Mr. Hugh Agro reports

REVIVAL GOLD ANNOUNCES SALE OF NON-CORE DIAMOND MOUNTAIN PHOSPHATE PROPERTY

Pursuant to a property purchase agreement dated May 29, 2026, between Revival Gold Inc., Canadian Phosphate Ltd. and Utah Minerals Resources LLC, Revival Gold will vend its 51-per-cent interest in its non-core Diamond Mountain phosphate project to Canadian Phosphate. UMR will vend the other 49-per-cent interest in Diamond Mountain to Canadian Phosphate.

"Revival Gold is focused on advancing our pipeline of U.S. gold projects," said Hugh Agro, president and chief executive officer. "The sale of Diamond Mountain will generate immediate cash proceeds from a non-core asset while providing Revival Gold with ongoing exposure to Diamond Mountain's critical mineral exploration and development upside," added Mr. Agro.

Diamond Mountain is a phosphate exploration project located in Uintah county, Utah.

Canadian Phosphate, listed on the Australian Securities Exchange, is an experienced exploration and development company with phosphate assets in British Columbia, Canada. Canadian Phosphate aims to become a leading supplier of phosphate rock for manufacturing fertilizer and lithium iron phosphate batteries in North America.

As consideration for the sale of its 51-per-cent interest in Diamond Mountain, Revival Gold will receive the following consideration:

• On the closing date of the agreement, Revival Gold will receive a cash payment of $127,500 (U.S.) and will be issued 3,081,286 shares of Canadian Phosphate, which is equal to $382,500 (U.S.) based on a deemed price per CP8 share of 17.43 Australian cents.
• On or prior to the first anniversary of the date of the agreement, Revival Gold will receive a cash payment of $255,000 (U.S.) and will have the option, in its sole discretion and exercisable at any time, to have such payments satisfied by the issuance of CP8 shares.
• On or prior to the first anniversary after the commencement of commercial production, Revival Gold will receive a cash payment of $765,000 (U.S.). Canadian Phosphate will have the option to satisfy the foregoing payment in CP8 shares.

The sale of Diamond Mountain is subject to customary closing conditions and receipt of all necessary regulatory approvals, including Canadian Phosphate obtaining ASX approval and the approval its shareholders, if required by the ASX. Closing is expected prior to or during third quarter 2026.

Qualified person

Technical information included in this news release was reviewed and approved by John Meyer, PEng, a qualified person 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 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 U.S. exploration and development office located in Salmon, Idaho.

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