Liberty Gold Corp · TSX:LGD
Liberty Gold — Investor Presentation (November 2025)
32 slides from Liberty Gold's investor presentation, November 2025
Slide 1: Disciplined Development of Great Basin Oxide Gold
Disciplined Development of Great Basin Oxide Gold TSX LGD OTCQX LGDTF November 2025
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" with respect to Liberty Gold within the meaning of Unless stated otherwise, information of a scientific or technical nature in this presentation r
Slide 3: Timing is Everything
Timing is Everything Black Pine The Science of Poised to The Discipline Discovery Realize Value of Delivery 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 4.1M ounce gold), strong economics, and technical 4.1M oz Au, past-producing, open-pit, large-scale, simplicity ma
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 511.3 M Institutions and Funds 30.5 % Options 17.9 M Centerra Gold Inc. 9.9 % Warrants 48.9 M Wheaton Precious Metals Corp. 3.9 % Exercise price C$0.45, expire May 17, 2026 16.0 M Management, Insiders & Advisors 3.6 % Exerc
Slide 7: 2025 Key Catalysts
2025 Key Catalysts Black Pine, Idaho Q1 Submit Draft Mine Plan of Operations to commence U.S. federal mine permitting Q2 Commence Feasibility Study field works Q3 Build in-house technical ownerʼs team Q4 Commence Feasibility Engineering • Q4 Federal Registry of Notice of Intent Commence
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 • Open-pit, run-of-mine, heap-leach operation • Located in Idaho with excellent project access and strong local community relationships • Water rights secured • Power supply at mine gate • No timber values, no threatened nor end
Slide 10: Reserve & Resource
Black Pine Gold Project Reserve & Resource LA RGE RESERV E 3.11 Moz Gold Probable Mineral Reserves @ $1,650/oz Au1 GROW ING RESOURCE 4.16 Indicated Mineral Resources @ $2,000/oz Au, Moz Gold inclusive of Reserves¹ 0.71 Inferred Mineral Resources @ $2,000/oz Au, Moz Gold inclusive of Reserves¹ HIGHG
Slide 11: Preliminary Feasibility Study
Black Pine Gold Project 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 AFTER
Slide 12: Plan of Operations - Site Layout
Black Pine Gold Project Plan of Operations - 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 12
Slide 13: Gold Production & Cost Profile
Black Pine Gold Project Gold Production & Cost Profile 1 Simple Operation with Low Unit Operating Costs Strong early years production profile with a long mine life. • Open pit, run-of-mine heap leach operation. No crushing or agglomeration Targeting 500 koz Resource Addition in Feasibility • Avg Ann
Slide 14: Expansion Drilling At Rangefront – Heap Leach Zone
Black Pine Gold Project Expansion Drilling At Rangefront – Heap Leach Zone L I B ER T YG O L D . CA T SX L G D O T CQ X L G D T F 14
Slide 15: Feasibility Study 2025
Black Pine Gold Project Feasibility Study 2025 Feasibility Resource Fieldwork • 40,000 metre drilling underway • Inferred to Indicated & Measured upgrade • Preliminary grade control drilling • Validation of geometallurgical model • Sonic drilling of legacy heap leach pad • Legacy surface rock stora
Slide 16: Permitting
Black Pine Gold Project Permitting Federal • MOU's in place with USFS and BLM • Cost recovery agreements in place • Key agency technical personnel assigned • Mine Plan of Operations under agency review • Stantec Engineering contracted as 3rd party Environmental Impact Statement preparer State • Cost
Slide 17: Timeline
Black Pine Gold Project Timeline 2025 2026 2027 2028 Build Feasibility Field Works Feasibility Engineering Long Leads Mine Plan of Stakeholder Stakeholder Decision Notice of Intent Draft EIS Final EIS Operations Engagement Engagement Notice Submitted Prepare key draft Public Scoping Draft and Releas
Slide 18: Goldstrike Gold Project
Goldstrike Gold Project Utah, USA
Slide 19: Goldstrike/Antimony Ridge
Goldstrike/Antimony Ridge Located in SW Utah 50 km by road NW of St. George • No significant environmental issues • No water in the mineralized area • No threatened/endangered species • BLM surface rights, unpatented claims & patented mineral leases • Process water supply de-risking in progress • St
Slide 20: 2025/26 Corporate Catalysts
202526 Corporate Catalysts Black Pine Feasibility Study Black Pine Permitting Corporate/Financial Feasibility field programs: Mine Plan of Operations Feasibility Study delivery targeted resource conversion, submitted and accepted – for Q4 2026 geotechnical and hydrology Federal permitting underway
Slide 21: Black Pine Appendix
“ee Black Pine Appendix
Slide 22: PFS Attractive Project Economics
Black Pine Gold Project PFS Attractive Project Economics • After-tax NPV 5%) of $550 million and IRR of 32% with a 3.3 year payback of initial capital at the base case gold price of $2,000/oz • PFS: targeted a “front-end loadedˮ, maximum IRR/minimum payback strategy for the base case mine plan • Af
Slide 23: PFS Production Strategy
Black Pine Gold Project PFS Production Strategy • Mine plan delivers higher head grade • Stockpiles maintain leach pad • Opportunities identified to maintain and production in early years, which feed during Rangefront pit higher head grades across Discovery drives higher IRR and rapid payback develo
Slide 24: PFS After-Tax Cash Flow Profiles
Black Pine Gold Project PFS After-Tax Cash Flow Profiles Strong Cash Flow Generation Gold Price $2,000/oz $3,000/oz After-Tax Cash Flow $873 Million $2,614 Million After-Tax Payback 3.3 years 1.3 years L I B ER T YG O L D . CA T SX L G D O T CQ X L G D T F 24
Slide 25: PFS Gold Production & Cost Profile
Black Pine Gold Project PFS Gold Production & Cost Profile Production Profile Strong early years production profile with a long mine life. Mine Life 17 years Targeting 500 koz Resource Addition in Feasibility Total Gold Ounces Mined 3,110 koz Total Gold Ounces Recovered 2,191 koz Avg. Annual Gold Pr
Slide 26: PFS Capital & Operating Costs
Black Pine Gold Project PFS Capital & Operating Costs LOM Unit Costs Simple Operation with Operating Costs US$ M US$/tonne ore Low Unit Operating Cost 1 Mining $1,946 $6.50 • Open pit, run-of-mine heap leach operation, Process Plant $538 $1.80 no crushing or agglomeration G&A $220 $0.73 Refining $22
Slide 27: PFS Metallurgy
Black Pine Gold Project PFS Metallurgy Advanced Metallurgical Model at PFS Cross-section through Geo-metallurgical Domain Block Model • 6 phases of test work completed on bulk samples and large-diameter drill core composites 174 column tests completed) • Rapid gold extraction with 80% of leachable
Slide 28: PFS Flowsheet Design
Black Pine Gold Project PFS Flowsheet Design • Conventional Run-of-Mine heap leach facility • No crushing, screening or agglomeration • Mine Truck dump at 50 ktpd • Staged pad construction • Conventional ADR plant • Gold doré produced on site L I B ER T YG O L D . CA T SX L G D O T CQ X L G D T F
Slide 29: PFS Benchmarking To Peers
Black Pine Gold Project PFS Benchmarking To Peers Benchmarking to Comparable Western US Heap Leach Gold Mines & Projects Black Pine shows favourable strip ratio, royalty burden, capital and operating cost intensity compared to other long-life, Great Basin, oxide gold heap-leach mines. Black Pine Mar
Slide 30: PFS Mineral Reserve & Resource
Black Pine Gold Project PFS Mineral Reserve & Resource Reserve Class 1 M tonnes g/t Au 000) oz Au First Mineral Reserve Estimate Probable 299.4 0.32 3,110 Mineral Reserve Estimate of 3.1 million oz Probable using a cut-off Total 299.4 0.32 3,110 grade of 0.1 g/t Au and a gold price of US$ 1,650/o
Slide 31: 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 32: Corporate Inquiries
Corporate Inquiries 604.632.4677 info@libertygold.ca 610 815 West Hastings Street Vancouver, BC V6C 1B4 TSXLGD | OTCQXLGDTF libertygold.ca