Liberty Gold Reports Consistent Gold Grades from Infill Drilling at Black Pine Gold Project, Idaho

On December 3, 2025, Liberty Gold announced results from its ongoing infill drilling program at the Black Pine Gold Project in Idaho. The drilling, focused on the Rangefront and Discovery zones, is designed to support the upcoming Feasibility Study (FS) resource estimate.

Key intercepts include: - LBP1179 (Rangefront): 0.68 g/t Au over 24.4 meters and 0.81 g/t Au over 22.9 meters. - LBP1192 (Discovery): 0.61 g/t Au over 71.6 meters.

The company stated that the results are consistent with expectations and validate the current resource model, which increases confidence in the continuity of mineralization. Feasibility resource modelling is underway, incorporating approximately 40,000 meters of new drilling, with completion expected in early Q1 2026.

The news is a routine, positive update that confirms the company is executing its plan to advance the Black Pine project towards a feasibility study. The drill results are not high-grade "discovery" holes but are solid, consistent infill results typical of a large, bulk-tonnage oxide gold system. Their primary value lies in de-risking the project by converting Inferred resources to the higher-confidence Indicated category and validating the geological model that will underpin the FS.

Looking at the progression of news over the past year, this release fits a pattern of systematic de-risking: - Drilling & Resource Growth: Throughout 2025, drilling has consistently expanded mineralization (e.g., Oct 15, Oct 29 releases) and confirmed continuity. This latest news continues that trend. - Metallurgy: The company has reported robust gold recoveries (Sept 24 release showed 81.9% average extraction), confirming amenability to low-cost heap leaching. - Permitting: A major milestone was achieved on November 26, when the Mine Plan of Operations (MPO) was deemed "Administratively Complete," allowing the project to advance to the Environmental Impact Study (EIS) phase. - Financing: The company is well-capitalized following a C$23 million financing in April and a C$28 million strategic investment by mid-tier producer Centerra Gold in September.

The market has rewarded this steady progress, with the stock price increasing from the C$0.30s in early 2025 to a high of C$0.90. This news reinforces the positive trajectory and supports the current valuation but is unlikely to be a catalyst for a significant re-rating on its own, as it meets rather than exceeds expectations for an infill drill program. It is an incremental, necessary step toward the much more significant catalyst of the FS resource model update.

Liberty Gold Corp. is a development-stage company focused on advancing oxide gold projects in the Great Basin, USA. Its flagship asset is the 100%-owned Black Pine Project in southeastern Idaho. Black Pine is a past-producing, large-scale, sediment-hosted Carlin-style gold system. The company is advancing the project through a Feasibility Study (FS), with a 2024 Preliminary Feasibility Study (PFS) outlining a 17-year mine life with average annual production of 135,000 ounces of gold via an open-pit, run-of-mine heap leach operation. The company is also in the process of spinning out its Goldstrike/Antimony Ridge project in Utah.