The Assay Podcast - Where mining meets capital
The Assay Podcast, powered by 121 Group, brings you inside the conversations shaping the mining and investment market. Across the series, you’ll hear from CEOs, investors and sector leaders through company updates, executive interviews and live panel discussions recorded at leading industry events. Often captured in the room, at the centre of the action, the podcast brings you not just what’s being said, but what the market is really thinking. This is where insight, opportunity and capital come together.
Our first episode will go live from 121 Investment London on May 11th.
The Assay Podcast - Where mining meets capital
Inside the Investment Case: Revival Gold
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Revival Gold walks through its development-stage assets, growth strategy and the key milestones that could drive its transition into a significant gold producer.
Featuring: Hugh Agro, CEO Revival Gold
Guest Host: Lyndsay Malchuk, Apaton Media.
Recorded live at 121 Mining Investment London, May 2026.
You're listening to the Assay Podcast, where mining meets capital, powered by one-to-one mining investment. Today we are coming live from our event in London. Please note, this podcast is for information only and isn't financial advice or recommendation to invest. As always, the views you'll hear are those of the speakers.
SPEAKER_01Welcome back to Inside the Investment Cates. I'm Lindsay Melchick with Abuton Media, your guest host, coming to you from the floor of One-to-One Mining Investment Conference in beautiful London. And right now, we're talking about a company chasing something the market is starving for. Large-scale gold development projects in the Tier 1 US jurisdiction at a time when the gold narrative is getting louder by the day. Joining me now is Hugh Aggro, president and CEO of Revival Gold, a company advancing two significant gold projects in the United States and positioning itself right in the middle of one of the most aggressive gold cycles we've seen in years. It is so great to sit with you.
SPEAKER_02Yes, you're in London.
SPEAKER_01Ah, I am in London, beautiful London. I can't wait to actually get out and see some of the city. So you've been here multiple times. How's the show been so far?
SPEAKER_02Oh, listen, it's very well attended. We're seeing some really uh interested investors and some new people to the uh to the meetings, which is which is wonderful. It's really becoming a broad theme, this idea that gold is important in one's portfolio.
SPEAKER_01Mm-hmm. This is true. So gold is always known as that safe haven. You see, uh, you know, other other metals now coming in. You see the silver, you see the copper. Um, but gold is still that one where people are like, this is this one I know the most. Every project is a little bit different, but there are maybe some audience members that don't know quite a lot about revival. So why don't we start there? Give us a little bit about your company.
SPEAKER_02We're the we're one of the largest uh US developers of gold projects. Uh we've got about six million ounces in resource, two projects marching towards production decisions. Uh, and we're funded through to that uh decision point uh early 2028. We'll be in production 2029.
SPEAKER_01My goodness. So, you know, we're gonna push this a little bit further and do talk about your projects because you, like you said, you are heading into production, but tell us a little bit more about that and your other projects as well.
SPEAKER_02Our Merker Gold project is located in the uh wonderful state of Utah. Of course, this is home to Bingham Canyon, one of the world's largest copper gold mines. So there's a real mining pedigree in Utah, the western United States. Our project is a relatively straightforward open pit heat bleach project. Yeah. It'll generate about 100,000 ounces a year at today's gold prices. Uh we're look we're talking about $300 to $350 million a year of free cash flow, 10-year mine life to start.
SPEAKER_01Wow. So are you fully financed?
SPEAKER_02We're financed through to that construction decision, and we're backed by a significant institutional investor base, about 60% of our shareholding, including EMR Capital, a very prominent private equity group out of Australia. We've got friends in Zurich, uh, Conway Gold 2000, Dundee Resources out of Toronto, got a strong backing. This project and the team are primed for success.
SPEAKER_01Well, let's talk about the team. Why don't you tell us a little bit about your management team?
SPEAKER_02Well, I'm a mining engineer by training, but uh the real uh bright work is being done by our our VP engineering development, John Meyer, and his team. Uh John is a wonderful guy out of Berwick and worked with me at Kinross Gold. That's designed some wonderful projects, including Frutto del Norte and the Stibnite project in Idaho. But he's come to us to uh build the two mines that we have in uh in our portfolio. Um, and he's got a team around him that includes some of the industry's best. Our general manager in Utah, a gentleman by the name of uh Tim Barnett, uh, has done 14 commissionings. Uh and uh so we're really blessed with our team with this project uh in Utah. And then of course, we've got a second project in Idaho with some 4.6 million ounces, four drill rigs drilling on our projects. Uh lots of news to come from these.
SPEAKER_01Absolutely. There is a lot going on over there for sure. What is it, you know, that you would you would give an investor advice on in the gold market right now?
SPEAKER_02Look, I think the the industry is in very good shape. The senior gold producers are making a ton of free cash flow. They're paying down debt, their balance sheets are in pristine shape. But the issue is that the industry is producing gold at about 120 million ounces a year and only finding 30, uh 20 to 30 million ounces a year of new gold uh for production. So the issue is around the pipeline, and um a lot of these bigger gold companies are going to need projects that satisfy uh their future production profiles. And it's not just the gold uh producers, it's the investors themselves that, as we were talking about on the outset, are looking for exposure to gold, and they don't want to buy the metal, they want to get that excess exposure that comes from owning a developer. So, what I'd say to investors is look at the developer space. There's excellent leverage to the metal. In our case, 19 ounces of gold for every thousand shares held. So that's uh wonderful exposure, and it's uh leverage to both the metal and the upside that comes from the de-risking of these projects as they move to free cash flow.
SPEAKER_01That's you know, it's a really great piece of advice that you're giving investors because it's so saturated right now, and everyone wants a piece of that golden pie for sure, but nobody really knows where to start or what's good or what's not. So, you know, giving a little bit of that insight on what to look for when you're trying to get into the space is really, really important. There is it's education. Let's flip over to community. I mean, you're in a great jurisdiction, US, obviously, but give us a little bit more information about where you are.
SPEAKER_02Well, as um many people are aware there's a fundamental recognition that minerals are important to our way of life. And uh certainly in the United States, that has come to a fruition in the form of uh improving on improvements on regulations and on policies around uh development of uh responsible mining projects. In our case, we're in a location that uh craves the jobs that come from responsible mining. They're well-paying jobs, and they are there's a lot of really interesting technology in the industry now that uh the younger people are looking to explore and looking to be part of. So this is good for us. This helps us attract new people into the space. It means that we have the kind of uh uh commitment and support through permitting processes, and um and look, we are all part of the community. So we want to do right by the communities that we work in, and we want to do right by the team uh of people who do the work on our projects.
SPEAKER_01Yeah. Okay, so you brought up a good point because there are a lot of younger people that are coming into the space, and the younger people they do tend to look a little bit more on the sustainability side. Can you give us some of the insights on what you're doing for sustainability practices?
SPEAKER_02Oh, it's uh it's really exciting. I mean, in in in Salmon, Idaho, uh where we've uh operated now for over seven years, we're we're part of the historical society, we're part of putting uh money into the local uh um ice rink that uh is part of the community's uh recreation, but also part of their uh tourist business. Um we are part of the schools, our people go into the high schools and the universities and talk to the kids about career opportunities and this natural sciences. And so when you see that impact that our team can have on communities and the and the dollars that we invest in community uh uh initiatives, um it's it's it's gratifying. Uh in Utah, where we're just getting started, we're we've we've had a recent uh group of kids come out, um, younger kids, and boy, the smiles on their faces, they look at those rocks and uh some of the and they some of the stories that are being told around the opportunities in the mining industry. They're too young to really understand what a job is all about, but they sure love to get out and uh look at the rocks and chat with their friends about this fossils and the the interesting things that they're seeing uh as they go out to the sites.
SPEAKER_01It's so nice to hear they're off the screen and just enjoying nature.
SPEAKER_02Oh, yeah, and with smiles. So listen, this is the uh focus of our company, right? Doing right by the communities, doing right by our teams, and making sure that our investors are rewarded. And by golly, we're uh we're doing that in spades.
SPEAKER_01Oh, sounds like a great story indeed. Now, with every story, obviously, there comes a bit of a challenge. So I want to actually just address that. What are the challenges that you face and how do you navigate through them?
SPEAKER_02Yeah, I'd I'd say for the entire mining industry, it is people, right? Absolutely uh finding good people and uh and keeping them. And the the great thing about our projects is that we're in locations where people actually want to go live. Uh you know, if especially for the mining folks who who are enjoy the outdoors, right? We've got skiing, we've got uh fly fishing, and we've got hunting in these areas, and we're close to communities. So hospitals, schools, all of the things that uh somebody would like to have without the ha the need to go to a camp, a fly-in camp of some kind or other. We're 30 minutes from a town of uh 35,000 people in Utah with our Mercur Gold project, and we're within an hour's drive of a lovely mountain town, Salmon, Idaho, in Idaho, for our uh Idaho project. So the community part is really important, and that makes it especially um uh easy for us to attract good quality people. And look, the issues with Africa and South America and Mexico around uh certainty of title and around security are are starting to come home for people who like the idea of being in their home state and in their home city to work.
SPEAKER_01Yeah, absolutely. Well, we don't have a lot of time. My last question would probably be you know, for you to to address to the to the investors what they can be looking forward to in the next maybe 12, 24 months.
SPEAKER_02Four drill rigs turning. I mean, that's a has a lot of drill results to come. And what's really exciting about this program is that uh at our Merker Gold project, as we move into production, we will continue to have exploration news. And oftentimes uh these stories can get a little dull uh when they're when they're going through a permitting phase. But at Revival Gold, because of our portfolio and because of the emphasis on exploration and these large gold systems that we're in, uh, we'll continue to put out exploration news as we go here. Uh, we are marching towards a construction decision in early 2028. All the engineering works uh related to that are underway. And um, I'll tell you, watch this space for the uh drilling that we're doing on our exploration asset in Idaho. Uh, we've got one hole now into the deeper parts of the zone, and uh we're really excited about what that could bring to us.
SPEAKER_01Well, I can feel the excitement just in how you speak about the story. So thank you again for sitting with us and definitely come back.
SPEAKER_02Thank you, Lindsay.
SPEAKER_01Absolutely. Again, that was Hugh Agarro, president and CEO of Revival Gold, trading on the venture under the symbol RVG, and on the OTCQX under R V L G F. For more information, head over to revivalgold.com. I'm Lindsay Melchick from Appeton Media, your guest host right here at One to One Investment Conference in London. We'll see you next time.
SPEAKER_00Thanks for listening to the Assay Podcast, where mining meets capital, powered by one to one mining investment. Subscribe for new episodes and visit theassay.com to stay close to the conversations shaping global mining and investment.