Liberty Gold Commences Feasibility Study Engineering at Black Pine Oxide Gold Project, Idaho

On November 12, 2025, Liberty Gold announced the formal commencement of Feasibility Study (FS) engineering for its flagship Black Pine Oxide Gold Project in Idaho. The company has retained M3 Engineering & Technology Corp. as the lead consultant, alongside a team of other engineering and consulting firms, many of whom also worked on the Preliminary Feasibility Study (PFS). The company stated it is well-funded to complete the study and expects to deliver the full Feasibility Study in early Q4 2026.

The announcement of the Feasibility Study commencement is a logical and expected progression for the Black Pine project. It follows a year of significant de-risking activities and positive developments. While the news is positive as it confirms the project is advancing on schedule, its impact is routine and unlikely to be a major stock catalyst on its own. The market has already priced in this step, especially following the major strategic investment by Centerra Gold.

Reviewing the historical news provides critical context: - Q1 2025: The company laid out its strategy, including the intention to spin out the Goldstrike/Antimony Ridge project to create a pure-play focus on Black Pine. It also submitted its draft Mine Plan of Operations, a key permitting milestone. The stock traded in the C$0.30-C$0.40 range. - Q2 2025: A C$23 million bought deal financing was closed at C$0.33 per unit, providing the necessary funds for the planned 40,000-meter drill program to support the Feasibility Study. This was a critical financing that diluted shareholders but funded the path forward. - Q3 2025: This quarter was transformational. The company reported a string of positive metallurgical results confirming high gold recoveries (>80%) and suitability for low-cost heap leaching. It also announced that sonic drilling on the legacy heap pad could unlock an estimated 250,000 ounces of gold. - September 2025: The most significant event of the year was the C$28 million strategic investment by Centerra Gold Inc. at C$0.56 per share for a 9.9% stake. This provided a strong third-party endorsement from a mid-tier gold producer and substantially strengthened the treasury. This news caused the stock to gap up and begin a strong rally from the C$0.50s. - October 2025: The company continued its positive momentum with strong drill results from the Discovery and Rangefront zones, including high-grade intercepts like 85.3 meters of 1.53 g/t Au. These results reinforce the potential for resource growth ahead of the FS. The company also received a US$2.2 million non-dilutive payment from a prior asset sale. - November 2025: The Q3 results confirmed a strong cash position of US$32.5 million as of September 30, 2025, sufficient to carry the company through the FS.

The November 12th news is the direct result of all the successful work completed throughout 2025. The company has methodically checked all the boxes required to advance Black Pine: defining the resource, proving the metallurgy, securing funding, building the team, and now, formally launching the final engineering study before a construction decision. The timeline for FS delivery in Q4 2026 is consistent with previous guidance. The risk would have been a delay in this announcement, so its release is a confirmation that the plan is on track.

Liberty Gold is a US-focused gold development company advancing its 100%-owned Black Pine project in Idaho. Black Pine is a large, sediment-hosted, oxide gold system amenable to simple open-pit, run-of-mine, heap-leach processing. The 2024 PFS outlined a 17-year mine life with average annual production of 135,000 ounces. The company is also in the process of spinning out its Goldstrike project in Utah to focus solely on developing Black Pine.