Revival Gold (TSXV:RVG) - High Gold Intercepts in Idaho Continues, Mercur Nears Build Decision

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Revival Gold says Mercur is moving toward a build decision with a PFS due by end-Q1 2027, while the company is still halfway through an 18,000m drill program to upgrade resources. The May 2025 PEA for the Utah project outlines 1.275Moz contained gold from a 66Mt resource at 0.60 g/t, average annual output of 95,600oz over 10 years, initial capex of $208m, and a 56% after-tax IRR. The economics are highly leveraged to the gold price: the PEA showed an after-tax NPV5 of $741m at $3,000/oz gold, rising to $1.27bn at $4,000/oz. Revival is pitching Mercur and Beartrack-Arnett as brownfield, infrastructure-backed U.S. projects with lower development risk than greenfield peers, and the interview suggests the company expects de-risking to continue through drilling and study work before a construction decision in 2028. For the gold market, the key takeaway is that higher prices are materially improving project economics and can keep North American developer pipelines active. Near-term catalyst is the PFS update and continued drill results; if grades and conversion drilling hold up, the project could attract stronger financing and strategic interest, but timing remains long-dated and this is more equity-level leverage to gold than a direct bullion flow signal.