Beartrack Gold Project

Beartrack-Arnett Gold Project

The Beartrack-Arnett Gold Project is the amalgamation of Revival Gold’s Arnett Gold Project with the Company’s neighbouring past-producing Beartrack Gold Mine located in Idaho, USA.

In June 2017 Revival Gold assembled a 100% interest in the original Arnett Gold Project through earn-in and purchase agreements. In September 2017 Revival Gold announced the execution of an earn-in and related stock purchase agreement with Meridian Gold Company, a subsidiary of Yamana Gold Inc. (now Pan America Silver), by which Revival may acquire a 100% interest in Meridian Beartrack Co., owner of the past-producing, open pit heap leach Beartrack Gold Mine.

Subsequent to the agreements executed in 2017, Revival Gold added to the Beartrack-Arnett land position through a combination of claim staking and acquisition agreements bringing the total contiguous land position to approximately 5,800 hectares comprised of a combination of patented and unpatented mineral claims in a historic mining district.

The Beartrack Mine was operated by Meridian Beartrack from 1994 until 2000 and produced approximately 600,000 ounces of gold. The mine operated at 13,600 tonnes per day and achieved a life of mine recovery of 88% based on the cyanide-soluble grade from ore processed during heap leach operations (approximately 70% of contained gold). The mine was closed at a time when the price of gold dropped below US$300 per ounce.

Beartrack-Arnett is the largest past-producing gold mine in Idaho. On July 11, 2023, the Company released an update to the Mineral Resource and the results of a Pre-Feasibility Study (“PFS”) for the open pit heap leach restart.

Mineral Resource Update Highlights:

• A Measured & Indicated Mineral Resource of 86.2 million tonnes at 0.87 g/T gold containing 2.42 million ounces of gold; and
• An Inferred Mineral Resource of 50.7 million tonnes at 1.34 g/T gold containing 2.19 million ounces of gold.

Open Pit Heap Leach Restart PFS Highlights:

• Inaugural Proven & Probable open pit heap leach Mineral Reserve of 36.2 million tonnes at 0.74 g/T gold for 859,000 ounces of gold; and
• Average gold production of 65,300 ounces of gold per year at an all-in sustaining cost of $1,235 per ounce, for a total of 529,100 ounces of gold over an eight-year mine life.
• $105 million after-tax net present value at a 5% discount rate and 24.3% after-tax IRR at a $1,800 gold price

See Preliminary Feasibility Study National Instrument 43‑101 Technical Report on the Beartrack – Arnett Heap Leach Project, Lemhi County, Idaho, USA prepared by Kappes, Cassiday & Associates of Reno, Nevada, Independent Mining Consultants, Inc. of Tucson, Arizona, KC Harvey Environmental of Bozeman, Montana and WSP USA Environment & Infrastructure Inc. of Reno, Nevada, and dated August 2^nd, 2023, for further details.

Beartrack-Arnett hosts gold mineralization over a known trend of +5 km within +10 km of favourable structure to explore. Mineralization is open along strike to the north and south and at depth at Beartrack. Mineralization at Arnett is open in all directions.