Interview with Hugh Agro, President and CEO of Revival Gold Inc
Our previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrvg-high-gold-intercepts-in-idaho-continues-mercur-nears-build-decision-11384
Recording date: 23rd September 2026
Revival Gold Inc. (TSXV:RVG, OTCQX:RVLGF) is positioning the Mercur Gold Project in Utah as a near-term US heap leach development, with a Preliminary Feasibility Study (PFS) targeted for Q1 2027 and a construction decision planned for early 2028. The company states it has sufficient cash to reach that decision without further financing.
The starting point is Mercur's 2025 Preliminary Economic Assessment (PEA) outlining an open-pit heap leach operation producing an average of 95,600 ounces of gold per year over a 10-year mine life, requiring $208 million in pre-production and working capital. At $3,000 gold, the PEA delivered an after-tax NPV of $752 million and an after-tax IRR of 57%. CEO Hugh Agro describes capital intensity of just over $200 per ounce and a capital requirement of about one-third of net asset value, with all-in sustaining costs expected to sit in the bottom quartile in North America.
Management expects the PFS to land close to the PEA. Engineering refinements to leach pad placement, truck fleet size and haulage cycle times should offer some gains, while higher energy prices will add cost. Agro has been clear that Revival Gold will keep a healthy grade and a conservative cut-off rather than lowering grades to add ounces, since recoveries in heap leach operations deteriorate at very low grades.
Technical work is converging on the PFS. Approximately 11,600 metres of the 2026 Mercur programme had been completed by late September, and the company reports that infill results continue to support PEA grade and leachability assumptions. Recent intercepts include 0.92 g/t gold over 33.5 metres and 1.82 g/t gold over 29.0 metres. Eighteen metallurgical columns are under leach with constructive early results. Environmental baseline fieldwork is complete with no red flags identified, and the company is now working with Utah's Division of Oil, Gas and Mining on its notice of intent.
The most significant development is organisational. Revival Gold has around 20 employees and 20 contractors and consultants. It has appointed a Mercur General Manager with 14 commissionings behind him, a new Exploration Manager from Kinross Gold and a Utah-based permitting and environmental manager. Around six further hires in mining, processing and human resources are planned over the next five to six months. The consultant team includes Kappes, Cassidy & Associates, WSP, RESPEC and Stantec.
The financing plan follows a defined sequence. Lender engagement begins in March or April 2027, with an eight-month review period and an independent engineer appointed well before the feasibility study is complete. The company will also evaluate streams, royalties, convertibles, private equity, offtakes and equity, likely with the support of an adviser.
At Beartrack-Arnett in Idaho, 2026 drilling expanded the vertical extent of the Joss zone by 70%, and the zone remains open to the south. An internal resource update, metallurgical testing and a concentrate market study are under way, with the next drill phase being planned.
For investors, the key catalysts are the remaining infill assays, the DOGM notice of intent and the Q1 2027 PFS. The main risks are cost inflation, permitting timing and potential dilution if Beartrack-Arnett is advanced faster than Mercur cash flow allows.
Learn more: https://www.cruxinvestor.com/companies/revival-gold-inc
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