Revival Gold lays out plans for Mercur gold project

Executive Summary

• Revival Gold Inc. provided its 2026 operational outlook, focusing on advancing the Mercur gold project in Utah toward production and continuing exploration at the Beartrack-Arnett project in Idaho.
• The company targets a construction decision for Mercur in 2028, with a goal of starting production in 2029, following a two-year permitting timeline.
• Key 2026 activities include completing a Preliminary Feasibility Study (PFS) by Q1 2027, conducting 16,000 meters of drilling at Mercur, and performing 3,000 meters of core drilling at Beartrack-Arnett.

Key Details

• Mercur Project Timeline:
  • Permitting work is underway with an expected two-year timeline.
  • Project financing discussions are anticipated to begin in 2027.
  • Construction decision targeted for 2028.
  • Gold production targeted for 2029.
• Mercur 2026 Work Programs:
  • Metallurgy: Completion of a column leach metallurgical testing program using 2025 drill core; results expected in Q2 2026.
  • Drilling:
    • 12,000 meters of RC and core drilling planned to upgrade resources to measured and indicated categories for PFS mine planning and for exploration.
    • Additional 4,000 meters of reverse-circulation, core, and auger drilling for geotechnical and hydrological data to support PFS engineering.
  • Environmental/Permitting: Completion of baseline surveys (biological, hydrogeology, cultural, air, geochemistry, noise) required by the Utah Department of Oil, Gas and Mining (DOGM). Contracts awarded to Stantec Consulting Services Inc. and Kautz Environmental Consultants Inc.
  • Preliminary Feasibility Study (PFS): Substantial completion targeted for Q1 2027. Engineering work includes updating the mineral resource estimate, revising the mine plan, conducting trade-off studies, engineering and cost estimation, and completing an NI 43-101 technical report.
• Beartrack-Arnett Project (Idaho):
  • Focus on the Joss target area to demonstrate continuity and expansion of gold mineralization along strike and at depth.
  • 3,000 meters of core drilling planned for 2026 to expand underground high-grade zones.
  • Two core rigs currently active, contracted from Major Drilling and National.
  • Assay results are pending.
• Management Commentary:
  • CEO Hugh Agro highlighted Mercur's advantages, including intact infrastructure from its prior Barrick operation, location on private land, and supportive state regulations in Utah.
  • Agro stated that the market has yet to recognize the Mercur opportunity in the company's valuation.

Notable Quotes

• "Twenty twenty-six should be a transformative year for Revival Gold as we advance the Mercur gold project to production with targeted start-up in 2029. Mercur benefits from being a prior successful Barrick operation with intact infrastructure, on private land and in the supportive state of Utah. These characteristics help reduce risk and, together with recent progress by our technical team, give us confidence in our ability to move Mercur rapidly back into production," said Hugh Agro, president and chief executive officer.
• "Activity at Mercur is accelerating with engineering, baseline surveys and robust metallurgy works under way. We believe, the market has yet to recognize the Mercur opportunity in Revival Gold's valuation and that this will change in 2026. We look forward to a rewarding year for the company's stakeholders."