Liberty Gold Corp · TSX:LGD
Liberty Gold — Investor Presentation (February 2026)
29 slides from Liberty Gold's investor presentation, February 2026
Slide 1: Disciplined Development of Great Basin Oxide Gold
Disciplined Development of Great Basin Oxide Gold TSX LGD OTCQX LGDTF February 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: Timing is Everything
Timing is Everything The Discipline of Delivery Poised to Realize Value Black Pine The Science of Discovery L I B ER T YG O L D . CA T SX L G D O T CQ X L G D T F 3
Slide 4: Company Highlights
Company Highlights OUR FOCUS 1. A Rare, Executable USBased 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 resource1), strong economics, 4.9M oz Au, past-producing, open-pit, large-scale, and technica
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 516.5 M Institutions and Funds 40.6% Options 17.5 M Centerra Gold Inc. 9.7% Warrants 45.4 M Management, Insiders & Advisors 3.9% Exercise price C$0.45, expire May 17, 2026 13.7 M Wheaton Precious Metals Corp. Exercise price
Slide 7: 2026 Key Catalysts
2026 Key Catalysts Black Pine, Idaho Q1 Acceptance into the FAST41 U.S. Federal Permitting Framework Q1 Feasibility Mineral Resource Estimate • Q1 Drill Assays from 2025 Program • Q1 Federal Registry of Notice of Intent Commence Environmental Impact Statement • Q1 Updated Permitting Timeta
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 threatened
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 CAPITAL
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: 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 13: 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 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 press releases 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 contains1: • 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 1,050,0
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 L I B ER T YG O L D . CA T SX L G D O T CQ X L G
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 L I B ER T YG O L D . CA T SX L G D O T CQ X L G D T F 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 and
Slide 19: Permitting
Black Pine Gold Project Permitting Federal | FAST41 Coordinated Review • Accepted into the U.S. FAST41 permitting framework, enabling coordinate federal review • MOUs in place with U.S. Forest Service and Bureau of Land Management • Cost recovery agreements executed; federal technical teams assign
Slide 20: Advancement Timeline
Black Pine Gold Project Advancement Timeline Indicative timeline showing parallel advancement of engineering, environmental, permitting, and community engagement workstreams 2026 2027 2028 Engineering & Feasibility Study Long-Lead Final Engineering Gold Orders Project Execution Completed Placed Comp
Slide 21: Goldstrike Gold Project
Goldstrike Gold Project Utah, USA
Slide 22: Goldstrike
Goldstrike Located in SW Utah 50 km by road NW of St. George • No material environmental constraints identified • BLM surface rights with unpatented claims and patented mineral leases • Process water supply de-risking in progress • Non-core critical minerals assets under strategic review1 Goldstrike
Slide 23: 2026 Corporate Catalysts
2026 Corporate Catalysts Black Pine Feasibility Study Black Pine Permitting Execution & Capital Markets 2025 Drilling Assay results Notice of Intent expected Q1 Engineering and capital cost supporting Feasibility inputs Q1 refinement supporting Feasibility Environmental Impact Study delivery Upd
Slide 24: Black Pine Appendix
“ee Black Pine Appendix
Slide 25: 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 26: Converted & Added Oxide Gold Resource Ounces
Black Pine Gold Project Converted & Added Oxide Gold Resource Ounces Waterfall chart shows converted and added oxide gold resource ounces: 7,000 Oxide Gold Resource Ounces 000 oz • Converted indicated ounces 349,000 oz) 6,000 687 1,050 • Added indicated ounces 370,000 oz) 5,000 363 • Added infer
Slide 27: 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 leachable
Slide 28: 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 29: Corporate Inquiries
Corporate Inquiries 604.632.4677 info@libertygold.ca TSXLGD | OTCQXLGDTF 610 815 West Hastings Street Vancouver, BC V6C 1B4 libertygold.ca