Fully focused on our gold discoveries in the world-renowned Great Basin of the United States

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 nine months ended September 30, 2023. All amounts are presented in United States dollars unless otherwise stated.

THIRD QUARTER OF 2023 AND RECENT HIGHLIGHTS

On September 15, 2023, closed a non-brokered private placement raising proceeds of $5.7 million, anchored by a $5.0 million strategic investment by Wheaton Precious Metals Corp. (“Wheaton”)^{^[1]}.
On September 5, 2023, published second annual ESG report: Developing Gold Deposits in a Responsible and Sustainable Manner^{^[2]}.
On November 8, 2023, announced the appointment of Cal Everett as CEO and Jon Gilligan as President, effective November 10, 2023^[3].

At the Black Pine project (“Black Pine”), we:

Announced on September 11, 2023 the purchase of the existing 0.5% Net Smelter Royalty (“NSR”) at Black Pine, and the sale of a new 0.5% NSR to an affiliate of Wheaton which includes an option to reduce the NSR to 0.25% in the future¹.
On September 6, 2023, announced the submission of a Mining Pre-Plan of Operations to US Federal Agencies, and the selection of M3 Consulting Ltd. as lead engineer for the pre-feasibility study (“PFS”)^{^[4]}.
Published reverse circulation (“RC”) exploration drill results from:
- Discovery Zone:
  - 0.77 grams per tonne (“g/t”) gold (“Au”) over 65.5 meters (“m”) including 2.47 g/t Au over 10.7 m in LBP932⁷.
- Back Range Zone:
  - 3.40 g/t Au over 32.0 m, including 6.74g/t Au over 9.1 m LBP945^{^[5]}.
  - 1.41 g/t Au over 22.9 m, including 4.28 g/t Au over 6.1 m LBP943⁵.
  - 1.41 g/t Au over 30.5 m including 1.83 g/t Au over 13.7 m in LBP926^7.
- Rangefront Zone:
  - 0.61 g/t Au over 76.2 m, including 2.47 g/t Au over 12.2 m in LBP941^{^[6]}.
  - 0.45 g/t Au over 73.2 m, including 1.50 g/t Au over 3.0 m in LBP954⁶.
- CD-Tallman Zone:
  - 0.86 g/t Au over 25.9 m including 1.80 g/t Au over 6.1 m in LBP920^{^[1]}.
Completed 2023 RC exploration drilling program as of September 30, 2023, for a total of 27,461 meters drilled.

SELECTED FINANCIAL DATA
The following selected financial data is derived from our unaudited condensed interim consolidated financial statements and related notes thereto (the “Interim Financial Statements”) for the nine months ended September 30, 2023, as prepared in accordance with International Accounting Standards – IAS 34: Interim Financial Statements.

A copy of the Interim Financial Statements is available on the Company’s website at www.libertygold.ca or on SEDAR at www.sedar.com.

The information in the tables below is presented in $000s, except ‘per share’ data:

Q3 table

^[1] See press release dated September 11, 2023

^[2] See press release dated September 5, 2023

^[3] See press release dated November 8, 2023

^[4] See press release dated September 6, 2023

^[5] See press release dated September 5, 2023

^[6] See press release dated September 7, 2023

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and 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. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

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 email address is being protected from spambots. You need JavaScript enabled to view it.

_{Peter Shabestari, P.Geo., Vice-President Exploration, Liberty Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate.}

_{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 business, 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 and timing of preliminary economic assessments (“PEAs”) or pre-feasibility studies; sufficiency of funds to meet exploration expenditure commitments through to the end of 2023; 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 metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, timing or results of the publication of any mineral resources, PEA 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 ,PEAs or pre-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 or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2023, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at}_{www.sedar.com}_.

_{Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ 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 intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.}

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”) today announces a leadership transition with the re-appointment of Cal Everett as CEO and the promotion of Dr. Jon Gilligan to the role of President and COO effective Friday, November 10. These appointments followed the receipt of notice of resignation of Jason Attew, President and CEO, who will be joining Osisko Gold Royalties Ltd. as President and Chief Executive Officer.

Cal Everett, the former President and CEO of Liberty Gold, will remain a Director. Mr. Everett, previously held the CEO position for over 5 years, is well-acquainted with the Company's operations and is excited to once again advance the development of the Company’s Black Pine and Goldstrike projects.

Dr. Gilligan, who currently serves as Chief Operating Officer, brings a wealth of technical expertise and leadership experience, as well as in-depth knowledge of the Company’s assets, to his new expanded role.

Mr. Rob Pease, Chairman of Liberty Gold, commented on the transition, saying, “We are excited to welcome Cal back into the CEO and Director role, and we have the utmost confidence in his ability and passion to lead the Company forward. Jon's appointment as President and COO further strengthens our executive team, and we are very pleased to have Cal and Jon leading the charge on the Black Pine prefeasibility studies and future exploration."

Mr. Cal Everett expressed his enthusiasm for the Company's future, "I am excited to rejoin the Company as CEO and work closely with Jon as we guide the Company. Together, we are dedicated to advancing our projects and maximizing the potential of our assets. We will focus on capital markets business development, raising capital, completion of prefeasibility studies, permitting and exploration testing of newly acquired ground."

Dr. Jon Gilligan stated, “I’m enthusiastic about this opportunity and the future of the Company. Black Pine is a remarkable asset with tremendous exploration potential. We are working hard toward the delivery of a prefeasibility study with robust economic metrics.”

The Board of Directors is confident in this leadership team and their ability to drive the Company's continued success and growth with an aggressive project wide approach.

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

_{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 of the publication of any prefeasibility studies; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2023 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.}

0.42 g/t Au over 68.6 m including 1.08 g/t Au over 3.0 m at Back Range Zone

0.50 g/t Au over 32.0 m including 1.26 g/t Au over 3.0 m at Rangefront Zone

0.63 g/t Au over 18.3 m including 1.24 g/t Au over 6.1 m at M Zone

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to report additional assay results from the reverse circulation (“RC”) exploration drill program at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho. Results released herein are from 39 drill holes, located in the Back Range Zone, Rangefront Zone and M Zone areas.

Jason Attew, President and CEO of Liberty Gold commented, “We are very pleased with these assay results as they highlight the size and continuity of the oxide gold mineralizing system at Black Pine and confirm our views on tremendous growth potential for the deposit. We are further encouraged as the majority of these holes demonstrate mineralization at or near surface which was consistent with the design of our 2023 drilling program. These results should have a positive impact on the economics of the pending pre-feasibility study in 2024.”

BACK RANGE ZONE HIGHLIGHTS:

Drill results from 16 additional RC drill holes completed in the Back Range Zone have been received with results confirming the known mineralization and opening up potential new zones of mineralization to the north and west. Notably a thick zone of mineralization defined by hole LBP1005 begins at surface and extends down to 100 metres (“m”) depth. This is the northernmost hole drilled in the Back Range Zone and this new zone of mineralization is open for extension and expansion through additional drill testing in 2024.

Figure 1: Back Range Zone and M Zone Drill Hole Locations

BACK RANGE ZONE DRILL HIGHLIGHT TABLE*

table1

* Results are reported as drilled thicknesses, with true thicknesses approximately 50% to 90% of drilled thickness. Some intercepts have zones of reduced cyanide solubility, please refer to the full table at the link above for complete results. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.

RANGEFRONT ZONE HIGHLIGHTS:

Drill results from 15 additional RC drill holes completed in the Rangefront Zone have been received with results confirming that the newly discovered extension to high-grade mineralization shows strong lateral continuity over a large area. These in-fill holes were drilled to convert currently classified inferred resource blocks to indicated resource blocks and to further define the thick, near surface zones of oxide gold mineralization discovered on the eastern margin of the Rangefront Zone earlier in the year (see press release dated September 7, 2023). This area remains open and is a key target for the next phase of resource expansion drilling in 2024.

Figure 2: Rangefront Zone Drill Hole Locations

RANGEFRONT ZONE DRILL HIGHLIGHT TABLE*

table2

M ZONE HIGHLIGHTS:

Drill results for an additional 8 holes drilled in the M Zone have been received. Holes were drilled for infill/resource conversion and to expand mineralization adjacent to the two new discoveries made in the M Zone earlier in the year (see press release dated February 21, 2023); two holes were drilled as RC pre-collars for metallurgical core holes. These results now confirm that the M Zone mineralization has a minimum footprint of 800 m long by 400 m wide and remains open to the north and west. Mineralization continues to exhibit gold grades above the resource average, which combined with its location close to a preferred site for a future heap leach pad, make the M Zone a strong candidate for early metal production in a future oxide gold mining operation. For a map showing the location of M Zone Drill Hole Highlights, refer to Figure 1 above.

M ZONE DRILL HIGHLIGHT TABLE*

table3

For the maps and cross sections showing locations of drill holes in this release click here.

For a table showing complete drill results for the current release click here.

QUALIFIED PERSON

Peter Shabestari, P.Geo., Vice-President Exploration, Liberty Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate.

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using a cut-off of 0.15 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 50% to 90% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 parts per million an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. All holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

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 of the publication of any updated resources; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2023 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ 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 intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The information in this news release, 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 requirements 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 resources” and “probable mineral reserves”. Shareholders in the United States are advised that, while such terms are defined in and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility, pre-feasibility or other technical reports or studies, except in rare cases. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in these documents may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce the successful completion of the previously announced (see press release dated September 11, 2023) purchase and resale of a 0.5% Net Smelter Royalty (“NSR”) on the Company’s Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho transactions (the “Royalty Transactions”) as well as the closing of the non-brokered private placement raising proceeds of US$5.7 million (the “Offering”).

ROYALTY TRANSACTIONS

The Company has acquired the existing 0.5% NSR from a private company on certain claims at Black Pine by delivering US$3.5 million in cash consideration and 200,000 common shares of the Company. Concurrently, the Company has granted an affiliate of Wheaton Precious Metals Corp.(“Wheaton”) a new 0.5% NSR (the “Royalty”) covering all claims comprising Black Pine for which the Company has received cash consideration of US$3.6 million. The Company has been granted an option to repurchase 50% of the Royalty for US$3.6 million at any point in time up to the earlier of commercial production at Black Pine or January 1, 2030. An affiliate of Wheaton has also been granted a Right of First Refusal on any royalties, streams or pre-pays that include precious metals pertaining to Black Pine.

PRIVATE PLACEMENT FINANCING

Under the Offering, the Company sold 22.9 million shares at C$0.34 per share for proceeds to the Company of US$5.7 million. Wheaton subscribed to US$5 million of the Offering and existing shareholders, management and directors of the Company subscribed to US$0.7 million of the Offering.

The Company intends to use the proceeds of the Offering for exploration, development, economic studies and permitting programs for the Company's projects in the Great Basin and for general working capital.

Certain directors, management and insiders of the Company (collectively, the “Interested Persons”) purchased or acquired direction and control over an aggregate of 558,820 common shares under the Offering. The Interested Persons are each considered a “related party” of Liberty Gold and the sale of common shares under the Offering to the Interested Persons constitutes a “related party transaction” within the meaning of MI 61-101 – Protection of Minority Security Holders in Special Transactions.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S.
Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

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, including statements that address potential quantity and/or grade of minerals. 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 metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and 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, community development; 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; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2023 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.
Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ 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 intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to report that it has reached agreements on a series of transactions that will provide a future option to reduce the royalty interest from the current 0.5% Net Smelter Royalty (“NSR”) to a 0.25% NSR at the Company’s Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho on attractive financial terms. The Company is also pleased to announce a non-brokered private placement raising proceeds of up to US$5.7 million, anchored by a US$5 million strategic investment by Wheaton Precious Metals Corp. (“Wheaton”).

Jason Attew, President and CEO of Liberty Gold commented, “It is a rare occasion to have an opportunity to reduce the royalty interest of a mining project, particularly one as high quality and favourably located as Black Pine. This option further de-risks the future development of Black Pine and would result in more of the project economics being attributable to Liberty Gold’s shareholders. The Company is also pleased to welcome Wheaton to its share register and is thankful for the endorsement of Black Pine and Liberty Gold by Wheaton that these transactions represent.”

PURCHASE AND RESALE OF ROYALTY

The Company has reached an agreement to purchase the existing 0.5% NSR from a private company on certain claims at Black Pine for US$3.5 million in cash consideration and 200,000 common shares of the Company. The 0.5% NSR was part of the consideration paid when Liberty Gold acquired Black Pine back in 2016.

Concurrently, the Company has reached an agreement to grant an affiliate of Wheaton a new 0.5% NSR (the “Royalty”) for cash consideration of US$3.6 million covering all claims comprising Black Pine. As part of this transaction, the Company has been granted an option to repurchase 50% of the Royalty for US$3.6 million at any point in time up to the earlier of commercial production at Black Pine or January 1, 2030. An affiliate of Wheaton will also be granted a Right of First Refusal on any royalties, streams or pre-pays that include precious metals pertaining to Black Pine in the future.

PRIVATE PLACEMENT FINANCING

In addition, the Company is pleased to announce a non-brokered private placement of up to 22.9 million shares at C$0.34 per share for proceeds to the Company of up to US$5.7 million (the “Offering”). Wheaton has agreed to subscribe for US$5 million of the offering with existing shareholders, management and directors of the Company subscribing for up to US$0.7 million of the Offering.

The proceeds of the Offering will be used for exploration, development, economic studies and permitting programs for the Company's projects in the Great Basin and for general working capital.

The Offering and royalty transactions are scheduled to close on or about September 15, 2023, and are subject to a number of conditions including, but not limited to, receipt of all necessary approvals including the approval of the Toronto Stock Exchange and applicable securities regulatory authorities.

Certain directors, management, and insiders of the Company (collectively, the “Interested Persons”) are expected to purchase or acquire direction and control over an aggregate of 558,820 common shares under the Offering. The Interested Persons are each considered a “related party” of Liberty Gold and the sale of common shares under the Offering to the Interested Persons constitutes a “related party transaction” within the meaning of MI 61-101 – Protection of Minority Security Holders in Special Transactions.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

Cautionary Note for United States Investors

0.61 g/t Au over 76.2 m including 2.47 g/t Au over 12.2 m
0.45 g/t Au over 73.2 m including 1.50 g/t Au over 3.0 m

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report the latest assay results from an additional 8 holes drilled in the Rangefront Zone with most holes focused on the eastern margin of the known deposit area. These results are part of the 2023 Reverse Circulation (“RC”) drill exploration program at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho.

RANGEFRONT ZONE HIGHLIGHTS:

0.61 grams per tonne (“g/t”) gold (“Au”) over 76.2 meters (“m”), including 2.47 g/t Au over 12.2 m in hole LBP941.

0.45 g/t Au over 73.2 m, including 1.50 g/t Au over 3.0 m in hole LBP954.

Drill results from 8 additional RC drill holes completed in the Rangefront Zone have been received with results showing the known mineralization continues to the east and becomes thicker with better grades than blocks in the current resource model. These holes were drilled on the eastern margin of the resource area and were planned to test for extensions to the modeled mineralization and to convert inferred resource blocks to indicated resource blocks as the area had only been sparsely tested with shallow historic drilling.

This drilling shows a large area of oxide mineralization, that is predominantly outside of the current pit constrained resource and is still open for expansion to the north and south. This area is roughly 200 m x 200 m in plan view and extends from near surface to a depth of about 200 meters. The area to the east is unconstrained by any drilling and the area to the south has only been tested by shallow historic drilling.

This new drilling pushes the known extents of mineralization at the Rangefront Zone to an area roughly 1000 m x 1000 m with room to grow the deposit to the east, north and south.

Figure 1: Rangefront Zone, Black Pine Oxide Gold Project

20230907Figure1

Jason Attew, President and CEO of Liberty Gold commented, “These new drill results from Rangefront highlight the ongoing discovery potential at Black Pine, we know when we see these thick, oxide mineralized zones that they can continue for quite some distance, and we look forward to additional drill testing in this area with the goal of expanding the existing resource pit substantially.”

RANGEFRONT ZONE HIGHLIGHT TABLE*

20230907RANGEFRONT ZONE HIGHLIGHT TABLE

RANGEFRONT ZONE KEY POINTS

The eastern margin of Rangefront continues to show strong oxide mineralization that will be included in the resource estimate update to begin later this year.
Stronger grades and thickness of mineralization indicate that the preferential host rocks are increasing in thickness to the east.
Mineralization begins at or near surface in bedrock that is covered by a thin layer of post-mineral alluvium.
Newly discovered mineralization in the eastern margin of Rangefront is all oxide and above the water table.

For a map and cross section showing locations of drill holes in this release click here.

For a table showing complete drill results for the current release click here.

QUALIFIED PERSON

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

QUALITY ASSURANCE – QUALITY CONTROL

Cautionary Note for United States Investors

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”) is pleased to announce a significant milestone in the development of its Black Pine Project, located in Cassia and Oneida counties, Idaho. Pilot Gold (USA) Inc., a wholly owned subsidiary of Liberty Gold Corp., has prepared and submitted the mining Pre-Plan of Operations (“PPO”) for the Black Pine Oxide Gold Project (“Black Pine Project”), a critical step in the advancement of the project into the Federal and State permitting process and onwards, towards production.

PRE-PLAN OF OPERATIONS
AUGUST 2023 >

The Black Pine deposit is situated approximately 5 miles south of Juniper, Idaho, within the United States Forest Service (“USFS”) Sawtooth National Forest and on adjacent lands administered by the U.S. Bureau of Land Management (“BLM”) from the Pocatello Field Office. The project encompasses a largely contiguous block of 622 unpatented federal lode claims, state minerals, and private properties hosting a multi-million ounce oxide gold mineral resource. Liberty Gold has been exploring the project since acquisition in 2016 and recently completed the major milestone of one thousand exploration holes drilled by the Company on the property. (See press release dated September 5, 2023)

Liberty Gold is dedicated to responsible, sustainable exploration and mining practices and has embarked on a comprehensive process of planning, engineering, and permitting in close collaboration with regulatory agencies to ensure environmentally sound and sustainable operations. The Company’s second annual ESG report was recently published (see press release dated September 5, 2023). The submission of the mining Pre-Plan of Operations for the Black Pine Project to the USFS (acting as lead Federal Agency), BLM and Idaho Governor’s Office of Energy and Mineral Resources, is a further critical step in advancing the project.

The conceptual project entails re-starting conventional open pit mining in pre-existing historical pits, expanding these pits, and developing new open pits in previously unmined areas. The extracted oxide gold mineralization would be processed using the well-established run-of-mine heap leaching method, with gold produced as dore bars on site. The Company is committed to maintaining the highest environmental standards and employing established metallurgical processes that have been used successfully at the Black Pine site and at many other mine sites.

Figure 1: Conceptual Site Layout, Black Pine Project

As part of its commitment to excellence, Liberty Gold is pleased to announce the selection of M3 Engineering, an international engineering firm with a wealth of experience in large-scale mining operations and environmental stewardship, as the Lead Engineer for the Black Pine Oxide Gold Project. The M3 Engineering team brings an impressive track record of success in designing, constructing, and overseeing multiple mining projects of a similar nature to that proposed at Black Pine, while prioritizing environmental sustainability and regulatory compliance.

"We are excited to take this significant step forward in the development of the Black Pine Project," stated Jason Attew, President and CEO of Liberty Gold. "The submission of the mining Pre-Plan of Operations reflects our dedication to responsible mining practices, our desire to engage with the regulatory authorities early in the permitting process in a transparent and inclusive manner and marks a pivotal moment in our journey towards realizing the project's full potential. We are equally thrilled to welcome M3 Engineering to our team. With their expertise and guidance, we are confident in our ability to develop and execute a world-class mining operation at Black Pine that aligns with our commitment to environmental stewardship and builds opportunity with local communities.”

Liberty Gold remains committed to collaboration with regulatory agencies, stakeholders, and local communities as the project advances to the permitting and development phases. The Company will continue to prioritize environmental studies, community engagement, and sustainable resource management as it progresses toward the formal submission of the Mine Plan of Operations expected in the second half of 2024.

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

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; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2023 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Liberty Gold Publishes Second Annual ESG Report: Developing Gold Deposits in a Responsible and Sustainable Manner

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”) is pleased to announce the release of the company’s second Environmental, Social and Governance (“ESG”) Report. The report underscores the company's commitment to environmental stewardship, social responsibility, and ethical governance as it continues to evolve and expand its operations.

"We are excited to share our progress and accomplishments in our second annual ESG Report," said Jason Attew, President and CEO of Liberty Gold. "This Report reflects our steadfast dedication to sustainability and our ongoing efforts to align our operations with the highest ESG standards. As we work towards responsible and sustainable mining operations, we remain committed to delivering long-term value to our stakeholders, protecting our environment, and making positive contributions to the communities where we operate."

The report includes both quantitative metrics and qualitative disclosures for our offices and site operations from January 1 to December 31, 2022. The report is aligned with the standards and framework of the Sustainability Accounting Standards Board (SASB). Liberty Gold will continue to report on our performance on an annual basis. As Liberty Gold continues its evolution as a mine development company, the report emphasizes the company's dedication to continual improvement and aligning with the evolving landscape of sustainability reporting standards.

Liberty Gold’s 2022 ESG Report is available for download at:
https://libertygold.ca/esg/reports.html

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

_{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; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2023 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.}

3.40 g/t Au over 32.0 m including 6.74 g/t Au over 9.1 m and 1.41 g/t Au over 22.9 m including 4.28 g/t Au over 6.1 m in the Back Range Zone
0.72 g/t Au over 48.8 m including 2.55 g/t Au over 7.6 m in the Discovery Zone

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report the latest assay results from a further 22 holes drilled in the Back Range Zone and the Discovery Zone. These results form part of the ongoing 2023 Reverse Circulation (“RC”) drill exploration program at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho.

Exploration drilling continued in the third quarter with three RC rigs and one large diameter (“PQ”) core rig active in the main target areas across the project. The key focus for the 2023 program is to add high-grade, near-surface ounces to the existing resource base, collect additional variability samples for metallurgical testwork and upgrade inferred resources to the indicated category, ahead of a pre-feasibility study. Drilling is on schedule for a fourth quarter completion of the approximately 30,000 meters (“m”) planned for 2023.

BACK RANGE HIGHLIGHTS:

3.40 grams per tonne (“g/t”) gold (“Au”) over 32.0 m, including 6.74g/t Au over 9.1 m beginning from 74.7 m downhole in hole LBP945.
1.41 g/t Au over 22.9 m, including 4.28 g/t Au over 6.1 m beginning from 79.3 m downhole in hole LBP943.

Drill results are reported from 15 additional RC drill holes completed in the Back Range Zone, leaving 20 holes with pending assay results. Results clearly demonstrate the strong lateral continuity of gold mineralization at Back Range, especially within the shallow, higher-grade oxide zones. These mineralized zones form a series of stacked subhorizontal lenses dipping slightly to the north.

In particular, results for drill hole LBP945, located in the western margin of the resource area represent one of the best holes drilled to date in the Back Range Zone, with 3.40 g/t Au intercepted over 32 metres an approximate true width of 27 metres. Notably, this intercept was immediately adjacent to the 2023 Resource Pit. Mineralization along the western margin of the Back Range Zone is currently open and additional drill holes to offset the mineralization encountered in hole LBP945 have been completed with assays pending.

Drill results from the northern Back Range Zone confirm the presence of a shallow, ~130 metre thick section of lower-grade oxide gold starting approximately 20 metres below surface. This intercept is open to the north and indicates the significant potential to grow the resource laterally.

Figure 1: Location plan of Back Range Drill holes

Jason Attew, President and CEO of Liberty Gold commented, “These new drill results from Back Range highlight the ongoing growth potential for Black Pine. The Back Range Zone continues to deliver shallow, higher-grade results and remains open in at least two directions. With each new drill program, we are growing our understanding of the geologic controls on the massive gold mineralizing system at Black Pine. Liberty Gold has also recently collared hole number 1,000 at Black Pine. It is a huge accomplishment to have safely and sustainably completed that number of holes since commencing our work in 2017.”

BACKRANGE HIGHLIGHT TABLE*

BACKRANGE HIGHLIGHT TABLE

*Please refer to the full table at the link below for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 50% to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold. Back Range lies at the lowest structural level of the deposit such that carbonaceous material is frequently encountered at the base of the oxide zone leading to reduced cyanide solubility at depth.

DISCOVERY HIGHLIGHTS:

0.72 g/t Au over 48.8 m, including 2.55 g/t Au over 7.6 m in hole LBP929.
0.62 g/t Au over 30.5 m, and 0.92 g/t Au over 6.1 m in hole LBP944.

Drilling has been completed in the main Discovery Zone for the 2023 program and results are reported for the outstanding seven drillholes. The key focus for this drilling was to target gaps in the resource model ahead of the pre-feasibility study. Results clearly indicate that resource growth is achievable with targeted drilling in and around large blocks of well-drilled oxide gold mineralization.

DISCOVERY ZONE HIGHLIGHT TABLE*

DISCOVERY ZONE HIGHLIGHT TABLE

For a map and cross sections showing locations of drill holes in this release click here

For a table showing complete drill results for current Liberty Gold drill results at Black Pine, click here

KEY POINTS

All the key resource areas continue to show strong growth through drilling and will contribute to an updated resource study commencing in late 2023.
The 2023 drill program is primarily focused on resource conversion and adding ounces with a goal of defining more than three million ounces in an indicated category.
The core rig is focused on deposit-wide PQ-sized core drilling to support a pre-feasibility level geotechnical study and a Phase 5 metallurgical study.

QUALIFIED PERSON

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using a cut-off of 0.15 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 50% to 90% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 parts per million an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

Cautionary Note for United States Investors

Liberty Gold Reports Q2 2023 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 six months ended June 30, 2023. All amounts are presented in United States dollars unless otherwise stated.

SECOND QUARTER OF 2023 AND RECENT HIGHLIGHTS

Announced the appointment of Wendy Louie to the Board and the appointment of Robert Pease as Chairman. Ms. Louie is a Canadian Chartered Professional Accountant (CPA, CA) with over 25 years of diverse financial and leadership experience with a focus on the mining industry. Mr. Pease has been on the board of Liberty Gold since its inception.

At the Black Pine project (“Black Pine”), we:

Announced a new discovery area “Rangefront South” located approximately two kilometres to the south of the main Rangefront Zone, with two reportable intercepts of oxide gold: 0.37 grams per tonne (“g/t”) gold (“Au”) over 9.1 meters (“m”), and 0.31 g/t Au over 7.6 m in drill hole LBP931³.
Published reverse circulation exploration drill results from:
- Discovery Zone:
  - 3.74 g/t Au over 21.3 m including 15.85 g/t Au over 3.0 m in LBP906¹; and
  - 0.77 g/t Au over 65.5 m including 2.47 g/t Au over 10.7 m in LBP932³.
- Back Range Zone:
  - 1.41 g/t Au over 30.5 m including 1.83 g/t Au over 13.7 m in LBP926³.
- Rangefront Zone:
  - 0.72 g/t Au over 35.1 m, including 1.83 g/t Au over 6.1 m and 0.89 g/t Au over 22.9 m in LBP861²;
  - 0.86 g/t Au over 25.9 m, including 2.26 g/t Au over 6.1 m in LBP800²; and
  - 0.71 g/t Au over 18.3 m starting from 16.8 m downhole, including 1.45 g/t Au over 6.1 m in LBP872².
- M Zone:
  - 2.83 g/t Au over 25.9 m, including 7.88 g/t Au over 3.0 m in LBP849²;
  - 2.13 g/t Au over 21.3 m, including 8.67 g/t Au over 4.6 m in LBP864²; and
  - 0.80 g/t Au over 29.0 m in LBP884¹.
- CD-Tallman Zone:
  - 3.28 g/t Au over 10.7 m and 0.52 g/t Au over 51.8 m in LBP893¹; and
  - 0.86 g/t Au over 25.9 m including 1.80 g/t Au over 6.1 m in LBP920³.

At the Goldstrike project (“Goldstrike”), we:

Reported on key metallurgical column leach test results on surficial materials, including⁴:
- Historic Leach Pad Material
  - Weighted average gold extraction from column leach tests⁵:
    - Leach Pad 1 (run-of-mine): 62.0%
    - Leach Pad 2 (-4-inch crush/agglomerate): 39.5%
- Backfill (material underlying the Historic Leach Pads):
  - Pad Backfill - High Grade: 70.5%
  - Pad Backfill - Low Grade: 81.7%
- Waste Rock Material
  - Main Dump: 91.2%
  - Hamburg North Dump: 71.7%
Retained Loughlin Associates and LRE Water, both experienced water exploration and evaluation consultants in the Great Basin, to design and execute a hydrological evaluation of potential water sources in the region⁵.
Reported on a block of land surrounding the Goldstrike deposit being included in a proposed land exchange between the US Bureau of Land Management lands exchange with the Utah School and Institutional Trust Lands Administration⁴. The “Utah School and Institutional Trust Lands Exchange Act of 2023”, Senate Bill 1405, was presented to the US Congress in May and is currently in the committee stage in both the House and the Senate.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim consolidated financial statements and related notes thereto (the “Interim Financial Statements”) for the six months ended June 30, 2023, as prepared in accordance with International Accounting Standards – IAS 34: Interim Financial Statements.

A copy of the Interim Financial Statements is available on the Company’s website at www.libertygold.ca or on SEDAR at www.sedar.com.

The information in the tables below is presented in $000s, except ‘per share’ data:

[1] See press release dated June 19, 2023

[2] See press release dated April 19, 2023

[3] See press release dated July 24, 2023

[4] See press release dated June 1, 2023

[5] Weighted average gold extraction is obtained using the following equation: (composite head grade (grams/tonnes) multiplied by extraction (%) for all head grades)/sum of all head grades. Using arithmetic averages tends to over-represent low grade composites and under-represent high grade composites.

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

_{Cautionary Note for United States Investors}

_{The information in this news release, 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 requirements 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 resources” and “probable mineral reserves”. Shareholders in the United States are advised that, while such terms are defined in and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility, pre-feasibility or other technical reports or studies, except in rare cases. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in these documents may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.}

Liberty Gold Reports Additional High-Grade Drill Results, Including a New Discovery at its Black Pine Oxide Gold Project, Idaho
0.77 g/t Au over 65.5 m including 2.47 g/t Au over 10.7 m in LBP932 from the Discovery Zone
1.41 g/t Au over 30.5 m including 1.83 g/t Au over 13.7 m in LBP926 from the Back Range Zone
0.86 g/t Au over 25.9 m including 1.80 g/t Au over 6.1 m in LBP920 from the CD-Tallman Zone

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report the latest assay results from the 2023 Reverse Circulation (“RC”) drill exploration program at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho.

Liberty Gold continues to drill with three RC rigs in the main target areas and will be stepping out to outlying target areas in Rangefront South and west M Zone in the coming months. A core rig has been delivered to site and has begun drilling in the Back Range Zone as part of the ongoing Metallurgical and Geotechnical programs.

Drill results reported in this release include follow-up results for drill holes reported in a previous release (see release June 19, 2023). These new results include drill holes from the Discovery Zone, Back Range Zone, and the CD-Tallman corridor.

RANGEFRONT SOUTH DISCOVERY

This release presents drill results from a single hole drilled into a target approximately two kilometers south of the main Rangefront Zone. This hole was a stratigraphic test for the presence of the receptive host rocks, termed the “Middle Plate” at Black Pine, in an area where the current geologic model indicated this unit could be present, but had never been drilled. The Middle Plate rocks were encountered at approximately 750 feet downhole, shallower than anticipated and importantly were found to carry anomalous gold throughout the entire section including two reportable intercepts of oxide gold:

0.37 grams per tonne (“g/t”) gold (“Au”) over 9.1 meters (“m”), and 0.31 g/t Au over 7.6 m in drill hole LBP931

The discovery of these gold mineralized Middle Plate rocks, far to the south of any known gold occurrence extends the gold system at Black Pine to a +8-kilometer strike length. This result has heightened the exploration potential of the approximate five square kilometer area between the furthest known extent of the Rangefront Zone and this new drill hole. Additional drilling is being planned in the area stepping south from the Rangefront deposit area.

Jason Attew, President and CEO of Liberty Gold commented, “This new set of drill results demonstrate a steadily growing resource base as well as significant upside exploration potential with the discovery of gold-bearing Middle Plate rocks in a previously untested area. This discovery extends the known mineralization far to the south and opens a large area for future drill testing in an area significantly greater in size to the current Rangefront Zone.”

DISCOVERY HIGHWALL ZONE HIGHLIGHTS:

0.97 g/t Au over 33.5 m, including 2.36 g/t Au over 10.7 m in LBP911;
0.77 g/t Au over 65.5 m including 2.47 g/t Au over 10.7 m in hole LBP932.

Assays from eight additional drill holes from the main Discovery Zone have been received. Ongoing evaluation of the current resource model and resource grade classes continues to drive the infill drill program in the Discovery Zone with a goal of converting ounces currently classified as inferred into the indicated category. Several areas for potentially adding ounces in the resource model gaps within and along the margins of the resource pits have also been identified.

Additional drilling is underway in the main Discovery Zone with one RC drill rig.

DISCOVERY ZONE HIGHLIGHT TABLE*

BACK RANGE ZONE HIGHLIGHTS:

1.41 g/t Au over 30.5 m, including 1.83 g/t Au over 13.7 m in hole LBP926;
0.49 g/t Au over 30.5 and 0.65 g/t Au over 18.3 m including 1.60 g/t Au over 4.6 m in hole LBP928.

Drill results from three additional RC drill holes in the Back Range Zone have been received with results showing good lateral continuity of gold mineralization along the low angle structures that extend to the east, west and north. This oxide gold mineralization is at or near surface and occurs in multiple stacked zones, suggesting potential as early production feed to a future mining operation.

One RC drill rig and the core drill rig are currently operating in the Back Range Zone. Drilling is focused on extending zones of known gold mineralization and infilling gaps in the current resource block model.

BACK RANGE ZONE HIGHLIGHT TABLE*

*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 50% to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold. Back Range lies at the lowest structural level of the deposit such that carbonaceous material is frequently encountered at the base of the oxide zone leading to reduced cyanide solubility at depth.

CD-TALLMAN CORRIDOR HIGHLIGHTS:

0.86 g/t Au over 25.9 m including 1.80 g/t Au over 6.1 m beginning from surface in hole LBP920;
0.42 g/t Au over 36.6 m including 1.61 g/t Au over 3.0 m in hole LBP902.

Assay results have been received from 19 RC holes drilled in the CD – Tallman Corridor area, including shallow testing of the historic waste rock (dump) material covering the area. The presence of near/at surface, high-grade oxide gold inside these waste dumps, as demonstrated by the results for hole LBP920 above, indicate the potential for early free-dig feed to a future processing facility. Further, a number of holes drilled in the CD-Tallman area confirm the presence of mineralization extending beyond the current resource pit.

CD-TALLMAN CORRIDOR HIGHLIGHT TABLE*

For a map and cross sections showing locations of drill holes in this release click here: https://libertygold.ca/images/news/2023/July/BlackPineMap_Section07192023.pdf

For a table showing complete drill results for current Liberty Gold drill results at Black Pine, click here: https://libertygold.ca/images/news/2023/July/BlackPineCurrentDrillResults07192023.pdf

KEY POINTS

The discovery of mineralized Middle Plate rocks significantly south of known mineralization, opens up the exploration potential of lands to the south of the project for future exploration, over an area several times greater in size than that of the current Rangefront Zone.
Current drilling is primarily focused on resource conversion and adding ounces with a goal of defining more than three million ounces in an indicated category in an updated resource.
Results to date have confirmed a high potential for adding new ounces within and peripheral to the current resource pits.
A full update to the resource model grade shells will begin later in the year to support an updated resource model.

QUALIFIED PERSON

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using a cut-off of 0.15 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 50% to 90% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 parts per million an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

Cautionary Note for United States Investors

Liberty Gold Reports Additional High-Grade Drill Results from the Black Pine Oxide Gold Project, Idaho
3.74 g/t Au over 21.3 m including 15.85 g/t Au over 3.0 m in LBP906 from the Discovery Zone
3.28 g/t Au over 10.7 m and 0.52 g/t Au over 51.8 m in LBP893 from the CD-Tallman Zone
0.80 g/t Au over 29.0 m in LBP884 from the M Zone

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report new assay results from drilling completed under the 2023 Reverse Circulation (“RC”) exploration program at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho.

Liberty Gold has now completed approximately 15,000 metres (“m") of the planned 32,000 m of RC drilling for the year. A third RC rig was added in June to accelerate drill results through the second half of the year, in anticipation of an updated mineral resource estimate to support a Pre-Feasibility Study (“PFS”).

Recent drilling has been focused on the Back Range Zone, Discovery Zone, M Zone West, and the CD-Tallman ‘corridor', including testing of the historic surface waste rock dumps along this connection.

Jason Attew, President and CEO of Liberty Gold commented, “We are excited to have found high-grade mineralization in a sparsely drilled area within our resource model, which has implications for resource expansion across the project area. We are working hard on the modeling in anticipation of a further resource update at the end of this year.”

BLACK PINE OXIDE GOLD PROJECT DRILL RESULTS MAP

DISCOVERY ZONE HIGHLIGHTS:

3.74 grams per tonne gold (g/t Au”) over 21.3 m including 15.85 g/t Au over 3.0 m in LBP906.

Assays for LBP906 in the Discovery Zone have returned impressive oxide gold results from an area that is modeled as waste rock in the current resource (see press release dated February 7, 2023) and results are pending for another four holes drilled in this area.

The 2023 infill drill program is focused on converting ounces currently classified as inferred into the indicated category and ensuring no gaps in drill coverage along the margins of the resource pits. There is one drill focused on additional holes in an area adjacent to the Discovery Zone, where there appears to be an extensive gap in drill coverage at depth. Early visuals from this drilling are encouraging and assays are pending.

DISCOVERY ZONE HIGHLIGHT TABLE*

CD-TALLMAN CORRIDOR HIGHLIGHTS:

0.74 g/t Au over 45.7 m, including 2.17 g/t Au over 9.1 m in LBP892;
3.28 g/t Au over 10.7 m including 8.58 g/t Au over 1.5 m, and 0.52 g/t Au over 51.8 m in LBP893.

Assay results have been received from 18 RC holes drilled in the CD – Tallman Corridor area, including testing of the historic waste rock material covering the corridor. Initial drill results indicate a large portion of the waste backfill material, on surface, is carrying gold above a 0.1 g/t Au cut-off with localized zones found running as high as 8.58 g/t Au of oxide material in hole LBP893.

Additional drilling has been completed in this area to better define the gold grade distribution in the waste rock material and infill drill gaps in the underlying bedrock mineralization; assays are pending.

CD-TALLMAN HIGHLIGHT TABLE*

M ZONE HIGHLIGHTS:

0.80 g/t Au over 29.0 m, including 3.33 g/t Au over 1.5 m in hole LBP884;
0.51 g/t Au over 13.7 m in hole LBP887.

Drill results from seven additional RC drill holes in the western M Zone target area have been received with results from holes LBP884 & LBP887 extending the oxide mineralized zone 80 m to the west and 120 m to the north. The high-grade zone encountered previously (see press releases dated February 21, 2023, and April 19, 2023), which was the target of this step-out drilling, has an apparent north-northwesterly trend. Additional drill roads and pads are currently being built to test the projection of this trend. M Zone mineralization remains open to the west and to the north with widely spaced drill holes indicating a broader extension of the gold mineralizing system across this zone. Drilling will resume in the M Zone in Q3.

M ZONE HIGHLIGHT TABLE*

_{*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 50% to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold. M Zone lies at the lowest structural level of the deposit such that carbonaceous material is frequently encountered at the base of the oxide zone leading to reduced cyanide solubility at depth.}

For a map and cross sections showing locations of drill holes in this release click here: https://libertygold.ca/images/news/2023/June/BlackPineMap_Section06192023.pdf

For a table showing complete drill results for current Liberty Gold drill results at Black Pine, click here: https://libertygold.ca/images/news/2023/June/BlackPineCurrentDrillResults06192023.pdf

KEY POINTS

Current drilling is largely focused on resource conversion to support an update to the mineral resource model at the end of 2023, which will feed into the proposed pre-feasibility study. Results to date have confirmed the potential value-add of this strategy, with the drill out of additional gold mineralization both within and peripheral to the current resource pits.
Additionally, one drill rig is being used for exploration step-out and new target evaluation within the currently permitted area. This includes testing of the Rangefront South Target area, which is currently being drilled in the south-east corner of the project. This zone is modeled as the SE faulted extension of the large CDF mineral trend and has only one drill hole, LBP708, (51.8 m at 0.57 g/t Au) into the zone to date (see press release dated December 13, 2022).
The amendment to the existing Plan of Operations continues in the evaluation process with the Federal and State agencies. Once approved, this amendment would allow the Company to conduct broad step-out and new-target exploration drilling across a large area surrounding the current permit area.

QUALIFIED PERSON

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using a cut-off of 0.15 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 50% to 90% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 parts per million an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

_{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, including statements that address potential quantity and/or grade of minerals, the potential size of the mineralized zone, the proposed timing of exploration and development plans, the proposed timing of a PFS, the expansion and future resource growth expected at Black Pine, expected capital costs at Black Pine, expected gold recoveries from the Black Pine mineralized material, the potential upgrade of inferred mineral resources to measured and indicated mineral resources, the potential for future additions to the current mineral resource estimate, the 2023 work program and the results thereof, the timing and results of any resource updates and the planned development work at Black Pine. 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 metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, 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 of the publication of any updated resources or PFS; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2023 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.}_{Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ 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 intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.}_{Cautionary Note for United States Investors}_{The information in this news release, 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 requirements 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 resources” and “probable mineral reserves”. Shareholders in the United States are advised that, while such terms are defined in and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility, pre-feasibility or other technical reports or studies, except in rare cases. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in these documents may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.}

Liberty Gold Reports Voting Results from Annual General Meeting and Changes to the Board of Directors

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce voting results from the Company’s Annual General Meeting of Shareholders held on June 14, 2023 (the “Meeting”).

Dr. Mark O’Dea, who has been the Chair of the Company, and Sean Tetzlaff, who has been a director of the Company, both having held these positions since the Company’s inception, did not stand for re-election at the Meeting. Robert Pease, newly appointed Chair of Liberty Gold, stated, “We’d like to thank both Mark and Sean for their formidable contributions to Liberty Gold, both have had an instrumental part of the Company’s journey since its inception in 2011, and we wish both of them all the best on their future endeavours.”

Liberty Gold is pleased to announce that Wendy Louie has been appointed to the Board of Directors effective today. Ms. Louie is a Canadian Chartered Professional Accountant (CPA, CA) with over 25 years of diverse financial and leadership experience with a focus on the mining industry. Most recently, Ms. Louie was the Vice President of Finance and CFO of Sabina Gold and Silver Corp. until its acquisition by B2Gold Corp. in April 2023. She has an extensive background in mergers, acquisitions, risk management and advisory expertise across the mining, shipping, energy, and technology sectors.

Robert Pease, Chair of Liberty Gold, commented, “On behalf of the Board of Directors and of our shareholders, we welcome Wendy to the Company. She joins us at an exciting time with her extensive experience in the mining sector as we continue to advance the Black Pine oxide gold project on the development pathway.”

A total of 196,021,621 common shares were voted, representing the votes attached to 61.4% of all outstanding common shares. Shareholders voted in favour of the election of all director nominees. The percentage of votes cast for each is as follows:

	Total number of ‘for’ votes cast:	Votes ‘for’:
Mr. Robert Pease	171,574,332	98.08%
Mr. Cal Everett	174,377,986	99.68%
Ms. Barbara Womersley	174,179,467	99.57%
Mr. Greg Etter	174,292,597	99.63%
Ms. Lisa Wade	174,220,758	99.59%
Ms. Wendy Louie	174,203,251	99.58%
Mr. Jason Attew	174,365,531	99.67%

The following were also approved by the shareholders:

The reappointment of PricewaterhouseCoopers LLP, Chartered Professional Accountants as auditor of the Company:

Total number of ‘for’ votes cast:

195,630,464

Votes ‘for’:

99.80%

In favour of approved amendments to, and respective unallocated entitlements under the Stock Option Plan:

Total number of ‘for’ votes cast:

161,098,226

Votes ‘for’:

92.08%

In favour of approved amendments to, and respective unallocated entitlements under the Restricted Share Unit Plan:

Total number of ‘for’ votes cast:

173,010,994

Votes ‘for’:

98.90%

In favour of respective unallocated entitlements under the Deferred Share Unit Plan:

Total number of ‘for’ votes cast:

173,022,590

Votes ‘for’:

98.90%

Voting results are released in accordance with Toronto Stock Exchange requirements. Detailed voting results for the Meeting are available on SEDAR at www.sedar.com.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and 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. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past-producing open-pit mines, where previous operators only scratched the surface.

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 email address is being protected from spambots. You need JavaScript enabled to view it.

Liberty Gold Reports on Progress at the Goldstrike Oxide Gold Project, Utah

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to provide a progress update on activities related to process water supply, lands exchange and assessing gold recovery potential from the historic leach pads at its Goldstrike Oxide Gold Project (“Goldstrike”) in southwestern Utah.

HIGHLIGHTS

Process Water Supply

Liberty Gold has retained Loughlin Associates and LRE Water, both experienced water exploration and evaluation consultant groups in the Great Basin, to design and execute a hydrological evaluation of potential water sources in the region.
Desktop studies have commenced and field work is anticipated to start in July.
Water supply requirements for a future mining operation range from 1,000 to 1,200 acre feet per annum (“AFA”); or ~39 to 47 litres per second (“l/s”), with an upper limit of 1,500 AFA (59 l/s).

Potential Land Exchange

A block of land surrounding the Goldstrike deposit has been included in a proposed land exchange between The US Bureau of Land Management land exchange with the Utah School and Institutional Trust Lands Administration.
The “Utah School and Institutional Trust Lands Exchange Act of 2023”, Senate Bill 1405, was presented to the US Congress in May and is currently in the committee stage in both the House and the Senate.
The Company continues to monitor progress of this legislation through the approvals process.

Metallurgical Testwork

Metallurgical studies at Goldstrike are testing the amenability of heap leaching the historically mined materials thus potentially providing an opportunity to process this early in a future heap leach mining operation, increasing mine life, and improving the project economics.
Sonic drilling in the Hamburg/Main/Hassayampa area generated four composites of previously leached oxide ore from the two historic leach pads (“Leach Pads”), two composites of pad backfill (material underlying the Leach Pads, filling previously mined open pits) and two composites of waste rock materials.
Metallurgical column leach testing was completed with key results including:
- Leach Pad Material
  - Weighted average gold extraction^{^[1]} from column leach tests:
    - Leach Pad 1 (run-of-mine) 62.0%
    - Leach Pad 2 (-4 inch crush/agglomerate) 39.5%
- Backfill (material underlying the Leach Pads):
  - Pad Backfill - High Grade 70.5%
  - Pad Backfill - Low Grade 81.7%
- Waste Rock Material
  - Main Dump 91.2%
  - Hamburg North Dump 71.7%
Historic production records^[2] report that ~7.25 million tonnes (“Mt”) of oxide gold ore at an average grade of ~1.2 grams per tonne gold (“g/t Au”) was leached on the two pads during prior mining operations (1988 to 1994). Based on historic recoveries this indicates that there may be up to 70,000 ounces of gold remaining in the now closed and remediated historic heaps. Test results herein indicate that a portion of this gold could be amenable to extraction using conventional heap leaching.
Leach Pads 1 & 2 and the underlying backfill are located directly over the Main/Hassayampa/Hamburg oxide gold resource and would need to be stripped in a potential future open pit mining operation to access the underlying oxide gold resource.

_{^[1] Weighted average gold extraction is obtained using the following equation: (composite head grade (grams/tonnes) multiplied by extraction (%) for all head grades)/sum of all head grades. Using arithmetic averages tends to over-represent low grade composites and under-represent high grade composites.}
_{^[2] See the “Preliminary Economic Assessment and Independent Technical Report for the Goldstrike Project, Washington County, Utah USA”, effective February 8, 2018 and dated July 16, 2018 co-authored by Independent Qualified Persons Bob McCarthy, P.Eng. Valerie Sawyer, SME, David Rowe, CPG and Neil Winkelmann, FAusIMM of SRK Consulting (Canada) Inc.; Gary Simmons, MMSA of GL Simmons Consulting, LLC; James N. Gray, P.Geo. of Advantage Geoservices Ltd; George Lightwood, SME, Russell Browne, P.E. and Michael Bidart, P.E. of Golder Associates Inc.}

Jason Attew, President and CEO for Liberty Gold said, “Since announcing the results of the Sonic drill program last August, we have made significant progress at our Goldstrike Project. Recent metallurgical test results indicate that the historically mined ore, which contains residual oxide gold, performs well under conventional oxide heap leach conditions. These materials could potentially add significant early value to a future leach operation at Goldstrike. As we bring key activities on water, land and metallurgical testwork to a close over the second half of 2023, we expect to position the project favourably for a decision on the next phase of development.”

METALLURGICAL TEST RESULTS – PHASE 3A

Historic Leach Pad Material (Column Leach Test Results)

Results of metallurgical column testing at Goldstrike on leach pad material (>0.20 g/t Au) produced a column leach weighted average gold extraction of 49.3%, at an average gold grade of 0.58 g/t Au.
Gold extraction was rapid, with >80% of the leachable gold extracted within the first 10 days.
Reagent consumptions were low at 0.33 kilogram/tonne (“kg/t”) CN & 0.50 kg/t lime.
Cement consumption was high and averaged 5.5 kg/t.
Mineralized material (>0.20 g/t Au) tested came from a total of 348 metres (“m”) of sonic drilling in 21 sonic drill holes from Leach Pads “1” & “2” (see Figures 1 & 2).
Based on historic records, the heaps were not adequately leached due to poor irrigation practices.
Pad 1 was a run-of-mine heap, whereas Pad 2 was a -4” crush/agglomerate heap.
Significant gold grades encountered in the sonic drilling (see press release dated August 9, 2022) suggest incomplete gold leaching occurred throughout the historic heaps and the results herein indicate that the residual gold remains readily soluble under heap leach conditions.
Sonic drilling on the historic leach pads provided sufficient drill hole assay coverage to allow the potential inclusion of this material in a future mineral resource estimate.
Testing is underway to characterize historic Leach Pad material crushed and screened at +12.5 millimeters (“mm”). It is anticipated that the +12.5 mm material could be used for new pad overliner and gravel drains, adding early ounces to the production profile.

Figure 1: Location plan of Sonic Drill holes on Historic Pads

LocationPlanOfSonicDrillholes01062023

Click here for Figure 1: https://libertygold.ca/images/news/2023/June/LocationPlanOfSonicDrillholes01062023.pdf

Figure 2: Cross-section through Historic Leach Pads (A-A' from Figure 1)

CrossSectionThroughHistoricLeachPads01062023

Click here for Figure 2: https://libertygold.ca/images/news/2023/June/CrossSectionThroughHistoricLeachPads01062023.pdf

Backfill Material

Results of Phase 3A metallurgical column testing at Goldstrike on pits backfill material, underlying the Leach Pads produced are shown in Table 1.
Leach kinetics are similar to in-situ material tested.
Sonic Drill testing of the backfill material ranged from 5 to 26 meters below the historic pad and averaged 10 meters in thickness. Current drill density suggests that the oxide gold mineralization is widely distributed above resource cut-off grades.

Waste Rock Material

Results of Phase 3A metallurgical column testing at Goldstrike on historic surficial waste rock from the Main and Hamburg North areas are shown in Table 1.
Drill testing of this material indicates oxide gold mineralization is widely distributed above resource cut-off grades.

For a table of results of the Goldstrike Phase 3A variability composite test results, see Table 1 or click here:

https://libertygold.ca/images/news/2023/June/GoldstrikePhase3ACompositeTesting01062023.pdf

Table 1: Results, Goldstrike Phase 3A Historic Heap Composite Testing*

GoldstrikePhase3ACompositeTesting01062023

*Master Composites were classified as Low Grade (0.20 to 0.40 g/t Au) and High Grade (>0.40 g/t Au).

For a graph of results of the Goldstrike Phase 3A composite leach curves, see Figure 3 below or click here: https://libertygold.ca/images/news/2023/June/GoldstrikePhase3ALeachCurves01062023.pdf

Figure 3: Cumulative Leach Curves Confirm Rapid Leach Kinetics

GoldstrikePhase3ALeachCurves01062023

Metallurgical Test Program

The metallurgical evaluation of the Goldstrike oxide gold mineralization consists of multiple phases of testwork including:

Variability composite column tests from PQ drill core:
- Phase 1^[3] (20 composites):
  - 85.9% weighted average gold extraction, ranging from 55.0 to 97.0%
- Phase 2^[4] (29 composites):
  - 84.2% weighted average gold extraction, ranging from 46.4 to 95.0%
- Phase 3A (8 composites)
  - Results released herein.
- Phase 3C (22 composites)
  - Taken from PQ drill core drilled in 2022, these composites are currently in preparation for column testing. Infill drill holes cover Hamburg, Basin and Padre areas.
Bulk Samples
- Phase 3B
  - Comprising 11, 300-1,000 kilogram, bulk samples taken from outcropping oxide gold mineralisation is under leach in the lab with final results expected in early Q3.

^[3] _{see press release dated}_{August 18, 2020}^[4] _{see press release dated}_{October 27, 2021}

Composites for all phases of test work were selected through consideration of alteration and gold grade and gold cyanide solubility to achieve a range of geo-metallurgical types. Composites were assembled in Elko, Nevada by Liberty Gold staff, utilizing one-half or three-quarter sawed PQ core or sonic samples, then shipped to Kappes, Cassiday and Associates in Reno, Nevada for metallurgical testing, comprising bottle rolls, column testing and geo-metallurgical characterization, including gold and silver assays, cyanide solubility, sulphur and carbon speciation, preg-robbing analysis, ICP geochemical assays, whole rock analysis, QXRD, load-permeability tests, modified SMC comminution testing, Bond Abrasion (Ai) testing and environmental chemistry.

All metallurgical work at Goldstrike has been supervised by Gary Simmons MMSA, formerly the Director of Metallurgy and Technology for Newmont Mining Corp. Mr. Simmons has managed or supervised many metallurgical testing programs on similar Carlin-style sedimentary rock-hosted oxide gold deposits throughout the Great Basin.

Metallurgical test work to be completed by year end on Goldstrike is anticipated to exceed pre-feasibility requirements. It is anticipated that one further phase of testwork is required to meet feasibility standards on current resources. Results continue to support a technically simple, low initial capital, low operating cost, combination of crush/agglomeration and ROM heap leach processing routes for oxide mineralization.

QUALIFIED PERSON

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using a cut-off of 0.10 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 50% to 90% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 parts per million an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

_{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 of the publication of any updated resources; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2023 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.}

Liberty Gold Reports Q1 2023 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 three months ended March 31, 2023. All amounts are presented in United States dollars unless otherwise stated.

FIRST QUARTER OF 2023 AND RECENT HIGHLIGHTS

At the Black Pine project (“Black Pine”), we:

Reported weighted average 86.9% gold extraction^[1] from 24 metallurgical column leach tests on Rangefront Zone oxide gold mineralization, showing that the Rangefront Zone comprises the most leach-amenable oxide material at Black Pine. Key results include^[2]:
- Gold extractions ranging from 54.1% to 95.8%.
- >80% of leachable gold extracted within 10 days.
Announced an update to the independent mineral resource (the “Black Pine Resource”). The new Black Pine Resource^[3] is reported using a constraining resource pit at a cut-off grade of 0.20 grams per tonne (“g/t”) gold (“Au”) and consists of:
- An indicated resource of 2,613,000 ounces of oxide gold at an average grade of 0.52 g/t Au and totalling 157,267,000 tonnes (“t”); and
- An inferred resource of 483,000 ounces of oxide gold at an average grade of 0.43 g/t Au and totalling 35,150,000 t.
Published reverse circulation (“RC”) exploration drill results from other areas including:

Rangefront Area:

- 2.13 g/t Au over 18.3 metres (“m”) including 10.3 g/t Au over 1.5 m in LBP793^[4];
- 1.19 g/t Au over 33.5 m including 3.33 g/t Au over 4.6 m in LBP809⁴;
- 0.72 g/t Au over 35.1 m, including 1.83 g/t Au over 6.1 m and 0.89 g/t Au over 22.9 m in LBP861⁶;
- 0.86 g/t Au over 25.9 m, including 2.26 g/t Au over 6.1 m in LBP800⁶;
- 0.71 g/t Au over 18.3 m starting from 16.8 m downhole, including 1.45 g/t Au over 6.1 m in LBP872⁶.

M Zone:

- 7.07 grams g/t Au over 18.3 m including 11.92 g/t Au over 10.7 m and including 46.7 g/t Au over 1.5 m in LBP813^[5];
- 2.83 g/t Au over 25.9 m, including 7.88 g/t Au over 3.0 m in LBP849^[6];
- 2.13 g/t Au over 21.3 m, including 8.67 g/t Au over 4.6 m in LBP864⁶.
- 1.17 g/t Au over 47.2 m from 54.9 m including 2.23 g/t Au over 15.2 m in LBP736⁵; and
- 0.93 g/t Au over 38.1 m from 86.9 m including 2.35 g/t Au over 6.1 m in LBP823⁵;

Back Range⁵:

- 3.10 g/t Au over 27.4 m from 50.3 m including 4.33 g/t Au over 18.3 m in LBP796;
- 1.36 g/t Au over 15.2 m from 120.4 m including 3.79 g/t Au over 3.0 m in LBP774; and
- 0.78 g/t Au over 115.8 m from 15.2 m including 1.29 g/t Au over 25.9 m in LBP782.

Continued column leach testing on 25 drill core (variability) composites distributed across the Black Pine mineralized areas and submitted a further 12 drill core composites from the CD Zone for metallurgical column testing^[7].

^[1] Weighted average gold extraction is obtained using the following equation: (composite head grade (grams/tonnes) multiplied by extraction (%) for all head grades)/sum of all head grades. Using arithmetic averages tends to over-represent low grade composites and under-represent high grade composites. The arithmetic extraction average of the 24 column tests is 76%.
^[2] See press release dated March 22, 2023.
^[3] See press releases dated February 7, 2023 and March 21, 2023;
^[4] See press release dated February 14, 2023.
^{^[5]} See press release dated February 21, 2023.
^[6] See press release dated April 19, 2023.
^[7] See press release dated January 25, 2023.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim consolidated financial statements and related notes thereto (the “Interim Financial Statements”) for the three months ended March 31, 2023, as prepared in accordance with International Accounting Standards – IAS 34: Interim Financial Statements.

A copy of the Interim Financial Statements is available on the Company’s website at www.libertygold.ca or on SEDAR at www.sedar.com.

The information in the tables below is presented in $000s except per share data:

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

_{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 ,PEAs or pre-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 or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2023, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at}_{www.sedar.com}_.

_{Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources}

_{Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “probable 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 on Mineral Resources and Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these standards differ significantly from the mineral property 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.}

Liberty Gold Reports Additional Results at M Zone and Rangefront Zone at the Black Pine Oxide Gold Deposit, Idaho
2.13 g/t Au over 21.3 m in LBP864 – M Zone
0.72 g/t Au over 35.1 m in LBP861 – Rangefront Zone
0.86 g/t Au over 25.9 m in LBP800– Rangefront Zone

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report first results from the 2023 Reverse Circulation (“RC”) exploration drill program at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho. These results are from holes drilled in the first quarter of 2023, designed to follow up on a newly discovered high-grade, near-surface zone of gold mineralization in the western M Zone and to expand and upgrade the current mineral resource estimate in the Rangefront Zone.

M ZONE HIGHLIGHTS:

2.83 grams per tonne gold (“g/t Au”) over 25.9 metres (“m”), including 7.88 g/t Au over 3.0 m in LBP849;
2.13 g/t Au over 21.3 m, including 8.67 g/t Au over 4.6 m in LBP864.

Assay results have been received from an additional 14 holes drilled in the western M Zone including drill holes offsetting the high-grade intercept of 7.07 g/t Au over 18.3 m in hole LBP813 (see press release dated February 21, 2023). Several holes have been completed to the west of this drill hole targeting a W-NW trend to the mineralization. The same tenor of mineralization was encountered in drill hole LBP864, with a high-grade intercept of 19.2 g/t Au over 1.5 m. This result points to the potential for a larger, more continuous zone of high-grade mineralization in this area. One RC drill is presently active in this part of the M Zone, following up with multiple step out holes and similar oxide alteration has been intersected in some holes; assays are pending.

RANGEFRONT HIGHLIGHTS:

0.72 g/t Au over 35.1 m, including 1.83 g/t Au over 6.1 m and 0.89 g/t Au over 22.9 m in LBP861;
0.86 g/t Au over 25.9 m, including 2.26 g/t Au over 6.1 m in LBP800;
0.71 g/t Au over 18.3 m starting from 16.8 m downhole, including 1.45 g/t Au over 6.1 m in LBP872.

Assay results have been received from an additional 39 resource infill and offset holes in the Rangefront Zone, with a focus on the northeast margin of the known mineralization. These were designed to upgrade inferred resource to the indicated class, ahead of a planned economic study later in the year. The near-surface, higher-grade mineralization in hole LBP872 is at present an isolated result, and further drilling is planned for the second half of 2023 to expand on Rangefront Zone margins, where they are still open to the west, northeast, east and south.

Jason Attew, President and CEO of Liberty Gold commented, “We are excited to be adding a second rig to the program as weather conditions improve and access to permit area opens. These early results from M Zone and the Rangefront Zone are intriguing and point to the potential for the discovery of more higher-grade zones and near-surface mineralization. With multiple target areas remaining untested, funding for a further 20,000 metres of drilling in 2023 and an evolving story at the M Zone, we look forward to another year of unlocking Black Pine’s full oxide gold potential.”

For a map and cross sections showing locations of drill holes in this release click here: https://libertygold.ca/images/news/2023/April/BlackPinemap_sections04192023.pdf

For a table showing complete drill results for current Liberty Gold drill results at Black Pine, click here:

https://libertygold.ca/images/news/2023/April/BlackPineCurrentDrillResults04192023.pdf

ADDITIONAL KEY POINTS:

The mineralization of M Zone has an emerging geochemical signature suggesting that it has been the focus of multiple mineralizing events with the main gold mineralization phase occurring within a base metal event (high silver, zinc and lead). This is commonly seen in many Carlin-type deposits and is indicative of a long-lived and robust mineral system. The same high-grade gold 21.3 m interval reported in drill hole LBP864 also reported ICP geochemistry results of 67.7 parts per million silver, 0.67% lead and 2.9% zinc within a larger envelope of highly anomalous base metal mineralization. This base metal signature has been noted in several drill holes in M Zone and elsewhere at Black Pine.
A second RC drill rig has been added to the 2023 program to allow a focus on drilling in the new expanded M Zone, while the first rig continues to expand mineralization in the Discovery and CDF Zones, and other priority targets.
The M Zone hosts an indicated resource of 120,000 ounces of oxide gold averaging 0.71 g/t Au in 5,255,000 tonnes and an inferred resource of 11,000 ounces of oxide gold averaging 0.45 g/t Au in 762,000 tonnes (see press release dated February 7, 2023). The zone hosts oxide mineralization with a significantly higher average grade than the rest of the Black Pine deposit, except for the Backrange Zone.
The Rangefront Zone hosts an indicated resource of 732,000 ounces averaging 0.49 g/t Au in 46,581,000 tonnes and an inferred resource of 118,000 ounces averaging 0.46 g/t Au in 7,913,000 tonnes (see press release dated February 7, 2023).

M ZONE HIGHLIGHT TABLE*

RANGEFRONT ZONE HIGHLIGHT TABLE*

QUALIFIED PERSON

ABOUT LIBERTY GOLD

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
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QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using a cut-off of 0.15 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 50% to 90% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 parts per million an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

_{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 of the publication of any updated resources; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2023 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.}

_{Cautionary Note for United States Investors}

Liberty Gold announces Founder and Independent Board Chair, Dr. Mark O’Dea, to retire at 2023 AGM

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or “Liberty” or the “Company”) announces that founder, Dr. Mark O'Dea, will be retiring as Chair and Director at the company's annual general meeting on June 14, 2023.

Independent director and incoming Chair, Mr. Rob Pease stated, ‘'Just thanking Mark for 12 years of service would be an understatement. Mark is a visionary, and a tenacious company builder. He has proven to be a focused and disciplined strategist during the 12 years I have served with him on the board. He dreams big, thinks creatively, fosters teamwork and collaboration, works relentlessly, and has woven his Science of Discovery into the culture and DNA of Liberty Gold.

''As a result of Mark's vision and leadership, and the work of the exceptional management teams and board he assembled, Liberty has discovered, expanded, and advanced our portfolio of large-scale gold deposits in the highly-prolific Great Basin of the United States.

‘’When Mark informed the board that he intended to retire as Chair within the next year, we accelerated our succession planning efforts and board renewal processes. Today, with a new CEO, several new VP’s, a new Independent Director in place, and a very healthy treasury, Mark is leaving the Company in an excellent position, set up for future success.”

Head of the Corporate Governance and Nominating Committee and Independent Director, Ms. Barbara Womersley, stated, ‘’Dr. O’Dea has built a highly effective organization with an inclusive collaborative culture, excellent governance practices, a deep sense of humanity, a commitment to responsible development and providing meaningful benefits for employees and community partners. It’s a fitting legacy he leaves, and one the board intends to respect and continue.”

“I believe that Liberty has exceptional potential to grow into a highly profitable gold business,” commented Dr. O’Dea. ''Our stellar team has done a masterful job of applying smart science to make big discoveries, in places where others have but scratched the surface. Taking the road less travelled has been highly satisfying to me personally. I have always believed that this philosophical approach would lead to great success, including for our investors who support us and believe in our dream and methodology. But most of all I’m proud of my amazing colleagues - they have become friends and family to me.

“One more thing,’’ said Dr. O’Dea, ‘’I believe in Liberty. That’s why I have been a net buyer of shares over the past 12 years. That’s why I am still one of the top private shareholders.”

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 email address is being protected from spambots. You need JavaScript enabled to view it.

_{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 of the publication of any mineral resources; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2023 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.}

Liberty Gold Reports Year-End 2022
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, 2022. All amounts are presented in United States dollars unless otherwise stated.

2022 and RECENT HIGHLIGHTS

At the Black Pine Project (“Black Pine”), we:

Announced an update to the independent mineral resource (the “Black Pine Resource”). The new Black Pine Resource^{^[1]} is reported using a constraining resource pit at a cut-off grade (“COG”) of 0.20 grams per tonne (“g/t”) gold (“Au”) and consists of:

An indicated resource of 2,613,000 ounces of oxide gold at an average grade of 0.52 g/t Au and totalling 157,267,000 tonnes (“t”); and
An inferred resource of 483,000 ounces of oxide gold at an average grade of 0.43 g/t Au and totalling 35,150,000 t.

Obtained registered title to two historical Black Pine Mine water rights totalling 868.5 acre feet per annum (“AFA”). Both rights are registered to the Black Pine Mine Well immediately adjacent to the potential site of a future heap leach facility. Liberty Gold has now secured, through a combination of purchase and long-term option/lease, an aggregate of 3,202 AFA of process water supply, sufficient for any future large-scale mining operation envisioned at Black Pine^{^[2]}.

Discovered near-surface oxide gold in the F Zone confirming a 750 metre (“m”) long corridor, linking the CD and Discovery Zones. Oxide gold mineralization starts from surface or at shallow depth in all holes, linking several resource pits and demonstrating that as drill information/density increases, gold mineralization at Black Pine tends to coalesce into larger, continuous mineralized zones, with potentially greater amenability to bulk mining. Released reverse circulation (“RC”) drill results include the following highlights^{^[3]}:

1.01 g/t Au over 19.8 m including 2.07 g/t Au over 7.6 m from near surface in LBP666;
0.95 g/t Au over 18.3 m including 1.03 g/t Au over 16.8 m from surface in LBP657;
0.84 g/t Au over 36.6 m including 0.97 g/t Au over 30.5 m from surface in LBP662;
0.74 g/t Au over 38.1 m including 0.87 g/t Au over 30.5 m from surface in LBP660; and
0.48 g/t Au over 45.7 m including 1.11 g/t Au over 12.2 m and 1.56 g/t Au over 7.6 m from near surface in LBP672.

Published exploration RC results from other areas included^{^[4]}:

Rangefront Area:

1.95 g/t Au over 41.1 m, including 4.43 g/t Au over 10.8 m in LBP473;
1.49 g/t Au over 54.9 m in LBP554;
0.98 g/t Au over 85.3 m, including 1.56 g/t Au over 27.4 m in LBP514;
0.63 g/t Au over 94.5 m including 3.66 g/t Au over 6.1 m in LBP506; and
0.57 g/t Au over 51.8 m in LBP708.

M Zone:

7.07 grams g/t Au over 18.3 m including 11.92 g/t Au over 10.7 m and including 46.7 g/t Au over 1.5 m in LBP813;
1.40 g/t Au over 57.9 m from 76.2 m including 2.92 g/t Au over 21.3 m in LBP715;
1.17 g/t Au over 47.2 m from 54.9 m including 2.23 g/t Au over 15.2 m in LBP736; and
0.93 g/t Au over 38.1 m from 86.9 m including 2.35 g/t Au over 6.1 m in LBP823.

Back Range:

3.10 g/t Au over 27.4 m from 50.3 m including 4.33 g/t Au over 18.3 m in LBP796;
1.36 g/t Au over 15.2 m from 120.4 m including 3.79 g/t Au over 3.0 m in LBP774; and
0.78 g/t Au over 115.8 m from 15.2 m including 1.29 g/t Au over 25.9 m in LBP782.

On August 23, 2022, the Company completed the acquisition of a controlling interest in certain private mineral rights under Bureau of Land Management (“BLM”) controlled surface lands contiguous with the eastern margin of the existing project boundary, opening a significant area for exploration and, importantly, potentially facilitating utilization of the ground for future mine and processing infrastructure^{^[5]}.

Released results from 14 large-diameter core holes for further metallurgical testing, with excellent results, including^{^[6]}:

3.98 g/t Au over 25.3 m including 8.55 g/t Au over 9.6 m in LBP499C in North Tallman;
4.80 g/t Au over 21.2 m including 11.0 g/t Au over 7.5 m in LBP508C in F Zone; and
1.09 g/t Au over 29.1 m in LBP530C in M Zone.

Continued column leach testing on 24 Rangefront drill core composites and submitted a further 25 drill core composites from across the Black Pine deposit areas for metallurgical column testing.

We received an approved Plan of Operations from the BLM granting us a permit to access and drill exploration/condemnation holes on a 11-kilometer square block of land directly to the east of our current Plan of Operations. This was important as the new permitted area is a potential site for future mine and processing infrastructure. A recently submitted modification to the United States Forest Service Plan of Operations, as well as a recently received BLM Plan of Operations will allow us to drill much of this area beginning in 2023.

^[1] See press releases dated February 7, 2023 and 21 March, 2023 and “Technical Report on the Updated Mineral Resource Estimate at the Black Pine Gold Project, Cassia and Oneida Counties, Idaho, USA”, effective January 21, 2023, and signed March 10, 2023, prepared by Ryan Rodney, C.P.G of SLR International Corporation; Gary L. Simmons MMSA, of GL Simmons Consulting LLC both independent Qualified Persons under National Instrument 43-101; and Moira Smith of Liberty Gold Corp;

^[2] See press release dated November 28, 2022. Press releases are available on www. Libertygold.ca and under Liberty Gold’s SEDAR profile at www.sedar.com.

^[3] See press release dated August 30, 2022.

^[4] See press releases dated January 18, 2022, April 12, 2022, November 8, 2022, February 21, 2023.

^{^[5]} See press release dated September 12, 2022.

^[6] See press release dated August 2, 2022.

Outlook
The 2023 drill program at Black Pine commenced on January 7, 2023, in low elevation areas along the eastern margin of the deposit. The budget includes 32,000 m of RC drilling targeting resource upgrade and expansion over several areas of the deposit, as well as reconnaissance drilling in new areas along the northern, eastern and southern margins of the deposit.

In parallel with the drill program, development work is continuing, comprising:

Phase 4 metallurgical column test work (61 columns),
Geotechnical and hydrological studies,
Environmental baseline work:
- a sage grouse monitoring program is planned for the second half of 2023,
- big game surveys,
- meteorological monitoring, and
- waste rock geochemical characterization studies.
Land permitting activities.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our Annual Financial Statements and related notes thereto (the “Annual Financial Statements”) for the year ended December 31, 2022, as prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

A copy of the Annual Financial Statements is available on the Company’s website at www.libertygold.ca or on SEDAR at www.sedar.com.

The information in the tables below is presented in $000s except per share data:

Screenshot 2023 03 28 150843

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

_{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 of the publication of any updated resources; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2023 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.}

_{Cautionary Note for United States Investors}

Liberty Gold Reports Weighted Average 86.9% Gold Extraction from Metallurgical Column Leach Testing on Rangefront Zone Oxide Gold Mineralization, Black Pine Project, Idaho
Rangefront Zone Comprises the Most Leach-Amenable Oxide Material at Black Pine

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report results from Phase 4A metallurgical testing of oxide material from the Rangefront Zone at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho.

HIGHLIGHTS

Phase 4A column leach testing on the Rangefront Zone included 24 variability composites from large-diameter (“PQ”) drill core representing the range of rock types and gold (“Au”) grades encountered in oxide mineralization.
Key results include:
- 86.9% “weighted average gold extraction”^[1]from column leach tests.
- Gold extractions ranging from 54.1% to 95.8%.
- >80% of leachable gold extracted within 10 days.
These new metallurgical data were not included in the recent mineral resource update (the “Black Pine Resource”)^[2] and will be added to the next resource update expected in late 2023.
These new column test results suggest an increase in recoverable gold in the Rangefront Zone of approximately 4% in the upper plate sandstone unit (“Ppos”) and approximately 10% in the middle plate limestone unit (“Pola”) relative to the recovery models used in the Black Pine Resource.
The Rangefront Zone mineralization comprises approximately 27% of the Black Pine Resource ².
These new data are being used to develop metallurgical recovery equations to feed into an updated, deposit-wide gold recovery model for use in future resource, engineering, and economic modeling. Aggregate metallurgical data from all phases of testwork to date indicate a gold recovery percentage in the mid-70s at the average grade used in the Black Pine Resource.
Aggregate test results across four phases of metallurgical study over four years, comprising testwork on 113 composites and six bulk samples, continue to support a technically simple, low initial capital, low operating cost, run-of-mine (“ROM”) heap leach processing route for Black Pine oxide mineralization.

Jon Gilligan, Chief Operating Officer for Liberty Gold said, “Data from the extensive metallurgical test work completed at Black Pine continue to indicate rapid leaching and relatively high gold extractions from these oxide ores. With these results, the Rangefront Zone is now the highest-recovery oxide material we have found at Black Pine. Recovery continues to be relatively insensitive to particle size and there is a predictable grade-recovery relationship, both of which support run of mine heap leaching as the preferred processing route. The quality and quantity of metallurgical information today equals or exceeds pre-feasibility level requirements, significantly de-risking the project.”

BLACK PINE METALLURGICAL TEST WORK

Liberty Gold has completed multiple phases of metallurgical testing at Black Pine including:

Bulk sample column test results
- Phase 1A^[3] (6 x 300 kilogram surface bulk samples):
  - 78.9% weighted average gold extraction, ranging up to 92.8%
Variability composite column tests (113 composites from PQ drill core)
- Phase 1B^[4] (29 composites):
  - 82.9% weighted average gold extraction, ranging up to 94.5%
- Phase 2^[5] (45 composites):
  - 80.8% weighted average gold extraction, ranging up to 94.8%
- Phase 3^[6] (15 low-grade composites):
  - 65.2% weighted average gold extraction ranging up to 80.3%
- Phase 4A (24 composites):
  - 86.9% weighted average gold extraction, ranging up to 95.8%

Results generated by the Liberty Gold metallurgical program are consistent with historical column test results from three surface bulk samples and five drill core samples generated by Noranda in 1988 prior to mining, which returned 80.8% weighted average gold extraction.

^[1] _{Weighted average gold extraction is obtained using the following equation: (composite head grade (grams/tonnes) multiplied by extraction (%) for all head grades)/sum of all head grades. Using arithmetic averages tends to over-represent low grade composites and under-represent high grade composites. The arithmetic extraction average of the 24 column tests is 76%.}

_{^[2] See press release dated February 7, 2023 and the technical report entitled “Technical Report on the Updated Mineral Resource Estimate at the Black Pine Gold Project, Cassia and Oneida Counties, Idaho, USA”, effective January 21, 2023, and signed March 10, 2023, co-authored by Ryan Rodney, CPG, and Gary L. Simmons, MMSA, both independent Qualified Persons under NI 43-101; and Moira Smith, Ph.D., P.Geo. of Liberty Gold Corp, available on SEDAR.com.}

^[3] _{Previously referred to as “Phase 1” – see press release dated}_{June 16, 2020}

^[4] _{Previously referred to as “Phase 2” – see press release dated}_{August 18, 2020}

^[5] _{Previously referred to as “Phase 3” – see press release dated}_{October 27, 2021}

^[6] _{Previously referred to as “Phase 4” – see press release dated}_{October 27, 2021}

The deposit-wide gold extraction is represented through the aggregate test data illustrated in Figure 1 below. This graphic illustrates the gold grade to gold extraction relationship for all column tests conducted to date at Black Pine and clearly demonstrates a) the improved metallurgical response from the Rangefront Zone materials relative to the other samples and b) the Phase 3 low-grade samples performing consistently with the grade-extraction trend for Black Pine material overall.

For a graph of results of the Liberty gold grade-gold extraction results for all column test work to date, see Figure 1 or click here:

https://libertygold.ca/images/news/2023/March/Figure1BlackPineGoldGradeGoldExtractionResults03222023.pdf

Figure 1: Black Pine Gold Grade-Gold Extraction Results

*Data from several columns of Transitional Material are included in the above graph.

Two additional phases of metallurgical testwork are currently in progress, comprising:

Phase 4B: Discovery Zone, E-Pit, A-Pit, F Zone, Tallman Pit and M Zone – 25 composites.
Phase 4C: C/D Pit – 12 composites.

Results from these two phases of testing will be completed in the second half of 2023.

Internal clay content and rock quality models indicate that a small portion of the Black Pine Resource may require in-pit or top-of heap blending, eliminating the need for a crush/agglomeration flowsheet component, and supporting simple ROM heap leaching at Black Pine.

Metallurgical test work completed on Black Pine to date equals or exceeds pre-feasibility requirements, with oxide ROM heap leach recoveries characterised currently by 16 different grade-recovery relationships. It is anticipated that one further phase of testwork beyond that currently in progress is required to meet feasibility standards on current resources.

All metallurgical work at Black Pine has been supervised by Gary Simmons MMSA, formerly the Director of Metallurgy and Technology for Newmont Mining Corp. Mr. Simmons has managed or supervised many metallurgical testing programs on similar Carlin-style sedimentary rock-hosted oxide gold deposits throughout the Great Basin.

Phase 4A Test Results

The 24 Rangefront Zone column leach tests produced a weighted average 86.9% gold extraction at an average gold grade of 0.47 grams per tonne gold (“g/t Au”), with a range from 54.1% to 95.8% gold extraction (see Table 1 below).
Gold extraction was rapid, with >80% of the leachable gold extracted within the first 10 days of column leaching (see Figure 2 below).
Percent gold extraction is well-correlated with head grade, with the highest-grade composites returning the higher extraction numbers (see Figure 1 above). Of the 24 column tests:
- 17 column tests were conducted on material below 0.5 g/t Au and returned weighted average 79.4% gold extraction.
- 7 column tests were conducted on material between 0.5 g/t Au and 1.0 g/t Au and returned weighted average 90.9% gold extraction.
Gold extraction is relatively insensitive to particle size. Most composite extraction results can be projected to coarse particle sizes without significant loss of gold extraction. The relative percent gold extraction insensitivity to increasing particle size is shown in Table 2.

For a table of results of the Black Pine Phase 4A variability composite test results, see Table 1 or click here:

https://libertygold.ca/images/news/2023/March/Table1BlackPinePhase4AVariabilityCompositeTestResults03222023.pdf

Table 1: Results, Black Pine Phase 4A Variability Composite Testing

For a graph of results of the Black Pine Phase 4A variability composite leach curves, see Figure 2 or click here:

https://libertygold.ca/images/news/2023/March/Figure2BlackPinePhase4AVariabilityCompositeLeachCurves03222023.pdf

Figure 2: Cumulative Leach Curves Confirm Rapid Leach Kinetics

For a table of results of the Black Pine Phase 4A variability composite gold extraction sensitivity to modelled crush size testing, see Table 2 or click here:

https://libertygold.ca/images/news/2023/March/Table2BlackPinePhase4AVariabilityCompositeGoldExtractionSensitivitytoCrushSize03222023.pdf

Table 2: Results, Black Pine Phase 4A Variability Composite Gold Sensitivity to Crush Size

METALLURGICAL TEST PROGRAM

Samples for Phase 4A test work were obtained through drilling PQ core holes. Composites were selected through consideration of rock type, alteration and gold grade to achieve a wide range of geo-metallurgical types. Composites were assembled in Elko, Nevada by Liberty Gold staff, utilizing one-half or three-quarter sawed core, then shipped to Kappes, Cassiday and Associates in Reno, Nevada for metallurgical testing, comprising bottle rolls, column testing and geo-metallurgical characterization, including gold and silver assays, cyanide solubility, sulphur and carbon speciation, preg-robbing analysis, ICP geochemical assays, whole rock analysis, QXRD, load-permeability tests, modified SMC comminution testing, Bond Abrasion (Ai) testing and environmental chemistry.

For a map showing locations of drill holes used for metallurgical testing, see Figure 3, below, or click here:

https://libertygold.ca/images/news/2023/March/Figure3BlackPineMetMap03222023.pdf

Program details included:

Coarse bottle roll tests (target of 80% passing 10 mesh or 1.7 millimeter (“mm”) particle size).
Fine bottle roll tests (target of 80% passing 200 mesh or 75 micron particle size).
The direct leach samples were rolled/agitated in bottles in a 1.0 grams per liter (“g/l”) dilute sodium cyanide (“NaCN”) solution for 72 hours (for 200 mesh) or 144 hours (for 10 mesh).
The 200 mesh (75 microns) CIL samples were rolled/agitated in bottles for 72 hours in a 1.0 g/l dilute NaCN solution, containing 20 g/l of activated carbon.
Composites were leached in 10.2 mm and 15.2 mm (four and six inch) diameter columns between 78 to 90 days. And were leached with low strength (0.50 g/l) NaCN solution.

QUALIFIED PERSON

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

QUALITY ASSURANCE – QUALITY CONTROL

_{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 of the publication of any updated resources; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.}

_{Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources}

_{The information in this News Release, 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 requirements 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 resources” and “probable 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 on Mineral Resources and Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these standards differ significantly from the mineral property 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.}

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) ("Liberty Gold" or the "Company") is pleased to announce that further to its news release dated February 7, 2023, the Company has filed on SEDAR a National Instrument (“NI”) 43-101 Technical Report for the Black Pine Oxide Gold Property in southeastern Idaho, USA.

The NI 43-101 Technical Report is entitled “Technical Report on the Updated Mineral Resource Estimate at the Black Pine Gold Project, Cassia and Oneida Counties, Idaho, USA”, effective January 21, 2023, and signed March 10, 2023 (the “Technical Report”). The Technical Report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects by Ryan Rodney, CPG, of SLR International Corporation of Denver, Colorado; Gary L. Simmons of GL Simmons Consulting LLC of Larkspur, Colorado, both independent Qualified Persons under National Instrument 43-101; and Moira Smith, Ph.D., P.Geo., of Liberty Gold Corp.

The Technical Report is available under the Company’s profile at www.sedar.com and will also be available on the Company’s website at libertygold.ca.

QUALIFIED PERSON

About Black Pine

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Newmont’s Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, at an average grade of 0.63 grams per tonne gold.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the Company’s website: libertygold.ca

ABOUT LIBERTY GOLD

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 email address is being protected from spambots. You need JavaScript enabled to view it.

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 of the publication of any updated resources; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Cautionary Note for United States Investors

Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “probable 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 on Mineral Resources and Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these standards differ significantly from the mineral property 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.

7.07 g/t Au over 18.3 m in LBP813 – M Zone
1.17 g/t Au over 47.2 m in LBP736 – M Zone
3.10 g/t Au over 27.4 m in LBP796 – Back Range Zone
0.78 g/t Au over 115.8 m in LBP782 – Back Range Zone

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report 34 additional Reverse Circulation (“RC”) drill results from the M and Back Range Zones at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho. The results are from holes drilled in 2022 designed to expand and upgrade the current Mineral Resource Estimate (“MRE”) and discover new higher-grade, near-surface oxide gold mineralization.

M ZONE HIGHLIGHTS:

· 7.07 grams per tonne gold (“g/t Au”) over 18.3 meters (“m”) including 11.92 g/t Au over 10.7 m and including 46.7 g/t Au over 1.5 m in LBP813

· 1.17 g/t Au over 47.2 m from 54.9 m including 2.23 g/t Au over 15.2 m in LBP736

· 0.93 g/t Au over 38.1 m from 86.9 m including 2.35 g/t Au over 6.1 m in LBP823

Assay results from an additional 9 holes drilled in the M Zone in Q4 2022 include a high-grade intercept in LBP813, drilled near the western edge of the M Zone, which marks the potential discovery of a new, high-grade core within the mineralized zone. It includes a single 1.52 m interval of 46.7 g/t Au, which is the highest grade gold assay ever returned at Black Pine. This interval is a 100-metre step-out from previous drilling, well outside the MRE resource pit and is open to the west. These results are not included in the recently released MRE (see press release dated February 7, 2023). Additional offsets to this hole were drilled over the past 3 weeks and results are pending.

BACK RANGE

· 3.10 g/t Au over 27.4 m from 50.3 m including 4.33 g/t Au over 18.3 m in LBP796

· 1.36 g/t Au over 15.2 m from 120.4 m including 3.79 g/t Au over 3.0 m in LBP774

· 0.78 g/t Au over 115.8 m from 15.2 m including 1.29 g/t Au over 25.9 m in LBP782

The Back Range Zone is the furthest known northwest extension of the more than 7 kilometre (“km”)-long Black Pine gold system. Assay results from 25 holes drilled in the Back Range Zone in 2022 have identified a new area of near-surface, high-grade oxide gold. Current extents of the

Back Range mineralized zone are ~1 km² and the high-grade area is open to the east and west.

Jason Attew, President and CEO of Liberty Gold commented, “The highest-grade drill intercept ever reported at M Zone is notable as this zone is proximal to the potential mining infrastructure. The high-grade, near-surface characteristics of M Zone makes it an area of focus for 2023 as we believe M Zone has the grade, continuity, location, and scale for potential early cash flow generation as we work through pit optimization and mine scheduling studies. In addition, the encouraging Back Range results underpin our theory that the Back Range and Discovery Zones are linked for which we will test once we receive permits anticipated in late 2023. These recent results are a testament to the team’s ability to discover higher-grade material amongst an already very impressive mineral endowment.”

For a map and cross sections showing locations of drill holes in this release click here: https://libertygold.ca/images/news/2023/February/BlackPinemap_sections.pdf

For a table showing complete drill results for current Liberty Gold drill results at Black Pine, click here: https://libertygold.ca/images/news/2023/February/BlackPineCurrentDrillResults.pdf

For a table of the top 25 unmined drill intercepts where hole LBP813 ranks in the top ten grade-thickness intervals, click here: https://libertygold.ca/images/news/2023/February/Top25UnminedDrillIntercepts.pdf

M ZONE HIGHLIGHT TABLE*

**These holes were finalized too late to be included in the MRE

Additional drill holes have already been completed in M Zone to offset the high-grade intercept in hole LBP813 and similar oxide alteration has been intersected in some holes. Additional drilling is being planned for Q2 2023 once assays are received for this zone. Focus will be on expansion/delineation of the high-grade zone with further step-out drilling to the west.
The M Zone hosts an indicated resource of 120,000 ounces of oxide gold averaging 0.71 g/t Au in 5,255,000 tonnes (“t”) and an inferred resource of 11,000 ounces of oxide gold averaging 0.45 g/t Au in 762,000 t (see press release dated February 7, 2023).

BACK RANGE ZONE HIGHLIGHT TABLE*

**These holes were finalized too late to be included in the MRE

Additional drilling in this area is being planned for Q2 2023, targeting the structural controls to the high-grade zones. Focus will be on expansion/delineation of the high-grade core and conversion of inferred resources into indicted, ahead of a pre-feasibility study decision.

The work program will also include advancing ongoing permitting with United States Forest Service to include access to the undrilled one-kilometer-long gap between Back Range to the Discovery Zone. This area is considered to have high oxide gold discovery potential and permits may be received as early as H2 2023.

The Back Range Zone hosts an indicated resource of 32,000 ounces of oxide gold averaging 0.62 g/t Au in 1,584,000 t and an inferred resource of 77,000 ounces of oxide gold averaging 0.63 g/t Au in 3,783,000 t.

QUALIFIED PERSON

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and 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. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. 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 email address is being protected from spambots. You need JavaScript enabled to view it.

QUALITY ASSURANCE – QUALITY CONTROL

multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

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 of the publication of any updated resources; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Cautionary Note for United States Investors

Board and Management Updates
2023 Work Programs

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce a corporate update which includes an addition to the Board of Directors (the “Board”), management appointments and a summary of work plans for 2023 at its Black Pine oxide gold project (“Black Pine”) in southeastern Idaho, Goldstrike oxide gold project (“Goldstrike”) in southwestern Utah and TV Tower gold-copper-silver project (“TV Tower”) in western Turkey.

The Company announces the appointment of Lisa Wade to the Board. Ms. Wade is an environmental engineer with over 25 years of experience in the mining industry and has held environmental engineering, community relations, permitting, executive and managerial positions with a number of mining companies. From 2005 to 2019, Ms. Wade held increasingly senior positions at Goldcorp Inc., in Central America and subsequently as Vice President, Environmental, Reclamation and Closure. Earlier in her career, Ms. Wade managed environmental and social matters in northern Nevada, California and at the Yanacocha Mine in Peru for Newmont Corporation. Ms. Wade holds a Bachelor of Science and Master of Science in Environmental Engineering from Montana Technological University. Ms. Wade received the Alumni Recognition Award in 2014 from Montana Tech in recognition of her professional accomplishments.

The Company is also pleased to announce that Peter Shabestari, CPG, has been appointed Vice President of Exploration. He will also assume the role as the Company’s Qualified Person. Mr. Shabestari joined Fronteer Gold Inc. (“Fronteer”) in 2009 and was instrumental in drilling and modeling the Long Canyon gold deposit, the flagship property at the core of Fronteer’s sale to Newmont Corporation for C$2.3 billion in 2011. Mr. Shabestari has been with Liberty Gold since its spin-out from Fronteer as Senior Geologist and Vice President, Operations. He was the lead in procuring process water and private and State of Idaho mineral and surface rights, developing community and governmental relationships and has been the Project Manager at Black Pine and Goldstrike. Mr. Shabestari is a native of Utah and has worked in mineral exploration in the Great Basin and around the world for over 25 years.

Moira Smith, Ph.D., P.Geo., has held the role of Vice President, Exploration and Geoscience with Liberty Gold since 2015, and will be transitioning into a new role as Corporate Technical Advisor focusing on technical evaluations and business development opportunities. She has been instrumental in identifying opportunities such as Black Pine, making new discoveries and building significant resource ounces for Fronteer and Liberty Gold over the last 15 years as well as for other companies and gold deposits in the Americas throughout her career.

Moira Smith stated, “While I will not be as involved in the day-to-day operations of our projects, I will continue to contribute to Liberty Gold in other meaningful ways for the foreseeable future. With a resource update pending at Black Pine, a new drill program already underway, development and de-risking activities planned, and the hope of a renewed gold market on the horizon, I remain committed to advancing Liberty Gold to create shareholder value.”

Mark O’Dea, Chairman of Liberty Gold, commented, “As Liberty Gold evolves into a development stage company, changes to Liberty Gold’s Board and executive team are a natural part of this transformation. I would like to welcome Lisa Wade to the Board. Her unique experience and skillset bring considerable strength to our company culture and the advancement of our oxide gold projects. Led by Moira Smith along with Peter Shabestari, our exploration group has had tremendous success in driving the discovery of many ounces of gold in the Great Basin, USA – with Black Pine in Idaho, Goldstrike in Utah and as exploration leaders of the Fronteer Long Canyon deposit team. These are prodigious achievements and on behalf of the entire team, I wish to thank Moira for her strength and leadership over these many years. We look forward to continuing to work with her in her new role. I am also pleased to introduce Pete as our new Vice President of Exploration. As Vice President of Operations, Pete has been overseeing the advancement of our projects through development and de-risking and with his years of exploration experience with the Liberty Gold team, he is a great fit for the role.”

2023 WORK PROGRAMS

With working capital of C$31.8 million^[1] (as at September 30, 2022), assay results still pending for release from 93 drill holes from last year’s 325 holes from the 67,000 metre drilling program at Black Pine and a future steady stream of drill results expected for this year’s program, the Company is well positioned to continue delivering value from the following, board-approved, work programs:

Black Pine, Idaho

The drilling program commenced on January 6, with the focus on step-out and resource infill drilling throughout the project area. Project de-risking activities are progressing in parallel with resource delineation, with the objective of front-end loading technical work in advance of the mine permitting phase.
The Company is on track for delivering an updated Mineral Resource Estimate mid-February with the NI 43-101 Technical Report to be filed shortly thereafter. The team has been updating the geological model progressively as drill assays have become available. Moira Smith is the lead Qualified Person for this mineral resource update.
Based on the updated resource and the status of its extensive de-risking activities, the Company will confirm in H1 whether it will forgo a formal Preliminary Economic Assessment and move directly to the commencement of a Pre-Feasibility Study.
Key activities include:
- 32,000 metres of reverse circulation exploration drilling.
- Delivery of an updated Mineral Resource Estimate in mid-February.
- Completion of pre-feasibility level studies on hydrology/hydrogeology of the mine water supply, geotechnical engineering, geo-metallurgical modelling, and metallurgical test work.
- Commencement of waste rock geochemical characterization studies.
- Anticipated receipt of a Record of Decision for a Plan of Operations modification from the United States Forest Service to increase the permitted project exploration area from 24 to 35 square kilometres.
- Continued wildlife monitoring and tracking studies (including big game, mule deer and greater sage grouse) and sage brush habitat rehabilitation.

Goldstrike, Utah

With the completion of the exploration drilling program in 2022, attention will focus largely on key de-risking activities, in particular procurement of a process water supply ahead of further detailed work.
Key activities include:
- Hydrological and geological studies to identify and test potential new water sources in the aquifers near to the mine site.
- Metallurgical testwork and updating of metals recovery models.
- Ongoing efforts supporting the proposed land swap between the State of Utah School and Institutional Trust Lands Administration (“SITLA”) and the Bureau of Land Management in accordance with State Bill HJR016.

TV Tower, Turkey

At TV Tower, a recent resource estimate outlines several deposits of gold, copper and silver^[2], containing multi-million gold-equivalent ounces. These deposits are open to expansion and the project has several drill-ready targets. We will continue our strategic sale process. (see press release dated August 15, 2022) For a full table of the TV Tower Resource Estimate Summary, see press release dated April 6, 2021. In addition, we will look to consolidate our exploitation licences, maintain licences in good standing, apply for exploration drill permits on key, high-value target areas and continue ongoing social engagement with local communities.

QUALIFIED PERSON

Peter Shabestari, CPG, Vice President of Exploration, the Company's newly designated Qualified Person approves this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and 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. We know the Great Basin and are driven to discover and advance large gold deposits that can be mined profitably in open- pit scenarios. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

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 email address is being protected from spambots. You need JavaScript enabled to view it.

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; timing of any mineral resource estimates or metallurgical results; scalability of metallurgical results, delays in permitting or receipts of records of decisions; the timing of any preliminary economic studies or pre-feasibility studies; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com..

^[1] At September 30, 2022, the value of C$1.00 was approximately $0.730; the daily average rate from the Bank of Canada.

^[2] See press release on May 18, 2021: “Liberty Gold Files Technical Report on SEDAR for the Resource Estimate at TV Tower, Western Turkey”.

Liberty Gold Announces Updated Resource Estimate for the Black Pine Oxide Gold Deposit, Idaho
2,613,000 Indicated and 483,000 Inferred Oxide Gold Ounces 52% Increase in Indicated and 31% Increase in Inferred Ounces

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce an update to the independent Mineral Resource Estimate (the “Resource” or “MRE”) at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho. The updated Resource builds on the maiden resource released on July 13, 2021 ^[1], and includes an additional 528 Reverse Circulation (“RC”) and core holes (126,726 metres) drilled by Liberty Gold between April 2021 and October 2022.

The MRE has an effective date of January 21, 2023, is reported using a constraining resource pit at a cut-off grade (“COG”) of 0.20 grams per tonne (“g/t”) gold (“Au”) and consists of:

An indicated resource of 2,613,000 ounces of oxide gold at an average grade of 0.52 g/t Au and totalling 157,267,000 tonnes (“t”); and
An inferred resource of 483,000 ounces of oxide gold at an average grade of 0.43 g/t Au and totalling 35,150,000 t.
A high-grade subset of the MRE within the 0.20 g/t Au resource pit using a COG of 0.50 g/t Au consists of:
- An indicated 1,548,000 ounces of gold at an average grade of 1.02 g/t Au and totalling 47,391,000 t; and
- An inferred 219,000 ounces of gold at an average grade of 0.93 g/t Au and totalling 7,315,000 t.

In total, using the same COG as the previous resource estimate, the updated MRE represents a 52% increase in indicated ounces and a 31% increase in inferred ounces over the maiden resource released just 18 months ago (see press release dated July 13, 2021). Within the higher-grade subset (0.50 g/t Au COG within the 0.20 g/t Au resource pit), 528,000 indicated ounces were added relative to the 2021 maiden resource estimate, a 52% increase. The significant increase in ounces can be attributed to:

The discovery (see press release dated September 1, 2021) and subsequent intensive drilling of 154 holes included in the resource in the Rangefront Zone beginning in July 2021 over a 15 month period.
Expansion and/or amalgamation of several existing zones, including the CDF, E, and M zones and discovery of the Bobcat Zone, a southern extension of the CDF Zone (see press released dated December 13, 2022).
Drill testing and drill definition of surficial waste rock storage and pit backfill.
Definition drilling in previously-defined areas of inferred mineralization.

The MRE was completed by SLR Consulting (Canada) Ltd., Toronto, Canada (“SLR”). SLR is a highly respected engineering company with extensive experience in resource estimation and audit of the largest Carlin-style gold systems in the Great Basin.

Jason Attew, President and CEO of Liberty Gold stated, “This updated Mineral Resource Estimate for our flagship Black Pine project represents a major milestone for Liberty Gold and a major accomplishment for our exploration team, who spent the last year and a half with a singular focus on expanding and upgrading the resource endowment at Black Pine. The team has delivered impressive results. Compared to the July 2021 resource estimate, tonnes are up significantly while grade has improved using conservative input assumptions, positioning Black Pine in the rarified territory of an oxide resource with more than 2.6 million indicated ounces and a further half a million ounces inferred. Moreover, we are encouraged that Black Pine continues to expand in all directions with future resource growth expected as drill results continue to impress.”

For maps and cross sections of the Black Pine Mineral Resource block model, please click here: https://libertygold.ca/images/news/2023/February/BlackPine_ResourceUpdate.pdf

TABLE 1: BLACK PINE UPDATED MINERAL RESOURCE ESTIMATE

Notes:

CIM (2014) definitions were followed for Mineral Resources.
Mineral Resources are estimated at a gold cut-off grade of 0.20 g/t.
Mineral Resources are estimated using a long-term gold price of US$1,800 per ounce.
Mineral Resources are estimated using a variable recovery derived from metallurgical studies.
Bulk density is variable by rock type.
There are no Mineral Reserves.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Mineral Resources are reported within conceptual open pits.
Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grades, and contained gold content.
The effective date of the Mineral Resource estimate is January 21,
The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
See additional resource estimation notes below.

KEY POINTS

The updated MRE captures historic shallow drilling and Liberty Gold drilling through mid-October 2022 throughout the 14 square kilometer (“km²”) surface gold anomaly surrounding the historic pits and in the Rangefront area, leaving large areas of the project still untested.
A combination of historic drilling and Liberty Gold drilling comprised of 2,398 tightly spaced drill holes and representing 362,423 m of drilling, allows for a high degree of confidence in the integrity of the MRE, as illustrated by 84.4% of the MRE in the indicated category.
Within the 0.20 g/t Au resource pit shell, there is a subset of higher-grade mineralization exceeding 1.5 million ounces of indicated material at a grade of over 1 g/t Au (0.50 g/t Au cut-off grade).
An analysis of geological potential at lower cut-off grades, down to the marginal cut-off grade of 0.10 g/t Au, suggests that significant upside potential exists for recovery of additional ounces in a future mine at Black Pine by applying operational cut-off grades similar to other run-of-mine oxide heap-leach operations in the Great Basin. These lower grade ounces are estimated in the block model to a high degree of confidence and have supporting metallurgical test work.
Inferred portions of the MRE largely reflect areas of recent resource expansion drilling and will continue to be upgraded through infill drilling.
The updated MRE is supported by four phases of metallurgical column testing, completed between 2019 and 2021. Three additional phases of metallurgical test work are currently in progress for Black Pine. Results will be released when available from February through December 2023.
As of December 31, 2022, Liberty Gold has expended approximately US$48.7 million dollars all-in on the project, including acquisition costs, or approximately US$16 per resource ounce of gold.

“The updated MRE represents the next step in validating our hypothesis that the Black Pine gold system may be the largest oxide gold system in the Great Basin not currently being mined,” stated Moira Smith, Liberty Gold’s Corporate Technical Advisor. “Our initial concept of a gold system hosted along low-angle, bedding-parallel faults over a wide area has withstood the test of time, and we were able to test the concept in an area of shallow cover to the east of the main zone of mineralization, resulting in a major discovery at Rangefront. With over 40 holes pending assay results post-resource at this time, we are well on our way toward further resource growth. At this point, with data in hand from this resource update, both within and outside of the current resource pit, we believe that geological potential across our two Great Basin properties could extend to at least 7 million ounces.”

RESOURCE DISTRIBUTION ACROSS AND WITHIN THE BLACK PINE DEPOSIT

With reference to Table 1, above, the updated MRE reflects efforts to grow the deposit through:

Testing of new targets: The Rangefront Zone, targeted by drilling starting in July 2021, has added over 679,000 ounces of indicated and 93,000 ounces of inferred resource to the Black Pine deposit relative to the 2021 resource estimate, and now contributes 27% to the total Resource. It is located adjacent to flat terrain suitable for future infrastructure development.
Targeting of areas with potential to yield near-surface mineralization at higher than average grades including the M Zone and F Zone. The M Zone now hosts 120,000 indicated ounces at an average grade of 0.71 g/t Au.
Targeting of sparsely-drilled, smaller zones with multiple small resource pits in order to amalgamate them into larger bodies of contiguous mineralization in fewer pits, including the M Zone, portions of the CDF Zone and Back Range Zone.
Step-out drilling along the margins of existing zones, including the CDF, E and Rangefront zones.
Drill testing of surficial mine disturbance, including waste rock storage and pit backfill, to identify and drill off areas of above cut-off grade material.
Drill testing of new areas including the newly-defined Bobcat Zone (reported as part of the CDF Zone).

The Discovery Zone continues to host the largest contiguous body of gold mineralization at Black Pine, with the Rangefront Zone now the second largest. The Rangefront Zone is open to the west, north and east, with drilling continuing to expand its limits.

RESOURCE ESTIMATE ANALYSIS BY BLOCK GRADES

The average grade of the deposit within the limits of the 0.20 g/t Au resource pit shell reflects a wide range of block grades. At successively higher cut-off grades, a sizeable portion of the deposit remains (Table 2). At a block COG of 0.50 g/t Au, an indicated 1,548,000 ounces at an average grade of 1.02 g/t Au remain. The distribution of the above 0.50 g/t Au COG blocks is shown in the graphics provided at the link above.

TABLE 2: RESOURCE GRADE DISTRIBUTION AT SUCCESSIVELY HIGHER CUT-OFF GRADES WITHIN THE 0.2 G/T AU REPORTING PIT*

^{*Please refer to the notes accompanying Table 1, above, for additional information.}
^{The Black Pine updated MRE is shown in bold and italic font.}

POTENTIAL UPSIDE

Potential upside was examined by evaluating the block model down to successively lower cut-off grades with corresponding constraining resource pits, approaching the marginal COG.

Considerable upside remains for resource expansion at lower COGs, to be investigated in the course of carrying out future engineering studies.

TABLE 3: SENSITIVITY ANALYSIS USING LOWER CUT-OFF GRADES*

^{*Please refer to notes accompanying Table 1, above. The reporting MRE is shown in}
^{bold and italic font. Tonnes, grade and ounces are expressed within a series of nested}
^{pit shells generated at USD$1800/ounce gold whereby only the material above each}
^{cut-off grade is processed.}

In addition to the above, the block model contains a large number of unclassified blocks lying outside of the limits of the 0.10 g/t Au pit shell. It is unknown if further drilling will result in classification of these blocks as resource. However, the presence of gold mineralization beyond the pit limits suggests the potential for future additions of gold to the current MRE.

Non-oxide gold mineralization, primarily in the form of carbonaceous material with very low cyanide solubility, is present at the base of the deposit in several locations, as well as sporadically elsewhere in the stratigraphic column. This material was assigned a zero recovery in the conceptual pit model, such that it is excluded from the pits, and, if internal to the pits, is not included in the MRE. Very high grades were encountered locally in this material. It is not known whether some or all of this material is recoverable using other methods without further metallurgical studies.

2023 Work Program

Much of the gold system at Black Pine remains unexplored or incompletely tested, including areas along the southeastern, eastern and northeastern edge of the deposit, as well as the gap between the Back Range and E zones.

A recently submitted modification to the United States Forest Service (“USFS”) Plan of Operations, as well as a recently received Bureau of Land Management Plan of Operations will allow access to much of this area beginning in 2023.

The 2023 drill program commenced on January 7, 2023, in low elevation areas along the eastern margin of the deposit. The budget includes 32,000 m of RC drilling targeting resource upgrade and expansion over several areas of the deposit, as well as reconnaissance drilling in new areas along the eastern margin of the deposit.

In parallel with the drill program, development work is continuing, comprising:

Phase 5 metallurgical column test work (55 columns)
Submission of an additional modification to the USFS Plan of Operations
Geotechnical and hydrological studies
Waste rock geochemical studies
Environmental baseline work.

ABOUT BLACK PINE

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Nevada Gold Mine’s Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, at an average grade of 0.63 g/t Au.

Gold mineralization at Black Pine is hosted in a 100 to 500 m-thick package of receptive, faulted carbonate rocks of the Pennsylvanian Oquirrh Formation. The rocks show evidence of extensive decalcification and clay alteration typical of Carlin-style gold deposits and are strongly oxidized over the entire extent of the 14 km², exposed portion of the gold system.

Metallurgical column test results received to date indicate rapid gold recoveries, relatively insensitive to crush size, which support a simple, low-cost heap-leach process.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, will be available in due course on the Company’s website: libertygold.ca.

ESTIMATION METHODS

The resource estimate was completed by Ryan Rodney, C.P.G., Senior Resource Geologist, of SLR. Mr. Rodney is an Independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The resource estimate was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. Estimation methods are summarized below.

The gold mineral resources at the Black Pine Project were modeled and estimated by:
- Developing a geological model, in Leapfrog Geo reflecting low-angle fault control and stratigraphic control of mineralization hosted in receptive carbonate host rocks;
- evaluating the drill data statistically;
- interpreting low (0.1 g/t Au) and high-grade (0.3 g/t Au for Rangefront and 0.5 g/t Au for all other areas) gold-domains using Leapfrog Edge;
- compositing data to 3.048 metres (10 feet) within the gold domains;
- coding a block model comprised of 10 x 10 x 5 (x, y, z) metre blocks and sub-blocked to 2.5 x 2.5 x 1.25 metre blocks to the domains;
- analyzing the modeled mineralization geostatistically to aid in the establishment of estimation and classification parameters;
- interpolating gold grades using inverse distance cubed (ID³) and a three pass interpolation strategy into the model blocks using the mineral domain coding to explicitly constrain the gold grade estimations; and
- evaluating, statistically and visually, the resulting model in detail prior to finalizing the mineral resource estimation.
The Black Pine Deposit mineral resource has been constrained by optimized pit shells created using a gold price of US$1,800/ounce and pit slopes ranging from 45 to 47 degrees in eight sectors defined by geotechnical studies. Additional inputs for the pit-optimizations include: Mining - $2.35/tonne mined, heap leaching - $2.00/tonne processed; and G&A cost of $0.80/tonne processed at an assumed 10 million tonnes per year processing rate. Gold recoveries are based on equations derived from metallurgical data and vary by grade and rock unit. A 0.5% net smelter return royalty was also applied.
The drilling database for the project contains 1,854 historical RC holes and 23 diamond core holes, as well as 768 RC and 30 core holes drilled by Liberty Gold. The historical holes at the Black Pine Project were primarily drilled from the mid 1980s to the late 1990s by Noranda and Pegasus Gold.
A technical report on the updated resource estimate will be prepared in accordance with NI 43-101 and filed within 45 days of this news release on Liberty Gold’s issuer profile on SEDAR at sedar.com

The technical information contained in this news release has been reviewed and approved by Mr. Ryan Rodney, C.P.G. of SLR, an Independent Qualified Person as defined by NI 43-101. Mr. Rodney has verified the data disclosed, including sampling, analytical, and test data underlying the drill results, and he consents to the inclusion in this release of said data in the form and context in which it appears. Mr. Rodney experienced no limitations with respect to data verification activities related to the Black Pine project.

Moira Smith, Ph.D., P.Geo., Corporate Technical Advisor to Liberty Gold, is the Company's designated Qualified Person for this news release within the meaning of NI 43-101 and has reviewed and validated that the information contained in the release is accurate.

^[1] Included in the Updated Technical Report and Resource Estimate for the Black Pine Gold Project, Cassia County, Idaho, USA dated August 18, 2021 with an effective date of June 20, 2021.

_{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; timing of any preliminary economic assessments or feasibility assessments; scalability of metallurgical results, delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.}

1.19 g/t Au over 33.5 m in LBP809
2.13 g/t Au over 18.3 m in LBP793
1.03 g/t Au over 13.7 m in LBP815

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report further Reverse Circulation (“RC”) drill results from the Rangefront Zone at its Black Pine Oxide Gold Project in southeastern Idaho. The results are from the recently completed 324 hole, 67,000 metre (“m”) 2022 drill program at Black Pine that was designed to expand and upgrade the current Mineral Resource Estimate (“MRE”) and discover new oxide gold mineralization. Results will be released in the near future from 73 additional holes drilled in 2022, including 27 that were unavailable for inclusion in the MRE and an additional 16 holes drilled to date in 2023. The Rangefront Zone was discovered in mid-2021 and now contributes 27% of the ounces to the updated MRE, comprising an indicated resource of 2,613,000 ounces of oxide gold averaging 0.52 grams per tonne (g/t Au) in 157,267,000 tonnes (“t”) and an inferred resource of 483,000 ounces of oxide gold averaging 0.43 g/t Au in 35,150,000 t (see press release dated February 7, 2023). Drill results announced today have identified additional high-grade oxide gold mineralization along the western margin of the Rangefront Zone, which is still open to the west:

2.13 g/t Au over 18.3 m including 10.3 g/t Au over 1.5 m in LBP793
1.19 g/t Au over 33.5 m including 3.33 g/t Au over 4.6 m in LBP809
0.69 g/t Au over 64.0 m including 1.38 g/t Au over 12.2 m in LBP815
0.58 g/t Au over 120.4 m including 0.77 g/t Au over 74.7 m in LBP820.

Jason Attew, President and CEO of Liberty Gold commented, “Black Pine is unique in that we can access and drill the deposit 12 months a year. The drill program this year builds on the tremendous success of our recently released MRE which expanded the resource by 52% in the indicated category and 31% in the inferred category. With a strong treasury, our 2023 work program comprising of a minimum of 32,000 m of drilling and a series of de-risking engineering studies, is well-funded to execute on the Black Pine exploration and development strategy to year end. We still have almost 90 drill holes in the queue for release, so we expect steady news flow throughout the year and anticipate progressive growth in resource ounces at our next update.”

For a map and cross sections showing locations of drill holes in this release click here: https://libertygold.ca/images/news/2023/February/BlackPinemap_sections.pdf

For a table showing complete drill results for current Liberty Gold drill results at Black Pine, click here: https://libertygold.ca/images/news/2023/February/BlackPineCurrentDrillResults.pdf

RANGEFRONT ZONE HIGHLIGHT TABLE*

feb14table combine

**The base of the zone is situated at the lowest structural level of the deposit, such that carbonaceous material is frequently encountered at the base of the oxide zone, leading to reduced cyanide solubility at depth.

***Hole that was not finalized by the effective date of the resource estimate.

RANGEFRONT ZONE EXPLORATION

Drilling in the Rangefront Zone continues to expand the limits of the high-grade gold oxide zone to the west and east and upgrade other areas with mineralization drilled at lower drill densities. Drilling will continue throughout the winter months, specifically targeting the upgrade of the 118,000 ounces in the inferred resource (see press release dated February 7, 2023), into the indicated category for inclusion in subsequent engineering studies. The Company will further drill test the extents of the gold system into newly permitted areas of BLM/State of Idaho land to the east and northeast at Rangefront.

Additionally, exploration drilling in the Rangefront area in 2023 will also focus on a new discovery

located 500 m to the south in LBP708 (0.57 g/t Au over 51.8 m; see press release dated December 13, 2022). This isolated drill hole demonstrates that the Black Pine gold mineralizing system is present well to the south of any previous drilling and in a similar geologic environment, with room to discover a new, significant zone of oxide gold mineralization within the Black Pine system.

QUALIFIED PERSON

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and 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. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. 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 email address is being protected from spambots. You need JavaScript enabled to view it.

QUALITY ASSURANCE – QUALITY CONTROL

_{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; timing of any preliminary economic assessments or feasibility assessments; scalability of metallurgical results, delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.}

News menu

Liberty Gold Reports Q3 2023 Financial and Operating Results

THIRD QUARTER OF 2023 AND RECENT HIGHLIGHTS

Liberty Gold Announces Leadership Transition

Liberty Gold Reports Additional Drill Results at the Black Pine Oxide Gold Project, Idaho

Liberty Gold Announces Closing of Royalty Transactions and US$5.7 Million Private Placement and Welcomes Wheaton Precious Metals as a Strategic Shareholder

Liberty Gold Announces Purchase and Resale of Black Pine Royalty Interest and US$5.7 Million Private Placement Financing with Strategic Investment from Wheaton Precious Metal

Liberty Gold Reports Additional Drill Results from the Rangefront Zone, Black Pine Oxide Gold Project, Idaho

0.61 g/t Au over 76.2 m including 2.47 g/t Au over 12.2 m
0.45 g/t Au over 73.2 m including 1.50 g/t Au over 3.0 m

Liberty Gold Advances Black Pine Oxide Gold Project with the Submission of a Mining Pre-Plan of Operations to US Federal Agencies and the Selection of a Lead Engineer for the Pre-Feasibility Study

Liberty Gold Publishes Second Annual ESG Report: Developing Gold Deposits in a Responsible and Sustainable Manner

Liberty Gold Publishes Second Annual ESG Report: Developing Gold Deposits in a Responsible and Sustainable Manner

Liberty Gold Reports Additional Drill Results from the Black Pine Oxide Gold Project

3.40 g/t Au over 32.0 m including 6.74 g/t Au over 9.1 m and 1.41 g/t Au over 22.9 m including 4.28 g/t Au over 6.1 m in the Back Range Zone
0.72 g/t Au over 48.8 m including 2.55 g/t Au over 7.6 m in the Discovery Zone

Liberty Gold Reports Q2 2023 Financial and Operating Results

Liberty Gold Reports Additional High-Grade Drill Results, Including a New Discovery at its Black Pine Oxide Gold Project, Idaho

Liberty Gold Reports Additional High-Grade Drill Results from the Black Pine Oxide Gold Project, Idaho

Liberty Gold Reports Voting Results from Annual General Meeting and Changes to the Board of Directors

Liberty Gold Reports on Progress at the Goldstrike Oxide Gold Project, Utah

Liberty Gold Reports Q1 2023 Financial and Operating Results

Liberty Gold Reports Additional Results at M Zone and Rangefront Zone at the Black Pine Oxide Gold Deposit, Idaho

Liberty Gold announces Founder and Independent Board Chair, Dr. Mark O’Dea, to retire at 2023 AGM

Liberty Gold Reports Year-End 2022

Liberty Gold Reports Weighted Average 86.9% Gold Extraction from Metallurgical Column Leach Testing on Rangefront Zone Oxide Gold Mineralization, Black Pine Project, Idaho

Liberty Gold Files Technical Report on SEDAR for Updated Resource Estimate at Black Pine Oxide Gold Deposit, Great Basin, USA

Liberty Gold Reports Impressive High-Grade Results from M and Back Range Zones including the Highest Grade Intercept Drilled to Date at the Black Pine Oxide Gold Deposit, Idaho

Liberty Gold Provides Corporate Update

Liberty Gold Provides Corporate Update

Liberty Gold Announces Updated Resource Estimate for the Black Pine Oxide Gold Deposit, Idaho

Liberty Gold Reports High-Grade from Rangefront Zone, Black Pine Oxide Gold Deposit, Idaho

News menu

News menu

Liberty Gold Reports Q3 2023 Financial and Operating Results

THIRD QUARTER OF 2023 AND RECENT HIGHLIGHTS

Liberty Gold Announces Leadership Transition

Liberty Gold Reports Additional Drill Results at the Black Pine Oxide Gold Project, Idaho

Liberty Gold Announces Closing of Royalty Transactions and US$5.7 Million Private Placement and Welcomes Wheaton Precious Metals as a Strategic Shareholder

Liberty Gold Announces Purchase and Resale of Black Pine Royalty Interest and US$5.7 Million Private Placement Financing with Strategic Investment from Wheaton Precious Metal

Liberty Gold Reports Additional Drill Results from the Rangefront Zone, Black Pine Oxide Gold Project, Idaho

0.61 g/t Au over 76.2 m including 2.47 g/t Au over 12.2 m 0.45 g/t Au over 73.2 m including 1.50 g/t Au over 3.0 m

Liberty Gold Advances Black Pine Oxide Gold Project with the Submission of a Mining Pre-Plan of Operations to US Federal Agencies and the Selection of a Lead Engineer for the Pre-Feasibility Study

Liberty Gold Publishes Second Annual ESG Report: Developing Gold Deposits in a Responsible and Sustainable Manner

Liberty Gold Publishes Second Annual ESG Report: Developing Gold Deposits in a Responsible and Sustainable Manner

Liberty Gold Reports Additional Drill Results from the Black Pine Oxide Gold Project

3.40 g/t Au over 32.0 m including 6.74 g/t Au over 9.1 m and 1.41 g/t Au over 22.9 m including 4.28 g/t Au over 6.1 m in the Back Range Zone 0.72 g/t Au over 48.8 m including 2.55 g/t Au over 7.6 m in the Discovery Zone

Liberty Gold Reports Q2 2023 Financial and Operating Results

Liberty Gold Reports Additional High-Grade Drill Results, Including a New Discovery at its Black Pine Oxide Gold Project, Idaho

Liberty Gold Reports Additional High-Grade Drill Results from the Black Pine Oxide Gold Project, Idaho

Liberty Gold Reports Voting Results from Annual General Meeting and Changes to the Board of Directors

Liberty Gold Reports on Progress at the Goldstrike Oxide Gold Project, Utah

Liberty Gold Reports Q1 2023 Financial and Operating Results

Liberty Gold Reports Additional Results at M Zone and Rangefront Zone at the Black Pine Oxide Gold Deposit, Idaho

Liberty Gold announces Founder and Independent Board Chair, Dr. Mark O’Dea, to retire at 2023 AGM

Liberty Gold Reports Year-End 2022

Liberty Gold Reports Weighted Average 86.9% Gold Extraction from Metallurgical Column Leach Testing on Rangefront Zone Oxide Gold Mineralization, Black Pine Project, Idaho

Liberty Gold Files Technical Report on SEDAR for Updated Resource Estimate at Black Pine Oxide Gold Deposit, Great Basin, USA

Liberty Gold Reports Impressive High-Grade Results from M and Back Range Zones including the Highest Grade Intercept Drilled to Date at the Black Pine Oxide Gold Deposit, Idaho

Liberty Gold Provides Corporate Update

Liberty Gold Provides Corporate Update

Liberty Gold Announces Updated Resource Estimate for the Black Pine Oxide Gold Deposit, Idaho

Liberty Gold Reports High-Grade from Rangefront Zone, Black Pine Oxide Gold Deposit, Idaho

News menu

0.61 g/t Au over 76.2 m including 2.47 g/t Au over 12.2 m
0.45 g/t Au over 73.2 m including 1.50 g/t Au over 3.0 m

3.40 g/t Au over 32.0 m including 6.74 g/t Au over 9.1 m and 1.41 g/t Au over 22.9 m including 4.28 g/t Au over 6.1 m in the Back Range Zone
0.72 g/t Au over 48.8 m including 2.55 g/t Au over 7.6 m in the Discovery Zone