Revival Gold Has Two Paths to Unlock Major Value

0:17Mining Stock Daily: 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 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? Well, first of all, attendance is at a record. I think if we looked at the numbers, we'd be well over a record.

0:58Number 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 uh deliver for their investors uh you know i think

1:37Mining Stock Daily: i think we'll see the valuations go with them uh are you noticing i mean you you obviously have a list of your meetings over the next three and a half days but anything stick are we seeing people maybe coming back that have been gone the last few years? Are new faces that are unrecognizable? 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, Canadian government has announced half a trillion dollars of funding available for mining projects, and there's a scarcity of projects to deploy that capital.

2:17So 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.

2:35Mining Stock Daily: Well, let's talk about the technical work at Revival Gold, specifically at Merkur in Utah. You have completed your infill program, and we have seen more results coming from Merkur 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. Is it done or we're just waiting for the final assays? Is that where we're at? 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 Merkur towards a construction decision less than two years away.

3:12We 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'll be the largest gold producer by our numbers in Utah. And Governor Down are looking forward to our success. Coming ahead here, 2028 with a construction decision, 2029 with first production.

3:59Mining Stock Daily: 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? 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 Merkur is just one quiver in our back pocket here we've got we've got Bear Track 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 Bear Track Arnett by some 70 percent 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 you know 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 um it's an exciting time to be in the gold business.

5:25It 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.

5:38Mining Stock Daily: You targeted Q1 2027 for that PFS. What's the critical path here for the next few months? It's scheduling the engineering, the trade-off studies, and all of that works under the direction of our EVP engineering and development, John Meyer. He's done it before with the Stibnite project, which is now under development by Perpetra. He's done it before with Fruita del Norte, which has turned into the huge success at Lundin Gold. He's doing it with us today on Merkur. Okay. You have been doing some column leach testing or recoveries. Anything that's maybe standing out through those test work that could maybe change the sheet, the flow sheet here for Merkur?

6:19So we start with an assumption of a 75 % recovery in the PEA. I don't think we're seeing anything that would deviate one way or another from the data in both the cyanide soluble to fire assay ratios that we're seeing in that 25 kilometers of infill drilling. And I don't think we're seeing anything yet from the 18 column tests. We got about 81 % recovery in the oxide material. We got in the orders of 50 % in the refractory material of the columns that have been tested so far. So I think this is all encompassed and taken into consideration in that 75 % average recovery assumption for the PEA. Where will come out for the PFS, not quite sure yet.

7:07More importantly, where will come out on the underlying assumptions? You know, what reagent factors, what crush size we'll go to. Remember, this was a three-stage crush to half inch in the PEA. We'll see where we come out in the PFS. And all those numbers and analysis and trade-off studies are in process now.

7:27Mining Stock Daily: Okay, anything else we need to cover with Merkur? I feel like we've done a pretty good job of putting that. Well, I think the thing that is missing here is we talk a lot about taking that project into production. You do. And that is the focus. But from an exploration point of view, remember, we're in a Carlin-type system. We are mineralized over about 15 kilometers of strike. Outboard of the existing pits, we have indications of continuing mineralization. We've ended some of these holes in mineralization. The focus has really been on conversion and not on exploration, but that will come towards the end of this year and next year.

8:04expect to see us pursuing some of those exploration prospects, expansion projects on this big mineral system in Utah.

8:12Mining Stock Daily: What about any sort of fresh rock, you know, sulfide mineralization underneath the oxide? What do we know? It's not quite the case that we've got oxide on top of sulfide at Merkur. In fact, we've got layers of material shales for the most part that have constrained the mineralization closer to surface. Those were mined historically by Barrick. So we see oxide mineralization down to 300 meters and deeper at Merkur. Now, whether we'll be mining to that depth will depend on grade and orientation, but the oxide mineralization continues. We do see sulfide mineralization. We do see carbonaceous material.

8:54Those are potential opportunities for a mill scenario to follow.

8:57Mining Stock Daily: Okay. Well, I just thought I'd ask, you know, I don't want to put the cart before the horse, but it is a conversation to kind of put in people's heads for a little bit. Let's turn our attention back up to Utah, BearTrack, Arnett. I think the last time we chatted, maybe the time before that, we did talk about those deep drill holes, a whopping grade. It really turns that Joss area into a potentially transformative underground opportunity at BearTrack, Arnett. What kind of conversations have you been having regarding that? Well, I'll tell you, the corporates have woken up to the importance of Idaho as a production platform.

9:36You've seen Agnico step into a private company in the northern part of the state, also into Perpetua. No doubt they are thinking about the bigger picture. Sentara as well is in the state. And SSR, Barrack, Newmont, all in the hunt for opportunities in the western United States. Barrack itself exiting some of its more adventuresome activities elsewhere in the world to be back in the United States. And Idaho is just that place. And it's that time that I think we're going to see a lot more action. It's a busy time. And there's lots of tourists right now. So, hunting around in the backwoods.

10:21Mining Stock Daily: I will say, and we'll get back on track here, I will say, your peers and colleagues at Liberty Gold, that name continues to be come up in conversation. They put out some really great work here recently, but it does feel like they are kind of that next late-stage developer to be sold to a major of some sort. And so, that momentum continues for Idaho, right? Listen, hats off to our friends at Liberty. Great team there under John Gilgan's leadership, and they're making great progress. And look, it's all good for the state. It's good for the mining industry in the United States, and there's certainly appetite for it.

10:56Mining Stock Daily: Okay, but let's talk about Joss. I mean, how much has that been part of the conversation here since the last time we spoke when you put up those deep drill holes? A big part of the conversation. I mean, when you've got a 4.6 million ounce ore body that's got expansion potential to a doubling based on the type of geology we're in, or a generic gold system, the strike potential, the land position, that's a pretty enticing situation. Just to put that into perspective, you know, that's on the same scale as a black pine, and it's pure gold, and it's also about four times the grade. In the case of Stibnite, which is our nearest neighbor, again, similar, you know, million ounces of resource there.

11:42These are the kinds of projects that attract big company interest. So is BearTrack Arnett there yet? I think we are. Do we want to necessarily carve out a piece of that project, give away rights of refusal right now? No, but there's absolutely technical interest in what we're doing. We'll let the deal potential follow as we make technical progress. and see something that aligns with our shareholders' objectives.

12:12Mining Stock Daily: Has it changed your capital allocation for more exploration at Joss or at the BearTracker Net project as a whole? Absolutely, yeah. Market environment is embracing exploration, and we're prepared for that. Okay. And how do you manage that without taking away or being distracted from the continued progress at Merkur? It's a continuum. So, you know, a lot of these companies will run into difficulty, single asset, you know one critical path to success we've got two critical paths to success we've got both the heap leach on a fast track under development and the expiration potential at bear track arnett expanding growing creating upside potential in future okay all right uh assuming pfs works here yeah well you know obviously we'll chat about that when due time in q1 what does it what does the sequence look like for the rest of 2027?

13:07Permitting completion through to the beginning of 28. We also want to complete the feasibility study. So we'll roll right from the PFS into the feasibility study. Look, there's risk along the way on a fast track like that, but this is a relatively straightforward project. We've got a lot of infrastructure already in place. That gives us a head start on much of our development, lowers risk, and also ticks boxes on things that need to be in place for us to proceed to construction. For example, we've got an office up at the site that's now been fully refurbished. We've got water, we've got the power line, we've got the road access, and all of those things are going to facilitate a smoother path to a construction decision.

13:53and as we march into early 28 mid 28 we want to be ready with financing to take the project forward and look I think we can get there based on the interest we're seeing at this conference and and and the progress we've making we're making technically and with permitting yeah okay well

14:12Mining Stock Daily: very good congratulate congratulations on a successful campaign with the drill program Merker more to come obviously we'll continue to do these updates throughout the rest of the year as we do continue our coverage of Revival Gold. Always appreciate your support of the podcast. Revival Gold trades on the venture with RVG and on the OTC QX with RVLGF. Hugh, have a wonderful rest of your week and pace yourself, pace yourself. It's going to be a busy one. Yep, thank you. To you too, Kriber. The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein.

14:53Mining Stock Daily: Please do your own research or speak with a licensed financial representative before making any investment decisions.