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Revival Gold (TSX-V: RVG)(OTC: RVLGF) CEO Hugh Agro on Advancing Mercur Project, Utah, and Beartrack-Arnett Project, Idaho, in Record Gold Market
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the president & CEO of one of the most compelling values in the gold space. I'm talking with Mr. Hugh Agro from Revival Gold Inc. (TSX-V: RVG)(OTC: RVLGF). Hugh, Happy New Year. How are you today, sir?
Hugh Agro: Very good to be back with you, Gerardo, and I'm really excited about the outlook here starting 2026.
Gerardo Del Real: Well, listen, we have one part of the equation solved for us, and that's the market. We most definitely have a historic precious metals market. That part has taken care of itself.
Revival Gold has not one but two projects that have phenomenal infrastructure, bipartisan government support, and very clear metrics with huge margins. And margins that are only going to get better as this market matures.
You and Revival still present compelling value in a space that has seen a lot of the producers and some of the developers up triple digits here over the past several months.
You just had some news, you intersected 1.8 grams per tonne gold over 26 meters. And you also provided an update on the Mercur heap leach project in Utah, one of two projects that you have there.
I would love for you to provide context on the results and context on the update because there's a lot of moving parts right now as it relates to Mercur.
Hugh Agro: Yeah. So let's set the stage. Two projects in the western United States, and 6 million ounces of resources. A NAV on the ounces of those resources that are already in engineering studies of US$1.2 billion at US$3,000 gold runs to US$2 billion at US$4,000 gold.
And guess what Gerardo, the market cap today — even though our stock price is up dramatically over the last 12 to 18 months — is still sitting at about one tenth of that market NAV.
It's about US$125 million aggregate value right now in the company for US$2 billion worth of NAV for the ounces of gold that are already in engineering studies at Revival Gold.
So exceptional leverage and exceptional value on the table. And we're marching forward with support from Dundee Corporation, EMR Capital out of Australia, fully financed, C$18 million in the bank here and pushing these projects forward.
Gerardo Del Real: You mentioned Dundee, and that's an important key to all of this because, for a while there, I know a lot of us that were shareholders were really advocating to bring in a strong strategic that can underpin and anchor the valuation and help with really putting that stamp of approval on both projects. You now have that.
For those that aren't familiar with Dundee that may be new to the space and that may be looking for compelling value in the gold space, can you explain to our audience what Dundee does and its background because when you have the kind of due diligence that Dundee undertakes, that should make every shareholder feel really good about owning Revival Gold shares.
Hugh Agro: Yes, these guys are pretty smart. Of course, Jonathan Goodman is the principal here and the Goodman family has been involved in creating some of the most successful precious metals and base metals companies in the mining industry.
Kinross Gold, Sabina, Breakwater. More recently, Dundee Corp. has been involved in a number of the successful companies in the Guyana Shield, in Canada, and elsewhere.
And really what the difference is, I think, with Dundee Corp. is that these guys are mining people and they understand what it takes on all dimensions to create a mine, create value, and make a return for investors.
And you're right, they do a ton of due diligence. So too, EMR Capital out of Australia, one of the most sophisticated focused investors in the space. Again, these folks are mine builders, mine operators. They have had a hugely successful track record globally. Most of the folks come out of Rio Tinto, the principals there. And they too are backing Revival Gold and are solidly behind our business.
Both firms did a ton of due diligence last year before coming into the company. Of course, we had the successful PEA published on our Mercur Gold project, some US$740 million of NAV for that project in Utah. We're now marching ahead.
We've got, as you described at the outset, drilling about 115 drill holes as part of the program last year. We've still got results to come out of that program and we're marching ahead with metallurgical work. Permitting is underway with PFS slated for delivery by year-end. This is an exceptional project for us with a ton of leverage in a big gold system.
Gerardo Del Real: You mentioned mine builders. You just appointed Timothy Barnett as the company's general manager of Mercur. Can you speak to that appointment?
Hugh Agro: Yes, a great addition for our team. A local resident in Utah with international experience building, operating, engineering, and optimizing precious metals mines.
We're really pleased to have Tim join the team alongside John Meyer, our VP engineering development, who's got a heck of a track record, again, globally and is leading the charge on our technical work.
Our CFO, Lisa Ross, and of course recently joining us here, our VP corporate development, Scott Trebilcock, just out of the Mandalay success, building a billion-dollar company as part of some M&A work there that Scott was deeply involved with.
So this is a well-rounded team. And Tim joining us is bringing more operational capability and local strength to lead the charge here as we take Mercur forward and move it through development, construction, and ultimately operation.
Gerardo Del Real: Should be a phenomenal 2026. I have to touch on Beartrack-Arnett, which is a project that I really, really like. Can you give us an update there on what to expect?
Hugh Agro: Yes, we have a drill rig turning there through wintertime because we're really excited about the high-grade, underground Joss target. This is already a 4.6 million ounce gold deposit. We're looking for more extensions.
And you'll remember that last year, the Stibnite project got approved in Idaho. It's very similar kind of metallurgy to what we have in the underground sulfides at Beartrack. So we see some real synergy here around the state's infrastructure and the state's personnel and technical capability. So we really want to show that potential.
The property position itself is huge. We've got another three miles to explore along the trend, and this is a drilling market, so we want to be showing some of that potential as part of our ongoing strategy to advance Beartrack-Arnett alongside Mercur.
Clearly, Mercur is at the front of the queue here. We think it's going to be about two years until we can start construction, moving through the various steps to get there. We're on private land though. And as you pointed out in the outset, we've got bipartisan support for mining.
Utah is a great mining state, and we're moving quickly with that one on the front burner and Beartrack-Arnett continuing with exploration as we grow this multimillion ounce deposit.
Gerardo Del Real: A lot to like and a lot of leverage. Hugh, I know you will be at the Vancouver Resource Investment Conference, January 25-26. I’m looking forward to catching up. If any of you are able to attend, please stop by and say hello to Hugh and the team over at Revival. Thank you so much for your time, sir.
Hugh Agro: You bet, Gerardo. We'll keep you posted. And look, at US$4,400 gold, as investors start to think about where to find value in the space, I do think we're going to see a shift towards the developers, which offer incredible value. Not just Revival Gold but there are others out there that are in a good position as well. And I think this is the year where investors shift to these opportunities and will certainly benefit from that.
Gerardo Del Real: I couldn't agree more. Hugh, thank you again for coming on.
Hugh Agro: Thank you, Gerardo.
Gerardo Del Real: Cheers.
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