Expansion of Near Surface High-Grade Oxide Mineralization at Rangefront Zone Reinforces Growth Potential at Black Pine Gold Project, Idaho

On October 15, 2025, Liberty Gold announced additional results from its Feasibility Reverse Circulation (RC) drill program at the Rangefront Zone of the Black Pine Gold Project in Idaho. The release covers 14 holes totaling 2,979 metres. The drilling successfully expanded a near-surface oxide gold zone to over 150 meters by 200 meters in an area previously categorized as waste rock in the 2024 Preliminary Feasibility Study (PFS).

Key intercepts include: * LBP1141: 0.92 g/t Au over 35.1 meters * LBP1145: 0.41 g/t Au over 41.1 meters * LBP1136: 0.28 g/t Au over 125.0 meters

The company states these results have the potential to significantly improve mining economics and sequencing. The ongoing 40,000-metre program will continue through the winter, with an updated resource estimate planned to begin in Q4 2025.

This news is a positive, incremental step in de-risking and optimizing the Black Pine project. While the results are good, they are in line with expectations and follow a consistent trend of success at the Rangefront zone, making the news routine rather than materially game-changing.

Chronological Context: * 2023-Early 2024: The company was focused on resource expansion, culminating in a significant resource update in February 2024 which increased indicated ounces by 52% to 2.6 million ounces. Drilling consistently returned strong intercepts from multiple zones, including M Zone, Back Range, and Rangefront. * October 2024 (PFS): This was a major de-risking event. The Preliminary Feasibility Study demonstrated robust economics for a 17-year mine life with an after-tax IRR of 32% at a $2,000/oz gold price. The study was based on a 3.1 million ounce probable reserve. * Post-PFS Exploration (Late 2024-Present): Following the PFS, Liberty Gold continued to drill with the stated goal of upgrading inferred resources and expanding mineralization to enhance the project for a full Feasibility Study (FS). News from December 2024, February 2025, and September 2025 all highlighted successful expansion at Rangefront. The CEO even suggested in September 2025 that Rangefront could be a "2 to 3 million ounce opportunity." * De-risking & Endorsement (2025): The company has been systematically de-risking Black Pine. * Permitting: The draft Mine Plan of Operations (MPO) was submitted in February 2025. * Metallurgy: Multiple phases of metallurgical testing (news from March 2024, Aug/Sept 2025) have confirmed high, predictable gold recoveries (80-90%) and rapid leach kinetics, supporting a simple run-of-mine heap leach operation. * Financing & Strategic Investment: A C$23M bought deal was closed in April 2025. Critically, on September 30, 2025, major producer Centerra Gold Inc. made a C$28M strategic investment at C$0.56 per share for a 9.9% stake. This is a powerful third-party validation of the project and provides significant funding.

Assessment of Current News: The October 15 results are a continuation of the successful post-PFS optimization drilling. The key takeaway is the conversion of material previously modeled as "waste" into near-surface oxide mineralization. This is highly positive as it can lower the stripping ratio, improve the mine schedule by providing easily accessible ore early in the mine life, and ultimately increase the project's net present value.

However, this is precisely the type of positive outcome the market would expect from this phase of drilling. The grades are consistent with a large, bulk-tonnage heap leach deposit and are not high enough to be considered a major new discovery. Therefore, the news confirms the existing positive thesis but does not fundamentally alter it. The Centerra investment in the prior month was the true material event; this is the operational follow-through.

Liberty Gold Corp. is a gold exploration and development company focused on the Great Basin region of the United States.

Its flagship project is the Black Pine Project in southeastern Idaho. Black Pine is a past-producing, Carlin-style, oxide gold system. The company has significantly expanded the known resource since acquiring the project. The October 2024 PFS outlines a large-scale, low-cost, open-pit, run-of-mine heap leach operation with a 17-year mine life and an initial capital expenditure of $327 million. The company is currently advancing the project toward a full Feasibility Study, targeted for completion in Q4 2026.

The company also holds the Goldstrike Project in Utah, which contains a million-ounce oxide gold resource and the recent Antimony Ridge discovery. Liberty Gold has announced its intention to spin this asset out into a separate, publicly-traded entity named Specialty American Metals Inc.