Revival GOLD Delivers Compelling PEA Results and Attractive Potential Re-Development Timeline FOR the Mercur GOLD Project
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REVIVAL GOLD DELIVERS COMPELLING PEA RESULTS
AND ATTRACTIVE POTENTIAL RE-DEVELOPMENT TIMELINE
FOR THE MERCUR GOLD PROJECT
Toronto, ON – March 31st, 2025 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or
the “Company”) is pleased to announce compelling results from a Preliminary Economic
Assessment (“PEA”) on the Company’s Mercur Gold Project (“Mercur” or the “Project”) in Utah,
U.S.A. Furthermore, the Project’s favorable mineral tenure , straightforward design and existing
infrastructure endowment are expected by Revival Gold and the Company’s consultants to support
a relatively short permitting timeline of approximately two years, putting Mercur on the fast track
for potential re-development.
Mercur Heap Leach PEA Highlights1
• Life-of-mine (“LOM”) production of 65.6 million tonnes (“MT”) of mineralized material at
0.60 grams per tonne (“g/T”) and 75% average recovery generating an average of 95,600
ounces of gold per year over a 10-year mine life;
• After-tax NPV at a 5% discount rate (“NPV 5%”) of $294 million and after-tax IRR of 27% at
a gold price of $2,175 per ounce increasing to a $752 million NPV5% and 57% IRR at a gold
price of $3,000 per ounce;
• After-tax payback period of 3. 6 years at $2,175 per ounce of gold decreasing to 1.7 years
at $3,000 per ounce of gold;
• Pre-production and working capital of $208 million and additional LOM sustaining capital
of $110 million;
• LOM average cash cost of $1,205 per ounce of gold and all in sustaining cost of $1,363 per
ounce of gold;
• PEA mine plan developed from Indicated Mineral Resources of 35.3 MT grading 0.66 g/T
gold containing 746,000 ounces of gold and Inferred Mineral Resources of 36.2 MT grading
0.54 g/T gold containing 626,000 ounces of gold2; and,
• Expected timeline to complete applicable baseline studies and mine permitting of
approximately two years.
1 The PEA economic analysis was developed using a gold price of $2,175 per ounce. See Table 6 for additional details. All amounts
shown in this news release are in United States dollars and metric units of measurement unless otherwise stated.
2 Mineral Resources were estimated based on a gold price of $2,000 per ounce. See Table 1 for additional Mineral Resource
modeling input parameters.
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“Completion of this PEA highlights the potential economic value of Mercur and more than doubles
Revival Gold’s underlying net asset value from gold”, said Hugh Agro, President & CEO. “Mercur
presents a unique opportunity for relatively near-term U.S. gold production from a low -risk, low
capital project at a logistically superior domestic mine site. The Project features robust economics
including a $294 million after-tax NPV and a compelling 27% after-tax IRR at $2,175 gold increasing
to $752 million and 57% at $3,000 gold. Over the course of the next two years, Revival Gold intends
to focus on low -risk resource conversion and expansion , additional engineering studies and the
completion of Project permitting”, added Agro.
“As a brownfield site, Mercur offers significant historical exploration and operational data, excellent
logistics including paved access, water supply system, electrical power line and substation, and
close proximity to a large, skilled workforce , with the added benefit of exemplary historical
environmental performance that should translate into a shorter permitting schedule and lower
technical and execution risk”, noted John Meyer, Vice President, Engineering & Development.
This PEA is preliminary in nature . In addition to Indicated Mineral Resources, it includes Inferred
Mineral Resources that are considered too speculative geologically to apply economic
considerations that would enable categorization as Mineral Reserves, and there is no certainty that
the PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability.
The PEA was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for
Mineral Projects (“NI 43-101”) guidelines by Kappes, Cassiday & Associates (“KCA”) of Reno, Nevada
and RESPEC Company LLC (“RESPEC”) of Reno, Nevada (the “Study Authors”) with an effective date
of March 25th, 2025. The Company will file a technical report summarizing the PEA on www.revival-
gold.com and on SEDAR+ at www.sedarplus.ca in accordance with NI 43-101 within 45 days.
Conference Call
Management will host a conference call later today to discuss the results of the Mineral Resource
update and PEA. Call-in information is as follows:
Scheduled Start: March 31st, 2025, 10:00 am EST
Call-In Number: 289-514-5100
Toll Free in North America: 800-717-1738
A playback of the conference call will be available for one week at 289-819-1325 or toll free in North
America at 888-660-6264. Playback passcode 20300#.
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Further Details
Mineral Resource Estimate
The Mineral Resource estimate is reported in accordance with NI 43 -101 and was prepared by
RESPEC with an effective date of March 13th, 2025.
Table 1 summarizes the pit optimization input parameters used to develop the Mineral Resource
estimate and Table 2 presents the Mineral Resources for the Main and South Mercur deposits,
which were estimated at a gold price of $2,000 per ounce.
Table 1: Mineral Resource Estimate Pit Optimization Input Parameters
Mineral Resource
Pit Optimization Parameters Units Main
Mercur
South
Mercur
General
Mineral Resource Gold Price $/oz Au $2,000
Mining/Heap Leaching Rate tonnes/day 18,144
Average Leach Recovery % 74% 79%
Operating Expenditures
Mining – Rock $/tonne Mined $2.76
Mining – Fill $/tonne Mined $2.36 N/A
Incremental Haul to Crusher $/tonne Processed $0.35 $0.90
Heap Leaching $/tonne Processed $4.46
General & Administrative Costs $/tonne Processed $0.90
Other Costs
Refining & Freight $/oz Au Recovered $5.00
Royalties Net Smelter Return 2.1%1
Note:
1. Royalties for the property are variable and were calculated on a block-by-block basis. This value represents the block-weighted
average net smelter return royalty for the Main and South Mercur PEA pits.
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Table 2: Mineral Resource Estimate
Project Area
Indicated Mineral Resources Inferred Mineral Resources
Tonnage
(kT)
Gold Grade
(g/T)
Gold
(koz)
Tonnage
(kT)
Gold Grade
(g/T)
Gold
(koz)
Main Mercur 28,629 0.63 581.0 33,179 0.53 567.0
South Mercur 6,670 0.77 165.0 3,066 0.60 59.0
Total Mercur 35,299 0.66 746.0 36,246 0.54 626.0
Notes:
1. The Mineral Resource estimates were developed by Michael S. Lindholm, CPG of RESPEC in Imperial units , and the results and
optimization parameters were converted into metric units.
2. In-situ Mineral Resources are classified in accordance with CIM Standards.
3. Mineral Resources for all model blocks were calculated within optimized pits at a cut -off gold grade of 0.005 oz/ton
(0.17 g/tonne).
4. The average gold grades of the Mineral Resources are comprised of the weighted average of block -diluted grades within the
optimized pits. Alluvium and historical waste rock and backfill materials are not included in the Mineral Resources.
5. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
6. Mineral Resources potentially amenable to open pit mining methods are reported using a gold price of US$2,000/oz, a
throughput rate of 20,000 tons/day ( 18,144 tonnes/day), variable metallurgical gold recoveries that average 74% for Main
Mercur and 79% for South Mercur, variable net smelter return royalties with a block-weighted average of 2.1%, mining costs of
US$2.50/ton (US$2.76/tonne) mined, heap leach processing costs of US$4.05/ton (US$4.46/tonne) processed, and general and
administrative costs of US$0.82/ton (US$0.90/tonne) processed. The gold commodity price was selected based on an analysis
of the three-year trailing average at the end of February 2025.
7. The effective date of the Mineral Resource estimate is March 13, 2025.
8. Rounding may result in apparent discrepancies between tons, grade, and contained metal content.
Table 3 illustrates the sensitivity of the Main and South Mercur Mineral Resources to changes in the
gold price from $1,600 per ounce up to $2, 400 per ounce . All sensitivity cases are tabulated at a
cutoff gold grade of 0.005 oz/ton (0.17 g/tonne). All tabulations at gold prices lower than the base
case of $2,000/oz represent subsets of the current Mineral Resources. All tabulations at gold prices
higher than the base case reflect potential future increases in Mineral Resources and are provided
for information only.
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Table 3: Mineral Resources Sensitivity to Gold Price
Mineral Resource Category
& Gold Price
Resource
Tonnage
(kT)
Contained
Gold Grade
(g/T)
Contained
Gold
(koz)
Mineral Resource Sensitivity at $1,600/oz Gold
Total Indicated 28,641 0.69 636
Total Inferred 27,611 0.58 514
Mineral Resource Sensitivity at $1,800/oz Gold
Total Indicated 31,560 0.67 683
Total Inferred 31,507 0.55 562
Base Case Mineral Resource $2,000/oz Gold
Total Indicated 35,299 0.66 746
Total Inferred 36,246 0.54 626
Mineral Resource Sensitivity at $2,200/oz Gold
Total Indicated 37,089 0.65 779
Total Inferred 39,022 0.52 654
Mineral Resource Sensitivity at $2,400/oz Gold
Total Indicated 40,238 0.64 822
Total Inferred 43,901 0.53 743
Notes:
1. The Mineral Resource estimates were developed by Michael S. Lindholm, CPG of RESPEC in Imperial units, and the results
and optimization parameters were converted into metric units.
2. In-situ Mineral Resources are classified in accordance with CIM Standards.
3. The base case reported Mineral Resources at a gold price of $2,000/oz Au is shown in bold and has an effective date of
March 13, 2025.
4. Tabulations at gold prices higher and lower than the base case are presented to demonstrate sensitivities to fluctuating gold
prices.
5. Tabulations comprise all model blocks at a cutoff gold grade of 0.005 oz/ton (0.17 g/tonne) for all material within optimized
pits at variable gold prices. Pit optimizations used a throughput rate of 20,000 tons/day (18,144 tonnes/day), assumed
variable metallurgical gold recoveries that average 74% for Main Mercur and 79% for South Mercur, variable net smelter
return royalties with a block-weighted average of 2.1%, mining costs of US$2.50/ton (US$2.76/tonne) mined, heap leach
processing costs of US$4.05/ton (US$4.46/tonne) processed, general and administrative costs of $0.82/ton (US$0.90/tonne)
processed.
6. Tabulations at gold prices lower than the base case of $2,000/oz Au represent subsets of the current Mineral Resources.
7. Tabulations at gold prices higher than the base case reflect the potential for increased Mineral Resources and are provided
for information only.
8. The average grades of the tabulations are comprised of the weighted average of block-diluted grades within the optimized
pits. Alluvium, dump and backfill materials are not included in the tabulations.
9. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
10. Rounding may result in apparent discrepancies between tons, grade, and contained metal content.
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Figure 1 presents an overview map for the Mercur Project area and the location of reported Mineral
Resources, exploration targets, key existing infrastructure, and proposed new facilities on the
property.
Figure 1: Overview Map
Open Pit Heap Leach PEA
The PEA was developed using conventional open pit hard rock mining methods at a nominal rate
for mineralized material of 18, 144 tonnes/day. The PEA mine fleet is conventional with loading
accomplished by a 22 m3 hydraulic shovel and a 23 m3 front loader matched to up to sixteen
136−tonne class haul trucks.
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During the initial four years of operations, mining would be expected to be undertaken concurrently
at both the Main Mercur and South Mercur pits. The run-of-mine (“ROM”) mineralized material
would be hauled to the proposed West Mercur plant site area then crushed, conveyor stacked and
leached on a dedicated leach pad. During the last six years of operations, mining would be expected
to be undertaken at Main Mercur only. The LOM average strip ratio for the Project is 2.8.
ROM mineralized material from the open pits would be processed in a conventional stationary
three-stage crushing circuit to achieve a particle size of 100% passing 13 mm (0.5 inch). Crushed-
product would be stacked in 10-meter-high lifts on a heap leach facility located at West Mercur and
leached with a low -concentration cyanide solution using a buried drip irrigation system. The
resulting pregnant leach solution would be processed in an adsorption -desorption-recovery
(“ADR”) plant for the recovery of gold resulting in the production of a final doré product.
LOM average metallurgical recovery for the Project is approximately 75% of contained gold and the
estimated average annual gold production would be 95,600 ounces per year. The estimated average
recovery reflects average recoveries of 74% for Main Mercur and 79% for South Mercur. Table 4
presents the mine and gold production schedule.
Table 4: Mining and Heap Leaching Schedule
Parameter Units Yr -1 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Totals
Mineralized
Rock
Pit to Stockpile k tonnes 851 2,464 2,741 2,629 2,908 3,737 2,841 2,597 3,527 2,253 1,623 28,169
Pit to Crusher k tonnes - 4,288 3,985 3,877 4,243 5,436 2,776 4,823 3,787 3,053 1,194 37,462
Total Mined k tonnes 851 6,753 6,726 6,506 7,151 9,173 5,616 7,419 7,314 5,305 2,816 65,631
Crusher to Heap k tonnes - 6,317 6,622 6,641 6,622 6,622 6,622 6,641 6,622 6,622 6,298 65,631
Gold Grade g/tonne - 0.58 0.52 0.57 0.59 0.43 0.57 0.64 0.66 0.87 0.72 0.60
Contained Gold k oz - 128 124 110 121 125 91 122 136 141 177 1275
Recovery % - 84% 79% 76% 77% 76% 74% 80% 78% 71% 58% 75%
Recoverable Gold k oz - 107 98 84 94 95 68 98 106 100 102 951
Waste
Rock Rock to Dumps k tonnes 855 18,712 17,199 16,960 14,314 17,210 19,578 16,605 15,854 15,205 3,827 156,318
Fill to Dumps k tonnes 574 3,138 - 18 84 373 395 1,665 10,568 7,464 236 24,516
Total to Dumps k tonnes 1,429 21,849 17,199 16,978 14,397 17,583 19,973 18,270 26,422 22,670 4,062 180,834
All
Rock Total Mined k tonnes 2,280 28,602 23,925 23,484 21,549 26,757 25,590 25,690 33,736 27,975 6,879 246,465
Strip Ratio wr:mr 1.7 3.2 2.6 2.6 2.0 1.9 3.6 2.5 3.6 4.3 1.4 2.8
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Infrastructure
Some of the infrastructure from the original Mercur mining operation remains in serviceable
condition. Wherever possible, refurbishment and reuse of the existing infrastructure is planned,
including the following:
• Site access and onsite roads;
• Water supply system;
• Fencing and gates;
• Groundwater monitoring wells;
• Stormwater management systems;
• Office building; and,
• Power substation and overhead power distribution lines.
All other major infrastructure from the previous operations were removed as part of prior site
reclamation efforts and would need to be replaced for future operations. The primary new
infrastructure that would be required to support the PEA plan include:
• Crushing and conveyor stacking systems;
• Process solution distribution and collection systems;
• Heap leach pad;
• Process solution and overflow ponds;
• ADR plant/laboratory;
• Main and South Mercur haul roads;
• Water and power supply to the West Mercur area;
• Truck shop and warehouse; and,
• Administration and additional office buildings.
Capital and Operating Cost Estimates
Processing, infrastructure and general and administrative (“G&A”) capital and operating cost
estimates for the Mercur PEA were developed by KCA. Mining equipment, mining preproduction
and mine operating cost estimates were developed by RESPEC. Capital and o perating costs were
estimated based on first quarter 2025 US dollars.