Liberty Gold Completes Strategic 9.9% Investment by Centerra Gold Inc.
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News Release 25-21 September 30, 2025
Liberty Gold Completes Strategic 9.9% Investment by Centerra Gold Inc.
Vancouver, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) ("Liberty Gold" or the
“Company”), is pleased to announce that it has closed its previously announced private placement
(the “Placement”) with Centerra Gold Inc. (“Centerra”), whereby Centerra will acquire 9.9% of the
issued and outstanding common shares of the Company (the “Common Shares”).
Pursuant to the Placement, Centerra acquired 50,025,230 common shares of Liberty Gol d at a
price of C$0.56 per Common Share for gross proceeds of approximately C$28.01 million. The
issue price represented a 10% premium to the 5 -day volume weighted average price of the
Common Shares as traded on the Toronto Stock Exchange (“TSX”) prior to a nnouncement of the
transaction.
The net proceeds from the Placement will be used to advance technical studies at Liberty Gold’s
flagship Black Pine oxide gold project in Idaho and for general corporate purposes.
Jon Gilligan, President and CEO of Liberty Gold , commented: “The closing of this strategic
investment marks an important milestone for Liberty Gold. Centerra’s endorsement underscores
the strength of Black Pine and validates the progress we have made in de- risking and advancing
the project. With their operational depth and regional experience, we are well -positioned to
accelerate Black Pine towards feasibility and ultimately a construction decision.”
In connection with the Placement, Liberty Gold and Centerra have entered into an investor rights
agreement dated September 29 , 2025 (the “Investor Rights Agreement”), whereby, subject to
conditions including time and ownership thresholds, Centerra has been granted customary rights,
including financing participation rights, information rights, technical committee representation
rights, and the right to nominate one director to the board of directors of Liberty Gold. A copy of
the Investor Rights Agreement wi ll be made available under Liberty Gold’s SEDAR+ profile at
www.sedarplus.ca
No finder’s fees or commissions were paid in connection with the Placement. All Common Shares
issued pursuant to the Placement are subject to a statutory hold period of four months and one
day, expiring on January 30, 2026, in accordance with applicable Canadian securities legislation.
On behalf of the Board of Directors
Liberty Gold Corp.
“Jon Gilligan”
Jon Gilligan Ph.D.,
President, CEO, and Director
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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 with strong economic potential
that can be mined profitably as an open -pit/heap leach operation 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
All statements in this press release, other than statements of historical fact, are “forward -looking information” with respect to Liberty Gold
within the meaning of applicable securities laws. 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 statements in this press release i nclude, but are not limited to,
statements regarding: the Company’s objectives, goals or future plans; the achievement of future short -term, medium-term and long -term
operational strategies; the anticipated benefits of the partnership with Centerra; and the Company obtaining all necessary stock exchange
approvals with respect to the Placement.
Forward-l o o k i n g i n f o r m a ti o n i s n o t a g u a r a n t e e o f f u t u r e p e r f o r m a n c e a n d i s b a s e d u p o n a n u m b e r o f e s ti m a t e s a n d a s s u m p ti o n s o f
management at the date the statements are made including, among others, assumptions about future prices of gold, and other me tal 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 financing on time, obtaining renewals for existing licenses and permits and
obtaining required licenses and permits, labour stability, stability in market conditions, the timing and success of future plans and objectives in
the areas of sustainable development, health, safety, environment and community development, availability of equipment, results of any mineral
resources, mineral reserves, or pre-feasibility study, the availability of drill rigs, the timing of receipt of future staged payments from previous
dispositions by Liberty Gold, 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 that Liberty Gold will not use the net proceeds of the
Placement as anticipated, risks related to obtaining all necessary TSX approvals , and risks related to the interpretation of results and/or the
reliance on technical information provided by third parties as related to Liberty Gold’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 pre-feasibility studies, delays in permitting, possible claims against Liberty Gold, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals, financing, timing of receipt of staged payments from previous dispositions by Liberty Gold,
or in the completion of exploration as well as those factors discussed in the Annual Information Form of Liberty Gold 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 future 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 as required by applicable laws.
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.