Liberty Gold mulls options for critical minerals assets

Executive Summary

• Liberty Gold Corp. has revised its strategic approach to its Goldstrike, Antimony Ridge, and Gage assets, deciding against pursuing potential separation structures or divestitures at this time in favor of disciplined capital allocation.
• The company is combining the Antimony Ridge discovery with the newly acquired Gage critical metals project to create a unified critical metals investment opportunity, while actively reviewing divestiture options for these specific assets.
• Significant exploration updates were provided for all three assets, including completed drill permits for Antimony Ridge, new claim acquisitions for Goldstrike, and the acquisition of 181 claims and two state leases for the Gage project.

Key Details

• Strategic Shift: Liberty Gold evaluated strategic alternatives for Goldstrike-related assets, including potential separation structures, but determined that managing them together supports better capital allocation and management focus.
• Antimony Ridge & Gage Combination:
  • 128 claims covering the Antimony Ridge project area will be held separately from Goldstrike.
  • Drill permitting for 16 additional sites within Antimony Ridge has been completed; these sites are drill-ready.
  • Claims and state mineral leases from the Gage project will be combined with Antimony Ridge to form a critical metals investment opportunity.
  • The company is actively reviewing and advancing divestiture options for these combined critical minerals assets.
• Goldstrike Project Updates:
  • Added 35 claims to the west and north of Goldstrike to cover new high-potential oxide gold exploration targets.
  • Activities include acquiring process water rights, reviewing/acquiring nearby land opportunities, and updating internal economic studies.
• Antimony Ridge Geology & Status:
  • Located ~5 km east of the main Goldstrike resource.
  • Initial outcrop sampling yielded values up to 5.8% antimony in strongly brecciated and silicified zones.
  • Mineralization dips 20 to 25 degrees northeast and is open at depth, transitioning from mixed sulphide at surface to complete sulphide at depth.
  • Surface exposures are defined by soils data indicating a mineralized strike length of >3 km.
  • Main targets are fully permitted/bonded and ready to drill.
• Gage Project Acquisition:
  • Secured 181 unpatented mining claims on Bureau of Land Management lands and two Utah state leases.
  • Total area: 5,916 hectares (100% Liberty Gold controlled).
  • Located along a north-west trending critical metals belt >5 km in length.
  • Covers five historic mines and over 20 previously identified critical minerals prospects.
  • Surrounds the past-producing Apex mine (owned by Teck American Inc.), which historically produced copper, zinc, lead, silver, gallium, germanium, indium, rhenium, and antimony.
• Divestiture Disclaimer: The company stated there is no assurance that any transaction regarding the critical minerals assets will be completed, nor any assurance regarding timing or terms.

Notable Quotes

• Jon Gilligan, President and CEO: "Earlier this year, Liberty Gold evaluated a range of strategic alternatives for its Goldstrike-related assets, including potential separation structures. As that review progressed and as market conditions evolved, it became clear that pursuing some of those pathways would not be the most value-enhancing course for shareholders at this time. As a result, the company has refined its approach to these assets and will manage them in a manner that supports disciplined capital allocation and management focus across the portfolio."