Liberty Gold (LGD) Q3 2025 earnings summary

Executive summary

• Closed a subscription agreement with Centerra Gold, raising C$28.01 million at a 10% premium to 5-day VWAP, with Centerra acquiring 9.9% of shares.

• Received first staged payment of $2.21 million from the sale of interest in the TV Tower copper-gold project.

• Strengthened leadership with new appointments, including a Senior VP of Corporate Development and additions to the Board and project development team.

Significant events and developments

• Advanced Black Pine project with new technical and permitting hires to support feasibility and operational readiness.

• Reported strong Phase 5A and 5B metallurgical results at Black Pine, with gold extractions consistently above 80%.

• Confirmed presence of residual, cyanide-soluble gold in the 30 million tonne legacy heap at Black Pine, supporting potential economic reprocessing.

• Drilling at Rangefront Zone and Discovery Zone confirmed expansion of high-grade oxide gold mineralization, with notable intercepts up to 1.53 g/t Au over 85.3 meters.

Financial highlights

• Loss for Q3 2025 was $6.25 million, compared to $5.60 million in Q3 2024; nine-month loss was $13.21 million, up from $12.06 million year-over-year.

• Cash and short-term investments as of September 30, 2025, totaled $32.46 million, up from $6.97 million at December 31, 2024.

• Shareholders' equity increased to $45.23 million from $21.16 million at year-end 2024.