Revival GOLD Annual Stock Option Grant

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REVIVAL GOLD ANNUAL STOCK OPTION GRANT

Toronto, ON – December 21st, 2023 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold”

or the “Company”), announces that pursuant to the Company’s stock option plan, Revival Gold has

granted 1,855,000 incentive stock options (the “Options”) to directors, officers, and consultants of

the Company as part of its annual compensation plan. T he Options are exercisable at a price of

$0.50 per share for a period of five years and are subject to vesting provisions.

About Revival Gold Inc.

Revival Gold 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. The Project benefits from

extensive existing infrastructure and is the subject of a recent Preliminary Feasibility Study for the

potential restart of open pit heap leach gold production operations.

Since reassembling the Beartrack -Arnett land position in 2017, Revival Gold has made one of the

largest new discoveries of gold in the United States in the past decade. The mineralized trend at

Beartrack extends for over five kilometers and is open on stri ke and at depth. Mineralization at

Arnett is open in all directions.

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.sedarplus.ca.

For further information, please contact: Hugh Agro, President & CEO or Lisa Ross, 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 press release includes certain "forward-looking information" within the meaning of Canadian securities legislation

and “forward -looking statements” within the meaning of U.S. securities legislation (collectively “forward -looking

statements”. Forward-looking statements 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 management expects a state d 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”.

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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

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 statements could cause actual

events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such

forward-looking statements. Forward-looking statements in this document include, but are not limited to, statements

regarding the anticipated Financing, including the maximum size thereof, the expected timing to complete the

Financing, the ability to complete the Financing on the terms provided herein or at all, the anticipated use of the net

proceeds from the Financing, the receipt of all necessary approvals for the Financing, the Company’s objectives, goals

and future plans, and statements of intent, the implications of exploration results, mineral resource/reserve estimates

and the economic analysis thereof, exploration and mine development plans, timing of the commencement of

operations, estimates of market conditions, and statements regarding the results of the pre-feasibility study, including

the anticipated capital and operating costs, sustaining costs, net present value, internal rate of return, payback

period, process capacity, average annual metal production, average process recoveries, concession renewal,

permitting of the project, anticipated mining and processing methods, proposed pre-feasibility study production

schedule and metal production profile, anticipated construction period, anticipated mine life, expected recoveries and

grades, anticipated production rates, infrastructure, social and environmental impact studies, availability of labour, tax

rates and commodity prices that would support development of the Project. Factors that could cause actual results to

differ materially from such forward -looking statements include, but are not limited to failure to identify mineral

resources, failure to convert estimated mineral resources to reserves, the inability to m aintain the modelling and

assumptions upon which the interpretation of results are based after further testing, the inability to complete a

feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, dela ys

in obtaining or failures to obtain required governmental, environmental or other project approvals, changes in

regulatory requirements, political and social risks, uncertainties relating to the availability and costs of financing needed

in the future, uncertainties or challenges related to mineral title in the Company’s projects, changes in equity markets,

inflation, changes in exchange rates, fluctuations in commodity and in particular gold prices, delays in the development

of projects, capital, operating and reclamation costs varying significantly from estimates, the continued availability of

capital, accidents and labour disputes, and the other risks involved in the mineral exploration and development

industry, an inability to raise additional funding, the manner the Company uses its cash or the proceeds of an offering

of the Company’s securities, an inability to predict and counteract the effects of COVID -19 on the business of the

Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions,

restriction on labour and international travel and supply chains, future climatic conditions, the discovery of new, large,

low-cost mineral deposits, the general level of global economic activity, disasters or environmental or climatic events

which affect the infrastructure on which the project is dependent, 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 statements 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. Specific reference is made to the most recent Annual Information Form filed

on SEDAR+ for a more detailed discussion of some of the factors underlying forward -looking statements and the risks

that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained

in this presentation. The Company disclaims any intention or obligation to update or revise any forward -looking

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