Liberty Gold (LGD) Corporate presentation summary

Project overview and asset highlights

• Black Pine Gold Project is a 100%-owned, large-scale oxide gold asset in Idaho with 4.9 Moz Indicated resource and 4.04 Moz Probable reserve, offering significant resource growth potential.

• The project is a past-producing, open-pit, heap-leach operation with established infrastructure, low capital intensity, and a skilled regional workforce.

• Feasibility Study (2026) outlines a 16-year mine life, producing 202 koz Au/year (Years 1-5) and 2.84 Moz Au LOM, with a $411M initial capital requirement.

• Project economics show a $2.4B after-tax NPV (5%) and 60.5% IRR at $3,250/oz Au, with strong leverage to higher gold prices.

• Water rights are secured, and the project design minimizes environmental and geochemical risks.

Resource and reserve growth

• Probable gold reserves increased 30% to 4.04 Moz, and reserve tonnes rose 45% versus the 2024 PFS, driven by higher gold price assumptions.

• Indicated resources grew 18% to 4.93 Moz, and Inferred resources increased 40% to 0.99 Moz compared to the 2024 PFS.

• Ongoing 50,000-metre drill program targets conversion of Indicated to Measured resources and further resource growth.

• Updated resource estimates use a $2,800/oz Au price and a 0.1 g/t Au cut-off, with sensitivity analysis showing robust ounces at higher cut-offs.

Project economics and cost profile

• Initial capital is $411M, with total LOM capital of $826M and low unit operating cost of $8.98/tonne processed.

• LOM average AISC is $1,566/oz, and LOM cash cost is $1,388/oz.

• Project delivers a 2-year payback at $3,250/oz Au and 1.2 years at $4,500/oz Au.

• LOM gold recovery averages 70.2%, with a strip ratio of 1.34:1 and average head grade of 0.29 g/t Au.