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Revival Gold Inc.

Mercur: Positive Shallow Results from 10,000 m Program

• Shallow results of: 1.34 g/t Au over 45.7 m; 1.82 g/t Au over 29 m; 0.9 g/t Au over 54.9 m
• Indications of open structures to the east, west and at depth across Mercur
• Trading at 0.20 P/NAV, C$65 EV/oz M&I, C$34 EV/oz M&I, Inf.

Drilling Continues with Three Rigs (~8,000 m); PFS in Q1 2027

• We are maintaining our C$2.65/sh target price and Outperform rating on Revival Gold Inc. (“Revival”) after the company announced positive intercepts from the Main and South areas of its Mercur Au development project (100%, UT) upon announcing completion of the 10,000 m program (100 holes). Drilling is ongoing, with three rigs focused on the next phase of 8,000 m exploration and engineering drilling for the year. The company continues to advance two past-producing gold assets, Mercur and Beartrack-Arnett (100%, ID) with an eye on an initial strategic goal of +150,000 oz/yr Au. Underground potential at Beartrack-Arnett could represent a third development project with a company-wide target of 300,000 oz/yr Au (see comment August 4, 2026, “Joss: Among Highest Underground Grade/Thickness Intercepts”).
• Shallow Drill Hole Highlights; Open Structures to East, West and at Depth: The company released 17 holes, almost evenly split between Main Mercur and South Mercur indicating continuity of shallow, heap leachable Au mineralization. Most holes hit mineralization within 70 m from surface, with the deepest intercept starting at ~150 m. Hole RM26-201 intersected 1.34 g/t Au over 45.7 from 17 m depth while holes RM26-180 and RM26-201 intersected 1.82 g/t Au over 29 m and 0.9 g/t Au over 54.9 m at depths of ~65 m. Of note, one of the deepest holes was RM26-207 from 115 m of 0.97 g/t Au over 64 m from mineralized backfill at Main Mercur. The highest grades continue to be at South Mercur and Mercur Hill. Although most of 2026 drilling has been done at the Rover pit (newest focus and requires the most infill drilling), the company highlighted indications of open structures east and west and at depth across the deposit. We await results from ~70 infill RC holes over the next two months. The remainder of drilling is to be split: 2,500 m RC, 1,200 auger for resource expansion opportunities (with a focus on shallow holes at the legacy ROM heaps, see Figure 2) and 4,100 m geotechnical, hydrological, and metallurgical.
• Strategic Near-Term Focus Remains Advancing Mercur: Mercur is the company’s nearer-term production and cash flow engine. We estimate 2.0 years to permit Mercur, with production to recommence in 2029, ramping up to an average rate of 97,000 oz/yr Au at AISC of US$1,200/oz over 11 years after modest capital expenditures (US$215M). As such, Mercur comprises 58% of our NAV/sh based on a NPV of C$838M (C$2.64/sh).

Valuation

• We are maintaining our NAV/sh (2026E) of C$4.61 (Figure 3)andcontinue to use a blended target multiple of 0.57x P/NAV (currently trading at 0.20x P/NAV). With activity increasing in ID (e.g. Liberty Gold, Perpetua Resources, Integra Gold) we would highlight Revival as an opportunity for mid-tier and senior acquirors looking to add potentially 300,000 oz/yr Au production in USA (versus its ~C$300M market cap). Of note at Beartrack-Arnett, although there is underground potential, the latest PFS (2023) only includes open-pit mining activities. We have included the underground resource using a $/oz multiple in our NAV/sh (2026E) based on comparables in the southwest region of USA. After prolonged precious metals equity weakness since the March peak (GDXJ, GDX -40% to -42%; GLD -26%), we believe the current multiple is unwarranted for such a developer for reasons of: i) advancing two USA-based, past-producing projects; ii) a PFS for Mercur expected in Q1 2027 (production in 2029); and iii) our belief in reaching a summer end inflection point, setting gold equities up for outpaced returns heading into Q4. Our target multiple reflects: i) ongoing drilling results from both projects; ii) the permitted and past-producing status of both mines along with existing infrastructure; iii) near-term permitting completion, construction and ramp-up of production and cash flow at Mercur (in 2029); iv) resource update/upside from additional underground sulphide resources at Beartrack-Arnett; v) strong technical backing from EMR Capital (12% holder) and Dundee Sustainable Technologies (DST).

Paul O’Brien

Senior Mining Analyst

T +1 (416) 323 2150
E paul.obrien