Revival Gold Inc · TSXV:RVG
Revival Gold — Merger or Acquisition (April 2024)
38 slides from Revival Gold's merger presentation, Apr 10, 2024
Slide 1: Acquisition of Ensign Minerals
ACQUISITION OF ENSIGN MINERALS Creating one of the Largest Gold Developers in the U.S. 10th April 2024 revival-gold.com TSX-V: RVG OTCQX: RVLGF
Slide 2: Cautionary Notes
Cautionary Notes This document has been prepared by Revival Gold Inc. (“Revival Gold” or, the “Company”) for evaluation of the Company by the recipient. The information contained in this presentation is derived from estimates made by the Company, information that has been provided to the Company by
Slide 3: The Opportunity
THE OPPORTUNITY The large and growing gap between the pace of global gold production and the pace of global gold discovery1 Global Gold Production (Moz) (lhs) Global Gold Discoveries + Projected New Discoveries (Moz) (lhs) Average Gold Price (US$/oz) (rhs) 200 2,500 160 2,000 120 1,500 80 1,000 40 5
Slide 4: Revival Gold's Business Vision
REVIVAL GOLD’S BUSINESS VISION A proven strategy • We believe the best place to find gold is where it’s Goldstrike Mine been mined before – ex. Goldstrike, Malartic, Fosterville • Brownfield sites offer the most economical and rapid path to production today • A phased approach to development lowers
Slide 5: Ensign Minerals
ENSIGN MINERALS Private company advancing the Mercur Idaho heap leach gold project to PEA Mercur Project Nevada Utah • Key attributes1 • Large 6,255 ha property with 1.6 M ounces of gold • Assembled 2017-23 by Dave Mako & Wayne Hubert • Located 57 km south-west of Salt Lake City, Utah • Private clai
Slide 6: Revival Gold to Acquire Ensign Minerals
REVIVAL GOLD TO ACQUIRE ENSIGN MINERALS Creates a leading “pure-play” western U.S. gold developer of brownfield open pit heap leach and underground mill projects 2.4 Moz Au in the M&I1,3 and 3.8 Moz Au in the Inferred category2,3 , heap leach accretive with pro-forma multiple of ~US$7/oz insitu 4 Ta
Slide 7: Transaction Summary
TRANSACTION SUMMARY Proposed • Revival Gold to acquire Ensign Minerals (the “Transaction”) to create MergeCo Transaction Consideration • Each Ensign share will receive 1.1667 Revival shares implying an all-share consideration of ~C$21.9 million1. Concurrent • Concurrent financing for aggregate gross
Slide 8: Pro-Forma Scale
PRO-FORMA SCALE More than 2x increase of heap leachable resources1 Heap Leachable Sulphide Total Mineral Resources Mineral Resources Mineral Resources (Moz Au) (Moz Au) (Moz Au) M&I1 Inferred1 3.8 2.1 2.1 2.2 1.7 0.1 1.6 1.5 1.5 2.4 2.4 1.0 1.0 1.6 Revival Ensign MergeCo Revival Ensign MergeCo Reviv
Slide 9: One of the Largest Western U.S. Gold Portfolios
ONE OF THE LARGEST WESTERN U.S. GOLD PORTFOLIOS Largest Western U.S. Gold Development Portfolios1,2 18 16 14 Resource (Moz Au) 12 3rd 10 Largest 8 6 4 2 - AngloGold Perpetua Pro-forma Integra Liberty Gold Paramount KORE Lode Gold Orla Mining Calibre Ashanti Resources Revival Gold Resources Gold Mini
Slide 10: Positioned in North America
POSITIONED IN NORTH AMERICA Washington A premier destination for mining Montana Beartrack-Arnett Oregon • Idaho and Utah rank among the Top-10 jurisdictions in Idaho ~6-hour drive the world1 Wyoming • Revival Gold to become one of the largest gold Mercur developers in the U.S.2 Nevada Utah • Streaml
Slide 11: Beartrack-Arnett Project
BEARTRACK-ARNETT PROJECT Heap leach restart project, significant high-grade exploration potential • Key attributes1 • 5,800 ha Idaho property assembled 2017-23 • Infrastructure – gold plant, roads, power, workshops • Attractive PFS with 65,300 oz gold/yr over 8 yrs with $1,235/oz gold AISC • Modest
Slide 12: Mercur Project
MERCUR PROJECT Oxide mineralization, outstanding exploration potential • Next steps – metallurgical test work; geological modelling; heap leach PEA • Future exploration potential – Carlin- type “blue sky” in elephant country Note: 1See “NI 43-101 Technical Report for the Mercur Project, Camp Floyd a
Slide 13: Pro-Forma Production Targets
PRO-FORMA PRODUCTION TARGETS Phased approach to growth • Mercur offers • Potential phased • High-grade • Future prospect for faster heap leach underground expansion? path to first heap production with sulphides next leach gold addition of Expansions 300 Annual Gold Production Objectives (koz) produc
Slide 14: Peer Market Multiples
PEER MARKET MULTIPLES MI&I Trading Multiples 55 50 45 40 35 Trading Multiple 30 25 20 15 10 5 - MergeCo Freegold Banyan Wallbridge Liberty Integra Troilus Treasury Viva Gold Thesis I-80 Gold West Vault Augusta Ventures Gold Mining Gold Resources Gold Metals Gold Mining Gold MI&I Multiple (US$/oz) Me
Slide 15: Go Forward Plans
GO FORWARD PLANS Key target milestones to unlock shareholder value Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 1 Metallurgical test-work (including column leach and comminution tests) 2 Geological and geochemical modeling Mercur 3 Review and identify areas for resource expansion, conversion, and optimis
Slide 16: Concurrent Equity Financing
CONCURRENT EQUITY FINANCING Financing Terms1 Amount • C$7 million (est. C$6.5 million net) Brokered private placement of Subscription Receipts Lead Agents • Paradigm Capital and BMO Capital Markets Unit Price • C$0.32/Unit, with each Unit a share and half Warrant, each full Warrant exercisable for C
Slide 17: Capital Structure
CAPITAL STRUCTURE Pro-Forma Ownership (Pre-Financing)1 Pro-Forma Ownership (Post-Financing)2 Equity Financing 11% Ensign Revival 35% 65% Ensign Revival 31% 58% Current Capital Structure Pro-Forma Capital Structure (Post-Financing)3 Revival Ensign MergeCo Revival MergeCo Ensign Pro Financing Gold Min
Slide 18: Transaction Metrics
TRANSACTION METRICS Company Financing5 MergeCo Reference share price 1 C$ $0.3569 Undiluted shares outstanding 2 M 113 53 22 196 Market Capitalization C$M $40 $22 $7 $69 Cash and equivalents 3 C$M $1 $0 $7 $8 Debt 3 C$M - - - - Enterprise Value C$M $39 $22 - $61 Portfolio 4 M&I Resources Moz Au 2.4
Slide 19: Team
TEAM Key Leadership Tim Warman – Non-Exec Chairman (designate): Professional geologist and accomplished executive with over 30 years’ experience in all aspects of the resource industry, from grassroots exploration Hugh Agro – CEO & Director through feasibility, from development to operations Previou
Slide 20: Summary of Acquisition
SUMMARY OF ACQUISITION Accretive Growth Synergistic Asset Base Critical Mass Value Creation • Leading Western U.S. pure • Multi-million-ounce • Offers greater institutional • Exploration upside with gold growth developer platform led by veteran & lender appeal and access track record of low-cost man
Slide 21: Mercur Project Overview
MERCUR PROJECT OVERVIEW TSX-V: RVG | OTCQX: RVLGF 21
Slide 22: Mercur Project – Regional/Geological Setting
MERCUR PROJECT – REGIONAL/GEOLOGICAL SETTING Major Gold Belts of the Great Basin Metallogenic Belt Age Early Cretaceous Eocene Oligocene (26 Ma) Miocene (20 – 4 Ma) Miocene (16 – 14 Ma) Deposit Type Porphyry Cu-Au Skarn Sediment-hosted Au Orogenic Au Low-sulfidation Au Intermediate-sulfidation Au-Ag
Slide 23: Mercur Project – Location
MERCUR PROJECT – LOCATION Easily Accessible Brownfield Site • 45-minute drive from southern Salt Lake City and 30-minute Idaho drive from Tooele, both with Mercur Project large potential labor forces Nevada Utah • Paved access road up Mercur Canyon to admin building • Excellent existing access and p
Slide 24: Elephant Country
ELEPHANT COUNTRY Multiple Occurrences • Bingham Canyon • Over 100 yrs of operation • >$300 billion of metal content • Barney’s Canyon • Carlin-type gold deposit • >2 million oz of gold produced • Ophir and Stockton • Historical Pb, Zn, Ag production • Potential deep Cu porphyry • Trixie Mine & Tinti
Slide 25: Mercur Project – Land Package
MERCUR PROJECT – LAND PACKAGE • > 2.6 Moz of historical gold production from the Mercur District • Acquired a large 6,255-hectare land package on favourable 4 Carlin-type gold deposit geology • Land acquired over 5 years through 5 agreements with mining companies, 3 mining leases with private partie
Slide 26: Mercur Project – Land Package (cont'd)
MERCUR PROJECT – LAND PACKAGE (cont’d) Land Holdings: Private, State & Federal Land Tenure: Owned, Optioned & Leased Note: See “NI 43-101 Technical Report for the Mercur Project, Camp Floyd and Ophir Mining Districts, Tooele & Utah Counties, Utah, USA” prepared by TSX-V: RVG | OTCQX: RVLGF Lions Gat
Slide 27: Mercur – Mineral Resource
MERCUR – MINERAL RESOURCE Contained Metal Area Tonnage (Mt) Au g/t (Moz Au) Main Mercur 74.1 0.57 1.35 South Mercur 15.6 0.59 0.29 Total Inferred 89.6 0.57 1.64 Au grade trends, Notes: 1) The effective date of the Mineral Resource is December 5, 2023. The QPs for the Mineral Resource are Susan blast
Slide 28: Mercur – Metallurgy
MERCUR – METALLURGY • The mineralization at Mercur consists of very fine to fine gold particles associated with oxide, sulfide, and carbonaceous materials. • Ensign’s focus at Mercur has been on potential heap leachable and/or CIL material. During 2022 and 2023, initial metallurgical test work was c
Slide 29: Permitting Advantages & Existing Infrastructure
PERMITTING ADVANTAGES & EXISTING INFRASTRUCTURE Permitting Advantages • Mining friendly jurisdiction – Utah was ranked 4th in the Fraser Institute Investment Policy Perception Index • Re-permitting advantages given status as a recent past producer • Existing mineral resources primarily on private la
Slide 30: District Scale Exploration Potential
DISTRICT SCALE EXPLORATION POTENTIAL Main Mercur Gold Potential of the Mercur Gold Mines Within the • Mineralization potential at Rover and in the District, Utah Northern Carlin Trend, Nevada Lower Great Blue Limestone • Potential for high-grade feeders at depth South Mercur • Near-term resource exp
Slide 31: West Mercur – Carlin-Type "Blue Sky"
WEST MERCUR – CARLIN-TYPE “BLUE SKY” TSX-V: RVG | OTCQX: RVLGF Source: Ensign Minerals, Rhys 2022. 31
Slide 32: Mercur Royalties
MERCUR ROYALTIES Range of Weighted Net Minerals Project Area Royalty Average Hectares Interests Royalty * Main Mercur 1,311 0.5% to 7.0% 2.55% South Mercur 785 0.5% to 3.5% 1.69% West Mercur 3,986 1.0% to 6.5% 2.92% North Mercur 201 0.0% to 2.0% 0.54% Total 6,284 0.0% to 7.0% 2.61% * Weighted averag
Slide 33: Mercur Barrick Option Agreement
MERCUR BARRICK OPTION AGREEMENT • Property interests include: • 89 patented claims, 174 fee lots, 6 unpatented lode claims, 3 unpatented mill site claims, and 1 Utah SITLA lease • Total approximately 996 net hectares (2,462 net acres) of 50% mineral interests SITLA • Terms for 100% Interest (as amen
Slide 34: Appendix
APPENDIX TSX-V: RVG | OTCQX: RVLGF 34
Slide 35: 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 Inferred 2,694 0.51 45 Mineral Resource Open Pit Measured 5,932 0.48 92 Heap Leach Haidee Indicated 1
Slide 36: 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 37: 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 38: Revival Gold Inc. Contact
REVIVAL GOLD INC. 145 King St. W., Suite 2870 Toronto, Ontario M5H 1J8 HUGH AGRO | Revival Gold WAYNE HUBERT | Ensign Minerals info@revival-gold.com 416-366-4100 TSX-V: RVG OTCQX: RVLGF