Wedoany.com Report-Dec.24, Revival Gold Inc. has exercised its option to acquire 100% of Barrick Mining Corporation's interest in the Mercur Gold Project in Utah, United States. The announcement was made on December 22, 2025.

The PEA forecasts average annual production of 95,600 ounces (oz) of gold over a mine life of ten years.

The option stemmed from a mineral lease and option-to-purchase agreement signed in May 2021. This acquisition covers 996 hectares of mineral interests, expanding the total Mercur project area to approximately 7,200 hectares.

Revival Gold completed a Preliminary Economic Assessment (PEA) for the Mercur project in mid-2025. The PEA outlines average annual production of 95,600 ounces of gold over a ten-year mine life. It estimates an after-tax net present value of $294 million at a 5% discount rate and a gold price of $2,175 per ounce.

The company conducted a 13,000-metre drill program this year to support a planned pre-feasibility study in 2026 and to initiate the state mine permitting process in Utah. Permitting is expected to require about two years.

Revival Gold president & CEO Hugh Agro said: "Barrick produced 1.4 million ounces of gold at Mercur, but never controlled the contiguous Homestake claims and west Mercur land position.  This option exercise completes the consolidation of a large Carlin-style gold system – a rarity outside the Nevada gold majors – and comes with paved road access, an energised powerline to the site and extensive technical information. Mercur is our top priority to move to production.  Utah is a favourable jurisdiction, and we expect a relatively short timeline to re-permit Mercur for mining."

To exercise the option, Revival Gold met the requirement of spending at least C$6 million ($4.35 million) on exploration by January 2, 2026.

The transaction involves executing a membership interest purchase agreement with Barrick. Compensation includes $5 million at option closing, plus $5 million on each of the first, second, and third anniversaries of commercial production start. Payments may be made in cash or, at Barrick’s discretion, in Revival Gold common shares.

On closing, Revival Gold will grant Barrick a 2% net smelter return royalty on the mineral interests covered by the agreement, and a 1% net smelter return royalty on all mineral properties within 1 kilometre of those claims where Revival Gold holds an interest.

Agro added: "Mercur's PEA economics have the potential to drive transformational value for Revival Gold's shareholders. Barrick has operated to high standards of environmental and community stewardship at Mercur and Revival Gold is committed to upholding the same high standards."

The acquisition is anticipated to close on or around April 1, 2026, subject to regulatory approvals, execution of the membership interest purchase agreement, environmental surety bonding, and other customary conditions.

This step consolidates Revival Gold's control over the project, advancing its objective to restart gold production at the historic site while maintaining strong environmental and community practices.