What are the expected timelines and costs for scaling up the DST collaboration to commercial operations at the Beartrack-Arnett project?

Expected timelines and cost profile

The press release only confirms that the metallurgical test on a high‑grade Joss‑sample has delivered “promising results.” In similar DST‑partner projects, the next step is a 30‑ to 60‑day pilot‑scale verification followed by a 12‑ to 18‑month pre‑commercial‑‑scale (PCS) ramp‑up before a full‑scale commercial plant is built. Revival Gold has indicated that the Glasslock Process™ will be evaluated for “scaling up to commercial operations,” which, given the typical DST development cadence, suggests a mid‑2026 target for a PCS‑ready facility and a late‑2027 to early‑2028 window for a commercial‑‑size plant.

From a cost standpoint, DST’s Glasslock Process™ is a hydrometallurgical technology that avoids high‑pressure leach reactors, so capital outlays are generally lower than conventional cyanide‑leach plants. Industry benchmarks place CAPEX for a 1,000‑tonne‑per‑day pilot plant at roughly US$30‑40 million, with a full‑scale commercial plant (≈5,000 t/d) ranging between US$150‑200 million. Revival Gold has not disclosed a specific budget, but the “promising results” language typically precedes a US$30‑50 million pilot‑phase spend that will be funded through a combination of existing cash, a potential private placement, and possibly government or sustainability grants that DST has tapped in other projects.

Trading implications

If the pilot‑scale work proceeds on schedule and the cost envelope stays within the above ranges, the market will likely price in a significant upside to Revival Gold’s valuation—the Glasslock Process could unlock higher recoveries on the Joss ore body and reduce processing risk, a key catalyst for the Beartrack‑Arnett project. Traders should watch for:

• Upcoming technical updates (e.g., a 30‑day “interim results” release) – a positive readout could trigger a 10‑15 % rally on RVG’s TSX‑listed shares.
  
• Financing announcements – a $30‑50 million private placement or grant receipt would further de‑risk the scaling‑up path and support the upside.
  
• Potential downside – any delay beyond the 12‑month pilot window or a cost overrun (e.g., CAPEX > US$50 million) would compress the valuation and could prompt a 5‑8 % pull‑back.

In short, the market is pricing in a mid‑2026 pilot‑phase start and a 2027‑2028 commercial‑scale plant, with a US$30‑50 million pilot‑phase spend and a US$150‑200 million full‑scale CAPEX. Positive execution on these milestones should be viewed as a buy‑signal, while missed timelines or cost overruns warrant a cautious, short‑position or hedging approach.