Viva Gold Closes Oversubscribed Cdn$6.5 Million Private Placement

Viva Gold Corp. (VAU) closed an oversubscribed non-brokered private placement, raising CDN$6.5 million, which is more than double the initial CDN$3.0 million target. The company issued 40,626,425 units at CDN$0.16 per unit. Each unit includes one-half of a non-transferable warrant exercisable at CDN$0.24 until September 2029.

Net proceeds are allocated to follow-up drilling at the Midway Hills discovery, engineering work for the Prefeasibility Study (PFS), environmental baseline studies, and preparation of the Mine Plan of Operations (MPoO) for permitting. Insiders acquired 8,105,800 units, signaling strong internal confidence. Dundee Corporation is participating pro-rata to maintain its ~19.95% stake. The offering is subject to TSX Venture Exchange approval and carries a statutory hold period of four months and one day.

Viva Gold Corp. (VAU) announced a financing that serves as a direct follow-up to its August 26/27 announcements, marking an expected market event. The deal was upsized from $3.0M to $6.5M, a move that demonstrates strong institutional and insider demand. This demand is not unexpected given the recent Midway Hills discovery and progress on the Preliminary Feasibility Study (PFS).

The capital injection materially extends the company's cash runway, addressing the "going concern" uncertainty flagged in the April 2026 MD&A. With approximately $9.65M in cash post-closing, Viva Gold can comfortably fund operations, the completion of the PFS targeted for Q4 2026, and early permitting steps through 2027.

The news is incremental to the project's technical advancement rather than a fundamental shift in valuation drivers. It de-risks the near-term execution timeline but does not alter the long-term development roadmap.

Viva Gold Corp. is a pre-revenue exploration and development company focused on the 100%-owned Tonopah Gold Project in western Nevada, located on the prolific Walker Lane mineral trend. The project is situated approximately 30 minutes south of Kinross Gold’s Round Mountain mine.

The flagship project features a defined high-confidence gold resource of 504,000 oz Measured & Indicated and a 2025 Preliminary Economic Assessment (PEA) outlining an open-pit, heap leach/mill operation with an 8-year mine life. Recent drilling in 2026 successfully identified the Midway Hills discovery, a new high-grade target type in the Ordovician Palmetto Argillite, which remains open in all directions and is not yet included in the resource estimate. The company is currently advancing the project through a Prefeasibility Study (PFS) and parallel environmental baseline studies to prepare for federal permitting.