About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company trading on the TSX-V (“RVG”) and OTCQX (“RVLGF”). The company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.

Beartrack-Arnett is the largest past-producing gold mine in Idaho.  Engineering work has been initiated on a Preliminary Feasibility Study (“PFS”) for the potential first phase restart of heap leach operations. In future, a second phase mill operation is envisioned to follow. 

While development progresses, Revival Gold continues with exploration to expand on its 2022 indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold and Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth.  Mineralization at Arnett is open in all directions.

Background and Current Activity

Revival Gold was founded in 2017 with the consolidation of a land position in Idaho, USA.

Revival Gold struck an arrangement with Yamana Gold, to acquire the Beartrack land position. The Beartrack property includes road access, an active powerline to site, water treatment plant and mothballed ADR gold processing facility.

Over the course of five years, Revival Gold has completed extensive core drilling across the property position and in 2022 outlined a resource of 4 million ounces of gold. This makes Beartrack-Arnett the second largest gold discovery in the US in the past decade.

To-date, Revival Gold’s “finding cost” is less than US$5 per ounce of gold in resource.

Together with estimated past gold production from placer and hard rock mining, the total gold endowment at Beartrack-Arnett is five million ounces of gold and the deposits remain open for further discovery.

Subsequent to releasing its most recent mineral resource estimate for the project, Revival Gold drilled 5,400 meters in 22 infill and exploration core drill holes during the 2022 field season at Beartrack-Arnett.

The follow-up exploration drilling in the high-grade Joss underground zone intersected 11.4 meters grading 10.1 g/t gold within 115.4 meters grading 3.5 g/t gold approximately 200 meters below previously known mineralization.

At the Haidee near surface oxide deposit, infill, and resource expansion drilling continued to de-risk the project ahead of mine planning for a Preliminary Feasibility Study (PFS). Drill results included 1.5 g/t gold over 15.8 meters and 1.07 g/t gold over 18 meters at Haidee.

As at the end of 2022, Revival Gold’s phase one restart PFS was 70% complete and the PFS is due mid-2023. Technical studies completed to-date in support of the PFS include an eighteen-month metallurgical program on 2.7 MM tonnes of sample material in twelve column leach tests with results indicating recoveries in line with, or better than anticipated for the heap leach phase of the project; and geotechnical studies to advance open pit and leach pad design criteria with results pointing to potential improvements and enhancements to engineering design.

Revival Gold consolidated 100% ownership of the Arnett land position with the execution of final property earn-in and purchase rights. The company also continued to build team competency and capabilities.

Revival Gold has a current cash balance of about C$3 MM and enjoys investor support with institutions (including Donald Smith Value Fund, Gold2000/Konwave, Adrian Day Asset Management and US Global) owning about 40% while management and advisors own approximately 10%.

Next Steps

Revival Gold is focused on completing its PFS on a first-phase restart of heap leach operations at Beartrack-Arnett in the first half of 2023.

The company is targeting 65 to 75,000 ounces of gold production per year over a 7 to 9 year mine life.

Additionally, Revival Gold will complete an updated Mineral Resource estimate incorporating both heap leach and mill resources.

Meanwhile, exploration activities continue with Revival Gold’s exploration team targeting additional near-surface oxide gold mineralization at Arnett and high-grade mill material along the main Pather Creek Shear Zone at Beartrack.

Several new oxide target areas have been intified and remain untested by Revival Gold at Arnett and the the statilite deposit at Haiee remains opein in all directions.  Mineralization on the Pather Creek Shear Zone trend is open to the north and south and at depth.

Business Case

There is a large and growing gap between the pace of global gold production and the rate of discovery – let alone permitting and financing – of new gold projects in good locations to feed producer demand.

The result is that high-quality, low geopolitical-risk gold companies such as Great Bear, Fiore Gold, and even Yamana have been snapped up or consolidated over the past year for large sums.

For investors the situation spells opportunity – especially given the valuation difference between exploration/development companies trading at $10-30/ounce or 0.1-0.2x P/NAV and their larger brethren trading at $40-$100/ounce and 0.8-1.1x P/NAV.

Revival Gold’s Beartrack-Arnett project summary:

· Jurisdiction – Idaho is ranked Top-10 in the world for investment in mining by the Fraser Insitute

· Existing infrastructure – roads, power, gold processing facility

· 1st phase HL PEA economics – modest capex, low execution risk, high return

· Exciting high-grade exploration potential with a significant extent of mineralization over a 5 km trend, open to the north, south, and at depth

· Finding cost to date of about US$5/ounce

· Current share price of about C$0.70 cents/share implying a market valuation of just $12/ounce resource


The principle risks associated with Revival Gold’s business relates to ongoing access to favourably priced development funding and the level of investor sentiment and interest towards precious metals and precious metal equities generally.

Beyond capital market’s risks (which apply to all industry participants), company specific risks include:

· Dependence on Revival Gold‘s key personnel including executive and technical specialists

· Revival Gold’s licence to operate including ongoing community and government support

· Successful completion of Revival Gold’s technical studies including the upcoming PFS and resource update

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