Liberty Gold Corp · TSX:LGD
Liberty Gold — Investor Presentation (April 2026)
24 slides from Liberty Gold's investor presentation, Apr 27, 2026
Slide 1: Disciplined Development of Great Basin Oxide Gold
Disciplined Development of Great Basin Oxide Gold TSX LGD OTCQX LGDTF April 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 statementsˮ with respect to Liberty as actual results, and future events could differ materially from those anticipated in su
Slide 3: Company Highlights
Company Highlights OUR FOCUS A Large-scale, Buildable Gold Asset Black Pine Gold Project • 4.9M oz indicated gold resource1, supporting long-life South Eastern Idaho production potential Past-producing, open-pit, large-scale, heap leach • Strong economics and a straightforward operating profile oxid
Slide 4: 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 5: Capital Structure & Ownership
Capital Structure & Ownership Capital Structure Ownership Shares Outstanding 527.3 M Institutions and Funds 41.7% Options 16.5 M Centerra Gold Inc. 9.9% Warrants 37.6 M Exercise price C$0.45, expire May 17, 2026 12.5 M Management, Insiders & Advisors 4.0% Exercise price C$0.45, expire April 22, 2027
Slide 6: Corporate Catalysts
Corporate Catalysts Black Pine, Idaho 2026 Feasibility and Advancement • Updated Mineral Resource Estimate completed • Ongoing drilling and metallurgical programs supporting Feasibility inputs • Feasibility Study targeted Q4 2026 20262028 Permitting • FAST41 Covered Project designation • Coord
Slide 7: Black Pine Gold Project
Black Pine Gold Project Large-Scale Oxide Heap-Leach Project with Defined Path to Development Simple, Low-Risk Strong Economics & Jurisdiction & Permitting Project Design Development Profile Advantages Open-pit, run-of-mine Low capital intensity and Located in Idaho with heap-leach operation operati
Slide 8: 2024 Preliminary Feasibility Study
Black Pine Gold Project 2024 Preliminary Feasibility Study Large-scale, low capital intensity, open-pit, run-of-mine heap leach project 1 183K oz $1,208 Years 1 5 Years 1 5 17 yrs 2.2M oz 135K oz $1,381 LOM Average LOM Average MINE LIFE LOM GOLD PRODUCTION ANNUAL PRODUCTION AISC 3.3 yrs 32% $550
Slide 9: Permitting Progress
Black Pine Gold Project Permitting Progress Federal | FAST41 Coordinated Review • FAST41 Covered Project, led by the U.S. Forest Service • Permitting schedule published on the Permitting Council Dashboard • Notice of Intent NOI) published; NEPA Environmental Impact Statement EIS) process initiat
Slide 10: Permitting Progress
Black Pine Gold Project Permitting Progress Engineering, permitting, and community workstreams advancing in parallel Engineering & Project Execution Federal Permitting FAST41 & NEPA State Permitting Aligned with FAST41 Stakeholder Affairs & Community Relations Note: Timeline is indicative and is s
Slide 11: Plan of Operations – 2024 PFS Site Layout
Black Pine Gold Project Plan of Operations – 2024 PFS Site Layout L I B ER T YG O L D . CA T SX L G D O T CQ X L G D T F 11
Slide 12: 2026 Mineral Resource Estimate
Black Pine Gold Project 2026 Mineral Resource Estimate At a 0.1 g/t Au cut-off, Mineral Resources include1: • Indicated: 540.6 Mt at 0.30 g/t Au 4.88 Moz) • Inferred: 157.1 Mt at 0.21 g/t Au 1.05 Moz) Higher-grade subset 0.5 g/t Au cut-off) within the 0.1 g/t Au cut-off Resource pit contains: • I
Slide 13: Feasibility Study targeted Q4 2026
Black Pine Gold Project Feasibility Study targeted Q4 2026 Drilling and Resource Advancement • 40,000 metre drill program completed in 2025 • Feasibility Resource Estimate updated • Drilling commencing mid-April for further Feasibility enhancement Metallurgy and Technical Validation • Large-diameter
Slide 14: Corporate Catalysts
Corporate Catalysts Defined path to Feasibility in 2026 and Record of Decision January 2028 2026 Feasibility Execution Permitting Milestones Path to Development Decision Updated Mineral Resource Notice of Intent published, Engineering and capital Estimate supporting EIS underway cost refinement adva
Slide 15: Appendix
= Va LIBERTY W SY SOLD
Slide 16: 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 Low Unit Operating Costs1 • Targeted : 500 koz addition in Indicated Resource • Open pit, run-of-mine heap leach operation. Delivered: 719 koz of new In
Slide 17: 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 18: 2024 PFS to 2026 Feasibility Resource Progression
Black Pine Gold Project 2024 PFS to 2026 Feasibility Resource Progression 2024 PFS RESERV E 2026 FEASIBILITY RESERV E 3.11 Moz Gold Probable Mineral Reserves @ $1,650/oz Au1 2024 PFS RESOURCE 2026 FEASIBILITY RESOURCE 4.16 4.88 Indicated Indicated Mineral Resources @ $2,000/oz Au, Mineral Resources
Slide 19: 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 press releases and related public disclosure, as follows: July 13, 2021; February 7, 2023; October 10, 2024 and Preliminary Feasibi
Slide 20: 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 L I B ER T YG O L D . CA T SX L G D O T CQ X L G D T F 20
Slide 21: 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 L I B ER T YG O L D . CA T SX L G D O T CQ X L G
Slide 22: Metallurgy
Black Pine Gold Project 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 leachable gol
Slide 23: Endnotes
Endnotes Black Pine Mineral Reserve Estimate • The Mineral Reserve estimate was prepared by AGP Mining Consultants Inc., Toronto, Canada (“AGPˮ) and has an effective date of June 1, 2024. The Qualified Person responsible as defined under NI 43101 for the Mineral Reserve estimate is Todd Carstensen
Slide 24: Corporate Inquiries
Corporate Inquiries 604.632.4677 info@libertygold.ca TSXLGD | OTCQXLGDTF 610 815 West Hastings Street Vancouver, BC V6C 1B4 libertygold.ca