Liberty Gold Corp · TSX:LGD
Liberty Gold — Investor Presentation (January 2026)
32 slides from Liberty Gold's investor presentation, Jan 23, 2026
Slide 1: Disciplined Development of Great Basin Oxide Gold
Disciplined Development of Great Basin Oxide Gold TSX LGD OTCQX LGDTF January 2026
Slide 2: Cautionary Notes & Technical Disclosures
Cautionary Notes & Technical Disclosures All statements in this presentation, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of Unless stated otherwise, information of a scientific or technical nature in this presentation r
Slide 3: Timing is Everything
Timing is Everything The Discipline of Delivery Poised to Realize Value Black Pine The Science of Discovery L I B ER T YG O L D . CA T SX L G D O T CQ X L G D T F 3
Slide 4: Company Highlights
Company Highlights OUR FOCUS 1. A Rare, Executable USBased Gold Project Black Pine Gold Project • One of the few large-scale oxide gold deposits in the US South Eastern Idaho • Size 4.1M oz gold resource), strong economics, and 4.1M oz Au, past-producing, open-pit, large-scale, technical simplic
Slide 5: Our Leadership Team: Built To Build Mines
Our Leadership Team: Built To Build Mines Board of Directors Management Greg Etter Jon Gilligan Joanna Bailey Brad Ralph BOARD CHAIR PRESIDENT & CHIEF EXECUTIVE OFFICER CFO & CORPORATE SECRETARY SENIOR VP CORPORATE DEVELOPMENT Wendy Louie Lisa Wade Pete Shabestari Tyler Cole DIRECTOR DIRECTOR VP EXP
Slide 6: Capital Structure & Ownership
Capital Structure & Ownership Capital Structure Ownership Shares Outstanding 514.2 M Institutions and Funds 41.6% Options 17.5 M Centerra Gold Inc. 9.7% Warrants 47.7 M Management, Insiders & Advisors 3.9% Exercise price C$0.45, expire May 17, 2026 15.8 M Wheaton Precious Metals Corp. Exercise price
Slide 7: 2026 Key Catalysts
2026 Key Catalysts Black Pine, Idaho Q1 Acceptance into FAST41 U.S. Federal Permitting Framework • Q1 Drill Assays from 2025 Program • Q1 Federal Registry of Notice of Intent Commence Environmental Impact Statement • Q1 Feasibility Resource Update • Q2 Commence 2026 Drilling Program • Q2 Me
Slide 8: Black Pine Gold Project
Black Pine Gold Project Southern Idaho, USA
Slide 9: Black Pine Gold Project Overview
Black Pine Gold Project Overview Technically Simple & Largely De-Risked • Open-pit, run-of-mine, heap-leach operation • Located in Idaho with excellent project access and strong local community relationships • Water rights secured • Power supply at mine gate • No timber values, no threatened nor end
Slide 10: PFS Reserve & Resource
Black Pine Gold Project PFS Reserve & Resource LA RGE RESERV E 3.11 Moz Gold Probable Mineral Reserves @ $1,650/oz Au1 GROW ING RESOURCE 4.16 Indicated Mineral Resources @ $2,000/oz Au, Moz Gold inclusive of Reserves¹ 0.71 Inferred Mineral Resources @ $2,000/oz Au, Moz Gold inclusive of Reserves¹ HI
Slide 11: Preliminary Feasibility Study
Black Pine Gold Project Preliminary Feasibility Study A low capital intensity, long-lived open-pit, run-of-mine heap leach project. 1 183K oz $1,208 17 yrs 2.2M OZ 135K oz $1,381 MINE LIFE LOM GOLD PRODUCTION ANNUAL PRODUCTION AISC 3.3 yrs 32% $550 M $327 M 1.3 yrs 81% $1,785 M INITIAL CAPITAL AFTER
Slide 12: Plan of Operations – PFS Site Layout
Black Pine Gold Project Plan of Operations – PFS Site Layout L I B ER T YG O L D . CA T SX L G D O T CQ X L G D T F 12
Slide 13: Gold Production & Cost Profile
Black Pine Gold Project Gold Production & Cost Profile 1 Simple Operation with Low Unit Operating Costs Strong early years production profile with a long mine life • Open pit, run-of-mine heap leach operation. No crushing or agglomeration Targeting 500 koz Resource Addition in Feasibility • Avg Annu
Slide 14: Feasibility Program Well Advanced
Black Pine Gold Project Feasibility Program Well Advanced Drilling and Resource Advancement • 40,000 metre drill program completed • Feasibility resource model update underway with 60,000 m of drilling in 250 drill holes Metallurgy and Technical Validation • Large-diameter column testing and bulk
Slide 15: Feasibility Drilling Expansion at Rangefront
Feasibility Drilling Expansion at Rangefront L I B ER T YG O L D . CA T SX L G D O T CQ X L G D T F 15
Slide 16: Permitting
Black Pine Gold Project Permitting Federal | FAST41 Coordinated Review • Accepted into the U.S. FAST41 permitting framework, enabling coordinate federal review • MOUs in place with U.S. Forest Service and Bureau of Land Management • Cost recovery agreements executed; federal technical teams assign
Slide 17: Project Advancement Timeline
Black Pine Project Advancement Timeline Indicative timeline showing parallel advancement of engineering, environmental, permitting, and community engagement workstreams 2026 2027 2028 Engineering & Feasibility Study Long-Lead Final Engineering Gold Orders Project Execution Completed Placed Completed
Slide 18: Goldstrike Gold Project
Goldstrike Gold Project Utah, USA
Slide 19: Goldstrike
Goldstrike Located in SW Utah 50 km by road NW of St. George • No material environmental constraints identified • BLM surface rights with unpatented claims and patented mineral leases • Process water supply de-risking in progress • Non-core critical minerals assets under strategic review1 Goldstrike
Slide 20: 2026 Corporate Catalysts
2026 Corporate Catalysts Black Pine Feasibility Study Black Pine Permitting Execution & Capital Markets 2025 Drilling Assay results Notice of Intent expected Q1 Engineering and capital cost supporting Feasibility inputs Q1 refinement supporting Feasibility Environmental Impact Study delivery Upd
Slide 21: Black Pine Appendix
“ee Black Pine Appendix
Slide 22: PFS Attractive Project Economics
Black Pine Gold Project PFS Attractive Project Economics • After-tax NPV 5%) of $550 million and IRR of 32% with a 3.3 year payback of initial capital at the base case gold price of $2,000/oz • PFS: targeted a “front-end loadedˮ, maximum IRR/minimum payback strategy for the base case mine plan • Af
Slide 23: PFS Production Strategy
Black Pine Gold Project PFS Production Strategy • Mine plan delivers higher head grade • Stockpiles maintain leach pad • Opportunities identified to maintain and production in early years, which feed during Rangefront pit higher head grades across Discovery drives higher IRR and rapid payback develo
Slide 24: PFS After-Tax Cash Flow Profiles
Black Pine Gold Project PFS After-Tax Cash Flow Profiles Strong Cash Flow Generation Gold Price $2,000/oz $3,000/oz After-Tax Cash Flow $873 Million $2,614 Million After-Tax Payback 3.3 years 1.3 years L I B ER T YG O L D . CA T SX L G D O T CQ X L G D T F 24
Slide 25: PFS Gold Production & Cost Profile
Black Pine Gold Project PFS Gold Production & Cost Profile Production Profile Strong early years production profile with a long mine life Mine Life 17 years Targeting 500 koz Resource Addition in Feasibility Total Gold Ounces Mined 3,110 koz Total Gold Ounces Recovered 2,191 koz Avg. Annual Gold Pro
Slide 26: PFS Capital & Operating Costs
Black Pine Gold Project PFS Capital & Operating Costs LOM Unit Costs Simple Operation with Operating Costs US$ M US$/tonne ore Low Unit Operating Cost 1 Mining $1,946 $6.50 • Open pit, run-of-mine heap leach operation, Process Plant $538 $1.80 no crushing or agglomeration G&A $220 $0.73 Refining $22
Slide 27: PFS Metallurgy
Black Pine Gold Project PFS Metallurgy Advanced Metallurgical Model at PFS Cross-section through Geo-metallurgical Domain Block Model • 6 phases of test work completed on bulk samples and large-diameter drill core composites 174 column tests completed) • Rapid gold extraction with 80% of leachable
Slide 28: PFS Flowsheet Design
Black Pine Gold Project PFS Flowsheet Design • Conventional Run-of-Mine heap leach facility • No crushing, screening or agglomeration • Mine truck dump at 50 ktpd • Staged pad construction • Conventional ADR plant • Gold doré produced on site L I B ER T YG O L D . CA T SX L G D O T CQ X L G D T F
Slide 29: PFS Benchmarking To Peers
Black Pine Gold Project PFS Benchmarking To Peers Benchmarking to Comparable Western US Heap Leach Gold Mines & Projects Black Pine shows favourable strip ratio, royalty burden, capital and operating cost intensity compared to other long-life, Great Basin, oxide gold heap-leach mines Black Pine Mari
Slide 30: PFS Mineral Reserve & Resource
Black Pine Gold Project PFS Mineral Reserve & Resource Reserve Class 1 M tonnes g/t Au 000) oz Au First Mineral Reserve Estimate Probable 299.4 0.32 3,110 Mineral Reserve Estimate of 3.1 million oz Probable using a cut-off Total 299.4 0.32 3,110 grade of 0.1 g/t Au and a gold price of US$1,650/oz
Slide 31: Endnotes
Endnotes Black Pine Mineral Reserve Estimate • The Mineral Reserve estimate was prepared by AGP Mining Consultants Inc., Toronto, Canada (“AGPˮ) and has an effective date of June 1, 2024. The Qualified Person responsible as defined under NI 43101 for the Mineral Reserve estimate is Todd Carstensen
Slide 32: Corporate Inquiries
Corporate Inquiries 604.632.4677 [email protected] TSXLGD | OTCQXLGDTF 610 815 West Hastings Street Vancouver, BC V6C 1B4 libertygold.ca