Revival Gold Provides Update and Latest Results From Drilling at the Mercur Gold Project in Utah

The latest news release from December 9, 2025, provides an update on the ongoing drilling program at Revival Gold's Mercur Gold Project in Utah. The company has completed approximately 11,300 meters out of the planned 13,000 meters for the year, across 108 reverse circulation (RC) holes.

Key highlights from the latest assay results include: * RM25-127: 18.3 meters grading 1.33 g/t gold (Au) * RM25-122: 24.4 meters grading 0.62 g/t Au * RM25-116: 18.3 meters grading 0.64 g/t Au * RMC25-133: 56.4 meters grading 0.46 g/t Au

The company notes that some intercepts extend outside the current pit designs, indicating potential for resource upside. The results obtained are consistent with the Preliminary Economic Assessment (PEA) resource and metallurgical estimates for Mercur. This data is intended to support a planned Pre-Feasibility Study (PFS) in 2026. President & CEO Hugh Agro reiterated that Mercur is a simple, shallow heap leach gold project with strong indications of exploration upside beyond the current mine plan, emphasizing its potential for quick progression to production given current long-term gold prices around $3,000 per ounce.

This news release is a planned update on the 2025 drilling program at the Mercur Gold Project. The results, while positive, are largely consistent with previous expectations and the project's Preliminary Economic Assessment (PEA). The company explicitly states the results are "consistent with PEA resource and metallurgical estimates" and are in "support of a planned 2026 pre-feasibility study." This messaging aligns directly with previous updates (e.g., 2025-11-17, 2025-10-29, 2025-10-06) where drilling was reported to confirm PEA results and indicate exploration upside.

The reported grades, while good for a heap leach project, do not represent a significant, unexpected increase in grade or scale that would materially alter the project's economics beyond the compelling PEA results already established. The program is almost 90% complete, indicating a progression as planned rather than a new discovery phase. The mention of potential upside outside current pit designs is positive but unquantified in this release and reiterates a known opportunity.

Considering the company's clear roadmap towards a 2026 PFS and the consistent nature of these results with that plan, this news is a routine positive development. It provides confidence in the project's geology and metallurgy as projected but does not introduce new information that would constitute a "game-changer" or a significant re-rating of the stock. It's an affirmation of steady operational progress.

Revival Gold Inc. is a Canadian exploration and development company focused on advancing two significant gold projects in the United States: the Mercur Gold Project in Utah and the Beartrack-Arnett Gold Project in Idaho.

Mercur Gold Project (Utah, USA): This is Revival Gold's flagship project and a past-producing mine. The company completed a Preliminary Economic Assessment (PEA) in March 2025, which highlighted robust economics for a shallow, open-pit, heap leach operation. Key PEA results (at $2,175/oz gold price): * Life of Mine (LOM): 10 years * Average Annual Gold Production: 95,600 ounces * After-tax NPV (5% discount): $294 million USD * After-tax IRR: 27% * LOM Average All-in Sustaining Cost (AISC): $1,363 per ounce * Mineral Resources (March 2025): 746,000 ounces Indicated (35.3 MT @ 0.66 g/t Au) and 626,000 ounces Inferred (36.2 MT @ 0.54 g/t Au). The project benefits from existing infrastructure and a relatively short permitting timeline (estimated two years). The current drilling program is aimed at converting inferred resources and expanding the overall resource base to support a Pre-Feasibility Study (PFS) in 2026. The company holds an option to acquire Mercur from Barrick Resources (USA) Inc. for US$20 million, with the first US$5 million payment due by January 2, 2026.

Beartrack-Arnett Gold Project (Idaho, USA): This project hosts a large, multi-million-ounce gold resource and is being explored for its high-grade underground sulphide potential. Revival Gold has been collaborating with Dundee Sustainable Technologies (DST) to test DST's GlassLock process for arsenic removal and gold recovery from sulphide material, showing promising results (31% boost in gold grade, 99% reduction in arsenic for a concentrate). An exploration drilling program is planned to expand the high-grade potential, with a fourth drill rig mobilized in late 2025.

Revival Gold positions itself as advancing two high-quality development projects, with Mercur targeted for earlier production and Beartrack-Arnett offering significant long-term upside.