Revival Gold Closes Acquisition of Barrick's Mercur Interest, Holds 100% of Utah Gold Project

• Revival Gold closed the acquisition of Mercur Mines LLC, formerly Barrick Resources (USA) Inc., on 2 April 2026, adding approximately 996 hectares to the project
• The purchase price was US$5 million at closing, plus three deferred payments of US$5 million each due on the first, second, and third anniversaries of commercial production
• A Pre-Feasibility Study (PFS) is targeted for Q1 2027, following a 115-hole drill programme completed in 2025 and further planned work in 2026
• Revival Gold anticipates a two-year permitting timeline, with mine construction forecast to begin in 2028 and first gold production targeted for 2029
• Based on the March 2025 PEA, Mercur is projected to become Utah's largest gold producer, with an estimated economic contribution of over US$4 billion to the state and approximately 700 direct jobs across construction and operations

Revival Gold Inc. (TSXV: RVG | OTCQX: RVLGF) is a Toronto-based junior gold exploration and development company focused on reviving past-producing gold projects in the western United States. The company is advancing the Mercur Gold Project in Utah and conducting ongoing exploration at the Beartrack-Arnett Gold Project in Idaho, with an exploration and development office in Salmon, Idaho.

100% Control of the Mercur Gold Project

Revival Gold has closed its acquisition of Mercur Mines LLC from Barrick Gold Exploration Inc., a wholly owned subsidiary of Barrick Mining Corporation, bringing the total Mercur project area to approximately 7,200 hectares. The company paid US$5 million at closing and will pay a further US$5 million on each of the first, second, and third anniversaries of commercial production. Revival Gold also granted Barrick a 2% net smelter return (NSR) royalty on the acquired mineral interests and a 1% NSR on any Revival Gold properties within one kilometre of those claims. A net smelter return royalty entitles the holder to a percentage of gross revenue from metal sales.

Mercur is a Carlin-style gold system, a deposit type characterised by fine gold mineralisation hosted in sedimentary rock, first identified in Nevada's Carlin Trend. Revival Gold describes Mercur as a rarity outside the Nevada gold majors. The project benefits from existing roads and on-site power, along with technical data accumulated during Barrick's prior operations.

Hugh Agro, President and Chief Executive Officer, commented: 

"Revival Gold is now in the enviable position of controlling a large past-producing Carlin-style gold system, a great exploration opportunity and a rarity outside the Nevada gold majors. With economics benefiting from roads, power to site and the extensive technical information acquired over the years by Barrick, Mercur has the potential to be a transformational asset for Revival Gold's shareholders."

PFS Targeted for Q1 2027, First Gold Production in 2029

Revival Gold released a low-capital-intensity PEA for Mercur in March 2025. The company completed a 115-hole drill programme in 2025, with assay results from the remaining eight holes expected shortly. Plans for 2026 include 16 kilometres of additional drilling, metallurgical test work, and the collection of baseline data required to support permitting. A Pre-Feasibility Study, which provides a more detailed economic assessment than a PEA, is targeted for Q1 2027.

Following the PFS, Revival Gold anticipates a two-year permitting process, placing the start of mine construction in 2028 and first gold production in 2029. The company has described its discussions with state, county, and municipal officials as constructive.

President and CEO Hugh Agro added:

"Revival Gold's discussions with State, County and Municipal officials have been constructive, and we are humbled by the welcome in Utah. Barrick operated to high standards of environmental and community stewardship at Mercur and Revival Gold is committed to upholding those same high standards as we take Mercur into the future."

Based on the March 2025 PEA, Mercur is projected to be Utah's largest gold producer. At current gold prices, the project is estimated to contribute over US$4 billion to the Utah state economy over its mine life, supporting approximately 400 direct jobs during construction and 300 direct jobs over 10 years of operation.

Milestones and Next Steps

Assay results from the final eight holes of the 2025 drill programme are expected shortly, followed by 16 kilometres of additional drilling, metallurgical test work, and baseline data collection through 2026. The Q1 2027 PFS is the next major scheduled milestone and is expected to underpin the formal permitting application. Revival Gold has indicated a two-year permitting timeline, placing mine construction on track to begin in 2028 and first gold production in 2029.

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