Revival Gold: Working Towards a Pre-Feasibility Study for the Mercur Gold Project in Utah

Key Concepts

• Mercur Project: A gold mining project located in Utah, currently undergoing exploration and pre-feasibility studies.
• Beartrack-Arnett Project: A gold mining project located in Idaho, currently undergoing active drilling.
• PFS (Pre-Feasibility Study): An intermediate study to determine the economic viability of a mining project.
• FS (Feasibility Study): A comprehensive study that serves as the basis for a final investment decision.
• Heap Leach: A metallurgical process used to extract gold from ore by spraying a solvent over crushed rock.
• Onshoring: The political and economic trend of bringing industrial jobs and production back to the United States.

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1. Project Development and Operational Timeline

Revival Gold is currently executing a multi-year development plan for its two primary assets. The company has outlined a clear sequence of events to reach a construction decision:

• Drilling Program: The company is conducting a total of 24,000 meters of drilling in 2026 (16,000m at Mercur and 6,000m at Beartrack-Arnett).
• Pre-Feasibility Study (PFS): Expected by the end of Q1 2027. This includes resource updates, engineering trade-off studies, and metallurgical column leach testing (currently 20 columns in progress).
• Feasibility Study (FS): Scheduled for completion by the end of 2027.
• Permitting: Baseline studies are underway in 2026, with the permitting process slated for completion in 2027.
• Construction Decision: Targeted for early 2028.

2. Financial Position

CEO Hugh Agro confirmed that Revival Gold is fully funded to reach the construction decision in early 2028. The company maintains a strong balance sheet with approximately $35 million in cash, supplemented by an additional $15 million in expected inflows (totaling $50 million CAD in funding).

3. Jurisdictional Advantages: Utah and Idaho

The company highlights the United States as a premier mining jurisdiction, citing several strategic advantages:

• Political Support: There is a strong "onshoring" trend, with state leadership (e.g., Governor Spencer Cox of Utah) actively supporting mining projects to create local jobs.
• Mining Pedigree: Both states have deep-rooted mining histories. Utah hosts the Bingham Canyon copper-gold mine, and Idaho is home to world-class silver districts.
• Human Capital: The presence of local universities producing mining engineers and geologists provides a competitive advantage in talent acquisition.
• Infrastructure: The existence of refining complexes and a diverse mineral output (gold, copper, uranium, coal) creates a supportive ecosystem for mining operations.

4. Key Personnel and Methodology

Revival Gold has focused on assembling a high-caliber technical team to de-risk the projects:

• Tim Barnett (General Manager): Formerly of Rio Tinto Kennecott, leading site operations.
• John Meyer (VP Engineering Development): Overseeing the engineering and development streams.
• Methodology: The company utilizes a data-driven approach, integrating recent drill results (such as the 75m of 2.8g/t gold reported from the 2025 program) into their resource models to optimize the upcoming PFS.

5. Notable Quotes

• "There really is a big push politically to move jobs back to the United States... they’re bending over backwards to be helpful in the process of moving our projects forward." — Hugh Agro, on the regulatory and political environment in Utah.
• "We are funded all the way through that work stream... to that production decision in early '28." — Hugh Agro, regarding the company's financial runway.

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Synthesis and Conclusion

Revival Gold is positioned in a favorable geopolitical environment, leveraging the U.S. onshoring trend to advance its Mercur and Beartrack-Arnett projects. With a fully funded roadmap through early 2028, the company is transitioning from an exploration-heavy phase to a development-focused phase. The next 12 to 18 months will be critical, as the company releases drill results and progresses toward the Q1 2027 PFS, which will serve as the primary indicator of the projects' economic potential.