FIRST QUARTER OF 2026 AND RECENT HIGHLIGHTS
PROJECT HIGHLIGHTS, BLACK PINE
During early 2026, Liberty Gold advanced the Black Pine Gold Project ("Black Pine" or the "Project") through resource growth, continuation of a feasibility study, and key federal permitting milestones, while also executing strategic corporate initiatives.
On April 3, 20261, we reported that the United States Forest Service published a Notice of Intent in the Federal Register to prepare an Environmental Impact Statement for Black Pine, initiating the formal National Environmental Policy Act review process.
On January 20, 20262, we announced that Black Pine has been accepted into FAST-41 as a "Covered Project" and subsequently, on March 23, 20263, we announced that a coordinated federal and state permitting schedule has been posted to the United States government permitting dashboard, pursuant to the U.S. Federal Permitting Improvement Steering Committee Council FAST-41 federal permitting framework ("FAST-41"), which provides transparency on permitting milestones and timelines.
On February 10, 20264, we announced an update to the independent Mineral Resource Estimate (the "2026 MRE") for Black Pine, conducted by SLR Consulting Ltd. and suitable for use in a Feasibility Study ("FS"). Highlights include:
The 2026 MRE is reported at a cut-off grade ("COG") of 0.10 grams per tonne ("g/t") gold ("Au") and consists of:
Indicated Resource of 502.7 million tonnes ("Mt") at an average grade of 0.30 g/t Au totalling 4,882,000 ounces ("oz") Au; and
Inferred Resource of 157.1 Mt at an average grade of 0.21 g/t Au totalling 1,050,000 oz Au.
A high-grade subset of the 2026 MRE (contained within the 0.10 g/t Au resource pit), applying a COG of 0.50 g/t Au consists of:
Indicated Resource of 60.1 Mt at an average grade of 0.99 g/t Au totalling 1,907,000 oz Au; and
Inferred Resource of 6.4 Mt at an average grade of 0.74 g/t Au totalling 152,000 oz Au.
On January 22, 20265, we announced additional RC and core drill results from the 2025 drilling program; highlights include:
Drill hole LBP1197 returning 0.86 g/t Au over 123.4 meters ("m") including 2.45 g/t Au over 24.4 m; and
The Rangefront resource pit has been further defined by drill holes LBP1213 (0.67 g/t Au over 61.0 m) and LBP1201 (0.45 g/t Au over 68.6 m).
New drilling at Rangefront has defined shallow zones of new oxide gold mineralization, which are expected to convert previously modeled waste blocks to resource on the western, northwestern and southeast margins in drillholes LBP1211, LBP1217 and LBP1198, respectively.
On April 8, 20266, we reported final drill results from the remaining holes of the 2025 Black Pine drill program, consisting of:
1.04 g/t Au over 19.8 meters, including 5.28 g/t Au over 3.0 meters in LBP1247 and 0.68 g/t Au over 41.1 meters, including 1.47 g/t Au over 4.6 meters in LBP1249 at Rangefront; and
0.64 g/t Au over 50.3 meters, including 2.27 g/t Au over 7.3 meters in LBP1185C and 1.05 g/t Au over 32.0 meters, including 2.06 g/t Au over 12.2 meters in LBP1250 at Discovery.
CORPORATE HIGHLIGHTS
On April 27, 20267, we announced that Centerra Gold Inc. elected to exercise its "top-up right" to maintain its 9.9% equity interest in the Company as provided under the Investor Rights Agreement (the "IRA"). In connection with this election and the IRA, we issued 2,033,992 common shares at a price of C$1.17 per share, for total proceeds of approximately C$2.4 million.
On February 19, 20268, we announced the promotion of Ms. Susie Bell to Vice President, Investor Relations and Corporate Communications, and Mr. Matthew Zietlow to Vice President, Permitting and External Affairs.
On April 30, 2026, we announced that Mr. Rob Pease will not stand for re-election to the Company's Board of Directors at the upcoming Annual General Meeting of Shareholders and will remain engaged with Liberty Gold in an advisory capacity as Corporate Advisor.
GOLDSTRIKE TRANSACTION
On April 27, 20269, we announced the closure of the previously announced10 sale of the Goldstrike Project ("Goldstrike") located in Utah. The issued and outstanding shares of the Company's subsidiary, Specialty American Metals Inc., that owns Goldstrike, were sold to Heliostar Metals Ltd. ("Heliostar") for $72.5 million in total consideration (the "Goldstrike Transaction") which is comprised of:
$10 million in cash plus approximately 1.6 million Heliostar common shares valued at approximately $2.5 million, received on April 24, 2026;
$10 million in cash to be received on April 24, 2027;
$10 million in cash to be received on October 24,2027;
$15 million in cash to be received on the earlier of the achievement of certain infrastructure-related milestones or April 24, 2031; and
$25 million in cash to be received on the earlier of release of a feasibility study, a construction decision or April 24, 2031.
All shares of Heliostar received as consideration in the Goldstrike Transaction are subject to a hold period under applicable Canadian securities laws, expiring on August 25, 2026.
GAGE TRANSACTION
On April 2, 202611, we announced the closure of the previously announced12 asset purchase agreement (the "Gage Transaction") with Blue Moon Metals Inc. ("Blue Moon"), to sell interests in certain unpatented critical minerals focused mining claims and School and Institutional Lands Administration ("SITLA") leases in southern Utah (collectively, the "Gage Project"). On closing of the Gage Transaction, Liberty Gold received total consideration comprised of:
Approximately $2 million, via the receipt of 420,935 common shares of Blue Moon; and
A 2.0% net smelter return royalty ("NSR"), payable on mineral production on the Gage Project claims, excluding land subject to SITLA leases, and subject to an option in favour of Blue Moon to repurchase 1.0% of the NSR at any time ...
