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Revival Gold is a TSX-listed gold developer with two projects: the Mercur Gold Project in Utah and the Beartrack-Arnett project in Lemhi County, Idaho. The company is led by CEO Hugh Agro. The conversation covered 2025 drilling results at Mercur, metallurgical test work, the path to a pre-feasibility study (PFS) and eventual production, the company’s cash position, financing strategy, permitting progress, and early-stage drilling at Beartrack-Arnett.

TL;DR

Revival Gold has C$18 million in the bank, a US$5 million Barrick payment due in April, and a busy technical calendar ahead, with 29 more Mercur drill results expected in March/April, 20 column metallurgical tests due May/June, and a PFS targeted for year-end 2026. The PA put out a US$750 million NPV at US$3,000 gold with a 56% after-tax IRR. Infill drilling is running about 10% above resource grade. The company is targeting a production decision in 2028 and first gold in 2029, on private ground through a state permitting process, which they say makes the timeline realistic regardless of which administration sits in Washington. At Beartrack-Arnett, two rigs are turning in the Jaws zone with a roughly US$3 million budget for 2026 and a goal of adding underground ounces to an already 4.66 million ounce discovery.

What have they done for shareholders lately?

Since last summer, they’ve drilled 115 holes at Mercur, releasing results on 86 of them. Intercepts are averaging 66 g/t gold, which CEO Agro says is about 10% above resource grade, and the cyanide-soluble-to-fire-assay ratio is coming in at 78%, ahead of the 75% recovery assumption baked into the preliminary assessment. Five column leach tests done last year returned mid-80% recoveries, with 90% of that gold coming out within five days. At Beartrack-Arnett, one of three holes at the Sharky target (about 2.5 km south of the Jaws zone) hit the expected alteration and structural setting, giving the team confidence to keep stepping south from known mineralisation. The company also refurbished existing water wells on the Mercur site inherited from Barrick and confirmed the water table hasn’t moved in 30 years, which is relevant for permitting.

How much money do they have and what are they spending it on?

The company started 2026 with C$18 million in cash and has C$7 million in warrants coming due in spring and fall. That cash needs to cover a US$5 million payment to Barrick in April to complete the purchase of roughly 1,000 hectares at Mercur, plus all planned 2026 work. The work program includes approximately 12,000 metres of exploration and resource-definition drilling and 4,000 metres of geotechnical and hydrological drilling at Mercur, 20 column metallurgical tests, baseline environmental studies (biological, hydrological, and cultural), and engineering work toward the PFS. At Beartrack-Arnett, the 2026 budget is approximately US$3 million for a 3,000-metre program with two rigs in the Jaws zone. On financing, Agro said the timing and structure are still being decided, with a preference for avoiding warrants if market conditions allow.

Upcoming catalysts

Technically, there remaining 29 Mercur drill results are expected March/early April 2026. Results from Beartrack-Arnett Jaws zone drilling expected summer 2026. Twenty column metallurgical test results from Mercur expected May/June 2026. Auger drilling into historic leach pads at Mercur planned for 2026, with results to follow. PFS publication targeted for end of 2026.

Operationally, raptor and bird baseline studies are expected to start next month (April 2026). Hydrological desktop studies are already underway, and fieldwork is expected throughout 2026. Cultural baseline work already in progress. All baseline study work to be completed in 2026 as input to permit applications.

Corporately, construction financing process (debt, possible royalty or streaming, equity) expected to begin in 2027 once PFS is complete. Production decision targeted for 2028, first production at Mercur targeted for 2029.

Risks

The most immediate financial pressure is the US$5 million Barrick payment in April, which will absorb a meaningful chunk of the C$18 million cash position. If drilling or metallurgical results come in below expectations (particularly if the column tests don’t support the 75% recovery assumption from the PEA) that would be a significant setback to both the PFS and investor confidence. Agro flagged talent retention as his main operational concern given competition for technical personnel in a busy sector. Capital markets risk is also present. The company hasn’t yet locked in its next financing round, and if the gold equity environment softens before the PFS is out, the terms available could be worse. On the M&A side, Agro acknowledged the company is vulnerable to a takeout given it is trading at a fraction of its expected NAV, and the board would be obligated to evaluate any inbound offer, which may or may not align with management’s preferred timeline to production.

Revival Gold CEO Interview

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