Liberty Gold Commences Feasibility Study Engineering at Black Pine Oxide Gold Project, Idaho Marks a key advancement toward the Full Feasibility Study, targeted for completion in early Q4 2026
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News Release 25-27 November 12, 2025
Liberty Gold Commences Feasibility Study Engineering at Black Pine Oxide
Gold Project, Idaho
Marks a key advancement toward the Full Feasibility Study, targeted for completion in
early Q4 2026
VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to announce the formal commencement of Feasibility Study (“ FS”)
engineering for its flagship Black Pine Oxide Gold Project in southeastern Idaho.
Following the successful completion of the Preliminary Feasibility Study (“PFS”) in October 20241,
Liberty Gold has assembled a highly experienced and integrated engineering team to advance the
project through the FS phase. The contracting process included a comprehensive review of
proposals from multiple qualified firms, culminating in the selection of the most technically aligned
and cost-effective partners for the next stage of project development.
M3 Engineering & Technology Corp. (“M3”), lead consultant for the PFS, has been re-engaged as
the lead FS consultant, responsible for the overall project coordination as well as design of the
processing plant and site infrastructure . T his continuity of lead consultant preserves detailed
project knowledge, strengthens schedule efficiency, and minimizes rework between study phases.
Complementing M3’s role, Liberty Gold has retained the following key consultants, each previously
engaged during the PFS phase and already deeply familiar with Black Pine’s data and design basis:
• SLR Consulting Ltd. – Mineral Resource;
• AGP Mining Consultants Inc . – Mine engineering, open pit optimization & design and
Mineral Reserve;
• Knight Piésold Ltd. – Pit geotechnical analysis and design recommendations;
• Forte Dynamics Inc. – Heap leach modelling and process optimization;
• NewFields Inc.– Heap leach facility and infrastructure design;
• Piteau Associates Ltd. – Hydrology and hydrogeology.
1 “Technical Report and Pre-feasibility Study for the Black Pine Gold Project, Cassia and Oneida Counties, Idaho, USA”, effective June
1, 2024, and dated November 21, 2024, prepared by Valerie Wilson, P.Geo. SLR Consulting Ltd.; Todd Carstensen, RM -SME AGP
Mining Consultants Inc.; Gary Simmons, MMSA GL Simmons Consulting, LLC.; Nicholas T. Rocco, Ph.D., P.E. NewFields Companies
LLC.; Benjamin Bermudez, P.E. M3 Engineering & Technology Corp.; Matthew Sletten, P.E. M3 Engineering & Technology
Corp.; Richard DeLong, M.Sc. Westland Engineering & Environmental Services Inc. A vailable on SEDAR+ under Liberty’s profile or at
libertygold.ca
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Each discipline within the Feasibility Study will be overseen by Qualified Persons under NI 43-101
who contributed to the Black Pine PFS, ensuring technical continuity and regulatory rigor
throughout the FS process.
These firms were selected following a rigorous evaluation and competitive review process, based
on their demonstrated technical excellence, team integration, and prior performance on the Black
Pine Project. Together, they form a cohesive and high-caliber engineering consortium with proven
success delivering complex oxide gold projects in the Great Basin.
“We are excited to move into the feasibility engineering phase for Black Pine ,” stated Jon Gilligan,
President & CEO of Liberty Gold . “Continuing with much of the same technical team that delivered
the PFS provides consistency, efficiency, and confidence as we advance the Feasibility Study . With a
strong technical foundation, a highly experienced and capable in -house Owner’s team and a solid
funding position, Liberty Gold is well- positioned to deliver the Feasibility Study in early Q4 2026 and
move decisively toward construction readiness.”
“M3 Engineering is very pleased to support Liberty Gold in advancing the Feasibility Study for the Black
Pine project,” said Alberto Bennett, CEO of M3 Engineering. “This study represents an important
step in demonstrating the potential of a significant project at Black Pine, and we’re proud to contribute
our technical expertise to its development. We look forward to working closely with Liberty Gold’s team
to deliver a high-quality and comprehensive study.”
ABOUT LIBERTY GOLD
Liberty Gold is focused on developing open pit oxide deposits in the Great Basin of the United
States, home to large-scale gold projects that are ideal for open -pit mining. This region is one of
the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho
and Utah. The Company is advancing the Black Pine Project in southeastern Idaho, a past -
producing, Carlin-style gold system with a large, growing resource and strong economic potential.
We know the Great Basin and are driven to discover and advance big gold deposits that can be
mined profitably in open-pit scenarios and in an environmentally responsible manner.
For more information, visit libertygold.ca or contact:
Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws,
including statements or information concerning, future financial or operating performance of Liberty Gold and its bu siness, operations,
properties and condition; planned de-risking activities at Liberty Gold’s mineral properties; 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
Gold’s exploration property interests; the results of mineral resource estimates or mineral reserve estimates and preliminary feasibility studies;
and the Company’s 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 me tal prices,
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currency exchange rates and interest rates, favourable operating conditions, political stability, timely receipt of governmen tal or regulatory
approvals, including any stock exchange approvals; receipt of a financing on time, obtaining renewals for existin g 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, feasibility study, mineral reserves, or pre-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 Company’s 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, 2025, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR+ profile at
www.sedarplus.ca.
Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to diffe r materially from
those described in forward -l o o k i n g i n f o r m a ti o n , t h e r e m a y b e o t h e r f a c t o r s t h a t c a u s e a c ti o n s , e v e n t s o r r e s u l t s 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 futur e events could
differ materially from those anticipated in such statements. Liberty Gold disclaims any intention 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.
E x c e p t f o r s t a t e m e n t s o f h i s t o r i c a l f a c t , i n f o r m a ti o n c o n t a i n e d h e r e i n o r i n c o r p o r a t e d b y r e f e r e n c e h e r e i n c o n s ti t u t e s 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.