Revival GOLD Files Ni 43-101 Preliminary Economic Assessment FOR the Mercur GOLD Project
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REVIVAL GOLD FILES
NI 43-101 PRELIMINARY ECONOMIC ASSESSMENT
FOR THE MERCUR GOLD PROJECT
Toronto, ON – May 5th, 2025 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the
“Company”) has filed on SEDAR+ a technical report prepared in accordance with National
Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”) on the Mercur
Project (“Mercur” or the “Project”), titled “Preliminary Economic Assessment NI 43-101 Technical
Report on the Mercur Gold Project , Tooele & Utah Counties, Utah, USA ” (the “Technical Report”).
The Technical Report supports disclosure made by the Company in its news release dated March
31st, 2025, titled “ Revival Gold Delivers Compelling PEA Results and Attractive Potential Re -
Development Timeline for the Mercur Gold Project”. There are no material differences in the
Technical Report from those results disclosed in the March 31st, 2025, news release.
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 (“NPV5%”) of $295 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 mine permitting of approximately two years.
1 The PEA economic analysis was developed using a gold price of $2,175 per ounce. 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.
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The Technical Report was prepared in accordance with 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 Technical Report can be found on
the Company’s website at www.revival-gold.com and on SEDAR+ at www.sedarplus.ca under the
Company’s issuer profile.
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, and Mr. Dan Pace,
RM SME, a QP and Chief Geologist for the Company. Mr. Pace’s review focused on the geological
representativity of the Mineral Resource numerical models, including review of the laboratory and
field data that support the models, while Mr. Meyer’s review focused on mine, process and
infrastructure designs, capital and operating costs, and financial modeling.
About Revival Gold Inc.
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:
Hugh Agro, President & CEO or Lisa Ross, Vice President & CFO
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, "forw ard-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 the 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
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future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these
statements are based on information currently available to the Company, the Company provides no assurance that
actual results will meet managem ent’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 the Project, such as future estimates of internal rates of return, net present value, future production, estimates
of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates
of capital and operating costs, timing for permitting and environmental assessments, timing, completion and results of
feasibility studies, and the size and timing of phased development of the Project. Furthermore, forward -looking
statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by
the Company as of the date of such statements, are inherently subject to significant business, economic and
competitive uncertainties and contingencies. With respect to this specific forward-looking information concerning the
development of the Project, the Company has based its assumptions and analysis on certain factors that are inherently
uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical
characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of gold, silver
and other commodities; (vi) the availability of equipment and facilities necessary to complete development; (vii) the
cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems;
(ix) natural disasters and/or accidents; currency fluctuations; (xi) changes in regulations; (xii) the compliance by and/or
key suppliers with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of
the mining industry by various governmental agencies, including permitting and environmental assessments; (xv) the
ability to raise sufficient capital to develop such projects; (xiv) changes in project scope or design; and (xvi) political
factors.
This release also contains references to estimates of mineral resources. The estimation of mineral resources is
inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not
mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the
quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological
interpretation (including estimated future production from the Project, the anticipated tonnages and grades that will
be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a
certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate.
Mineral resource estimates may have to be re-estimated based on: (i) fluctuations in commodities prices; (ii) results of
drilling, (iii) metallurgical testing and other studies; (iv) proposed mining o perations, including dilution; (v) the
evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required
permits, approvals and licenses or changes to existing mining licenses.
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 will be achieved. A number of factors could cause actual results to differ materially from the results
expressed or implied by such forward-looking statements or information, including, but not limited to: 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 c ommence production at the Project 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 developmen t 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
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involving success of exploration, development 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 deliver 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.
Non-IFRS/Non-GAAP Financial Performance Measures
The Company has included certain terms or performance measures in this news release that commonly used in the gold
mining industry that are not defined under International Financial Reporting Standards ("IFRS") or United States
Generally Accepted Accounting Principles ("US GAAP"). This includes: all-in sustaining costs per ounce and cash cost per
ounce. Non-IFRS/Non-GAAP financial performance measures do not have any standardized meaning prescribed under
IFRS or US GAAP, and therefore, they may not be compa rable to similar measures employed by other companies. The
data presented is intended to provide additional information and should not be considered in isolation or as a substitute
for measures prepared in accordance with IFRS or US GAAP and should be read in conjunction with the Company's
financial statements. Because the Company has provided these measures on a forward -looking basis, it is unable to
present a quantitative reconciliation to the most directly comparable financial measure calculated and pres ented in
accordance with IFRS or US GAAP without unreasonable efforts. This is due to the inherent difficulty of forecasting the
timing or amount of various reconciling items that would impact the most directly comparable forward-looking IFRS or
US GAAP me asure that have not yet occurred, are outside of the Company's control and/or cannot be reasonably
predicted.
Definitions
"All-in sustaining costs" is a non -IFRS or US GAAP financial measure calculated based on guidance published by the
World Gold Council ("WGC"). The WGC is a market development organization for the gold industry and is an association
whose membership comprises leading gold mining companies. Although the WGC is not a m ining industry regulatory
organization, it worked closely with its member companies to develop these metrics. Adoption of the all- in sustaining
cost metric is voluntary and not necessarily standard, and therefore, this measure presented by the Company may not
be comparable to similar measures presented by other issuers. The Company believes that the all- in sustaining cost
measure complements existing measures and ratios reported by the Company. All- in sustaining cost includes both
operating and capital costs required to sustain gold production on an ongoing basis. Sustaining operating costs
represent expenditures expected to be incurred at the Project that are considered necessary to maintain production.
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Sustaining capital represents expected capital expenditures comprising mine development costs, including capitalized
waste, and ongoing replacement of mine equipment and other capital facilities, and does not include expected capital
expenditures for major growth projects or enhancement capital for significant infrastructure improvements.
"Cash cost per gold ounce" is a common financial performance measure in the gold mining industry but has no standard
meaning under IFRS or US GAAP. The Company believes that, in addition to conventional measures prepared in
accordance with IFRS or US GAAP, certain investors use this information to evaluate the Company's performance and
ability to generate cash flow. Cash cost figures are calculated in accordance with a standard developed by The Gold
Institute. The Gold Institute ceased operations in 2002, but the standard is considered the accepted standard of
reporting cash cost of production in North America. Adoption of the standard is voluntary, and the cost measures
presented may not be comparable to other similarly titled measures of other companies.