Liberty Gold (LGD) Metals Investor Forum 2026 summary

Project overview and asset highlights

• Advancing the Blackpine oxide heap-leach gold deposit in southern Idaho, a low-cost, low-footprint operation using run-of-mine leaching with no crushing or tailings facility.

• Asset acquired in 2016 for $800,000, located in a favorable jurisdiction with minimal environmental and permitting challenges due to lack of surface water and endangered species.

• Centerra Gold holds a 9.7% stake; strong institutional support and $32 million in treasury as of Q3, fully funding the project to final investment decision.

Pre-feasibility and feasibility study results

• October 2023 pre-feasibility study showed a $500 million NPV at $2,000/oz gold, supporting the move to a full feasibility study.

• Feasibility study due October 2024, expected to show increased gold production and higher annual production rates, but also higher capital and operating costs due to inflation and labor pressures.

• Updated mineral resource estimate indicates just under 5 million ounces indicated and 1 million ounces inferred, with a high-grade core of nearly 2 million ounces at 1 g/t.

Project development and growth potential

• Project designed for 183,000 ounces/year production for the first 5 years, with incremental resource growth expected from ongoing drilling.

• Analogous to the Marigold Mine, which has demonstrated long-term incremental growth and mine life extension.

• Target areas for resource expansion identified, supporting potential for further reserve and mine life increases.