News Summary
The latest news release from December 9, 2025, provides an update on the ongoing drilling program at Revival Gold’s Mercur Gold Project in Utah. The company has completed approximately 11,300 meters out of the planned 13,000 meters for the year, across 108 reverse circulation (RC) holes.
Key highlights from the latest assay results include:
* RM25-127: 18.3 meters grading 1.33 g/t gold (Au)
* RM25-122: 24.4 meters grading 0.62 g/t Au
* RM25-116: 18.3 meters grading 0.64 g/t Au
* RMC25-133: 56.4 meters grading 0.46 g/t Au
The company notes that some intercepts extend outside the current pit designs, indicating potential for resource upside. The results obtained are consistent with the Preliminary Economic Assessment (PEA) resource and metallurgical estimates for Mercur. This data is intended to support a planned Pre-Feasibility Study (PFS) in 2026. President & CEO Hugh Agro reiterated that Mercur is a simple, shallow heap leach gold project with strong indications of exploration upside beyond the current mine plan, emphasizing its potential for quick progression to production given current long-term gold prices around $3,000 per ounce.
Material Impact
This news release is a planned update on the 2025 drilling program at the Mercur Gold Project. The results, while positive, are largely consistent with previous expectations and the project’s Preliminary Economic Assessment (PEA). The company explicitly states the results are “consistent with PEA resource and metallurgical estimates” and are in “support of a planned 2026 pre-feasibility study.” This messaging aligns directly with previous updates (e.g., 2025-11-17, 2025-10-29, 2025-10-06) where drilling was reported to confirm PEA results and indicate exploration upside.
The reported grades, while good for a heap leach project, do not represent a significant, unexpected increase in grade or scale that would materially alter the project’s economics beyond the compelling PEA results already established. The program is almost 90% complete, indicating a progression as planned rather than a new discovery phase. The mention of potential upside outside current pit designs is positive but unquantified in this release and reiterates a known opportunity.
Considering the company’s clear roadmap towards a 2026 PFS and the consistent nature of these results with that plan, this news is a routine positive development. It provides confidence in the project’s geology and metallurgy as projected but does not introduce new information that would constitute a “game-changer” or a significant re-rating of the stock. It’s an affirmation of steady operational progress.
Catalysts
* Completion of Mercur Drilling and Final Assays: The remaining ~1,700 meters of drilling at Mercur and the full assay results from the 2025 program will be important for the comprehensive data package supporting the PFS.
* Updated Mineral Resource Estimate: An updated MRE for Mercur, incorporating the 2025 drilling results and additional historical data, is a critical precursor to the PFS.
* Commencement and Progress of Mercur PFS: Watch for announcements regarding the formal launch and initial findings of the Pre-Feasibility Study, which is targeted for 2026. This will provide more detailed engineering, economic, and permitting information.
* Beartrack-Arnett Drilling Results: The news from October 29, 2025, indicated a fourth rig was mobilized to Beartrack-Arnett with initial results expected in December. This will provide updates on the high-grade underground potential at that project.
* Mercur Option Payment: The first US$5 million payment to Barrick for the Mercur acquisition option is due by January 2, 2026. News regarding how this payment is financed or executed will be crucial.
* Warrant Exercises: With a significant number of warrants currently in-the-money or near-the-money (exercise prices ranging from $0.21 to $0.52 for many, and up to $0.72), watch for potential warrant exercises that could bring in non-dilutive capital (compared to new equity raises).
Materiality Conclusion
The latest news from Revival Gold is a positive operational update, confirming that the 2025 drilling program at Mercur is progressing as planned and yielding results consistent with the project’s Preliminary Economic Assessment. The reported gold intercepts are solid for a heap leach project, and the potential for extending mineralization beyond current pit designs is encouraging. However, this is an expected outcome of the ongoing resource conversion and expansion drilling, rather than a surprising new discovery. The company is executing its strategy to advance Mercur to a Pre-Feasibility Study in 2026, a timeline that has been consistently communicated. Therefore, the news represents routine positive progress, solidifying the known value proposition without introducing new, game-changing information.
