Liberty Gold Reports Year - End 2025 Financial and Operating Results
News Release
Page 1 of 5
R
elease ID: 26
-
09
March
25
, 2026
Liberty Gold Reports Year
-
End 2025 Financial and Operating
Results
VANCOUVER, B.C.
–
Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF
) ("Liberty Gold" or the “Company”), is pleased to
announce its financial and operating results for the fiscal year ended December 31, 2025. All amounts are presented
in United States dollars unless otherwise stated.
RECENT
PROJECT
HIGHLIGHTS
–
BLACK PINE
During
2025 a
nd early 2026, Liberty Gold advanced the Black Pine Gold Project
(“
Bla
ck
Pine
” or
the “
Project
”)
through
resource growth, commencement of a feasibility
study, and key federal permitting milestones, while also executing
strategic corporate initiatives.
At the Black Pine project in Idaho
•
On March 23, 2026
1
,
we 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
(“FAST
-
41”), which provides transparency
on permitting milestones and timelines.
•
On February 10, 2026
2
we 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
”)
. Highlights
include:
o
The MRE is reported at a cut
-
off grade (“
COG
”) of 0.10 g
rams per tonne (“
g/t
”) gold (“
Au
”)
and consists of:
•
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
.
o
A high
-
grade subset of the MRE
(
contained within the 0.10 g/t Au resource pit
)
, applying a COG of 0.50 g/t
Au consists of:
•
Indicated Resource of 60.1 Mt at an average grade of 0.99 g/t Au totalling 1,907,000 oz Au; and
•
Inferred Resource of 6.4 Mt at an average grade of 0.74 g/t Au totalling 152,000 oz A
u
.
•
On January 20, 2026
3
we announced that Black Pine has been accepted into FAST
-
41 as a “Covered Project”.
Acceptance as a Covered Project provides access to the full range of FAST
-
41 benefits with a coordinated
permitting review, revised
permitting
timetable
(within 60
-
days)
and
a
project advisor.
•
On November 12, 2025
4
we announced the formal commencement of a
FS
. M3 Engineering & Technology
Corp.
,
lead consultant for the Black Pine preliminary feasibility study, has been re
-
engaged as the lead FS
consultant, with NewFields Inc. conducting the leach pad design, SLR Consulting Ltd. responsible for the
mineral resource estimate and AGP Mining Consulta
nts Inc. responsible for the mineral reserve estimate and
mine plan
.
1
See news release dated March 23, 2026
2
See news release dated
February 10,2026
3
See news release dated January 20, 2026
4
See news release dated November 12, 2025
News Release
Page 2 of 5
•
On November 26, 2025
5
we achieved a key permitting milestone as the United States Forest Service and the
United States Bureau of Land Management have determined that the Mine Plan of Operations has met federal
content standards and is deemed “Administratively Complete” under T
itle 36, Subpart 228 and Title 43, Subpart
3809 of the U.S. Code of Federal Regulations.
•
On October 15, 2025
6
we announced the latest reverse circulation (“
RC
”) drilling results confirming that the
Rangefront Zone at Black Pine continues to expand, with near
-
surface oxide gold mineralization now exceeding
150 meters (“
m
”) wide (north
-
south) and 200 m wide (east
-
west), introducing the potential for significant
changes to mining economics and sequencing strategy. Highlights include:
o
0.41
g/t
Au
over 41.1 m
at 45 m below surface
in LBP1145
o
East Rangefront: 0.28 g/t Au over 125 m in hole LBP1136
o
West Rangefront: 0.20 g/t Au over 53.3 m and 0.92 g/t Au over 35.1 m in hole LBP1141
o
North Rangefront: 0.37 g/t Au over 71.6 m in hole LBP1144
.
•
On October 29, 2025
7
we announced new high
-
grade oxide gold drill intercepts at the Discovery Zone. This
series of holes in Discovery were planned to increase confidence in the mineralization and metallurgical models
in an area previously defined largely by historic drilling.
The upper portion of this intercept has confirmed the
extension of a previously mined high
-
grade shoot in the historic B Pit area. Notable intercepts include:
o
1.53 g/t Au over 85.3 m, including 5.19 g/t Au over 9.1 m in LBP1171
o
1.17 g/t Au over 59.4 m, including 3.44 g/t Au over 15.2 m in LBP1155
.
•
On January 22, 2026
8
we announced additional RC and core drill results from the 2025 drilling program;
highlights include:
o
Drill hole LBP1197 returning 0.86 g/t Au over 123.4 m including 2.45 g/t Au over 24.4 m
o
The Rangefront resource pit has been further defined by drill holes LBP1213 (0.67 g/t Au over 61.0 m) and
LBP1201 (0.45 g/t Au over 68.6 m)
o
New drilling at Rangefront has defined shallow zones of new oxide gold mineralization, which are expected
to convert previously modeled waste blocks to resource on the western, northwestern and southeast
margins in drillholes LBP1211, LBP1217 and LBP1198,
respectively.
RECENT CORPORATE HIGHLIGHTS
•
On October 2, 2025
9
we announced the receipt of the first staged payment of $2.21 million related to the
previously announced sale of our interest in the TV Tower copper
-
gold project.
•
On October 20, 2025
10
we announced the appointment of Mr. Brad Ralph as Senior Vice President,
Corporate Development.
•
On December 01, 2025
11
we published our 2024 Environmental, Social and Governance disclosure update.
•
On February 19, 2026
12
we announced the promotion of Ms. Susie Bell to Vice President, Investor Relations
and Corporate Communications, and Mr. Matthew Zietlow to Vice President, Permitting and External Affairs.
5
See news release dated November 26, 2025
6
See news release dated October 15, 2025
7
See news release dated October 29, 2025
8
See news release dated January 22, 2026
9
See news release dated October 2, 2025
10
See news release dated October 20, 2025
11
See news release dated December 1, 2025
12
See news release dated February 19, 2026
News Release
Page 3 of 5
GOLDSTRIKE TRANSACTION
At the Goldstrike project in Utah (“
Goldstrike
”)
•
On March 23, 2026
13
we announced
that we had entered into a definitive share purchase agreement (the
“
Goldstrike Agreement
”) to sell the issued and outstanding shares of the subsidiary,
Specialty
American
Metals Inc., that owns Goldstrike to Heliostar Metals Ltd. (“
Heliostar
”) for $72.5 million in total consideration
(the “
Goldstrike
Transaction
”) which is comprised of:
o
$10 million in cash plus approximately
1.6
million Heliostar common shares valued at approximately
$2.5 million on closing of the
Goldstrike
Transaction (“
Closing
”);
o
$10 million in cash 12 months from Closing;
o
$10 million in cash 18 months from Closing;
o
$15 million in cash on the earlier of
the achievement of
certain
infrastructure
-
related
milestones
or
5 years
from Closing
; and
o
$25 million in cash on the earlier of release of a feasibility study, a construction decision or 5 years
from Closing.
•
All shares of Heliostar received as consideration in the
Goldstrike
Transaction will be subject to a hold
period under applicable Canadian securities laws, which will expire four months plus one day from
C
losing.
•
Closing is subject to TSX.V
regulatory approvals, as well as
customary
closing conditions for a transaction
of this nature
and is expected to occur within 30 days of an
n
ouncement of the
Goldstrike
Transaction.
GAGE TRANSACTION
•
On March 1
8
, 2026
14
we announced that we had entered into an asset purchase agreement (the “
Gage
Agreement
”)
with Blue Moon Metals Inc. (“
Blue Moon
”),
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 (the “
Gage Transaction
”)
.
Under the t
erms of the Gage Agreement,
on closing of the
Gage T
ransaction
, Liberty Gold will receive total consideration comprised of:
o
Approximately
$
2
million
, via the receipt of 420,935 common shares of Blue Moon
; and
o
A 2.0% net smelter return royalty (“
NSR
”), payable on mineral production on the Gage Project
claims, excluding land
subject to SITLA leases, and subject to an option in favour of Blue Moon to
repurchase 1.0% of the NSR at any time prior to achieving commercial production for a cash
payment of $2 million.
•
The Gage Agreement contains certain representations and warranties, covenants and indemnities
customary for a transaction of this nature. All shares of Blue Moon received as consideration in the
Transaction will be subject to a hold period under applicabl
e Canadian securities laws, which will expire
four months plus one day from closing of the Gage Transaction.
•
Closing of the Gage Transaction remains subject TSX
-
V regulatory approvals, as well as customary closing
conditions for a transaction of this nature, and is expected to occur within 30 days of announcement of the
Gage Transaction.
13
See news release dated March 23, 2026
14
See news release dated March 18, 2026
News Release
Page 4 of 5
SELECTED FINANCIAL DATA
The following selected financial data is derived from our Annual Financial Statements and related notes thereto (the
“Annual Financial Statements”)
and
for the years ended December 31, 2024,
and December 31, 2023,
prepared in
accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.
A copy of the Annual Financial Statements is available on the Company’s website at
libertygold.ca
or on SEDAR+ at
www.sedarplus.ca
.
The information in the tables below is presented in $’000s, except ‘per share’ data:
Year ended December 31,
2025
2024
2023
Attributable to shareholders:
Loss for the period from continuing operations
$
23,
319
$1
5,917
$18,599
Loss and comprehensive loss for the period from
continuing operations
$
22,
729
$1
5,765
$18,223
Basic and diluted loss per share from continuing
operations
$
(
0.05
)
$(0.0
4
)
$(0.06)
ABOUT LIBERTY GOLD
Liberty Gold is a U.S. focused gold development company building and advancing a pipeline of gold assets in the
Great Basin, one of the world’s most productive and mining friendly gold regions. The Company’s flagship asset is
the 100% owned Black Pine Oxid
e Gold Project in southern Idaho, a large scale, past
-
producing run
-
of
-
mine heap
leach system being advanced through feasibility and permitting toward a modern open
-
pit mining operation. The
Company’s strategy is to responsibly develop high quality, long
-
l
ife gold projects in supportive jurisdictions, led by an
experienced team with a track record of discovery, development and delivering long term value.
For more information, visit
libertygold.ca
or contact:
Susie Bell, VP, Investor Relations and Corporate Communications
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; future updates to the mineral resource, the potential quantity, reco
verability
15
These financial measures or ratios are non
-
IFRS financial measures or ratios. Certain additional disclosures for non
-
IFRS financial measures
and ratios have been incorporated by reference and additional detail can be found in the Company’s
Management’s Discussion and Analysis for
the year ended December
3
1
, 2025
,
available
on the Company’s website at
libertygold.ca
or on SEDAR+ at
www.sedarplus.ca
.
As at December 31,
2025
2024
2023
Cash and short
-
term investments
$
28,077
$6,967
$9,082
Working capital
15
$
26,0
13
$7,345
$7,648
Total assets
$
44,091
$24,436
$35,337
Current liabilities
$
5,
406
$2,061
$1,750
Non
-
current liabilities
$
1,152
$1,216
$3,180
Shareholders’ equity
$
37,5
34
$ 21,159
$27,636
News Release
Page 5 of 5
and/or grade of minerals; the potential size of a mineralized zone or potential expansion of mineralization; proposed explora
tion and development of Liberty Gold’s exploration property interests; future water rights acquisitions;
the results of mineral res
ource 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 expre
ssions, 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 fu
ture performance and is based upon a number of estimates and assumptions of management at the date the statements are made in
cluding, 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 s
tock exchange approvals;
receipt of a financing on time, obtaining renewals for existing licenses and permits and obtaining requir
ed licenses and permits, labour stability, stability in market conditions, availability of equipment, results or timing of an
y
mineral resources, results or timing of any baseline studies, resource conversion, pre
-
feasibility study,
mineral reserves, or f
easibility study;
the closing of the Goldstrike Transaction and the Gage Transaction,
the availability of
drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors a
nd events that are not wi
thin 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 interpretati
on of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral prop
erty interests; changes in project parameters as plans continue to be
refined; current economic conditions; future prices of commod
ities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of eq
uipment 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 stud
ies; delays in
permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in
obtaining governmental
and exchange
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 Fac
tors", 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
-
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 betw
een
actual results and previously disclosed material forward
-
looking informat
ion, or as otherwise required by law.
Except for statements of historical fact, information contained herein or incorporated by reference herein constitutes forwar
d
-
looking statements and forward
-
looking information. Readers should not place undue reliance on
forward
-
looking information.
All f
orward
-
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 requiremen
ts 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 resources”, “indicated resources”, “inferred resource
s” and “mineral reserves”.
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 “CIM”)
–
CIM Definition Standards, adopted by the CIM Council, as amended.
However, these standards differ significantly from the mineral pr
operty disclosure requirements of the United States Securities and Exchange Commission (the “SEC”) in Regulation S
-
K Subpart 1300 (the “SEC Modernization
Rules”) 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 resources”, “indicated resources”, “inferred resource
s” and “mineral reserves”.
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 “CIM”)
–
CIM Definition Standards, adopted by the CIM Council, as amended.
However, these standards differ significantly from the mineral pr
operty disclosure requirements of the United States Securities and Exchange Commission (the “SEC”) in Regulation S
-
K Subpart 1300 (the “SEC Modernization
Rules”) 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.