Liberty Gold (LGD) investor relations material

Strategic positioning and project overview

• Transitioning from explorer to developer, focusing on the Black Pine oxide gold project in Idaho, with a 17-year mine life and over 2 million oz gold production expected at attractive economics based on recent feasibility studies.

• Strong management and board expertise in oxide operations and capital markets, with recent additions enhancing operational and financial strategy.

• Fully funded through feasibility and permitting to a construction decision by end of 2027, supported by strategic investors and institutional holders.

• Black Pine is positioned for a market re-rate as it advances along the development curve, with a consensus analyst price target significantly above current trading levels.

Resource growth and technical highlights

• Recent resource update brings indicated oxide gold to nearly 5 million oz, with a high-grade core driving project economics and further resource growth expected through ongoing drilling.

• Project benefits from a low strip ratio, simple metallurgy, and brownfield status, reducing technical and permitting risks.

• Ongoing and future drilling aims to convert additional resources to reserves and expand the mineralized envelope.

• Project economics are highly leveraged to gold price, with NPV rising sharply at higher gold prices and modest initial capital requirements.

Permitting, construction, and sustainability

• Accepted into the FAST-41 federal permitting framework, expediting and clarifying the permitting timeline, with a draft record of decision expected late 2027 and final decision early 2028.

• Construction is expected to be straightforward, with a nine-month build period targeting first gold production by December 2028.

• Site has no surface water, threatened species, or significant vegetation, minimizing environmental impact and permitting complexity.

• Water management plan ensures no net draw on the basin, with water returned to local farmers post-mining.