Liberty Gold (LGD) Sidoti's Year End Virtual Investor Conference summary

Strategic direction and project focus

• Transitioned from explorer to developer, now focused on advancing the Black Pine oxide gold project in southern Idaho, with Goldstrike in Utah on hold pending water supply confirmation.

• Assembled a strong technical and permitting team, including new senior hires and board members with deep industry experience.

• Centerra Gold invested $20 million for a 9.9% stake, providing funding through to construction decision and technical advisory support.

• Institutional ownership is 30%, with major investors and a single 0.5% royalty on Black Pine, which is partially buyable.

Black Pine project highlights

• Open pit, large-scale heap leach operation with low environmental impact, using existing infrastructure and recycled water rights.

• Pre-feasibility study (Oct 2023) shows nearly 5 million ounces in resource and 3 million ounces in reserve, with significant upside from ongoing drilling.

• Projected NPV of $500 million at $2,000/oz gold, with spot NPV near $3 billion and payback in about a year at current prices.

• Low capital intensity ($327 million build), all-in sustaining costs expected to rise to $1,500–$1,600/oz but remain competitive.

• Production forecast: 138,000–183,000 ounces/year for first five years, 17-year mine life, with potential for extension.

Operational and environmental advantages

• Project leverages previously disturbed land, minimizing new environmental impact and permitting challenges.

• Water sourced from existing farm wells, with no new drawdown on the basin and potential for basin recovery.

• Simple, low-cost processing with no crushing or grinding, enabling economic mining of lower grades.

• Ongoing drilling and metallurgical testing expected to improve resource model and operational efficiency.