Revival Gold Revamps Beartrack Earn-In Agreement Terms
Revival Gold Restructures and Extends Beartrack Earn-In Terms
TORONTO – Revival Gold Inc. (TSX-V: RVG, OTCQX: RVLGF) has announced exciting changes regarding the earn-in and related stock purchase agreement with Meridian Beartrack Co. ("Meridian"), a subsidiary of Pan American Silver Corp. This restructuring aims to enhance the acquisition of assets related to the Beartrack property, which is integral to Revival Gold's 6,300-hectare Beartrack-Arnett gold project.
Overview of the Restructuring
The recent restructuring and extension of the agreement, effective August 30, 2024, presents favorable adjustments for Revival Gold. Notably, the company is relieved from the financial obligation to pay a subsidiary of Pan American a minimum amount based on the quantity of gold resource or reserve at the third anniversary of the agreement closure.
Key Financial Changes
Instead of the previously established payment schedule, the company has gained significant leeway with a three-year extension. This change allows Revival Gold to defer the requirement to provide site bonding until October 2027. As it stands, Pan American will hold the site bonding surety for Beartrack, valued at US$10.2 million, while Revival Gold will reimburse all operational and maintenance costs associated, estimated at US$850,000 annually.
Royalty Adjustments
In exchange for these favorable terms, Revival Gold has committed to granting Pan American's subsidiary a 0.3% net smelter return royalty upon the agreement's closure. Coupled with the existing 1.5% net smelter return royalty, this agreement will total a 1.8% net smelter return royalty on Beartrack, of which a portion will be nullified through financial payments amounting to US$2 million.
Leadership Insights
President & CEO, Hugh Agro, expressed optimism about this restructuring. “Today’s restructuring aligns the interests of Revival Gold and Pan American, providing us with additional time to prepare for permitting and exploration at Beartrack-Arnett. Now, we can focus on advancing our projects responsibly, efficiently, and expeditiously,” stated Agro, highlighting the strategic shift away from hefty upfront payments prior to production.
About Revival Gold
Revival Gold is dedicated to developing gold mining operations in the western United States. The firm is not only committed to advancing engineering and economic studies for the Mercur Gold Project in Utah but also emphasizes its role in mine permitting and exploration at the Beartrack-Arnett Gold Project in Idaho. The company operates under the TSX Venture Exchange, showcasing its shared ticker symbols of RVG and RVLGF across various platforms.
Contact Information
For more insights or inquiries about Revival Gold Inc., you can reach Hugh Agro, President & CEO, or Lisa Ross, CFO. They can be contacted via telephone at (416) 366-4100 or through email at info@revival-gold.com.
Frequently Asked Questions
What is the significance of the agreement with Meridian Beartrack Co.?
The agreement is crucial for Revival Gold as it allows for better alignment of interests while acquiring important properties related to its gold project in Beartrack-Arnett.
How does the restructuring impact financial obligations?
The restructuring eliminates a significant payment requirement initially set for the agreement's third anniversary, providing more flexibility for Revival Gold.
What additional royalties will be granted to Pan American?
Revival Gold will now grant a total of 1.8% net smelter return royalty to the subsidiary of Pan American upon closing the agreement.
What are the expectations following this restructuring?
The restructuring allows Revival Gold to concentrate on project development and preparations for exploration without the immediate burden of sizable payments.
Where does Revival Gold focus its operations?
Revival Gold specializes in developing gold mining projects primarily in the western United States, including ongoing efforts at the Mercur Gold Project and Beartrack-Arnett Gold Project.
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