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TICKERS: RVG; RVLGF

Explorer's Upcoming Resource Estimate Update Should 'Show Growth'
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The potential of this company's asset is discussed in an Echelon Wealth Partners report.

In a Jan. 10 research note, Echelon Wealth Partners analyst Gabriel Gonzalez purported that Revival Gold Inc.'s (RVG:TSX.V) updated Beartrack and Arnett Creek resource estimate, expected between mid and late Q1/20, should show growth and that "potential for much more" exists.

Echelon expects the updated gold resource to be between 2.7 and 2.8 million ounces (Moz). This compares to the current resource of 2.36 Moz, composed of 1.99 Moz at Beartrack and 380,000 ounces (380 Koz) at Arnett Creek.

The new estimate will include results from 15,000 meters of drilling done in 2018 and 2019 and "may also benefit from improved metallurgical recovery factors as well as an updated gold price," Gonzalez wrote.

The analyst noted that next step for Beartrack and Arnett Creek after the resource estimate update is a preliminary economic assessment (PEA), which will evaluate the possibility of a "heap-leach production restart scenario with Beartrack's current 330 Koz (Indicated plus Inferred) heap-leach resource." Gonzalez added, "We believe such economics could be fairly attractive relative to a comparable greenfield project, given the existing gold adsorption recovery production plant at Beartrack and commensurate upfront capital savings."

Also, Gonzalez pointed out that between Arnett Creek and Beartrack, Revival could grow the total resource further, perhaps even beyond 3 Moz. For one, based on 2019 geophysics and sampling results from Arnett Creek, there are prospective areas there that need to be drill tested. Two, Beartrack has areas that have not been explored, on the Panther Creek fault's strike length for example. The exploration company intends to pursue the opportunities at both properties.

Gonzalez also highlighted that Revival represents a buying opportunity with its unwarranted, currently depressed share price. "We are steadfast in our belief that Revival is adding value through the drill bit, and that this should ultimately bear reflection in its share price, especially if the potential to exceed Revival's baseline 3 Moz resource target materializes," commented Gonzalez. Also, the company continues to trade at a discount to its peers, a gap that Echelon expects will shrink with the release of the updated resource estimate and, subsequently, the PEA.

Echelon has a Speculative Buy rating and a CA$1.80 per share price target on Revival Gold, which is now trading at around CA$0.63 per share.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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Disclosures from Echelon Wealth Partners, Revival Gold Inc., January 10, 2020

Echelon Wealth Partners compensates its Research Analysts from a variety of sources. The Research Department is a cost centre and is funded by the business activities of Echelon Wealth Partners including, Institutional Equity Sales and Trading, Retail Sales and Corporate and Investment Banking.

I, Garbriel Gonzalez, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.

Important Disclosures:
Is this an issuer related or industry related publication? Issuer.

Does the Analyst or any member of the Analyst's household have a financial interest in the securities of the subject issuer? No

The name of any partner, director, officer, employee or agent of the Dealer Member who is an officer, director or employee of the issuer, or who serves in any advisory capacity to the issuer.? No

Does Echelon Wealth Partners Inc. or the Analyst have any actual material conflicts of interest with the issuer? No

Does Echelon Wealth Partners Inc. and/or one or more entities affiliated with Echelon Wealth Partners Inc. beneficially own common shares (or any other class of common equity securities) of this issuer which constitutes more than 1% of the presently issued and outstanding shares of the issuer? No

During the last 12 months, has Echelon Wealth Partners Inc. provided financial advice to and/or, either on its own or as a syndicate member, participated in a public offering, or private placement of securities of this issuer? Yes

During the last 12 months, has Echelon Wealth Partners Inc. received compensation for having provided investment banking or related services to this Issuer? Yes

Has the Analyst had an onsite visit with the Issuer within the last 12 months? No

Has the Analyst or any Partner, Director or Officer been compensated for travel expenses incurred as a result of an onsite visit with the Issuer within the last 12 months? No

Has the Analyst received any compensation from the subject company in the past 12 months? No

Is Echelon Wealth Partners Inc. a market maker in the issuer’s securities at the date of this report? No





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