Revival Gold

Got some fans in the crowd here, some other developers. This is a really exciting time to be at the Gold Forum. Uh, for anybody watching what's going on in the action, uh, this morning, of course, Gold Fields taking a run at Northern Star with a $27 billion bi- bid, and, um, and, and rejected. Uh, but there's a lot other things going on in the M&A space, and, uh, the reason why it's an exciting time to be in the gold space right now, and in spe- and especially in the developer space, is that there is, uh, a real interest in new projects to fuel future production, not just from the corporates that, uh, need to find new projects to, to fuel future production, but from the investors who are making a ton of money on their investments in the gold space and need to redeploy or would like to redeploy in future growth. And so you're seeing a lot of those companies today, the one that was just up here, 1911, uh, you know, our, our friends, uh, uh, coming up at Mayfair, uh, and others are developing great projects for the future pipeline. Revival Gold is focused in the United States. Um, uh, our cautionary language here, and you can find that on our websites, uh, with two projects, six million ounces of gold discovered, uh, over the last, uh, number of years, and marching towards production decision on our Merker Gold project in Utah and a follow-on phase of development in open pit heap leach in Idaho with our Beartrack-Arnett project. Uh, we have about 25 million of cash, uh, and, uh, we're drilling right now with three rigs, so a lot of catalysts, uh, for news flow. Uh, we're highlighting that 59%, uh, institutional ownership in the company. It's, uh, a real strength, especially in these times when we're seeing these low premium bids for companies, uh, in the market and some, uh, uh, disgruntled shareholders who, who have been in these companies for a while and been waiting for them to perform. Um, when you have a shareholder base 60-- 59% institutional, uh, ownership and strong money behind that, you can, uh, develop out on your plans to deliver the real value for shareholders in the long term. Uh, we're about a 200 million market cap company, US dollar terms, and, um, right now, under the hood, as we like to say, is about $1.2 billion of NAV, and that's, uh, for just, uh, 2.5 million of our six million ounces of resource. So beyond exploration potential, uh, we've got this, uh, opportunity to bring more ounces into engineering plans and boost that underlying NAV. I should point out the leverage, of course, uh, that these projects offer. Uh, that NAV grows to $2 billion at $4,000, uh, gold. And here's a resource breakdown, the six million ounces I spoke about at the outset. Uh, about 3.2 million of that is in the M&I category. So, so even if one were to discount that six million ounces and just talk about the M&I, that's a pretty impressive multi-million ounce portfolio of gold in the Western United States. Works out to about 19 ounces of gold for every thousand shares held. So think about that, uh, as a gold investor looking for exposure in the metal, uh, and all in the Western United States. Has anybody been to Utah or Idaho in this group here? A few folks. There's... [laughs] Scott has, yep. Peter has. Good. These are great places to mine, of course, uh, great pedigrees of mining, uh, great, uh, professionals in the mining industry, and a real desire to bring domestic production back into the United States. This is a view over the Merker Gold project in Utah, um, and, uh, we're in the Ophir mountain range, uh, just on the other side of the hill from Bingham Canyon. Of course, Bingham Canyon, one of the world's largest copper gold mines, and, uh, about 50 minutes, uh, 55 minutes from the Salt Lake City Airport. So it doesn't get, uh, much better than this in terms of location. And talk about location, we're on private ground. Anybody who's done anything in the United States understands the benefits of being on private ground. It makes for a much quicker permitting timeline and gives you a lot more flexibility with what you can do in an operation. The other real advantage to this, uh, portfolio of assets at Revival Gold is that as former big company people, we are pursuing assets that have big potential. We're in a Carlin-type system here, one that can expand, uh, has the, uh, uh, opportunity with exploration to really grow, and, um, and while we will take an initial modest 100,000 ounce a year phase of, of, uh, production development here, there is potential to do a lot more with 2.6 million ounces of past production on this project, uh, alone. This is the land position, about 19,000 acres, uh, 7,200 hectares. Um, the red shading is where we've got initial, uh, resource for development. Of course, we'll continue with exploration beyond that. But just to give you a sense of scale here, from the bottom of the slide where the red shading, uh, shows in our South Merker area to the top of the slide, uh, in the Rover Pit area, that's about, uh, 12, uh, 13 kilometers of strike. And this is a simplified cross-section through the deposit. Um, I, I won't try to pretend that I know a, a whole heck of a lot about geology. I'm a mining engineer by training, so what I'm really focused on is the fact that we're in the top 150 meters of the right side or the east side of that anticline shown there, and it's replicated on the west side of the property position. So if you think about this from, from a, from an exploration point of view, if you've got gold in the mineral, uh, structure on the east side of that anticline, and that structure is replicated on the west side, that's a pretty prospective target. Indeed, that is where the Barricks of this world are finding, uh, the Four Miles of this world, undercover in the Carlin systems which previously were underexplored. Our first phase project is a, is a relatively modest, uh, hundred thousand ounce a year, ten-year mine life, uh, two hundred and eight million of capital on the PEA economics, generating, uh, about, uh, seven hundred and forty million dollars of NPV, fifty-six percent after-tax, uh, IRR. Now, why is it important that, that we got a fifty-six percent, uh, after-tax IRR? Of course, it's because it makes the project that much more financeable. Uh, but what I'd also say about this project is it's relatively low risk. Uh, we're talking about open pit heap leach. We're talking about a project on a proven past-producing site. We're talking about a project that already enjoys the benefits of a lot of infrastructure, which means, which means we have a low, uh, AISC cost and, um, puts us in the bottom quarter, uh, on the North American cost curve. And that infrastructure has advantage for us as well as we think about, uh, relative ranking for all the other, uh, gold projects that one might get involved in. Uh, never mind the timelines to actually deliver on those projects, uh, just looking at the capital per ounce of gold production, here we rank, uh, relatively, uh, well compared to any of our peers and with a strong IRR mentioned, uh, previously. It's a bit of a busy slide. Uh, all this to say, uh, we've got a lot of drilling underway. In the last one and a half years, we've completed twenty-four kilometers of infill drilling on the Merker project in Utah. Uh, we've, we've got another six kilometers of drilling to complete this year, uh, and that's well underway, focused on engineering and, uh, towards the latter part of this year, uh, more exploration. The site I've talked about a little bit, and you can see a picture here of the electrical infrastructure on site. And just to give you a small window into why this is valuable to us, we had Rocky Mountain Power out to this-- uh, look at this transformer station. It's a ten million dollar piece of infrastructure which we had assumed we would have to buy as part of our PEA capital. Uh, and, uh, we found that it's intact and that it will, um, service the ten years of mine life in our plan. And that's not only an equipment-- piece of equipment that costs ten million dollars, it's also a piece of equipment that one has to order two years in advance of any production, given the long lead times required. So this is a real advantage in terms of being able to deliver on this project. We're on private land. We have all of this infrastructure. We can execute and deliver, uh, uh, in the, uh, in the near term. Uh, next steps really are focused on completing that drilling that I spoke about earlier. Uh, it's an eighteen-kilometer program this year alone. Um, we've got column test work underway to perfect as we move into the PFS. Initial results out last month. Uh, baseline study work for environmental permitting purposes, uh, has been completed in the field, and pres-- So we're now moving to, uh, the step of developing up an NOI, and, um, we'll, uh, file that next year. As part of our PFS, uh, uh, we'll, we'll complete that, uh, f- in the first quarter next year and then move right to feasibility study, uh, through permitting, and we expect to be making a construction decision in two thousand twenty-eight. That's just one asset in Revival Gold, and, uh, it's a pretty exciting one at that. Uh, but our founding asset, Beartrack-Arnett, brings a whole other, uh, side to the business. Uh, this is where the pot of gold is buried, literally. I mean, we've got a first phase of, uh, development here, uh, with our open pit heap leach plan, uh, already at PFS stage, utilizing the existing infrastructure pictured here, an ADR gold processing facility. Again, power to site, roads, all of those things that makes uni-- that makes Revival Gold a relatively low-risk bet in the gold development space, given the geography, given the infrastructure. Uh, we're moving now to explore on the second phase of this project, which is in the underground. Again, a large land position pictured here, about, uh, uh, seventeen thousand acres, uh, sixty-eight hundred hectares. Uh, the footprint of the existing mineralization is shown in red here. You'll notice that there's a, uh, a trend of mineralization on the east side of this, um, uh, pho-- of this picture, and it follows a shear zone structure. It's an orogenic gold system, and these are big gold systems with lots of potential. In our case, we've already miner-- we've already drilled a, a mineralized trend of about five and a half kilometers, and we've hit with every drill hole into it. You can see some of the grades here. Uh, as we go into the, uh, deeper regions of the, of the project area, there's a lot of potential to develop out an underground phase, and of course, that's where our drilling has been focused this year, um, uh, under the leadership of our chief geologist, uh, Dan Pace, who is a Thayer Lindsay Award winner at, uh, this year's PDAC for his involvement in the discovery of Silicon, now known as Arthur, in, um, in Nevada. Uh, this is a pretty exciting project. Uh, the right side of this page, uh, is the northern trend of the deposit. As we move to the, uh, left side of this page, we're going south along the shear zone, knocking off drill holes as we go. Uh, already about nine hundred thousand ounces of gold in the underground deposit here, but you can see on this cross-section that it continues at depth. Our deepest hole to date, uh, eight hundred and fifty meters down, extending the strike or s- extending the vertical dimension of the deposit by seventy percent, uh, with this year's drilling and, uh, into some Really exciting grades here. Uh, this is our highest, uh, grade, uh, thickness hole, uh, pretty much to date in the Joss Zone, about 400 gram meters, and you can see that intercept there in hole two fifty-four D on the bottom of the slide. I know the print's a bit fine, but, uh, there's some booklets out in the front for anybody who's, who's interested. For the mining engineers in the group, and I know there's at least one here, [laughs] this is two to twenty meter wide, uh, intercepts of mineralization running anywhere from four to ten grams, and it's, uh, it's a pretty exciting deposit. It extends to the south. We're gonna continue to drill on this and build on this long section shown here. Uh, the gray shading in this slide is the existing, uh, mineralized, uh, inventory, but, uh, you can see there's a lot of potential in that Joss area alone. Uh, we've got another target area under the south pit, uh, another one to the n- to the s- to the north, uh, known as Mason Dixon, and a, and a fourth to the south known as Sharkey. So the path forward here at Revival Gold is, um, pretty clear. We're, we're focused on advancing that Merker Gold project to a production decision in two thousand twenty-eight. We'll generate about a hundred thousand ounce a year of gold production. Uh, that's about three hundred million dollars a year of free cash flow at, uh, current gold prices based on our PEA ASIC, uh, and we'll do that from about a two hundred and ten million dollar investment. The next phase, or step two, is to develop that heap leach open pit, uh, heap leach project at Beartrack Arnett. That takes us up to about a hundred and sixty thousand ounce a year, and then we go to step three, which is the underground. And I think, uh, that's where things get exciting. We're up to about two hundred and fifty, uh, potentially more, uh, in, uh, in terms of annual, uh, ounces of gold production. And I should emphasize, this is pure gold, a hundred percent pure gold, not equivalent gold. And so for those looking for safe geography, a development pipeline, uh, and growth, uh, this is a very exciting portfolio, and, um, it's trading at good value here, about, uh, point one five times, uh, NAV, and with a lot of catalysts to take this, uh, to a much higher level. Uh, we see a three to four X here based on where the research analysts, um, project our share price and, and based on where the peers are trading in the, in the advanced development space. This slide gives you an idea of the success of our team in making discoveries. Um, here we have two of the largest new gold discoveries in the United States in the last fifteen years in Revival Gold's portfolio, and, uh, we've only just gotten started at our Merker Gold project. I think there's gonna be a lot more found. This is a company with growth catalysts, uh, uh, scale, and, uh, that's unique for a company that can go into production for a modest amount of capital. Uh, we've got scale. Uh, we've got strong backing, strong cash position, and the shareholders that can take us through, uh, to that, uh, uh, pr- that, uh, production scenario I s- I spoke about earlier, uh, with compelling value and, and, uh, beyond that, catalysts, uh, with drilling and with, uh, engineering works and the development of our permitting milestones ahead. I'm joined here with my colleague, Lisa Ross, in the back. We're happy to take questions, uh, if there's time. Thank you. We have a few minutes. The pathway between here and the publishment, publish of the PFS at, at the end of the first quarter next year, there's two key activities, drilling and, um, and that column leach, uh, work that's progressing. In terms of drilling, are those rigs already in place, or do, do you need to secure more? Yeah. Thanks, Peter. Uh, three rigs drilling right now, fourth arriving by the end of this, uh, week. How many meters further do you have to cover the platform? Uh, we've got, uh... We've completed about twelve thousand meters, uh, twelve thousand kilomet- I should say twelve thousand meters of the eighteen thousand meters for this year, and we're, uh, we're on track to complete all of that drilling. Uh, actually, Lisa and I will be looking at, uh, uh, proposals to do even more drilling this, this year later, later in the month, but, uh, next month, but, uh, uh, we're on track is the, is the answer to your question. Okay. Excellent. And I believe the first of those column leach data, uh, that was released last month? Yes. Could you just run us through the results there and how, how they came out versus your expectations? Yeah. I'd say we're on track. Um, the first set of columns that we ran were all in the, uh, ore material. We got, um, um, uh, low to mid-eighties in terms of average extraction rates in those, in those columns. Uh, these columns, uh, we broadened out the area of, um, coverage. We're running eighteen columns, and the average in the oxidized ore material came out, uh, at about eighty-one percent. Of course, we haven't finished the columns yet. Those were interim results, but I'd say we're pretty much on track, um, uh, and, um, looks good. I mean, this is a, this is a project that's got a history of successful heap leaching. Mm. And so that gives us a lot of confidence in the data we're seeing and, uh, where we're going. And additionally, we're doing, uh, cyanide soluble, uh, leach tests for every fire assay leach test in our, in our drill, uh, data and assay material, so we have a, a very good picture of where the, uh, leach kinetics, uh, and recoveries will, uh, will come. Okay. Thank you. Are there any questions from the floor? Thanks for that, Hugh. Um, I was wondering, uh, if, uh, Merker is going to be, uh, the priority to first production at this point. Just wondering whether or not the proximity to Bingham Canyon is a help or a hindrance, uh, when it comes to, uh, going along the development pathway here. Yeah, great question. Uh, what I like about having a, a big pier in our neighborhood is that there's, there's a lot of people who would like to join a more entrepreneurial, uh, group, and we've had three join us so far, including our general manager, uh, a gentleman who's done 14 commissionings around the world. Uh, his only reason for being in the Salt Lake City area is because his job had him at, uh, Bingham Canyon, Kennecott. And, uh, he lives in the area, he's got a young family, and, uh, his name's Tim Barnett. He's a wonderful guy, and we're lucky to have him, and he's only there because of, uh, the, the big mine next door to us. So I think, I think it's an advantage in terms of being able to attract people, uh, with skill in mining. And then step back, uh, you know, as Governor Cox would say to me, as that mine has shifted into the underground and, and shed people, um, they are looking in the state of Utah for new opportunities to employ those professionals, and we offer, uh, what will become the largest gold producer in the state of Utah in just a short space of time. NGO response? Sorry, re- repeat- NGO response. Uh, NGO. Uh, we don't hear that word in, in Utah. Thank you.