Liberty Gold Announces Black Pine Feasibility Study with US$2.4 Billion NPV(5%) and 60% IRR at $3,250/oz Au (after-tax)

Liberty Gold Corp. (LGD) released its Black Pine Feasibility Study on September 8, 2026. The document outlines the technical and economic parameters for the project, which is classified as an open-pit, run-of-mine heap leach operation that requires no crushing, screening, or agglomeration.

The study defines a Probable Mineral Reserve of 4.04 million ounces of gold from 433.3 million tonnes grading 0.29 g/t Au. The mine life is projected at 16 years. Over the life of mine (LOM), the project is expected to produce 2,838,000 payable ounces of gold. Production in years 1 through 5 averages 202,000 oz Au per year, with a peak of 277,400 oz in Year 5. The LOM average payable production is 176,700 oz Au per year, reaching a peak of 294,600 oz in Year 13. The LOM average gold recovery is estimated at 70.2%.

Economic metrics are based on a base case gold price of $3,250/oz. Under these conditions, the project yields an after-tax NPV(5%) of $2.397 billion, an after-tax IRR of 60.5%, and an after-tax payback period of 2.0 years. LOM cash costs are estimated at $1,388/oz Au, with LOM AISC at $1,566/oz Au. Total capital expenditures are projected at $825.5 million, comprising $411.4 million in initial capital, $254.0 million in sustaining capital, and $160.1 million in closure costs.

Sensitivity analysis indicates that at a gold price of $4,500/oz, the after-tax NPV(5%) rises to $4.336 billion, the IRR reaches 104.3%, and payback occurs in 1.2 years. Conversely, at $2,500/oz, the after-tax NPV(5%) is $1.215 billion, the IRR is 33.4%, and payback extends to 3.4 years.

Regarding permitting, Black Pine remains a FAST-41 Covered Project. The U.S. Forest Service published the Notice of Intent for the Environmental Impact Statement (EIS) on April 3, 2026. The Forest Service is aligned with the 2026 Mine Plan of Operations but does not replace it. Liberty Gold states that no material environmental issues have been identified to date.

Royalty obligations include a 0.5% NSR to Wheaton Precious Metals, with a 50% buyback right for $3.6 million; the economic analysis assumes this buyback is exercised. An additional 0.25% NSR applies to certain private lands, and a 5% NSR is owed to the State of Idaho on production from the state minerals lease.

The company also disclosed an updated Mineral Resource effective April 30, 2026. The Indicated resource totals 521.7 million tonnes at 0.29 g/t Au for 4,927,000 oz Au. The Inferred resource consists of 148.8 million tonnes at 0.21 g/t Au for 996,000 oz Au. Silver resources are reported at the Discovery and M zones, but no silver reserve or silver production is included in the feasibility study.

Liberty Gold Corp. (LGD) has completed its feasibility study for the Fruta del Norte project ahead of its previously guided Q4 2026 target. The study establishes a formal 4.04 moz Probable Mineral Reserve for the first time, converting prior mineral resource work into a mine plan with production, capital expenditure, and cost estimates.

The project economics remain strong even under lower gold price sensitivities. At $2,500/oz Au, the after-tax NPV(5%) is $1.215 billion with a 33.4% IRR. At the $3,250/oz base case, the after-tax NPV(5%) is $2.397 billion, which is roughly 2.3 times the company’s approximate market capitalization based on the last provided close.

The feasibility study was an expected milestone, with the company having consistently guided to an FS in H2 2026 or early Q4 2026. The event does not constitute an M&A transaction, takeover, first-time strategic investment, or production start. The value is project-level rather than necessarily equity-level, as the company still needs to fund a large initial capital program. Permitting is not yet complete; the Environmental Impact Statement (EIS) process is underway, and the formal cyanidation permit application is targeted for Q1 2027. No new financial statements accompany this release, and the company remains a development-stage entity with no revenue.

Prior-period context from the most recent financial statements shows that Q2 2026 reported net income of $43.0 million and H1 2026 net income of $37.0 million, driven mainly by non-recurring asset sale gains on Goldstrike and Gage. Operating income for H1 2026 was negative $15.4 million. Cash at June 30, 2026, was $36.5 million, and total debt at that date was zero. These figures are prior-period context and are not part of today’s feasibility study release. No analyst coverage or price target range is provided in the supplied materials, so Street consensus cannot be assessed.

Liberty Gold Corp. is a development-stage gold company focused on the Black Pine Oxide Gold Project in southern Idaho, USA. The 100%-owned oxide gold project is located in Cassia and Oneida counties, with access directly off I-84. It was a past-producing open-pit, run-of-mine heap leach operation active from 1991 to 1997, during which Pegasus Gold Corp. historically produced 434,800 oz Au and 198,000 oz Ag from five open pits. The site has up to 9.9 megawatts of grid power available and existing water rights stated to be sufficient for the project.

The feasibility study outlines a 16-year open-pit ROM heap leach operation. Updated resource estimates include 4,927,000 oz Au in the indicated category and 996,000 oz Au in the inferred category. The probable mineral reserve stands at 4.04 million oz Au. The base case after-tax NPV(5%) is $2.397 billion at $3,250/oz Au, with initial capital of $411.4 million and a life-of-mine AISC of $1,566/oz Au. Permitting is advancing under FAST-41, with an EIS Notice of Intent published April 3, 2026.

The project is subject to royalties, including a 0.5% NSR to Wheaton Precious Metals, with a 50% buyback right for $3.6 million. There is also a 0.25% NSR on certain private lands and a 5% NSR to the State of Idaho on state minerals lease production. No analyst target range is provided.