Viva Gold Corp Announces Positive Results from Updated Mineral Resource Estimate and Preliminary Economic Assessment for Tonopah Gold Project

VANCOUVER, BC — July 7, 2025 — NewsWall — Viva Gold Corp (TSXV: VAU; OTCQB: VAUCF) has announced the results of its updated Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) for its 100%-owned Tonopah Gold Project, located near Tonopah, Nevada.

The updated MRE reports a measured and indicated Mineral Resource containing 504,000 ounces of gold at 0.59 grams per tonne and 1.8 million ounces of silver at 2.05 grams per tonne. It also includes an inferred Mineral Resource of 83,000 ounces of gold at 0.37 grams per tonne and 402,000 ounces of silver at 1.81 grams per tonne, all within a pit shell above a 0.15 g/t Au cut-off.

The life of mine (LOM) PEA projects production of 23.5 million tonnes of Mineral Resource, consisting of 4.5 million tonnes at an average grade of 1.75 g/t Au and 3.35 g/t Ag as mill circuit feed, and 19.0 million tonnes at 0.37 g/t Au and 1.69 g/t Ag to the heap leach. The strip ratio is 3.9 tonnes of waste per tonne of mineralized material.

Average mill circuit gold recoveries are estimated at 93% for gold and 37% for silver, while heap leach gold recoveries are projected at 75% for gold and 14% for silver. This is expected to produce a total of 404,000 ounces of payable gold and 354,000 ounces of silver over a seven-year mine life, with an additional year of residual gold/silver recovery from the heap leach.

The after-tax net present value (NPV) at a 5% discount rate is $111.6 million at a gold price of $2,400 per ounce, increasing to $363.6 million at a gold price of $3,200 per ounce. The after-tax internal rate of return (IRR) is 17.6% at a gold price of $2,400 per ounce, rising to 43.4% at a gold price of $3,200. The after-tax payback period is 3.6 years from the start of production at $2,400 per ounce Au, decreasing to 1.8 years at an Au price of $3,200.

Average production cash costs are projected at $1,164 per ounce of Au, with an All-In Sustaining Cost (AISC) of $1,269 per ounce Au. The pre-production capital expenditure is $219.9 million, with $22.2 million in working capital and $70.4 million in additional LOM sustaining capital, including the purchase of a mine fleet under capitalized lease/purchase terms.

James Hesketh, President & CEO, notes the project's significant leverage to the price of gold and accretive potential value compared to Viva’s current market capitalization.

Contact:
James Hesketh, President & CEO
(720) 291-1775
jhesketh@vivagoldcorp.com
Graham Farrell, Investor Relations
(416) 842-9003
graham.farrell@vivagoldcorp.com

Source: Viva Gold Corp