Revival Gold Builds Substantial U.S. Gold Portfolio with Measured Approach Ready for 2025 Growth Plans

• Revival Gold made a transformative acquisition in 2024 of the Mercur project in Utah, adding to its existing Beartrack-Arnett project in Idaho. The combined mineral resources is now estimated at 6.2 million ounces gold.
• The company is focusing on brownfields projects with existing infrastructure to lower risk, cost, and time to production, and a PEA is underway for Mercur.
• Revival Gold is minimizing equity dilution and taking a phased approach to development, targeting relatively modest initial capex of $200M or less for Mercur and Beartrack.
• Revival is backed by top institutional investors who understand the long-term value creation strategy and the management team bolstered its exploration team adding expanded technical capability.
• CEO Hugh Agro believes the setup for a rising gold market in 2025 along with the scarcity value of Revival's assets will attract capital and reward patient investors.

Revival Gold (TSXV:RVG) CEO Hugh Agro reflected on the company's transformative 2024 and why he believes Revival is uniquely positioned for a rising gold market in 2025. Revival made significant strides in advancing its two core assets, the 4.6Moz Beartrack-Arnett project in Idaho and the newly acquired 1.6Moz Mercur project in Utah, with both assets offering a clear path to production.

Revival Gold's Disciplined Strategy

At the core of Revival's strategy is a focus on brownfields projects in mining-friendly U.S. jurisdictions.

"We've got infrastructure, power line, road, water access, lots of technical data which saves us money but importantly it also saves us time," explained Agro.

This approach lowers execution risk, cost and time to free cash flow. Rather than diluting to acquire producing assets at high multiples, Revival is taking a disciplined, phased approach to creating value by advancing its existing projects.

Dual-Track Value Creation

Revival is pursuing a dual-track strategy to drive value - steadily advancing its assets while also maintaining significant exploration upside.

On the development front, Agro highlighted that Revival has already generated a $170M NPV from just 20% of its 6.2Moz resource base, all while a Preliminary Economic Assessment (PEA) is currently underway for Mercur.

"Imagine what we can do by bringing our Mercur project into an economic study and our third and fourth phases," Agro noted.

Revival also bolstered its exploration team in 2024, bringing in proven mine-finder Dan Pace as Chief Geologist. Agro added:

"Scale matters because scale is what attracts larger institutions and corporates to companies like ours. [...] This is a step that's really going to vault our exploration story and business case into a new paradigm."

Phased Development

Revival is taking a page from the Australian mining playbook with a phased development approach. The initial capex target is relatively modest at sub-$200M for both projects contrasted this with many single-asset developers struggling to finance large projects relative to their market caps. Revival aims to be in production within about three years. Agro explained:

"We can grow sequentially into the next and subsequent phases for lower capital through self-generated cash flow and for lower risk"

Interview with President & CEO, Hugh Agro

Veteran Leadership

Revival is led by a veteran team with CEO Hugh Agro having over 35 years of global mining experience spanning majors like Placer Dome and Kinross. Revival also added former Eldorado Gold President Norm Pitcher to its board in 2024, bringing additional large-scale development and operating expertise.

Agro believes the industry is set up for an intense consolidation phase in the coming years as larger miners scramble to replace reserves.

"What happens in these senior gold companies in particular is they scramble around to try and find assets. They scramble to find a seat on the bus. There aren't enough seats."

Looking Ahead to 2025

Agro is bullish on Revival's setup for 2025, noting the scarcity value of its growing portfolio. While acknowledging the challenges of raising capital in the current market, Agro believes Revival is on the right track with its long-term investors.

"I happen to believe that the portfolio we've built, the scarcity of the kind of assets we provide, are going to attract and continue to attract capital."

The Investment Thesis for Revival Gold

• 6.2Moz resource base across two U.S. brownfield projects
• Phased development approach targeting <$200M initial capex
• Exploration upside with new Chief Geologist and proven mine-finder Dan Pace
• Potential 3-year timeline to initial production
• Backed by top institutional investors with 44% ownership
• Scarcity value of growing, developable gold assets in a rising market

Revival Gold has built an enviable portfolio of 6.2 million ounces of gold across two U.S. projects with a phased development approach designed to maximize value and mitigate risk for shareholders. With exploration upside, a potential near-term path to production, and backing from top institutions, Revival appears well-positioned for a rising gold market in 2025 under the veteran leadership of CEO Hugh Agro.

Macro Thematic Analysis

The broader gold industry setup appears bullish heading into 2025 with a forecasted $3,000/oz price and strong physical demand, particularly in the U.S. However, gold equities have yet to reflect this bullishness with Agro noting that generalist investors have been largely absent so far.

"The common refrain we hear from the institutions is gosh the price of gold goes up and all that happens for us is investors want to liquidate their winnings and go invest in the next Nvidia," he explained.

This divergence may not last though.

"I think that turns. For anybody who's been through a cycle, in 2000 what we saw was very dramatically over the course of two or three years, the development space got hollowed out. Everybody was too busy with the dot-coms and then once the equity market started to come back and the generalists realized that they were missing out on returns by being light on precious metals, on commodities holdings, they came in with a vengeance and the market took off."

Agro sees a similar setup today with the gold development pipeline having been depleted after a long bear market. In this environment, gold assets are likely to be re-rated higher.

Overall, Revival Gold appears to be systematically executing a focused strategy to build a sizable U.S. gold company anchored by a 6.2Moz resource base across two historically productive projects. With a veteran CEO, growing institutional backing, and a disciplined phased development approach, Revival is positioning itself to generate significant returns for investors in a rising gold market.

"I feel very excited about 2025, not just because of the steps we've taken in 2024 to adapt to market conditions, but really from the foundational steps when we first got Revival Gold started - this phased approach, staying in good geography, focusing on scale."