Viva Gold Increases The Size Of The Previously Announced Private Placement Offering

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Langley, British Columbia – December 1 6 ,2025 – TheNewswire - Viva Gold Corp. (“Viva Gold” or the“Company”) (TSXV: VAU, OTCQB: VAUCF) is pleased to announce that,due to strong investor demand, it has increased the size of itspreviously announced non-brokered private placement financing (the“Offering”), originally announced on December 11, 2025.

The Company has upsized the Offering from up to18,750,000 units to up to 25,000,000 units at a price of C$0.16 perunit, for gross proceeds of up to C$4,000,000.

Each unit (a “Unit”) will consist of one commonshare of the Company (a “Common Share”) and one-half of onenon-transferable common share purchase warrant (each whole warrant, a“Warrant”). Each Warrant will entitle the holder to purchase oneadditional Common Share at an exercise price of C$0.24 for a period of36 months from the date of issuance.

“We are encouraged to see new shareholders cominginto Viva alongside our long-time supportive shareholders,” said JimHesketh, President and CEO of Viva Gold. “This strong level ofinterest reinforces our confidence in the Tonopah Gold Project. Welook forward to advancing the project through feasibility work andpermitting, which we believe should provide Viva shareholders with ameaningful catalyst as we continue to unlock value.”

The net proceeds from the Offering will be used toadvance technical and environmental studies in support offeasibility-level work at the Company’s Tonopah Gold Project inNevada, including permitting-related activities, as well as foradditional geological work and general working capitalpurposes.

Certain insiders of the Company may participate in theOffering. Such participation will constitute a “related partytransaction” within the meaning of Multilateral Instrument 61-101 Protection of MinoritySecurity Holders in Special Transactions (“MI61-101”). The Company expects that any such participation will beexempt from the formal valuation and minority shareholder approvalrequirements of MI 61-101 as neither the fair market value of theUnits to be acquired by insiders, nor the consideration to be paid bysuch insiders, is expected to exceed 25% of the Company’s marketcapitalization.

The Company may pay finder’s fees in connection withthe Offering in accordance with the policies of the TSX VentureExchange.

The Offering remains subject to the approval of the TSXVenture Exchange. All securities issued in connection with theOffering will be subject to a statutory hold period of four months andone day from the date of issuance, in accordance with applicablesecurities laws.

Neither the TSX Venture Exchange norits Regulation Services Provider (as the term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy of this news release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not beregistered under the United States Securities Act of1933 , as amended (the " U.S. Securities Act "), or any state securities laws and may not be offeredor sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws oran exemption from such registration is available.

For further information please contact:

James Hesketh, President &CEO

(720) 291-1775

jhesketh@vivagoldcorp.com

Graham Farrell, InvestorRelations

(416) 842-9003

graham.farrell@vivagoldcorp.com

About Viva Gold Corp.

Viva Gold’s 100% owned Tonopah gold project sits inthe middle of gold mining country about a half hour drive south of theRound Mountain mine owned by Kinross Gold and controls a major landposition on the prolific Walker Lane Trend in Western Nevada. Viva hasdeveloped a high confidence level gold Mineral Resource and candemonstrate the potential for an economically viable open pit, heapleach/mill gold project through rigorous PEA study. Viva Gold iscommitted to developing the Tonopah Gold Project in an environmentallyand socially responsible fashion. These values are aligned withmanagement’s core values and permeate throughout our decision-makingprocess. Viva Gold is led by CEO James Hesketh, a 40-year veteran in the mining space who has led the development and construction of mines around the world throughout his career. Jameshas surrounded himself with equally experienced mining professionalsboth on the management team and the board. Viva Gold trades on the TSXVenture exchange “VAU”, on the OTCQB "VAUCF" and on the Frankfurt exchange "7PB". Viva currently has ~145.3 million shares outstanding and boasts a best-in-class management team and board withdecades of gold exploration and production experience. The Company isadvancing its high-grade Tonopah Gold Project in mining friendlyNevada with the support of several institutional shareholders. Moreinformation can be found on https://www.sedarplus.com and please visit our website :https://vivagoldcorp.com/ .

Cautionary Statement RegardingForward-Looking Information

This news release contains forward-looking statementsand forward-looking information within the meaning of applicablesecurities laws. Forward-looking information includes, but is notlimited to, statements regarding the completion and size of theOffering, the anticipated use of proceeds, the advancement offeasibility work and permitting at the Tonopah Gold Project, and thepotential for future catalysts. Forward-looking information is subjectto known and unknown risks, uncertainties, and other factors that maycause actual results to differ materially from those expressed orimplied. Readers are cautioned not to place undue reliance onforward-looking information. Viva Gold disclaims any obligation toupdate such information except as required by law.

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