Viva Gold Corp. (TSX-V: VAU) is pleased to announce that it has completed a non-brokered private placement offering. In connection with the closing of the Offering, the Company issued an aggregate of 7,953,359 units at a price of CDN$0.15 per Unit for gross proceeds of CDN$1,193,004. Each Unit consists of one common share in the capital of the Company and one-half of one non-transferable common share purchase warrant. Each whole Warrant is exercisable to acquire one Share at an exercise price of CDN$0.22 per Share until August 8, 2027, which is 36 months from the date of issuance.

“This financing will allow the company to complete the drill program initiated in April of this year of up to 2,500 meters of reverse circulation drilling in 15 to 20 drillholes at its Tonopah Gold project located near Tonopah, Nevada. The program will target open extensions to gold mineralization. Additional targets include areas of inferred gold mineralization that can be upgraded to higher confidence levels of measured or indicated resources with additional drilling. We anticipate being able to initiate drilling in late August, early September. In addition, the company plans to update the resource model to incorporate all new drillholes completed since January 2022 and to update Tonopah’s PEA study,” stated James Hesketh, President & CEO.

Insiders of the Company acquired an aggregate of 1,586,693 Units in the Offering, which participation constituted a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units acquired by the insiders, nor the consideration for the Units paid by such insiders, exceed 25% of the Company’s market capitalization. As required by MI 61 101, the Company advises that it expects to file a material change report relating to the Offering less than 21 days before completion of the Offering, which is necessary to complete the Offering in an expeditious manner and is reasonable in the circumstances.

Viva plans to allocate the proceeds of the Offering, net of any finder’s fees, towards completing drilling, technical and environmental study work at its Tonopah Gold Project, located in Nevada, and secondarily for general working capital purposes. NATDOCS\79371647\V-2

The Company will pay aggregate finder’s fees of CDN$15,750.00 and 105,000 Share purchase warrants in connection with subscriptions from subscribers introduced to the Offering by Canaccord Genuity Corp. Each Finder’s Warrant is exercisable to acquire one Share in the capital of the Company at an exercise price of CDN$0.22 per Share until August 8, 2027, which is 36 months from the date of issuance. The securities issued under the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.

Correction: Viva’s Press Release of July 9, 2024, inadvertently stated that finders warrants issued in connection with subscriptions from subscribers introduced to the Offering were exercisable to acquire one Share in the capital of the Company at an exercise price of CDN$0.22 per Share until January 15, 2026, which is 18 months from the date of issuance. The Press Release should have stated that warrants were exercisable until July 15, 2027, which is 36 months from the date of issuance.

About Viva Gold Corp:

The Tonopah project is a 100%-owned land position on the prolific Walker Lane–Round Mountain gold trend in western Nevada and is situated about a half hour drive south of the Round Mountain mine owned by Kinross Gold. Viva has consistently grown its resources since 2018 and recently completed a successful drill program to further define and grow the current resource base. The Company plans to complete additional drilling, update the resource model and PEA study in 2024, both of which are major catalysts and value creation events for shareholders.

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.

The Tonopah Gold Project, a potential open pit, heap leach/mill opportunity, has all the hallmarks of a successful mining development project as key infrastructure is in place and is supported by compelling economic studies. Please reach out and get to know us as 2024 is shaping up to be a transformational year.