Liberty Gold Corp · TSX:LGD
Liberty Gold — Investor Presentation (March 2026)
28 slides from Liberty Gold's investor presentation, March 2026
Slide 1: Disciplined Development of Great Basin Oxide Gold
Disciplined Development of Great Basin Oxide Gold TSX: LGD OTCQX: LGDTF March 2026
Slide 2: Cautionary Notes & Technical Disclosures
Cautionary Notes & Technical Disclosures All statements in this presentation, other than statements of historical fact, are "forward - looking information" and “forward - looking statements” with respect to Liberty as actual results, and future events could differ materially from those anticipated i
Slide 3: Timing is Everything
Timing is Everything The Discipline of Delivery Poised to Realize Value Black Pine The Science of Discovery LIBERTYGOLD.CA TSX: LGD OTCQX: LGDTF 3
Slide 4: Company Highlights
OUR FOCUS Company Highlights 1. A Rare, Executable US - Based Gold Project Black Pine Gold Project • One of the few large - scale oxide gold deposits in the US South Eastern Idaho • Size (4.9M oz indicated gold resource 1), strong economics, 4.9M oz Au, past - producing, open - pit, large - scale, a
Slide 5: Our Leadership Team: Built To Build Mines
Our Leadership Team: Built To Build Mines Board of Directors Management Greg Etter Jon Gilligan Joanna Bailey Brad Ralph BOARD CHAIR PRESIDENT & CHIEF EXECUTIVE OFFICER CFO & CORPORATE SECRETARY SENIOR VP CORPORATE DEVELOPMENT Wendy Louie Lisa Wade Pete Shabestari Tyler Cole DIRECTOR DIRECTOR VP EXP
Slide 6: Capital Structure & Ownership
Capital Structure & Ownership Capital Structure Ownership Shares Outstanding 524.6 M Institutions and Funds 40.6% Options 16.9 M Centerra Gold Inc. 9.5% Warrants 37.7 M Exercise price C$0.45, expire May 17, 2026 12.6 M Exercise price C$0.45, expire April 22, 2027 24.4 M Management, Insiders & Adviso
Slide 7: 2026 Key Catalysts
2026 Key Catalysts Black Pine, Idaho ✓ Q1: Acceptance into the FAST - 41 U.S. Federal Permitting Framework ✓ Q1: Feasibility Mineral Resource Estimate ✓ Q1: Updated Permitting Timetable • Q1: Federal Registry of Notice of Intent • Q1: Drill Assays from 2025 Program • Q2: Commence 2026 Drilling Progr
Slide 8: Black Pine Gold Project
Black Pine Gold Project Southern Idaho, USA
Slide 9: Black Pine Gold Project Overview
Black Pine Gold Project Overview Technically Simple & Largely De - Risked • Located in Idaho with excellent project access and strong local community relationships • Planned open - pit, run - of- mine, heap - leach operation • Water rights secured • Power supply at mine gate • No timber values, no t
Slide 10: 2024 Preliminary Feasibility Study
Black Pine Gold Project 2024 Preliminary Feasibility Study A low capital intensity, long - lived open - pit, run- of- mine heap leach project. 1 183K oz $1,208 17 yrs 2.2M OZ 135K oz $1,381 MINE LIFE LOM GOLD PRODUCTION ANNUAL PRODUCTION AISC 3.3 yrs 32% $550 M $327 M 1.3 yrs 81% $1,785 M INITIAL CA
Slide 11: Plan of Operations – 2024 PFS Site Layout
Black Pine Gold Project Plan of Operations – 2024 PFS Site Layout LIBERTYGOLD.CA TSX: LGD OTCQX: LGDTF 11
Slide 12: 2024 PFS Gold Production & Cost Profile
Black Pine Gold Project 2024 PFS Gold Production & Cost Profile Simple Operation with Strong early years production profile with a long mine life 1 Low Unit Operating Costs • Targeted : 500 koz addition in Indicated Resource • Open pit, run - of- mine heap leach operation. ✓ Delivered: 719 koz of ne
Slide 13: 2024 PFS to 2026 Feasibility Resource Progression
Black Pine Gold Project 2024 PFS to 2026 Feasibility Resource Progression 2024 PFS RESERVE 2026 FEASIBILITY RESERVE 3.11 Moz Gold Probable Mineral Reserves @ $1,650/oz Au 1 2024 PFS RESOURCE 2026 FEASIBILITY RESOURCE Indicated Indicated 4.16 Moz Gold Mineral Resources @ $2,000/oz Au, inclusive of Re
Slide 14: Mineral Resource Growth
Black Pine Gold Project Mineral Resource Growth Note: The information presented in this map and table is derived from publicly available sources, including Liberty Gold pres s r eleases and related public disclosure, as follows: July 13, 2021 press release; February 7, 2023 press release; October 10
Slide 15: 2026 Mineral Resource Estimate
Black Pine Gold Project 2026 Mineral Resource Estimate At a 0.1 g/t cut - off, the Mineral Resource contains 1: • Indicated resource of 540.6 million tonnes grading 0.30 g/t Au, containing 4,882,000 ounces of oxide gold • Inferred resource of 157.1 million tonnes grading 0.21 g/t Au, containing 1,05
Slide 16: Rangefront Zone Mineral Resource Cross-Section
Black Pine Gold Project Rangefront Zone Mineral Resource Cross - Section • 2,016,000 Indicated oxide gold ounces • Highest average gold recoveries • 41% of the Indicated Resource • Close proximity to leach pad • Low expected waste:mineralization ratio LIBERTYGOLD.CA TSX: LGD OTCQX: LGDTF 16
Slide 17: Discovery Zone Mineral Resource Cross-Section
Black Pine Gold Project Discovery Zone Mineral Resource Cross - Section • 2,109,000 Indicated oxide gold ounces • Highest weighted avg gold grade • 43% of the Indicated Resource • High leverage to gold price drives expected rapid payback LIBERTYGOLD.CA TSX: LGD OTCQX: LGDTF 17
Slide 18: Feasibility Program
Black Pine Gold Project Feasibility Program Drilling and Resource Advancement • 40,000 metre drill program completed in 2025 • Feasibility Resource Estimate updated • Drill planning underway for further 2026 Feasibility drilling Metallurgy and Technical Validation • Large - diameter column testing a
Slide 19: Permitting
Black Pine Gold Project Permitting Federal | FAST - 41 Coordinated Review • Accepted into the U.S. FAST - 41 permitting framework , enabling coordinated federal and State of Idaho review • MOUs in place with U.S. Forest Service and Bureau of Land Management • Cost recovery agreements executed; feder
Slide 20: Advancement Timeline
Black Pine Gold Project Advancement Timeline P arallel advancement of engineering, permitting, and community workstreams 2026 2027 2028 Permitting Initiation & Study Completion Environmental Review & Engineering Advancement Approval & Construction Long - Lead Engineering & Feasibility Study Orders F
Slide 21: Goldstrike
Goldstrike Definitive agreement to divest Goldstrike and Divesture Transaction with Heliostar Metals 1 Antimony Ridge for proceeds of up to US$72.5 million 1 Transaction announced March 2026 • Transaction with Heliostar Metals structured to provide Liberty Gold with staged cash payments and particip
Slide 22: 2026 Corporate Catalysts
2026 Corporate Catalysts Black Pine Feasibility Study Black Pine Permitting Execution & Capital Markets Updated Mineral Resource Notice of Intent (Q1) Engineering and capital cost Estimate incorporating refinement supporting Feasibility Feasibility drilling (Q1) Environmental Impact Study delivery S
Slide 23: Appendix
Va LIBERTY W GOLD Appendix
Slide 24: Mineral Resource Estimate Distribution & Sensitivities
Black Pine Gold Project Mineral Resource Estimate Distribution & Sensitivities Tonnes Average Grade Gold Ounces % Tonnes % Indicated Tonnes Average Grade Gold Ounces Waste:Ind+Inf Zone Classification Block cut-off grade Classification (Mt) (g/t Au) (000) (oz) (Ind & Inf) MRE Oz (Mt) (g/t Au) (koz) T
Slide 25: Converted & Added Oxide Gold Resource Ounces
Black Pine Gold Project Converted & Added Oxide Gold Resource Ounces Waterfall chart shows converted and added oxide 7,000 gold resource ounces: • Converted indicated ounces (349,000 oz) 6,000 687 1,050 • Added indicated ounces (370,000 oz) Oxide Gold Resource Ounces (000 oz) 5,000 363 • Added infer
Slide 26: PFS Metallurgy
Black Pine Gold Project PFS Metallurgy Advanced Metallurgical Model at PFS Cross -section through Geo-metallurgical Domain Block Model • 6 phases of test work completed on bulk samples and large - diameter drill core composites (174 column tests completed) • Rapid gold extraction with >80% of leacha
Slide 27: Endnotes
Endnotes Black Pine Mineral Reserve Estimate • The Mineral Reserve estimate was prepared by AGP Mining Consultants Inc., Toronto, Canada (“AGP”) and has an effective date o f J une 1, 2024. The Qualified Person responsible as defined under NI 43 - 101 for the Mineral Reserve estimate is Todd Carsten
Slide 28: Corporate Inquiries
Corporate Inquiries 604.632.4677 info@libertygold.ca TSX:LGD | OTCQX:LGDTF 610 – 815 West Hastings Street Vancouver, BC V6C 1B4 libertygold.ca