Revival Gold Inc · TSXV:RVG
Revival Gold — Investor Presentation (May 2025)
47 slides from Revival Gold's investor presentation, May 5, 2025
Slide 1: Pursuing a Revival in Gold
PURSUING A REVIVAL IN GOLD Corporate Presentation 5th May 2025 revival-gold.com TSX-V: RVG OTCQX: RVLGF
Slide 2: Cautionary Notes
Cautionary Notes availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies, This document has been prepared by Revival Gold Inc. (“Revival Gold” or, the “Company”) for evaluation of the Company by including permitting and environmen
Slide 3: A growth company in gold
REVIVAL GOLD INC. Mercur, Utah A growth company in gold • Advancing multi-million-ounce brownfield gold assets in the U.S.1: • Mercur PEA-stage heap leach gold project in Utah • Beartrack-Arnett PFS-stage heap leach project in Idaho • Potential gold production >160 koz p.a.2 Beartrack-Arnett, Idaho
Slide 4: Capital Structure
CAPITAL STRUCTURE Basic Shares 209.1 M Fully-Diluted Shares 257.7 M 15% Mngmt & Advisors Share Price (2nd May, ’25) C$0.41 30 oz 48% 52 Week High/Low1 C$0.52/0.23 gold Institutions Approx. Avg. Daily Vol.1 +/-400,000 18% & Corporate* exposure Retail Basic Market Cap C$86 M per 1,000 Est. Cash (Mar.
Slide 5: People
PEOPLE Tim Warman – Non-Exec Chairman: Geologist and accomplished aspects of the resource industry, from exploration through feasibility, from development to operations. Former Key Leadership President & CEO of Fiore Gold. Robert Chausse – Director: Over 25 years of international Hugh Agro – CEO & D
Slide 6: Positioned in the Western U.S.
POSITIONED IN THE WESTERN U.S. A premier destination • Idaho and Utah rank among the Top-20 mining jurisdictions in the world1 • Supportive State governments and communities • Operational synergies with locally based team and proximity of assets TSX-V: RVG | OTCQX: RVLGF Note: 1Fraser Institute 2023
Slide 7: Gold Resources
GOLD RESOURCES1 100% pure gold resources offering superior gold leverage Heap Leachable Sulphide (Mill) Mineral Resources Mineral Resources Total (Moz Au) (Moz Au) Mineral Resources (Moz Au) M&I1 2.8 Inferred1 2.1 2.1 0.7 2.2 … 0.6 1.8 3.2 1.5 1.5 2.4 0.6 1.0 0.8 0.8 B-A Mercur Combined B-A Mercur C
Slide 8: Mercur
MERCUR TSX-V: RVG | OTCQX: RVLGF 8
Slide 9: Mercur Project
MERCUR PROJECT Salt Lake City Rebirth of a proven gold producer1 Bingham Canyon Mine • 6,628 ha property. Core claims 100% owned or optioned2 • 57 km from Salt Lake City, Utah • First “Carlin-type” gold deposit identified in the Western U.S. Mercur Gold Mines 1913 Barrick Mercur 1985 • Proven past p
Slide 10: 2025 PEA Highlights
2025 PEA HIGHLIGHTS1 Compelling metrics, advantageous permitting timeline 66 MT @ $208 M • Co-authored by Kappes, Cassiday 0.60 g/t Au CAPEX & Associates, RESPEC Company • Low-risk redevelopment 95,600 $1,205/oz scenario given extensive data Oz Au/Yr Cash Cost and status as successful past producer
Slide 11: Gold Price Sensitivity
GOLD PRICE SENSITIVITY1 Significant leverage to current higher metal prices Recent Price Gold Price Downside Base Upside (US$/oz) ($1,800) ($2,1752) ($3,000) NPV(5%) $78 M $295 M $753 M Post-Tax IRR 11 % 27 % 57 % Payback 7.5 yrs 3.6 yrs 1.7 yrs Note: 1See “Preliminary Economic Assessment NI 43-101
Slide 12: Mineral Resource
MINERAL RESOURCE1 A robust, pure gold, open pit, heap leach resource Section 26900 • 3,000 drill holes, 280 km of drilling • >50% the resource is in the Indicated category • Proposed 19,700-meter 1st Phase program to convert Inferred & expand • Rover – 8,800 meters Category1 Tonnage (Mt) Au g/t Gold
Slide 13: Section 26900 – Rover Resource Area
SECTION 26900 – ROVER RESOURCE AREA Shallow resource pit shells; upgradable with low-cost RC drilling Note: See “Preliminary Economic Assessment NI 43-101 Technical Report on the Mercur Gold Project, Tooele & Utah Counties, Utah, USA” prepared by TSX-V: RVG | OTCQX: RVLGF Kappes, Cassidy & Associate
Slide 14: Mining & Processing
MINING & PROCESSING1 Proven approach, simple design • 18,100 T/d open pit, heap leach operation • 136-tonne haul trucks • 2.8 to 1 strip, 45 deg. pit slopes • 3-stage crush to half inch; no agglomeration; conveyor stacking • ADR plant, 75% average gold recovery, rapid leach kinetics in recent testin
Slide 15: Production Schedule
PRODUCTION SCHEDULE1 Typically generating 95,000 – 105,0000 ounces of gold per year Parameter Units Yr -1 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Totals Pit to Stockpile M tonnes 0.9 2.5 2.7 2.6 2.9 3.7 2.8 2.6 3.5 2.3 1.6 28.2 Pit to Crusher M tonnes - 4.3 4.0 3.9 4.2 5.4 2.8 4.8 3.8 3.0
Slide 16: Capital Cost Summary
CAPITAL COST SUMMARY1 Modest $208 million initial capex Description Costs ($ M) Pre-Production Capital Process & Infrastructure (including spare parts) $115 Mining Capital & Mining Pre-Production $33 Indirect & Owner's Costs $4 Engineering, Procurement & Construction Management $14 Contingency $29 T
Slide 17: Project Site
PROJECT SITE1 Excellent access, existing services • Excellent topography, low elevation plant site • Site layout leverages extensive private land position • Paved road access & site office • Grid power with substation on site • Nearby water wells • 30 minutes drive from Tooele (pop. 40,000). No camp
Slide 18: Strong Competitive Position
STRONG COMPETITIVE POSITION1 Capital Intensity Per oz Au AISC (and Au Grade) by Mine Peer Average Peer Average US$272/ Au oz US$1,574/ Au oz Source: S&P Capital IQ Pro, 2024 US Dollars, Au oz recovered basis, developed by Fuse Advisors Inc. Source: Company website and reports, S&P Capital IQ Pro, 20
Slide 19: Cash Flow at $2,175 Gold
CASH FLOW AT $2,175 GOLD1 Significant potential free cash flow Increases 2.3x at $3,000 gold Note: 1$2,175 gold price assumed in economics. See “Preliminary Economic Assessment NI 43-101 Technical Report on the Mercur Gold Project, Tooele & Utah TSX-V: RVG | OTCQX: RVLGF Counties, Utah, USA” prepare
Slide 20: Permitting
PERMITTING1 On fast track for potential re-development • Significant available permitting data • Benefits from exemplary historical environmental performance and local project support • Permitting process managed by State of Utah (DOGM) • Only limited right of ways needed from BLM • Expected timelin
Slide 21: The Oquirrh Range – Elephant Country
THE OQUIRRH RANGE – ELEPHANT COUNTRY Multiple occurrences • Bingham Canyon • Over 100 yrs of operation • >$300 billion of metal content Cu-Au • Barney’s Canyon • Carlin-type gold deposit • >2 million oz of gold produced • Ophir and Stockton • Historical Pb, Zn, Ag production • Potential deep Cu porp
Slide 22: Mercur Land Position
MERCUR LAND POSITION1,2 Note: 1See “Preliminary Economic Assessment NI 43-101 Technical Report on the Mercur Gold Project, Tooele & Utah Counties, Utah, USA” prepared by Kappes, Cassidy & Associates, and RESPEC Company LLC, dated May 2nd, 2025. 2See appendix. TSX-V: RVG | OTCQX: RVLGF
Slide 23: New Discovery Potential
NEW DISCOVERY POTENTIAL Multiple high value targets Silverado Porphyry Ridge • S. Mercur Hg target (SMHG) • depth – 200 m • Porphyry Ridge West Dip • depth – 300–400 m • Silverado • depth – 200 m SMHG • West Dip • depth – 500 m TSX-V: RVG | OTCQX: RVLGF Source: Revival Gold 23
Slide 24: South Mercur Mercury Target (SMHG)
SOUTH MERCUR MERCURY TARGET (SMHG) Permissive stratigraphy, intriguing geochem signature Proposed Drilling 900 m of untested strike potential Hg Adit 0.024 ppm Au, 1440 ppm As, 57 ppm Hg in chip sample from adit. Shallow past drilling (100 m) did not test favorable TSX-V: RVG | OTCQX: RVLGF Source:
Slide 25: Porphyry Ridge
PORPHYRY RIDGE Recently staked ground east of Porphyry Ridge existing deposit • Extensions of Rover Fault Section Line toward intrusive corridor • Permissive sedimentary units below? Mercur Dome Proposed Drilling TSX-V: RVG | OTCQX: RVLGF Source: Revival Gold 1 km 25
Slide 26: Blue Sky
“BLUE SKY” Silverado Under-explored Carlin-Type system with proven high-grade potential Section Line West Dip • 2/3rds of drilling < 100 meters deep • < 0.5% of holes below 400 meters • Limited modern exploration Proposed Drilling West Pediment TSX-V: RVG | OTCQX: RVLGF Source: Revival Gold 26
Slide 27: Beartrack-Arnett Project
BEARTRACK-ARNETT PROJECT PFS heap leach restart project, significant high-grade exploration potential • Key attributes1 • 100% owned or optioned2 6,300 ha Idaho property assembled 2017-23 • Infrastructure – gold plant, roads, power, workshops • Attractive 2023 PFS – 65,300 oz gold/yr over 8 yrs with
Slide 28: Beartrack-Arnett Land Position
BEARTRACK-ARNETT LAND POSITION1,2 Note: 1See “Preliminary Feasibility Study NI 43-101 Technical Report on the Beartrack-Arnett Heap Leach Project, Lemhi county, Idaho, USA” prepared by Kappes, Cassidy & Associates, IMC, KCH and WSP dated August 2nd, 2023, for further details. 2See Property Agreement
Slide 29: Beartrack Deposit Section
BEARTRACK DEPOSIT SECTION A major gold system, open along strike and at depth open to 5.6 km known open to the south- strike the north- west east 60.9 g/t over 5.5 m2 6.0 g/t Au over 5.6 m2, 7.2 g/t Au over 10.7 m2, 4.6 g/t Au over 4.3 m2 2.61 g/t over 19 m2 3.7 g/t over 19.8 m2 500 m 7.5 g/t Au ove
Slide 30: Joss Underground Target – Cross-Sections
JOSS UNDERGROUND TARGET – CROSS–SECTIONS Panther Creek Panther Creek Fault Shear Zone Level Plan at 5500’ (~330 m below surface) 100 m TSX-V: RVG | OTCQX: RVLGF Note: See “Preliminary Feasibility Study NI 43-101 Technical Report on the Beartrack-Arnett Heap Leach Project, Lemhi County, Idaho, USA” p
Slide 31: Sharkey – Blue Sky
SHARKEY – “BLUE SKY” Untested potential at Beartrack-Arnett • The PCSZ-Coiner Fault System is a braided structure • Mineralized over a drilled strike length of 5.6 km; strongest currently known mineralization at Joss • Geophysics indicates additional 5-6 km to the south under cover • Sharkey Target
Slide 32: The Path Forward
THE PATH FORWARD TSX-V: RVG | OTCQX: RVLGF 32
Slide 33: Development Targets
DEVELOPMENT TARGETS1 Phased approach to growth • Mercur 2 year • Production • High-grade • Expansion? permitting path growth with underground 300 to 95 koz p.a. addition of 65 sulphides heap leach gold koz p.a. next Annual Gold Production Objectives production Beartrack- Arnett Heap Leach Material B
Slide 34: NAV Summary
NAV SUMMARY1 The Mercur PEA more than doubles Revival Gold’s NAV5% from gold assets Beartrack- Mercur Revival Gold NAV5%, After-Tax Arnett (2025 PEA) Total (2023 PFS) US$1,800 $105 M $78 M $183 M Gold US$2,175 $226 M $295 M $521 M Price US$3,000 $484 M $752 M $1,236 M Note: 1See “Preliminary Economi
Slide 35: Peer Market Multiples: P/NAV
PEER MARKET MULTIPLES Junior Precious Metals Explorer & Developer P/NAV Valuations 1.0X S&P CapIQ Consensus (26th Mar 2025) Excellent value 0.8X RBCe (29th Oct 2024) at 0.1x P/NAV RBCe (24th Mar 2025) 0.6X P/NAV 0.4x Peer Average 0.4X 0.2X 0.0X Notes (1) RVG NAV estimated at US$ 520 M (after-tax, NP
Slide 36: Peer Market Multiples: EV/oz AuEq
PEER MARKET MULTIPLES Peer Multiples EV/Oz Au Eqvlt. 100 Re-rate potential 80 EV US$ / oz AuEq 60 40 Peer Average US$ 21/oz AuEq 20 0 Notes TSX-V: RVG | OTCQX: RVLGF (1) Source: S&P Capital IQ (March 9th, 2025) (2) AuEq R&R ounces calculated by dividing Total Attributable R&R in-situ value by US$ 2,
Slide 37: New U.S. Discoveries
NEW U.S. DISCOVERIES Ranking of the Largest New US Gold Discoveries Since 2010 20 1.0 g/T Au Revival Gold 16 M&I + Inferred M&I track record of discovery 12 Moz Au 8 0.3 g/T Au 1.1 g/T Au 1.6 g/T Au 0.4 g/T Au 0.3 g/T Au 4 1.6 g/T Au 9.3 g/T Au 0.5 g/T Au 0.6 g/T Au 0 Notes: (1) Source: S&P Capital
Slide 38: Summary
SUMMARY Growth Synergistic Assets Path to Production Value • Leading Western U.S. • Multi-million-ounce • Staged approach • Exploration upside with pure gold growth platform led by veteran supports organically track record of low-cost developer management team funded growth discovery • 160 koz Au p.
Slide 39: Thank You!
REVIVAL GOLD INC. 145 King St. W., Suite 2870 Toronto, Ontario M5H 1J8 Thank You! info@revival-gold.com 416-366-4100 TSX-V: RVG OTCQX: RVLGF
Slide 40: Appendix
APPENDIX TSX-V: RVG | OTCQX: RVLGF 40
Slide 41: Mercur Mineral Resource
MERCUR MINERAL RESOURCE1 Indicated Mineral Resources Inferred Mineral Resources Project Area Tonnage Gold Grade Gold Tonnage Gold Grade Gold (kT) (g/T) (koz) (kT) (g/T) (koz) Main Mercur 28,629 0.63 581.0 33,179 0.53 567.0 South Mercur 6,670 0.77 165.0 3,066 0.60 59.0 Total Mercur 35,299 0.66 746.0
Slide 42: Mercur Barrick Agreement
MERCUR BARRICK AGREEMENT Property interests include: • 996 net hectares (2,462 net acres) of mineral interests • Site roads, power, building infrastructure Key Terms (as amended): 50% • Paid C$1 M and 4 M warrants @C$0.25/shr, exp. Jan ‘29 SITLA • Completed C$6 M work commitment • Payments of US$20
Slide 43: Beartrack-Arnett Mineral Resources
BEARTRACK-ARNETT MINERAL RESOURCES Mineral Resources Resource Type Location Resource Category Resource Grade Contained (Kt) (Au g/t) (koz) Measured 6,743 1.03 224 Beartrack Indicated 18,781 0.77 466 Mineral Resource Inferred 2,694 0.51 45 Open Pit Heap Leach Measured 5,932 0.48 92 Haidee Indicated 1
Slide 44: Beartrack-Arnett Mineral Resources (cont'd)
BEARTRACK-ARNETT MINERAL RESOURCES (cont’d) Notes: 1) Gold price used for Mineral Resources: $1,900/oz 2) Gold grades are reported in grams per metric tonne (g/t) 3) Economic cutoff is based on Income Net of Process = $0.01/tonne. Income Net of Process = (Grade x Recovery x ($1,900 - $5)) – (Process
Slide 45: Beartrack-Arnett Mineral Reserves
BEARTRACK-ARNETT MINERAL RESERVES Mineral Reserves Deposit Mineral Reserve Category Resource Grade Contained (Kt) (Au g/t) (koz) Proven 6,420 1.06 219 Beartrack Probable 15,600 0.82 413 Proven + Probable 22,020 0.89 632 Proven 5,933 0.48 92 Haidee Probable 8,244 0.51 136 Proven + Probable 14,177 0.5
Slide 46: Beartrack-Arnett Property Agreements
BEARTRACK-ARNETT PROPERTY AGREEMENTS Beartrack: • Revival Gold obtained the right to acquire Meridian Beartrack Co., a subsidiary of Pan American Silver Corp. and the owner of the Beartrack claims (approx. 3,300 ha) and associated infrastructure, in 2017. The terms (as most recently amended) are as
Slide 47: Revival Gold Inc.
REVIVAL GOLD INC. 145 King St. W., Suite 2870 Toronto, Ontario M5H 1J8 info@revival-gold.com 416-366-4100 TSX-V: RVG OTCQX: RVLGF