Viva Gold Commences Technical Study at its Tonopah Gold Project in Nevada
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NR 26-03
Viva Gold Commences Technical Study at its Tonopah Gold Project in Nevada
VANCOUVER, BC – February 18, 2026 – Viva Gold Corp (TSXV: VAU; OTCQB: VAUCF) (the
“Company” or “Viva”) is pleased to report that it has commenced a comprehensive Technical Study for
its 100%-owned Tonopa h Gold Project (“Tonopah,” or “Project”) located near the town of Tonopah,
Nevada. The study is expected to be completed to a Pre-Feasibility (“PFS”) level, with certain components
of the study anticipated to meet Feasibility-level standards.
Advancing Tonopah into this next phase represents an important step in the systematic progression of the
Project, building on prior economic and technical work. The study is designed to further refine mine design,
processing options, capital and operating costs, and permitting pathways, while continuing to reduce
technical and execution risk.
“We believe that advancing the Tonopah Gold Project into a formal Technical Study is a meaningful step
toward unlocking additional value, significantly de-risking the project by establishing a detailed mine plan,
capital and operating cost framework, and a declared Proven and Probable mineral reserve . Importantly,
the study is expected to provide a clear roadmap toward permitting and capital efficient mine development.
We anticipate completing this study over the next eight to nine months ,” stated James Hesketh, President
& CEO.
Kappes Cassiday & Associates (“KCA”) of Reno , Nevada has been appointed as lead author of the PFS
and responsible for metallurgy, flow sheet, plants, dry stack, heap leach, infrastructure, and capital and
operating cost estimation for those functions. Independent Mining Consultants of Tucson, Arizona will be
responsible for resources, reserves, mine design, and mine capital and operating cost estimation. Additional
specialized consultants with extensive regional experience will contribute to geotechnical analysis,
groundwater modelling, permitting, environmental, soil studies, and leach pad stacking and waste rock
storage design.
Contractors and consultants for this project have been selected based on their strong experience and
familiarity in Nevada and the Southwest US with both large- and small-scale open pit gold mine and heap
leach/mill projects. This regional expertise includes familiarity with local infrastructure, logistics, vendor
and supplier networks, environmental and permitting requirements , local design issues, and capital and
operating cost structures.
Relative to Viva’s June 2025 Preliminary Economic Assessment, the current Technical Study is expected
to incorporate refinements, including:
• Updated resource model to include new geologic or drilling information.
• A mine plan emphasizing accelerated access to near -surface, higher -grade mill feed while
stockpiling early low-grade heap leach material.
• Staged capital investment focusing on early high return mill operations while deferring low-grade
leach production to later in the mine life.
• Coarser crush size for heap leach production to reduce both capital and operating cost.
• Trade-off study on contract versus owner mining, but with a focus on ore control for segregation
of high- and low-grade gold mineralization for selective heap leach and mill processing.
• Optimize pit slope angles utilizing updated geologic, structural and hydrologic information.
• Use of PFS to write a Plan of Operations required to commence project permitting.
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• Collectively, these refinement are intended to further improve project definition, enhance capital
efficiency, and support the orderly advancement of Tonopah toward permitting and development.
About Viva Gold Corp:
Viva Gold’s 100% owned Tonopah gold project sits in the middle of gold mining country about a half hour
drive south of the Round Mountain mine owned by Kinross Gold and controls a major land position on the
prolific Walker Lane Trend in Western Nevada. Viva has developed a high confidence level gold Mineral
Resource and can demonstrate the potential for an economically viable open pit, heap leach/mill gold
project through rigorous PEA study. Viva Gold 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.
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 ~172 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.Sedar.Com and please visit our website:
www.vivagoldcorp.com.
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.
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 informati on
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 de posit 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
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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.