Revival exercises option to acquire Barrick interest in Mercur Gold Project

Revival Gold (RVLGF) announces that it has delivered a notice to exercise its option to acquire 100% of Barrick Mining Corporation’s (B) interest in the Mercur Gold Project in Utah, marking a significant step forward on the path to re-starting production. The Option was granted and exercised pursuant to the Mineral Lease and Option to Purchase Agreement dated May 13th, 2021, as amended among certain wholly owned subsidiaries of the Company and certain affiliates of Barrick. The Option Agreement covers mineral interests amounting to 996 hectares, bringing the total Mercur project area to approximately 7,200 hectares. Revival Gold and its affiliates had previously consolidated ground held by a successor to Homestake Mining Company and various other owners. Revival Gold will compensate Barrick as follows, with each such payment being in cash, or at the sole discretion of Barrick, in Revival Gold common shares: US$5 million on the closing of the Option and US$5 million on each of the first, second and third anniversary of commercial production