Viva Gold Corp. provided final assay results from its 2022 16-hole, 2,457-meter reverse circulation (‘RC') drilling program at its 100%-owned Tonopah gold project (‘Tonopah') and to provide an update on the status of work at the project. Fourteen of the 16 holes were previously released on November 28 and December 8, 2022.

Tonopah is located on the prolific Walker Lane mineral trend in western Nevada. Update On Resource Modelling: The resource model for the Tonopah deposit is presently being updated to include results from 22 drill holes completed in 2022. This information includes six core holes totaling 1,307 meters and 16 RC holes totaling 2,457 meters The resource model has been significantly improved by consolidating lithologic codes for the entire drillhole database and the inclusion of structural information captured from over 35 oriented core holes.

These enhancements to the model were instrumental in helping to improve drill-hole targeting and resulted in a very successful RC drill program. Previous iterations of the Tonopah resource model only included gold assays. The database has now been improved with the addition of total gold and silver assays, as well as cyanide soluble gold and silver assays.

The additional metal assays were extracted from assay sheets produced by Rio Algom, Kennecott, Newmont, Midway Gold and Viva. This additional assay data will help to quantify silver content in the deposit, as well as aid in quantifying potential recoverable gold and silver values in the deposit. Tonopah was flown by drone in 2022 to produce detailed topographic mapping of the project for use in resource modelling, feasibility study and permitting efforts.

Update on Metallurgy: Initial pulp agglomeration testwork was completed, which demonstrated a gold recovery of 91% from high-grade (+1.0 g/t Au) mineralization in the deposit. This increased gold recovery may be applicable to approximately 50% of gold resource at Tonopah. This process incorporates three- stage crushing for all gold mineralization mined including low-grade (+0.15 g/t Au to 1.0 g/t Au) mineralized material.

High-grade goes through an extra grinding and tank leach step for initial gold recovery. Dewatered pulp from the tank leach, where up to 70% of the gold is recovered, is blended with low-grade crushed material and agglomerated with cement for final placement on the leach pad to complete the gold recovery process. Gold recovery for low-grade mineralized material is estimated from testwork to be approximately 70%.

Additional crushing, tank leach, and column leach tests are underway to further confirm and validate these results. Update on Baseline Environmental Studies: Wildlife and plant studies were completed and submitted to the BLM for review. Company believe that no material red-flag issues for the project were discovered in this work; Quarterly baseline water sampling and analysis have been consistently performed at the project over the last two years; Four quarters of baseline study have now been completed on water samples from natural seeps and springs within a 10-mile radius of the project; One water well and two upstream monitoring wells were drilled and completed and 5 wireline piezometers were installed in abandoned exploration drillholes on the property for use in aquifer sampling and modeling around the Tonopah deposit; In December 2022, a seven-day aquifer pump test was completed to test hydraulic flow rates in the valley floor alluvial formation over the deposit.

Pump down tests were previously completed in the hard rock formations, below the alluvial cover. This information will be utilized in baseline hydraulic aquifer modelling. Geochemical studies of potential ore and waste materials is 80% to 90% complete.

A total of 10 Humidity Cell Tests were initiated to test for release of acid and other deleterious elements and 8 of the 10 tests have been declared complete and released by the BLM. The two remaining tests are expected to be completed in early 2023. No unusual deleterious results have been seen.

Other Work Completed: A total of six oriented core holes (TG2201 to TG2206) were completed and geotechnically logged and over 65 core samples from that program were submitted for strength testing. This information, combined with information from over 30 prior oriented core holes will allow the completion of geotechnical slope study to define working pit slope angles in feasibility study. A 40-acre lot of private surface over existing federal mineral claims at Tonopah was acquired.

This lot has existing highway access, power and land-line phone service. It is currently being used for storage and will be useful for lay-down yards and the possible siting of warehouse, process, and office facilities.