Timeline to feasibility and construction decision

Jon Gilligan, President and CEO of Liberty Gold (TSX:LGD; OTCQX:LGDTF), joins me for a comprehensive update on 2 non-core project divestments, to focus on the development and derisking work leading to an upcoming Feasibility Study, engineering work streams, permitting, and other future value drivers; with a move towards a construction decision in 2 years at the open-pit, heap leach Black Pine Gold Project in the Great Basin in southeastern Idaho.

We start reviewing the divestment of both the Gage Project and Goldstrike Project both here in the month of March:

• On March 18, 2026 the Company announced that it had entered into an asset purchase agreement with Blue Moon Metals Inc., to sell interests in certain unpatented critical minerals focused mining claims and School and Institutional Lands Administration (“SITLA”) leases in southern Utah (collectively, the “Gage Project”) for consideration of 420,935 common shares in Blue Moon plus a 2.0% net smelter return royalty.

• On March 23, 202613 the Company announced that it had entered into a definitive share purchase agreement to sell the issued and outstanding shares of the subsidiary, Specialty American Metals Inc., that owns Goldstrike Project in Utah to Heliostar Metals Ltd. for $72.5 million in total consideration.  This is comprised of 1.6 million Heliostar common shares valued at approximately $2.5 million on closing of the Goldstrike Transaction, and then series of cash payments over different times and stage-gate achievements.   

Key updates at the flagship Black Pine project in Idaho:

• On February 10, 2026 the Company announced an update to the independent Mineral Resource Estimate (the “MRE”) for Black Pine, conducted by SLR Consulting Ltd. and suitable for use in a Feasibility Study (“FS”).
  • • Indicated Resource of 502.7 million tonnes (“Mt”) at an average grade of 0.30 g/t Au totalling 4,882,000 ounces (“oz”) Au; and
    • Inferred Resource of 157.1 Mt at an average grade of 0.21 g/t Au totalling 1,050,000 oz Au.
• On March 23, 2026 the Company announced that a coordinated federal and state permitting schedule has been posted to the United States government permitting dashboard, pursuant to the U.S. Federal Permitting Improvement Steering Committee Council FAST-41 federal permitting framework, which provides transparency on permitting milestones and timelines.

The team at Liberty Gold is working towards a Feasibility Study as a next key catalyst, but has multiple development and derisking workstreams underway. 

• The mining strategy will be open pit, run-of-mine material (with no crushing required) onto a heap leach operation with a one-year construction period.
• There is ongoing metallurgical column testing underway, with results that will be released in a couple of months demonstrating the recovery rates of this method.
• There is engineering work underway based on the updated MRE that will feed into the Feasibility Study later this year.
• After the F.S., the capital stack of debt/equity/royalty/streaming will be decided upon and that will finalize in H1 2027.
• Initial stages of permits will arrive in late 2027, with the final record of decision expected in Q1 2028. At that point construction will begin.

If you have any questions for Jon regarding Liberty Gold, the please email me at Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Liberty Gold at the time of this recording, and may choose to buy or sell shares at any time.

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