Revival Gold (TSXV:RVG) has released a new update on ongoing exploration drilling at its Beartrack-Arnett Gold Project in Idaho, outlining recent drilling activity, geological observations, and planned next steps, alongside a separate disclosure regarding a market-liquidity services agreement.

The Beartrack-Arnett Gold Project is located in Idaho, United States, and is one of two primary assets being advanced by Revival Gold, which is also developing the Mercur Gold Project in Utah. The latest update was provided by Hugh Agro, President and Chief Executive Officer of the company, in a statement dated January 22, 2026.

Drilling activity and scope of the current program

Exploration drilling at Beartrack-Arnett is currently being carried out by Drilcor Ltd., which has completed approximately 1,150 metres of diamond core drilling across four exploration holes. These holes are focused on two main objectives: a two-kilometre step-out at the Sharkey target area, located south of existing resources, and potential extensions of higher-grade mineralization at the Joss target area, which was last drilled in 2022.

Of the four completed holes, three were drilled in the Sharkey target area. The fourth hole was directed toward the Joss area to the north. Revival Gold reported that a second drilling contractor, Major Drilling, has been engaged to provide an additional rig with the intention of increasing drilling capacity at Joss. Major Drilling is expected to mobilize to the site in early February.

Geological setting of Beartrack-Arnett

The Beartrack deposit forms part of the larger Beartrack-Arnett Gold Project and is classified as a structurally controlled orogenic gold system. Mineralization at Beartrack is associated with the Panther Creek Shear Zone (PCSZ), a north-south trending structural corridor that hosts a multi-million-ounce gold resource extending over more than five kilometres of strike length.

Exploration at Beartrack-Arnett has focused on identifying extensions of the PCSZ as well as parallel or related structures that could host additional mineralization. The Joss deposit, located along the PCSZ, represents one such area of interest where previous drilling identified higher-grade gold zones.

Sharkey target drilling results to date

The Sharkey target is located approximately two kilometres south of known mineralization and was designed as a step-out to test the southern extension of the PCSZ. The target was defined primarily by geophysical resistivity anomalies that are interpreted to reflect the continuation of the structural corridor beneath post-mineral cover.

According to the update, drilling at Sharkey encountered bedrock at greater depths than previously indicated by geophysical modeling and historic reverse-circulation drilling logs. Of the three holes completed in this area, only one successfully intersected the intended target stratigraphy, identified as Proterozoic metasedimentary rocks.

In this hole, the intercepted stratigraphy was described as highly fractured and contained small vein selvages with sericitic alteration. This style of alteration is commonly observed adjacent to mineralization elsewhere along the PCSZ. While no mineralization comparable to that found at the Joss target was intersected, one hole, identified as BT25-247D, encountered zones of alteration and shearing near the contact between bedrock and overburden. The alteration assemblage included quartz, pyrite, arsenopyrite, and sericite.

Geochemical assay results from the Sharkey drilling are currently pending. Revival Gold indicated that once received, these results will be used to refine future exploration drilling plans in the Sharkey area.

Continued work at the Joss target

Drilling operations at the Joss target are continuing under the current program, with the focus on extending known mineralization to the north. The engagement of Major Drilling is expected to accelerate progress in this area once the second rig is operational.

The company has stated that results from Joss drilling will be reported as assay data becomes available. A map showing planned and completed drill holes for the Beartrack-Arnett program was referenced as Figure 1 in the original disclosure.

Market-liquidity services agreement

Separately, Revival Gold announced that it has entered into a market-liquidity services agreement with Velocity Trade Capital Ltd., a private investment dealer headquartered in Toronto, Ontario. Under the agreement, Velocity Trade will provide market-making services intended to support orderly trading, reduce volatility, and improve liquidity in Revival Gold’s common shares.

Velocity Trade will manage trading activity from time to time using its own funding and securities. In exchange for these services, Revival Gold will pay a fee of C$6,000 per month. The first two months’ fees are payable upon execution of the agreement, with services expected to commence on or around February 1, 2026. Thereafter, the monthly fee will be payable on the first day of each month.

The agreement will remain in effect until terminated by either party with 30 days’ prior written notice. There are no performance-based obligations included in the agreement, and Velocity Trade will not receive any form of equity compensation, including common shares or stock options.

Revival Gold stated that Velocity Trade and its principals own, directly or indirectly, less than 1% of the company’s issued and outstanding common shares. The parties are at arm’s length, are not related, and have no other agreements beyond the market-liquidity arrangement described. The engagement is subject to acceptance by the TSX Venture Exchange.