Revival Gold Reports Interim Results on Mercur Column Leach Testing Program

Metallurgical tests show strong gold recovery in oxides, but economics remain unaddressed.

What the company is saying

Revival Gold Inc. reports interim metallurgical column leach results for its Mercur Project in Utah, supporting a future Prefeasibility Study. The company emphasizes average gold extraction rates of 81% for oxide columns and 43% for refractory columns, with silver recoveries of 16% and 31% respectively. The update details the number of composites, range of crush sizes, and test parameters, presenting the technical work as a step toward project advancement. Language such as 'one of the largest, pure gold mine developers in the United States' is used, but without supporting data. The announcement highlights ongoing testing and future plans, but buries the fact that all results are preliminary and subject to reconciliation after tail assays this fall. Technical review by Mr. John Meyer, P.Eng., is cited to bolster credibility, but no economic or resource data is provided.

What the data suggests

The disclosed figures show that, for nine oxide columns, gold extraction averages 81% and silver 16%, while nine refractory columns average 43% gold and 31% silver extraction. Eighteen column leach tests were conducted on eleven metallurgical composites, with crush sizes from 6.3 mm to 37.5 mm. Detailed test conditions, such as sodium cyanide and lime consumption, are provided for individual samples, but no aggregate economic implications are drawn. The results are explicitly labeled as preliminary, with final reconciled values pending tail assays after program completion in the fall. No financial data, resource estimates, or cost figures are included, and the technical results cannot be directly linked to project viability or profitability. The data is internally consistent and detailed for metallurgical purposes but incomplete from an investment perspective.

Analysis

The announcement is framed positively, highlighting technical progress in metallurgical testing for a Prefeasibility Study. The majority of claims are factual and relate to completed or ongoing test work, with detailed extraction rates and process parameters disclosed. However, the update is limited to technical results and does not include any financial, economic, or resource/reserve data, nor does it quantify the impact of these results on project economics or timelines. Some forward-looking statements reference future testing and the eventual completion of the Prefeasibility Study, but these are not the dominant focus. The language is somewhat promotional in describing the company as 'one of the largest, pure gold mine developers in the United States,' which is not substantiated by data. Overall, the gap between narrative and evidence is moderate: technical progress is real, but the investment case remains unproven due to the absence of profitability or economic metrics.

Risk flags

• ●The absence of economic, financial, or resource data means investors cannot assess whether these metallurgical results will translate into a viable project. Without cost, revenue, or reserve figures, the technical progress remains disconnected from investment outcomes.
• ●All results are preliminary and explicitly subject to change pending tail assay reconciliation this fall. There is a material risk that final extraction rates or process parameters could differ from the interim data, affecting future project assumptions.
• ●Promotional language such as 'one of the largest, pure gold mine developers in the United States' is not substantiated by any numerical data or peer comparison, raising concerns about the reliability of non-technical claims.

Bottom line

This update provides detailed technical progress on metallurgical testing at the Mercur Project, with strong gold recoveries in oxide material but more modest results for refractory ore. The evidence is robust for test procedures and extraction rates, but the lack of any financial, resource, or economic data means the investment case remains unproven. Claims about the company's size and project advancement are not backed by numbers. Investors have no basis to assess project economics or timeline beyond the stated goal of a Prefeasibility Study by the end of Q1 next year. The most important takeaway is that while technical de-risking is underway, no actionable investment conclusions can be drawn until economic results are disclosed.

Announcement summary

(TSXV: RVG) (OTCQX: RVLGF) Revival Gold Inc. provided an update on metallurgical column leach testing in support of a Prefeasibility Study on the Mercur Project located in Utah, U.S.A. Kappes, Cassiday & Associates completed metallurgical testing on eleven composites from half PQ core samples collected during the 2025 field season from Main and South Mercur. The composites were used to develop 18 column leach tests at crush sizes ranging from 100% passing 6.3 mm (0.25 inch) to 37.5 mm (1.5 inch). Average leach extractions to date for the nine oxide material columns are 81% for gold and 16% for silver, while average leach extractions for the nine refractory material columns are 43% for gold and 31% for silver. Column leaching was initiated at various dates during May, June, and July and is ongoing. Results to date are preliminary and will be reconciled when tail assays from the columns are available following completion of the program this fall. Plans for additional PFS metallurgical testing are ongoing. Technical information was reviewed and approved by Mr. John Meyer, P.Eng., Executive Vice President, Engineering and Development for the Company.

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