Beartrack-Arnett Gold Project Feasibility Study: $484M NPV, 80% IRR
Revival Gold Inc.'s Beartrack-Arnett Gold Project in Idaho, USA (Lemhi County) has a Feasibility Study outlining an after-tax NPV of $484M, an after-tax IRR of 80%, and initial capital of $109M. The mine plan runs 8 years at about 65300 oz Au/yr per year.
Revival Gold Inc.'s Beartrack-Arnett Gold Project has reported Feasibility Study results for the gold project in Idaho, USA (Lemhi County). The study headlines an after-tax net present value of $484M at a 5% discount rate. It reflects Revival Gold Inc.'s (RVG.V) latest disclosed economics for the asset.
Economics. The after-tax NPV is $484M using a 5% discount rate. After-tax IRR is 80%. Initial capital expenditure is estimated at $109M. All-in sustaining costs are pegged at 1248 USD/oz. Economics are based on $1,900/oz gold (resources); $1,700/oz gold (reserves); $3,000/oz gold (PFS economics).
Production and mine plan. The project envisions an open-pit heap leach restart operation. Life of mine is 8 years. Average annual production is approximately 65300 oz Au/yr. Average head grade is 0.87 g/T Au.
These figures are extracted from Revival Gold Inc.'s technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 19,232 KT | 0.88 g/T | 547 koz |
| Indicated | 66,951 KT | 0.87 g/T | 1,876 koz |
| Measured & Indicated | 86,184 KT | 0.87 g/T | 2,423 koz |
| Inferred | 50,728 KT | 1.34 g/T | 2,190 koz |
Our Analysis
- IRR after-tax
- 80%
higher than 87% of 109 projects we track
- NPV after-tax
- $484M
higher than 51% of 144 projects we track
- Initial capex
- $109M
23% of NPV
costlier than 34% of 143 projects we track
- Mine life
- 8yrs
- Discount rate
- 5%
- Study price assumption
- $1,900/oz gold (resources); $1,700/oz gold (reserves); $3,000/oz gold (PFS economics)
- Spot gold today
- $4,444.40/oz
The valuation gap here is the story, and it is a wide one: an after-tax NPV of $484M against a US$217M market cap, roughly 2.2x the company's entire equity value. That spread carries two opposing readings. Either the market has simply not priced in a feasibility-stage gold asset in Idaho, or it is skeptical that a micro-cap with a US$217M valuation can finance and permit what it is proposing. The build cost of $109M is about 0.5x the company's market cap, a large fraction that a junior cannot quietly absorb. This is one of three projects the company tracks, which dilutes focus but also means the balance sheet is not stretched across a sprawling portfolio.
On the economics, the returns are genuinely top-tier. The 80% after-tax IRR ranks higher than 87% of the 109 gold projects we track, a level that clears the practical financing hurdle for a higher-risk junior, which typically needs 20% or more to attract project finance. The NPV ranks only mid-pack, higher than 51% of peers, which is a reminder that the IRR is flattered by an 8-year mine life and a 5% discount rate at the low end of reporting convention. The study's PFS economics assume $3,000/oz gold, well below today's $4,444.40 spot, so the numbers carry meaningful upside if prices hold, though that same gap also signals how much of the return is commodity-price dependent.
At feasibility level, the cost estimate carries the most weight, a plus or minus 15% band, and the capital intensity is light at 23% of NPV, lower than 66% of the 143 gold projects we track. That is the saving grace: the funding gap is real but modest in absolute terms. The single question that decides whether this works is whether a US$217M company can finance a $109M build in a mining-friendly US jurisdiction without diluting away the very value the NPV promises.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.