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

Unlocks Potential for Resource and Reserve Expansion

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report the results of the recently completed sonic drilling program on the legacy heap leach pad (“L-HLP”) at its flagship Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho.

Drill hole assays confirm the presence of residual, cyanide-soluble gold in the legacy heap, consistent with internal expectations. This highlights a dual opportunity to recover additional gold ounces, while re-purposing the legacy material for use in the construction of the new heap leach pad (“N-HLP”) at Black Pine.

The relocation of the legacy heap would also improve the Rangefront open pit design, which for the Preliminary Feasibility Study (“PFS”) included a 50-meter (“m”) setback from the toe of the L-HLP. Removing this setback limit may provide mining access to an estimated ~250,000 ounces of oxide gold mineralization currently defined as resource, on the northern margin of the Rangefront deposit. Furthermore, relocation of the L-HLP would generate an important near-pit exploration opportunity, where historic drilling results suggest oxide gold mineralization continues beneath the legacy heap. A resource estimate for the L-HLP is underway and samples are being prepared for metallurgical testing as part of the feasibility program.

See https://vrify.com/decks/19714 for a dynamic 3D view of sonic drill results and implications for significant value unlock.

Highlights:

The 24-hole, 1,400 m sonic drilling program was completed across the ~31 million tonne legacy heap.
Assay results indicate residual gold grades supportive of potential economic reprocessing, with individual samples ranging 0.06 to 1.18 grams per tonne (“g/t”) gold (“Au”) with the highest grades occurring near the surface.
Potential for reducing construction capital by reuse of the legacy heap material, located close to the site of the N-HLP, as over-liner.
The relocation of this material provides an important opportunity for near-pit Resource and Reserve growth at the Rangefront deposit.

Jon Gilligan, President and CEO, stated: “The results confirm the opportunity to turn a legacy mining feature into a strategic win for Liberty Gold and the Black Pine Project. Whilst the gold grades are naturally low due to previous processing, it appears there is sufficient recoverable gold to cover the costs of rehandling and reprocessing, which makes this a strong value proposition as we move the heap to unlock the resource and reserve potential below. Whether through incremental gold recovery, reduction in initial capital costs, expansion of our Resource potential, or the continuation of our cooperative agency relationships, this work exemplifies our commitment to responsible development and value creation.”

Next Steps

Resource Estimation: preliminary work is underway for the L-HLP.
Testwork: Metallurgical testing is underway to assess leach-recoverable gold from the L-HLP and access the material’s geotechnical suitability to act as an over-liner replacement.
Mine Planning: Once the metallurgical test work is completed, and if it confirms expected leach characteristics, the Rangefront open pit optimization will be updated to remove the 50 m setback. Mine plans will be run for the L-HLP itself looking at a variety of mining and processing rates, costs and production. The objective will be to incorporate L-HLP material into overall feasibility production schedule to potentially add additional ounces into the reserves.
Permitting: Continuation of discussions with relevant State & Federal agencies regarding both the ongoing L-HLP evaluation and the potential to relocate and incorporate L-HLP material as part of the N-HLP for residual processing, and ultimately reclamation and closure following cessation of mining.

Below is a plan map and cross section illustrating the location of the legacy heap in relation to the Black Pine oxide resource and the PFS mine plan, along with a photo of the legacy pad area.

Map and Cross Section: Sonic Drilling on the Legacy Heap Leach Pad at Black Pine

Photo 1: Looking west at a sonic drill rig on the Legacy Heap Leach Pad at Black Pine

Table 1: Heap Leach Fire Assay intervals and Cyanide Solubility data

* Note: Cyanide soluble Au (AuCN) assay result divided by fire assay gold (AuFA) assay result indicative to gold amenable to cyanide leach processes.

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. The Company is advancing the Black Pine Project in southeastern Idaho, a past-producing, Carlin-style gold system with a large, growing resource and strong economic potential. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios and in an environmentally responsible manner.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
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.

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.

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 or mineral reserve estimates and preliminary feasibility studies; and the Company’s anticipated expenditures.

Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar 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, timely receipt of governmental or regulatory approvals, including any stock exchange approvals; receipt of a 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, results or timing of any mineral resources, feasibility study, EIS, mineral reserves, 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, mineral reserves EIS or 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, timing of the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2025, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to 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, except for material differences between actual results and previously disclosed material forward-looking information, or as otherwise required by law.

Except for statements of historical fact, information contained herein or incorporated by reference herein constitutes forward-looking statements and forward-looking information. Readers should not place undue reliance on forward-looking information. All forward-looking statements and forward-looking information attributable to us is expressly qualified by these cautionary statements.

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

The information, including any information incorporated by reference, and disclosure documents of Liberty Gold that are filed with Canadian securities regulatory authorities concerning mineral properties have been prepared in accordance with the 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 “mineral reserves”. These terms are Canadian mining terms as defined in, and required to be disclosed in accordance with, NI 43-101, which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards, adopted by the CIM Council, as amended. However, these standards differ significantly from the mineral 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.

80.6% weighted average gold extraction from 24 column leach tests

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report results from its Phase 5A metallurgical program at the Company’s Black Pine Oxide Gold Project (“Black Pine”) in southeast Idaho. The new results confirm consistent, robust gold recoveries across previously untested areas, supporting the feasibility development of a run-of-mine (“ROM”) heap leach processing flowsheet at Black Pine.

Highlights

Consistent Gold Extractions and Leach Performance: Weighted average column leach gold extraction of 80.6%, with individual composites reaching up to 90.8%, demonstrating metallurgical continuity across multiple mineralized zones; all of the Phase 5A composites tested exhibit the typical Black Pine leach result of greater than 80% of the eventual gold extraction achieved in under 10 days.
Corroborated Bottle Roll Data: Gold and silver extractions from coarse crush bottle roll tests strongly correlate with column leach results, 78.9% vs 80.6%, respectively, in line with previous metallurgical results.
De-risking Project Development: Phase 5A column tests reinforce the suitability of ROM heap leach processing and provide key inputs into the ongoing feasibility study metallurgical model.
Expanded Metallurgical Coverage: Phase 5A testing included composites from Back Range and J Zone, areas not previously tested and variability composites infilling previous sampling in the M Zone, Tallman and F zones.
Ongoing Programs: Phase 5B (additional variability infill composites) results are expected in Q3, 2025, Phase 7 (cut-off-grade (“COG”) composites) results expected in Q4, 2025 and Phase 6 (bulk samples) and Phase 8 (legacy heap facility (“HLF”) sonic drilling composites) expected in early H1, 2026.

Jon Gilligan, President and CEO, Liberty Gold, commented, “These results further demonstrate that Black Pine’s oxide gold mineralization is highly amenable to ROM heap leaching, including areas outside the main deposit zones. As we advance toward the completion of our feasibility study, this growing metallurgical dataset will help optimize processing parameters, underpin robust project economics, and reduce technical risk.”

Phase 5A Metallurgical Test Summary

The Phase 5A program was designed to expand the metallurgical dataset into areas not previously tested and fill gaps in the main deposit areas, confirming consistency of recoveries across the broader mineralized footprint. See Figure 1 below for Phase 5A variability composite metallurgical drill core locations. Metallurgical composites were made from PQ sized core drilled in 2023. A total of 24 column leach tests were completed under standard test conditions for Black Pine oxide gold mineralized material, with results summarized below in Table 1.

Figure 1 – Summary map of Black Pine Metallurgical Program Sample Locations

Table 1 – Weighted Average Gold Extraction Results by Zone – Coarse Bottle Roll and Column Leach Tests

Zone	Average Calculated Head Grade Au (ppm)	Weighted Average Bottle Roll Gold Recovery (%) P80	Weighted Average Column Leach Gold Recovery (%) P80
Back Range Zone	1.68	80.7%	81.9%
J Zone	0.59	78.9%	78.0%
Tallman Zone	0.63	75.8%	81.1%
M Zone	0.58	77.3%	81.1%
F Zone	0.42	67.0%	67.3%
All Zones		78.9%	80.6%

Notes: Average Calculated Head Grade is the average of the composite column head grades tested within each zone. Detailed sample-level results are provided in Table 2 below.

Silver

Column leach tests also showed silver (“Ag”) extractions ranging from 13.7% to 72.3%. Silver grades and extractions in M-Zone and Back Range appear higher than other mineralized areas at Black Pine. Silver grades and extractions for J Zone, Tallman and F Zone are in line with results from previous metallurgical test phases. Historic production of silver was in the approximate ratio of ~0.4 ounces of silver for every ounce of gold. Liberty Gold is currently evaluating adding silver to the resource estimate in the feasibility study.

Interpretation

Phase 5A gold extractions are in line with previous metallurgical testing across the main mineralized zones.
The strong correlation between bottle roll and column leach data validates process predictability and supports a simple, low-cost ROM leach processing flowsheet for Black Pine oxide ores.
These results further de-risk the processing strategy ahead of the feasibility study.

Ongoing Metallurgical Program

Liberty Gold has an active feasibility-level metallurgical program:

Phase 5B: Twenty-one “infill” variability composites from Rangefront and Discovery Zone have completed column leaching and final results are expected in Q3, 2025.
Phase 6: Seven (Six in-pit and one surface) 20 tonne ROM surface bulk samples sourced from the main mineralized lithology types, will be tested in Pilot-Scale columns (4 feet diameter x 20 feet high) at Kappes, Cassiday & Associates (“KCA”) in Reno. Three bulk samples are currently under leach and the remaining four are in sample collection and preparation. Results are expected in H1 2026.
Phase 7: Nine cut-off grade variability composites currently under column leach.
Phase 8: 24 sonic drill holes (~1,400 meters) have been completed in the legacy heap leach pad, with initial gold assays received. Metallurgical studies and composites are currently being planned. It is expected that test work will commence in late Q3, 2025. This material will be tested for the potential to act as over-liner material and also as direct leach feed.

These programs are designed to finalize gold leach recoveries and optimize process design criteria as inputs to the Feasibility Study targeted for completion in Q4, 2026.

Quality Assurance – Quality Control

All metallurgical work at Black Pine was conducted at KCA Labs in Reno and is supervised by Gary Simmons, MMSA, formerly Director of Metallurgy and Technology for Newmont Mining Corp. Mr. Simmons has managed metallurgical programs on multiple Carlin-style oxide deposits in the Great Basin.

Peter Shabestari, P.Geo., Vice President Exploration, Liberty Gold, is the Qualified Person responsible for reviewing and approving the technical content of this release.

Table 2 – Phase 5A Gold Extraction Results

Sample ID	Test Area	Bottle Roll % Extraction	Calculated Head Grade Au (ppm)	Column Leach % Au Ext	Calculated Head Grade Au (ppm)
Sample ID	Test Area	Bottle Roll % Extraction	Calculated Head Grade Au (ppm)	Column Leach % Au Ext	Calculated Head Grade Au (ppm)	98104 B	Backrange	66.6	0.433	64.3	0.412
98105 A	Backrange	83.9	2.143	85.5	2.107
98106 A	Backrange	80.9	5.039	80.1	4.689
98107 B	Backrange	86.8	1.167	89.6	1.116
98107 A	Backrange	75.3	0.347	76.5	0.306
98108 B	Backrange	64.1	0.381	61.8	0.340
98110 B	Backrange	83.6	3.983	85.4	4.682
98111 B	Backrange	75.4	1.372	79.6	1.355
98112 A	Backrange	48.4	0.173	37.6	0.125
98113 A	J Zone	78.6	0.562	81.2	0.527
98114 B	J Zone	62.7	0.417	64.7	0.337
98115 A	J Zone	79.9	1.057	81.0	0.919
98116 A	J Zone	86.0	0.836	column abandoned
98117 B	Tallman	70.4	0.492	81.0	0.400
98118 B	Tallman	65.6	0.342	71.0	0.276
98119 A	Tallman	81.0	1.191	83.5	1.204
98120 A	M Zone	64.2	0.735	73.6	0.747
98121 B	M Zone	73.9	0.263	82.6	0.242
98122 A	M Zone	83.4	0.509	86.6	0.461
98123 B	M Zone	68.7	0.321	72.8	0.309
98124 B	M Zone	82.2	0.859	77.5	0.883
98125 B	M Zone	84.9	0.779	90.8	0.840
98126 B	F Zone	69.3	0.849	67.3	0.837
98127 B	F Zone	56.2	0.245	56.1	0.244
98128 A	F Zone	71.6	0.165	81.8	0.187
Averages		78.9%	0.986 ppm Au	80.6%	0.981 ppm Au

Footnote: ppm = parts per million or grams per tonne (g/t)

ABOUT LIBERTY GOLD

Liberty Gold is focused on developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah. The Company is advancing the Black Pine Project in southeastern Idaho, a past-producing, Carlin-style gold system with a large, growing resource and strong economic potential. We know the Great Basin and are driven to advance big gold deposits that can be mined profitably in open-pit scenarios and in an environmentally responsible manner.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

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 or mineral reserve estimates and preliminary feasibility studies; and the Company’s anticipated expenditures.

Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar 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, timely receipt of governmental or regulatory approvals, including any stock exchange approvals; receipt of a 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 scalability of results of metallurgical testing, results or timing of any mineral resources, feasibility study, EIS, mineral reserves, 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; recoveries being inconsistent with metallurgical test results; the timing or results of the publication of any mineral resources, mineral reserves EIS or 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, timing of the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2025, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to 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, except for material differences between actual results and previously disclosed material forward-looking information, or as otherwise required by law.

Except for statements of historical fact, information contained herein or incorporated by reference herein constitutes forward-looking statements and forward-looking information. Readers should not place undue reliance on forward-looking information. All forward-looking statements and forward-looking information attributable to us is expressly qualified by these cautionary statements.

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

The information, including any information incorporated by reference, and disclosure documents of Liberty Gold that are filed with Canadian securities regulatory authorities concerning mineral properties have been prepared in accordance with the 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 “mineral reserves”. These terms are Canadian mining terms as defined in, and required to be disclosed in accordance with, NI 43-101, which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards, adopted by the CIM Council, as amended. However, these standards differ significantly from the mineral 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 the appointment of Lauren Roberts to its Board of Directors, effective September 1, 2025.

Chair of the Board, Greg Etter stated: “We are delighted to welcome Lauren to the Board. His deep industry knowledge and operational leadership experience will strengthen Board governance and strategic oversight as we execute on our strategic priorities, bring Black Pine into production and deliver value to shareholders.”</em >

Mr. Roberts brings over 35 years of international mining experience spanning construction, operations, technical services, and environmental stewardship. He has held pivotal leadership roles at Hecla Mining Company (“Hecla”) and Kinross Gold Corporation (“Kinross”), where he served recently as Chief Operating Officer and led global operations across multiple continents. At Hecla, he was instrumental in modernizing tailings management systems, implementing strategic permitting frameworks, and launching optimization projects that delivered record throughput across three producing mines. At Kinross, Mr. Roberts oversaw a portfolio of eight operating mines producing approximately 2.5 million gold ounces annually, while managing a workforce of 10,000 across six countries.

Lauren Roberts added: “I am honoured to join Liberty Gold’s Board at such a pivotal time for the company. I recently visited the Black Pine site and was impressed with the scale of the deposit and the deep experience in the technical team. I look forward to working with the Liberty Gold Board and management to advance Black Pine and fully support the company’s vision to build a mine-building company around this foundational asset.”</em >

President & CEO, Jon Gilligan expressed, “Lauren’s appointment aligns with our commitment to building a high-performing, diverse, and forward-thinking Board. I welcome Lauren’s input to help guide effective decision-making through the Black Pine feasibility study and the permitting process. We have a Board and senior management team that has the experience and capacity to deliver Black Pine and to grow the company intelligently and opportunistically into a substantial mid-tier gold producer.”

Q2 2025 Financial and Operating Results

The Company is also pleased to announce its financial and operating results for the three and six months ended June 30, 2025. All amounts are presented in United States dollars unless otherwise stated.

SECOND QUARTER OF 2025 AND RECENT HIGHLIGHTS

On July 22, 2025^[1], we announced the appointment of four highly experienced mining professionals to our technical and project development team;
- Vice President, Project Development, Tyler Cole, accountable for delivery of the Black Pine Feasibility Study and all associated basic and detailed engineering activities leading to a construction decision.
- Senior Director, Mining and Metallurgy, Richard Zaggle, who will lead the development of the Black Pine processing flowsheet, oversee metallurgical and geo-metallurgical integration, and support mine design and feasibility planning in coordination with the broader technical team.
- Director, Technical Services, Owen Nicholls, responsible for the completion of the feasibility-level resource estimate, short-term grade control models, geo-metallurgical modeling, and integration of geotechnical and hydrogeological programs to support permitting and operational readiness at Black Pine.
- Senior Environmental and Permitting Specialist, Charles Mumford, will lead critical aspects of the Black Pine permitting program, including site environmental compliance, NEPA and state permitting, and coordination with regulatory bodies and community partners.
On June 12, 2025^[2] we announced the appointment of Jon Gilligan as President and Chief Executive Officer as well as his appointment to the Board of Directors, and the appointment of Greg Etter as Chairman of the Board of Directors.
On April 28, 2025^[3] we announced the intention of Cal Everett to retire from his position as Chief Executive Officer and Director of the Company effective the date of the Company’s Annual General Meeting on June 12, 2025.
On April 22, 2025, the Company closed a bought deal financing (the “2025 Bought Deal”)^[4], whereby the Underwriters purchased, on a bought-deal basis, 69,699,200 Common Shares, at a price of C$0.33 per Unit, for gross proceeds of C$23,000,736. Each Unit consists of one common share of the Company (“Common Share”) and one-half of one Common Share purchase warrant of the Company (each whole Common Share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of C$0.45 until April 22, 2027.

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

In May 2025^[5], we commenced a 40,000 metre (“m”) drill program to support feasibility-level engineering studies that are planned to begin in Q4 2025.

At the Goldstrike project in Utah (“Goldstrike”),

We announced on February 11, 2025^[6]and April 13, 2025, the intention to spin-out Goldstrike and the adjacent Antimony Ridge discovery into a separate corporate entity named Specialty American Metals Inc (“Specialty American”).

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 and six months ended June 30, 2025, as prepared in accordance with IFRS Accounting Standards – IAS 34: Interim Financial Statements.

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

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

Screenshot 2025 08 12 112345

^[1] See news release dated July 22, 2025

^[2] See news release dated June 12, 2025

^[3] See news release dated April 28, 2025

^[4] See press release dated April 14, 2025, and April 22, 2025

^[5] See news release dated May 13, 2025

^[6] See news release dated February 11, 2025, and April 13, 2025
^[7] These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found in the Company's June 30, 2025 MD&A.

ABOUT LIBERTY GOLD

Liberty Gold is focused on developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah. The Company is advancing the Black Pine Project in southeastern Idaho, a past-producing, Carlin-style gold system with a large, growing resource and strong economic potential. We know the Great Basin and are driven to advance big gold deposits that can be mined profitably in open-pit scenarios and in an environmentally responsible manner.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.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.

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.

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 or mineral reserve estimates and preliminary feasibility studies; and the Company’s anticipated expenditures.

Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar 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, timely receipt of governmental or regulatory approvals, including any stock exchange approvals; receipt of shareholder approval and court approval for the spin-out transaction; receipt of a 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, results of any mineral resources, mineral reserves, or pre-feasibility study, the availability of drill rigs, the timing of receipt of future staged payments from the sale of TV Tower, 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, mineral reserves 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, timing of receipt of staged payments on the sale of TV Tower or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2025, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to 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, except for material differences between actual results and previously disclosed material forward-looking information, or as otherwise required by law.

Except for statements of historical fact, information contained herein or incorporated by reference herein constitutes forward-looking statements and forward-looking information. Readers should not place undue reliance on forward-looking information. All forward-looking statements and forward-looking information attributable to us is expressly qualified by these cautionary statements.

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

The information in this MD&A, 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 “mineral reserves”. These terms are Canadian mining terms as defined in, and required to be disclosed in accordance with, NI 43-101, which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards, adopted by the CIM Council, as amended. However, these standards differ significantly from the mineral 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 the appointment of four highly experienced mining professionals to its technical and project development team. These strategic additions reinforce Liberty Gold’s commitment to disciplined execution as the Company advances its flagship Black Pine Oxide Gold Project (“Black Pine”) in Idaho through feasibility-level engineering and permitting.

New Appointments:

Tyler Cole, MBA, B.Sc. (Mining Eng.) – Vice President, Project Development

Mr. Cole is a mining executive with 20 years of combined mining and construction experience, including leadership roles in mine engineering, capital project execution, and operational management across both surface and underground operations, with specific expertise in gold heap leach operations. He has held key positions at Kinross Gold, where he served as Manager of Site Capital Projects at the Bald Mountain Mine; at Evolution Mining, as Projects Director at the Red Lake Complex; and most recently at Worley, based in Salt Lake City, as a Portfolio/Senior Project Manager overseeing major infrastructure and site development programs across North America.

Mr. Cole holds a Master of Business Administration from Warwick Business School, (UK), a Bachelor of Science in Mining Engineering from Montana Tech (USA), and a Diploma in Mining and Mineral Exploration from the British Columbia Institute of Technology (Canada).

At Liberty Gold, Mr. Cole will be accountable for delivery of the Black Pine Feasibility Study and all associated basic and detailed engineering (Engineering, Procurement, Construction and Management Services) activities leading to a construction decision.

Richard Zaggle, B.Sc., M.Sc., RM-SME – Senior Director, Mining and Metallurgy

Mr. Zaggle is a multidisciplinary mining professional with 13 years of experience in mine development, process design, and heap leach optimization across large-scale gold operations. He has most recently served as Study Manager at SSR Mining’s Marigold Mine, where he previously held the roles of Process Manager and Chief Metallurgist. He also held senior metallurgical positions at SSR Mining’s Cripple Creek & Victor Mine.

Mr. Zaggle specializes in mine to mill optimization, strategic de-risking of mine plans, metallurgical test work, recovery modeling, and the commissioning and operation of large-scale gold leach facilities. At Liberty Gold, he will lead the development of the Black Pine processing flowsheet, oversee metallurgical and geo-metallurgical integration, and support mine design and feasibility planning in coordination with the broader technical team.

Owen Nicholls, M.Sc., P.Geo. – Director, Technical Services

Mr. Nicholls brings 18 years of technical and operational experience spanning greenfields exploration, resource development and mine operations across North and South America, Australia, and Europe. As U.S. Exploration Manager at Equinox Gold, he led the definition of over five million ounces of gold at the Castle Mountain Mine and supported long-term planning and recovery modeling at the Mesquite Mine. In his most recent role as Vice President, Exploration at Argonaut Gold, he oversaw exploration at five operating mines and was responsible for mineral resource and reserve reporting, ore grade control, and reserve reconciliation.

Mr. Nicholls holds an M.Sc. in Economic Geology from the Colorado School of Mines and is a Registered Professional Geologist. At Liberty Gold, he is responsible for the completion of the feasibility-level resource estimate, short-term grade control models, geo-metallurgical modeling, and integration of geotechnical and hydrogeological programs to support permitting and operational readiness at Black Pine.

Charles Mumford, B.Sc. – Senior Environmental and Permitting Specialist

Mr. Mumford is an environmental professional with over 10 years of experience managing permitting processes, regulatory compliance, and environmental oversight for mining and infrastructure projects across the western United States and Alaska.

He joins Liberty Gold from SLR Consulting, where he served as an environmental permitting and compliance consultant. He previously worked with the U.S. Bureau of Land Management, giving him direct insight into the National Environmental Policy Act (“NEPA”) framework and agency coordination. Mr. Mumford has led baseline environmental studies, managed stakeholder engagement programs, and successfully advanced multiple federal and state permit applications. Mr. Mumford holds a Bachelor of Science in Environmental Geography from Utah State University. At Liberty Gold, he will lead critical aspects of the Black Pine permitting program, including site environmental compliance, NEPA and state permitting, and coordination with regulatory bodies and community partners.

“These appointments mark an important inflection point for Liberty Gold as we build out a proven owner’s team to transition Black Pine from advanced exploration into feasibility and permitting,” said Jon Gilligan, President and CEO of Liberty Gold. “Each of these leaders brings deep technical expertise, direct gold leach experience and a strong track record of project delivery. Their collective skill set underpins our strategy to de-risk and advance Black Pine as the next high-quality oxide gold project in the Great Basin with clear, achievable milestones.”

Strategic Priorities and Next Steps

The expanded development team will focus on delivering key milestones over the next 18-24 months, including:

Advancing feasibility-level engineering and mine planning with a targeted completion of the feasibility study in 2026.
Completing ongoing metallurgical test work and process design optimization to support permitting and capital cost estimates.
Progressing environmental baseline studies and preparing permitting documentation to maintain permitting momentum.
Establishing integrated development schedules and operational readiness frameworks to support a future construction decision.
Enhancing stakeholder engagement and strengthening Liberty Gold’s position as a disciplined, technically credible developer.

ABOUT LIBERTY GOLD

Liberty Gold is focused on developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah. The Company is advancing the Black Pine Project in southeastern Idaho, a past-producing, Carlin-style gold system with a large, growing resource and strong economic potential. We know the Great Basin and are driven to advance big gold deposits that can be mined profitably in open-pit scenarios and in an environmentally responsible manner.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
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. Forward-looking information is often, but not always, identified by the use of words such as “intends”, “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 and the timing of regulatory approvals. 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, 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 25, 2025 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to 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, except as required by applicable laws.

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 12, 2025 (the “Meeting”).

Cal Everett, who has been the CEO and director of the Company, retired effective today as the CEO and did not stand for re-election as director at the Meeting. Greg Etter, newly appointed Chair of Liberty Gold, stated, “We’d like to thank Cal for his commitment to Liberty Gold as well as his inimitable leadership. We look forward to continuing the relationship as he takes on the role of Strategic Financial Advisor. We’d also like to thank Rob Pease for his valuable contribution during his tenure as Chair, and I look forward to working with our excellent team as the Company focuses on development.”

Liberty Gold is pleased to announce that Jon Gilligan, President and former COO, has been appointed CEO and joined the Board of Directors effective today. Dr. Gilligan stated, “I’m pleased to formally step into the role of President, CEO, and Director of Liberty Gold. It marks a pivotal point in the company’s evolution as we transition from a successful explorer to a developer of U.S. oxide gold assets.”

A total of 209,447,904 common shares were voted, representing the votes attached to 46.1% 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. Greg Etter	172,705,207	98.16%
Dr. Jon Gilligan	174,979,247	99.45%
Ms. Wendy Louie	172,690,093	98.15%
Mr. Robert Pease	125,945,574	71.58%
Ms. Lisa Wade	172,718,543	98.17%
Ms. Barbara Womersley	172,615,746	98.11%

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:

208,127,503

Votes ‘for’:

99.37%

Voting results are released in accordance with Toronto Stock Exchange requirements. Detailed voting results for the Meeting are available under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.

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. The Company is advancing the Black Pine Project in southeastern Idaho, a past-producing, Carlin-style gold system with a large, growing resource and strong economic potential. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios and in an environmentally responsible manner.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

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 quarter ended March 31, 2025. All amounts are presented in United States dollars unless otherwise stated.

FIRST QUARTER OF 2025 AND RECENT HIGHLIGHTS

On April 22, 2025, the Company closed a bought deal financing (the “2025 Bought Deal”)^{^[1]}, whereby the Underwriters purchased, on a bought-deal basis, 69,699,200 Common Shares, at a price of C$0.33 per Unit, for gross proceeds of C$23,000,736. Each Unit consists of one common share of the Company (“Common Share”) and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of C$0.45 until April 22, 2027.
On April 28, 2025^{^[2]} we announced the intention of Cal Everett to step down as Chief Executive Officer and Director on June 12, 2025 and the intended appointment of Jon Gilligan, current President and COO, as his replacement.
On April 16, 2025^{^[3]} the Company announced that Darin Smith, its Senior Vice President Corporate Development, submitted his notice of resignation, effective May 6th, 2025, to pursue another opportunity.

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

On February 6, 2025^{^[4]}, we announced results from step-out and infill drilling, successfully expanding the deposit footprints at Rangefront, M Zone and CD Pit, with mineralization remaining open to extension in all three areas; highlights include:
- 15.2 m of 5.51 g/t Au including 9.1 m of 7.88 g/t Au in LBP1048;
- a shallow oxide intercept of 24.4 m of 0.96 g/t Au including 6.1 m of 1.94 g/t Au starting at 76.2 m downhole in LBP1078;
- LBP1061 returning 21.3 m of 0.54 g/t Au starting at 61 m downhole;
- 24.4 m of 0.50 g/t Au starting at 109 m downhole in LBP1075; and
- LBP1076 which returned 19.8 m of 0.62 g/t Au.
On February 26, 2025^{^[5]} we announced the formal submission of the draft Mine Plan of Operations (“MPO”) to the United States Forest Service (“USFS”), the Bureau of Land Management (“BLM”), the Idaho Department of Environmental Quality (“IDEQ”), and the Idaho Department of Lands (“IDL”); and secondly, the successful execution of an interagency Memorandum of Understanding (“MOU”) between Liberty Gold, USFS, BLM, the Idaho Governor’s Office of Energy and Mineral Resources, the IDEQ, and the IDL, to facilitate coordination of the entire mine permitting process for Black Pine.

At the Goldstrike project in Utah (“Goldstrike”),

We announced on February 11, 2025^{^[6]} and April 13, 2025, the intention to spin-out Goldstrike and the adjacent Antimony Ridge discovery into a separate corporate entity named Specialty American Metals Inc (“Specialty American”).

The proposed spinout structure is expected to be effected by a plan of arrangement (the “Arrangement”) between Liberty Gold and Specialty American and is expected to be subject to customary conditions, including regulatory and court approval, as well as approval via a shareholder vote expected to occur in the third quarter of 2025.
Under the Arrangement, a portion of the common shares of Specialty American would be distributed to Liberty Gold’s shareholders, at a ratio to be determined in due course. Liberty Gold will retain a percentage of shares of Specialty American in exchange for funds already invested in the project.
Cal Everett and Greg Etter from Liberty Gold’s board of directors have agreed to join the board of Specialty American and suitable independent candidates have been identified for the remainder of the board.
Russell Starr has agreed to become the CEO of Specialty American, Peter Shabestari, Liberty Gold’s Vice President of Exploration, will join as its President and Joanna Bailey, Liberty Gold’s CFO, will serve in the same capacity with Specialty American.

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, 2025, as prepared in accordance with IFRS Accounting Standards – IAS 34: Interim Financial Statements.

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

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

^[1] See press release dated April 14, 2025, and April 22, 2025
^[2] See news release dated April 28, 2025
^[3] See press release dated April 16, 2025
^[4] See press release dated February 6, 2025
^[5] See news release dated February 26, 2025
^[6] See news release dated February 11, 2025, and April 13, 2025
^[7] These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found in the Company's March 31, 2025 MD&A.

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.

_{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.}

_{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.}

_{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 or mineral reserve estimates and preliminary feasibility studies; and the Company’s anticipated expenditures.}

_{Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar 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, timely receipt of governmental or regulatory approvals, including any stock exchange approvals; receipt of shareholder approval and court approval for the spin-out transaction; receipt of a 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, results of any mineral resources, mineral reserves, or pre-feasibility study, the availability of drill rigs, the timing of receipt of future staged payments from the sale of TV Tower, 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, mineral reserves 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, timing of receipt of staged payments on the sale of TV Tower or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2025, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.}

_{Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to 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, except for material differences between actual results and previously disclosed material forward-looking information, or as otherwise required by law.}

_{Except for statements of historical fact, information contained herein or incorporated by reference herein constitutes forward-looking statements and forward-looking information. Readers should not place undue reliance on forward-looking information. All forward-looking statements and forward-looking information attributable to us is expressly qualified by these cautionary statements.}

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

_{The information in this MD&A, 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 “mineral reserves”. These terms are Canadian mining terms as defined in, and required to be disclosed in accordance with, NI 43-101, which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards, adopted by the CIM Council, as amended. However, these standards differ significantly from the mineral 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”), has commenced feasibility fieldwork at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho. This program confirms initiation of a formal feasibility study on Black Pine. Technical data collected will support feasibility-level engineering studies, planned to begin in Q4 2025. In parallel, baseline studies are underway to complete the Company’s extensive environmental dataset, which will underpin preparation of the draft Environmental Impact Statement (“EIS”) for Black Pine, also beginning in Q4 2025.

2025 WORKPLAN HIGHLIGHTS

One reverse circulation (“RC”) exploration drill is currently active, with a second RC drill rig scheduled to arrive by the end of May. The ~40,000-meters (“m”) drill program is focused on resource upgrade and extensions to mineralization in the Discovery, Rangefront, CD and M Zone areas (See Figure 1: Planned Drillhole Locations). Key objectives include:
- Drilling for near surface oxide gold mineralization in the Rangefront zone (>1 million ounce resource^[1]) which remains open in all directions. (See Figure 2: Rangefront zone Section)
- Infill drilling in the main Discovery zone to convert ounces to the measured category and to confirm geo-metallurgical domain modelling.
- Drilling along the CD to F Zones for resource conversion to the indicated category and to further delineate the extent of mineralization to the southeast and northwest where it remains open.
A Sonic drill rig has begun a comprehensive drill test of the legacy Heap Leach Pad (“HLP”) to define the characteristics of the material and assess remnant ounces of gold to add to the current mine plan. This program is expected to be approximately 1,200 m over 20 holes, to be completed in two increments, to allow for assay results in advance of drill hole planning for the second part of the study.
Two phases of metallurgical studies are planned: Phase 6 is a surface bulk sampling program to support large diameter column testing and Phase 7 is metallurgical studies including material from a lower grade set of oxide composites to assess recoveries in an eventual mining scenario.
Hydrologic study work which includes additional monitoring wells and large scale aquifer pump testing to determine hydraulic conductivity of both the local bedrock aquifer and alluvial aquifer, as well as potential degree of
An extensive site investigation into the soils and bedrock properties on the proposed infrastructure locations and potential borrow sites.

^[1] See technical report “Black Pine Project NI 43-101 Technical Report, Oneida County, Idaho, USA”, effective June 1, 2024, and dated November 21, 2024, prepared by Valerie Wilson, P.Geo. SLR Consulting Ltd.; Todd Carstensen, RM-SME AGP Mining Consultants Inc.; Gary Simmons, MMSA GL Simmons Consulting, LLC; Nicholas T. Rocco, Ph.D., P.E. NewFields Companies LLC; Benjamin Bermudez, P.E. M3 Engineering & Technology Corp.; Matthew Sletten, P.E. M3 Engineering & Technology Corp.; John Rupp, P.E. Piteau Associates Ltd. ; Daniel Yang, P.Eng., P.E. Knight Piésold Ltd.; Richard DeLong, M.Sc. Westland Engineering & Environmental Services Inc. on the Company’s profile on SEDAR+ at www.sedarplus.ca and press release dated October 10, 2024.

FIGURE 1: PLANNED DRILLHOLE LOCATIONS

Jon Gilligan, President and COO of Liberty Gold: “We are thrilled to be starting this year of fully funded work at Black Pine with our target of delivering an updated Feasibility level resource towards the end of the year and a Feasibility Study in the second half of 2026. Black Pine continues to impress with the extent of the gold system and this year should highlight the project as the premier gold development project in the Great Basin. In parallel, we are well underway with the mine permitting process having submitted our draft Mine Plan of Operations earlier this year and preparing to commence work on the draft EIS in close collaboration with Federal and state regulators.”

FIGURE 2: RANGEFRONT ZONE SECTION