Viva Gold Makes Major New High-Grade Gold Discovery at Midway Hills at the Tonopah Gold Project in Nevada

Viva Gold Corp. (VAU) announced a new high-grade gold-silver discovery at the Midway Hills prospect, located 1.4 km northwest of the main Tonopah resource pit. Drillhole TG2616 intersected 38.1 m grading 0.89 g/t Au and 6.78 g/t Ag, including a higher-grade core of 6.1 m at 3.56 g/t Au and 22.45 g/t Ag from 179.8 m depth.

The mineralization lies entirely within the Ordovician Palmetto Argillite (OPA), a lithology previously discounted by earlier explorers. The target is open at depth and along strike, with anomalous gold continuing to the bottom of the hole. Assays are pending for two step-out holes drilled 100 m east and west of TG2616. Because Midway Hills sits inside an existing Exploration Plan of Operations, follow-up drilling can be accelerated.

Viva Gold Corp. (VAU) has confirmed significant gold-silver mineralization beneath historic shallow drilling at its OPA target, opening a large, previously untested area. The intercept’s grade-thickness compares favorably with some of the better holes in the main pit area, while a higher-grade core of 3.56 g/t Au suggests the potential for a new, high-grade satellite zone. Strong silver values and a distinct metallurgical signature, characterized by higher cyanide-soluble silver, indicate that Midway Hills mineralization could be processed differently, potentially boosting project economics if integrated.

The discovery comes as the company faces severe financial constraints. As of April 30, 2026, Viva holds approximately $3.15 million in cash and has issued a going-concern warning in its MD&A. With no revenue and monthly burn rates of roughly $350,000, the company requires substantial equity raising to continue operations. Although the discovery improves the exploration narrative, it does not eliminate the immediate need for capital. The stock price has already halved from its 52-week high, reflecting market concerns over dilution, and the news is unlikely to reverse that trend until financing is secured on acceptable terms.

The Midway Hills target was identified as a priority in early 2026, making the hit mineralization somewhat expected. However, the specific high-grade intercept and the identification of a new host rock were genuinely unexpected, materially increasing the project’s exploration upside. The true significance of this discovery will be determined by the results of pending step-out holes.

Viva Gold Corp. (VAU) is advancing its 100%-owned Tonopah Gold Project, located on the Walker Lane Trend in Nevada, approximately 30 minutes from Kinross’s Round Mountain mine. The project hosts an open-pit constrained Measured + Indicated resource of 504,000 oz Au (0.59 g/t) and 1.76 Moz Ag, based on a 2025 estimate.

A 2025 Preliminary Economic Assessment (PEA) outlined a seven-year mine life producing 404 koz of payable gold at an All-In Sustaining Cost (AISC) of $1,269/oz. The assessment calculated an after-tax Net Present Value (NPV) of $111.6 million and an Internal Rate of Return (IRR) of 17.6%, using a base case gold price of $2,400/oz. Pre-production capital expenditures are estimated at $219.9 million.

The company commenced a Preliminary Feasibility Study (PFS) in February 2026, with completion targeted for the fourth quarter of 2026. Additionally, a 2026 reverse circulation (RC) drill program consisting of 19 holes totaling 3,210 meters is designed to upgrade inferred resources and test the Midway Hills prospect. No existing royalties are mentioned for the project.