Revival GOLD Restructures and Extends Beartrack Earn-IN Terms
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REVIVAL GOLD RESTRUCTURES AND EXTENDS
BEARTRACK EARN-IN TERMS
TORONTO, September 3rd, 2024– Revival Gold Inc. (TSX-V: RVG, OTCQX: RVLGF) (“Revival Gold”
or the “Company”) is pleased to announce the restructuring and extension of the Meridian
Beartrack Co. (“Meridian”) earn-in and related stock purchase agreement ( together, the
“Agreement”) under which the Company intends to acquire Meridian , a subsidiary of Pan
American Silver Corp. (“Pan American”) and the owner of the Beartrack property and associated
infrastructure. The Beartrack property (“Beartrack”) encompasses approximately half the
mineral claim interests that make up Revival Gold’s 6,300-hectare Beartrack-Arnett gold project
in Idaho, U.S.A. (“Beartrack-Arnett”).
The restructuring and extension of the terms of the Agreement (the “Amendment”, dated August
30th, 2024) eliminates the obligation for Revival Gold to pay a subsidiary of Pan American the
greater of US$6 per ounce of gold in mineral resource or US$15 per ounce of gold in mineral
reserve on the third anniversary of the closing of the Agreement. In addition, the Amendment
provides for a three-year extension to the earn-in; thereby deferring the requirement for Revival
Gold to provide site bonding until October 2027. Under the Agreement, Pan American maintains
site bonding surety for Beartrack (current face value of US$10.2 million ) and Revival Gold
reimburses Pan American for all site -related operating and maintenance costs (estimated to be
about US$850,000 per year including surety).
In consideration for the Amendment, Revival Gold has agreed that upon closing of the
Agreement, Meridian will grant a subsidiary of Pan American a 0.3% net smelter return royalty
on Beartrack, which is in addition to the 1.5% net smelter return royalty that is already to be
granted at closing. Accordingly, upon closing of the Agreement, Meridian will grant Pan
American’s subsidiary a 1.8% net smelter return royalty on Beartrack, of which, 0. 5% will be
extinguished upon payments totaling US$2 million.
“Today’s announced restructuring improves the alignment of Revival Gold and Pan American’s
respective interests in Beartrack and provides Revival Gold with additional time to advance
permitting preparations and exploration at Beartrack-Arnett”, remarked Hugh Agro, President &
CEO. “ Revival Gold is focused on advancing Beartrack-Arnett in a responsible , efficient and
expeditious manner and can now do so without having the burden of a large payment obligation
in advance of production”, Agro added.
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Qualified Persons
John P.W. Meyer, Vice President, Engineering and Development, P.Eng., Steven T. Priesmeyer,
C.P.G., Vice President Exploration, and Dan Pace, Regis. Mem. SME, Chief Geologist, Revival Gold
Inc. are the Company’s designated Qualified Persons for this news release within the meaning of
National Instrument 43-101 Standards of Disclosure for Mineral Projects and have reviewed and
approved its scientific and technical content.
About Revival Gold
Revival Gold is a pure gold, mine developer operating in the western United States. The Company
is advancing engineering and economic studies on 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.
Additional disclosure including the Company’s financial statements, technical reports, news
releases and other information can be obtained at www.revival-gold.com or on SEDAR+
at www.sedarplus.ca.
For further information, please contact:
Hugh Agro, President & CEO or Lisa Ross, 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 news release.
This press release includes certain “forward -looking information” within the meaning of
Canadian securities legislation and “forward -looking statements” within the meaning of U.S.
securities legislation (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 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 future events and conditions, by their very nature they
involve inherent risks and uncertainties. Although these statements are based on information
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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 document include, but are not limited to, the Company’s plan
to acquire Meridian pursuant to the Agreement, the Amendment allowing the Company to focus
on developing Beartrack- Arnett in a responsible, efficient and expeditious manner without the
burden of a large payment obligation in advance of production, the Company’s objectives, goals
and future plans, and statements of intent, the implications of exploration results, mineral
resource/reserve estimates and exploration and mine development plans. Factors that could
cause actual results to differ materially from such forward -looking statements include, but are
not limited to failure to identify mineral resources, failure to convert estimated mineral resources
to reserves, the inability to maintain the modelling and assumptions upon which the
interpretation of results are based after further testing, the inability to complete a feasibility
study which recommends a production decision, the preliminary nature of metallurgical test
results, delays in obtaining or failures to obtain required governmental, environmental or other
project approvals, changes in regulatory requirements, political and social risks, uncertainties
relating to the availability and costs of financing needed in the future, uncertainties or challenges
related to mineral title in the Company’s projects, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity and in particular gold prices, delays in the
development of project s, capital, operating and reclamation costs varying significantly from
estimates, the continued availability of capital, accidents and labour disputes, and the other risks
involved in the mineral exploration and development industry, an inability to raise additional
funding, the manner the Company uses its cash or the proceeds of an offering of the Company’s
securities, an inability to predict and counteract the effects of COVID- 19 on the business of the
Company, including but not limited to the effects of COVID -19 on the price of commodities,
capital market conditions, restriction on labour and international travel and supply chains, future
climatic conditions, the discovery of new, large, low -cost mineral deposits, the general level of
global economic activity, disasters or environmental or climatic events which affect the
infrastructure on which the project is dependent, and those risks set out in the Company’s public
documents filed on SEDAR+. Although the Company believes that the assumptions and factors
used in preparing the forward- looking statements in this news release are reasonable, undue
reliance should not be placed on such information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur in the disclosed time frames
or at all. Specific reference is made to the most recent Annual Information Form filed on SEDAR+
for a more detailed discussion of some of the factors underlying forward-looking statements and
the risks that may affect the Co mpany’s ability to achieve the expectations set forth in the
forward-looking statements contained in this presentation. The Company disclaims any intention
or obligation to update or revise any forward- looking statements, whether as a result of new
information, future events or otherwise, other than as required by law.