Liberty Gold Advances Detailed Engineering Design and Secures Key Long-Lead Equipment for its Black Pine Project, Idaho

Liberty Gold Corp. (LGD) provided an execution update on its 100%-owned Black Pine oxide gold project in Idaho, noting that detailed engineering is underway with M3 Engineering & Technology and NewFields following the September 2026 feasibility study. M3’s infrastructure and processing detailed engineering is approximately 5% complete, while NewFields’ heap leach facility detailed engineering is approximately 15% complete. The detailed engineering program is targeted for completion in Q3 2027, with Issued for Construction packages intended to support construction execution targeted for H1 2028, subject to permitting and a formal construction decision.

The company has issued purchase orders or contracts for two long-lead packages: electrical transformers with Nexus Power of Salt Lake City, Utah, and the ADR plant/refinery package with CGS Associates of Sandy, Utah. Both are described as full fabrication design-and-supply contracts, awarded after competitive procurement. No contract values, payment terms, cancellation rights, or capex impact are disclosed.

Mining fleet bids have been received and are under technical and commercial evaluation with three independent consultants. No supplier or value has been selected.

Liberty Gold is expanding its owner’s team, targeting more than 60 project delivery and operations employees by the end of 2027. Recent appointments include Curtis Cadwell as General Manager of Black Pine, Jeff Newcomb as IT Manager, and Courtney McGinn as Project Controls Manager. Recruitment remains active for several senior roles.

Permitting is described as progressing under the U.S. federal FAST-41 framework. The release does not announce a new permit, a new agency milestone, a revised permitting schedule, or a record of decision. The release contains no new mineral reserve or resource estimate, no new feasibility economics, no financing, no offtake, no strategic investment, and no construction decision.

Liberty Gold Corp. (LGD) released an update on October 27 regarding the Fruta del Norte project, marking the next phase of development following the delivery of the feasibility study in September 2026. The company commenced feasibility engineering in November 2025 with a target of early Q4 2026, completing the study ahead of schedule. The current release outlines the transition to detailed engineering, long-lead procurement, and the build-out of the owner’s team.

The company has identified long-lead packages as a priority, specifically noting the removal of transformers and the ADR plant/refinery from the construction critical path. However, only two packages are covered by this update. The release does not quantify savings, delivery dates, contract values, or the terms regarding cancelability if permitting or financing encounters delays.

Engineering progress remains in early stages. The company reported that M3 is at roughly 5% completion and NewFields is at roughly 15%. The target for detailed engineering completion is Q3 2027, with construction targeted for H1 2028. The company also announced plans to build a team of more than 60 people by the end of 2027.

The feasibility study’s economic parameters remain unchanged. Prior context includes an after-tax NPV(5%) of US$2.397 billion at US$3,250/oz gold, a 60.5% after-tax IRR, initial capital of US$411.4 million, and a 4.04 moz probable reserve. No new financial figures were disclosed in today’s release.

No transcript or investor presentation was provided with the update. The company has historically met or pulled forward its feasibility and permitting milestones.

Liberty Gold Corp. (LGD) is a U.S.-focused gold development company whose flagship asset is the 100%-owned Black Pine oxide gold project in southeastern Idaho, within the Great Basin. Black Pine is a large-scale, past-producing, run-of-mine heap-leach project. The feasibility study contemplates a 16-year open-pit operation with no ore crushing, screening, or agglomeration.

The September 2026 feasibility study outlined a 4.04 moz probable reserve at 0.29 g/t Au (433.3 Mt), first-five-year average payable production of 202,000 oz/year, life-of-mine average of 176,700 oz/year, initial capital of US$411.4 million, LOM cash cost of US$1,388/oz, and LOM AISC of US$1,566/oz.

At US$3,250/oz gold, the after-tax NPV(5%) was US$2.397 billion with a 60.5% IRR and 2.0-year payback. At US$2,500/oz, the after-tax NPV(5%) was US$1.215 billion with a 33.4% IRR.

Black Pine is not royalty-free. The project includes a 0.5% NSR in favor of Wheaton Precious Metals, with a 50% buyback right for US$3.6 million; a 0.25% NSR on private lands; and a 5% NSR payable to the State of Idaho.

Liberty Gold has been monetizing non-core assets. It sold Goldstrike to Heliostar Metals for up to US$72.5 million and Gage to Blue Moon Metals for shares plus a 2.0% NSR. It also received the final US$2.6 million TV Tower payment.

No corporate presentation was provided, so strategic investor and management background detail is limited to news disclosures.