Liberty Gold (LGD) Q1 2025 earnings summary

Executive summary

• Closed a bought deal financing in April 2025, raising C$23 million through the sale of 69.7 million shares and warrants.

• Announced CEO transition, with Cal Everett stepping down and Jon Gilligan to assume the role in June 2025.

• Senior VP Corporate Development, Darin Smith, resigned effective May 2025.

• Announced intention to spin out Goldstrike and Antimony Ridge into Specialty American Metals Inc.

Financial highlights

• Q1 2025 net loss from continuing operations was $2.68 million, compared to $2.99 million in Q1 2024.

• Basic and diluted loss per share from continuing operations remained at $0.01 year-over-year.

• Cash and short-term investments were $4.91 million as of March 31, 2025, down from $6.97 million at year-end 2024.

• Working capital decreased to $5.28 million from $7.35 million at December 31, 2024.

• Shareholders' equity declined to $19.08 million from $21.16 million at year-end 2024.

Outlook and guidance

• Plan to spin out Goldstrike and Antimony Ridge into Specialty American Metals Inc., subject to regulatory, court, and shareholder approval in Q3 2025.

• Ongoing de-risking activities and exploration at Black Pine and Goldstrike projects.