TORONTO, ON, August 17, 2026 – Revival Gold Inc. (TSX-V: RVG | OTCQX: RVLGF) has reported interim results from column leach testing at its Mercur Gold Project in Utah. The release may look technical, but it addresses a central question for a heap-leach project: how much gold can be recovered from the ore, at what crush size, and with what processing inputs.
Those answers will feed directly into the Prefeasibility Study, or PFS, targeted for completion by the end of Q1 2027. For Revival Gold, that PFS is the next major valuation milestone. It is not awaiting a Maiden Resource Estimate. Mercur already has a resource base and a 2025 Preliminary Economic Assessment. The PFS is intended to update and increase confidence in the recovery, processing, capital, operating-cost, resource, and engineering assumptions that determine project value.
The early work is encouraging, while still preliminary. Across nine oxide-material columns, average gold extraction to date is 81%. Across nine refractory-material columns, the average is 43%. Testing remains in progress and final results will be reconciled with tail assays after the program is completed this fall.
What Revival Gold Is Testing
Kappes, Cassiday & Associates is conducting the 2026 program in Reno, Nevada using 11 metallurgical composites collected from Main and South Mercur during the 2025 field season. The program includes 18 columns that test different crush sizes, the potential benefit of cement agglomeration, the response of material from different areas of the project, and the behaviour of refractory material.
| Test Category | Interim Result | Why It Matters |
| Oxide-material columns | 81% average gold extraction | Oxide material is expected to form the core of a conventional crushed-ore heap-leach operation. Recovery is a major driver of payable ounces and project revenue. |
| Refractory-material columns | 43% average gold extraction | The results give the Company additional data to model material with less favourable leaching behaviour and to plan how it could be managed in a future mine plan. |
| Crush-size testing | 6.3 mm to 37.5 mm | The trade-off between finer crushing, recovery, agglomeration, and operating cost will affect the processing design selected for the PFS. |
| Remaining work | Leaching and tail assays continuing | Final recoveries and reconciliation are required before the data can be incorporated into the PFS recovery model. |
The 2025 Mercur PEA assumed an average life-of-mine recovery of 75%. The 81% result reported today should not be treated as a new life-of-mine recovery estimate because it represents preliminary results from the oxide columns only. It does, however, support the Company’s view that oxide material is amenable to conventional crushed-ore heap leaching. The final PFS recovery model will require the complete program, including the final assay and reconciliation work.
“The data from this year’s metallurgical testing program together with extensive available cyanide soluble assay data will help refine recovery and processing assumptions for the PFS targeted for completion by the end of Q1 next year,” said Hugh Agro, President and CEO of Revival Gold.
Why Metallurgy Matters to Valuation
A gold deposit is not valued solely on ounces in the ground. What matters is the number of ounces that can be recovered, the cost of recovering them, the capital required to build the operation, and the timing of the resulting cash flow. Column tests inform each of those inputs.
The Mercur PEA, completed in March 2025, outlined a 10-year heap-leach operation producing an average of 95,600 ounces of gold annually. It generated an after-tax NPV(5%) of $294 million at a gold price of US$2,175 per ounce and $752 million at US$3,000 per ounce. The PEA is preliminary and includes Inferred Mineral Resources, so its results are not a guarantee of future economics. The PFS will be the more rigorous study that tests whether the project can move from an early economic case toward a financeable development plan.
| Valuation Reference | Value | Context |
| Recent Revival Gold market-capitalization snapshot | ~$202 million USD | Based on a reported C$279.9 million market capitalization on August 17, 2026, converted at C$1.00 = US$0.72. Market values change daily. |
| Mercur PEA after-tax NPV(5%) at US$2,175/oz | $294 million USD | Approximately 1.5 times the market-capitalization snapshot. |
| Mercur PEA after-tax NPV(5%) at US$3,000/oz | $752 million USD | Approximately 3.7 times the market-capitalization snapshot. |
The gap between the project’s PEA value and Revival Gold’s market capitalization is worth watching. The PFS will not automatically close that gap. It could improve, maintain, or reduce the economics shown in the PEA, depending on the results of metallurgy, drilling, engineering, costs, permitting work, and future gold prices. What it will do is provide the market with a better-supported valuation framework for Mercur.
The Resource Vault Perspective
Mercur is a brownfield project with existing roads, power infrastructure, water supply, and a prior operating history. Revival Gold is now working through the technical items that determine whether those advantages translate into a robust development case.
The interim oxide recoveries are constructive. The more important point is that they are part of a disciplined PFS program designed to reduce uncertainty around recoveries and processing. Combined with ongoing resource conversion and expansion drilling, the work is intended to move Mercur beyond a preliminary economic study and toward a study the market can evaluate with greater confidence.
Investors should watch for completion of the column tests this fall, continued drilling results from Mercur, and the PFS targeted for the end of Q1 2027. Each is relevant to the eventual valuation of the project.
For our full initiation report on Revival Gold and future updates, visit the Revival Gold Company Page on The Resource Vault.
Read the initiation report: The $2 Billion Gold Company You Can Buy for $200 Million