Viva Gold files PEA report on Tonopah

Mr. James Hesketh reports VIVA GOLD ANNOUNCES FILING PEA STUDY FOR ITS TONOPAH GOLD PROJECT, NEVADA Viva Gold Corp. has filed a report, titled "Preliminary Economic Assessment, NI43-101 Technical Report, Tonopah Gold Project, Nevada, USA," with a report date of Aug. 20, 2025, on SEDAR+ for the Tonopah gold project. Tonopah is located about a 20-minute drive from the town of Tonopah in Nevada. The results of the report were first announced on July 7, 2025. The study was prepared by WSP Canada Inc., of Calgary, Alta., and Kappes, Cassiday Associates (KCA), of Reno, Nev. All amounts shown in this news release are in U.S. dollars and metric units of measurement unless otherwise stated. The technical report is available on Viva's website and under the company's profile on SEDAR+. "Due to the unique optionality of the Tonopah gold project, we decided to take a very detailed and comprehensive approach to fully examine and understand several possible mining and process scenarios. Even after this robust approach, the PEA study demonstrates that the Tonopah gold project is potentially viable for development as an economic open-pit gold mine to produce gold and silver. As we further refine and optimize the final mine and process plan through the planned feasibility study work, we see several areas where capital and operating costs can be dramatically improved. A favourable gold price and permitting environment in the mining-friendly state of Nevada further supports this development potential," stated James Hesketh, president and chief executive officer. The report details a conventional truck/loader open-pit mining operation producing at a rate of 45,000 tonnes per day (tpd) over a seven-year mine life to feed a 10,000 tpd three-stage crushing plant with 2,000 tpd being directed to a gravity/carbon-in-leach gold mill and 8,000 tpd being sent to a heap leach for gold/silver recovery. The project produces approximately 75,000 ounces of gold per year for the first two years, with an average production of approximately 50,000 ounces per year in years 3 to 7, with production from residual leach in year 8. Average mill circuit gold recoveries of 93 per cent gold (Au) and 37 per cent silver (Ag), and heap leach recoveries of 75 per cent Au and 14 per cent Ag, to produce a total of 404,000 ounces of payable Au and 354,000 ounces of Ag over the mine life. Tonopah project PEA economic results: After-tax net present value (NPV) at a discount rate of 5 per cent of $111.6-million at a gold price of $2,400 per ounce ($27.70 Ag increasing to $363.6-million at a gold price of $3,200 per ounce ($36.93 Ag)); After-tax internal rate of return (IRR) of 17.6 per cent at a gold price of $2,400 per ounce increasing to an IRR of 43.4 per cent at a gold price of $3,200; After-tax payback period of 3.6 years from commencement of production at $2,400 per ounce Au, decreasing to 1.8 years at a gold price of $3,200 ($36.93 Ag); Average production cash costs of $1,164 per ounce of Au and all-in sustaining cost (AISC) of $1,269 per ounce Au; Preproduction capital expenditure of $219.9-million, $22.2-million in working capital and additional LOM (life-of-mine) sustaining capital of $70.4-million, including purchase of mine fleet under capitalized lease/purchase terms. New equipment pricing is assumed at this phase of work. The future work program recommended by WSP and KCA is detailed in the attached table. Qualified person Brian Thomas, PGeo, of WSP, is the qualified person, as defined by National Instrument 43-101, responsible for the preparation of the mineral resource estimate (MRE). Jason Baker, PEng, of WSP, is the qualified person, as defined by NI 43-101, responsible for the mining method. Rick McBride, PEng, of WSP, is the qualified person, as defined by NI 43-101, responsible for integration of the costs into the cash flow model. Caleb Cook, PE, is the qualified person for metallurgy and processing. Randal Huffsmith, of WSP, is the qualified person for environmental and permitting. James Hesketh, MMSA, qualified person, has approved the scientific and technical disclosure contained in this news release. Mr. Hesketh is not independent of the company; he is an officer and director. About Viva Gold Corp. Viva Gold is led by Mr. 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. Mr. Hesketh has surrounded himself with equally experienced mining professionals both on the management team and the board. Viva Gold trades on the TSX Venture Exchange under the symbol VAU, on the OTCQB under the symbol VAUCF and on the Frankfurt Stock Exchange under the symbol 7PB. Viva currently has approximately 145.3 million shares outstanding, and boasts a best-in-class management team and board with decades of 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. 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 the company's decision-making process. We seek Safe Harbor.