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 12,576,974 units (the “Units”) at a price of CDN$0.13 per Unit for gross proceeds of CDN$1,635,007. 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$0.17 per Share until April 2, 2028, which is 36 months from the date of issuance.

“This financing will allow the company to complete an updated NI43-101 compliant resource estimate and Preliminary Economic Assessment study already underway for the Tonopah gold project located near Tonopah, Nevada. In addition, this financing will enable the company to commence work on recommendations made by the qualified persons authoring the PEA and to move the project into feasibility study,” stated James Hesketh, President & CEO.

Insiders of the Company acquired an aggregate of 2,871,869 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 PEA study work at its Tonopah Gold Project, and to prepare the asset to move into feasibility study and secondarily for general working capital purposes.

The Company will pay aggregate finder’s fees of CDN$29,120 and 224,000 Share purchase warrants (the “Finder’s Warrants”) in connection with subscriptions from subscribers introduced to the Offering by Canaccord Genuity Corp. Each Finder’s Warrant is exercisable to acquire one NATDOCS\79371647\V-2 Share in the capital of the Company at an exercise price of CDN$0.17 per Share until April 2, 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.

About Viva Gold Corp:

The Tonopah 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 built a high confidence gold mineral resource at Tonopah since commencing work in 2018. The Company plans to update the resource model and initiate feasibility study in 2025, 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 with early access to high grade mineralization, tested gold recovery, and key infrastructure in place. The project is supported by compelling economic PEA study.

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.