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Revival Gold is a U.S.-focused gold explorer advancing two assets: Mercur (Utah, Carlin-type, on private land for faster state-level permitting and the near-term path to cash flow) and Beartrack-Arnett (Idaho, orogenic system with a completed PFS and 4.6Moz resource, now prioritized for exploration torque). Backed by EMR Capital and Dundee, the company recently upsized an equity raise to US$29m to de-risk Mercur toward a PFS while drilling select growth targets at Beartrack-Arnett. In this interview, the CEO discussed all of the above as well as capital deployment and 2025 spend, drill programs and winter ops, permitting timelines/strategy, and more.

TLTW

1. Money
   Revival upsized its equity raise to US$29m (from US$24m) on a tight book led by EMR Capital, with Dundee exercising anti-dilution. Insiders did not participate, though the CEO bought 200k shares in the market above the issue price post-financing. Proceeds also cover the ~US$5m Barrick earn-in at Mercur due early next year, removing a near-term funding overhang. Hugh Agro says this brings in strategics, insider alignment, and balance-sheet clarity to accelerate exploration work.
2. Strategy
   Strategy pivots to Mercur (Utah) because private land and state permitting should shorten the path to first cash flow versus Beartrack-Arnett (Idaho). ~13,000m of drilling is now expected at Mercur (two rigs on site, third imminent) and ~3,900–4,000m at Beartrack-Arnett (fourth rig later in autumn). Formal permitting at Mercur is slated to begin early next year, and drilling is planned through the winter. Longer-term, management targets ~160koz/yr from the two open-pit heap-leach operations, with underground phases as a second act.
3. Value
   Mr. Agro says that the near-term value at Mercur could come from de-risking the asset and converting the ~40% inferred to M&I, as well as expanding metallurgy (five columns averaged ~84% recovery at ½-inch crush), and modelling carbonaceous zones to avoid heap-leach interference. Crush-size optimisation could lower operating costs and cut-off grade. Study work is aimed at supporting a PFS, and thus not funding an updated PEA now.
4. Exploration
   Beartrack-Arnett shifts to exploration torque, with the goal of extending the higher-grade JS underground zone (prior 110–115m intervals around 3–4 g/t with higher-grade cores), plus a first pass at a new target using wedge drilling to stretch metres. According to High the first phase remains open-pit heap leach. For a future sulphide phase, the Dundee “GlassLock” route is being tested to immobilise arsenic and lift concentrate grade, widening offtake optionality (domestic POX or broader smelter markets), but that will take more work.
5. Risk
   Key risks are executional, according to Hugh. Mercur resource conversion and broadening the metallurgical dataset; management views permitting/geopolitics as relatively benign on private land. 2025 spend accelerates (order of ~US$20m), with higher G&A/marketing to widen ownership. Assay updates are expected from September through Q1, paced by technical priorities rather than news cadence. With a ~US$100m market cap versus management’s higher NAV sensitivity, an opportunistic bid is a live risk if the market fails to re-rate on de-risking.

Revival Gold CEO Interview With Hugh Agro

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