Revival Gold Advances Mercur for Potential Re-Development

Highlights

• Revival Gold and the Company’s principal consultants, RESPEC Company, LLC and Kappes Cassidy & Associates, have completed draft geological models, grade domains, and a preliminary updated grade and metallurgical block model in support of the Company’s planned Preliminary Economic Assessment (“PEA”) on Mercur.

• The objective with updating models is to prepare a more robust Mineral Resource estimate for optimal PEA mine planning purposes.
• The updated Mineral Resource will reflect additional historical drill logs and metallurgical data as well as Revival Gold’s fall 2024 column leach metallurgical test results.

• Whittle pit analysis, trade-off studies and preliminary site layout planning is underway. Open pit and waste rock storage facility designs, mine scheduling, heap leach and process facility designs, ancillary infrastructure designs, and operating and capital cost estimates are in progress.

• Complete PEA results are expected within the next two months.
• Revival Gold is targeting approximately 80,000 – 100,000 ounces per year of gold production over a 9 – 10 year mine life.

• Revival Gold and the Company’s permitting consultants have initiated work on a permitting schedule for the potential re-start of production at Mercur and plan to include a preliminary permitting schedule and cost estimate in the PEA.

• With Mineral Resources at Mercur located on private claims and in a dry climate, Revival Gold expects to proceed efficiently through mine permitting, when initiated, in a state process led by Utah’s Department of Oil, Gas and Mining.

• An initial program ofexploration data compilation, field reconnaissance and selective geochemical sampling at Mercur has been completed. Revival Gold has identified several opportunities to build on Mercur’s current Mineral Resource with both adjacent and new exploration areas identified for potential future drilling.

• Efforts are focused on the stratigraphic section at Mercur to evaluate the potential for mineralization in the South Sacramento, Rover and South Mercur areas.
• To date, there has been little in the way of recent exploration or deep drilling on the west limb of the Mercur anticline. This represents an additional opportunity.

“Revival Gold’s is making excellent progress and remains on schedule for release of an updated Mineral Resource and PEA on Mercur within the next two months. Resource modeling efforts have incorporated a more robust geological and metallurgical model and benefited from the integration of a substantial amount of additional historical drill log data and Revival Gold’s fall 2024 program of column leach metallurgical test results. We are targeting potential open pit heap leach production of 80,000 – 100,000 ounces of gold per year over a 9 – 10 year mine life. The project benefits from its largely private land position and dry climate which is expected to provide for an efficient mine permitting process, when initiated, and put Mercur at the front of Revival Gold’s project development pipeline,” added Agro.

The Mercur property includes interests optioned from Barrick Resources (USA) Inc. and others as summarized in, “NI 43-101 Technical Report for the Mercur Project, Camp Floyd and Ophir Mining Districts, Tooele & Utah Counties, Utah, USA”, prepared by Lions Gate Geological Consulting Inc., RESPEC Company LLC, and Kappes, Cassidy & Associates, dated May 24th, 2024.

Qualified Persons

John P.W. Meyer, Vice President, Engineering and Development, P.Eng. and Dan Pace, Regis. Mem. SME, Chief Geologist, Revival Gold Inc., are the Company’s designated Qualified Persons 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

Revival Gold is a pure gold, mine developer operating in the western United States. The Company is advancing engineering and economic studies on the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho.

Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. The Company is headquartered in Toronto, Canada, with its exploration and development office located in Salmon, Idaho.

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: info@revival-gold.com.

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 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, that the updated Mineral Resource and PEA will be completed in the next two months, the target for Mercur of 80,000-100,000 ounces per year of gold over a 9 – 10 year mine life, the expectation to proceed efficiently, when initiated, through mine permitting in a state process led by Utah’s Department of Oil, Gas and Mining , the Company’s objectives, goals and future plans, and statements of intent, the implications of exploration results, mineral resource/reserve estimates and exploration and mine development plans. 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 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, 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.