Beartrack-Arnett Gold Project PFS: $484M NPV, 80% IRR
Revival Gold Inc.'s Beartrack-Arnett Gold Project in USA, Idaho (Lemhi County) has a Pre-Feasibility Study (PFS) 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 per year.
Revival Gold Inc.'s Beartrack-Arnett Gold Project has reported Pre-Feasibility Study (PFS) results for the gold project in USA, Idaho (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 PFS economics at $3,000/oz Au; reserves at $1,700/oz Au; resources at $1,900/oz Au.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 8 years. Average annual production is approximately 65300 oz Au.
Resources and ownership. The company holds a 100% interest in the project.
These figures are extracted from Revival Gold Inc.'s technical disclosures and reflect the most recent PFS 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 |
|---|---|---|---|
| Proven | 12,353 kT | 0.78 g/T Au | 311 koz |
| Probable | 23,844 kT | 0.72 g/T Au | 549 koz |
| Proven & Probable | 36,197 kT | 0.74 g/T Au | 859 koz |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 19,232 kT | 0.88 g/T Au | 547 koz |
| Indicated | 66,951 kT | 0.87 g/T Au | 1,876 koz |
| Measured & Indicated | 86,184 kT | 0.87 g/T Au | 2,423 koz |
| Inferred | 50,728 kT | 1.34 g/T Au | 2,190 koz |
Our Analysis
The 80% after-tax IRR places this project in the top quartile of the 92 gold peers we track, well above the 15-20% threshold developers need to attract financing. The $484M NPV at a 5% discount rate is flattered by that low convention—most studies use 5-8%, and the 5% figure here signals limited conservatism in the base case. Still, the absolute returns are strong for an 8-year mine life.
The $109M initial capex is capital-light at 23% of NPV, reducing funding risk, but the NPV-to-market-cap gap of 3.1x cuts both ways: it could mean the market has not priced the asset, or that skepticism persists on permitting in Idaho or the short mine life. The study’s $3,000/oz gold price sits well below today’s $4,088.50/oz spot, implying upside if realized, though reserves are priced at a conservative $1,700/oz. The key watch-item is the 8-year mine life—short enough to compress payback but also to limit strategic value if permitting delays erode the window.
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.