Gold – a lot of it – in the United States

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Gold – 
A Lot Of It –
In Idaho

With a quickly advancing multi-million-ounce gold deposit in the western U.S., Revival Gold (RVG.V; RVLGF.OTC) is in an enviable position.
 

The company offers not only value but also exploration upside — with a large open-pit gold resource on the fast track to development and the opportunity to drill off much more gold in the weeks and months just ahead.

Dear Fellow Investor,

A large gold resource in a great jurisdiction — that’s what Revival Gold (RVG.V; RVLGF.OTC) offers gold investors.

But as you’re about to see, it’s just the start.

In just six short years, the company’s Beartrack-Arnett project in eastern Idaho has an established gold-only resource of 2.4 million ounces measured and indicated, plus another 2.2 million ounces inferred.

That resource includes a near-surface, open-pittable heap leach gold resource that benefits from in-place infrastructure left behind by the past operator.
 

And here’s where it gets even better: Revival Gold is moving toward putting this open-pit resource into production for significant cash flow...while it also explores for more gold along 5.6 kilometers of open-ended strike on the Beartrack trend.
 

It’s a combination of development-stage gold play and exciting exploration potential that makes the company a remarkably attractive investment in the yellow metal.

An Open-Pit Resource
At The Prefeasibility Stage

That investment includes an open-pit, heap-leach restart capable of producing 65,300 ounces/year over eight years.
 

This a brownfield site which has low technical and permitting risk and a deposit that remains open for further expansion at surface.
 

According to a recent prefeasibility study, Beartrack-Arnett’s heap-leachable resource has an after-tax net present value, discounted at 5%, of $105 million.
 

In addition to this heap-leachable resource, there’s a second-phase mill opportunity that could add years of mine life to the operations here.

In-Place Infrastructure Lowers Capex

Because the project generated gold in the late 1990s and early 2000s, Beartrack-Arnett has a great infrastructure head start.
 

Record-low gold prices of about $200 closed that operation, but it was mothballed in a way that won awards for reclamation.
 

As a result, Revival Gold has a solid base to build on, including road access, an ADR gold plant and lab, low-cost carbon friendly power, storm water ponds, septic fuel and waters tanks and a water treatment plant.

This infrastructure advantage has allowed the company to keep capital costs for the heap leach operation stable — at just $109 million — in the three years between the PEA and this year’s prefeasibility study on the project.

Add in the fact that the project is in Idaho, a part of the world that understands mining, and you have a gold asset with a big tailwind behind it.

Anchored By A Multi-Million-Ounce Resource

The past-producing areas of the Beartrack mine are target-rich environments.
 

The known 5.6 kilometers of strike along this area contains both significant near-surface resources and a lot of high-grade gold at depth.

Revival Gold started with a resource of zero ounces in 2017, had added 2 million ounces by 2018, grown that resource to 3 million ounces by 2020 and, in 2023, now boasts a resource of 4.6 million ounces.

And no one thinks that’s the end, not by a long shot. That tremendous strike length is open at both ends and at depth. With the obvious exploration opportunities in sight, management sees a clear path to 6-7 million ounces with more drilling.
 

Suffice to say that Beartrack-Arnett is a big deposit that’s open in all directions. It’s an orogenic gold deposit, a type that tends to be very large and with significant vertical extent.
 

The size of the overall resource at Beartrack-Arnett could easily attract a major looking to grow its reserve base in a safe mining jurisdiction.

A Double-Barreled Gold Play

This is not a “gold-equivalent” operation: The Beartrack-Arnett is all gold, and the company is therefore 100% leveraged to the yellow metal.
 

Add in the fact that the company has a proven low cost of gold discovery, at just $6 an ounce in the ground, and you can understand its ability to also drive value with the drill bit.
 

It’s led by a team of owner-managers who remain highly focused on how they spend shareholder money. These are mining operators by background who know how to put projects into production.
 

For 2023, the exploration focus is on increasing the open-pit heap leach resource, which currently stands at 959,000 ounces measured and indicated.
 

The deposit at Beartrack-Arnett’s Haidee target remains open and that side of the property has other promising heap leach targets such as Roman’s Trench and Ridge. Drilling in 2023 will focus on these opportunities.

Longer term, Beartrack-Arnett has the potential to generate $40-$50 million a year in free cash flow from the heap-leach operation.

That’s 1.5 times Revival Gold’s current market cap.
 

Add in all that high-grade gold at depth at Beartrack...and the project’s ability to grow its resource still further...and you have an extraordinary gold play.

If you’re looking for an investment that could explode in value when gold’s bull market kicks back into gear — and one that can also make big discoveries with the drill bit — you’ll want to look closely at Revival Gold now.

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