Liberty Gold (LGD) Study result summary

Project Background and Resource Development

• Black Pine project in Idaho has an indicated resource of just under 5 million gold ounces and nearly 1 million inferred ounces after extensive drilling and studies.

• Approximately $100 million invested to date, equating to $17 per feasibility-level resource ounce.

• Non-core assets were divested to focus on Black Pine, with in-house capabilities expanded for project development.

• The project benefits from strong infrastructure, favorable geology, and a supportive mining jurisdiction, with direct highway access, grid power, and water rights.

Feasibility Study Highlights

• Feasibility-level mineral reserve estimate stands at 4.04 million gold ounces (433.3 million tonnes at 0.29 g/t Au), with a 16-year mine life.

• Average annual payable gold production projected at 202,000 oz for the first five years, with a peak of 277,400 oz in year five and 294,600 oz in year 13.

• Initial capital requirement is $411.4 million, supporting a large-scale, low-complexity heap leach operation.

• Life of mine all-in sustaining cost (AISC) is $1,566/oz Au, with life-of-mine cash costs of $1,388/oz Au.

• Project demonstrates strong economics across gold prices, with after-tax NPV5 of $2.4 billion and 60.5% IRR at $3,250/oz Au, and NPV-to-initial capital ratio of 5.8.

Operational and Production Profile

• Life of mine strip ratio is low at 1.34:1, with average throughput of 74,200 tons per day.

• Over 16 years, the mine is expected to process 433 million tons of ore and deliver just over 2.8 million payable ounces.

• Production profile improved from the PFS, with higher early-year output and a 30% increase in total payable gold over mine life.

• Processing will use run-of-mine heap leaching with no crushing or agglomeration, targeting an overall gold recovery of 70.2%.

• Key changes include increased mining rate, reduced stockpiling, and earlier mining of the Rangefront pit.