Vancouver, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) ("Liberty Gold" or the “Company”), is pleased to announce receipt of the first staged payment of US$2.2 million related to the previously announced sale of its interest in the TV Tower copper-gold project (“TV Tower” or the “Project”), located in Biga Province, northwest Türkiye (see press releases dated April 17, 2024 and October 7, 2024).

This non-core asset sale payment, which is non-dilutive for shareholders, forms part of the total consideration of US$8.5 million payable to Liberty Gold for the sale of its 72.1% interest in TV Tower. The Company has now received US$5.9 million to date, with the final staged payment of US$2.6 million due on October 4, 2026. These payments underpin corporate costs for Liberty Gold over the period, allowing the Company to channel new funding directly into project advancement.

Jon Gilligan, President and CEO of Liberty Gold, commented, “This non-dilutive staged payment further bolsters our treasury and underscores our strategy of channeling capital into our core oxide gold project. With Black Pine in Idaho moving through advanced studies and mine permitting, we remain focused on unlocking the value of Black Pine, the largest undeveloped oxide gold project in the Great Basin. In the medium-term we are looking to build a strong portfolio of substantial oxide assets positioned for future development.”

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 with strong economic potential that can be mined profitably as an open-pit/heap leach operation 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, "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 statements in this press release include, but are not limited to, statements regarding: the Company’s objectives, goals or future plans; the achievement of future short-term, medium-term and long-term operational strategies and the receipt of future staged payments.

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 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 and community development, 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 previous dispositions by Liberty Gold, 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 that the future staged payments are not received, risks that Liberty Gold will not use the net proceeds of any staged payments as anticipated, risks related to obtaining all necessary TSX approvals, and risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to Liberty Gold’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 Liberty Gold, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing, timing of receipt of staged payments from previous dispositions by Liberty Gold, or in the completion of exploration as well as those factors discussed in the Annual Information Form of Liberty Gold 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.

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.

Vancouver, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) ("Liberty Gold" or the “Company”), is pleased to announce that it has closed its previously announced private placement (the “Placement”) with Centerra Gold Inc. (“Centerra”), whereby Centerra will acquire 9.9% of the issued and outstanding common shares of the Company (the “Common Shares”).

Pursuant to the Placement, Centerra acquired 50,025,230 common shares of Liberty Gold at a price of C$0.56 per Common Share for gross proceeds of approximately C$28.01 million. The issue price represented a 10% premium to the 5-day volume weighted average price of the Common Shares as traded on the Toronto Stock Exchange (“TSX”) prior to announcement of the transaction.

The net proceeds from the Placement will be used to advance technical studies at Liberty Gold’s flagship Black Pine oxide gold project in Idaho and for general corporate purposes.

Jon Gilligan, President and CEO of Liberty Gold, commented: “The closing of this strategic investment marks an important milestone for Liberty Gold. Centerra’s endorsement underscores the strength of Black Pine and validates the progress we have made in de-risking and advancing the project. With their operational depth and regional experience, we are well-positioned to accelerate Black Pine towards feasibility and ultimately a construction decision.”

In connection with the Placement, Liberty Gold and Centerra have entered into an investor rights agreement dated September 29, 2025 (the “Investor Rights Agreement”), whereby, subject to conditions including time and ownership thresholds, Centerra has been granted customary rights, including financing participation rights, information rights, technical committee representation rights, and the right to nominate one director to the board of directors of Liberty Gold. A copy of the Investor Rights Agreement will be made available under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca

No finder’s fees or commissions were paid in connection with the Placement. All Common Shares issued pursuant to the Placement are subject to a statutory hold period of four months and one day, expiring on January 30, 2026, in accordance with applicable Canadian securities legislation.

On behalf of the Board of Directors
Liberty Gold Corp.

“Jon Gilligan”

Jon Gilligan Ph.D.,
President, CEO, and Director

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 with strong economic potential that can be mined profitably as an open-pit/heap leach operation 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, "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 statements in this press release include, but are not limited to, statements regarding: the Company’s objectives, goals or future plans; the achievement of future short-term, medium-term and long-term operational strategies; the anticipated benefits of the partnership with Centerra; and the Company obtaining all necessary stock exchange approvals with respect to the Placement.

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 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 and community development, 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 previous dispositions by Liberty Gold, 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 that Liberty Gold will not use the net proceeds of the Placement as anticipated, risks related to obtaining all necessary TSX approvals, and risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to Liberty Gold’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 Liberty Gold, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing, timing of receipt of staged payments from previous dispositions by Liberty Gold, or in the completion of exploration as well as those factors discussed in the Annual Information Form of Liberty Gold 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.

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.

85.2% weighted average gold extraction in Rangefront Zone (7 columns)
80.5% weighted average gold extraction in Discovery Zone (15 columns)

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

Highlights

• Consistent Gold Extractions and Leach Performance: Weighted average column leach gold extraction of 81.9% at an average head grade of 0.65 parts per million (“ppm”) gold (“Au”), with individual composites ranging from 52% to 94.5%. Phase 5B composites exhibit the typical Black Pine leach result of greater than 80% of the eventual gold extraction achieved in under 10 days.
  • The feasibility recovery model has been updated with these new results and shows gold recoveries in line or slightly better than previous results across Rangefront and Discovery Zones.
• Corroborated Bottle Roll Data: Gold extractions from direct leach coarse crush bottle rolls (P₈₀ of 1.68 millimeters (“mm”)) are aligned with column leach results (P₈₀ of 16.9mm) at 78.4% vs 81.9%, respectively.
  • This relationship further validates that gold leaching at Back Pine is highly insensitive to crush size.
• Confirmation of Recovery in Primary Mining Phases: Phase 5B testing focused on infill sampling within the primary mining phases of Rangefront and Discovery Zones.
  • Feasibility level metallurgical work will be completed in H1, 2026. It is anticipated that with resource growth at Rangefront, additional test work may be required to achieve variability coverage.

See https://vrify.com/decks/20140 for a dynamic 3D view of the composite sample locations from the comprehensive metallurgical program across the Black Pine Oxide Gold Project.

Jon Gilligan, President and CEO, Liberty Gold, commented, “We are nearing completion of our comprehensive metallurgical program at Black Pine. Column gold extractions of 80 to 90 percent with rapid leach kinetics underscore the significant potential of this oxide gold asset. These results also confirm Rangefront as the premier leaching ore at Black Pine with up to a 10 percent recovery improvement over the Discovery zone. We look forward to further results from the bulk sample, large diameter columns and the ongoing work at Rangefront as it grows to potentially become the most significant gold mineralized zone at Black Pine.”

Phase 5B Metallurgical Test Summary

The Phase 5B program was designed to improve sample coverage in the main deposit areas and confirm consistency of gold extraction within the main rock types. Figure 1 below illustrates drill locations for the Phase 5B variability composite metallurgical core holes. Metallurgical composites were made up from PQ sized core drilled in 2023. A total of 22 column leach tests were completed in Phase 5B, under standard test conditions for Black Pine oxide gold 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

	Coarse Bottle Roll		Column Leach Tests
	Feed Target P80 (1.7 mm)		Average P80 (16.9 mm)
Zone	Average Calculated Head Grade Au (ppm)	Weighted Average Direct Leach Bottle Roll Au Extraction (%)	Average Calculated Head Grade Au (ppm)	Average Column Leach Au Extraction (%)
Rangefront	0.61	85.0%	0.58	85.2%
Discovery	0.71	75.7%	0.68	80.5%
All Zones	0.68	78.4%	0.65	81.9%

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

Silver

Column leach tests showed silver (“Ag”) extractions up to 68.1%, with an average of 19%. These silver grades and extractions are in line with previous results.

Interpretation

• Phase 5B gold extractions are in line with or slightly better than previous metallurgical testing results from both Discovery and Rangefront Zones, verifying strong recovery in the two largest mining phases at Black Pine (Figure 2).

Figure 2 – Grade vs. extraction for Phase 5A and 5B results

The consistent correlation between bottle roll and column leach data continues to reinforce that gold extraction is insensitive to particle size. This insensitivity supports the feasibility of low-cost, ROM leach processing for Black Pine oxide ores.

Ongoing Metallurgical Programs

Liberty Gold has an ongoing feasibility-level metallurgical program for Black Pine:

• Phase 6: Seven (Six in-pit and one surface) 20 tonne ROM surface bulk samples sourced from the main mineralized lithology types, are being 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 preparation. Results are expected in H1 2026.
• Phase 7: Nine cut-off grade variability composites currently under column leach. These tests are to verify gold extraction at the lowest end of the grade/recovery curve in the current recovery model.
  • Leaching of these columns will be completed in September and reported in Q4, 2025.
• Phase 8: 24 sonic drill holes (~1,400 meters) have been completed in the legacy heap leach pad, with initial gold assays received. This material will be tested for the potential to act as over-liner material and also as direct leach feed.
  • Metallurgical composites have been shipped to Newfields and Forte Dynamics and test work will begin late in Q3 2025.

These programs are designed to finalize predicted gold leach recoveries and optimize process design criteria as inputs to the Feasibility Study targeted for completion in Q4 2026. Additional phases of metallurgical work are being evaluated for improved recovery model precision going into detailed mine/process design and eventual production.

Table 2 – Phase 5B Gold Extraction Results

_{^{Footnote: ppm = parts per million or grams per tonne (g/t)}}

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.

Richard Zaggle, SME-RM, Senior Director, Mining and Metallurgy for Liberty Gold, is the Qualified Person responsible for reviewing and approving the technical content of this release.

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, environmental impact studies, 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, environmental impact studies 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 that it has entered into a subscription agreement (the “Subscription”) with Centerra Gold Inc. (“Centerra”), whereby Centerra will acquire 9.9% of the issued and outstanding common shares of the Company (the “Common Shares”).

Jon Gilligan, CEO of Liberty Gold, commented: “We are thrilled to welcome Centerra as a strategic investor in Liberty Gold. Their investment is a strong endorsement of our progress and the compelling potential of our flagship US oxide gold project, Black Pine. With Centerra’s technical depth, operational experience and existing presence in Idaho, we see a clear path to unlocking value and de-risking Black Pine’s development timeline. We look forward to collaborating closely as we accelerate Black Pine towards feasibility and on to a construction decision.”

Paul Tomory, CEO of Centerra added: “We are pleased to support the Liberty Gold team with this strategic investment. Liberty Gold’s 2024 pre-feasibility study on Black Pine, combined with the recent drill results from the legacy heap and Rangefront, demonstrate the potential of the asset and highlight areas where future resource growth may be possible. As the project moves through development, we believe our regional and operational expertise can complement Liberty Gold’s efforts and create meaningful synergies to bring Black Pine into production.”

Under the Subscription, Centerra has agreed to purchase, by way of private placement, 50,025,230 Common Shares at a price of C$0.56 per share for gross proceeds of C$28.01 million. The issue price represents a 10% premium to the 5-day volume weighted average price of the Common Shares as traded on the Toronto Stock Exchange (“TSX”).

Proceeds from the strategic investment will be used to advance technical studies at Black Pine  and for general corporate purposes. The Subscription is expected to close on or about October 1, 2025, subject to customary conditions including TSX approval.

In connection with the Subscription, Liberty Gold and Centerra intend to enter into a customary investor rights agreement at closing, pursuant to which, among other things and provided that Centerra maintains certain shareholding thresholds, Centerra will have financing participation rights, information rights, technical committee representation rights and the right to appoint one nominee to the Company’s board of directors, among other customary terms.

All Common Shares issued pursuant to the Subscription will be subject to a statutory hold period of four months and one day from the date of closing, in accordance with applicable Canadian securities legislation.

On behalf of the Board of Directors
Liberty Gold Corp.

“Jon Gilligan”

Jon Gilligan Ph.D.,
President, CEO, and Director

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 with strong economic potential that can be mined profitably as an open-pit/heap leach operation 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, "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 statements in this press release include, but are not limited to, statements regarding: the Company’s objectives, goals or future plans; the achievement of future short-term, medium-term and long-term operational strategies; the terms of and anticipated benefits of the Subscription, including the Company’s ability to enter into definitive documentation with respect to the Subscription or complete the Subscription on the terms described herein by the closing date or at all; the anticipated benefits of the partnership with Centerra; and the Company obtaining all necessary stock exchange approvals with respect to Subscription.

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 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 and community development, 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 previous dispositions by Liberty Gold, 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 that the Subscription will not close on the anticipated timeline and terms, risks that Liberty Gold will not use the net proceeds of the Subscription as anticipated, risks related to obtaining all necessary TSX approvals, and risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to Liberty Gold’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 Liberty Gold, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing, timing of receipt of staged payments from previous dispositions by Liberty Gold, or in the completion of exploration as well as those factors discussed in the Annual Information Form of Liberty Gold 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.

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.

Black Pine Oxide Gold Project, Idaho - Liberty Gold’s Drill Success Signals Resource Growth Potential at Rangefront

Drill intercepts include:
LBP1099 with 1.27 g/t Au over 22.9 meters outside the Resource pit
LBP1124 with 0.62 g/t Au over 53.3 meters outside the Reserve pit

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report continued success from its 2025 drill program at the Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho. The initial reverse circulation (“RC”) assay results from the Rangefront zone build confidence in the continuity of oxide gold mineralization to the north, east and west of the current Resource pit. The feasibility drill program is demonstrating significant potential for both resource expansion and reserve conversion in the upcoming Feasibility Study.

Key Points:

• Multiple stacked zonesof higher-grade oxide gold mineralization have been confirmed beyond the current Rangefront Resource Pit. Grades and widths are consistent with previous drilling (see Figure 2 below).
• The near surface high grade zone in the western Rangefront area remains open for expansion, with strong continuity to the northwest toward the heap leach pad and to the east. This is an area previously categorized as waste.
• New drill results bolster confidence in converting over 250,000 ounces of gold in Resources to Reserves currently locked by proximity to legacy heap, building on previously released sonic drilling that indicated reprocessing legacy heap material could unlock Reserve Pit design potential. (see press release August 27, 2025).
• Legacy heap leach pad reprocessingcould unlock ~1 square kilometer of new exploration potential and connect Rangefront mineralization to the main Discovery Area. (see Figure 1 below)
• Rangefront remains open in multiple directions and is emerging as a strategic starter pitfor future mining operations.
• ~50 additional RC holes and 12,000 meters (“m”) of drilling at Rangefront are planned for 2025.

See https://vrify.com/decks/19856 for a dynamic 3D view of drill results at Rangefront Zone and implications for potential Resource expansion and Reserve conversion.

Jon Gilligan, President and CEO, stated: “The latest assay results at Rangefront underscore the exceptional potential of the wider Rangefront - Leach Pad area to drive meaningful resource and reserve growth. With its exceptional leach performance, physical location at the base of the mountain directly adjacent to the proposed leach pad, Rangefront is growing, and we now see it as a 2 to 3 million ounce opportunity at Black Pine, likely larger than the Discovery Zone. It is becoming a very attractive starter location for initial mining operations. Paired with the recent implications from sonic drilling on the legacy heap, these results reaffirm the strategic significance of the Rangefront Area and position it as a key contributor to the future success of the Black Pine Project.”

Rangefront Area

Results from the first 28 RC holes in Rangefront, (6,506 m) represent the first RC assays of 2025 from an aggressive drill campaign that will continue into Q4. All 28 holes carry economic oxide gold mineralization. There are currently two RC drill rigs and one core rig operating at Rangefront. The drill program is focused on upgrading all resource categories in Rangefront as well as generating required data for metallurgical, hydrological, and geotechnical studies to support mine design and permitting. An additional 12,000 m of drilling in approximately 50 drill holes is planned for Rangefront in 2025.

The currently defined Rangefront Area is a 1,500 x 1,200 x 300 m thick zone of continuous oxide gold mineralization discovered by Liberty Gold in 2021. The Preliminary Feasibility Study resource estimate for Rangefront is 1,619,000 Indicated and 296,000 inferred ounces of gold¹, this resource did not include any of the exploration drilling completed 2024, which expanded Rangefront significantly in size to the west and east. Rangefront mineralization also compromises the most leach-amenable oxide material at Black Pine with metallurgical column leach testing showing a weighted average gold extraction of 86.9%.  (see press release dated March 22, 2023).

_{¹See 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.}

Other Areas

One RC rig is working on resource conversion and focused, multi-purpose technical drill holes in the Discovery Zone and CD Pit areas, with assays results pending on 10 holes. A fifth RC drill rig for Black Pine is scheduled to arrive in mid-September to complete the hydrological program, drilling monitoring wells, piezometer holes and conducting pump tests. After that, the rig will move to finalize resource conversion drilling in Q4. The Feasibility Resource estimate is on track for a late Q4, and the Feasibility engineering will commence directly thereafter. 

Figure 1: Plan Map of the Rangefront Area with current drill holes

Grams per tonne Gold = “g/t Au”

Figure 2: Cross Section through the Rangefront Area

Grams per tonne Gold = “g/t Au”

For a table showing complete drill results for the current release, see this link: https://libertygold.ca/images/news/2025/September/BP_Intercepts_20250904.pdf

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 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,  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 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.

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

1. Resource Estimation: preliminary work is underway for the L-HLP.
2. 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.
3. 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.
4. 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)
						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:

 

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.

 

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

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.}

_{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, 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.}

 Cal Everett to guide the Liberty Gold spin-out of Specialty American Metals as future nonexecutive Director and build a second Liberty Gold controlled company

 

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) today announces that after more than eight years of distinguished service, Cal Everett, the Company’s Chief Executive Officer and Director, will be retiring from Liberty Gold and will be transitioning to the recently announced spin-out entity, Specialty American Metals Inc., as a nonexecutive director. The Company’s Board of Directors will appoint Dr. Jon Gilligan as a Board Director as the new President and Chief Executive Officer of Liberty Gold, effective June 12, 2025.

 

Cal will continue to provide his deep expertise in financial markets to Liberty Gold as a Senior Financial Strategist and will work closely with the new CEO and the Board in an advisory capacity. As Liberty Gold focuses on permitting and developing its flagship oxide gold asset at Black Pine, Cal will focus on supporting creation of the spin-out entity, Specialty American Metals Inc. This will hold 100% of the Goldstrike/Antimony Ridge project in SW Utah. He will assume a director position at Specialty American Metals Inc. and will work closely with the new CEO to fund and acquire additional projects for this new US critical metals exploration and development company.

 

During his tenure at Liberty Gold, Mr. Everett has successfully guided the Company through multiple gold discoveries, extensive permitting activities, significant growth and development. His leadership has been instrumental in advancing the Company’s flagship projects, expanding its gold resources, and building significant value for shareholders. Under his guidance, Liberty Gold is now recognized as a major player in the US Great Basin oxide gold developer space, with a bright future ahead.

 

The Board of Directors expresses its deep gratitude to Mr. Everett for his outstanding contribution to Liberty Gold and his tireless dedication to the Company's development. "Cal’s leadership has been critical to Liberty Gold’s success and we thank him for his unwavering commitment. We wish him all the best in retirement from Liberty Gold as CEO, although I know he can never fully retire," said Rob Pease, Chair of the Board.

 

Effective June 12, 2025, Dr. Jon Gilligan, who currently serves as President and Chief Operating Officer, will assume the role of President and Chief Executive Officer and director of Liberty Gold. Dr. Gilligan brings over 35 years of experience in the mining industry, with a proven track record of leading exploration, development mine building teams and operating groups to success. His expertise in resource development, operations, mine building, corporate leadership and the recent successful pre-feasibility study published on the Black Pine project, make him the ideal candidate to lead Liberty Gold through its next phase of growth.

 

"I am honored to step into Cal’s illustrious shoes at such an exciting time in the Company’s development," said Jon Gilligan. "Cal has built a solid foundation for this company and I am eager to build on the current team to unlock the full potential of our projects in the Great Basin and deliver value for our shareholders. I am grateful to Cal for his remarkable support and his willingness to provide on-going guidance to the Board and senior management during the next steps of the Company’s growth."

 

The Board of Directors is confident that the Liberty Gold team, under Dr. Gilligan’s vision and leadership will ensure the continued success of Liberty Gold as it advances its exploration and development programs at Black Pine and moves through US mine permitting, towards a mine construction decision targeted for late 2027.

 

In an inimitable parting message, Cal commented, “Liberty Gold is in good hands with Jon. I am excited to move on to be a part of creating something new in Specialty Metals. The association with Liberty Gold will continue and this new company will provide additional value for our shareholder base. It has been a pleasure to work here, both in good times and in bad, and I have relished dealing with the intricacies of market conditions at any given moment. I cannot put on a pair of plaid golf pants with the waist band up to my arm pits by simply walking away and going into the light. Time to buy some new suits.”

 

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.

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.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce that it has closed its previously announced “bought deal” public offering of 69,699,200 units of the Company (the "Units") at a price of C$0.33 per Unit for gross proceeds of C$23,000,736, which included the exercise, in full, of the Underwriters’ over-allotment option (the “Offering”). The Offering was conducted by Canaccord Genuity Corp. (“Canaccord Genuity”), as sole bookrunner, and BMO Capital Markets, as co-lead underwriter with Canaccord Genuity, and included Paradigm Capital Inc., Desjardins Securities Inc. and Ventum Financial Corp. (collectively, the “Underwriters”). 

Each Unit consists of one common share of the Company 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 of the Company at a price of C$0.45 until April 22, 2027.

The Units were offered in Canada by way of a prospectus supplement of the Company dated April 16, 2025 (the “Prospectus Supplement”) to the Company’s existing short form base shelf prospectus dated June 21, 2023 (the “Base Shelf Prospectus”). The Units were also offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and in offshore jurisdictions on a private placement basis as agreed upon by the Company and the Underwriters, in each case in accordance with all applicable laws. Copies of the Prospectus Supplement, Base Shelf Prospectus and documents incorporated by reference therein are available electronically on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile.

The net proceeds of the Offering will be used to advance the Company’s Black Pine Oxide Gold Project, as well as for working capital and general corporate purposes, as set out in the Prospectus Supplement.

The Offering remains subject to the final approval of the Toronto Stock Exchange. 

The securities offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.

For more information, visit www.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, including, risks that the Offering will not close on the anticipated timeline and terms, risks that the Company will not use the net proceeds of the Offering as anticipated, and 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 25, 2025 in the section entitled "Risk Factors", and under the Prospectus Supplement and Base Shelf Prospectus, available 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.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce that, in connection with its previously announced “bought deal” public offering, it has filed a prospectus supplement dated April 16, 2025 (the “Prospectus Supplement”) to the Company’s base shelf prospectus dated June 21, 2023 (the “Base Shelf Prospectus”) to qualify the distribution of 60,608,000 units of the Company (the “Units”) at a price of $0.33 per Unit (the “Offering Price”) and up to an additional 9,091,200 Units at the Offering Price to be issued upon exercise of an over-allotment option, the particulars of which are further described in the Prospectus Supplement (the “Offering”).

Closing is expected on or about April 22, 2025, and is subject to regulatory approval, including that of the Toronto Stock Exchange.

Access to the Prospectus Supplement, the Base Shelf Prospectus, and any amendments thereto are being provided in Canada in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus, and any amendments to such documents. The Prospectus Supplement and Base Shelf Prospectus are accessible on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Prospectus Supplement, the Base Shelf Prospectus, and any amendment may be obtained, without charge, from Canaccord Genuity Corp. by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at 416-869-3052 by providing the contact with an email address or address, as applicable.

The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. 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 news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Change in Management

The Company announces that Darin Smith, its Senior Vice President Corporate Development, has submitted his notice of resignation, effective May 6th, 2025, to pursue another opportunity. Over the past two and half years, Darin has been instrumental in supporting the Company’s strategic initiatives. His contributions were valuable in strengthening key corporate relationships during a pivotal period of growth for the Company.

Cal Everett, CEO and Director, “On behalf of Liberty Gold, I want to thank Darin for his contributions. He played a valuable role in the formulation of the Pre-Feasibility Study at our Black Pine oxide gold project and in supporting various business development initiatives. We wish him all the best as he takes the next step in his career.”

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.

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, including, risks that the Offering will not close on the anticipated timeline and terms, risks that the Company will not use the net proceeds of the Offering as anticipated, and 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 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.

not for distribution to United states Newswire Services or for dissemination in the United States.

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. as sole bookrunner on behalf of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a "bought deal" basis, 60,608,000 units of the Company (the "Units"), at a price of $0.33 per Unit (the "Offering Price") for gross proceeds of $20,000,640 (the "Underwritten Offering").

Each Unit will consist of one common share of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of the Company at a price of $0.45 for a period of 24 months following the Closing Date (as defined herein).

The Company will grant the Underwriters an option to purchase up to an additional 9,091,200 Units (the "Underwriter Option Units" and together with the Units, the "Offered Securities") to cover over-allotments, if any, and for market stabilization purposes at a price of $0.33 per Underwriter Option Unit for additional gross proceeds of up to $3,000,096 (the "Underwriter Option" and together with the Underwritten Offering, the "Offering"), exercisable in whole or in part, at any time on or prior to the date that is 30 days following the Closing Date (as defined herein).

The net proceeds of the Offering will be used to advance its Black Pine Oxide Gold Project, as well as for working capital and general corporate purposes.

The Units will be offered by way of a prospectus supplement to purchasers in each of the provinces and territories of Canada (other than Québec) and may also be offered by way of private placement in the United States and such other jurisdictions as agreed between the parties.

The Offering is expected to close on or about April 22, 2025 (the "Closing Date") and is subject to the Company receiving all necessary regulatory approvals.

The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. 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 news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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. The Company is also actively de-risking and expanding the Goldstrike Project in southwestern Utah, a past-producing oxide gold system, which now includes the newly staked Antimony Ridge Prospect. Antimony Ridge presents an opportunity for additional resource expansion through ongoing trenching and sampling programs.

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, including, risks that the Offering will not close on the anticipated timeline and terms, risks that the Company will not use the net proceeds of the Offering as anticipated, and 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 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.

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to provide an update on the “spin-out” process to shareholders of its wholly-owned subsidiary that holds the Goldstrike Project with the Antimony Ridge discovery which is expected to be renamed Specialty American Metals Inc. (“Specialty American”), currently owned 100% by Liberty Gold.

Highlights

• Specialty American is expected to hold the Goldstrike Project and its recent Antimony Ridge discovery.
• 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 shareholder, regulatory and court approval.
• 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.
• Should the Arrangement become effective, Liberty Gold shareholders would own shares of two companies: Liberty Gold, which will focus on the development of the Black Pine Oxide Gold Project in Idaho, and Specialty American, which will be a company focused on specialty metals in the United States, underpinned by the exciting Antimony Ridge discovery at the Goldstrike Project in Utah. The capital structure of Specialty American will be finalized in due course and could involve a share plus warrant.
• A meeting of Liberty Gold’s shareholders to approve the transaction is expected to occur in the third quarter of 2025. All shareholders, current and /or future of Liberty Gold at the record date (45 days prior to the shareholder meeting) will be entitled to receive shares and warrants in Specialty American.

Progress to Date

• 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.
• Documentation including the Arrangement agreement and information circular to shareholders are well progressed.

Cal Everett, CEO and Director of Liberty Gold: "The spinout of the Antimony Ridge discovery from Liberty Gold into Specialty American Metals will provide a new vehicle for shareholders that will be dedicated to unlocking the value potential of Antimony Ridge and is well positioned to pursue further growth transactions in the specialty metals space in the U.S.  I am also pleased to welcome Russell Starr as the CEO of Specialty American.  Russell’s background and skill set will be invaluable in growing Specialty American and progressing our Antimony Ridge discovery.”

Russell Starr, CEO and Director of Specialty American: "Having the opportunity to work with a seasoned team from Liberty Gold along with exceptional and potentially world-class critical element assets is something most executives pursue their entire careers. Specialty American Metals is that rare combination of assets, team and timing with the looming trade wars over specialty/critical elements. Specialty American will look to leverage our team and assets to generate tremendous ROE for our shareholders.”

Background of Specialty American Directors and Executives

Russell Starr, CEO and Director

Mr. Starr is a former Bay Street executive and associate hedge fund manager, he is also a seed investor in Echelon Wealth Partners, a large Canadian investment dealer. Mr. Starr held executive and/or board positions at Cayden Resources Inc. and Auryn Resources Inc. amongst other public issuers. As a senior executive, board member and corporate finance specialist with Cayden Resources Inc., Mr. Starr was involved in marketing and financing development efforts including the sale of Cayden Resources Inc. for CAD $205M to Agnico Eagle Mines Limited in 2014. As chief executive officer of Trillium Gold Mines Inc., he was involved in the consolidation of the confederation greenstone belt in the Red Lake mining camp and the establishment of an exploration portfolio in both precious metals and critical elements. Mr. Starr holds a bachelor’s degree in economics from Queen’s University, a master’s degree in Econometrics from the University of Victoria and an MBA from the Ivey Business School from Western University

Cal Everett, Director

Mr. Everett is a geologist with more than 14 years of surface and underground exploration experience with senior mining companies. He moved to the financial sector in 1990 and spent 12 years with BMO Nesbitt Burns focused on resource equities, and seven years with PI Financial Corp. in senior resource institutional sales and capital markets.

From 2008 to 2015, he was President and Chief Executive Officer of Axemen Resource Capital. Mr. Everett holds a Bachelor of Science degree in Economic Geology from the University of New Brunswick.

Greg Etter, Director

Mr. Etter has broad, extensive experience in the natural resources sector, including more than two decades of successfully managing diverse portfolios as a senior executive at multiple international mining companies. Mr. Etter has been responsible for government relations, legal, security, land, environment, public relations, and community affairs.

He joined Kinross Gold Corporation (TSX, NYSE) in 2007 and served in a number of roles, including Senior Vice-President, Global Government Relations, Security and Lands, prior to his retirement in 2020. He has wide-ranging experience on five continents, including significant accomplishments relating to development projects.

Peter Shabestari, President

Mr. Shabestari was a member of the Fronteer Long Canyon Team and manages the Goldstrike and Black Pine Projects for Liberty Gold. He is focused on the advancement of our projects through development and de-risking, including oversight of engineering, metallurgical, hydrological and geotechnical studies, as well as community and stakeholder liaison.

Mr. Shabestari is a Utah native and has worked in mineral exploration in the Great Basin and around the world for over 25 years. 

Joanna Bailey, CFO

Dr. Bailey is a Chartered Accountant (ICAS) with over 10 years of experience in accounting and financial reporting in Canada and the UK. After completing a Ph.D. in Chemistry at the University of Cambridge, UK, Dr. Bailey joined PricewaterhouseCoopers LLC in 2004 specializing in statutory reporting audits across a variety of industries including mining, retail, production and services.

In 2009, Dr. Bailey joined the accounting team at Fronteer Gold and was the Corporate Controller at Liberty Gold since its inception in 2011. Dr. Bailey is a member of the Institute of Chartered Accountants of Scotland.

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. The Company is also actively de-risking and expanding the Goldstrike Project in southwestern Utah, a past-producing oxide gold system, which now includes the newly staked Antimony Ridge Prospect. Antimony Ridge presents an opportunity for additional resource expansion through ongoing trenching and sampling programs.

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,  and the  potential quantity and/or grade of minerals and Liberty Gold’s mineral resources. 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, including, risks related to the proposed terms and timing pf the “spin out”; the satisfaction of the conditions precedent of the “spin out”; the timing, receipt and anticipated effects of shareholder, regulatory and court approvals for the “spin out”; 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, 2024 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.

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, 2024. All amounts are presented in United States dollars unless otherwise stated.

FOURTH QUARTER OF 2024 AND RECENT HIGHLIGHTS

• On October 7, 2024, we announced the close of the sale of the TV Tower project in northwest Türkiye, through the sale of our 73.7% owned subsidiary Orta Truva Madencilik Şanayi ve TicaretŞ to a major Turkish mining and construction company. The first of three staged consideration payments of $3.7 million was received on October 4, 2024. Our share of the remainder of the gross proceeds will be paid in two further stages as follows^[1]:
  • $2.2 million on October 4, 2025; and
  • $2.6 million on October 4, 2026.
• On October 24, 2024, we published our 2023 Environmental, Social and Governance disclosure update^[2].

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

• On October 10, 2024^[3], we announced the results of a Black Pine preliminary feasibility study (“Black Pine PFS”), demonstrating the commercial viability of an open pit, run-of-mine heap leach operation with a one-year construction period.
• As part of the Black Pine PFS, a first-time mineral reserve for Black Pine was released, and the mineral resource previously published on February 15, 2024^[4], was updated.
• On December 4, 2024^[5], we announced assay results from Rangefront exploration drilling, significantly expanding the footprint of the mineralized zone; highlights include:
  • 1.44 grams per tonne of gold (“g/t Au”) over 30.5 meters (“m”) including 3.25 g/t Au over 9.1 m; and
  • 0.61 g/t Au over 77.7 m including 2.15 g/t Au over 4.6 m.
• On February 6, 2025^[6], 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.

At the Goldstrike project in Utah (“Goldstrike”) ^[7],

• We announced results from field sampling at the Antimony Ridge target area on November 18, 2024^[8], significantly increasing the size and grade of the known antimony mineralized zone at Goldstrike, with new sampling returning values of up to 5.7%, 57,000 parts per million (“ppm”), antimony (“Sb”) and 3.94 g/t Au. 
• On February 11, 2025^[9], we announced the intention to spin-out Goldstrike and the adjacent Antimony Ridge discovery into a separate corporate entity, accompanied by the recent discovery of a new +400 m long, third zone of coarse-grained, high-grade antimony oxide mineralisation, 1,500 m west of the previously identified high-grade mineralization.
• We have made significant progress during the first quarter of 2025 with the proposed spin out. This includes the commencement of an update to the Goldstrike resource, the engagement of an independent valuator, the identification of several prospective candidates for management and directors of the spin-out company and drafting of the required legal documents. We expect further details to be available in due course, with the transaction expected to complete in the third quarter of 2025. 

^[1] See news releases dated October 7, 2024 and April 17, 2024.
^[2] See news release dated October 24, 2024.
^[3] See news release dated October 10, 2024.
^[4] See news release dated February 15, 2024.
^[5] See news release dated December 4, 2024
^[6] See news release dated February 6, 2025
^[7] See news release dated September 5, 2024.
^[8] See news release dated November 18, 2024
^[9] See news release dated February 11, 2025

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the "Company") is pleased to announce two major milestones for its flagship Black Pine Oxide Gold Project (“Black Pine”) in southern Idaho, USA. Firstly, the formal submission of the draft Black Pine 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 (“OEMR”), the IDEQ, and the IDL, to facilitate coordination of the entire mine permitting process for Black Pine.

The draft MPO is based on the recently published Preliminary Feasibility Study (see press releases dated October 10, 2024 and November 21, 2024) with a general site layout shown in Figure 1 below.

Figure 1: Black Pine Draft Mine Plan of Operations General Site Layout

New Discovery of A Third High-Grade Surface Zone at Antimony Ridge with Sample

Grades +3% Sb; Mineralized Horizon Strike Length Now Exceeds 2 kilometres in Outcrop,

with Soil Geochemical Anomalies over a 5-kilometre Zone

0.96 g/t Au over 24.4 meters, including 1.94 g/t Au over 6.1 meters at Rangefront

0.83 g/t Au over 21.3 meters, including 1.36g/t Au over 10.7 meters at M Zone

0.62 g/t Au over 19.8 meters at the CD Pit