Revival Gold's 6 Moz Resource Targeting 160,000 oz/year Production, Drill Results and PFS Release by 2026

Revival Gold (TSXV:RVG) has emerged in 2025 with substantial progress across its dual-asset portfolio, completing the majority of a significant drill programme whilst positioning itself as one of the largest advanced-stage gold developers in the United States. With 6 million ounces of gold resources spanning two brownfield projects in mining-friendly jurisdictions, the company presents a compelling case study in how developers can deliver leverage to rising gold prices whilst maintaining disciplined capital deployment.

Hugh Agro, President and CEO of Revival Gold, characterised 2025 as a transformational year for the company, marked by intensive drilling campaigns and strategic de-risking initiatives.

"Big year for us," Agro noted. "13,000 meter drill program now about 85% through at our Mercur project in Utah. Remember, we're moving towards a PFS on that project next year. So doing a lot of drilling, getting some great results out of that program at Beartrack-Arnett in Idaho."

Strategic Portfolio Construction: Scale Meets Timeline

Revival Gold's portfolio architecture reflects deliberate strategic choices designed to balance near-term production potential with longer-term growth optionality. The addition of the Mercur project in Utah complemented the company's existing Beartrack-Arnett asset in Idaho, creating what Agro characterises as critical scale whilst accelerating the pathway to production.

"What Mercur in Utah did for us was advance our potential path to production," Agro explained. "We're looking at about 3.5 years on our Beartrack project in Idaho. We're looking at only about 2 years of permitting for our Mercur project in Utah. So that's a big improvement to our portfolio.

The other thing is scale. We're now 6 million ounces of gold target production of 160,000 ounce a year of heap leach gold production all from the western United States."

The strategic rationale extends beyond simple project aggregation. Agro emphasised the industry-wide supply challenge that creates structural tailwinds for developers with advanced-stage assets.

"We're only discovering about 10 or 20 million ounces a year of gold in the global gold industry, let alone putting those ounces into production at a time when the pace of global gold production's continuing at about 110-120 million ounces a year," he noted. "So close to 5 or 6 times the rate of discovery. And what does that mean? That means there's a big and growing gap between the supply of new projects to feed future demand from good geographies."

Mercur Project: Rapid Timeline to Production

The Mercur project in Utah represents Revival Gold's near-term production catalyst, with economics that demonstrate robust margins even within conservative gold price scenarios. The preliminary economic assessment (PEA) envisions 100,000 ounces per year of gold production at approximately $1,400 per ounce all-in sustaining costs, requiring $210 million in capital expenditure.

Located one hour from Salt Lake City International Airport, the project benefits from substantial existing infrastructure that significantly reduces both capital requirements and construction timelines.

"We've already got power to the site. We've already got roads, paved roads to the site, office building, water wells, all these things are available to us to redeploy. So that's why that capital is so low."

The project's economics improve substantially with higher gold price assumptions. At current gold price of $4,000 per ounce, that figure rises to approximately $1.2 billion with a payback period is estimated at approximately 18 months, reflecting the combination of modest capital requirements and strong operating margins.

Beyond the economic metrics, Mercur offers permitting advantages that distinguish it within the US development landscape.

"Our Mercur project in Utah is on private land. That means we go through a state process for permitting," Agro explained. "It's a very straightforward process. We avoid the complications and the duplications and the tail spinning that you can get into on federal permitting in the US."

The project's location in a dry environment eliminates water management complexities that frequently complicate permitting processes.

"It's a dry location so we don't have water to deal with. There's no discharging of water. There's no groundwater. There's little in the way of surficial water and so that makes things a lot easier," Agro noted.

Beartrack-Arnett: Low-Capital Entry to Production

The Beartrack-Arnett project in Idaho complements Mercur with its own compelling economics, albeit on a longer permitting timeline. The pre-feasibility study outlines 65,000 ounces per year of production requiring $110 million in capital expenditure, with all-in sustaining costs of approximately $1,300 per ounce.

The project's capital efficiency stems from existing infrastructure, particularly an ADR (adsorption-desorption-recovery) gold processing facility already on site.

"This is relatively low risk capital because we're not investing in earth works or road works. We've got power to site. We've got roads. We've got an ADR processing facility," Agro explained. "We're talking about equipment purchases, rolling stock refitting the ADR facility with new pumps and electrical systems."

At $3,000 per ounce gold, Beartrack-Arnett demonstrates net present value approaching $500 million in net present value. At current gold prices, the value is expected to even increases providing substantial expansion potential.

"It's not just that first phase of production. The first phase of production is only 1.1 million ounces of the 4.6 million ounces of resource here," Agro emphasised. "So lots of opportunity to go underground and build from there and from a brownfield site."

The Idaho permitting environment has evolved favourably in recent years, reducing what Agro acknowledges were previously legitimate concerns about regulatory timelines. Agro also cited the successful permitting of Perpetua Resources' Stibnite project and Agnico Eagle's $200 million investment in the state as validation of improved operating conditions.

Interview with Hugh Agro, President & CEO of Revival Gold

Drill Programme Delivers Resource Expansion Potential

Revival Gold's 2025 drill campaign at Mercur has generated results that support both resource expansion and enhanced project economics. The programme has completed over 110 holes to date, with only approximately one-third of results released publicly as of late November 2025.

"We're hitting an average intercept grade of about 0.73 g/t relative to a resource grade of 0.6 g/t gold in an open pit setting all within 100 meters of surface," Agro reported.

Recent highlights include an intercept of 1.4 grammes per tonne over 44 metres, demonstrating grade continuity beyond current resource boundaries. The company has extended drilling depths significantly beyond initial planning parameters in response to favourable geology. Metallurgical test work continues to validate recovery assumptions, with preliminary results exceeding baseline expectations.

"The recoveries that we're seeing from the project cyanide soluble to fire assay grades are running at about 83% relative to the 75% we used in the assumed recovery for the PEA," Agro stated.

Financial Position and Development Timeline

Revival Gold maintains approximately $23 million in cash whilst backed by strategic investors including Dundee Corporation and EMR Capital. The company's capital deployment strategy prioritises Mercur advancement, targeting formal permitting launch in early 2026 and construction commencement in early 2028.

"Over the next two and a half years, our intention is to complete permitting, the feasibility study at Mercur, and by early 2028 to be turning a shovel on construction," Agro outlined.

Beartrack-Arnett will follow on a delayed timeline reflecting its longer permitting requirements. The sequencing reflects capital efficiency considerations in a market environment where equity valuations remain compressed.

"Every dollar we put out the door right now is costing us roughly 0.2 times underlying NAV," Agro explained. "So we're issuing paper today at a relatively low valuation. So we want to get as much value out of that paper we issue for cash to invest in the business as we can."

Near-Term Catalysts

Revival Gold anticipates multiple value catalysts over the coming quarters. First quarter 2026 should deliver column leach test results providing further metallurgical validation. Additional drill results from the Mercur programme will flow through subsequent quarters, with formal permitting activities commencing shortly thereafter.

"Over the next two or three quarters, we're going to see drill results which continue to validate and show expansion potential of the asset," Agro stated.

The combination of exploration success, metallurgical confirmation, and permitting progress could drive progressive revaluation ahead of construction decision timelines.

Equity analysts covering Revival Gold have established price targets ranging from two to four times current trading levels, providing third-party validation of the revaluation thesis Agro articulates. The company's institutional backing from EMR Capital and Dundee Corporation, following extensive due diligence processes, offers additional confidence signals regarding project quality and development execution capability.

Valuation Dynamics and Market Positioning

Agro frames Revival Gold's investment proposition through the lens of relative value across the gold equity spectrum. Senior producers and royalty companies typically trade between 1.0 and 2.0 times net asset value, whilst developers like Revival Gold trade at approximately 0.1 to 0.2 times net asset value despite near-term production timelines.

"To me, the way I think about it is I can buy an ounce of gold in a senior gold company or royalty company. I can buy an ounce of gold exposure in a development company and what I get in the development company is a lot better value and I get real option value around that," Agro stated. "For every thousand shares of revival gold you get exposure to 22 ounces of gold in the ground."

The company's current market capitaliZation implies approximately 0.1 to 0.2 times net asset value based on engineering studies incorporating approximately 2.5 million ounces of its 6 million ounce resource base. Agro projects potential revaluation to 0.6 to 1.0 times net asset value as the company advances through permitting and feasibility studies over the next two to three years.

This valuation framework excludes value attribution for the 3.5 million ounces not yet incorporated in engineering studies, underground expansion potential at Beartrack-Arnett, and exploration upside across both properties. Agro emphasizes this optionality as fundamental to the investment thesis.

"When I talk about a combined $1.2 billion dollars of underlying NAV in the company at our $3,000 gold price, that is only for about 2 and a half million of our 6 million ounces of resource," he noted. "So we've got another 3.5 million ounces of resource to bring into economics in that NAV and then we've got the exploration potential beyond that."

The Investment Thesis for Revival Gold

• Valuation arbitrage opportunity: Trading at 0.1-0.2 times net asset value versus senior producers at 1-2 times NAV, offering potential five to six times revaluation over two to three years as projects advance towards production, with equity analyst price targets supporting 2-4 times current valuation
• Dual-project portfolio diversification: Two distinct brownfield heap leach projects totalling 6 million ounces gold resources targeting combined 160,000 ounces per year production, providing both near-term catalyst potential (Mercur) and longer-term growth optionality (Beartrack-Arnett underground expansion)
• Capital efficiency and low dilution pathway: Modest capital requirements of $210 million (Mercur) and $110 million (Beartrack-Arnett) enabled by existing infrastructure, with current $23 million cash position and strategic institutional backing supporting development without excessive shareholder dilution
• Jurisdiction and permitting advantages: US-based assets in mining-supportive states with brownfield site advantages, Mercur on private land utilising streamlined state permitting process without water complications, Beartrack-Arnett benefiting from improved Idaho regulatory environment demonstrated by recent peer success
• Leverage to gold price appreciation: Robust project economics at $3,000 gold ($1 billion combined NAV) improving substantially at $4,000 gold ($1.7+ billion combined NAV), with operating margins of approximately 50% providing significant cash flow generation potential to fund organic growth without external capital
• Exploration upside beyond base case: Only 2.5 million of 6 million resource ounces incorporated in current engineering studies, with 3.5 million ounces of additional resources plus underground high-grade targets and district-scale exploration potential representing unvalued optionality
• Near-term catalysts driving progressive revaluation: Pending drill results from over 70 unreleased holes, Q1 2026 column leach metallurgical data, formal Mercur permitting launch early 2026, and pre-feasibility study advancement creating multiple valuation inflection points over coming quarters
• Structural supply-demand fundamentals: Gold industry discovering only 10-20 million ounces annually versus 110-120 million ounces production, creating widening supply gap that benefits advanced-stage developers with permitted, construction-ready assets in stable jurisdictions

Macro Thematic Analysis: The Developer Arbitrage in a Supply-Constrained Gold Market

The gold mining industry faces a fundamental structural challenge that creates asymmetric opportunities for investors willing to accept development-stage risk: discovery rates have collapsed to approximately 10-20 million ounces annually whilst global production continues at 110-120 million ounces per year, representing a five to six times imbalance between depletion and replacement.

Developers with advanced-stage assets, permitted projects, and near-term production timelines trade at 0.1-0.2 times net asset value, despite offering substantially higher leverage to both gold price appreciation and the premium valuations that attach to cash-flowing assets. This arbitrage opportunity exists because markets apply excessive duration discounts to development timelines whilst simultaneously undervaluing the scarcity of permitted, construction-ready projects in stable jurisdictions. As Agro frames it:

"For every thousand shares of revival gold you get exposure to 22 ounces of gold in the ground. Now, we're not going to get it all out of the ground, and it's going to take time to do that, but think about the leverage in that for an investor trying to figure out how to catch up on this gold trade."

The macro thesis supporting developer investments extends beyond simple relative valuation. The path from discovery to production now exceeds 15-20 years on average, with permitting timelines extending and capital intensity increasing for new projects. Brownfield redevelopment opportunities leveraging existing infrastructure and community relationships represent increasingly rare pathways to accelerated production timelines, creating structural scarcity value for the few developers possessing such assets.

"We've got this disconnect between the not just the case for new growth projects to feed future demand, but with the metal price the way it's gone and with this dichotomy in the market valuing producers at much higher percentages as opposed to developers. I think there's a real arbitrage there for investors today."

Revival Gold's operational momentum comes at what Agro describes as an opportune moment for developer investments. As CEO Hugh Agro stated,

"If there ever was a great time to be investing in the developers, now is the time."

TL;DR

Revival Gold presents a compelling risk-reward proposition for investors seeking leveraged exposure to gold price appreciation through advanced-stage development assets. The company's dual-project portfolio spans 6 million ounces of resources with clear pathways to production on timelines ranging from two years (Mercur permitting) to three and a half years (Beartrack-Arnett), supported by brownfield advantages and existing infrastructure that reduce both capital requirements and execution risk.

Trading at approximately 0.1-0.2 times net asset value whilst peers approaching production trade at 0.6-1.0 times NAV, Revival Gold offers substantial revaluation potential as it advances through permitting and feasibility studies. The company's strategic positioning captures both the near-term cash flow opportunity from modest-capital heap leach operations and longer-term growth optionality through underground expansion potential and 3.5 million ounces of resources not yet incorporated in engineering studies. With institutional backing, favourable permitting jurisdictions, and multiple near-term catalysts including drill results and metallurgical data, Revival Gold exemplifies the developer category's potential to deliver outsized returns in a gold market characterised by sustained price strength and structural supply deficits.

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