7,000% US Based Idaho & Utah Gold Miner Play

🪙 REVIVAL GOLD (RVG.V / RVLGF)

Latest Shares Outstanding

• 272,400,000 shares basic

• 317,700,000 fully diluted

• Strong insider ownership (~35%)

• Trading on TSXV & OTCQX

Latest AISC (PFS Proxy)

• AISC assumption: US$1,235/oz

• Based on heap-leach starter PFS and industry comparable costs

• This is more reliable than worst-case stress AISC values

Core Projects

• Beartrack–Arnett (Idaho) – ~4M oz gold resource, largest past producer in Idaho

• Mercur (Utah) – ~1.6M oz gold resource, heap-leach restart potential

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🗺️ RISKS & CATALYSTS MAPPED TO TIMELINE (2025 → 2031)

📆 2025 – EARLY STAGE TECHNICAL + PERMITTING RISK

🚧 Risks

• Mercur PEA or drilling delays.

• Beartrack permitting packages may take longer than expected.

• Higher inflation in mining services may raise projected AISC above US$1,235/oz.

• Potential dilution from raising exploration capital.

⚡ Catalysts

• Mercur PEA updates.

• Beartrack engineering refinements.

• New resource additions from 2025 drilling campaign.

• Strong gold price may drive early re-rating.

📆 2026 – PERMITTING + ENGINEERING RISK

🚧 Risks

• Beartrack permitting delays push the construction start beyond 2027.

• Mercur PEA may show weaker economics than expected.

• Exploration results fail to materially grow the resource base.

• Cost inflation raises capex and sustaining costs.

⚡ Catalysts • Beartrack updated PFS / engineering package.

• Mercur resource upgrade + technical studies.

• Potential first draft of environmental permits for Beartrack.

• Higher gold price → stronger valuations and financing leverage.

📆 2027 – FINANCING & CONSTRUCTION DECISION RISK

🚧 Risks

• Securing capex financing (equity + debt) causes major dilution.

• Slow permit approvals could delay shovel-ready status.

• Gold price volatility affects financing terms and timing.

⚡ Catalysts

• Beartrack construction decision (heap-leach).

• Potential financing package announcement.

• Mercur advancement toward pre-construction work.

• Gold bull market could attract strategic investors or partners.

📆 2028 – CONSTRUCTION RISK

🚧 Risks

• Construction overruns or equipment delivery delays.

• CAPEX inflation intensifies beyond expectations.

• Permitting bottlenecks push back construction milestones.

• Local community or environmental challenges.

⚡ Catalysts

• Construction progress updates.

• Strong gold price secures additional low-dilution funding.

• Potential early works at Mercur depending on 2027 outcomes.

📆 2029 – RAMP-UP RISK (FIRST GOLD POUR WINDOW)

🚧 Risks

• Metallurgical performance weaker than feasibility models.

• AISC higher during first two years of ramp (common in new mines).

• Start-up delays due to commissioning issues.

• Unexpected geotechnical challenges at Beartrack.

⚡ Catalysts

• First gold pour at Beartrack–Arnett.

• First revenue + cash flow.

• Market re-rate as Revival moves from developer → producer.

• Gold price strength significantly amplifies early margins.

📆 2030 – EXPANSION + MULTI-ASSET RISK

🚧 Risks

• Scaling to 200K–250K oz/year may be slower than expected.

• Mercur could require more capex than preliminary estimates.

• Sustaining capital and strip ratio volatility increase costs.

⚡ Catalysts

• Beartrack reaching commercial production stability.

• Mercur advancing to construction decision.

• Combined production target begins to approach 250k oz/year.

• New resources extend mine life and raise NAV.

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📊 FCF VALUATION SCENARIOS (GOLD-FOCUSED)

Production Target Used: 250,000 oz/year

AISC Used: US$1,235/oz

Shares Used: 272.4M basic

Formula Used:

Margin = Gold Price – AISC

FCF = Margin × 250,000

Valuation = FCF × (10×, 15×, 20×)

Per-Share Value = Valuation ÷ Shares

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💰 SCENARIO 1 – GOLD = US$4,500/oz ––––––––––––––––––––––––––––––––––––––––––––––––––

Margin per oz = 4,500 – 1,235 = US$3,265

Annual FCF = 3,265 × 250,000 = US$816,250,000

10× FCF → US$8.162B → US$29.96/share 15× FCF → US$12.243B → US$44.94/share 20× FCF → US$16.325B → US$59.92/share

CAD Conversion (×1.36):

10× → C$40.74/share

15× → C$61.12/share

20× → C$81.50/share

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💰 SCENARIO 2 – GOLD = US$5,000/oz ––––––––––––––––––––––––––––––––––––––––––––––––––

Margin per oz = 5,000 – 1,235 = US$3,765

Annual FCF = 3,765 × 250,000 = US$941,250,000

10× FCF → US$9.412B → US$34.54/share 15× FCF → US$14.118B → US$51.82/share 20× FCF → US$18.824B → US$69.09/share

CAD Conversion (×1.36):

10× → C$46.97/share

15× → C$70.48/share

20× → C$93.97/share

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🎯 CONCLUSION

With AISC ~US$1,235/oz and a long-term production target of 250,000 oz/year, Revival Gold has one of the highest upside profiles among U.S. gold developers:

• At $4,500 gold → US$30–60/share

• At $5,000 gold → US$35–69/share

• In CAD → C$40–94/share

This is premium re-rating territory IF:

• Both Beartrack & Mercur advance smoothly

• Financing is secured without extreme dilution

• Gold maintains a path toward $4,500–5,000

High-risk, high-reward — but very strong torque to a gold supercycle.