Revival Gold

Revival Gold presents a compelling low-capex U.S. gold opportunity with Mercur's 2025 PEA delivering after-tax NPV5% of $295M, 27% IRR, 95.6 koz Au/year over 10 years at $2,175/oz gold, with $208M pre-production capex and $1,205/oz cash costs. Beartrack-Arnett's 2023 PFS adds $226M NPV5%, 43% IRR, 65.3 koz Au/year over 8 years at $1,238/oz AISC and $109M initial capex.​

Trading at 0.24x P/NAV ($521M combined NPV5%) versus peers' 0.68x median, Revival offers superior leverage to gold prices (e.g., Mercur NPV $753M at $3,000/oz). Positioned in Idaho and Utah—Top-25 global jurisdictions—the projects benefit from proximity to infrastructure, supportive communities, and ongoing exploration with three rigs confirming resource expansion (0.70 g/t Au average intercepts at Mercur).​

ESG strengths include brownfield redevelopment minimizing new disturbance, rapid leach kinetics (75% recovery), and semi-arid locations reducing water risks, positioning Revival for efficient, responsible production amid rising gold demand.​

Revival Gold is led by proven mining executives with track records at majors and successful developers. CEO & Director Hugh Agro, founder, brings EVP experience from Kinross Gold and VP roles at Deutsche Bank Global Metals & Mining. VP Engineering & Development John Meyer, P.Eng., oversaw projects at Perpetua Resources, Kinross, and Barrick.​

CFO Lisa Ross contributes finance expertise from Kirkland Lake Gold and Kinross, while VP Corporate Development & IR Scott Trebilcock drove M&A at Mandalay and Nevsun Resources. Non-Executive Chairman Tim Warman, ex-CEO of Fiore Gold, guides strategy alongside directors like Robert Chausse (ex-CFO New Gold), Wayne Hubert (ex-CEO Andean Resources, $3.5B sale), and Tony Manini (EMR Capital co-founder).​

This team, with technical QPs like Chief Geologist Dan Pace (Regis Mem. SME), ensures de-risked advancement from exploration through feasibility and operations.​

Revival Gold's phased strategy restarts Mercur heap-leach (Phase 1: 95 koz Au/year) within 2 years of permitting, adds Beartrack-Arnett heap-leach (Phase 2: +65 koz/year), then taps Joss underground high-grades (Phase 3-4: >250 koz total). Ongoing 2025 programs—13km drilling at Mercur, 3,900m at Joss, geochem surveys—target resource growth in underexplored trends.​

Leveraging past-production infrastructure (roads, power, ADR plants), the approach minimizes capex and timelines. Next steps include RC/core drilling, met column testing, geotech studies, baseline data, and PFS/FS for Mercur, plus permitting prep at Beartrack-Arnett. Strategic backing from EMR Capital and Dundee supports funding, with openness to partnerships for optimal value.​

In premier Western U.S. districts, Revival emphasizes operational synergies, community support, and environmental efficiency for sustainable scaling.​

As of December 2025, Revival Gold maintains a solid position with 272.5M basic shares (321.8M fully diluted), C$0.70 share price, C$191M market cap, and ~C$19M cash. Combined projects yield $521M after-tax NPV5% at $2,175/oz Au (Mercur $295M, Beartrack-Arnett $226M), with leverage to upside ($1.24B at $3,000/oz).​

Mercur requires $208M pre-production capex for 951 koz recoverable gold over 10 years; Beartrack-Arnett $109M initial for 410 koz reserves. Low AISC ($1,238-1,363/oz) and strip ratios (2.8:1) enhance cash flow potential, with ~22 oz gold exposure per 1,000 shares. Analyst coverage from Paradigm Capital, Beacon Securities, and Velocity Trade underscores value at 0.24x P/NAV.​

Financing will blend equity, debt, and partners, capitalizing on de-risked studies and drilling catalysts for production funding.​

Revival Gold proactively addresses development risks standard to pre-production miners. Commodity price volatility is mitigated by low costs ($1,205/oz cash at Mercur) and sensitivity (11% IRR floor at $1,800/oz), plus 75% heap recoveries confirmed in testing.​

Permitting timelines (2 years at Mercur) leverage brownfield status and top jurisdictions, with baseline studies underway. Capital needs are managed via strong backers (54% institutional) and phased approach reducing upfront outlay. Exploration risks are offset by 280km drilling history and 2025 programs confirming grades/metallurgy (79% AuCN/AuFA ratio).​

Operational challenges like metallurgy and geotech are tackled through third-party studies (Kappes Cassidy, RESPEC) and QPs. NI 43-101 compliance, royalties (avg. 2.1%), and public filings ensure transparency, positioning Revival to navigate uncertainties effectively.​

Revival Gold Inc. stands poised to revive U.S. gold production with multi-ounce heap-leach assets in elite jurisdictions, targeting 160+ koz/year at low capex and costs. Trading at a 65% P/NAV discount, it offers asymmetric upside to gold prices, exploration success, and de-risking milestones.​

Seasoned leadership, institutional support, and phased growth—from Mercur permitting to Joss underground—drive long-term value. With brownfield advantages, supportive districts, and ESG-aligned restarts, Revival delivers leveraged exposure to gold while prioritizing responsible development for investors seeking U.S.-focused growth.

‍