Mr. James Hesketh reports

VIVA GOLD CLOSES $1.4 MILLION PRIVATE PLACEMENT

Viva Gold Corp. has completed the non-brokered private placement described in its news release of Nov. 21, 2023. In connection with the closing of the offering, the company issued an aggregate of 11,663,061 units at a price of 12 cents per unit for gross proceeds of $1,399,567, provided that the closing on 5,989,744 of the units placed with company insiders, representing approximately 51 per cent of the offering, will remain in escrow pending the final acceptance of the TSX Venture Exchange.

Each unit consists of one common share in the capital of the company and one whole non-transferable common share purchase warrant. Each whole warrant is exercisable to acquire one share at an exercise price of 18 cents per share until Dec. 20, 2026, which is 36 months from the date of issuance.

Viva Gold intends to use the net proceeds of the offering principally toward drilling operations and completion of additional technical and environmental baseline studies at its Tonopah gold project, and secondarily for general working capital purposes.

"This financing will allow Viva to rapidly commence drilling at Tonopah. The focus of this program is to fully define both the width and extent of the shallow, high-grade zones discovered in our 2022/23 drilling programs, with the goal of further improving project economics and increasing measured and indicated gold resources. We would like to thank our major shareholders for their continued support in this effort," stated James Hesketh, president and chief executive officer.

The participation of company insiders in the offering to the extent of 5,989,744 units constitutes a related party transaction as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 as neither the fair market value of the units acquired by the insiders, nor the consideration for the units paid by such insiders, exceed 25 per cent of the company's market capitalization. As required by MI 61-101, the company advises that it expects to file a material change report relating to the offering less than 21 days before completion of the offering, which is necessary to complete the offering in an expeditious manner and is reasonable in the circumstances.

The company will pay aggregate finder's fees of $12,180 and 101,500 share purchase warrants in connection with subscriptions from subscribers introduced to the offering by Canaccord Genuity Corp. Each finder's warrant is exercisable to acquire one share in the capital of the company at an exercise price of 18 cents per share until Dec. 20, 2026, which is 36 months from the date of issuance.

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.

We seek Safe Harbor.