Liberty Gold (LGD) Corporate presentation summary

Project overview and strategy

• Advancing a large-scale, open-pit, heap-leach oxide gold project in Idaho with a 4.9M oz indicated resource and strong economics, targeting feasibility in Q4 2026 and a Record of Decision by January 2028.

• Project benefits from a stable jurisdiction, established infrastructure, and supportive communities, with a clear path to construction and FAST-41 permitting designation.

• Focused on disciplined execution, capital allocation, and portfolio optimization to support project advancement.

Black Pine project economics and technical highlights

• 2024 PFS outlines 183,000 oz/year gold production (years 1–5), 2.2 Moz over 17 years, $550M after-tax NPV (5%), and 32% after-tax IRR at $2,000/oz gold with a 3.3-year payback.

• Low capital intensity ($327M initial capex), low operating costs, and a simple run-of-mine heap-leach design with no crushing or agglomeration.

• Water rights secured, power at mine gate, and no groundwater in proposed pits; site previously mined and reclaimed.

Resource growth and metallurgical validation

• 2026 resource estimate: 540.6 Mt at 0.30 g/t Au (4.88 Moz indicated), 157.1 Mt at 0.21 g/t Au (1.05 Moz inferred) at 0.1 g/t cut-off; higher-grade subset contains 1.91 Moz at 0.99 g/t Au.

• Resource growth from 2.6 Moz indicated (2021) to 4.88 Moz (2026), with over 80% of resource in Rangefront and Discovery pits.

• Metallurgical testing shows rapid gold extraction (>80% in 10 days), recovery largely insensitive to crush size, and supports ROM heap leaching.