VANCOUVER, BC – TheNewswire -  February 18, 2026 – Viva Gold Corp (TSXV: VAU; OTCQB: VAUCF) (the “Company” or “Viva”) is pleased to report that it has commenced a comprehensive Technical Study for its 100%-owned Tonopah Gold Project (“Tonopah,” or “Project”) located near the town of Tonopah, Nevada. The study is expected to be completed to a Pre-Feasibility (“PFS”) level, with certain components of the study anticipated to meet Feasibility-level standards.

 

Advancing Tonopah into this next phase represents an important step in the systematic progression of the Project, building on prior economic and technical work. The study is designed to further refine mine design, processing options, capital and operating costs, and permitting pathways, while continuing to reduce technical and execution risk.

 

“We believe that advancing the Tonopah Gold Project into a formal Technical Study is a meaningful step toward unlocking additional value, significantly de-risking the project by establishing a detailed mine plan, capital and operating cost framework, and a declared Proven and Probable mineral reserve. Importantly, the study is expected to provide a clear roadmap toward permitting and capital efficient mine development. We anticipate completing this study over the next eight to nine months,” stated James Hesketh, President & CEO.

 

Kappes Cassiday & Associates (“KCA”) of Reno, Nevada has been appointed as lead author of the PFS and responsible for metallurgy, flow sheet, plants, dry stack, heap leach, infrastructure, and capital and operating cost estimation for those functions. Independent Mining Consultants of Tucson, Arizona will be responsible for resources, reserves, mine design, and mine capital and operating cost estimation. Additional specialized consultants with extensive regional experience will contribute to geotechnical analysis, groundwater modelling, permitting, environmental, soil studies, and leach pad stacking and waste rock storage design.

 

Contractors and consultants for this project have been selected based on their strong experience and familiarity in Nevada and the Southwest US with both large- and small-scale open pit gold mine and heap leach/mill projects. This regional expertise includes familiarity with local infrastructure, logistics, vendor and supplier networks, environmental and permitting requirements, local design issues, and capital and operating cost structures.

 

Relative to Viva’s June 2025 Preliminary Economic Assessment, the current Technical Study is expected to incorporate refinements, including:

 

• Updated resource model to include new geologic or drilling information.  

• A mine plan emphasizing accelerated access to near-surface, higher-grade mill feed while stockpiling early low-grade heap leach material. 

• Staged capital investment focusing on early high return mill operations while deferring low-grade leach production to later in the mine life.  

• Coarser crush size for heap leach production to reduce both capital and operating cost. 

• Trade-off study on contract versus owner mining, but with a focus on ore control for  segregation of high- and low-grade gold mineralization for selective heap leach and mill processing.     

• Optimize pit slope angles utilizing updated geologic, structural and hydrologic information.  

• Use of PFS to write a Plan of Operations required to commence project permitting.    

• Collectively, these refinement are intended to further improve project definition, enhance capital efficiency, and support the orderly advancement of Tonopah toward permitting and development. 

 

About Viva Gold Corp:

Viva Gold’s 100% owned Tonopah gold project sits in the middle of gold mining country about a half hour drive south of the Round Mountain mine owned by Kinross Gold and controls a major land position on the prolific Walker Lane Trend in Western Nevada. Viva has developed a high confidence level gold Mineral Resource and can demonstrate the potential for an economically viable open pit, heap leach/mill gold project through rigorous PEA study. Viva Gold 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 our decision-making process.

Viva Gold is led by CEO James 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. James has surrounded himself with equally experienced mining professionals both on the management team and the board.

Viva Gold trades on the TSX Venture exchange “VAU”, on the OTCQB "VAUCF" and on the Frankfurt exchange "7PB". Viva currently has ~172 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. More information can be found on https://www.Sedar.Com and please visit our website: www.vivagoldcorp.com.

James Hesketh, MMSA-QP, has approved the scientific and technical disclosure contained in this press release. Mr. Hesketh is not independent of the Company; he is an Officer and Director.

 

For further information please contact:

James Hesketh, President & CEO

(720) 291-1775

jhesketh@vivagoldcorp.com

Graham Farrell, Investor Relations

(416) 842-9003

graham.farrell@vivagoldcorp.com

 

Forward-Looking Information:

This news release contains certain information that may constitute forward-looking information or forward-looking statements under applicable Canadian securities legislation (collectively, “forward-looking information”), including but not limited to forward-looking information related to Mineral Resource estimates for the Project. The material factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts or projections in the forward-looking information include any significant differences from one or more of the material factors or assumptions that were set forth in this press release including geological and grade interpretations and controls and assumptions and forecasts associated with establishing the prospects for economic extraction of gold mineral resource and preliminary economic analysis at the Tonopah Gold Project. This forward-looking information entails various risks and uncertainties that are based on current expectations, and actual results may differ materially from those contained in such information. These uncertainties and risks include, but are not limited to, the strength of the global economy, inflationary pressures, pandemics,  and issues and delays related to permitting activities; the price of gold; operational, funding and liquidity risks; the potential for achieving targeted drill results, the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which factors which would make a mineral deposit commercially viable are present; the accuracy of capital and operating cost estimates; the variability of actual from estimated gold recovery; potential for geotechnical issues; the risks and hazards associated with drilling and mining operations; and the ability of Viva to fund its capital requirements. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials filed with the securities regulatory authorities in Canada available at www.sedar.com. Readers are urged to read these materials. Viva assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by law.

 

Cautionary Note to Investors --- Investors are cautioned not to assume that any "measured mineral resources", "indicated mineral resources", or "inferred mineral resources" that the Company reports in this news release are or will be economically or legally mineable. United States investors are cautioned that while the SEC now recognizes "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves.  These terms have a great amount of uncertainty as to their economic and legal feasibility.  Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances.  Further, "inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility.  It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category. The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.