Beartrack-Arnett PFS: $484M NPV, 80% IRR
Revival Gold Inc.'s Beartrack-Arnett in USA, Idaho 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 65.3 koz Au per year.
Revival Gold Inc.'s Beartrack-Arnett has reported Pre-Feasibility Study (PFS) results for the gold project in USA, Idaho. 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 $3,000/oz gold.
Production and mine plan. The project envisions an open-pit, heap leach operation. Life of mine is 8 years. Average annual production is approximately 65.3 koz Au.
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 |
|---|---|---|---|
| Measured | 19,232 kt | 0.88 g/t Au | 547 koz Au |
| Indicated | 66,951 kt | 0.87 g/t Au | 1,876 koz Au |
| Measured + Indicated | 86,184 kt | 0.87 g/t Au | 2,423 koz Au |
| Inferred | 50,728 kt | 1.34 g/t Au | 2,190 koz Au |
Our Analysis
- IRR after-tax
- 80%
higher than 90% of 123 projects we track
- NPV after-tax
- $484M
higher than 43% of 197 projects we track
- Initial capex
- $109M
23% of NPV
costlier than 29% of 185 projects we track
- Mine life
- 8yrs
- Discount rate
- 5%
- Study price assumption
- $3,000/oz gold
- Spot gold today
- $4,083.60/oz
An after-tax NPV of $484M set against a market cap of roughly US$155M is the gap that defines this Idaho gold story: the study value is about 3.1x what the whole company is worth. There are two ways to read that. One is that a micro-cap with three projects in our coverage simply hasn't earned attention for its lead asset. The other is that the market doubts the study will be financed, permitted and built as written, and is discounting it accordingly. The evidence supports both readings, so neither should be treated as the answer.
The returns give the optimistic reading real support. An 80% after-tax IRR ranks above 90% of the 123 gold projects we track, and it is far above the roughly 15% developers typically need for project finance, or the 20%+ expected of a higher-risk junior with little else in its portfolio, which fits this company. The study price of $3,000/oz also sits well below the live spot of $4,083.60/oz, so on price alone the economics have room to improve. Still, the NPV itself ranks above only 43% of 197 gold projects, so this is a high-return, modest-scale asset rather than a large deposit. The 8-year mine life reinforces that: it is enough to pay back a build quickly, but it is not a long-duration resource that supports a premium on durability. Idaho is a mining-literate jurisdiction, which helps on risk, though permitting timelines remain a real variable for any US development.
The sharper concern is funding. Initial capex of $109M is lighter than 71% of the 185 gold projects we track and only 23% of NPV, yet it is about 0.7x the company's entire market cap. A micro-cap cannot quietly finance that. It would need project debt, a strategic partner or heavy equity issuance, and each of those carries dilution or control costs that the headline NPV ignores. The PFS stage matters too: the estimate carries roughly a plus or minus 25% band and is not a build decision, so both capex and returns can move.
The question that decides this project is whether the company can assemble a financing package for a build worth most of its own equity value without giving away the upside. If it can, the market cap looks too low. If it can't, the discount is the market doing its job.
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.
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