Liberty Gold (LGD) Precious Metals & Critical Minerals Virtual Investor Conference summary

Project highlights and development progress

• Black Pine is a large-scale, oxide gold deposit in southern Idaho with nearly 5 million ounces indicated resource and a 17-year mine life, targeting 183,000 ounces annual production in the first five years.

• Pre-feasibility study completed in 2024 shows strong economics: after-tax NPV of CAD 2.4 billion at CAD 3,500 gold, 1-year payback, and triple-digit IRR; robust even at lower gold prices.

• Feasibility study is well advanced, with completion targeted for Q4 2026; detailed engineering to follow in 2027.

• Project is fully permitted at the exploration stage, with four environmental assessments completed and strong local community support.

• All non-core assets were divested in early 2026, strengthening the balance sheet and funding development.

Permitting and regulatory alignment

• Entered federal permitting in January 2025 and the formal EIS process in April 2026, with FAST-41 status accelerating the timeline.

• State of Idaho aligned its permitting process with federal agencies, a first in the U.S., ensuring synchronized approvals.

• Final Record of Decision is expected by January 2028, after which construction can begin; commercial production is targeted for late 2028 or early 2029.

• Permitting covers cyanidation, air quality, reclamation, and closure, with strong support from state and federal officials.

• Water rights are fully secured, with a unique arrangement to return water to local farmers post-mining, ensuring no net new water draw.

Technical and operational advantages

• Project design is a simple, run-of-mine heap leach operation with no crushing, resulting in low capital and operating costs.

• Existing infrastructure, including power lines and roads, reduces development complexity; site is previously disturbed, minimizing environmental impact.

• Ongoing drilling programs in 2026 focus on infill, compliance, and resource expansion, with updated resource model expected in early 2027.

• Strong metallurgical characteristics and a low 0.25% royalty enhance project economics and financing flexibility.

• No camp required due to proximity to major highways and towns, supporting a drive-in, drive-out workforce.