Viva Gold Announces Filing PEA Study for its Tonopah Gold Project, Nevada
NR 25-08
Viva Gold Announces Filing PEA Study for its Tonopah Gold Project, Nevada
VANCOUVER, BC – August 21, 2025 – Viva Gold Corp ( TSXV: VAU; OTCQB: VAUCF ) (the
“Company” or “Viva”) is pleased announce it has filed a report titled “Preliminary Economic Assessment,
NI43-101 Technical Report, Tonopah Gold Project, Nevada, USA” with a report date of August 20, 2025
on SEDAR for the Tonopah gold project (“Tonopah”). Tonopah is located about 20 minutes’ drive from
the town of Tonopah, Nevada . The results of the report were first announced on July 7, 2025. The study
was prepared by WSP Canada Inc. (“WSP”) of Calgary, Alberta and Kappes, Cassiday Associates (“KCA”)
of Reno, Nevada. All amounts shown in this news release are in United States Dollars and metric units of
measurement unless otherwise stated. The Technical Report is available on Viva’s website at
www.vivagoldcorp.com and under the companies profile at https://www.sedarplus.com.
“Due to the unique optionality of the Tonopah Gold Project, we decided to take a very detailed and
comprehensive approach to fully examine and understand several possible mining and process scenarios.
Even after this robust approach, the PEA study demonstrates that the Tonopah Gold project is potentially
viable for development as an economic open pit gold mine to produce gold and silver. As we further refine
and optimize the final mine and process plan through the planned feasibility study work, we see seve ral
areas where capital and operating costs can be dramatically improved. A favorable gold price and permitting
environment in the mining friendly State of Nevada further supports this development potential,” stated
James Hesketh, President & CEO.
The report details a conventional truck/loader open pit mining operation producing at a rate of 45,000 tonnes
per day (“tpd”) over a seven year mine life to feed a 10,000 tpd three -stage crushing plant with 2,000 tpd
being directed to a gravity/carbon-in-leach gold mill and 8,000 tpd being sent to a heap leach for gold/silver
recovery. The project produces approximately 75,000 ounces of gold per year for the first two years, with
an average production of approximately 50,000 ounces per year in years 3 to 7 with production from
residual leach in year eight. Average mill circuit gold recoveries of 93% Au, 37% Ag, and heap leach Au
recoveries of 75% Au, 14% Ag, to produce a total of 404,000 ounces of payable Au and 354,000 ounces
of Ag over the mine life.
Tonopah Project PEA Economic Results
• After-tax net present value (“NPV”) at a 5% discount rate (“NPV5%”) of $111.6 million at a gold
price of USD$2,400 per ounce ($27.70 Ag) increasing to $363.6 million at a gold price of $3,200
per ounce ($36.93 Ag).
• After-tax Internal rate of return (“IRR”) of 17.6% at a gold price of $2,400 per ounce increasing to
an IRR of 43.4% at a gold price of $3,200.
• After-tax payback period of 3.6 years from commencement of production at $2,400 per ounce Au,
decreasing to 1.8 years at an Au price of $3,200 ($36.93 Ag).
• Average production cash costs of $1,164 per ounce of Au and All-In Sustaining Cost (“AISC”) of
$1,269 per ounce Au.
• Pre-production capital expenditure of $ 219.9 million, $22.2 million in working capital, and
additional LOM sustaining capital of $ 70.4 million including purchase of mine fleet under
capitalized lease/purchase terms. New equipment pricing is assumed at this phase of work.
The future work program recommended by WSP and KCA follows:
Item Category Estimated Cost
(US$)
1.0 Geology and Mineral Resources $300,000
2.0 Metallurgy and Processing $1,000,000
3.0 Environmental Studies, Permitting, Social or Community
Impact and Government Relations $1,150,000
4.0 Engineering and Field Work to Complete PFS and Reporting $3,000,000
Total $5,450,000
Qualified Person
Brian Thomas, P.Geo . of WSP, is the qualified person, as defined by NI 43 -101, responsible for the
preparation of the MRE. Jason Baker, P.Eng. of WSP, is the qualified person, as defined by NI 43 -101,
responsible for the mining method. Rick McBride, P.Eng. of WSP, is the qua lified person, as defined by
NI 43-101, responsible for integration of the costs into the cashflow model. Caleb Cook, PE is qualified
person for metallurgy and processing. Randal Huffsmith of WSP is the qualified person for environmental
and permitting. James Hesketh, MMSA-QP, has approved the scientific and technical disclosure contained
in this press release. Mr. Hesketh is not independent of the Company; he is an Officer and Director.
About Viva Gold Corp:
Viva Gold is led by CEO James Hesketh, a 40-year veteran in the mining space who has led the development
and construction of eight other mines around the world throughout his career. James has surrounded himself
with equally experienced mining professionals both on the management team and the board.
Viva Gold trades on the TSX Venture exchange “VAU”, on the OTCQB "VAUCF" and on the Frankfurt
exchange "7PB". Viva currently has ~ 145.3 million shares outstanding and boasts a best -in-class
management team and board with decades of gold exploration and production experience. The Company is
advancing its high -grade Tonopah Gold Project in mining friendly Nevada with the support of several
institutional shareholders. More information can be found on https://www.sedarplus.com and please visit
our website: www.vivagoldcorp.com.
Viva is committed to developing the Tonopah Gold Project in an environmentally and socially responsible
fashion. These values are aligned with management’s core values and permeate throughout our decision -
making process.
For further information please contact:
James Hesketh, President & CEO
(720) 291-1775
Graham Farrell, Investor Relations
(416) 842-9003
Forward-Looking Information:
This news release contains certain information that may constitute forward -looking information or
forward-looking statements under applicable Canadian securities legislation (collectively, “forward -
looking information”), including but not limited to forward-looking information related to Mineral
Resource estimates for the Project. The material factors that could cause actual results to differ materially
from the conclusions, estimates, designs, forecasts or projections in the forward -looking information
include any significant differences from one or more of the material factors or assumptions that were set
forth in this press release including geological and grade interpretations and controls and assumptions
and forecasts associated with establishing the prospects for economic extraction of gold mineral resource
and preliminary economic analysis at the Tonopah Gold Project. This forward-looking information entails
various risks and uncertainties that are based on current expectations, and actual results may differ
materially from those contained in such information. These uncertainties and risks include, but are not
limited to, the strength of the global economy, inflationary pressures, pandemics, and issues and delays
related to permitting activities; the price of gold; operational, funding and liquidity risks; the potential for
achieving targeted drill results, the degree to which mineral resource estimates are reflective of actual
mineral resources; the degree to which factors which would make a mineral deposit commercially viable
are present; the accuracy of capital and operating cost estimates; the variability of actual from estimated
gold recovery; potential for geotechnical issues; the risks and hazards associated with drilling and mining
operations; and the ability of Viva to fund its capital requirements. Risks and uncertainties about the
Company’s business are more fully discussed in the Company’s disclosure materials filed with the
securities regulatory authorities in Canada available at www.sedar.com. Readers are urged to read these
materials. Viva assumes no obligation to update any forward-looking information or to update the reasons
why actual results could differ from such information unless required by law.
Cautionary Note to Investors --- Investors are cautioned not to assume that any "measured mineral
resources", "indicated mineral resources", or "inferred mineral resources" that the Company reports in
this news release are or will be economically or legally mineable. United States investors are cautioned
that while the SEC now recognizes "measured mineral resources", "indicated mineral resources" and
"inferred mineral resources", investors should not assume that any part or all of the mineral deposits in
these categories will ever be converted into a higher category of mineral resources or into mineral
reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Under
Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-
feasibility studies, except in limited circumstances. Further, "inferred mineral resources" have a great
amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be
assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category.
The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance
can be given that the anticipated tonnages and grades will be achieved or that the indicated level of
recovery will be realized.
Neither 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 release.
Definitions
“All-in sustaining costs” is a non -IFRS or US GAAP financial measure calculated based on guidance
published by the World Gold Council (“WGC”). The WGC is a market development organization for the
gold industry and is an association whose membership comprises leading gold mining companies. Although
the WGC is not a mining industry regulatory organization, it worked closely with its member companies to
develop these metrics. Adoption of the all -in sustaining cost metric is voluntary and not necessarily
standard, and therefore, this measure presented by the Company may not be comparable to similar
measures presented by other issuers. The Company believes that the all -in sustaining cost measure
complements existing measures and ratios reported by the Company. Al l-in sustaining cost includes both
operating and capital costs required to sustain gold production on an ongoing basis. Sustaining operating
costs represent expenditures expected to be incurred at the Project that are considered necessary to
maintain produ ction. Sustaining capital represents expected capital expenditures comprising mine
development costs, including capitalized waste, and ongoing replacement of mine equipment and other
capital facilities, and does not include expected capital expenditures fo r major growth projects or
enhancement capital for significant infrastructure improvements.
“Cash cost per gold ounce” is a common financial performance measure in the gold mining industry but
has no standard meaning under IFRS or US GAAP. The Company believes that, in addition to conventional
measures prepared in accordance with IFRS or US GAAP, certain investors use this information to evaluate
the Company’s performance and ability to generate cash flow. Cash cost figures are calculated in
accordance with a standard developed by The Gold Institute. The Gold Institute ceased operations in 2002,
but the standard is considered the accepted standard of reporting cash cost of production in North America.
Adoption of the standard is voluntary, and the cost measures presented may not be comparable to other
similarly titled measures of other companies.