Revival Gold Consolidates Mercur Gold Project by Exercising Option To Acquire 100% of Barrick's Interest
Revival Secures 100% Ownership of Utah Flagship as Barrick Option Exercise Triggers Production-Linked Payouts
On December 22, 2025, Revival Gold announced the formal exercise of its option to acquire 100% of Barrick Gold's interest in the Mercur Gold Project in Utah. The company satisfied the initial requirement of C$6 million in exploration expenditures ahead of the January 2026 deadline. The acquisition is structured through a Membership Interest Purchase Agreement (MIPA). Financial terms include a US$5 million payment upon closing the option and three subsequent US$5 million payments on the first, second, and third anniversaries of commercial production. Additionally, Barrick retains a 2% Net Smelter Return (NSR) royalty on the primary mining claims and a 1% NSR on surrounding properties within a 1 km radius.
This is a material positive development as it transitions Revival Gold from a mere option-holder to the 100% owner of its primary development asset. - De-risking Ownership: By securing 100% interest, the company eliminates the risk of losing the project due to unmet earn-in requirements, which is a major hurdle for junior developers. - Financial Liability: While positive, the exercise triggers a US$5 million (approx. C$6.8 million) immediate cash outflow. Combined with US$15 million in deferred production-linked payments, the project now carries a significant "debt-like" obligation to Barrick. - Expansion and Consolidation: The CEO noted that this completes the consolidation of a Carlin-style system that was previously fragmented between Barrick and Homestake claims, which is essential for the scale required for the PEA's 95,600 oz/year production profile. - PEA Validation: The news reiterates the PEA economics ($294M NPV at $2,175 gold), providing a benchmark for investors to value the now-wholly-owned asset.
Revival Gold is a development-stage company focused on gold in the USA. - Flagship Project: Mercur Gold Project (Utah). It is a past-producing, Carlin-style open-pit heap leach project. - Key Metrics: PEA (2025) projects 95,600 oz Au/year over a 10-year mine life. AISC is estimated at US$1,363/oz. - Secondary Project: Beartrack-Arnett (Idaho), which holds a large resource base but currently ranks second in development priority to Mercur.