Revival GOLD Announces C$10 Million Bought Deal Financing

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REVIVAL GOLD ANNOUNCES

C$10 MILLION BOUGHT DEAL FINANCING

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

Toronto, ON – July 20th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or

the “Company”), a growth‐focused gold exploration and development company, announces that it

has entered into an agreement with BMO Capital Markets (“BMO” or the “Underwriter”), under

which BMO has agreed to buy on bought deal basis 9,100,000 units (the “Units”), at a price of

C$1.10 per Unit for gross proceeds of approximately C$ 10 million (the “Offering”). Each Unit

consists of o ne common share (“Common Share”) of Revival Gold and one -half of one common

share purchase warrant (each whole common share purchase warrant a “Warrant”) of Revival Gold.

Each full Warrant will entitle the holder thereof to purchase one Common Share of the Company at

a price of $1.60 per Common Share, for a period of 18 months following the Closing Date. The

Company has granted the Underwriter an option, exercisable at the offering price for a period of

30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to

cover over-allotments, if any. The Underwriter can elect to exercise the Over-Allotment Option for

Units only, common shares only, or warrants only, or any combination thereof. The offering is

expected to close on or about August 6, 2020 and is subject to Revival Gold receiving all necessary

regulatory approvals.

The net proceeds of the offering will be used to fund on-going exploration and development at the

Company’s core Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho

and for general corporate purposes.

The Units will be offered by way of a short form prospectus in all provinces of Canada, excluding

Quebec and may also be offered by way of private placement in the United States.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended,

and may not be offered or sold in the United States absent registration or an applicable exemption

from the registration requirements. This press release shall not constitute an offer to sell or the

solicitation of an offer to buy nor shall there be any sale of the 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

has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing

Beartrack Gold Project located in Lemhi County, Idaho. Revival Gold also owns rights to a 100%

interest in the neighboring Arnett Gold Project.

In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration

and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate

Project located in Uintah County, Utah.

Revival Gold currently has approximately 56.3 million shares outstanding. Additional disclosure of

the Company’s financial statements, technical reports, material change 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 Adam Rochacewich, CFO

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.

This News Release includes certain “forward -looking statements” which are not comp rised 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

management, expects a stated condition or result to occ ur. 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 conditi ons, by their very nature they involve inherent risks and uncertainties.

Although these statements are based on information currently available 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 anticipated size of the offering, the anticipated Offering Price,

the entering into of the Underwriting Agreement, the anticipated Closing Date and the completion

of the Offering, the anticipated use of the net proceeds from the Offering, the receipt of all

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necessary approvals, including the approval of the TSX -V 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, an inability to

complete the Offering on the terms or on the timeline as announced or at all, the Company’s ability

to obtain all approvals required in con nection with the Offering, failure to identify mineral

resources, failure to convert estimated mineral resources to reserves, the inability to complete a

feasibility study which recommends a production decision, the preliminary nature of metallurgical

test results, 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, inflati on, changes in exchange rates, fluctuations

in commodity prices, delays in the development of projects, capital, operating and reclamation

costs varying significantly from estimates and the other risks involved in the mineral exploration

and development in dustry, 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 no t 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

as a result of new information, future events or otherwise, other than as required by law.