Revival Gold Secures Strategic $29 Million Financing to Accelerate Path to Production

• Revival Gold successfully closed a $29 million Canadian financing round led by EMR Capital (12% stake) and Dundee Corporation (5% stake), providing substantial capital for aggressive drilling programs
• The company plans 50,000 feet of drilling across two major projects: 40,000 feet at Mercur in Utah and additional drilling at Beartrack-Arnett in Idaho, with up to three drill rigs operational
• EMR Capital, former Rio Tinto executives with Australian mining expertise, chose Revival Gold for its capital-efficient production model on private land in favorable US geography
• The financing structure is "very clean" - straight equity with no warrants, streams, or royalties, giving Revival Gold full flexibility for future funding decisions while maintaining shareholder-friendly terms
• Management targets production at Mercur by 2028, with formal permitting to begin early next year, while simultaneously unlocking expansion potential across both large geological systems

Revival Gold Inc. (TSXV: RVG) has successfully completed a significant $29 million Canadian financing round, marking a pivotal moment for the gold developer as it advances two major projects in the western United States. The strategic investment, led by prominent mining investors EMR Capital and Dundee Corporation, provides the company with substantial capital to execute an aggressive drilling campaign while maintaining a clear path toward production.

Strategic Investor Validation

The financing attracted EMR Capital, a respected Australian mining investment firm founded by former Rio Tinto executives, who took a 12% stake in the company. 

EMR Capital's decision to invest represents a significant endorsement, as the firm typically focuses on private asset acquisitions rather than public company investments. CEO Hugh Agro, explained their rationale: 

"They are not known for going into public companies. Typically, they buy private assets privately. But they love our team. They love our prospects with Mercur and Beartrack-Arnett both in the western United States."

Dundee Corporation, maintaining its strategic position, exercised its participation rights to retain approximately 5% ownership in the company. The involvement of both sophisticated investors provides Revival Gold with experienced mining professionals who understand both technical execution and capital markets dynamics.

Clean Financing Structure Preserves Flexibility

The financing structure stands out for its investor-friendly terms, consisting entirely of straight equity without the complex instruments often seen in mining financings. 

"It's a very clean deal. All the terms have been released and it's straight equity. No half warrant or warrant, no requirement to do streams or royalties or debt instruments."

This clean structure preserves Revival Gold's strategic flexibility while providing governance benefits. EMR Capital receives one board nominee, bringing additional mining expertise to the company's oversight. Importantly, the financing includes anti-dilution rights for both strategic investors, demonstrating their commitment to maintaining their positions as the company advances.

The absence of restrictive covenants or budget approvals allows management to retain full operational control. 

"We retain full flexibility to fund the business as makes most sense for shareholders going forward. We don't have budget approvals or other kinds of constraints on how we run the business."

Aggressive 50,000-Foot Drilling Campaign

The financing immediately funds an extensive drilling program totaling 50,000 feet across Revival Gold's two flagship projects. At the Mercur project in Utah, the company plans approximately 40,000 feet of drilling, primarily reverse circulation with some core drilling components. The program will deploy up to three drill rigs, with the first already operational and additional rigs arriving shortly.

The Mercur drilling focuses on converting inferred resources to measured and indicated categories to support a preliminary feasibility study (PFS). 

"At Mercur it's about converting inferred resource to measured and indicated. Remember that we've got about 60% of our resources already in the M&I category, but we'll have to move the inferred material into M&I to support a PFS.”

At Beartrack-Arnett in Idaho, Revival Gold plans to test high-grade underground targets and explore approximately five kilometers of untested strike length. The project already hosts 4.6 million ounces, with drilling aimed at demonstrating potential for significantly larger resources. 

"What we're looking for is to find the next million or two ounces or at least where those next million or two ounces could be."

Interview with Hugh Agro, CEO of Revival Gold

Targeting Production by 2028

Revival Gold has established a clear timeline for bringing Mercur into production, with formal permitting processes beginning in early 2026. The company expects a two-year permitting timeline, targeting construction commencement by 2028. This timeline aligns with EMR Capital and Dundee Corporation's production-focused investment thesis.

The Mercur project benefits from private land ownership and favorable permitting jurisdiction in Utah, factors that attracted the strategic investors. 

"They want to be long gold in good geography and they like this model of moving to production on a cost-efficient, capital efficient basis on private land as we have it in Utah and the Mercur gold project."

Metallurgical testing remains a critical component, building on previous column tests that achieved 84% average heap leach recoveries. The current program includes variability testing across different crush sizes and geographic locations within the deposit to optimize processing parameters for the PFS.

Large-Scale Geological Systems with Expansion Potential

Both Revival Gold projects represent large geological systems with significant expansion potential beyond current resources. The Mercur project encompasses a Carlin-type sedimentary system with multiple mineralized horizons, while Beartrack-Arnett represents an orogenic gold system similar to major Canadian deposits.

At Mercur, soil sampling programs covering 5.7 kilometers have identified new target areas, particularly in the northern Rover area where relatively shallow drilling (150-200 meters) can test multiple prospects across 65-70 drill pads. The systematic approach includes geophysics programs and structural modeling to guide efficient exploration.

Beartrack-Arnett offers exceptional expansion potential with successful intersections across five kilometers of tested strike and another five kilometers of untested ground under cover. Recent drilling intersected mineralized structures averaging 40 meters thick over approximately one kilometer, demonstrating the system's scale and continuity.

Market Outlook

Revival Gold's successful financing positions the company among a select group of well-funded North American gold developers. The $29 million raises the company's pro-forma market capitalization to approximately $150 million Canadian, enhancing liquidity and institutional accessibility.

Agro highlighted the strategic value this creates: 

"We are going to have a lot of activity here which means lots of news flow and lots of volume and lots of growing interest in our company. We're pro-forma 150 million Canadian market cap which makes us more attractive to larger institutions that need the liquidity and the market cap to get involved."

The financing also positions Revival Gold for potential strategic transactions, as intermediate and senior gold producers actively seek to expand their portfolios. The company's location in mining-friendly US jurisdictions, combined with substantial resources and clear production timeline, creates attractive characteristics for larger mining companies seeking to reduce geopolitical risk and add near-term production.

Future Funding & Growth Strategy

While the current financing provides substantial capital for near-term objectives, both EMR Capital and Dundee Corporation have indicated appetite for continued investment. EMR Capital's capabilities span credit, equity, and hybrid instruments, providing multiple funding pathways as Revival Gold advances toward production.

"EMR is able to do credit, more equity and everything in between. So, it's great to have these guys in our corner. All of this creates a very nice kind of situation for our current investors in that we don't have to worry about where the next check is going to come from."

This strategic partnership approach allows Revival Gold to execute its development plans while maintaining shareholder-friendly financing terms. The company's proven ability to attract sophisticated investors at competitive terms demonstrates the quality of its assets and management team's execution capabilities.

The Investment Thesis for Revival Gold

• Strategic Validation: Attracted sophisticated mining investors EMR Capital (former Rio Tinto executives) and Dundee Corporation, demonstrating institutional confidence in assets and management team
• Clean Financing Structure: $29 million equity-only financing with no warrants, royalties, or restrictive covenants preserves operational flexibility and shareholder interests
• Clear Production Timeline: Targeting Mercur production by 2028 with two-year permitting timeline beginning early 2026, supported by private land ownership and favorable Utah jurisdiction
• Substantial Resource Base: Combined 4.6+ million ounces across two projects with significant expansion potential in large geological systems spanning over 15,000 acres each
• Aggressive Development Program: 50,000 feet of drilling across multiple rigs immediately funded, with focus on converting resources to support preliminary feasibility study
• Experienced Management: Proven track record of delivering quality technical work and attracting competitive financing in challenging market conditions
• Strategic Location: Projects located in mining-friendly US jurisdictions with established infrastructure, reducing geopolitical and operational risks
• Multiple Value Catalysts: Continuous drilling results, resource upgrades, PFS advancement, and potential strategic transactions provide multiple re-rating opportunities

The gold sector is experiencing a transformative period driven by technological innovation and evolving investment preferences. Hugh Agro noted the significance of recent developments: 

"It's earth shaking. And that together with the GENIUS Act just passed through the House and Senate in the United States, bringing stable coins into the US financial system. We're going to see a ton of demand for hard assets."

The emergence of cryptocurrency backing and tokenization represents a paradigm shift in commodity investment. Tether's investment in gold royalty companies and the development of gold-backed digital assets create new demand sources beyond traditional institutional and retail investors. This disintermediation trend, as Agro observed, mirrors changes across multiple industries: 

"There's a disintermediation that's taken place in financial markets, in transportation, in all areas of services in the global economy."

For gold developers like Revival Gold, these trends create opportunities to access broader investor bases through innovative financing mechanisms. The regulatory framework emerging in the United States, combined with Streamex's $1.1 billion deployment capacity in precious metals, suggests institutional capital is positioning for increased hard asset exposure. As tokenization and blockchain-based trading platforms mature, gold projects with clear production timelines and substantial resources may benefit from enhanced liquidity and valuation premiums.

"If we can as developers of gold projects & producers of commodities find a better way to access the ultimate investor..that's good for our business and we should embrace it."