Revival Gold closes acquisition of Mercur Mines

Revival Gold (RVLGF) has closed the previously announced acquisition of Mercur Mines, formerly known as Barrick Resources, the owner of certain mineral and surface interests in the Mercur Gold Project in Utah. The Acquisition covers approximately 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 released a Preliminary Economic Assessment for Mercur in March 2025. The Company followed up the PEA with a 115-hole drilling program in 2025. Assay results for the remaining eight holes from this program are expected shortly. Sixteen kilometers of additional drilling, metallurgical test work, and the collection of all required baseline data are planned for this year with a Pre-Feasibility Study expected to be released in 1Q27. Revival Gold anticipates a two-year timeline to re-permit Mercur with potential mine construction forecast to begin in 2028 and first gold production expected in 2029. Based on the PEA, the project is projected to be Utah’s largest gold producer and, at current gold prices, contribute over $4B to the Utah state economy, creating an estimated 400 direct jobs during construction and 300 direct jobs over 10 years of operation. The Acquisition was made pursuant to a membership interest purchase agreement with Barrick Gold Exploration, a wholly owned subsidiary of Barrick Mining Corporation (B), pursuant to which Revival Gold and its affiliates acquired Barrick Resources, that holds the mineral and surface interests in Mercur. On closing of the Acquisition, Revival Gold paid Barrick Gold $5M and must pay Barrick Gold an additional $5M in cash on each of the first, second and third anniversaries of commercial production. In addition, Revival Gold granted Barrick Gold a 2% net smelter return royalty over the acquired mineral interests and a 1% net smelter return royalty on all mineral properties of which Revival Gold has an interest within 1 kilometre of the Mining Claims. In connection with the Acquisition, Revival Gold assumed environmental surety bonding obligations with respect to the Mining Claims in the amount of $4,515,000.