Paradigm Capital Flash Note

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Revival provided final results from the 2025 drilling program at the Mercur Gold Project in Utah.
Details

• Several notable intercepts at South Mercur, including:
  o RMC25-031: 74.3m @ 2.75 g/t (at 91m downhole), including 12.5m @ 8.04 g/t (at 130m downhole)
  o RMC25-032: 83.9m @ 1.09 g/t (at 14m downhole)
  o RMC25-033: 82.5m @ 0.96 g/t (at 13m downhole)
• Drilling also encountered mineralized waste rock from the historical in-pit backfill, which is currently considered waste that would
  need to be moved. This suggests some waste-to-ore conversion, lowering the overall project strip ratio. Notable intercepts include:
  o RM25-171: 38.1m @ 0.49 g/t (starting at surface)
  o RM25-172: 16.8m @ 0.39 g/t (starting at surface)
  Conclusion
• Positive. The Mercur deposit is generally low grade (overall average grade of ore used in PEA study is 0.60 g/t), but there are
  higher-grade domains within the deposit. Mercur is a Carlin-style gold system, and these are known to generate high-grade ore
  shoots that have historically been a significant value driver for many of the gold mines in Nevada. Hole 31 of today’s press release
  (12m @ 8 g/t) is showing intact high-grade zones at South Mercur.
• We do temper this high-grade result with the observation that the intercept had a low cyanide soluble/fire assay (AuCN/AuFA)
  ratio of 52%, suggesting this mineralization is at least partially refractory (and would likely have low to marginal recoveries on a
  heap leach). But even low recoveries of high-grade mineralization can be economic, particularly when the grade is more than an
  order-of-magnitude better than the average reserve grade.
• Such high-grade shoots will not only benefit the current heap leach project but also point to longer-term exploration potential on
  Mercur’s large 7,200-ha property. Recall that Revival recently exercised the option to acquire a 100% interest in the Mercur
  property.
• The high-grade intercepts are important, but the project is low grade (sub-1g/t) on average, so it is important to put the entire 2025
  drill campaign into context:
  o The weighted average 2025 Mercur intercept grade was 0.77 g/t gold (>25% above the average mineral resource grade).
  o The weighted average 2025 intercept cyanide soluble/fire assay ratio was 77% (comfortably within the range of the 75%
  recovery assumed in the PEA).
• Data collected from drilling in 2025 and 2026 will support the company’s planned PFS targeted for release in Q1/27, a major
  milestone on the path to restarting gold production at Mercur. Revival Gold is currently mobilizing to restart exploration and
  engineering drilling at Mercur later this month with a planned program totaling 16,000m.

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