Mr. James Hesketh reports

VIVA GOLD ANNOUNCES UPSIZE OF PRIVATE PLACEMENT TO CDN$6.5 MILLION

In response to strong investor demand, Viva Gold Corp. has increased the size of its previously announced non-brokered private placement from up to $3-million to up to $6.5-million. As amended, the offering consists of up to 40,625,000 units at a price of 16 cents per unit for gross proceeds of up to $6.5-million. Each unit will continue to consist of one common share in the capital of the company and one-half of one non-transferable common share purchase warrant, with each whole warrant exercisable to acquire one share at an exercise price of 24 cents per share for a period of 36 months from the date of issuance. All other terms of the offering, including the price per unit, remain unchanged from those announced by the company on Aug. 26, 2026.

"The response to this financing has been exceptional, and the increase will allow us to do considerably more with our Tonopah project," said James Hesketh, president and chief executive officer of Viva Gold.

Dundee Corp., which currently holds approximately 19.95 per cent of Viva Gold's outstanding common shares, has indicated its intention to participate in the offering, as increased, on a pro-rata basis to maintain its current ownership position.

Certain insiders of the company may acquire units in the offering. Any participation by insiders in the offering would constitute a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company expects that any 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 units subscribed for by insiders, nor the consideration paid for such units by insiders will exceed 25 per cent of the company's market capitalization.

Viva Gold intends to use the net proceeds of the offering, after payment of any finders' fees, to advance its 100-per-cent-owned Tonopah gold project in Nevada. The additional proceeds raised through the increase in the size of the offering are expected to be directed principally to an expanded follow-up exploration drill program at the new gold discovery in the Midway Hills zone of the project. The balance of the net proceeds will be used for detailed engineering work; environmental baseline studies; preparation of the mine plan of operations required to commence the mine permitting process; and general working capital purposes.

The company may pay finders' fees on a portion of the offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation. The company will file an amended notice with the TSX Venture Exchange in respect of the increased size of the offering. Closing of the offering, as increased, remains subject to the 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's 100-per-cent-owned Tonopah gold project is located within a large land position in established gold mining country on the prolific Walker Lane structural trend in western Nevada, approximately a 30-minute drive south of Kinross Gold's Round Mountain mine. Viva has defined a high-confidence gold mineral resource and has demonstrated the potential for an economically viable open-pit, heap leach/mill gold project through its 2025 preliminary economic assessment (PEA). Prefeasibility study has been initiated on the project with a final report due in fourth quarter of 2026. Viva Gold is committed to advancing the Tonopah gold project in an environmentally and socially responsible manner, consistent with management's core values. Viva Gold is led by chief executive officer James Hesketh, a 40-year mining industry veteran who has led the development and construction of eight mines globally. The board and management team includes experienced mining professionals with expertise in exploration, project development, construction and mine operations. Viva Gold trades on the TSX Venture Exchange (VAU), the OTCQB (VAUCF) and the Frankfurt exchange (7PB). Viva currently has approximately 172 million shares outstanding. The company is advancing its Tonopah gold project in mining-friendly Nevada with the support of institutional shareholders.

Qualified person

James Hesketh, MMSA-QP, 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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