Revival GOLD Announces $10 Million Non-Brokered Private Placement Financing

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REVIVAL GOLD ANNOUNCES $10 MILLION

NON-BROKERED PRIVATE PLACEMENT FINANCING

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Toronto, ON – January 14th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold”

or the “Company”), announces a non-brokered private placement of 15,000,000 units (the “Units”)

at $0.65 per Unit (the “Issue Price”) for gross proceeds of up to $9,750,000 (the “Financing”). Each

Unit will consist of one (1) common share (each a “Common Share”) of the Company and one half

of one (0.5) common share purchase warrant (each whole warrant, a “Warrant”). Each whole

Warrant is exercisable into one (1) Common Share at a price of $0.90 at any time for a period of

twenty-four (24) months following the closing of the Financing.

“With this Financing we are very pleased to welcome deep value institutional investor, Donald

Smith Value Fund, LP , as a new corn erstone shareholder and position Revival Gold for the

Company’s next phase of growth”, said Hugh Agro, President & CEO.

The Financing will include an over -allotment option (the “Over-Allotment Option”) pursuant to

which the Company may offer for sale up to an additional 3,000,000 Units at the Issue Price,

exercisable in whole or in part at any time up to the closing of the Financing. If the Over-Allotment

Option is fully exercised, the total gross proceeds of th e Financing would be approximately

$11,700,000. Closing is expected on or about January 25th, 2022.

The Company may pay finders fees to eligible finders in connection with the Financing in accordance

with the policies of the TSX Venture Exchange (the “Exchange”). Net proceeds of the Financing will

be used for further exploration and development of the Company’s Beartrack-Arnett Gold Project

located in Idaho, USA and for general corporate purposes.

The securities issuable pursuant to the Financing will be subject to a four month and one -day

statutory hold period in accordance with applicable securities laws. The Financing is subject to the

receipt of all necessary regulatory approvals, including the approval of the Exchange. All dollar

amounts including the symbol “$”, are expressed in Canadian dollars.

The securities offered pursuant to the Financing have not been, and will not be, registered under

the United States Securities Act of 1933, as amended ( the “U.S. Securities Act”), or any U.S. state

security laws, and may not be offered or sold in the United States without registration under the

U.S. Securities Act and all applicable state securities laws or compliance with requirements of an

applicable exemption th erefrom. This news release shall not constitute an offer to sell or the

solicitation of an offer to buy securities in the United States, nor shall there be any sale of these

securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is

advancing the Beartrack-Arnett Gold Project located in Idaho, USA.

Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic

Assessment has been completed for a first phase restart of heap leach operations to produce 72,000

ounces of gold per year over an initial seven -year mine life at an AISC of $1,057 per ounce of gold .

Meanwhile, exploration continues , focused on expanding the current Indicated Mineral Resource

of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral

Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The

mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth.

Mineralization at Arnett is open in all directions.

For further details, including key assumptions, parameters and method s used to estimate the

Mineral Resources, and data verification, please see the Company’s NI 43 -101 compliant technical

report titled , “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack

Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 17th,

2020.

Additional disclosure including the Company’s financial statements, technical reports, news

releases and other information can be obtained at www.revival-gold.com or on SEDAR

at www.sedar.com.

For further information, please contact:

Hugh Agro, President & CEO or Melisa Armand, Investor Relations

Telephone: (416) 366-4100 or Email: [email protected]

Cautionary Statement

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in

the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of

this news release. Technical information in this news release has been reviewed and approved by

Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc., and Mr. Rodney A.

Cooper, P.Eng., a consultant to the Company, Qualified Persons within the meaning of National

Instrument 43-101 – Standards of Disclosure for Mineral Projects.

This News Release includes certain “forward -looking statements” which are not comprised of

historical facts. Forward -looking statements include estimates and statements that describe the

Company’s future plans, objectives or goals, including words to the effect that the Company, or

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management, expects a stated condition or result to occur. Forward -looking statements may be

identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”,

“would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address

future events and conditions, by their very nature they involve inherent risks and uncertainties.

Although these statements are based on information currently avail able to the Company, the

Company provides no assurance that actual results will meet management’s expectations. Risks,

uncertainties and other factors involved with forward -looking information could cause actual

events, results, performance, prospects and opportunities to differ materially from those expressed

or implied by such forward -looking information. Forward-looking information in this news release

includes, but is not limited to, the intention to complete the Offering and the expected expenditure

of the proceeds of the Offering , and the Company’s intentions regarding its objectives, goals or

future plans and statements. Factors that could cause actual results to differ materially from such

forward-looking information include, but are not limited to : the inability to obtain the necessary

regulatory approvals from the applicable securities regulators or obtain the approval of the TSXV in

connection with the Offering; the inability to complete the Offering on the terms as announced or

at all and/or the occurrence of a material adverse change, disaster, change of law or other failure

to satisfy the conditions to closing of the Offering; the inability of the Company to apply the use of

proceeds from the Offering as anticipated; , the Company’s ability to predict or counteract the

potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, failure to

identify additional mineral resources, failure to convert estimated mineral resources to reserves

with more advanced studies, the inability to eventually complete a feasibility study which could

support a production decision, the preliminary nature of metallurgical test results may not be

representative of the deposit as a whole, delays in obtaining or failures to obtain required

governmental, environmental or other project approvals, political risks, uncertainties relating to

the availability and costs of financing needed in the future, changes in equity markets, inflation,

changes in exchange rates, fluctuations in commodity prices, delays in the development of projects,

capital, operating and reclamation costs varying significantly from est imates and the other risks

involved in the mineral exploration and development industry, and those risks set out in the

Company’s public documents filed on SEDAR. Although the Company believes that the assumptions

and factors used in preparing the forward-looking information in this news release are reasonable,

undue reliance should not be placed on such information, which only applies as of the date of this

news release, and no assurance can be given that such events will occur in the disclosed time frames

or at all. The Company disclaims any intention or obligation to update or revise any forward-looking

information, whether because of new information, future events or otherwise, other than as

required by law.