Liberty Gold Reports Q3 2026 Financial and Operating Results

Liberty Gold Corp. (LGD) reported financial results for the three and nine months ended September 30, 2026. The company posted a net loss from continuing operations of $9.66 million, or $(0.02) per basic and diluted share, for the third quarter, compared to a $6.25 million loss, or $(0.01) per share, in Q3 2025. For the nine-month period, Liberty Gold reported net income from continuing operations of $27.35 million, or $0.05 per basic and diluted share, versus a $13.21 million loss, or $(0.03) per share, in the prior-year period. This nine-month profit was driven by previously disclosed gains from the Goldstrike and Gage asset sales rather than operational activity, as the company has no revenue.

As of September 30, 2026, Liberty Gold held cash and cash equivalents of $28.575 million, down from $36.543 million at June 30, 2026, representing a decline of approximately $7.97 million during the quarter. The balance sheet at year-end December 31, 2025, showed cash and cash equivalents of $28.077 million. Working capital stood at $35.261 million at September 30, 2026, compared to $26.013 million at December 31, 2025. Total assets were reported at $87.851 million, with current liabilities of $6.269 million, non-current liabilities of $1.206 million, and shareholders’ equity of $80.376 million. No debt was disclosed in the Q3 release, consistent with the Q2 2026 as-reported balance sheet which showed total debt of zero. The release did not provide a Q3 cash flow statement, a current share count, or an updated liquidity runway, though prior MD&A context indicated cash was sufficient through year-end 2026.

Operationally, the release recapped the previously announced Black Pine Feasibility Study, which outlined a $2.4 billion after-tax NPV(5%), a 60% after-tax IRR at $3,250/oz Au, 4.04 moz probable reserve, an initial capital cost of $411.4 million, and average annual payable production of 202,000 oz Au in Years 1-5.

The company also highlighted drill results announced on October 22, 2026, including: - LBP1341A at 0.42 g/t Au over 62.5 m - LBP1347 at 0.36 g/t Au over 144.8 m including 1.27 g/t Au over 18.3 m - LBP1293 at 0.30 g/t Au over 91.4 m - Legacy Rock Storage intercept BP26BF_CD039 at 0.86 g/t Au over 59.4 m - Legacy Rock Storage intercept BP26BF_A029 at 0.29 g/t Au over 38.1 m

Metallurgical results from the September 17, 2026 Phase 6 testing supported run-of-mine heap-leach assumptions, citing an average weighted gold extraction of 72.4%, rapid leach kinetics, and limited sensitivity to particle size. On October 27, 2026, Liberty Gold initiated detailed engineering with M3 Engineering & Technology Corporation and NewFields Companies LLC, alongside long-lead equipment orders for electrical transformers and the ADR plant/refinery.

On the corporate front, the company received the final $2.6 million payment for the TV Tower sale on October 1, 2026, completing the $8.5 million total consideration. Liberty Gold was included in the MVIS Global Junior Gold Miners Index effective September 18, 2026. Curtis Cadwell was appointed Black Pine General Manager, and Craig Dudra’s appointment to the Board is effective December 1, 2026. Additionally, the company submitted a Preliminary Design Report to the Idaho Department of Environmental Quality on August 5, 2026, and confirmed its membership in the International Cyanide Management Institute.

Liberty Gold Corp. (LGD) reported a widened net loss of $9.66 million for the third quarter, an increase from the $6.25 million loss recorded in the same period last year. The company generated no revenue during the pre-development phase. For the first nine months of the year, Liberty Gold reported a profit of $27.35 million, a figure driven by non-recurring gains from asset sales rather than operating cash flow.

The company’s cash balance declined by approximately $8.0 million between June 30 and September 30, a reduction consistent with ongoing spending on feasibility studies, engineering, permitting, and general and administrative costs. Liberty Gold remains debt-free, holding working capital of $35.3 million. While this amount is adequate for near-term technical work, it is small relative to the $411.4 million initial capital expenditure required for the Black Pine project.

The release confirmed that the Black Pine project is advancing but did not disclose new financing, permit approvals, resource updates, or changes to feasibility study assumptions. The operational updates did not alter the project’s economics, reserves, permitting timetable, or construction decision timing. Other developments, including drill results, metallurgy, engineering start, the TV Tower payment, and index inclusion, were previously announced separately.

Liberty Gold Corp. 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 past-producing, large-scale, run-of-mine heap-leach project. The company’s strategy is to advance Black Pine through permitting and a construction decision while monetizing non-core assets.

The 2026 Mineral Resource Estimate contained 4.88 moz indicated gold at 0.30 g/t Au and 1.05 moz inferred gold at 0.21 g/t Au, using a 0.10 g/t cut-off. The Feasibility Study is based on a 4.04 moz probable reserve comprising 433.3 million tonnes at 0.29 g/t Au. The study outlines a 16-year operation with average payable production of 202,000 oz Au per year in Years 1-5 and 176,700 oz Au per year life-of-mine. Initial capital is $411.4 million; life-of-mine sustaining capital is $254.0 million; closure costs are $160.1 million.

• At $3,250/oz Au, the after-tax NPV(5%) is $2.397 billion, the after-tax IRR is 60.5%, and payback is 2.0 years.
• At $2,500/oz, NPV(5%) falls to $1.215 billion and IRR to 33.4%.
• At $4,500/oz, NPV(5%) rises to $4.336 billion and IRR to 104.3%.
• Life-of-mine cash cost is $1,388/oz and AISC is $1,566/oz.

Black Pine is subject to a 0.5% NSR in favor of Wheaton Precious Metals Corp., with a 50% buyback right for $3.6 million; a 0.25% NSR on private lands; and a 5% NSR payable to the State of Idaho. The Gage divestiture retained a 2.0% NSR, with Blue Moon able to repurchase 1.0% for $2 million before commercial production.

Permitting is advancing under the U.S. FAST-41 framework. The U.S. Forest Service published a Notice of Intent for the Environmental Impact Statement on April 3, 2026. The company targets a Record of Decision in early 2028. Detailed engineering is underway with M3 and NewFields; engineering was approximately 5% to 15% complete at the October 27, 2026 update, with completion targeted for Q3 2027 and construction targeted for H1 2028, subject to permits and a formal construction decision.