Can a New Gold Mine be Built in Utah by 2029? | Revival Gold CEO Interview

**SPEAKER_1** (0:02)
Today on the CEO BBQ, I'm in Frosty, Toronto for PDSE and a couple of other things. I'll take you along for a ride with me on all these things. But the first stop that I'm making is actually at Revival Gold's office. They've got a project in Utah, as well as one in Idaho. There's lots to talk about. They're working toward a PFS and whatnot. But really the good part is, I get to see their office. So I get to be a little bit more annoying than usual, and we can talk about cost and whatnot. And you're coming along for a ride with me, so let's go and find Hugh.
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**Hugh Agro** (1:43)
Well, the share price is up, but I know they're watching that. That's because we've got a good environment for the gold equities generally, but I think our team is delivered. Since the summer, we've completed 115 drill holes at our Mercur project in Utah. We've released results on 86 of those holes. The average grade has come in for the intercepts at 0.66 grams per ton of gold, so 10% over resource grade. The average recovery has come in indicating from the cyanide-soluble to fire assay ratio strongly in favor of where we've got with our PEA. So average cyanide-soluble to fire assay of 78% relative to our recovery in the PEA of 75%.
That's a good start. We've got more holes to come out. In fact, we'll be releasing more in early March. The other thing we've been working on, though, is collecting data for our sample material for our metallurgical test work, which will start this quarter and be completed next quarter. We've got all of our permitting streams figured out for baseline preparation. In fact, we've just released our timeline and work plans for 2026, including the target objective to be in production with the Mercur Gold project in 2029 Backing up from that, this year has got a lot of work around moving the PFS and the permitting forward.

**SPEAKER_1** (3:17)
Yeah, good summary. All talking points that I want to go through. First one, though, that you said you share prices up, it's actually more than double, I think, since we last spoke or about double. You're coming up close to a $300 million market cap. Is it making you happy or uneasy? I mean, do you feel like you're getting overvalued or how do you think about the value?

**Hugh Agro** (3:34)
Yeah, the shocking thing is that, of course, the price of gold and more importantly, the outlook for the price of gold has changed dramatically over the last couple of years. And so, as we look at our underlying net asset value relative to our share price, we see a ton of value for investors. Today, trading at 0.16 times underlying net asset value. And it's really important to know that that underlying net asset value is only the ounces in our resources that have been put into engineering plans and studies. And that's only about half or less than half the total resource. So, in terms of the value equation for investors, I actually think it hasn't been any better than it is today. And part of the reason for that is in a better market environment, venture companies creating new opportunities for gold production enjoy a better access to capital. And that allows us to progress our businesses. And if we're doing it from a higher market cap, our investors are getting better leverage to our gold projects. So, I don't think there's been a better time to own the developers than now.