Liberty Gold Advances Black Pine with 2026 Drill Program Focused on Early Production and Project Execution VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; O T CQ X: LGD TF) (“Liberty Goldˮ or the “Companyˮ) outlines its 2026 drill program at the Black Pine Oxide Gold Project (“Black Pineˮ or the “Pr
News Release
Page 1 of 4
Release ID: 26-17 May 19, 2026
Liberty Gold Advances Black Pine with 2026 Drill Program
Focused on Early Production and Project Execution
VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; O T CQ X: LGD TF) (“Liberty Goldˮ or the “Companyˮ)
outlines its 2026 drill program at the Black Pine Oxide Gold Project (“Black Pineˮ or the “Projectˮ) in
southeastern Idaho, with approximately 40,000 metres (“mˮ) of approved reverse circulation (“RCˮ) drilling
with an additional 10,000 m of RC drilling planned contingent on results, all to support early production
confidence and project execution readiness, aligned with advancing Black Pine towards a construction
decision.
The 2026 drill campaign is focused on three priorities:
• Early Production Confidence: Infill drilling to upgrade resources from i ndicated to measured
classification within the initial 2-3 years of the mine plan to increase production confidence in that
key operating period.
• Exploration and Resource Growth: Drilling high-priority resource extension targets proximal to
planned mining areas, as well as selected deposit and wider-scale targets.
• Permitting & Engineering Support: Drilling to support mine plan optimization around phase
sequencing and geotechnical material testing, infrastructure planning, and permitting requirements.
Jon Gilligan, President and CEO of Liberty Gold, commented: “Our 2026 drill program is focused on
strengthening confidence in the early years of production and advancing the technical work required to
support a buildable, financeable project. We are prioritizing drilling that directly impacts reserve
confidence, mine sequencing, and key engineering inputs. At the same time, we will selectively advance
high-quality growth targets that have the potential to support longer-term opportunities beyond the current
mine plan at Black Pine.ˮ
DRILL PROGRAM OVERVIEW
Early-Year Production Confidence and Mine Plan Optimization
The 2026 program includes an approved 10,000 m of focused infill RC drilling in the Discovery area focused
on the initial production phases of the mine plan, and an additional approximately 10,000 m of proposed
infill RC drilling in the Rangefront area, subject to ongoing Feasibility study work (see Figure 1 below). This
work is expected to:
• De-risk initial years of the mine plan by s trengthening resource classification, thus providing the
basis for potential upgrades to Proven reserve classification,
• Provide key data for short-range planning and grade control models and further advance
operational readiness,
• Evaluate the potential use of RC drilling as grade control approach during production, and
• Refine geologic controls and enhance geometallurgical models.
News Release
Page 2 of 4
This work is designed to de-risk the early years of production and advance technical inputs supporting
detailed engineering, project financing, and preliminary operational plans.
Figure 1: Map of 2026 Drill Program targets at Black Pine
Note: Plan map detailing 2026 drilling by category. Burnt Basin exploration holes have been planned but are not currently scheduled to
be completed in 2026. The Rangefront zone “Drilled to Measuredˮ program is subject to future pending results.
News Release
Page 3 of 4
Growth Opportunities
High-priority resource growth areas will be assessed with approximately 20,000 m of RC drilling targeting:
• Near-resource expansion in the Rangefront area where mineralization remains open laterally,
• Areas where mineralization extends beyond the margins of the current resource shell, and
• Early-stage evaluation of targets where geological characteristics are consistent with known
mineralization.
These targets are being advanced i n a disc iplined manner, with a focus on opportunities that may
contribute to future mine plans or support long-term expansion.
Project Infrastructure, Permitting & Engineering Support
Approximately 10,000 m of targeted RC drilling will support infrastructure planning and permitting
requirements, including:
• Geotechnical data collection for detailed engineering related to infrastructure siting and evaluation
of potential construction material for the future leach pad,
• Site characterization supporting land status and permitting requirements associated with locatable
minerals, and
• Data collection surrounding the legacy leach pad to help determine potential use -cases and
sequencing for that material in future mine plans.
PROGRAM CONTEXT AND STRATEGIC POSITIONING
The 2026 drill program reflects Liberty Goldʼs continued growth into the development space, with drilling
activities now aligned to strengthening confidence in the early years of the mine plan , support project
financing and construction decisions, and advance permitting under the FAST-41 coordinated framework.
The Company continues to prioritize disciplined capital allocation focusing on work that enhances project
certainty, supports financing decisions, and advances operational readiness.
ABOUT LIBERTY GOLD
Liberty Gold is a U.S.-focused gold company advancing Black Pine, its 100% owned oxide gold project in
Idaho, located within the Great Basin, one of the worldʼs most productive and mining-friendly gold regions.
Black Pine is a large-scale, past-producing, run-of-mine heap leachable gold deposit progressing through
feasibility and permitting toward a modern open-pit mining operation. The Companyʼs strategy is centered
on advancing high- quality, long -life gold assets, with a clear focus on technical simplicit y, strong
environmental performance, project executability, collaborative permitting processes, and value creation.
This reflects Liberty Goldʼs commitment to the discipline of delivery. The Company is led by an experienced
team with a track record of discovery, development, and delivering sustained long-term value.
For more information, visit libertygold.ca or contact:
Susie Bell, Vice President, Investor Relations and Corporate Communications
Phone: 604-632-4677 or Toll Free 1-877-632-4677
News Release
Page 4 of 4
This news release contains “forward-looking informationˮ and “forward-looking statementsˮ within the meaning of applicable securities laws, including statements or information
concerning, future financial or operating performance of Liberty Gold and its business, operations, properties and condition; planned de-risking activities at Liberty Goldʼs mineral
properties; future updates to the mineral resource, the potential quantity, recoverability and/or grade of minerals; the potential size of a mineralized zone or potential expansion of
mineralization; proposed exploration and development of Liberty Goldʼs exploration property interests; the results of mineral resource estimates or mineral reserve estimates and
preliminary feasibility studies; and the Companyʼs anticipated expenditures.
Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue" , "planned", "expect", "project", "predict",
"potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events
or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based
upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other
metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, timely receipt of governmental or regulatory approvals, including any
stock exchange approvals; receipt of a financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability
in market conditions, availability of equipment, results or timing of any mineral resources, resource conversion, pre- feasibility study, mineral reserves, or feasibility study; the
availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control
of Liberty Gold and there is no assurance they will prove to be correct.
Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by
such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the
Companyʼs mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations
in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties
to perform; the timing and success of exploration activities generally; the timing or results of the publication of any mineral resources, mineral reserves or feasibility studies; delays
in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing, timing of the
completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2026, in the section entitled "Risk Factors", under
Liberty Goldʼs SEDAR+ profile at www.sedarplus.ca.
Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking
information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will
prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any in tention or obligation to
update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except for material differences between actual results and
previously disclosed material forward-looking information, or as otherwise required by law.
Except for statements of historical fact, information contained herein or incorporated by reference herein constitutes forward-looking statements and forward-looking information.
Readers should not place undue reliance on forward-looking information. All forward-looking statements and forward-looking information attributable to us is expressly qualified
by these cautionary statements.
Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources
The information, including any information incorporated by reference, and disclosure documents of Liberty Gold that are filed with Canadian securities regulatory authorities
concerning mineral properties have been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States
securities laws.
Without limiting the foregoing, these documents use the terms “measured resourcesˮ, “indicated resourcesˮ, “inferred resourcesˮ and “mineral reservesˮ. These terms are Canadian
mining terms as defined in, and required to be disclosed in accordance with, NI 43-101, which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and
Petroleum (the “CIMˮ) – CIM Definition Standards, adopted by the CIM Council, as amended. However, these standards differ significantly from the mineral property disclosure
requirements of the United States Securities and Exchange Commission (the “SECˮ) in Regulation S -K Subpart 1300 (the “SEC Modernization Rulesˮ) under the United States
Securities Act of 1934, as amended. The Company does not file reports with the SEC and is not required to provide disclosure on its mineral properties under the SEC Modernization
Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards.
Without limiting the foregoing, these documents use the terms “measured resourcesˮ, “indicated resourcesˮ, “inferred resourcesˮ and “mineral reservesˮ. These terms are Canadian
mining terms as defined in, and required to be disclosed in accordance with, NI 43-101, which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and
Petroleum (the “CIMˮ) – CIM Definition Standards, adopted by the CIM Council, as amended. However, these standards differ significantly from the mineral property disclosure
requirements of the United States Securities and Exchange Commission (the “SECˮ) in Regulation S -K Subpart 1300 (the “SEC Modernization Rulesˮ) under the United States
Securities Act of 1934, as amended. The Company does not file reports with the SEC and is not required to provide disclosure on its mineral properties under the SEC Modernization
Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards.