Black Pine Gold Project
A Large-Scale, Feasibility-Defined U.S. Gold Development Project
Black Pine is Liberty Gold’s 100%-owned flagship oxide gold project in southern Idaho. The 2026 Feasibility Study defines a 16-year, open-pit, run-of-mine heap-leach operation supported by a 4.04 million ounce Probable Mineral Reserve and average annual payable gold production of approximately 202,000 ounces in Years 1 to 5.
At a base-case gold price of US$3,250 per ounce, the Feasibility Study estimates an after-tax NPV(5%) of approximately US$2.4 billion, an after-tax IRR of 60.5% and a 2.0-year payback.
Black Pine is advancing through detailed engineering and project execution readiness.
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100% owned
Permitting & Detailed Engineering
Gold
Oxide Gold, Run-of-Mine Heap-Leach, Open Pit
A large-scale, technically straightforward, run-of-mine heap-leach gold project.
Black Pine is a large-scale oxide gold project located in southern Idaho, U.S. The 2026 Feasibility Study1 outlines a conventional open-pit, run-of-mine heap-leach operation requiring no ore crushing, screening or agglomeration.
The Study establishes a 16-year mine plan supported by a 4.04 million ounce Probable Mineral Reserve, with average annual payable gold production of approximately 202,000 ounces in Years 1 to 5 and approximately 177,000 ounces over the life of mine.
Initial capital is estimated at approximately US$411 million. At the Study base-case gold price of US$3,250 per ounce, Black Pine generates an estimated after-tax NPV(5%) of approximately US$2.4 billion, an after-tax IRR of 60.5% and a 2.0-year payback.
1The Feasibility Study (“FS”) does not replace the Mine Plan of Operations that forms the basis for permit applications currently under review by the applicable regulatory agencies.
The FS was prepared by a team of independent industry experts. The “NI 43-101 Technical Report and Feasibility Study for the Black Pine Project, Idaho, USAˮ has an effective date of August 1, 2026.
Project Highlights
Feasibility-Defined Scale
The Black Pine Feasibility Study establishes a 4.04 million ounce Probable Mineral Reserve supporting a 16-year mine life. Average annual payable gold production is approximately 202,000 ounces in Years 1 to 5 and approximately 177,000 ounces over the life of mine
Located In A Tier-One Mining Jurisdiction
Black Pine is 100%-owned by Liberty Gold and located in southern Idaho with established road access, sufficient existing water rights and grid power available at site to support project requirements.
Simple, Large-Scale Development Configuration
Black Pine is designed as a conventional open-pit, run-of-mine heap-leach operation requiring no ore crushing, screening or agglomeration. This straightforward processing configuration is a core technical advantage of the Project.
Capital Efficiency & Gold Price Resilience
Initial capital is estimated at approximately US$411 million. At US$3,250 per ounce gold, the Study estimates an after-tax NPV(5%) of approximately US$2.4 billion, a 60.5% after-tax IRR and a 2.0-year payback. At US$2,500 per ounce gold, the estimated after-tax NPV(5%) remains approximately US$1.2 billion with a 33.4% after-tax IRR.
Defined Pathway Toward a Construction Decision
Liberty Gold is advancing detailed engineering, procurement planning and execution readiness while federal and state permitting continues under the FAST-41 framework.
Responsible
Development
Black Pine is advancing through a coordinated federal and state environmental review and permitting process based on the Mine Plan of Operations deemed administratively complete by federal agencies in November 2025. This process is supported by extensive environmental baseline work and ongoing engagement with communities, agencies and stakeholders.
Mineral Reserves and Resources
The 2026 Feasibility Study establishes a 4.04 million ounce Probable Mineral Reserve comprising approximately 433.3 million tonnes grading 0.29 g/t Au.
The Study also incorporates an updated Mineral Resource estimate effective April 30, 2026. Mineral Resources are inclusive of Mineral Reserves.
@ US$2,250/oz Au
@ US$2,800/oz Au, inclusive of Mineral Reserves
@ US$2,800/oz Au, inclusive of Mineral Reserves
2026 Feasibility Study
The 2026 Feasibility Study establishes a large-scale, long-life development case for Black Pine based on a conventional open-pit, run-of-mine heap-leach operation with a defined capital requirement, strong early production and robust economics across a broad range of gold prices.
Mine Life
Initial Capital
LOM Gold Production
1.2 yrs @ US$4,500/oz Au
After-Tax Payback
177 k oz LOM Average
Annual Production
104.3% @ US$4,500/oz Au
After-Tax IRR
AISC
US$4.3B @ US$4,500/oz Au
After-Tax NPV(5%)
Key Infrastructure & Logistics
Ownership
In June 2016, Liberty Gold acquired 100% of the Black Pine Property from Western Pacific Resource Corporation for US$800,000 cash and 300,000 shares of Liberty Gold.
More Details
In June 2016, Liberty Gold acquired the Black Pine Property from Western Pacific Resource Corporation for US$800,000 cash and 300,000 shares of Liberty Gold. At the time of acquisition, the project area totaled 12,749 acres/5,159 hectares and consisted of unpatented mining claims on USFS and BLM lands, an Idaho state minerals lease, private lands, and a majority interest in private mineral rights. The main gold zone encompassing the historic Black Pine mine is not subject to seasonal closures and can be accessed year-round, weather and road conditions permitting.
As a result of the sale, Liberty Gold acquired the data for 1,874 shallow (average depth of 93 meters) historic drill holes totaling 191,500 meters, as well as over 10,000 historic surface soil and rock samples, blast hole samples, and historic mining, engineering, and permitting data.
Geology and Exploration
Black Pine is a large-scale, oxide gold, Carlin-style deposit hosted in layered carbonate and sandstone rocks of the Oquirrh Group, cut by a system of low-angle faults. Gold occurs as finely disseminated, oxidized mineralization spread across a large 14 km² area, with the highest grades found in calcareous siltstone near major fault zones. This geology supports the broad, near-surface, and consistent nature of the deposit.
Location & Access
Black Pine is located in Idaho, near the Utah border. The site is just two hours from Salt Lake City and one hour from Burley, providing access to regional infrastructure and workforce. The project is accessible year-round, weather and road conditions permitting.
Water Rights
Liberty Gold has secured sufficient existing water rights to support the project requirements defined in the Feasibility Study. Water supply is planned to be drawn from within the basin using existing water rights secured by the Company.
Power
Power is readily available, with an existing line at the front gate from historical mining. Current infrastructure provides capacity up to 9.9 MW, making for a simple and low-cost hook-up.
Design Simplicity
Black Pine is designed as a conventional open-pit, run-of-mine heap-leach operation requiring no ore crushing, screening or agglomeration. Gold recovery will use conventional heap-leach and adsorption, desorption and recovery processing.
Metallurgy
Extensive metallurgical testwork supports run-of-mine heap leaching as the selected processing method for Black Pine. The 2026 Feasibility Study incorporates gold recovery assumptions developed from the Project’s metallurgical testwork program and modeled metallurgical domains.
Environmental & Social Positioning
Black Pine is located in a sparsely populated, semi-arid area of southern Idaho and is advancing through a coordinated federal and state environmental review and permitting process based on the Mine Plan of Operations deemed administratively complete by federal agencies in November 2025. Extensive environmental baseline studies and ongoing technical work are informing project design, mitigation and reclamation planning.
Current initiatives include sage grouse habitat restoration, a mule deer migration study, and plans for renewable power, water neutrality, habitat mitigation, and mine fleet optimization as part of the project’s long-term commitment to responsible development.
More Details
At Liberty Gold, sustainability is integral to our operations and decision-making, ensuring long-term value for stakeholders. To learn more about our sustainability efforts, please visit our Sustainability page.
Project Timeline and Catalysts
Project Timeline and Catalysts
Black Pine is on a defined path from feasibility through to first gold in 2028.
The project has already delivered a robust Pre-Feasibility Study (October 2024) and is fully funded through to a construction decision in late 2027.
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Disclaimers
Qualified Person
Peter Shabestari P.Geo., VP Exploration, Liberty Gold, is the Company’s designated Qualified Person 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 herein is accurate.
Non-GAAP Measures and Other Financial Measures
Alternative performance measures are furnished to provide additional information. These non-GAAP performance measures are included in this webpage because these statistics are key performance measures that management uses to monitor performance, to assess how the Company is performing, to plan and to assess the overall effectiveness and efficiency of future potential mining operations. These performance measures, including Initial Capital Costs, Cash Costs, and AISC, do not have a standard meaning within International Financial Reporting Standards (“IFRSˮ) and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures are intended to provide additional information to the user and should not be considered in isolation as a substitute for measures of performance in accordance with IFRS. This non-GAAP financial performance measure information is for a project under development incorporating information that will vary over time as the project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-GAAP financial performance measures.
Initial Capital Costs
Initial Capital Cost is defined as capital required to develop, construct and to bring the Project to commercial production.
Sustaining Capital Costs
Sustaining Capital Cost is defined as capital required to sustain the operation after the commencement of commercial production.
Cash Costs and Cash Costs per Gold Ounce
Cash Costs are reflective of the cost of production. Cash Costs reported in the FS include mining costs, processing, on-site general and administrative costs, treatment and refining costs, and royalties. Cash Costs per ounce is calculated as Cash Costs divided by total LOM payable gold ounces.
All-in Sustaining Costs (“AISC”) and AISC per Gold Ounce
AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the FS includes Cash Costs, sustaining capital, closure costs, Idaho Mine License Tax and Idaho property tax. AISC per ounce is calculated as AISC divided by total LOM payable gold ounces.
