Liberty Gold Advancing Idaho Gold Project Towards Coveted Multi-Million Ounce Status to Attract Suitors

• Liberty Gold is focused on exploring and developing open-pit, heap-leach gold projects in the Great Basin of the United States
• The company's flagship project is Black Pine in Idaho, which has a mineral resource estimate of 2.6M oz indicated and 0.5M oz inferred
• Black Pine is a past-producing heap leach mine that was operated by Pegasus in the 1990s
• Liberty Gold aims to complete a Pre-Feasibility Study (PFS) for Black Pine in Q3 2024 and start the permitting process in Q4 2024
• The company also owns the TV Tower gold-silver project in Türkiye which is currently being explored for a potential sale

About Liberty Gold

Liberty Gold Corp (TSX: LGD) is a gold exploration and development company focused on advancing its flagship Black Pine oxide gold project located in the Great Basin of Idaho, United States to production. The company aims to demonstrate the project's viability through continued resource expansion drilling and engineering studies. The upcoming Pre-Feasibility Study, slated for Q3 2024, and the start of permitting in Q4 2024 are key potential catalysts this year.

Interview with CEO Cal Everett and President & COO, John Gilligan

Company Overview & Project Portfolio

Liberty Gold is led by President & COO John Gilligan and CEO Cal Everett, who have extensive mining industry experience. The company's current focus is on exploring and developing open-pit, heap-leach gold deposits in mining-friendly jurisdictions, starting with its Black Pine project in Idaho. In addition to Black Pine, Liberty Gold owns the TV Tower gold-silver project located in western Türkiye.

Flagship Black Pine Project

Black Pine is located close to infrastructure in an established mining district in Idaho and was previously operated as a heap leach mine by Pegasus Gold in the 1990s. Extensive drilling by Liberty Gold since acquiring the project has outlined an initial mineral resource estimate of 2.6M oz gold indicated and 0.5M oz inferred at average grades over 0.5 g/t gold. Metallurgy is simple with column leach testwork indicating ~70% expected gold recoveries.

With abundant room for resource expansion, Black Pine has clear tier-1 potential (defined as >5M oz) which would improve its appeal as an M&A target. The company sees the project as having similarities to the large, low-grade Marigold mine in Nevada operated by SSR Mining.

TV Tower Project in Türkiye

TV Tower is an earlier-stage epithermal gold-silver project located in western Türkiye. The company is currently exploring strategic options for the project, including an outright sale. In January 2024, Everett travelled to Türkiye to continue negotiations on a potential deal, with Liberty Gold seeking an offer in the range of $15-20 million based on previous expressions of interest.

Pre-Feasibility Study & Permitting

Liberty Gold remains on track to release a Pre-Feasibility Study (PFS) on Black Pine in Q3 2024. The PFS will provide crucial economic assumptions and detailed engineering design that support submitting a Plan of Operations to launch the permitting process. Based on typical timelines, permitting is expected to take 2-3 years.

While the PFS will change as engineering assumptions are optimized, it represents a necessary step in de-risking the project and advancing Black Pine towards a potential construction decision. Concurrent with permitting activities, the company expects to continue expanding the resource through further drilling within an approved 40 km2 exploration plan.

Raising Capital & Funding Strategy

With ample existing working capital, Liberty Gold is fully funded to complete the PFS. However, additional funding will be required to support resource expansion drilling starting in H2 2024. Everett has extensive capital markets experience and is tasked with managing the company's financial strategy. He outlined several potential funding options at Liberty Gold's disposal, including:

• Sale of the TV Tower project
• Private equity placements
• Strategic investments from major mining companies
• Royalty and stream financing

Everett noted that securing funding is heavily dictated by commodity cycle trends. As such, timing financings to align with positive market windows is critical. The Black Pine PFS and subsequent permitting progress could support improved valuation milestones for raising capital.

Conclusion

Liberty Gold represents an attractive emerging developer advancing a large, open-pit heap leach project located in Idaho, USA – an established and stable mining jurisdiction. With continued exploration and engineering de-risking activities planned at Black Pine in 2024, investors have multiple potential catalysts that may drive a rerating in the company's valuation. The stock appears positioned to benefit from the rising sector appetite for quality gold development stories.