Revival Gold Advances Pre-Feasibility Study and Permitting Work at Mercur, Utah's Largest Primary Gold Development Project

Revival Gold Inc. (RVG) provided an operational update on the Mercur Gold Project in Utah, confirming that resource delineation drilling, geological modeling, metallurgical testing, and permitting preparations are progressing as planned. Approximately 24 kilometers of resource delineation drilling have been completed since the 2025 Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) to convert Inferred resources to Measured & Indicated categories. Updated lithological, structural, and grade shell models are being developed for Main and South Mercur.

Metallurgical testing by Kappes Cassiday & Associates (KCA) completed 18 column leach tests on oxide, refractory sulfide, and carbonaceous composites. Initial results were released in August 2026, with complete results expected later in the month. Engineering trade-off studies optimized site layouts, selecting Main Mercur for the Heap Leach Facility (HLF) and a crusher location near the Rover Pit. Mine design studies favor reduced bench heights for economic attractiveness.

Environmental baseline studies led by Stantec are largely complete. The company targets filing a Notice of Intention (NOI) to revise the Large Mine Operating (LMO) permit by the end of Q1 2027, with approval expected approximately twelve months later. Site team and infrastructure upgrades are underway, including road access improvements, office refurbishment, and water supply well testing.

Revival Gold Inc. (RVG) confirmed that its operations are proceeding in line with the previously announced roadmap for the Mercur Pre-Feasibility Study (PFS) and permitting timeline. The company reported progress in drilling, the completion of metallurgical tests, and engineering optimizations, steps that validate management's operational execution and reduce near-term execution risk.

The update did not disclose any new economic data, resource updates, or permitting milestones that would alter the project's fundamental thesis or timeline. While the information provides comfort regarding the path to the Q1 2027 PFS target, it does not introduce unexpected catalysts or material changes to the investment case.

Revival Gold Inc. is a Canadian gold exploration and development company focused on two primary assets in the western United States. The company’s flagship asset is the Mercur Gold Project in Utah, a 7,200-hectare past-producing Carlin-style gold system. A 2025 Preliminary Economic Assessment (PEA) for the project outlines a 10-year open pit heap leach operation targeting 95,600 ounces of gold per year, with an after-tax net present value (NPV) of $752 million at $3,000 per ounce of gold and an all-in sustaining cost (AISC) of $1,363 per ounce.

The company’s secondary asset is the Beartrack-Arnett Gold Project in Idaho. This project features a 2023 Pre-Feasibility Study (PFS) for a Phase 1 open pit heap leach operation targeting 65,300 ounces of gold per year, with an NPV of $484 million and an AISC of $1,248 per ounce. The site also includes an underground Joss target with an inferred resource of 877,000 ounces of gold.

Combined, the company’s targets exceed 160,000 ounces of gold per annum in the first phase, with potential for over 250,000 ounces with underground expansion. Revival Gold Inc. completed the acquisition of a 100% interest in Mercur Mines LLC from Barrick in April 2026, consolidating the land package and assuming environmental bonding obligations.