Liberty Gold (LGD) Q4 2025 earnings summary

Executive summary

• Advanced Black Pine Gold Project with resource growth, feasibility study initiation, and key permitting milestones in 2025 and early 2026.

• Entered agreements to sell Goldstrike and Gage projects for combined consideration of over $74 million in cash, shares, and royalties.

• Achieved significant drilling results at Black Pine, expanding mineralization zones and confirming high-grade intercepts.

• Completed strategic corporate initiatives, including management appointments and ESG disclosure updates.

Financial highlights

• Reported a loss from continuing operations of $23.3 million for 2025, compared to $15.9 million in 2024 and $18.6 million in 2023.

• Cash and short-term investments stood at $28.1 million as of December 31, 2025, up from $7.0 million at year-end 2024.

• Working capital increased to $26.0 million at year-end 2025 from $7.3 million in 2024.

• Basic and diluted loss per share from continuing operations was $(0.05) in 2025, compared to $(0.04) in 2024.

Outlook and guidance

• Black Pine feasibility study underway, with permitting milestones achieved and further resource expansion expected.

• Anticipates closing of Goldstrike and Gage transactions within 30 days of announcement, subject to regulatory approvals.

• Ongoing focus on de-risking activities and advancing projects through feasibility and permitting stages.