Viva Gold Closes Oversubscribed $6.5 Million Private Placement

Viva Gold Corp. has successfully closed an oversubscribed private placement, raising CDN$6.5 million, more than double the initial target of CDN$3 million. The financing was completed on September 9, 2026, and will be used to advance the Tonopah Gold Project, with specific funds allocated to follow-up drilling at the Midway Hills discovery zone and to support engineering and permitting processes.

The company issued 40,626,425 units at a price of CDN$0.16 per unit, resulting in gross proceeds of CDN$6,500,228. Each unit consists of one common share and one-half of one non-transferable common share purchase warrant, with each whole warrant exercisable to acquire one share at CDN$0.24 per share until September 9, 2029. Jim Hesketh, President and CEO of Viva Gold, expressed gratitude for the strong support from shareholders and new investors.

Hesketh stated, "The exceptional response to this financing underscores the confidence in our Board and management. With these funds, we can move forward with follow-up drilling at Midway Hills, initial detailed engineering, environmental baseline studies, and preparation of the Mine Plan of Operations. The participation of insiders in the Offering reflects their belief in the project's potential."

The company intends to use the net proceeds, after finder’s fees, for various purposes related to the Tonopah Gold Project. These include follow-up exploration drilling, initial engineering work, environmental studies, and the preparation of the Mine Plan of Operations. The balance will be used for general working capital.

Insiders of Viva Gold acquired an aggregate of 8,105,800 units, which constitutes a "related party transaction" as defined under Multilateral Instrument 61-101. The participation is exempt from the formal valuation and minority shareholder approval requirements due to the low percentage of the company’s market capitalization involved.

Viva Gold’s 100%-owned Tonopah Gold Project is located in Nevada, within a large land position in the Walker Lane Structural Trend. The project has demonstrated the potential for an economically viable open-pit, heap leach/mill gold project through a 2025 preliminary economic assessment. A Prefeasibility Study is currently being advanced, with a final report due in the fourth quarter of 2026.

The company is committed to advancing the project in an environmentally and socially responsible manner. The Tonopah Gold Project is being developed by a team of experienced mining professionals, including CEO James Hesketh, a 40-year industry veteran. Viva Gold trades on the TSX Venture Exchange (VAU), the OTCQB (VAUCF), and the Frankfurt Exchange (7PB).