"Revival is working on exploration to continue to build out the resource and technical information for the larger mill project in a second phase of the operation."

Hugh Agro

PRESIDENT & CEO, REVIVAL GOLD INC.

May 20, 2021

Can you introduce us to Revival Gold (TSX.V:RVG) and provide an overview of the company’s Idaho-focused portfolio?

Revival gold is a growth-focused gold exploration and development company focused on the Beartrack-Arnett project in Idaho, United States. It is located in the eastern part of the State and is the largest former producing gold mine in Idaho. Over the last three and a half years, Revival has built up a resource of 3 million ounces and recently released results of a Preliminary Economic Assessment on the first phase to restart of the operation. It is an open pit heap leach mine, estimated to produce 72,000 oz per year of gold. The bigger opportunity at Beartrack-Arnett is to construct a mill and process the mill resource, which is contemplated at 20,000 tonnes per day. Revival is working on exploration to continue to build out the resource and technical information for the larger mill project in a second phase of the operation. We are backed by Orion Mine Finance, who are one of our largest shareholders, along with other institutional investors and substantial insider and retail ownership. Revival had C$12 million of cash on our balance sheet at the end of the September quarter and we are currently in the process of finalizing this year’s drill program. Results are expected shortly and into 2021.

Revival recently announced positive results from a Preliminary Economic Assessment (PEA) on the Beartrack-Arnett project. What did these results reveal?

The operation produces 72,000 oz gold per year at an all-in sustaining cost of US$1,057 per oz of gold, putting Beartrack-Arnett’s costs near the bottom end of costs for heap leach operations in the US. In terms of return, the study revealed a 25% IRR after tax at a US$1,550 gold price, NPV of US$88 million after tax, increasing to almost US$200 million at US$1,850 gold. There is a lot of upside leverage to the gold price as this is a pure gold project wholly leveraged to the price of gold.

The thing that really attracted Revival to Beartrack-Arnett is that it is a brownfield site. We also have the former general manager of the operation on staff, so we have a lot of background information with respect to the site. This means there is relatively low technical and execution risk for the project, and we are in the US, which is safe from a geopolitical point of view. The other advantage is that Beartrack-Arnett lies an hour's drive from a town of 3,000, which means there is no requirement for a camp or special logistics and inventory management. It is a relatively straightforward project; Revival’s team has a lot of experience with the property and the initial capital cost for the first phase restart is modest at only about US$100 million. It’s a nice project for Revival to get going to produce cash in the current gold cycle.

Another advantage to being on an existing brownfield site is that we have significant base line environmental data and the site is already suited for the purpose. That will shorten Revival’s permitting timelines. We’ve been able to keep all of the planned infrastructure for the Beartrack portion of the operation within the reach of the existing footprint of disturbance.

Is Revival actively looking at opportunities to augment its portfolio?

We think there is a lot of opportunity out there, particularly amongst the junior set that does not get the attention from the big funds and big corporates. For both corporates and investors alike, now is a good time to build a portfolio of quality growth assets in gold in good geographies to fuel future production. You just need to look at the pace of global gold production relative to the pace of global gold discovery and you can see that there is a large and growing gap. This gap is the opportunity that we think will drive profits for investors moving forward.

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