Episode Details

Interview with Hugh Agro, CEO, Revival Gold

Our previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrgv-undervalued-investment-series-with-hugh-agro-9318

Recording date: 3rd of March 2026

Revival Gold has announced significant drill results from the South Mercur area of its Utah-based Mercur project, intersecting over 4 grams per ton gold across 25 meters with favorable leachability characteristics. The results mark the first holes from this newly consolidated portion of the 7,200-hectare property, which includes ground previously operated separately by Homestake and never coordinated with adjacent historic Mercur operations.

The discovery comes as Revival Gold executes a detailed development timeline targeting 2029 production of approximately 100,000 ounces annually from its heap leach operation. The company has outlined a comprehensive 2026 work program including 16,000 meters of drilling, baseline studies across biological, cultural, and hydrological domains, and engineering work advancing toward pre-feasibility study (PFS) completion in early 2027.

Mercur's current economic assessment demonstrates compelling returns, with $750 million in after-tax net present value at $3,000 gold, rising to $1.2 billion at $4,000 gold. At a 57% internal rate of return, the project would generate approximately $350 million in annual free cash flow at current gold prices above $5,000 per ounce, establishing it as Utah's largest gold producer.

The project benefits from rare brownfield advantages including location entirely on private land, existing power and water infrastructure, and extensive historical data from previous operations. These factors reduce both capital intensity and permitting risks compared to typical greenfield developments or projects on public lands.

Despite these attributes, Revival Gold trades at approximately 0.15x net asset value, with analyst price targets two to three times current levels. CEO Hugh Agro attributes the discount to development-stage risk perception, expecting multiple re-rating as the company demonstrates execution through 2026-2027 milestones.

Beyond Mercur, the company's 4.6 million ounce Beartrack-Arnett project in Idaho provides additional portfolio value, with two drill rigs currently testing high-grade underground potential. The dual-asset strategy offers exploration upside while maintaining focus on Mercur's path to production, backed by institutional support from EMR Capital, Konwave, and Dundee.

Learn more: https://www.cruxinvestor.com/companies/revival-gold-inc

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