Revival Gold Has Two Paths to Unlock Major Value

Trevor Hall (0:17)

Getting through the afternoon here, day one at the Beaver Creek Precious Metal Summit, back in domestic gold development with our friends at Revival Gold. They do trade on the Venture Exchange with RVG, and on the OTCQX with RVLGF. Happy to sit across the table from my friend, Hugh Agro, CEO of the company. Hugh, we've been doing this show for so many years.

I know it's only been about a half a day. What feels different this year than maybe years past? I mean, we've got a nice gold market, but any sort of takeaways from the first half of the day?

Hugh Agro (0:51)

Well, first of all, attendance is at a record. I think if we looked at the numbers, we'd be well over a record. Number two, I think there's a ton of money across the spectrum of the balance sheet now available for the space. Just as a small indication of that, we're seeing governments now jumping into the fray. But there's a lot of money in the middle of the balance sheet, talking debt, streams, royalties.

We've got these crypto players who are coming into the space as well. So a lot of money in the space, a lot of people here in attendance. Valuations are still attractive, but I think that's commensurate with the risk. And as projects make progress and deliver for their investors, I think we'll see the valuations go with them.

Trevor Hall (1:39)

Are you noticing, I mean, you obviously have a list of your meetings over the next three and a half days, but do you think, stick out here, are we seeing people maybe coming back that have been gone the last few years? Are new faces, are you unrecognizable?

Hugh Agro (1:53)

New faces. I'll give you a small example of that. There's a group out of Texas with a strong background in the oil and gas industry looking to redeploy and mining with 3.5 billion.

These are the kinds of pools of capital out there.

In Canada, of course, you know, Canadian governments announced half a trillion dollars of funding available for mining projects, and there's a scarcity of projects to deploy that capital. So I think if you've got a project in a good geographic location on the path to production, that's the sweet spot. And it takes time. You and I have been having these conversations for a few years. But once you get on that track, it can be very rewarding for shareholders. And I think that's where Revival Gold is today.

Trevor Hall (2:35)

Well, let's talk about the technical work at Revival Gold, specifically at Mercur in Utah. You have completed your infill program, and we have seen more results coming from Mercur as well. We can go on this with a fine-tooth comb, but maybe just walk around, give us a sense of this infill program now.

Is it done, or are we just waiting for the final assays? Is that where we're at?

Hugh Agro (2:56)

We're waiting for final assays on some of those holes, but we've completed almost 25 kilometers of infill drilling over the last year and a half. That is a significant de-risking step as we move Mercur towards a construction decision less than two years away.

We are through all of the baseline field study work for permitting.

We are moving quickly along with our metallurgical test work on 18 columns that will support the PFS and the FS. Look, teams coming together, technical data is reaching a crescendo. And I would say that the project is delivering on all the expectations that we had. This will be a 100,000 ounce a year open pit heap leach gold producer in the state of Utah. It will be the largest gold producer by our numbers in Utah. And Governor Downe are looking forward to our success coming ahead here, 2028 with a construction decision, 2029 with first production.

Trevor Hall (3:59)

This program obviously purpose was specifically to convert invert ounces into measure indicated. Now that you've completed the program, the waiting final assays here, Hugh, are you seeing enough continuity here the way you're comfortable with the resource assumptions going into your pre-feasibility study?

Hugh Agro (4:16)

We are. And what's more important than that is we're seeing, in addition to the grades, we're seeing the implied recoveries from cyanide soluble to fire assay ratio data. And that's critical to success.

And look, Mercur is just one quiver in our back pocket here.

We've got Beartrack-Arnett. And what's exciting about that is it's open in all directions. We've been delivering some very impressive step outs. We've increased the vertical dimension on Beartrack-Arnett by some 70% in the mineralized zone there in the underground. The geologists are working right now on an updated geological model and internal resource. And we'll be back with future drilling programs there. But I don't think there's any value for that exciting 4.6 million ounce and growing project in our portfolio right now. But certainly, circling back to your earlier questions, who's here? I'll tell you who's here and hunting around are the majors and intermediates. And this is the kind of thing that's right across the plate for any number of those. It's an exciting time to be in the gold business. It does take time to put these projects together. But when you've got a platform of assets, 6 million ounces of resource and all in the Western United States, that's a pretty precious prize for this state of the market.