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Hugh Agro, President & CEO of Revival Gold Inc. | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media May 8, 2026

Summary

Revival Gold hunts large past-producing US gold projects idled at low prices, betting they turn economic near $4,000-5,000 gold.

CEO Hugh Agro says left-behind infrastructure — an energized power line, roads, an existing processing plant — is alone worth the C$250 million market cap.

Merkur in Utah: a preliminary economic assessment (PEA — an early, rough economics study) outlines 100,000 annual ounces on roughly $210 million of capital.

BearTrack in Idaho holds 4.6 million ounces; its first 1.1 million ounces fit a planned open-pit heap leach (a low-cost gold recovery method).

Management maps a prefeasibility study (PFS — a deeper economic blueprint) for early 2027, permitting and feasibility by end-2027, and a construction decision in early 2028.

Key points on Kinross Gold

  • Hugh Agro says that during his time at Kinross Gold he was part of growing the company from $1.7 billion to $17 billion.

Key points on Oceanagold

  • Agro cites Oceanagold among the gold miners bringing their mining endeavors back to North America.

Key points on SSR Mining

  • Agro cites SSR Mining among the gold miners bringing their mining endeavors back to North America.

Key points on Revival Gold

  • Agro says Revival Gold aims to take its Merkur project in Utah into production by 2029, with a construction decision targeted for early 2028, and says the company is funded for that whole program.
  • The Merkur preliminary economic assessment completed in 2025 contemplates about 100,000 ounces of gold a year for roughly $210 million of initial capital, which Agro says generates about $750 million of net asset value at $3,000 gold and $1.2 billion at $4,000 gold.
  • Agro values existing infrastructure — an energized power line, paved roads, water and office buildings at Merkur, plus an ADR gold processing plant at the Idaho project — at $200-250 million, roughly equal to the company's about C$250 million market cap.
  • BearTrack in Idaho holds a 4.6 million ounce resource over about 3 miles of strike; its first 1.1 million ounces are in a PFS as an open-pit heap leach with about $110 million of capital, and Agro says two drill rigs are expanding a system that is open at depth and along strike.
  • As of the May 2026 interview, Agro cites about C$34 million in cash and roughly 600,000 shares traded a day across the Canadian Venture Exchange (RVLG) and OTCQX (RVLGF), with the stock near 40 cents at the 2025 Rule conference before substantial financings.

Hugh Agro's takeaways

  • Top takeaway Argues the brownfield thesis works: large past producers shut down when gold was about $250 an ounce become economic with gold near $5,000, and the acquired infrastructure alone justifies the company's market cap.
  • Frames the investment case on capital intensity versus net present value — roughly $210-250 million of startup capital against a billion-plus of net asset value — aligning with shareholder Jonathan Goodman's stated framework.
  • Stresses the US domicile as the differentiator: private ground, supportive state permitting in Utah under Governor Spencer Cox, nearby communities, and no geopolitical risk as miners shift back to North America.
  • Sees BearTrack's underground potential as where seasoned investors like Goodman see the real value, citing mineralization in every drill hole, 10-15 g/t grades in the core, and drilling to a kilometer depth in a system open at depth and along strike.
  • Points to the share price near 40 cents at the 2025 Rule conference and the financings since as momentum, and expects the next conference to be another catalyst on the way to an early 2028 construction decision.

Rick Rule's takeaways

  • Top takeaway Recaps Revival Gold's numbers as about $250 million of startup capital against an NPV of over $1 billion at reasonable gold prices — a four-to-five-to-one NPV-to-capital ratio — adding 'No wonder Jonathan's a shareholder.'
  • Says he has personally visited both of Revival Gold's project sites and can attest to their prospectivity.
  • Frames the strategy with the maxim that the best place to look for gold is within the shadow of a mine headframe, and confirms Agro's thesis of buying large past producers shut down at low gold prices.
  • States his preference for large mineral inventories and a favorable relationship between upfront capital and net present value.

Jonathan Goodman's takeaways

  • Top takeaway Agro names Goodman as a Revival Gold shareholder who, with the company's other seasoned investors, sees BearTrack's underground potential as the real attraction.
  • Rule references a Rule Classroom talk by Goodman on juxtaposing capital intensity with net present value — the framework Rule uses to recap Revival's numbers.