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16-year mine life with life-of-mine average payable gold production of 176,700 oz per year and AISC1 of $1,566/oz Au
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Average payable gold production of 202,000 oz per year in Years 1-5
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US$411 million initial capital requirement for a large-scale, open-pit, run-of-mine heap leach operation with a 4.04 million oz Au Mineral Reserve
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Base case after-tax NPV(5%) to initial capital ratio of 5.8 and payback of 2.0 years
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Strong economics across a range of gold prices (after-tax):
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NPV(5%) US$4.3 billion and 104% IRR at $4,500/oz Au
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NPV(5%) US$1.2 billion and 33% IRR at $2,500/oz Au
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VANCOUVER, British Columbia, Sept. 08, 2026 (GLOBE NEWSWIRE) — Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce the results of a Feasibility Study (“FS” or the “Feasibility Study”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) at its 100%-owned Black Pine Oxide Gold Project (“Black Pine” or the “Project”) in southern Idaho, USA.
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The Feasibility Study establishes Black Pine as a large-scale, long-life oxide gold development project based on a technically straightforward, open-pit, run-of-mine (“ROM”) heap-leach operation requiring no ore crushing, screening or agglomeration. The FS supports average annual payable gold (“Au”) production of 202,000 troy ounces (“oz”) in Years 1-5 from a 4.04 million oz Au Probable Mineral Reserve, with an initial capital cost1 of US$411.4 million and strong economic returns across a broad range of gold prices. The Feasibility Study assumes a base case gold price of $3,250/oz Au. All figures in this news release are stated in United States dollars (“$” or “US$”).
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The development configuration evaluated in the FS is aligned with the Company’s 2026 Mine Plan of Operations (“MPO”). The Feasibility Study does not replace the MPO that forms the basis for permit applications currently under review by the applicable regulatory agencies but rather incorporates potential future feasibility-level optimizations and refinements.
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This news release should be read in combination with the Feasibility Study presentation available at https://libertygold.ca/wp-content/uploads/Black_Pine_FS.pdf
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2026 Black Pine Feasibility Study Highlights
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Large-scale production: 16-year mine-life with an average annual payable production of 202,000 oz Au in Years 1-5, at an average grade of 0.35 grams per tonne gold (“g/t Au”), including peak annual production of 277,400 oz Au in Year 5; and average annual payable production of 176,700 oz Au over life-of-mine (“LOM”), including peak LOM annual production of 294,600 oz Au in Year 13.
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Probable Mineral Reserve containing 4.04 million oz Au: 433.3 million tonnes at a grade of 0.29 g/t Au, supporting the planned 16-year mine-life.