Viva Gold starts prep for feasibility work at Tonopah

Executive Summary

• Viva Gold Corp. has initiated a 2026 work program to advance its 100%-owned Tonopah gold project in Nevada from preliminary economic analysis (PEA) into feasibility study and development permitting.
• The company has submitted a work plan to the U.S. Bureau of Land Management for up to 23 drill locations to infill inferred mineralization and explore the Midway Hills prospect, with drilling expected to commence in February.
• Viva is conducting bottle roll tests to evaluate coarse crush heap leach potential for low-grade material, aiming to reduce capital and operating costs, while simultaneously engaging engineering firms to assess accelerated development of high-grade zones via CIL mill production.

Key Details

• Project Status: Tonopah project is advancing from PEA (published in 2025) to prefeasibility/feasibility study and permitting. The existing pit-confined resource is 86% measured and indicated material.
• Drilling Program:
  • Submitted Work Plan No. 44 to the Bureau of Land Management for up to 23 drill locations.
  • Primary objective: Infill high-grade (1.0 g/t) inferred mineralization within the 2025 PEA pit shell to convert to measured/indicated categories.
  • Secondary objective: Follow up on high-grade extensions and validate/deepen existing 1980s drilling at the Midway Hills prospect (1.4 km west of main pit).
  • Start date: February 2026.
• Metallurgical Testing:
  • Bottle roll tests underway for heap leach recovery at coarse crush size (36 mm) for low-grade mineralization (~0.4 g/t Au).
  • Previous 2025 PEA used 12.5 mm crush size; successful coarse crush results could reduce capital and operating costs.
  • Next step: Column leach testwork if bottle rolls are successful.
• Engineering & Processing Strategy:
  • Engaging engineering companies to evaluate accelerated development of high-grade mineralization.
  • Proposed strategy: Initiate early CIL (Carbon-in-Leach) mill production for high-grade ore while deferring heap leaching of low-grade ore.
  • Goal: Defer initial capital costs for heap-leach circuit and accelerate initial capital payback.
• Geotechnical & Hydrological Studies:
  • Soliciting quotes for studies on pit slope optimization, dewatering, storm water/pit water disposal, and hydrologic modeling.
  • Data integration: Incorporating five years of project work data.
• Exploration & Geophysics:
  • Late 2025: Commissioned third-party review of historical data, identifying seven areas for resource expansion.
  • Midway Hills: Identified as a priority target with historical gold discovery from the 1980s.
  • Geophysical Survey: Contracted for 14,000 meters of CSAMT (Controlled Source Audio-frequency Magnetotellurics) survey to be completed over the next two months to define targets.

Notable Quotes

• "The Tonopah gold project is one of the most advanced undeveloped gold projects in Nevada. Viva's primary focus for 2026 is to rapidly advance Tonopah through prefeasibility/feasibility study work and into development permitting." — James Hesketh, President and CEO
• "Viva believes that this advanced project status combined with its advanced metallurgical and baseline environmental study work provides the company with a competitive advantage and the ability to strongly leverage its current market valuation." — James Hesketh, President and CEO