Revival GOLD Expands Land Position and Advances Exploration South of Joss

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REVIVAL GOLD EXPANDS LAND POSITION

AND ADVANCES EXPLORATION SOUTH OF JOSS

Toronto, ON – February 21st, 2024 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold”

or the “Company”) is pleased to announce the expansion of its land position, the results of recent

geophysical and geological work , and the advance of exploration on a newly defined target area

known as Sharkey on the Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in

Idaho, USA.

Highlights

• Fifty-seven lode claims encompassing 476 hectares have been staked to increase Revival

Gold’s land position on prospective exploration ground at the south end of Beartrack-

Arnett (see Figure 1 for details);

• 18-line kilometers of IP geophysics along with 16-line kilometers of CSAMT geophysics

collected over multiple campaigns at Beartrack between 1990 and 1996 were

reprocessed with present- day algorithms to produce a consistent set of 2 -D inversion

products;

• The r eprocessed geophysical data together with results from last season’s soil

geochemistry survey and recent Leapfrog software -based geological and structural

modeling has further clarified Revival Gold’s understanding of the geology and structure

in the Panther Creek-Coiner Fault System;

• The Panther Creek-Coiner Fault System extends approximately five kilometers south of

the Joss Zone at Beartrack-Arnett and is now thought to be an anastomosing (or braided)

fault system that is typical of the structures that host many orogenic gold deposits;

• Potential targets in braided shear zones include bends, or changes in strike, and

structural intersections of the various structures within the broader structural system,

and multiple strands of the shear zone may be mineralized; and,

• Chief among the newly defined targets is Sharkey located within the Panther Creek

Structural Corridor approximately two kilometers south of the existing underground

mineralization in the Joss target area.

“Revival Gold’s recent work analysing and modeling geophysical and geological data from the south

end of Beartrack-Arnett has sharpened our exploration team’s focus on the Panther Creek- Coiner

Fault braided fault system”, said Hugh Agro, President & CEO. “The Sharkey target has emerged as

a high -value under -cover target with tonnage and grade potential equivalent to , and perhaps

greater than, what we have at Joss. Sharkey lies within Revival Gold’s approved Plan of Operations

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permit for drilling at Beartrack -Arnett and represents a high- priority target for follow-up

exploration this season”, added Agro.

Further Details

The Beartrack-Arnett Project consists of two orogenic gold systems with a Measured & Indicated

Mineral Resource of 86.2 million tonnes at 0.87 g/T gold containing 2.42 million ounces of gold, and

an Inferred Mineral Resource of 50.7 million tonnes at 1.34 g/T gold containing 2.19 million ounces

of gold (see “Preliminary Feasibility Study NI 43-101 Technical Report on the Beartrack-Arnett Heap

Leach Project, Lemhi County, Idaho, USA”, prepared by Kappes, Cassidy & Associates, Independent

Mining Consultants, Inc., KC Harvey Environmental LLC, and WSP USA Environment & Infrastructure

Inc. dated August 2nd, 2023).

Most of the Beartrack -Arnett Mineral Resource is contained within five deposits at Beartrack

distributed over more than five kilometers of strike of the Panther Creek Shear Zone (“PCSZ”). Gold

has been encountered in all Revival Gold drill holes intersecting the PCSZ, and the structure has

been drill-tested over a vertical distance of 750 meters. The h igh-grade, potentially underground

mineable resource at Joss (6.7 million tonnes of Inferred Mineral Resource at 4.0 g/T gold containing

877,000 ounces of gold), has been drilled for over 400 meters vertically and mineralization is open

in all directions.

The most favorable host rocks at Beartrack are Mesoproterozoic siltites and silty quartzites. These

units are mineralized in the South Pit ore body and at Joss, w here grades are generally highest.

These units extend to the south and are exposed along the margins of the Leesburg Basin.

Revival Gold’s IP and reprocessed CSAMT geophysical lines effectively map contrasting resistivities

between the post- mineralization (Tertiary and Quaternary) Leesburg Basin fill sequence and the

Mesoproterozoic host rocks. In the Joss area, mineralization occurs immediately east of a post -

mineral Basin bounding fault (Coiner Fault). The structure is effectively mapped by the CSAMT and

can be projected for approximately five kilometers south of Joss (see Figure 2 for details).

The Coiner Fault , and associated mineralization, is not exposed south of the South Pit due to

extensive post-mineralization Tertiary sedimentary and volcanic cover in the Leesburg Basin. The

post-mineralization cover obscures geology and presents an intriguing exploration opportunity as

any mineralization in this area is not exposed.

The intersection of the Coiner Fault and the Arnett structure is also an exploration target. This is

the deepest portion of the Leesburg Basin but represents a large area of favorable structural

preparation.

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In addition to the recently reprocessed geophysics, Revival Gold conducted a soil survey during the

2023 field season to characterize the soil geochemistry over the Coiner Fault. 119 soil samples were

taken over the approximate trace of the fault. Overall, the soil survey showed a general trend of

increasing gold, arsenic, and mercury from south to north. A spatially coherent anomaly over the

structure was, however, not detected.

In 2020 Revival Gold drilled three core holes approximately 1.2 to 2.2 kilometers south of the

southern Joss drill fence to explore the intersection of the Arnett Creek structure with the Coiner

Fault. Difficult drilling conditions prevented the holes from testing a significant thickness of the

target stratigraphy. The holes are thought to have encountered the trough of the Leesburg Basin

but were drilled west of the Coiner Fault based on Revival Gold’s current CSAMT interpretation.

In 2021 Revival Gold continued exploring both Joss and the southern extension of the Coiner Fault

south of Joss. One core hole was drilled approximately 500 meters south of the southern Joss drill

fence. Based on Revival Gold’s current understanding of the Joss deposit architecture, this hole is

believed to have passed over the top of the mineralized horizon intercepting 73 meters of the target

Mesoproterozoic stratigraphy before passing back into the post-mineral basin fill. Anomalous gold

(high of 0.048 ppm) and arsenic (high of 185 ppm) were intercepted within the target stratigraphy

associated with sericitic alteration and quartz veining.

Revival Gold’s 2020 and 2021 drilling leaves the southern extension of the Coiner Fault System

untested and worthy of further exploration. An additional program of field mapping, infill

geophysics, and scout drilling, is being prepared to further evaluate the structural corridor south of

Joss.

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Figure 1: Panther Creek-Coiner Fault System

Showing Claim Additions and the Sharkey Target

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Figure 2: Perspective View of Reprocessed CSAMT Resistivity

Showing Key Structures 2023 Mineral Resource Blocks > 2 g/t Au

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Qualified Persons

Steven T. Priesmeyer, C.P.G., Vice President Exploration, and Dan Pace , Regis. Mem. SME, Chief

Geologist, Revival Gold Inc., are the Company’s designated Qualified Person for this news release

within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and

have reviewed and approved its scientific and technical content.

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 strike 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 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 available to the

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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 opportuniti es 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, the Company’s objectives, goals and future plans, and statements of intent, the implica tions 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 ma terially 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 maintain 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, delays 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 reaso nable, 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.