Revival Gold Inc. provided an update on the Company's first phase heap leach restart Prefeasibility Study (“PFS”) underway on the Beartrack-Arnett Gold Project (“Beartrack-Arnett” or the “Project”) located in Lemhi County, Idaho, USA. The PFS is being led by industry leaders Kappes Cassiday & Associates (“KCA”) and Independent Mining Consultants Inc. (“IMC”). The PFS remains on track for completion by mid-2023.

Key developments are as follows: IMC has developed draft updated heap leach mineral resource models and mine plans for both the main deposit (Beartrack) and the satellite deposit (Haidee) at Beartrack-Arnett that incorporate 2022 drilling results. These items are under review; however, the draft leach resource models and mine plans are in-line with Revival Gold's objective to see average production in the PFS at 65,000 to 70,000 ounces gold per year over a 7 to 9 year mine life; Mill resource models that include the high-grade Joss area will be updated once the leach models are complete. Undated resource models for both heap leach and mill material will be incorporated into anew Mineral Resource estimate for Beartrack-Arnett, which will be released with the PFS; KCA and IMC have completed trade-off studies to optimize heap leach mine sequencing, waste rock management, cell layouts and sequencing, haul road alignments, and crusher locations.

These studies were key to moving forward with earthworks calculations, water balance modeling, bid package preparation, and drawing package development; PFS drawing packages are progressing on schedule and include process flowsheets (100% complete), piping & instrumentation diagrams (100% complete), general arrangement drawings (75% complete), overall site layout drawings (65% complete), electrical drawings (15% complete), and leach pad details & stacking plans (10% complete); Idaho Power Company (“IPCo”) has completeda power study to assess upgrades required to the existing 69 kV service to site to support the PFS. The IPCo upgrades include substation and other electrical system infrastructure improvements to increase the reliability and availability of power to the Project; An assessment of existing site facilities and infrastructure has been completed and all required plant and mobile equipment requirements have been determined. KCA has developed eleven bid packages in support of cost estimating for the PFS, and quotes are actively being received, reviewed, and incorporated into a draft PFS financial model; Process and sitewide water balance models have been developed and are being updated iteratively with the overall PFS designs.

Meteorological modeling was completed in early 2023 to support the PFS water balance models; and, Synthetic Precipitation Leaching Procedure geochemical testing on representative Haidee waste rock samples was completed in February 2023. These results will be compared with Acid Base Accounting testing completed in 2022 to develop predictions for operational and post-operational geochemical behavior of Haidee waste rock in support of the PFS closure plan.