Revival Gold (TSXV:RVG) - Advances Mercur Towards PFS and Build Decision

Hugh Agro (0:00)

My name is Hugh Agro. I'm the president and CEO of Revival Gold. We're developing the Merkur Gold Project in Utah and the Beartrack-Arnett Gold Project in Idaho, two of the largest development projects in the United States and on a fast track.

Crux Investor (0:14)

On a fast track, that's the key bit. We'll come back to that. Look, we're here at Beaver Creek.

One of the calendar events of the year. How are you finding it?

Hugh Agro (0:22)

It's once again, another record attendance here. So we're seeing a lot of people here. This is the place to do business in the junior and exploration development space.

We're seeing some new money.

That, I know you've been watching for. We're seeing it now.

Crux Investor (0:39)

Interesting. It's G mining in here, a $15 billion company and they think it's a great place to be. So hopefully, that actually delivers.

Hugh Agro (0:47)

The size of juniors is growing. Used to be a junior was a $50 million company. Now we've got some billion-dollar juniors.

So that's an indication of just how relevant this sector is becoming. And as more capital comes in, I think you're going to see more of that. You're going to see more generalist investors. You're going to see more market cap, more liquidity. And I think that's going to beget more capital along the way.

Crux Investor (1:12)

I agree. We're both sitting, we're both going down to Colorado Spring next week. And again, a different type of profile of money there, but nevertheless, journalists, new money coming in at that level as well. It's interesting.

Hugh Agro (1:23)

Yeah, it is.

And not just generalists without conviction or without direction. We're seeing pools of capital come out of the oil and gas space in Texas, looking for deployment and other hard assets. They really understand cyclical businesses, and they do not see this as a top by any means, even though we're in such a healthy metal price environment already. Right.

Crux Investor (1:50)

Today, I want to be a little bit more commercial with you than perhaps our last couple of conversations. You've got two good projects.

Obviously, Mercur is significantly more advanced, and obviously, Beartrack-Arnett, which we will talk about. But I think for me, the focus will be understanding your ability, your team's ability to do what's necessary to get this thing built. So maybe remind people where you are at the moment with that.

Hugh Agro (2:17)

Well, we will start with the fact that it's just me and my colleague, Cameron Egan, who are here at the conference. We don't have a big team here because most of the folks are working away on developing up the resource models, the permitting baseline study work, and the PFS trade-off studies.

That's the focus of the work right now, and there's a lot going on. We've got about 20 people working for Revival Gold right now, another 20 contractors and consultants. It's a big team moving the ball forward here. But we need that team because we want to move quickly, and we want to be in a position when we make that construction decision to move promptly to construction.

Crux Investor (2:57)

Okay, big baby steps. PFSG, Q1 next year?

Hugh Agro (3:03)

Yes.

Crux Investor (3:03)

Eminent. So where are we today? What's left today? There's not much time between now and then.

Hugh Agro (3:08)

No, well, we've got enough time to do the work we need to do.

Crux Investor (3:12)

And funded?

Hugh Agro (3:13)

And funded, yes, importantly. Sitting here with enough cash to take us right through to that construction decision in 2028 But remember, we've completed now 24 kilometres of drilling on Merkur for the infill of that resource that will upgrade the inferred material to measure the indicated that will support the formation of a reserve for the PFS. The other area of work is around metallurgy. We've got 18 columns under leach. We've wrapped up a bunch of that work already and we've released initial results. All very constructive for the PFS and in line with what we saw in the PEA.

Third area of work is in respect of permitting and that's been focused on baseline study collection.

It's the field work's done. We did not find anything that was a red flag for us or an issue. In fact, we've stepped forward now with the lead agency in Utah, Dogham, Department of Oil, Gas and Mining, to start formulating our notice of intent. And all these things are coming together here for the beginning of 2027 We'll get to the end of 2027 into the beginning of 2028 and be looking to make that construction decision on the back of an FS and a permit and a financing plan all to be developed over the next year, a year and a quarter. Right, okay.