Liberty Gold's Proven Team Advancing Multi-Million Ounce Oxide Gold Projects in Idaho and Utah

• Liberty Gold is advancing its Black Pine and Goldstrike sedimentary-hosted oxide gold projects in the Great Basin area of the U.S. towards production
• Fast tracking Black Pine, posting with 3.5Moz resource, to pre-feasibility study (PFS) expected in Q3 2024 followed by submission of a mine plan of operations to start the 3-year National Environmental Policy Act (NEPA) permitting process in Q4
• The deposit is located on U.S. Forest Service land in a previously disturbed site, which should facilitate permitting
• Key catalysts in 2024 include the PFS, new drill targets to expand the 3.5Moz resource, and progression of the NEPA process
• Management has a strong track record of financing, permitting, and developing mines

Path to Permitting a Multi-Million Ounce Gold Mine in Idaho

Liberty Gold Corp. (TSX:LGD) is a gold exploration and development company focused on advancing its two flagship sedimentary-hosted oxide gold projects - Black Pine in Idaho and Goldstrike in Utah - through permitting and towards production. For investors seeking exposure to a high-quality gold developer led by a proven management team in a stable jurisdiction, Liberty Gold warrants serious consideration.

Liberty Gold is led by CEO Cal Everett, who has 40 years of experience in the mining industry and a successful track record of financing mining projects. President and COO John Gilligan adds important technical and operational expertise, having built two mines in his career. As Gilligan explains,

"Cal's got a tremendous track record in funding mining ventures. I've had the privilege of building two mines in my career. We've got a tremendously talented team on the ground."

This seasoned management team has the right combination of skills to advance Liberty Gold's projects through the key milestones of permitting, financing, and construction. Their experience and credibility helps derisk the development path.

Interview with CEO Cal Everett & President & COO Jon Gilligan

Flagship Black Pine Project Advancing Towards Production Decision

Liberty's primary focus is the Black Pine sedimentary-hosted oxide gold project in southern Idaho. Black Pine currently hosts 3.5 million ounces of gold in 2 deposits, with significant exploration upside. The project is being fast-tracked, with a PFS expected in Q3 2024.

Following the PFS, Liberty plans to submit a mine plan of operations in Q4 2024 to initiate the National Environmental Policy Act (NEPA) permitting process. While permitting any new mine in the U.S. is a multi-year undertaking, Liberty benefits from Black Pine being located on a previously disturbed site. Gilligan noted, "This is not a forest in the sense of one colloquially might think of a forest...it's what they call an impaired viewshed." This should help derisk and potentially accelerate permitting.

The current 3-year permitting timeline envisions construction starting in 2028. In the interim, Liberty will continue systematically advancing the project while working to expand the resource through drilling.

Goldstrike Project Provides Additional Upside

In addition to Black Pine, Liberty's development pipeline includes the Goldstrike oxide gold project in southwest Utah. In the resource estimate in February 2018, Goldstrike was classified with an indicated mineral resource of 925,000 ounces of gold at an average grade of 0.50 g/t Au, and an inferred mineral resource of 296,000 ounces of gold at an average grade of 0.47 g/t Au. While earlier stage than Black Pine, Goldstrike provides an attractive secondary asset that could be advanced towards development after Black Pine.

Unique Investment Opportunity

For investors, Liberty Gold represents a unique opportunity to gain exposure to an advanced-stage gold developer in a stable jurisdiction with a clear path to production. The company's strong management team, large gold resource base with exploration upside, and positive gold market outlook are all favorable investment attributes.

While permitting and financing are still key risks, these are somewhat mitigated by Black Pine's location on previously disturbed federal land and management's experience financing and building mines. Everett stated, "As long as you understand that you've got a clock and you know when you're expecting to go through the NEPA process and get your permit for construction at Black Pine, you just keep ticking those boxes."

Upcoming Catalysts

Investors can look forward to a number of potential catalysts for Liberty Gold shares over the next 12-18 months:

• PFS results on Black Pine in Q3 2024
• Submission of Black Pine mine plan of operations and initiation of NEPA permitting in Q4 2024
• Drill results from new targets at Black Pine with the potential to meaningfully expand the resource
• Progress on permitting
• Finalization of project financing

Investment Thesis for Liberty Gold

• Led by management team with track record of successfully financing, permitting, building and operating gold mines
• Flagship Black Pine project hosts a large 3.5Moz oxide gold resource, with further expansion potential
• On track to complete PFS and submit mine plan to initiate permitting in 2024
• Location on previously disturbed federal land helps de-risk permitting
• Goldstrike project provides pipeline of development assets
• Exposure to rising gold price with strong leverage to the upside
• Potential for significant re-rating as company continues to systematically advance and de-risk projects
• Attractive valuation for an advanced-stage gold developer

For investors seeking exposure to a high-quality gold developer, Liberty Gold stands out for its experienced management team, large resource base in a stable jurisdiction, and clear path towards production at its flagship Black Pine project. With several key catalysts on the horizon, Liberty is well-positioned to re-rate higher as it continues successfully delivering on its plans. The company warrants consideration as a compelling investment opportunity in the gold development space.

Gold Market Insights

The current macro environment remains supportive of higher gold prices, providing a constructive backdrop for gold exploration and development companies like Liberty Gold. Persistently high inflation, a weakening U.S. dollar, and elevated geopolitical uncertainty are all bullish tailwinds for gold.

Central banks around the world have been aggressively raising interest rates to combat inflation. However, with inflation still running well above target levels, real interest rates remain negative. Negative real rates reduce the opportunity cost of holding gold, a zero-yielding asset, thereby bolstering its attractiveness.

Moreover, as higher interest rates increase recessionary risks, gold should benefit from its safe haven status and historical outperformance during economic downturns. A recession would likely prompt a pivot to looser monetary policy, further fueling gold's ascent. Elevated geopolitical risks, including the war in Ukraine, U.S.-China tensions, and instability in the Middle East, provide an additional pillar of support. Gold has long been viewed as the ultimate safe haven asset during times of turmoil.

As Everett explains, "The gold market tends to step up and then fall back a bit, but you just want the progressive steps to be slightly higher than the last step back. And that's what we're doing right now."

This stair-step pattern to progressively higher prices should create a robust environment for gold developers like Liberty to attract capital and re-rate higher. In summary, the confluence of macro factors driving gold prices higher remains firmly in place, providing a strong, multi-year bull case for quality gold developers like Liberty Gold.