Revival Gold Inc. (RVG-V)

Cashed Up To Keep Drills Turning

Revival Gold controls two past-producing oxide gold deposits in Idaho
(Beartrack) and Utah (Mercur), that it is advancing towards the potential re-
start of heap-leach operations later this decade. Recent economic studies
suggest potential for Revival Gold to become a 150,000-175,000 ounce per
annum gold producer.
Cashed Up: earlier this summer, Revival raised gross proceeds of just over C$29
million, with the majority of funds from two strategic investors. EMR Capital now
controls 11.8% of RVG’s outstanding shares, and Dundee Resources Limited
exercised its participation rights to maintain its 5.3% holding in RVG.
Drills Turning at Mercur: two drills operating since July have completed ~3,200
metres of the planned 13,000-metre programme (fig2). Drilling is focused on
both resource infill and geotechnical studies / metallurgical sampling.
New Tech Could Help At Beartrack: in mid-August, Revival reported that
metallurgical testing with Dundee Sustainable Technologies (DST) yielded
positive results employing DST’s Glasslock ProcessTM which improved gold
concentrate grades and lowered arsenic content by 99% on high-grade
sulphide-hosted mineralized material from the Joss zone at Beartrack. This
processing method could offer RVG the opportunity to produce a direct-to-
smelter saleable gold concentrate, potentially eliminating the need for third-
party treatment of the refractory material. Reduction/removal of arsenic would
lower penalties and would make the concentrate more widely acceptable by
smelters.
Investment Thesis Intact: we continue to view Revival Gold shares as an
attractive investment opportunity as they move their two main gold projects
towards development.
Valuation Review: rolling forward our valuation basis from 2025 to 2026 has a
positive impact on our NAV and our 12-month target price increases from $1.40
to $1.65/sh. As this still represents significant upside to current share price levels,
we maintain our BUY rating on RVG shares. Read More & See Full PDF