Revival Gold raises $33 million for development at U.S. mines

Revival Gold Inc. [RVG-TSXV, RVLGF-OTCQX] said Wednesday it has raised $33 million from a brokered private placement financing and will use the proceeds to advance development at the company’s Mercur and Beartrack-Arnett projects in the U.S.

The offering consisted of 38.8 million common shares priced at 85 cents each. The amount raised includes the full exercise of the over-allotment option that was available to the agents.

Revival Gold shares advanced on the news, rising 5.06% or $0.04 to 83 cents in early trading, Wednesday. The shares trade in a 52-week range of $1.14 and 40.5 cents

Revival Gold is one of the largest pure gold mine developers in the United States. The company is advancing development of the Mercur Gold project in Utah and mine permitting and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho.

Revival has completed a preliminary economic assessment (PEA) for an open pit heap leach operation at Mercur. The project is expected to produce 95,000 to 105,000 ounces of gold annually over a 10-year mine life.

“There was strong demand from current and new shareholders, including strategic shareholder EMR Capital Management Ltd., demonstrating the unique value proposition of Revival Gold,’’ said Revival President and CEO Hugh Agro. “Revival Gold is now funded to advance the Mercur gold project to a potential construction decision in less than two years,’’ he said. “Drills are turning and work is ongoing to complete the Mercur preliminary feasibility study as planned for release in Q1 2027.”

Agro went on to say that the financing will also fuel drilling at Revival’s Beartrack-Arnett gold project in Idaho, where two rigs continue to turn, targeting expansion of the high-grade Joss area. “Our team is growing and we are excited to strive to deliver on our vision of reviving domestic U.S. gold producers.’’

EMR Capital Management, a company insider, acquired 9.4 million common shares in the offering, thereby increasing its ownership interest ot 13.2% from 11.7%

“We are in the enviable position of owning two high quality development projects,’’ said Agro. “The projects naturally sequence with Mercur expected to be the first to production and Beartrack-Arnett offering our shareholders significant upside potential through ongoing exploration.’’

Beartrack-Arnett is the largest past-producing gold mine in Idaho. The Beartrack Mine was operated by Meridian Beartrack from 1994 to 2000 and produced approximately 600,000 ounces of gold. The mine operated at 13,600 tonnes per day and achieved life of mine recovery of 88% based on the cyanide-soluble grade from the ore processed during heap leach operations. The mine was closed at a time when the price of gold dropped below US$300 an ounce.