Viva Gold Corp. (TSX-V: VAU) is pleased to announce that it has completed the previously announced non-brokered private placement described in its news release of June 10, 2024. In connection with the closing of the Offering, the Company issued an aggregate of 4,451,667 units at a price of CDN$0.15 per Unit for gross proceeds of CDN$667,750. Each Unit consists of one common share in the capital of the Company and one-half of one nontransferable common share purchase warrant. Each whole Warrant is exercisable to acquire one Share at an exercise price of CDN$0.22 per Share until July 15, 2027, which is 36 months from the date of issuance.

“This financing will allow the company to complete an updated resource estimate to include results from 50 holes drilled by Viva from 2022 to 2024 and to complete an updated Preliminary Economic Assessment study with additional value adding technical work on the Tonopah Gold project located near Tonopah, Nevada,” Stated James Hesketh, President & CEO.

Insiders of the Company acquired an aggregate of 1,725,000 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 technical and environmental study work at its Tonopah Gold Project, located in Nevada, and secondarily for general working capital purposes.

The Company will pay aggregate finder’s fees of CDN$6,510 and 43,400 Share purchase warrants in connection with subscriptions from subscribers introduced to the Offering by Ventum Financial, Haywood Securities and 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 January 15, 2026, which is 18 months from the date of issuance. The NATDOCS\79371647\V-2 Offering remains subject to final approval of the TSX Venture Exchange. 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 is a 100%-owned land position on the prolific Walker Lane 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 drill program to further define and grow the current resource base. The Company plans to 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.

Viva currently has ~118.4 million shares outstanding and boasts a best-in-class management team and board with decades of both 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. 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 decisionmaking process.