Revival Gold Marks Impressive Continued Growth in Mineral Resource and Advances Open Pit Heap Leach Restart Plans with PFS

Toronto, ON – July 11^th, 2023 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to report impressive continued growth in the Company’s Mineral Resources and the completion of a Preliminary Feasibility Study (“PFS”) on the potential open pit heap leach restart of the Beartrack-Arnett Gold Project (“Beartrack-Arnett” or the “Project”) located in the western United States.

Mineral Resource Update Highlights

• The updated Mineral Resource is based on 172,244 meters of drilling through the end of 2022 and contains:
  • A Measured & Indicated Mineral Resource of 86.2 million tonnes at 0.87 g/T gold containing 2.42 million ounces of gold¹, an increase of 14% over the 2022 Measured & Indicated Mineral Resource²; and,
  • An Inferred Mineral Resource of 50.7 million tonnes at 1.34 g/T gold containing 2.19 million ounces of gold¹, an increase of 13% over the 2022 Inferred Mineral Resource²;
• Contained gold in open pit heap leach Measured & Indicated Resources increased 142%² to 42.3 million tonnes at 0.70 g/T gold containing 959,000 ounces of gold with additional Inferred Resources of 6.3 million tonnes at 0.53 g/T gold containing 108,000 ounces of gold; and,
• Contained gold in underground mill Inferred Resources increased 180% to 6.7 million tonnes at 4.0 g/T gold containing 877,000 ounces of gold with a 33% increase in grade over the 2022 Inferred Mineral Resource².

Open Pit Heap Leach Restart PFS Highlights

• Inaugural Proven & Probable open pit heap leach Mineral Reserve of 36.2 million tonnes

at 0.74 g/T gold for 859,000 ounces of gold³;

• Average gold production of 65,300 ounces of gold per year, for a total of 529,100 ounces of gold over an eight-year mine life;

1 Estimates based on a gold price of $1,900 per ounce. See Tables 1 and 2 for additional assumptions. All figures in this news release are in Metric units and in $US unless stated otherwise.

2 See Revival Gold’s May 16th, 2022, news release and NI 43-101 Technical Report by Wood plc dated July 13th, 2022.

3 Proven and Probable Mineral Reserves were estimated at a gold price of $1,700 per ounce.

• Pre-production capital of $109 million, working capital of $5 million, and life-of-mine (“LOM”) sustaining capital of $100 million, reflecting only a modest increase in capital relative to the 2020 Preliminary Economic Assessment;
• Total cash cost of $986 per ounce and All-In Sustaining Cost (“AISC”) of $1,235 per ounce of gold;
• After-tax NPV at a 5% discount rate (“NPV5%”) of $105 million and after-tax IRR of 24.3% at $1,800 per ounce gold increasing to an NPV5% of $138 million and after-tax IRR of 29.5% at $1,900 per ounce gold;
• After-tax payback period of 3.4 years at $1,800 per ounce gold decreasing to 3.1 years at $1,900 per ounce gold;
• Low technical and execution risk of a brownfield project with existing infrastructure, minimal pre-production earthworks and mine pre-stripping, limited planned disturbance outside the Project’s current footprint, and a high proportion of low-risk pre-production capital expenditures on mechanical equipment;
• Excellent additional exploration potential with exploration drilling currently underway on high grade open pit oxide opportunities at Roman’s Trench and Haidee that offer near term opportunities to extend the open pit heap leach PFS mine life; and,
• Opportunity to pursue a potential second phase mill operation with Mineral Resources that provide optionality to begin underground or with an open pit, or concurrently develop both.

“Completion of this PFS marks a significant de-risking milestone for Revival Gold”, said Hugh Agro, President & CEO. “Beartrack-Arnett presents a unique opportunity for meaningful US gold production from a low-risk, low capital restart of an established domestic mine site. The project features robust economics including an attractive 24% after-tax IRR at $1,800 gold which increases to 30% at current prices”, added Agro.

“Beyond the first phase of open pit heap leach production addressed in the PFS, potential exists for Revival Gold to pursue a second phase of underground and open pit mill operations. The more than doubling in Measured & Indicated open pit heap leach resources and near tripling of underground Inferred resources reflected in today’s update speaks to the impressive ongoing exploration and development potential at Beartrack-Arnett. With completion of the PFS, Revival Gold is now positioned to progress environmental and permitting preparations, fine tune engineering and design plans and advance the proposed Beartrack-Arnett project schedule. Meanwhile, exploration continues with drilling having resumed this month”, said Agro.

The Mineral Resource estimate, Mineral Reserve estimate, and PFS were prepared in accordance with National Instrument 43-101 (“NI 43-101”) by Kappes, Cassiday & Associates (“KCA”), Independent Mining Consultants, Inc. (“IMC”), KC Harvey Environmental (“KC Harvey”) and WSP USA Environmental & Infrastructure Inc. (“WSP”), collectively the “Study Authors”, with an effective date of June 30^th, 2023. The Company will file a technical report summarizing the PFS on www.revival-gold.com and on SEDAR at www.sedar.com in accordance with NI 43-101 within 45 days.

Conference Call

Management will host a conference call later this morning to discuss the results of the Mineral Resource update and PFS. Call-in information below:

Scheduled Start: Tuesday, July 11^th, 2023, 10:00 am EST Call-In Number: 416-764-8658 Toll Free in North America: 888-886-7786

A replay of the conference call will be available for one week at 416-764-8691 or toll free in North America at 877-674-6060. Playback passcode 416972#.

Further Details

Mineral Resource Estimate

The Mineral Resource estimate has been reported in accordance with NI 43-101 and was prepared by IMC with an effective date of June 30^th, 2023. Table 1 provides the pit-constrained and underground Beartrack-Arnett Gold Project Mineral Resource estimate, which includes oxide, transition, and sulphide material.

Table 2 summarizes the Mineral Resource definition parameters used to develop the Mineral Resource estimate. The Measured and Indicated Mineral Resources were estimated at a gold price of $1,900 per ounce.

Table 1: Beartrack-Arnett Gold Project Mineral Resources by Material Type and Location

Table 2: Beartrack-Arnett Gold Project Mineral Resource Estimate Definition Parameters

Table 3 illustrates the sensitivity of the total Mineral Resource to changes in gold price from $1,800 per ounce up to $2,000 per ounce.

Table 3: Beartrack-Arnett Gold Project Mineral Resources Sensitivity to Gold Price

Inferred Mineral Resources include 6.7 million tonnes of underground material at 4.0 g/T gold containing 877,000 ounces of gold. The increase in underground Inferred Mineral Resources since 2022 is, in part, derived from a more focused approach to mining and the elimination of an open pit in the Joss Target areas. The pit elimination would reduce the environmental footprint of the potential mill phase and accelerate the expected permitting and development timelines for the potential mill production phase to commence.

Underground mining is assumed to utilize an overhand cut and fill approach on a “stand-alone” basis with a cut-off grade of 2.37 g/T gold. The underground Mineral Resource occurs in both the South Pit and Joss areas and vertically over an elevation of approximately 580 meters. The underground Inferred Mineral Resource dips at approximately 80-90 degrees and ranges in thickness from about 3 to 25 meters.

Table 4 summarizes the sensitivity of the Beartrack underground Mineral Resource to changes in cutoff gold grade. All underground scenarios in Table 4 are for Mineral Resources that sit below mill open pit Mineral Resource.

Table 4: Beartrack-Arnett Gold Project Underground Mineral Resources Sensitivity to Cutoff Gold Grade

Figure 1 presents an overview of the Beartrack-Arnett Project area and the location of Mineral Resources on the property.

Figure 1: Beartrack-Arnett Gold Project Mineral Resource Areas¹ and Land Position

Note:

1) See Revival Gold news release dated July 11^th, 2023, for additional details on Mineral Resources and press releases dated October 2^nd, 2017, March 15^th, 2022, and September 22^nd, 2022, for additional details on drill results depicted here.

Mineral Reserve Estimate

The PFS and associated Mineral Reserve estimate was developed based on the open pit heap leach Measured and Indicated portion of the Beartrack and Haidee Mineral Resource estimates. The Proven and Probable Mineral Reserves for the Project were estimated at a gold price of $1,700 per ounce and are summarized in Table 5.

Table 5: Beartrack-Arnett Gold Project Mineral Reserve Estimate by Location and Category

Open Pit Heap Leach PFS

The PFS was developed as an initial phase of open pit mining with approximately 36.2 million tonnes of heap leachable ore from the Beartrack and Haidee deposits at an average rate of 12,000 tonnes/day for a period of 8.1 years. The PFS mine fleet is conventional with loading accomplished by three 11 m³ front loaders matched to up to thirteen 90-tonne class haul trucks. Run-of mine ore from the open pits would be processed in a conventional, mobile crushing circuit to achieve a particle size of 100% passing 38 mm (1.5 inch). Crushed ore would be conveyor stacked onto heap leach pads and leached with a low concentration cyanide solution. The resulting pregnant leach solution would be processed in an existing, refurbished, adsorptiondesorption-recovery (“ADR”) plant for the recovery of gold resulting in the production of a final doré product.

During the first five years of mine operations, ore would be mined from the Beartrack pits (North, South, and Mason-Dixon pits), then crushed, conveyor stacked, and leached on a dedicated leach pad at the Beartrack site. During the last three years of mine operations, mining would transition to the Haidee pit in the Arnett area. Prior to mining at Haidee, a two-way haul road between the Haidee and Beartrack sites would be constructed and a dedicated leach pad for the Haidee ore would also be constructed, adjacent to the Beartrack leach pad site.

LOM average metallurgical recovery for the Project is approximately 62% of contained gold and the estimated average annual gold production would be 65,300 ounces per year. Economics for the PFS are based on mining and processing the heap leach Mineral Resources only; mining and processing of mill Mineral Resources would be a separate second phase project.

Mine and Gold Production Schedule

The PFS mine plan was developed using conventional open pit hard rock mining methods. The mining operation was developed to deliver 4.38 million tonnes of leachable material to the primary crusher per year (nominally 12,000 tonnes per day). Table 6 provides the PFS mine schedule.

Table 6: PFS Mine and Gold Production Schedule

Infrastructure

Much of the infrastructure from the original Beartrack mining operation remains in serviceable condition. Wherever possible, refurbishment and reuse of the existing infrastructure is planned, including the following:

• Site access and onsite roads;
• Fencing and gates;
• Fuel and water tanks;
• Process solution, overflow (event), and other storm and treated water retention ponds and process solution channels;
• Groundwater monitoring and stormwater management systems;
• Water treatment plant;
• Septic systems;
• Core warehouse;
• ADR plant / laboratory; and,
• Power substation and overhead power distribution lines.

All other major infrastructure from the previous operations were removed as part of prior site reclamation efforts and would need to be replaced for future operations. The primary new infrastructure that would be required to support the PFS plan include:

• Ore crushing and conveyor stacking systems;
• Process solution distribution and collection systems;
• Heap leach pads;
• Additional process solution pond;
• Haidee haul road;
• Truck shop and warehouse; and,
• Administration and office buildings.

Heap Leach Metallurgy and Ore Processing

The primary source of data that forms the basis of the PFS heap leach metallurgical recovery estimates include twelve 6-to-12-month duration column leach tests completed by SGS Mineral Services in Ontario, Canada, developed from nine bulk composites from Beartrack and Haidee drill core along with 36 corresponding coarse ore bottle roll tests. Production statistics from historical Beartrack operations were also used to supplement the SGS column leach testing results.

Crushing of run-of-mine ore would be accomplished by a two-stage mobile crushing circuit that includes a primary jaw crusher and two secondary cone crushers. Crushed ore would be stockpiled using a fixed stacker and reclaimed using belt feeders to a reclaim conveyor; pebble lime would be added to the reclaim conveyor for pH control. During the initial five years of operations, ore would be conveyed to the heap stacking system at the Beartrack leach pad. During the final three years of operation, the mobile crushing circuit and conveyor stacking system would be relocated on the Beartrack site to serve the Haidee dedicated leach pad.

Crushed ore would be stacked in 10-meter-high lifts and leached using a buried drip irrigation system. Gold bearing pregnant leach solution would drain by gravity to the existing pregnant solution pond where it would be pumped to the existing carbon adsorption circuit. Gold-cyanide compounds would be loaded onto activated carbon in the adsorption circuit; the resulting barren solution would flow by gravity to the barren solution tanks then pumped to the heap for additional leaching. High strength cyanide solution would be injected into the barren solution to maintain the desired cyanide concentration in the leach solutions.

Gold would be stripped from the loaded carbon using a modified pressure Zadra process and recovered by electrowinning. Cathodes from the electrowinning cells would be washed and the resulting precious metal sludge treated in a retort to recover mercury, followed by smelting to produce the final doré product. Carbon would be acid-washed to remove scale and other inorganic contaminants, and thermally regenerated using a rotary kiln.

The estimated average gold recovery from the heap leach pads based on the PFS mine and ore processing production schedule is estimated to be 62%. The estimated average recovery reflects recoveries of 78% for oxide material, 43% for transition material and 14% for sulphide material.

Capital and Operating Cost Estimates

Ore processing, infrastructure, and general and administrative (“G&A”) capital and operating cost estimates for the Beartrack-Arnett PFS were developed by KCA. Mining equipment, mining preproduction, and mine operating cost estimates were developed by IMC. Closure, water treatment, and permitting related cost estimates were developed by KC Harvey with input from KCA and IMC. Capital and operating costs were estimated based on first quarter 2023 US dollars.

Capital costs for all major and most minor equipment, as well as contractor quotes for major construction contracts, were estimated from one or more supplier quotes. Where project specific quotes were unavailable, estimates were developed from applicable recent analogue project quotes. Table 7 provides a summary of the PFS capital costs.

Table 7: PFS Capital Cost Estimate

Ore processing and G&A costs were estimated by KCA from first principles. Labor costs were estimated using project specific staffing, salary, wage, and benefit requirements. Unit consumptions of materials, supplies, power, water and delivered supply costs were also estimated. The operating costs presented are based upon the ownership of all process production equipment and site facilities, including the onsite laboratory. Revival would employ and direct all process operations, maintenance, and support personnel for all site activities.