Liberty Gold (LGD) Precious Metals & Critical Minerals Virtual Investor Conference summary

Strategic portfolio actions and project focus

• Completed divestment of Goldstrike project to Heliostar and Utah critical minerals assets to Blue Moon, strengthening financial position and focusing on Blackpine advancement.

• Blackpine project is now the sole focus, with efficient progress through U.S. permitting and NEPA process, targeting a construction decision in late 2027 and first gold production in December 2028.

• Achieved FAST-41 covered project status, aligning federal and state permitting schedules for streamlined approvals.

• Strong institutional ownership and analyst coverage, with major shareholders and bullish price forecasts.

Project economics and technical progress

• Blackpine pre-feasibility study shows a 17-year mine life, over 2 million oz gold production, and competitive costs, with updated feasibility due in Q4 2026.

• Initial capital estimated at just over $300 million, targeting 200,000 oz/year production, with expected increases in capital and operating costs in feasibility.

• Project economics benefit from low strip ratio, high-grade zones, and simple heap leach processing with no tailings dams or pit dewatering.

• Engineering and metallurgical test work are advancing, with M3 engaged for feasibility and detailed engineering.

Funding, team, and risk management

• Cash on hand of $35 million as of April, with an additional $40 million expected over 18 months, fully funding the project through to construction decision.

• Management team strengthened with experienced leadership and a clear ramp-up plan for key positions as the project advances.

• Infill drilling in early production years and step-out drilling prioritized to de-risk grade control and extend resource life.

• FAST-41 status and state-federal alignment seen as major de-risking factors for permitting and project finance partners.