Liberty Gold (LGD) Corporate Presentation summary

Project overview and strategy

• Focus on developing the Black Pine oxide gold project in Idaho, a past-producing, open-pit, heap-leach mine with a 17-year life and strong local support.

• 2024 Preliminary Feasibility Study (PFS) outlines 2.2 Moz gold production, 183,000 oz/year for years 1–5, and a technically simple, low-risk operation.

• Project leverages low capital intensity, low operating costs, and a clear development pathway with secured water rights and power supply.

• Feasibility fieldwork, resource model updates, and permitting milestones are scheduled through 2025–2027, with construction targeted for 2028.

• Goldstrike/Antimony Ridge in Utah is being spun out into a new U.S.-focused strategic metals company, Specialty American Metals Inc.

Financial highlights and economics

• After-tax NPV (5%) of $550M and IRR of 32% at $2,000/oz gold, with a 3.3-year payback; NPV rises to $1,785M and IRR to 81% at $3,000/oz gold.

• Initial capital cost is $327M, with total capital costs of $546M; low LOM unit operating cost of $9.11/tonne processed.

• LOM AISC is $1,381/oz, and total cash cost is $1,250/oz; strong early cash flow with $873M after-tax at $2,000/oz and $2,614M at $3,000/oz.

• Project benchmarks favorably against Western U.S. heap-leach peers in strip ratio, royalty burden, and cost intensity.

• Market capitalization is C$241.3M, with C$34.8M in cash and short-term investments as of Q2 2025.

Mineral resources and reserves

• First mineral reserve estimate: 3.1 Moz probable reserves at 0.32 g/t Au (cut-off 0.1 g/t, $1,650/oz gold).

• Updated mineral resource: 4.16 Moz indicated and 0.71 Moz inferred at 0.32 g/t and 0.23 g/t Au, respectively, at $2,000/oz gold.

• Resource model incorporates updated metallurgical recovery and lower cut-off grade, increasing overall ounces.

• Ongoing drilling targets conversion of additional indicated and inferred ounces to reserves.

• Metallurgical testing supports robust recoveries and rapid gold extraction, validating heap-leach process selection.