Project 98 statements
The deposit 54
Key takeaway. Management describes Revival Gold's project as a Carlin-type system (May, Jun, Jul 2026), though one interview also calls it an orogenic gold system with deep vertical shear zones (Jun 2026).
Read the full summary
They report a near-surface, open-pit heap leach project (Jul 2026) and cite several resource figures: 1.4 million ounces, 4.6 million ounces, and 6 million ounces across different statements (May–Jul 2026). Grades are given as about 1.1 grams per ton overall, with about 4 grams in underground material and higher-grade cores of 5–6 up to 12–15 grams (Jun 2026). The company says exploration upside is substantial, noting a 7,800-hectare land position, 15 kilometers of strike in the main area, and that most drilling has been only in the top 100 to 150 meters, leaving the deposit open to the south, north, and at depth (Jun–Jul 2026).
What was actually said
deposit type
near-surface open pit heap leach project
“We've got a near-surface open pit heap leach project on a place that's had successfully produced gold in the past”
Hugh Agro·
15 Jul 2026·
resource size
4.6 million oz of gold already discovered
“Our second project uh 4.6 million oz of gold already discovered. Uh drill rigs look turning out some really exciting results in the underground on that project in Idaho.”
Hugh Agro·
10 Jul 2026·
resource size
1.4 million oz
“Our Mercur gold project uh 1.4 million oz uh is located about 40 minutes from the Salt Lake City International Airport.”
Hugh Agro·
10 Jul 2026·
Show the other 51 statements
deposit type
Carlin type system
“look, this is a Carlin type system.”
Hugh Agro·
08 Jul 2026·
exploration upside
another 5 km to explore to the south
“we got another 5 km to explore to the south”
Hugh Agro·
08 Jul 2026·
resource size
6 million oz
“We have two projects, 6 million oz of resource.”
Hugh Agro·
08 Jul 2026·
resource size
4.6 million oz
“where we're drilling there, finding high-grade continuation to that 4.6 million oz resource there.”
Hugh Agro·
08 Jul 2026·
deposit type
Carlin type system
“Well MKER is a Carlin type system. So these are big geological systems and the reason why Revival Gold is so focused on this property is that it's got the potential to be huge.”
04 Jun 2026·
exploration upside
we've really only scratched the surface here. Most of our drilling in the top 100 to 150 m uh from surface.
“Uh we're talking about a land position of 7,800 hectares, some 15 kilometers of strike to the main mineralized area, 4 kilometers of strike in the in the main Mercury area, but then extensions beyond that all the way down to South MKer. So this is a big system, big land position, big geology, and we've really only scratched the surface here.”
04 Jun 2026·
exploration upside
7,800 hectare land position with 15 kilometers of strike to main mineralized area and 4 kilometers in Mercury area
“Uh we're talking about a land position of 7,800 hectares, some 15 kilometers of strike to the main mineralized area, 4 kilometers of strike in the in the main Mercury area”
04 Jun 2026·
resource size
6 million ounces
“Revival Gold's uh developing two projects in the western United States with 6 million ounces of resource about $1.3 billion of NAV”
04 Jun 2026·
deposit type
Orogenic gold system with deep vertical shear zones
“These orogenic gold systems are so valuable and so important in the global gold industry. They underpin some of the the most exciting most valuable gold mines in the world.”
Hugh Agro·
03 Jun 2026·
exploration upside
shear zone mapped and drilled over 3 miles with gold in every intercept, continues to south and underground
“the system is mapped out and it's been drilled over 3 miles to date and with gold in every intercept into that structure. It continues it continues to the south and as I say it continues underground”
Hugh Agro·
03 Jun 2026·
exploration upside
million ounces at about 4 grams in underground material, deposit open to south, depth, and north
“We're currently drilling in the south part of the project area. And look, we hit with results on the first drill hole through the shear zone out of this program about a month or so ago and some really interesting grades there, 5-6 g over some pretty impressive widths, drilled widths of 20 to 30 m.”
Hugh Agro·
03 Jun 2026·
grade
about 1.1 grams per ton gold overall, about 4 grams in underground material, 5-6 up to 12-15 grams in the core
“The average grade overall including the open pit component of the resource is about about 1.1 grams per ton gold. But when we get into the underground material presently there's about a million ounces at about 4 grams and we're continuing to grow in in the high grade core within the the initial holes that underpin that that preliminary resource.”
Hugh Agro·
03 Jun 2026·
resource size
4.6 million ounces of gold
“Recall this is 4.6 million oz in resource currently, but the deposit is open.”
Hugh Agro·
03 Jun 2026·
deposit type
proven past producers brownfields
“our focus right off the bat has been on these proven brownfields uh sites where gold has been successfully produced in the past.”
Hugh Agro·
26 May 2026·
resource size
6 million ounces of gold
“Revival Gold with two, uh, large gold systems, proven past producers both, uh, with 6 million ounces of gold”
Hugh Agro·
26 May 2026·
deposit type
Carlin type system
“at Merker we're in a Carlin type system.”
Hugh Agro·
15 May 2026·
exploration upside
8 g over 12 m in the feeder zone in the South Murker
“We intersected 8 g over 12 m uh in the feeder zone in the South Murker”
Hugh Agro·
15 May 2026·
exploration upside
16 kilometers of drilling this year
“Of the 16 kilometers of drilling we're doing there this year we absolutely will be looking to the north”
Hugh Agro·
15 May 2026·
resource size
4.6 million ounces
“But it's 4.6 million ounces.”
Hugh Agro·
15 May 2026·
resource size
1.4 million ounces
“So 1.4 million ounces.”
Hugh Agro·
15 May 2026·
deposit type
Merker: Carlin type gold system; Bear Track: orogenic gold system
“in a very large Carlin type gold system. Uh and that our Idaho project a orogenic gold system”
Hugh Agro·
08 May 2026·
exploration upside
Carlin type gold system and orogenic gold system, large systems permissive of huge discovery
“in a very large Carlin type gold system. These are the big gold systems that underpin some of the most valuable gold mines today.”
Hugh Agro·
08 May 2026·
grade
Bear Track: 10 to 15 grams in core of mineralized body
“We've got high grades in this system. Uh some 10 to 15 grams uh in the core of the mineralized body.”
Hugh Agro·
08 May 2026·
reserve size
Bear Track: 1.1 million ounces in open pit heap leech component in PFS
“The first 1.1 million ounces of that 4.6 million ounces is already in a PFS.”
Hugh Agro·
08 May 2026·
resource size
Bear Track: 4.6 million ounce current resource
“4.6 million ounce current resource.”
Hugh Agro·
08 May 2026·
resource size
Merker: 1.4 million ounces of gold
“Resources are 1.4 million ounces of gold.”
Hugh Agro·
08 May 2026·
resource size
6 million ounces across two projects
“today we're 6 million ounces in the western United States with two gold projects going into uh production.”
Hugh Agro·
08 May 2026·
deposit type
heap leach project with underground high-grade potential at Bear Track
“we're pursuing the high-grade uh Jos uh area of this project”
Hugh Agro·
05 Mar 2026·
exploration upside
high-grade holes from south Mercer area with over 4 grams over 25 meters
“we intersected over four grams uh over 25 meters in the southker area with good leechability characteristics”
Hugh Agro·
05 Mar 2026·
grade
6 g per ton gold in heap leach project
“the overall 6 g per ton gold in our heap leach project already in a P EA”
Hugh Agro·
05 Mar 2026·
resource size
land position of 7200 hectares
“we have today. It's now 7200 hectares”
Hugh Agro·
05 Mar 2026·
resource size
4.6 million ounce gold deposit at Bear Track
“a 4.6 million ounce gold deposit there”
Hugh Agro·
05 Mar 2026·
exploration upside
continuing to expand that 4.6 million ounce deposit
“Bear track Arnet in Idaho at a PFS stage with two drill rigs drilling on a high-grade underground target continuing to expand that 4.6 million ounce deposit”
Hugh Agro·
17 Feb 2026·
resource size
6 million ounces of resource
“We have two multi-million ounce gold projects in the western United States totaling 6 million ounces of resource.”
Hugh Agro·
17 Feb 2026·
resource size
4.6 million ounce deposit
“Bear track Arnet in Idaho at a PFS stage with two drill rigs drilling on a high-grade underground target continuing to expand that 4.6 million ounce deposit”
Hugh Agro·
17 Feb 2026·
deposit type
Carlin type deposit
“This is a Carlin type deposit.”
Hugh Agro·
11 Feb 2026·
exploration upside
30 m of a gram at MKER gold project in Utah
“headline number was um 30 m of a gram at our MKER gold project in Utah”
Hugh Agro·
11 Feb 2026·
exploration upside
900,000 ounces of underground material at Bear Track Arnette, none of it in economic studies
“already at 900,000 ounces of underground material on our bear track our net project. None of it in our economic studies.”
Hugh Agro·
11 Feb 2026·
resource size
1.4 million ounces of gold at our MKER project in Utah
“not only did we uh prove up and deliver on what we expected in terms of the existing mineral resource 1.4 million ounces of gold at our MKER project in Utah”
Hugh Agro·
11 Feb 2026·
deposit type
near surface oxide gold mineralization
“Um, and this is all near surface oxide gold mineralization which fits in very well with our heap leach uh open pit heap leach plans”
Hugh Agro·
12 Jan 2026·
exploration upside
open mineralization across about three miles of trend; expansion potential in northern and southern parts of deposit
“we've got open mineralization, we've got close to surface mineralization, and uh all at uh really nice grades relative to the uh the resource rate.”
Hugh Agro·
12 Jan 2026·
grade
recent drill holes: 1.8 grams over 20 meters, 30 meters; 1.2 g; grades running 10 to 15% higher than average resource grade
“Um we're getting grades like 1.8 eight grams over 20ome meters, 30 meters. Um, and this is all near surface oxide gold mineralization”
Hugh Agro·
12 Jan 2026·
grade
average resource grade is 6 g per ton gold
“the resource grade is 6 g per ton gold.”
Hugh Agro·
12 Jan 2026·
resource size
65 drill holes released to date
“if we go through and do the math on all 65 drill holes that have been released to date, all 65 uh intercepts in the deposit”
Hugh Agro·
12 Jan 2026·
deposit type
big gold systems in western United States at sites that have been previously producing
“if you're at a site that's been successfully uh producing gold in the past and where there's infrastructure that you can relever”
Hugh Agro·
11 Dec 2025·
exploration upside
MKER system over 3 miles long in strike with satellite deposit at South Mer
“This system in the main part of Mker is over uh 3 mi long uh in strike. And we've got another satellite deposit to the south at South Mer that we've only just uh touched the start of there.”
Hugh Agro·
11 Dec 2025·
resource size
3.5 million ounces
“There's another 3.5 million ounces that has to move into the studies in time and exploration potential beyond that.”
Hugh Agro·
11 Dec 2025·
deposit type
Carlin type system and organic gold system with mineralization over 5 kilometers of strike
“you know we've got a Carlin type system. These are big geological systems. Uh and we've got an organic gold system with you know mineralization over 5 kilometers of strike.”
Hugh Agro·
01 Dec 2025·
reserve size
1.1 million ounces first phase of production at Bear Track
“The first phase of production is only 1.1 million ounces of the 4.6 million ounces of resource here.”
Hugh Agro·
01 Dec 2025·
resource size
4.6 million ounces resource at Bear Track
“it's not just that first phase of production. The first phase of production is only 1.1 million ounces of the 4.6 million ounces of resource here.”
Hugh Agro·
01 Dec 2025·
resource size
6 million ounces of gold target
“We're now 6 million ounces of gold target production of 160,000 ounce a year of heap leachch gold production all from the western United States.”
Hugh Agro·
01 Dec 2025·
Jurisdiction 31
Key takeaway. Revival Gold's management describes its assets as located in the western United States, specifically in Utah and Idaho.
Read the full summary
The company reports that the Mercur gold project is on private ground about 40 minutes from Salt Lake City International Airport, while the Beartrack-Arnett project is in Idaho. Management notes that drill permits have been approved and that permitting is on a state rather than federal level, with baseline study work underway and a permitting timeline planned for 2027.
What was actually said
region
30 minutes outside of Salt Lake
“you guys are really 30 minutes out in the Mercury project is really 30 minutes outside of Salt Lake”
Hugh Agro·
15 Jul 2026·
region
Mercur gold project located about 40 minutes from Salt Lake City International Airport
“Our Mercur gold project uh 1.4 million oz uh is located about 40 minutes from the Salt Lake City International Airport.”
Hugh Agro·
10 Jul 2026·
region
Utah and Idaho
“Well, it's it's um Utah and Idaho, the great uh western uh mining states uh in in uh the US.”
Hugh Agro·
10 Jul 2026·
Show the other 28 statements
country
United States
“Revival Gold is one of the largest developers of gold projects in the United States.”
Hugh Agro·
08 Jul 2026·
region
Utah
“our project in Utah, the state of Utah.”
Hugh Agro·
08 Jul 2026·
country
United States
“Revival Gold's uh developing two projects in the western United States with 6 million ounces of resource”
04 Jun 2026·
permit status
drill permits approved, permitting in 2027 planned
“We've got a a really good and constructive uh uh relationship with Dogam. Uh we've seen some very good progress on our drill pe”
04 Jun 2026·
region
western United States, Nevada/Utah
“The Merker project is a Carlin type system and these systems are the underpin some of the most valuable mines uh in in North America in particular in Nevada”
04 Jun 2026·
permit status
private land, requiring re-permitting
“And it's on private land, which is really important to the permitting steps that we'll have to go through. I should say re-permitting steps.”
Hugh Agro·
03 Jun 2026·
region
Beartrack-Arnett in Idaho
“let's start with the one in Idaho, Beartrack-Arnett.”
Hugh Agro·
03 Jun 2026·
region
Utah
“we're about 30-40 minutes away from uh greater Salt Lake City.”
Hugh Agro·
03 Jun 2026·
country
United States
“I can't think of a better place than being in the United States uh right now relative to what else is going on in the world.”
Hugh Agro·
26 May 2026·
country
United States
“developing the Merker Gold Project in Utah and the Bear Track Arnet Gold Project in Idaho, both in the United States.”
Hugh Agro·
15 May 2026·
permit status
state permitting, not federal
“we are not engaged in federal permitting here. This is state permitting.”
Hugh Agro·
15 May 2026·
region
Idaho
“the Bear Track Arnet Gold Project in Idaho”
Hugh Agro·
15 May 2026·
region
Utah
“developing the Merker Gold Project in Utah”
Hugh Agro·
15 May 2026·
community agreement
Projects located next door to supportive communities that enjoyed past production benefits
“these are projects that are located right next door to communities that are supportive of exploration and mining”
Hugh Agro·
08 May 2026·
country
United States
“today we're 6 million ounces in the western United States with two gold projects going into uh production.”
Hugh Agro·
08 May 2026·
permit status
Merker on private ground with state permitting in Utah; Governor Cox driving for more gold production
“we're on private ground. And this is very important in the United States when you're looking to permit.”
Hugh Agro·
08 May 2026·
country
Utah
“the southker on our MKER project in Utah”
Hugh Agro·
05 Mar 2026·
country
western United States
“We have two multi-million ounce gold projects in the western United States”
Hugh Agro·
17 Feb 2026·
region
Bear track Arnet in Idaho
“Bear track Arnet in Idaho at a PFS stage with two drill rigs drilling on a high-grade underground target”
Hugh Agro·
17 Feb 2026·
region
Mker in Utah
“Mker in Utah at a PA stage moving quickly towards a production decision in the next two years.”
Hugh Agro·
17 Feb 2026·
permit status
baseline study work kicked off for permitting
“We've already kicked off the baseline study uh work as we're getting ready for uh permitting”
Hugh Agro·
11 Feb 2026·
community agreement
community support for restarting the operation; cultural work underway to record historic mining activities
“support uh from the community for restarting the operation here. Uh but it also means that we've got historic u activity on the site”
Hugh Agro·
12 Jan 2026·
country
United States
“MKER go project in Utah”
Hugh Agro·
12 Jan 2026·
permit status
already into the permitting process; brownfield site
“we're already into uh the permitting process. Uh this is going to be a relatively straightforward to repermit”
Hugh Agro·
12 Jan 2026·
region
Utah
“MKER go project in Utah”
Hugh Agro·
12 Jan 2026·
region
Utah and Idaho
“We're in the western United States, big gold deposits, big gold systems, more importantly, because big gold systems can grow.”
Hugh Agro·
11 Dec 2025·
permit status
MKER project on private land in Utah with state permitting process
“our MKER project in Utah is on private land. That means we go through a state process for pro permitting.”
Hugh Agro·
01 Dec 2025·
region
brownfield sites - MKER in Utah and Bear Track in Idaho, both former producers
“we're we're on brownfield sites where gold has been successfully uh permitted and produced in the past.”
Hugh Agro·
01 Dec 2025·
Technical risk 13
Key takeaway. Management describes Revival Gold's projects as "past producing mines" in a "lower risk environment." They plan a "relatively straightforward" open pit heap leach operation, supported by ongoing metallurgy work—20 columns under leach test…
Read the full summary
as of June 2026, following five column tests from the prior year—and cite 90% of recovery occurring within five days (May 2026). Key assumptions include mineralization within 300 to 400 feet of surface, an average resource grade at three times the cutoff grade, and existing infrastructure at the Bear Track site, including an ADR gold processing facility, power lines, and water availability.
What was actually said
metallurgy
heap leach process with 20 columns under leech test right now
“At Revival Gold's uh MKER project, we're focused on the very next steps for technical to take us through to a PFS. That's a metallurgical test work. We've got 20 columns under leech right now.”
04 Jun 2026·
key assumption
resource within 300 to 400 ft from surface
“most of the resource within about uh 300 to 400 ft from surface, so it's very shallow open pit”
Hugh Agro·
03 Jun 2026·
key assumption
open pit heap leach operation, relatively straightforward
“It's a relatively straightforward open pit heap leach operation. Uh most of the resource within about uh 300 to 400 ft from surface, so it's very shallow open pit low uh stress low complexity of processing with uh heap leach.”
Hugh Agro·
03 Jun 2026·
Show the other 10 statements
stated risk
both projects are past producing mines, lower risk environment
“Of course, both of these projects are past producing, successful past producing mines. So that's that's a lower risk environment already.”
Hugh Agro·
03 Jun 2026·
recovery rate
90% of the recovery within 5 days
“we had very high kinetics 90% of the recovery within 5 days in the leech columns”
Hugh Agro·
15 May 2026·
metallurgy
Bear Track heap leach open pit component uses existing ADR gold processing facility
“It's the component of that project that takes advantage of the existing uh ADR gold processing facility”
Hugh Agro·
08 May 2026·
key assumption
site has power line infrastructure and water availability
“we're on a a site with a power line... We're on a site that has water”
Hugh Agro·
05 Mar 2026·
metallurgy
20 column tests this year following up on 5 column tests from last year
“we had a plan in place to uh collect sufficient material for about 20 column tests this year... five column tests and build on that with another 20 column test”
Hugh Agro·
11 Feb 2026·
key assumption
average resource grade at least double the cutoff grade; here at three times the cutoff grade
“you want to have a average resource grade that's at least double the cutoff grade. And here we're at three times the cutoff grade.”
Hugh Agro·
12 Jan 2026·
metallurgy
heap leach open pit mining plan
“which fits in very well with our heap leach uh open pit heap leach plans for the MKER go project in Utah.”
Hugh Agro·
12 Jan 2026·
key assumption
mineralization beyond existing resource indicated by alteration in rocks
“we're seeing indications of mineralization beyond the existing resource and we'll track that down uh next year with some more drilling”
Hugh Agro·
11 Dec 2025·
key assumption
MKER project is dry location with no water discharging, no groundwater, little surficial water
“it's a dry location so we don't have water to deal with. There's no discharging of water. There's no groundwater. There's little in the way of surficial water”
Hugh Agro·
01 Dec 2025·
key assumption
existing ADR gold processing facility available at Bear Track
“We've got an existing ADR gold processing facility there.”
Hugh Agro·
01 Dec 2025·
Economics 54 statements
Economics 42
Key takeaway. Revival Gold's management has provided a range of economic figures for its projects across several months in 2026, and the numbers have shifted over time.
Read the full summary
For the Merker project, management cited a post-tax NPV of $750 million at $3,000 gold and $1.2 billion at $4,000 gold in both March and May 2026, and in July 2026 referred to an NAV of $1.2 billion at $3,000 gold. Capex estimates have varied significantly: management mentioned $28 million in May 2026 but also gave a Bear Track first-phase figure of about $110 million in the same month, and by July 2026 reported capex of about $210 million (or $208 million). Free cash flow projections have also changed, from about $300 million a year over a ten-year mine life at $3,000 gold (July 2026) to $300–350 million a year at current gold prices from a first phase (June 2026), and operating cost savings were described as about $100 million (July 2026).
What was actually said
capex
about $210 million
“Capital cost to construct is going to be about $210 million.”
Hugh Agro·
15 Jul 2026·
free cash flow
$300 million a year over a 10-year mine life
“it'll generate some $300 a year free cash flow from just that one asset over a 10-year mine life.”
Hugh Agro·
15 Jul 2026·
npv
1.2 billion dollars worth of NAV at $3,000 gold
“1.2 billion dollars worth of NAV at $3,000 gold and in a market cap here of 150 million US dollars.”
Hugh Agro·
10 Jul 2026·
Show the other 39 statements
price assumption
$3,000 gold
“We've done our economics at $3,000 gold.”
Hugh Agro·
10 Jul 2026·
capex
$208 million
“Capital cost is about $208 million.”
Hugh Agro·
08 Jul 2026·
operating cost
about $100 million worth of savings
“we have about a $100 million worth of savings in that alone.”
Hugh Agro·
08 Jul 2026·
npv
about $1.3 billion
“Revival Gold's uh developing two projects in the western United States with 6 million ounces of resource about $1.3 billion of NAV”
04 Jun 2026·
operating cost
300 to $350 million a year of free cash flow from uh at current gold prices from that first phase
“uh we can generate from this project some 300 to $350 million a year of free cash flow from uh at current gold prices from that first phase.”
04 Jun 2026·
capex
low capital because existing infrastructure already in place
“And um you know, low capital because we've got all of this infrastructure uh already in place including power line and uh water, roads.”
Hugh Agro·
03 Jun 2026·
capex
$28 million
“28 million of capital gets us 100,000 ounces a year of gold production”
Hugh Agro·
15 May 2026·
irr
almost 100% irr
“So at uh $4,000 gold, we're talking about almost 100% irr from that project.”
Hugh Agro·
15 May 2026·
operating cost
about $1,400 ASIC
“100,000 ounces a year of gold production at about a $1,400 ASIC.”
Hugh Agro·
15 May 2026·
operating cost
100,000 ounces a year of gold production
“28 million of capital gets us 100,000 ounces a year of gold production”
Hugh Agro·
15 May 2026·
price assumption
$4,000 gold
“So at uh $4,000 gold, we're talking about almost 100% irr from that project.”
Hugh Agro·
15 May 2026·
capex
Bear Track first phase: about $110 million
“So, the capital cost on just that first phase is about $110 million.”
Hugh Agro·
08 May 2026·
npv
Merker: $750 million at $3,000 gold; $1.2 billion at $4,000 gold
“generating some $750 million worth of net asset value at $3,000 gold. That jumps to $1.2 billion gold, two $1.2 billion of value at $4,000 gold.”
Hugh Agro·
08 May 2026·
operating cost
Merker: 100,000 ounces a year of gold production
“The preliminary economic assessment, which we completed last year, contemplates 100,000 ounces a year of gold production”
Hugh Agro·
08 May 2026·
irr
57% at $3,000 gold
“The IRRa on this project, uh even at $3,000 gold is is 57%”
Hugh Agro·
05 Mar 2026·
npv
$750 million after tax at $3,000 gold; $1.2 billion at $4,000 gold
“$750 million of uh NPV after tax at $3,000 gold... Increasing to 1.2 billion at $4,000 gold”
Hugh Agro·
05 Mar 2026·
operating cost
$350 million a year of free cash flow at current gold prices from Mercer project alone
“a project MKER just on its own generating $350 million a year of free cash flow at current gold prices”
Hugh Agro·
05 Mar 2026·
potential acquirer
almost 100,000 ounces a year of gold production
“we're talking about almost 100,000 ounces a year of gold production”
Hugh Agro·
05 Mar 2026·
capex
low capital per ounce of gold production
“we have low capital per ounce of gold production and we have low ASIC costs”
Hugh Agro·
17 Feb 2026·
operating cost
low ASIC costs all in sustaining costs of production relative to our peers
“we have low ASIC costs all in sustaining costs of production relative to our peers.”
Hugh Agro·
17 Feb 2026·
npv
2 billion of NAV in the company for 2.5 million ounces of heap leach open pit resource
“we talk about two billion of NAV in the company for for the 2.5 million ounces of heap leach open pit heap leach resource in our in our projects”
Hugh Agro·
11 Feb 2026·
operating cost
100,000 ounce a year open pit heap leach plan
“the red outline that I'm showing here is the uh pit outline for what we've already conceptualized in that uh 100,000 ounce a year open pit heap leach plan”
Hugh Agro·
11 Feb 2026·
npv
$740 million NPV at $3,000 gold; about $1.2 billion at $4,000 gold
“the PEA, the preliminary economic assessment we completed last year, has a $740 million NPV at $3,000 gold. And that MPV uh moves up to about $1.2 billion uh at $4,000 gold.”
Hugh Agro·
12 Jan 2026·
price assumption
$3,000 gold and $4,000 gold
“has a $740 million NPV at $3,000 gold. And that MPV uh moves up to about $1.2 billion uh at $4,000 gold.”
Hugh Agro·
12 Jan 2026·
npv
$1.2 billion of NAV
“you're talking about projects that uh can generate $1.2 billion of NAV in a company with a adjusted net market value of $120 million.”
Hugh Agro·
11 Dec 2025·
operating cost
400 to 300 million dollars a year each of revenue
“we're talking about mines that can generate 40 uh 400, sorry, uh to 300 uh million dollars a year each of revenue.”
Hugh Agro·
11 Dec 2025·
aisc
roughly $1,400 an ounce AISC for MKER
“So we're looking at about 100,000 ounce a year of gold production at roughly an ASIC of $1,400 an ounce.”
Hugh Agro·
01 Dec 2025·
aisc
$1,300 AISC for Bear Track
“you know, we're talking about $1,300 ASIC.”
Hugh Agro·
01 Dec 2025·
capex
$110 million capital for Bear Track project
“65,000 ounces a year for $110 million of uh capital.”
Hugh Agro·
01 Dec 2025·
capex
$210 million capex for heap leach project in Utah
“we're talking about $210 million of capex for our our heap leachch project at uh in Idaho uh in Utah”
Hugh Agro·
01 Dec 2025·
capex
about half that for project in Idaho
“and and and about half that for our project in Idaho.”
Hugh Agro·
01 Dec 2025·
payback
a year and a half payback at $4,000 gold for MKER
“I'm gonna say it's a year and a half, right?”
Hugh Agro·
01 Dec 2025·
price assumption
NPV closer to half a billion dollars at $3,000 gold for Bear Track
“at $3,000 gold, we're closer to to half a billion dollars.”
Hugh Agro·
01 Dec 2025·
price assumption
NPV at $4,000 gold of about $1.2 billion dollars for MKER
“At $4,000 gold, we're talking about something with a with an NPV sitting at about$1.2 billion dollars.”
Hugh Agro·
01 Dec 2025·
price assumption
NPV at $3,000 gold of about three quarters of a billion dollars for MKER
“We're talking about a project that has an NPV at $3,000 gold uh of about threequarters of a billion dollars.”
Hugh Agro·
01 Dec 2025·
price assumption
NPV of about a quarter of a billion dollars at $2,100 gold for Bear Track
“This is a project that um, you know, has an MPV of about a quarter of a quarter of a billion dollars. Um, at at 21 uh$100 gold”
Hugh Agro·
01 Dec 2025·
production
160,000 ounce a year of heap leach gold production
“We're now 6 million ounces of gold target production of 160,000 ounce a year of heap leachch gold production all from the western United States.”
Hugh Agro·
01 Dec 2025·
production
about 100,000 ounce a year of gold production from MKER
“So we're looking at about 100,000 ounce a year of gold production at roughly an ASIC of $1,400 an ounce.”
Hugh Agro·
01 Dec 2025·
production
65,000 ounces a year from Bear Track project
“65,000 ounces a year for $110 million of uh capital.”
Hugh Agro·
01 Dec 2025·
Financing 12
Key takeaway. Management says the company is fully financed to a construction decision as of June 2026, with about $33 million cash at the end of that month.
Read the full summary
The total capital needed for the Merker startup is about $210 million, with $110 million for the first phase of Bear Track. The company reports about $15 million of warrant proceeds expected over the next 18 months and states a debt financing facility will be put together over the same period, with no long-term debt currently in place. Management notes backing from EMR Capital, Conway, and Dundee investors.
What was actually said
capital needed
$210 million
“Capital cost to construct is going to be about $210 million.”
Hugh Agro·
15 Jul 2026·
financing status
debt financing facility to be put together over the next 18 months
“we'll have to put that debt financing facility together over the next 18 months.”
Hugh Agro·
15 Jul 2026·
cash position
about $33 million cash as at the end of June
“We're sitting here with about $33 million cash as at the end of June and that funds us right through to a construction decision on our Merkur Gold project in early 2028.”
Hugh Agro·
10 Jul 2026·
Show the other 9 statements
financing status
fully financed to construction decision
“And remember we're fully financed to get to that construction decision in early 2028. So no need to do any equity raises here”
Hugh Agro·
03 Jun 2026·
capital needed
$33 million raised
“we actually capped it off uh there there was more demand than we had to offer”
Hugh Agro·
15 May 2026·
warrant proceeds
about 15 million of warrant proceeds coming over the next 18 months
“Uh the 33 million together with uh about 15 million of warrant proceeds coming over the next 18 months”
Hugh Agro·
15 May 2026·
capital needed
About $210 million for Merker startup; $110 million for Bear Track first phase
“for a capital cost to get started of about $210 million”
Hugh Agro·
08 May 2026·
cash position
about 34 million Canadian
“uh our cash sits at about 34 million Canadian today.”
Hugh Agro·
08 May 2026·
capital needed
backing from EMR Capital, Conway, Dundee investors
“we've got relatively straightforward de-risking steps ahead and the kind of backing that we have from, you know, from the likes of EMR Capital, Conway, Dundee”
Hugh Agro·
05 Mar 2026·
capital needed
no long-term debt
“$13 million of cash and no long-term debt.”
Hugh Agro·
17 Feb 2026·
cash position
$13 million of cash
“$13 million of cash and no long-term debt.”
Hugh Agro·
17 Feb 2026·
financing status
backed by EMR Capital and Dundee Corporation
“we've got the backing of EMR Capital. They did a ton of due diligence on us. Dundy Corporation”
Hugh Agro·
01 Dec 2025·
Timeline 47 statements
Timeline 47
Key takeaway. Management has outlined a multi-year timeline for the Merkur Gold project.
Read the full summary
According to the company, a preliminary feasibility study (PFS) is due by the end of the first quarter of 2027, followed by a feasibility study by the end of that year. Permitting is expected to be completed by the end of 2027, and management anticipates a construction decision in early 2028, with construction taking about one year and first production targeted for early 2029 at about 100,000 ounces per year. The company also notes it has about 18 km of drilling planned for this year at Mercur and about 6 km at Beartrack.
What was actually said
construction decision
early 2028
“construction decision early 2028.”
Hugh Agro·
15 Jul 2026·
study due
PFS coming
“just around the corner we've got a PFS coming and construction decision early 2028.”
Hugh Agro·
15 Jul 2026·
milestone
construction decision on Merkur Gold project in early 2028
“that funds us right through to a construction decision on our Merkur Gold project in early 2028.”
Hugh Agro·
10 Jul 2026·
Show the other 44 statements
construction start
early 2028
“construction decision in early 2028 to start construction”
Hugh Agro·
08 Jul 2026·
first production
about 100,000 oz a year
“It'll be the largest gold producer in Utah about 100,000 oz a year.”
Hugh Agro·
08 Jul 2026·
milestone
PFS by the end of the first quarter next year
“PFS by the end of the first quarter next year”
Hugh Agro·
08 Jul 2026·
milestone
permitting completed by the end of next year
“permitting completed by the end of next year”
Hugh Agro·
08 Jul 2026·
milestone
18 km of drilling at Mercur
“18 km of drilling at Merker”
Hugh Agro·
08 Jul 2026·
milestone
6 km of drilling at Beartrack
“6 km of drilling at Beartrack”
Hugh Agro·
08 Jul 2026·
milestone
18 km of drilling planned for this year
“Uh we are also doing drilling. We've got about 18 kilometers of drilling plan for this year which will encompass everything from resource expansion”
04 Jun 2026·
milestone
construction decision in early 2028
“But the feasibility study will be completed by the end of 28, which will by the end of 27, which will set us up for construction decision in early 28.”
04 Jun 2026·
milestone
feasibility study will be completed by the end of 2027
“But the feasibility study will be completed by the end of 28, which will by the end of 27, which will set us up for construction decision in early 28.”
04 Jun 2026·
study due
preliminary feasibility study uh to be completed by the end of the first quarter 2027
“Uh all of these things uh will lead into a PFS a preliminary feasibility study uh to be completed by the end of the first quarter 2027.”
04 Jun 2026·
milestone
construction decision early 2028
“we are on track to be at a at a construction decision point early uh 2028.”
Hugh Agro·
03 Jun 2026·
milestone
almost 20% through 16,000 m of initial drilling planned for Mercur
“we're about now uh about almost 20% through the 16,000 m of uh initial drilling we have planned for the project this year”
Hugh Agro·
03 Jun 2026·
milestone
about one year to construct
“It'll take us about a year to construct the operation.”
Hugh Agro·
03 Jun 2026·
milestone
less than 2 years away to construction decision
“I think as we march closer and closer now less than two years away to construction decision.”
Hugh Agro·
03 Jun 2026·
permit timing
end of next year
“we are on track to complete permitting by the end of next year”
Hugh Agro·
03 Jun 2026·
study due
end of first quarter next year
“We are on track to complete a PFS by the end of the first quarter next year.”
Hugh Agro·
03 Jun 2026·
first production
production decisions in the very near term
“Revival Gold with two, uh, large gold systems, proven past producers both, uh, with 6 million ounces of gold, uh, and, uh, and marching towards production uh, uh, decisions in the very near term”
Hugh Agro·
26 May 2026·
first production
early 2029
“we think we'll be through construction by early 29 and producing gold that year.”
Hugh Agro·
15 May 2026·
milestone
Feasibility study by end of 27
“We'll wrap that up by the end of 27.”
Hugh Agro·
15 May 2026·
milestone
PFS by end of first quarter 27
“PFS uh by the end of the first quarter 27.”
Hugh Agro·
15 May 2026·
permit timing
permitted by end of 27
“We'll also wrap up permitting by the end of 27.”
Hugh Agro·
15 May 2026·
milestone
Construction timetable about a year; construction decision in early 2018
“the construction timetable will be about a year again one of those benefits that comes from having the existing infrastructure”
Hugh Agro·
08 May 2026·
first production
2029 startup production
“we're working towards uh two 2029 startup production”
Hugh Agro·
05 Mar 2026·
milestone
12,000 meters more exploration and infill resource conversion drilling in 2026
“for 26 we've got 12,000 mters more exploration and infill uh resource conversion drilling”
Hugh Agro·
05 Mar 2026·
milestone
completion of baseline study work in 2026
“we're looking to complete all of our baseline study work this year”
Hugh Agro·
05 Mar 2026·
milestone
4,000 meters of engineering drilling in 2026
“We've got 4,000 mters of what I call engineering drilling, which is about geotechnical hydraological condemnation drilling”
Hugh Agro·
05 Mar 2026·
study due
PFS by beginning of next year
“we'll get our our PFS uh largely wrapped up by the end of the year. We won't publish it complete it until first quarter next year”
Hugh Agro·
05 Mar 2026·
first production
initial production of 160,000 ounces
“Bear track Arnet in Idaho at a PFS stage with two drill rigs drilling on a high-grade underground target continuing to expand that 4.6 million ounce deposit with initial production of 160,000 ounces from open pit heap leech phases of operation.”
Hugh Agro·
17 Feb 2026·
milestone
moving quickly towards a production decision in the next two years
“Mker in Utah at a PA stage moving quickly towards a production decision in the next two years.”
Hugh Agro·
17 Feb 2026·
milestone
path to production uh revival gold offers exceptional value here and a clear path to to delivering that value to our owners. Revival gold is a unique opportunity in gold. We have growth with initial production of 160,000 ounces a year from 6 million ounce
“join in the next couple uh to three years with Mker advancing towards production.”
Hugh Agro·
17 Feb 2026·
construction start
early 2028
“We've got a 2-year time frame uh as our objective to uh be at a position to turn a shovel on construction. So that's early 2028.”
Hugh Agro·
11 Feb 2026·
construction start
planning to start construction in about two years time
“we'll be uh planning to start construction uh in about two years time.”
Hugh Agro·
12 Jan 2026·
milestone
19 drill holes from 2025 drill program of 115 RC and core drill holes released
“we put out another 19 drill holes from our 2025 drill program. recall that was 115 RC and core drill holes”
Hugh Agro·
12 Jan 2026·
permit timing
plated for permitting this year
“It's um plated for permitting and PFS this year and we'll be uh planning to start construction uh in about two years time.”
Hugh Agro·
12 Jan 2026·
study due
PFS this year
“It's um plated for permitting and PFS this year and we'll be uh planning to start construction uh in about two years time.”
Hugh Agro·
12 Jan 2026·
milestone
completed about 110 holes of a 120 drill hole program at MKER project
“we've completed now about 110 holes of a 120 drill hole program.”
Hugh Agro·
11 Dec 2025·
construction start
one year to construct for MKER project
“Simple process, open pit, heap leech, uh one year to construct.”
Hugh Agro·
01 Dec 2025·
first production
about three and a half years on Bear Track project in Idaho
“You know, we're looking at about three and a half years on our Bear Track project in uh Idaho.”
Hugh Agro·
01 Dec 2025·
milestone
launching formal permitting for MKER
“we're going to be launching formal permitting.”
Hugh Agro·
01 Dec 2025·
milestone
13,000 meter drill program about 85% through at MKER project in Utah
“Uh, 13,000 meter drill program. Uh, now about 85% through at our MKER project in Utah.”
Hugh Agro·
01 Dec 2025·
milestone
drill holes taken as deep as a thousand feet with continuing alteration and good recoveries and grades
“we're taking our drill holes uh as as deep as a thousand feet uh relative to a 300 meter plan because we're continuing to see uh alteration”
Hugh Agro·
01 Dec 2025·
milestone
exploration and metallurgical catalysts expected over next two three quarters
“over the next two three quarters, we're going to have exploration catalysts. We're going to have metallurgical catalysts”
Hugh Agro·
01 Dec 2025·
permit timing
about two years of permitting for MKER project in Utah
“we're looking at only about two years of permitting uh for our for our marker project in Utah.”
Hugh Agro·
01 Dec 2025·
study due
PFS on MKER project next year
“Uh, recall we're moving towards a PFS on that project next year.”
Hugh Agro·
01 Dec 2025·
Corporate 25 statements
Management 13
Key takeaway. Management highlighted three aspects of ownership: about 9% insider ownership, with the CEO having exercised options and warrants and bought stock totaling about 200,000 shares over the prior month and a half, and approximately 60%…
Read the full summary
institutional ownership (all July 2026). Regarding track record, management noted the company was founded about seven years ago from nothing and now holds 6 million ounces of gold, with engineering studies completed on 2.5 million of those ounces (July 2026). The CEO cited 40 years in the resource/gold business with Placer Dome and Kinross Gold, where he helped take Kinross from 1.7 billion to 17 billion (May 2026), and elsewhere pointed to Tim Barnett's involvement in 14 commissionings worldwide, John Meyer's strong engineering hand familiar with the Salt Lake City area (June 2026), and chief geologist Dan Pace having about a year and a half of exploration experience on the project (May 2026).
What was actually said
insider ownership
about 9% of the company
“Our entire management team and board own about 9% of the company.”
Hugh Agro·
15 Jul 2026·
insider ownership
CEO exercised options and warrants and bought stock over the last month and a half to the tune of about 200,000 shares
“I personally have exercised options and warrants and bought stock over the last month and a half to the tune of about 200,000 shares.”
Hugh Agro·
10 Jul 2026·
insider ownership
60% institutionally held
“I think those things really really are underscored by the fact that we're 60% institutionally held.”
Hugh Agro·
10 Jul 2026·
Show the other 10 statements
track record
delivered over the last six or seven years from nothing when we founded the company to now 6 million ounces of gold engineering studies on 2.5 million of those ounces
“we've delivered over the last six or seven years from nothing when we founded the company to now 6 million ounces of gold engineering studies on 2.5 million of those ounces”
Hugh Agro·
10 Jul 2026·
track record
Tim Barnett involved in 14 commissionings around the world; John Meyer strong engineering hand familiar with Salt Lake City area
“Tim is a local resident uh in the area. He is a gentleman who's been involved in 14 commissionings around the world”
04 Jun 2026·
track record
chief geologist Dan Pace, about a year and a half of exploration
“we've only done about a year and a half worth of exploration uh under our chief geologist Dan Pace.”
Hugh Agro·
15 May 2026·
prior exit
Founded Revival Gold about 7 years ago
“I founded Revival Gold about 7 years ago”
Hugh Agro·
08 May 2026·
track record
40 years in resource/gold business with Placer Dome and Kinross Gold; took Kinross from 1.7 billion to 17 billion
“I've been in the uh resource mostly the gold business and growth in the gold business for almost 40 years uh with Placer Dome and then with Kin Ross Gold having been part of taking Kin Ross from 1.7 billion to 17 billion.”
Hugh Agro·
08 May 2026·
track record
VP Engineering Development John Meyer leading team
“our VP engineering development, John Meyer, is doing an excellent job leading the team”
Hugh Agro·
05 Mar 2026·
track record
established in 2017 by industry veterans
“Revival Gold was established in uh 2017 by industry veterans to address that large and growing gap”
Hugh Agro·
17 Feb 2026·
track record
Bear Track Arnette project: started with zero ounces, now have 4.6 million ounces, finding cost less than $10 an ounce
“We started with that asset with zero ounces of resource. We now have 4.6 million ounces and our finding cost has been less than $10 an ounce in the ground.”
Hugh Agro·
11 Feb 2026·
team experience
Tim Barnett has experience with heap leach open pit and precious metals mining in the US and around the world
“He's got a ton of experience uh with heap leach open pit and precious metals mining not just in the United States but around the world.”
Hugh Agro·
12 Jan 2026·
track record
Tim Barnett joining from Rio Tinto Pentacott operations in Utah
“announcement of our our general manager Tim Barnett joining us uh from Riotinto Pentacott operations uh in Utah.”
Hugh Agro·
12 Jan 2026·
Market 5
Key takeaway. Management describes the Beacon project as a sizeable one, noting a 100,000-ounce-a-year production potential (January 2026) and stating it "would make us the largest gold producer in Utah state" (March 2026).
Read the full summary
On costs, the company reports a finding cost to date of less than $10 an ounce of gold in the ground (February 2026) and points to the project's previous production at $250 per ounce, calling it economic at gold prices of $4,000–$5,000 (May 2026). The same May 2026 update forecasts $300 to $350 million a year of free cash flow from the operation.
What was actually said
timing rationale
300 to $350 million a year of free cash flow
“at current gold prices, we're talking about a project that's going to generate 300 to $350 million a year of free cash flow.”
Hugh Agro·
15 May 2026·
cost curve position
Projects were last produced at $250 per ounce; economic at $4,000-$5,000
“brownfields assets where gold was last produced at $250 and today we're now almost $5,000 an ounce gold.”
Hugh Agro·
08 May 2026·
strategic interest
would make us the largest gold producer in Utah state
“would make us the largest gold producer in that state”
Hugh Agro·
05 Mar 2026·
Show the other 2 statements
cost curve position
Finding cost to date of less than $10 an ounce of gold in the ground
“We have large gold systems with a finding cost to date of less than $10 an ounce of gold in the ground.”
Hugh Agro·
17 Feb 2026·
cost curve position
100,000 ounces a year production potential
“the 100,000 ounces a year from this project that we that we see.”
Hugh Agro·
12 Jan 2026·
Outside views 9 mentions
9 mentions by people who do not speak for the company — 8 constructive, 0 cautious, 1 neutral. These are their views, not the company's.
Rick Rule
bullish
He says its main catalyst is already in place through Merkur and Idaho rather than the recently divested phosphate asset.
Rule Investment Media·
11 Jun 2026·
Unknown speaker
neutral
Company repeatedly referenced in relation to assay disclosure and drill results.
Resource Talks·
18 May 2026·
Don Durett
bullish
Cheap and growth-oriented, but needs multiple mine builds.
The Silver Market·
29 Apr 2026·
Jeff Phillips
bullish
Used as an example of a more developed project with strong drill results and upside in a favorable jurisdiction.
VRIC Media·
09 Apr 2026·
Show the other 5 mentions
Unknown speaker
bullish
CEO argues the company is undervalued versus NAV and has multiple catalysts, stronger gold, and de-risking progress.
Resource Talks·
02 Mar 2026·
John Rubino
bullish
Three US projects (Utah, two in Idaho); benefits from improved permitting environment
The Silver Market·
06 Feb 2026·
Jeff Phillips
bullish
He sees leverage to gold, U.S. assets, and Hugh Agro's execution history as positives.
Natural Resource Stocks·
12 Dec 2025·
Jeff Phillips
bullish
Cited as a strong example of a company with experienced management, U.S. assets, strategic backing, and development momentum.
Crux Investor·
04 Nov 2025·
Kerry Stevenson
bullish
Undervalued developer with brownfield sites in Utah and Idaho; good US jurisdiction; management owns ~10%, AMR Capital ~12%; management has prior success; leverage play on gold/silver equities
Wall Street Bullion·
26 Aug 2025·
Sources 15 interviews
Every interview 15
| Date | Channel | Interview | Statements |
|---|---|---|---|
| 15 Jul 2026 | Natural Resource Stocks | Could Mercur Generate $300 Million a Year for Revival Gold? | 10 |
| 10 Jul 2026 | Liberty and Finance | 2 Big Things Just Happened For Gold! China Buying & The Supply Problem | Revival Gold | 12 |
| 08 Jul 2026 | The Deep Dive | This Company Is Sitting on $24 Billion in Gold | Hugh Argo - Revival Gold | 14 |
| 04 Jun 2026 | Crux Investor | Made in America | Revival Gold (TSXV:RVG) - The Case for US-Based Gold Development | 15 |
| 03 Jun 2026 | Natural Resource Stocks | Revival Gold Says It’s Fully Financed To Construction Decision | 19 |
| 26 May 2026 | Liberty and Finance | Massive Gold Shortage Ahead? Revival Gold Targets Production by 2029 | Hugh Agro | 4 |
| 15 May 2026 | Crux Investor | Revival Gold (TSXV:RVG) - Funded to 2028 Decision, Targets 2029 Output, Up to $350M Cash Flow | 24 |
| 08 May 2026 | Rule Investment Media | Hugh Agro, President & CEO of Revival Gold Inc. | Rule Symposium 2026: Rick Rule interviews | 21 |
| 05 Mar 2026 | Crux Investor | Revival Gold (TSXV:RVG) - Advances Mercur Toward 2029 Production - Announces High-Grade Discovery | 19 |
| 02 Mar 2026 | The Deep Dive | A 100,000 Ounce Per Year Gold Plan in Utah | Scott Trebilcock | No claims identified |
| 17 Feb 2026 | Crux Investor | Revival Gold (TSXV:RGV) - 'Undervalued?' Investment Series, with Hugh Agro | 16 |
| 11 Feb 2026 | Natural Resource Stocks | Revival Gold Hits 30m at 1 g/t and Expands Mercur in Utah | 11 |
| 12 Jan 2026 | Natural Resource Stocks | Revival Gold Mercur: Shock Grades And What Comes Next | 20 |
| 11 Dec 2025 | Natural Resource Stocks | Why Utah And Idaho Could Power Revival Gold Into A New Revaluation For Investors | 9 |
| 01 Dec 2025 | Crux Investor | Revival Gold (TSXV:RVG) - How To Analyse Value & Get Ahead of the Crowd | 30 |
What else those interviews covered
Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.
Questions people ask
What is Revival Gold's project and where is it?
Revival Gold is a developer gold company, with a project stated to be in Utah, United States. Everything here is drawn from its executives' own interviews.
Which interviews mention Revival Gold?
We track 15 interviews mentioning Revival Gold, across 5 channels (Crux Investor, Liberty and Finance, Natural Resource Stocks, Rule Investment Media, The Deep Dive).
What are investors saying about Revival Gold?
9 independent voices — people who do not speak for the company — are on record discussing it (8 bullish, 1 neutral). Their reasoning is quoted in the outside-view section above.
What do recent interviews with Revival Gold cover?
The most-discussed topics on record are the deposit, timeline, economics, jurisdiction — each claim quoted and dated in the sections above.