Liberty Gold Confirms Robust Gold Leach Recoveries at Black Pine

Executive Summary

• Liberty Gold reports weighted‑average gold extractions of 81.9% (column leach) and 78.4% (bottle roll) across Black Pine’s Rangefront and Discovery zones, confirming high‑grade, low‑cost ROM heap‑leach potential.
• Phase 5B results are equal to or better than prior testing, with the Rangefront zone delivering up to a 10 % recovery advantage over Discovery.
• Ongoing metallurgical work (Phases 6‑8) is slated for completion by H1 2026, supporting a feasibility study targeted for Q4 2026.

Key Details

• Weighted‑average gold extraction: 81.9 % column leach at an average head grade of 0.65 ppm Au; 78.4 % bottle roll at 0.68 ppm Au.
• Zone‑specific results:
• Rangefront – 85.2 % (bottle roll) vs 85.0 % (column); Discovery – 75.7 % vs 80.5 %.
• Individual composite extractions ranged from 52 % to 94.5 %, with several composites exceeding 90 % recovery in under 10 days.
• Silver extraction: average 19 % (max 68.1 %) in column leach tests, consistent with prior data.
• Feasibility model update: New results keep gold recoveries “in line or slightly better” than earlier estimates for both zones.
• Correlation validation: Bottle‑roll and column‑leach extractions are closely aligned (78.4 % vs 81.9 %), confirming insensitivity to crush size.
• Phase 6: Seven 20‑tonne ROM bulk samples being pilot‑scaled at KCA Labs; results expected H1 2026.
• Phase 7: Nine low‑grade variability composites under column leach; completion September, reporting Q4 2025.
• Phase 8: 24 sonic drill holes (~1,400 m) from legacy heap‑leach pad sampled for over‑liner and direct‑leach feed; testing to begin late Q3 2025.
• Qualified Person: Richard Zaggle, SME‑RM, Senior Director, Mining & Metallurgy, Liberty Gold.

Notable Quotes

“Column gold extractions of 80 to 90 percent with rapid leach kinetics underscore the significant potential of this oxide gold asset… Rangefront as the premier leaching ore at Black Pine with up to a 10 % recovery improvement over the Discovery zone.” – Jon Gilligan, President & CEO

Materiality: Material – Positive.