Liberty Gold Reports Initial Drill Results from its 2026 Drill Program at Black Pine, Idaho, USA

Liberty Gold Corp. (LGD) has released initial assay results from two completed phases of its 2026 Black Pine reverse circulation (RC) drilling program. The work included resource step-out drilling on the western and northern margins of the Rangefront Zone, as well as resource-conversion drilling within the two Legacy Rock Storage (LRS) facilities.

In the Rangefront Zone, the company completed 7,417 meters across 29 RC holes, with all results received. Highlights, reported as drilled thickness with a 0.10 g/t Au composite cut-off, include:

• LBP1347: 0.36 g/t Au over 144.8 m (167.6–312.4 m), including 1.27 g/t over 18.3 m and 0.50 g/t over 19.8 m
• LBP1341A: 0.42 g/t Au over 62.5 m (222.5–285.0 m), including 0.63 g/t over 15.2 m and 1.42 g/t over 4.6 m
• LBP1293: 0.30 g/t Au over 91.4 m (208.8–300.2 m), including 0.54 g/t over 9.1 m and 1.88 g/t over 3.0 m
• LBP1310: 0.28 g/t Au over 97.5 m, including 1.01 g/t over 7.6 m
• LBP1348: 0.36 g/t Au over 85.3 m (from surface, 22.9–108.2 m), including 1.13 g/t over 13.7 m
• LBP1312: 0.29 g/t over 83.8 m; LBP1282: 0.39 g/t over 48.8 m; LBP1308: 0.52 g/t over 24.4 m; LBP1342: 0.29 g/t over 38.1 m

Drilling in the LRS facilities covered 2,848 meters across 73 RC holes, targeting approximately 22.9 million tonnes in the CD facility and 7.9 million tonnes in the A facility. The best results included:

• BP26BF_CD039: 0.86 g/t over 59.4 m
• CD038: 0.53 g/t over 59.4 m
• CD033: 0.44 g/t over 21.3 m
• A029: 0.29 g/t over 38.1 m
• A027: 0.31 g/t over 35.1 m
• A026: 0.25 g/t over 42.7 m
• A025: 0.24 g/t over 27.4 m

The company stated that the drilling identified a 200 m by 400 m northern extension above the reserve cut-off. It also noted that approximately 25 to 35 million tonnes of inferred material is targeted for classification upgrade and that a defined faulted eastern margin has been established for heap-leach pad design. Liberty Gold described the mineralization as open to the north.

Liberty Gold Corp. (LGD) has advanced to the post-feasibility developer stage following the publication of its feasibility study on September 8, 2026. The study outlined a US$2.4 billion after-tax net present value at a 5% discount rate and a 60.5% internal rate of return at a gold price of US$3,250 per ounce, based on 4.04 million ounces of probable reserves. The company is currently navigating the FAST-41 permitting process, with a Record of Decision targeted for January 2028. As a developer with an established resource base, drill results in this phase do not alter the reserve unless they result in a change to the underlying resource model.

The recent release highlights a northern extension of approximately 25–35 million tonnes at roughly reserve grade, which converts to an estimated 240–340,000 ounces of contained gold. This expansion primarily represents a reclassification of existing inferred material rather than net-new ounces. Against the company’s total of 4.04 million ounces in the probable reserve, alongside 4.88 million ounces indicated and 1.05 million ounces inferred, this addition represents approximately 6% of the reserve base.

The release also details approximately 30.8 million tonnes of stockpiled rock at the LRS site with grades ranging from 0.24 to 0.86 g/t. While this material is already mined and at surface, cyanide and flotation assay spreads ranging from 8% to 98% indicate variable recovery risks, including potential refractory or preg-robbing characteristics. If 20 million tonnes at an average grade of 0.4 g/t were converted to early-year feed, it would yield approximately 250,000 ounces of largely free-dig material. However, this potential remains unquantified and dependent on pending assays and preg-rob testing. Additionally, defining a faulted eastern margin supports heap-leach pad siting, serving as infrastructure de-risking.

Drill releases at a post-feasibility stage are typically secondary to these major milestones unless they materially impact ounces or grade.

The highest-grade anchor drill result remains LBP1171 at the Discovery zone, which returned 1.53 g/t over 85.3 meters for 130 g·m in October 2025, and LBP1197, which returned 0.86 g/t over 123.4 meters for 106 g·m. The best result in the current release was 52 g·m at 0.36 g/t. While this is under half the gram-metres and about one-quarter the grade of the anchor holes, the comparison is not direct; the anchor holes were located in the higher-grade Discovery/Rangefront core, whereas the current holes are margin step-outs and stockpile characterization work. The primary purpose of this drilling is resource definition and conversion at or above the 0.29 g/t reserve grade.

Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) is a U.S.-focused gold developer whose flagship asset is the 100%-owned Black Pine oxide gold project in southeastern Idaho. The project is a large-scale, past-producing, run-of-mine heap-leachable deposit located in the Great Basin.

A feasibility study published on Sept 8, 2026, outlined a 16-year open-pit ROM heap-leach operation with probable reserves of 433.3 Mt at 0.29 g/t Au, equating to 4.04 moz of gold. The project requires initial capital of US$411.4M and projects a life-of-mine all-in sustaining cost (AISC) of US$1,566/oz. At a gold price of US$3,250/oz, the study calculated an after-tax NPV(5%) of US$2.397B and an internal rate of return (IRR) of 60.5%, with a payback period of 2.0 years. Production is expected to average 202,000 oz/yr during years 1–5, with a peak of 277,400 oz.

The mineral resource estimate (MRE) from Feb 2026 includes indicated resources of 502.7 Mt at 0.30 g/t for 4.88 moz, and inferred resources of 157.1 Mt at 0.21 g/t for 1.05 moz. A high-grade subset within the indicated category comprises 60.1 Mt at 0.99 g/t for 1.91 moz.

Regarding permitting, the project is a FAST-41 Covered Project. The U.S. Forest Service published a Notice of Intent in April 2026, establishing a coordinated federal-state schedule with a Record of Decision targeted for January 2028.

As of Q2 2026, Liberty Gold reported cash of US$36.5M, working capital of US$43.5M, and total equity of US$87.6M, with no debt. The company has 546.97M shares outstanding.

The company has undertaken portfolio rationalization efforts, including the sale of the Goldstrike project to Heliostar for up to US$72.5M, which closed in April 2026 with staged payments extending to 2031. The Gage critical-metals project was sold to Blue Moon for approximately US$2M in shares plus a 2.0% net smelter return (NSR). The TV Tower interest in Turkey was fully monetized for a total of US$8.5M. Centerra Gold holds approximately 9.9% of Liberty Gold and exercised top-up rights twice in 2026 at C$1.17 and C$1.70 per share.