With 6 million ounces of gold in resource and two advancing U.S. projects, Revival Gold is among the most substantial pureplay gold developers on the continent. Hugh Agro, Founder, President & CEO, outlines the company’s strategy, its near-term milestones, and why the current gold market has the team focused firmly on delivery.
Hugh Agro, Founder, President & CEO, Revival Gold, responds.
A Pipeline Built for Scale
Revival Gold is advancing both Mercur in Utah and Beartrack-Arnett in Idaho. How do these two projects fit together within your broader strategy?
Revival Gold’s assets form a pipeline of low risk, low capital, heap leach projects with 160,000 ounces per year of gold production and a target of 300,000 ounces per year from future resource conversion and exploration.
To what extent is your approach designed to balance near-term development at Mercur with longer-term optionality at Beartrack-Arnett?
Revival Gold is advancing Mercur to production first. Mercur is an oxide heap leach project on track for re-development to approximately 100,000 ounces of gold per year. Following closely behind is the Beartrack-Arnett first phase heap leach gold project with approximately 60,000 ounces of annual production.
Mercur: The Fast Track to Production
What makes Mercur your primary development focus today, and what are the key factors that support its advancement toward production?
Mercur is on private land which makes the supportive state of Utah our primary regulator. We have established a two-year permitting timeline and are currently conducting baseline studies and other work to stay on track for a construction decision in 2028. This is a rapid timeline for a mine and is made possible by Mercur being a past producer, in a dry location, with infrastructure and data from past operations.
What progress has been made recently at Mercur, and what should investors be focused on over the next phase of development?
At Mercur we’ve just completed a 115-hole drill program to advance the PFS. In connection with this program, we retrieved several high-grade intercepts pointing to future exploration upside on the project. We’ll resume drilling with two rigs in April to complete data collection for the PFS and to further test for exploration upside. 2026 will be an exciting year for Mercur!
Beartrack-Arnett: The Second Engine
Beartrack-Arnett offers a different type of opportunity. How are you approaching its potential restart and development pathway?
Beartrack-Arnett hosts a 4.6-million-ounce gold resource found at a discovery cost of less than $10 per ounce. Revival Gold has completed a PFS plan to resume mining with a first phase heap leach operation. Exploration is ongoing with drilling targeting extensions to the high-grade Joss area which could underpin a third development opportunity for Revival Gold. Results are pending!
How do you see Beartrack-Arnett contributing to the overall value of the company alongside Mercur?
While Mercur is first in line for re-development with approximately 100,000 ounces per annum, Beartrack-Arnett is the second in-line for redevelopment a year or two later with approximately 60,000 ounces per annum following soon after. Beyond that, Beartrack-Arnett’s existing 4.6-million-ounce resource and open exploration opportunities speak to the potential for much more.
Capital, Credibility, and Execution
In the current market, what do you see as the key factors that determine whether a project attracts capital?
Revival Gold’s projects are high margin and, given their record of successful past operation, are relatively low risk. The Company has long-term supportive institutional shareholders, including EMR capital, who provide ready access to capital. With low capital intensity projects located in the U.S.A., Revival Gold can tap simple low-cost debt and equity to fuel development and deliver value to our shareholders.
How is Revival Gold positioning itself to meet those expectations, both in terms of project design and execution?
Revival Gold has an experienced, US-based technical team and operational leadership with proven credentials in the western US – including with Barrick, Kinross, Oceana and Meridian. Given the attractive locations of Revival Gold’s projects, we are confident in its ability to continue to attract talent and grow its team as the business accelerates to production over the coming quarters.
Milestones to Watch
Looking ahead, what are the key milestones across Mercur and Beartrack-Arnett that investors should be watching over the next 12–18 months?
At Mercur:
- Metallurgical column test results
- Ongoing drill results with a new program of 12,000 meters drilling to commence in April
- Baseline and environmental studies supporting mine permitting
- A PFS in Q1 2027 with reserve declaration, a major milestone At Beartrack-Arnett we continue to explore with two rigs drilling and results from the high-grade Joss target area expected in May through this summer.
How should investors think about the Company’s trajectory as these projects advance?
Revival Gold is rapidly advancing Mercur in Utah to production of nearly 100,000 ounces of gold per annum, a great high quality mid-tier gold asset. In parallel, Revival Gold continues to explore and advance development at Beartrack-Arnett in Idaho. We see great times ahead for Revival Gold!
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