A Revival in Gold

TSX-V: RVG | OTCQX: RVLGF

6 Million Ounce Gold Platform
in the Western United States

— Two Fast-Advancing Brownfields Gold Projects with
Hub-and-Spoke Advantage in Record Gold Market —

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From Single-Asset Explorer to
Scaled, Multi-Project US Gold Developer

Revival Gold Inc. (TSX-V: RVG)(OTCQX: RVLGF) enters 2026 as a well-capitalized, multi-asset US gold developer.

The ~C$250 million market cap company now controls two past-producing brownfields projects in the western United States with a combined 6 million ounces of gold, a phased plan to advance toward 160,000 oz/year gold production — all backed by C$34 million in equity financing completed in 2025, including strategic investments by Dundee Corporation and EMR Capital.

Beyond its strong cash position, solid structure, and ownership of two high-grade US gold assets, what truly sets Revival Gold apart from its peers is the strategic development of its co-flagships as a single integrated gold development platform.

Mercur serves as Revival’s near-term development engine while Beartrack-Arnett — only around a 6-hour drive away — provides the processing hub, infrastructure base, and longer-term pending production scale that can ultimately transform this exceptionally well-run small-cap miner into a bona fide mid-tier gold producer.

Together, RVG’s co-flagships form something rare in the junior gold space: a true hub-and-spoke mining platform in a Tier-1 US jurisdiction with existing processing facilities, an advantageous permitting profile, and direct leverage to current record-high gold prices.

Led by President & CEO Hugh Agro — a former senior executive with majors Kinross and Placer Dome — Revival Gold is run by a proven mine-building team with decades of experience advancing large-scale gold projects… and you’ll meet Hugh in our exclusive interview just ahead.

With central banks accumulating gold at record levels, and with investors turning to the yellow metal as a trusted store of value in today’s heightened geopolitical climate, the timing for US-based gold development assets has never been more favorable.

Even following a significant upward move in RVG shares over the past few quarters, management believes the company still trades at a meaningful discount to the net asset value implied by its published technical studies.

That timing matters as Revival advances its co-flagships through key development milestones in today’s highly bullish metals environment.

With gold trading at all-time highs above US$5,300 per ounce, RVG is emerging as one of the sector’s most compelling small-cap stories as it advances toward first metals production.

At Mercur, metallurgical testing, permitting, and engineering are all underway as part of a fast-tracked 2026 program designed to move the project toward a ~100,000 ounce per year heap-leach operation.

At Beartrack-Arnett, ongoing drilling and technical work are advancing a large, past-producing gold system supported by an ADR plant, solution ponds, power, water treatment facilities, and extensive site infrastructure — positioning the project for staged development.

Just as importantly, the two co-flagships are aligned for synergy, with few gold firms — if any — matching RVG’s discovery success over the past decade and a half.

Mercur sets up a clear pathway to leverage Beartrack-Arnett’s existing infrastructure as part of Revival’s hub-and-spoke platform, subject to future engineering and permitting, with potential benefits to capital intensity and margins.

That’s one of the key reasons why institutional mine-builders Dundee Corporation and EMR Capital committed approximately C$29 million in funding to support the build-out of a future multi-mine US gold producer.

Next, we’ll look at how Mercur is driving Revival Gold’s well-funded push toward near-term gold production — and how Beartrack-Arnett supplies the scale and infrastructure underpinning that strategy.

 

Mercur: Fast-Tracking Revival’s
First US Mine Restart

When Revival acquired the Utah-based Mercur Gold Project back in 2024, the goal was simple: shorten the path to gold production.

Today, with Beartrack-Arnett providing the scale and infrastructure, Mercur is clearly delivering the speed.

Mercur is a PEA-stage, past-producing gold project hosting ~1.4 million ounces of gold resources (M&I plus Inferred) on private land with roads, power, and water, supported by decades of technical data.

Even more important, the property's near-surface, Carlin-type oxide-gold system is well-suited to low-cost heap-leach mining — the same proven model Revival is advancing at Beartrack-Arnett in nearby Idaho.

For additional context on what that district consolidation enables, CEO Hugh Agro explains:

“Barrick produced 1.4 million ounces of gold at Mercur but never controlled the contiguous Homestake claims and west Mercur land position. This option exercise completes the consolidation of a large Carlin-style gold system — a rarity outside the Nevada gold majors — and comes with paved road access, an energized powerline to the site, and extensive technical information. Mercur is our top priority to move to production. Utah is a favorable jurisdiction, and we expect a relatively short timeline to re-permit Mercur for mining. Mercur’s PEA economics have the potential to drive transformational value for Revival Gold’s shareholders. Barrick has operated to high standards of environmental and community stewardship at Mercur, and Revival Gold is committed to upholding the same high standards.”

That combination of full district control, existing infrastructure, and a clear permitting path gives Mercur one of the more efficient pathways from geological studies toward production among US gold projects.

Execution Underway: Drilling to PFS and Permitting

As part of that push toward production, Revival completed a 115-hole RC and core drilling program across 4 km of trend at Mercur to infill resources, test mineralized extensions, and collect metallurgical samples.

To date, results from the program have averaged 0.66 grams per tonne (g/t) gold at strong cyanide-leachable gold recoveries — with roughly 50 additional holes still pending — keeping news flow active as 2026 gets underway.

Results also confirm grade continuity while stepping mineralization beyond existing pit designs toward targets such as Rover, Upper Rover Break, Northeast Rover, and Porphyry Ridge.

The above intercepts can be characterized as broad, near-surface oxide-gold intercepts consistent with the style of mineralization commonly mined by heap-leach operations.

At the same time, metallurgical column testing is underway with approximately 20 columns planned in 1H 2026. Earlier testwork returned recoveries in the 80% to 90% range, reinforcing confidence in the host rock’s amenability to leaching.

Baseline biological, cultural, and hydrological studies are also underway with Revival preparing for an additional 10 to 15 km of RC and core drilling starting in Q2 2026 — all feeding into a Pre-Feasibility Study (PFS) targeted for year-end and a permitting timeline measured in roughly two years.

As part of the planned 2026 PFS and permitting work, Revival has also advanced the project team and technical work program, including:

• Stantec Consulting Services Inc. as principal environment and permitting consultant
• Kappes, Cassiday & Associates leading metallurgy and process design
• RESPEC Company LLC retained to update the mineral resource

Why the Mercur PEA is Central to RVG’s Valuation

Jumping slightly ahead, RVG is a small-cap junior miner with two past-producing gold projects in the western United States with a combined 6 million-plus ounces of gold resources with an implied NAV of US$2 billion at US$4,000/oz gold — all for roughly US$250 million in market capitalization.

Viewed as a standalone asset, management believes the market has yet to fully reflect the value being unlocked at Mercur under the 2025 PEA — a disconnect we’ll revisit in our exclusive interview with Hugh Agro.

That economic foundation supports a project capable of producing ~100,000 ounces of gold per year for a decade with strong margins, modest capital requirements of approximately US$200 million — less than one-third of the project’s after-tax NPV at US$3,000/oz gold — along with a relatively short timeline to production and rapid payback.

Mine-Building Team, Institutional Backing

Adding further strength, Revival has brought in seasoned mine-builder Timothy Barnett as General Manager of Mercur, working alongside VP Engineering & Development John Meyer to advance the project.

As Hugh Agro said at the time:

“Revival Gold is thrilled to welcome Tim Barnett as General Manager at Mercur and pleased to kick off 2026 with further encouraging assay results and development news at Mercur. Our primary operational objective is to restart gold production at Mercur. And with today’s news, we are adding to our leadership team and ramping up activity in support of that objective. With the gold price comfortably above US$4,000 per ounce, bringing a new 100,000 ounce per annum domestic gold mine into production will create significant value for our owners.”

As noted, that tectonic shift is being backed by substantial capital.

Revival enters this new phase with a strong balance sheet following its 2025 total of C$34 million in equity financing anchored by Dundee Corporation and EMR Capital — two groups with deep experience in building, financing, and operating gold projects globally.

With roughly 15 km of underexplored potential along the project’s western limb, Mercur is being systematically and intelligently engineered, permitted, and funded as RVG’s lead development asset, driving the company’s push toward near-term US gold production.

Equally important, the project represents the first step in a broader two-asset platform with longer-term optionality to integrate with RVG’s infrastructure at Beartrack-Arnett.

Cashed-up, and with Mercur setting the path toward near-term gold production, we now turn to Revival’s second co-flagship project, which hosts an even larger gold endowment: Beartrack-Arnett.

 

Beartrack-Arnett: 4.6 Moz of Scalable,
Infrastructure-Backed Gold in Idaho

With Mercur leading the development queue, Beartrack-Arnett remains the backbone of Revival’s longer-term value — providing the scale, infrastructure, and expansion torque of a true multi-project US gold development opportunity.

Located in eastern Idaho — one of North America’s most mining-friendly Tier-1 jurisdictions — Beartrack-Arnett is Idaho’s largest past-producing gold mine and one of the largest undeveloped pure-gold systems in the western United States.

Hosting roughly 30 million ounces of undeveloped gold, Idaho consistently ranks among the world’s top mining districts, underscoring its position as one of North America’s most attractive regions for gold development.

Mineralization at Beartrack-Arnett is hosted along the northeast-trending Panther Creek Shear Zone, a regional structure boasting a resource of more than 4.6 million ounces Au (M&I plus Inferred).

A Rare “Pure-Gold” System with Established Infrastructure

Just as important as its size is the quality of the underlying gold system.

Beartrack-Arnett is considered a pure gold deposit, meaning the payable metal is almost entirely gold rather than a complex polymetallic blend — simplifying metallurgy and recoveries while strengthening economics.

As a past-producer under the Meridian Gold banner, the 6,300-hectare Beartrack-Arnett project boasts excellent infrastructure in place including an ADR plant (gold processing facility), an 11,000 sq ft core facility, solution ponds, hydropower, and a water treatment facility.

Plus, the property is situated just 10 miles from the town of Salmon, Idaho, making for an easy drive with roads all the way into the main project area.

That existing footprint and infrastructure base are what make the Beartrack-Arnett platform so powerful — giving RVG a fully built operating base in one of the top mining jurisdictions in all of North America.

Scale That Keeps Growing

Since taking control of the project, Revival Gold has methodically grown Beartrack-Arnett from roughly 2 million ounces in 2018 to approximately 4.6 million ounces today — all at a discovery cost of less than US$5 per ounce.

That scale alone places it among the largest gold development assets in the United States with the most compelling upside still ahead as the system remains open along strike and at depth.

The aforementioned Panther Creek Shear Zone is now defined over 5 km of trend and 750 meters of vertical extent with consistent gold mineralization across the entire trend — including the high-grade Joss Zone — offering clear evidence the system continues well beyond the current resource model.

Drilling to date has only tested depths of roughly 400 to 600 meters below surface. Comparable orogenic gold systems commonly extend to more than two kilometers, leaving substantial room for future growth through deeper drilling.

High-Grade Underground Upside: The Joss Zone

Also key is the Joss Zone where the RVG team is currently drilling high-grade underground extensions of the known mineralized structure.

The broader Panther Creek system already hosts approximately 6.7 million tonnes grading ~4 g/t gold with the highest grades, thus far, being encountered at Joss.

That makes Joss one of the highest-grade components of the broader Beartrack-Arnett system and a key focus of the current drill phase.

With 3,900 meters of core drilling ongoing through Q1 2026 and roughly 5 km of prospective trend still to be explored, Beartrack-Arnett continues to offer discovery-driven upside alongside its development value.

PFS-Backed Economics

From a development standpoint, Revival has laid out a phased, low-risk heap-leach restart beginning at the Haidee Zone — situated west of Joss — utilizing the project’s existing infrastructure.

Adding even more weight, those numbers were calculated using a gold price of US$2,175 per ounce — or less than half of gold’s current value of ~$5,300 per ounce.

RVG also reports promising metallurgical test results on Beartrack-Arnett’s high-grade sulphides, which were completed in collaboration with Dundee Sustainable Technologies, a subsidiary of Dundee Corporation.

Why Beartrack-Arnett Matters

Beyond the obvious gold endowment, Beartrack-Arnett’s real strength lies in how it reinforces RVG’s broader development platform.

On its own, Beartrack-Arnett is a 4.6 Moz infrastructure-backed gold system with both near-term restart potential and high-grade underground upside.

When paired with Mercur, it gives Revival roughly 6 million ounces of gold across two past-producing, fully controlled mining camps in the western United States with potential for ~160,000 oz/Au production per annum — something very few junior developers can claim.

That combination allows RVG to move Mercur toward production while continuing to unlock value at Beartrack-Arnett through the drill bit, creating a dual-track growth trajectory in a record gold environment… all backed by a team and capital base built to execute.

Up next, Revival Gold President & CEO Hugh Agro walks us through how RVG is building a production-ready US gold platform in a record precious metals market.

 

Exclusive Interview with Revival Gold
President & CEO Hugh Agro

Led by President & CEO Hugh Agro, a former Kinross and Placer Dome executive, Revival Gold is run by a highly experienced team with decades of success advancing and operating large gold assets.

Hugh is joined by VP Engineering & Development John Meyer, B.Sc., P.Eng., a 30-year industry veteran who has led multidisciplinary teams in senior and international project-management roles with gold majors including Barrick and Kinross.

General Manager, Beartrack-Arnett Project, Pete Blakeley, B.Sc., brings more than 30 years of industry experience, including a decade with Meridian Beartrack Co., most recently as site manager at the Beartrack mine — giving him unmatched familiarity with the project.

The RVG geological team includes Chief Geologist Dan Pace, B.Sc., M.Sc., a proven exploration leader with a 15-year track record of project generation and ore-deposit discovery.

As Mercur advances toward production, the company has added Timothy Barnett, B.Sc., as General Manager, Mercur Project, bringing more than three decades of mine-building and operating experience — including senior roles at Rio Tinto Kennecott and Alamos Gold — to lead site-level execution in Utah.

With two flagship gold projects, strong institutional backing, and a growing pipeline of catalysts lining up through 2026, Revival Gold enters this next phase with a team built to execute.

Now, as promised, our own Gerardo Del Real of Junior Resource Monthly caught up with Revival Gold President & CEO Hugh Agro to discuss the development momentum at Mercur, the continued upside at Beartrack-Arnett, and the catalysts lining up as Revival kicks off 2026.

The Revival Gold Opportunity

Revival Gold Inc. (TSX-V: RVG)(OTCQX: RVLGF) sits in a rare position in the US gold sector as 2026 gets underway.

The small-cap miner now controls two past-producing brownfields gold projects in Tier-1 US jurisdictions — Mercur in Utah and Beartrack-Arnett in Idaho — hosting a combined 6 million ounces of gold with advanced infrastructure in place and phased development underway.

Mercur provides the speed while the nearby Beartrack-Arnett provides the scale, infrastructure, and long-term expansion runway.

Together, they form something few junior companies can offer: a multi-asset, synergistic US gold platform capable of advancing from geological studies toward first production while continuing to grow through the drill bit.

You heard directly from Revival Gold CEO, Hugh Agro, who says,

“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. 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. Two projects in the western United States, and 6.2 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.”

With powerful tailwinds in play, the company’s hub-and-spoke platform is now being backed by some of the most experienced capital in the global mining industry.

Following extensive due diligence, global mine-builders Dundee Corporation and EMR Capital have committed tens of millions of dollars in strategic capital to support the build-out of a future multi-mine US gold producer.

At the project level, the valuation leverage is already clear: between Mercur and Beartrack-Arnett, Revival holds millions of gold ounces advancing through engineering and economic studies toward first production.

At US$3,000 gold, RVG management estimates the project portfolio supports an implied project NAV of roughly US$1.2 billion. At US$4,000 gold, that figure jumps to approximately US$2 billion.

As we’ve noted throughout this Special Report, gold is presently trading at all-time highs above US$5,300 per ounce with no signs of a slowdown.

And even with the recent re-rating to the upside, management believes the company still trades at a mere fraction of its implied project NAV — reflecting the fact that Mercur and Beartrack-Arnett are only just now entering their most value-creating phase.

That critical phase is now well underway with the next several quarters shaping up as pivotal as the co-flagships advance through key development milestones.

At Mercur, drilling, metallurgical testing, baseline environmental studies, and a fast-track PFS are pushing the project toward the ultimate goal of first metals production.

At Beartrack-Arnett, active drilling at the high-grade Joss Zone, a permitted infrastructure base, and a PFS-backed restart plan provide both near-term optionality and longer-term growth.

And that’s precisely how gold producers are built: by pairing near-term cash-flow potential with long-life resource scale backed by experienced mine builders and capital.

In other words, all of the pertinent boxes have now been checked.

With capital rotating into developers with scalable projects in Tier-1 mining jurisdictions, Revival Gold stands out as one of the strongest pure-play US gold development stories in the small-cap space.

RVG is well structured with approximately 320 million shares outstanding on a fully diluted basis and is tightly held, with financial institutions owning roughly 54% of outstanding shares and management, the board, and high-net-worth investors holding an additional ~24%.

Relative to combined gold resources under the RVG tent, the company boasts a favorable ratio of approximately 22 ounces of gold exposure for every 1,000 shares held.

That makes now — as gold closes in on US$5,500 per ounce — an opportune time to begin conducting your own due diligence on Revival Gold: symbol RVG on the Toronto Venture Exchange and RVLGF on the OTCQX.

A great place to start is Revival Gold’s corporate website.

There, you can sign up to receive updates directly from the company, view the most recent Corporate Presentation and much more.

Be sure to also follow our ongoing coverage and our exclusive interviews with upper management here.

— Resource Stock Digest Research

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