopah gold project in a large land position situated on the world-class Walker Lane structural trend in western Nevada and located approximately 30 minutes drive southeast of the Kinross Round Mountain mine and 20 minutes drive from the town of Tonopah. Prior to its 2022/2023 drilling programs, Tonopah had a measured and indicated contained mineral gold resource of 394,000 ounces at a gold grade of 0.78 gram/tonne and 206,000 ounces of inferred resource at 0.87 gram/tonne. The gold resource at Tonopah is well oxidized and is amenable to heap leach, gravity or leach mill processing for gold recovery. The project enjoys exceptional infrastructure with paved road access and nearby commercially available water and grid electric power. Viva has worked with federal, state and local regulatory agencies and governmental authorities to significantly advance its environmental, social and technical baseline study work at Tonopah to support environmental and project development permitting requirements. These efforts demonstrate its focus and commitment to derisk and add value to the Tonopah project as it is advanced to feasibility and permitting.

Mr. Hesketh, MMSA, qualified person, has approved the scientific and technical disclosure contained in this press release. Mr. Hesketh is not independent of the company; he is an officer and director.

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