Revival GOLD Consolidates Mercur GOLD Project BY Exercising Option to Acquire 100% of Barrick’S Interest
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REVIVAL GOLD CONSOLIDATES MERCUR GOLD PROJECT BY EXERCISING
OPTION TO ACQUIRE 100% OF BARRICK’S INTEREST
Toronto, ON – December 22nd, 2025 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold”
or the “Company”), is pleased to announce that it has delivered a notice to exercise its option (the
“Option”) to acquire 100% of Barrick Mining Corporation’s (“Barrick”) interest in the Mercur Gold
Project (“Mercur”) in Utah, marking a significant step forward on the path to re-starting production.
The Option was granted and exercised pursuant to the Mineral Lease and Option to Purchase
Agreement dated May 13th, 2021, as amended (“Option Agreement”) among certain wholly owned
subsidiaries of the Company and certain affiliates of Barrick.
The Option Agreement covers mineral interests amounting to 996 hectares, bringing the total
Mercur project area to approximately 7,200 hectares. Revival Gold and its affiliates had previously
consolidated ground held by a successor to Homestake Mining Company and various other owners.
Revival Gold completed a Preliminary Economic Assessment on the Mercur Gold Project in mid-
2025 (the “PEA”) and undertook a 13,000-meter drill program this year to , among other things,
support a planned 2026 pre-feasibility study and start the state mine permitting process in Utah.
Mercur Heap Leach PEA Highlights1
• Life-of-mine average production of 95,600 ounces of gold per year over a 10-year mine life;
• After-tax NPV of $294 million at a 5% discount rate and a gold price of $2,175 per ounce ,
increasing to a $752 million NPV at a gold price of $3,000 per ounce; and
• Mine permitting is expected to take about two years to complete.
“Barrick produced 1.4 million ounces of gold at Mercur , but never controlled the contiguous
Homestake claims and west Mercur land position. This option exercise completes the consolidation
of a large Carlin-style gold system – a rarity outside the Nevada gold majors – and comes with paved
road access, an energized powerline to the site and extensive technical information”, said Hugh
Agro, President & CEO. “Mercur is our top priority to move to production. Utah is a favourable
jurisdiction, and we expect a relatively short timeline to re-permit Mercur for mining.”
Mr. Agro continued, “Mercur’s PEA economics have the potential to drive transformational value
for Revival Gold’s shareholders . Barrick has operated to high standards of environmental and
community stewardship at Mercur and Revival Gold is committed to upholding the same high
standards.”
Note: 1See the technical report entitled “NI 43-101 Technical Report – Preliminary Economic Assessment for the Mercur Gold Project,
Camp Floyd and Ophir Mining District, Tooele and Utah Counties, Utah, USA,” prepared by Kappes, Cassiday & Associates, and
RESPEC Company LLC, with an effective date of March 25, 2025.
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Option Exercise Details
Pursuant to the Option Agreement, Revival Gold must have incurred at least C$6 million in
exploration expenditures prior to January 2nd, 2026, which has been completed. In accordance with
the terms of the Option Agreement, to exercise the Option, Revival Gold will enter into a
membership interest purchase agreement (the “MIPA”) with Barrick Gold Exploration Inc. pursuant
to which Revival Gold will acquire Barrick Resources (USA) Inc. (or a successor company thereof)
(the “Acquisition”). Revival Gold will compensate Barrick as follows, with each such payment being
in cash, or at the sole discretion of Barrick, in Revival Gold common shares : US$5 million on the
closing of the Option and US$5 million on each of the first , second and third anniversary of
commercial production.
In addition, on closing of the Option, in accordance with the terms of the Option Agreement, Revival
Gold will grant Barrick a 2% net smelter return royalty over the mineral interests which are subject
of the Option Agreement (the “Mining Claims”) and a 1% net smelter return royalty on all mineral
properties of which Revival Gold has an interest within 1 kilometre of the Mining Claims (“Barrick
Area of Interest”) . An overview of the Mercur l and package highlighting property interests
associated with the Option Agreement is provided in Figure 1.
Figure 1: Mercur Gold Project Land Package
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The closing of the Acquisition is expected to occur on or around April 1 st, 2026, and is subject to
certain conditions including, but not limited to, all necessary regulatory approvals, execution of the
MIPA and other customary closing conditions including Revival Gold taking on environmental surety
bonding. Revival Gold is working closely with Barrick to transition site management and is
committed to continuing the strong stewardship standards set by Barrick.
Qualified Persons
Technical information included in this news release was reviewed and approved by Mr. John Meyer,
P.Eng., a QP and Vice President, Engineering and Development for the Company.
About Revival Gold
Revival Gold is one of the largest, pure gold mine developers in the United States. The Company is
advancing development of the Mercur Gold Project in Utah and mine permitting preparations and
ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on
the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under
the ticker symbol “RVLGF”. The Company is headquartered in Toronto, Canada, with its exploration
and development office located in Salmon, Idaho.
For further information, please contact:
Scott Trebilcock, VP, Corporate Development & Investor Relations
Telephone: (416) 366-4100 or Email: [email protected]
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains "forward- looking information" within the meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-
looking statements"). Forward -looking statements are not comprised of historical facts. Forward -looking statements include
estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that th e
Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms
as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are
based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertain ties.
Although these statements are based on information currently available to the Company, the Company provides no assurance that
actual results will meet management’s expectations. Risks, uncertainties, and other factors involved with forward -looking
statements could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed
or implied by such forward -looking statements. Forward -looking statements in this news release include, but are not limited to:
statements regarding the results of the PEA on Mercur, such as future estimates of internal rates of return, net present value, future
production, estimates of mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs, timing
for permitting, intentions to complete of feasibility studies, the timing of phased development of Mercur, the exercise of the Option,
the entering into the MIPA, the exercise of the Option representing a significant step forward on the path to production at Mercur,
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the goals of Revival Gold’s drill program at Mercur, that Mercur’s PEA economics have the potential to drive transformational value
for Revival Gold’s shareholders and the satisfaction of closing conditions of the Acquisition.
Forward-looking statements and information involve significant known and unknown risks and uncertainties, should not be read as
guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results wi ll be
achieved. A number of factors could cause actual results to differ materially from the results expressed or implied by such f orward-
looking statements or information, including, but not limited to: inability to receive all necessary regulatory approvals for the
Acquisition and transactions associated therewith, inability to enter into the MIPA on terms and conditions acceptable to the
Company, inability to complete the Acquisition, the Company's ability to finance the development of its mineral properties;
assumptions and discount rates being appropriately applied to the PEA, uncertainty as to whether there will ever be production at
the Company's mineral exploration and development properties; risks related to the Company's ability to commence production at
Mercur and generate material revenues or obtain adequate financing for its planned exploration and development activities;
uncertainties relating to the assumptions underlying resource and reserve estimates; mining and development risks, including risks
related to infrastructure, accidents, equipment breakdowns, labour disputes, bad weather, non-compliance with environmental and
permit requirements or other unanticipated difficulties with or interruptions in development, construction or production; the
geology, grade and continuity of the Company's mineral deposits; the uncertainties involving success of exploration, developm ent
and mining activities; permitting timelines; government regulation of mining operations; environmental risks; unanticipated
reclamation expenses; prices for energy inputs, labour, materials, supplies and services; uncertainties involved in the interpretation
of drilling results and geological tests and the estimation of reserves and resources; unexpected cost increases in estimated capital
and operating costs; the need to obtain permits and government approvals; material adverse changes, unexpected changes in laws,
rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform
as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to delive r
anticipated results or results that would justify and support continued exploration, studies, development or operations. For a more
detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied
by such forward-looking statements, refer to other risks and uncertainties disclosed in the Company’ s public filings with Canadian
securities regulators, including its most recent annual information form and management’s discussion and analysis, available at
www.sedarplus.ca. The forward -looking statements contained in this press release are made as of the date of this press release.
Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation
to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.