Liberty Gold

Completion of the Transaction aligns with Liberty Gold’s stated objective of rationalizing its asset portfolio and unlocking value from non-core holdings, while preserving exposure to future upside where appropriate. Proceeds and value received from the Transaction are expected to support the continued advancement of the Black Pine Project (“Black Pine”), including ongoing permitting, feasibility study work, and selected long-lead development initiatives.

Black Pine is one of the largest undeveloped oxide gold projects in the Great Basin and benefits from a substantial mineral endowment, existing infrastructure, and a supportive mining jurisdiction.

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Apr 30, 2026
Liberty Gold Announces Board Transition


Mr. Rob Pease to Continue as Corporate Advisor Following 2026 AGM

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) announces that Mr. Rob Pease will not stand for re-election to the Company’s Board of Directors at the upcoming Annual General Meeting of Shareholders to be held on June 17, 2026.

Mr. Pease has served on the Board of Liberty Gold for approximately 15 years, including a period as Chair, and has played a key role in guiding the Company through multiple stages of its development.

Jon Gilligan, President and CEO, commented, “Rob has played an integral role in the evolution of Liberty Gold, providing continuity, sound judgment, and perspective across multiple chapters of the Company’s development. His strategic insight, rigorous approach to governance, and unwavering commitment to shareholders have left a lasting imprint on the Company.”

Mr. Pease will remain engaged with Liberty Gold in an advisory capacity as Corporate Advisor, ensuring continued access to his experience and perspective. The Board remains well-positioned with a strong mix of technical, financial and permitting expertise.

On behalf of the Board and management team, Liberty Gold extends its sincere appreciation to Mr. Pease for his longstanding service, leadership, and meaningful contributions to the Company.
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       The 2026 MRE is reported at a cut-off grade (“COG”) of 0.10 grams per tonne (“g/t”) gold (“Au”) and consists of:
       Indicated Resource of 502.7 million tonnes (“Mt”) at an average grade of 0.30 g/t Au totalling 4,882,000 ounces (“oz”) Au; and
       Inferred Resource of 157.1 Mt at an average grade of 0.21 g/t Au totalling 1,050,000 oz Au.
       A high-grade subset of the 2026 MRE (contained within the 0.10 g/t Au resource pit), applying a COG of 0.50 g/t Au consists of:
           Indicated Resource of 60.1 Mt at an average grade of 0.99 g/t Au totalling 1,907,000 oz Au; and
           Inferred Resource of 6.4 Mt at an average grade of 0.74 g/t Au totalling 152,000 oz Au.
   On January 22, 2026[5], we announced additional RC and core drill results from the 2025 drilling program; highlights include:
       Drill hole LBP1197 returning 0.86 g/t Au over 123.4 meters (“m”) including 2.45 g/t Au over 24.4 m; and
       The Rangefront resource pit has been further defined by drill holes LBP1213 (0.67 g/t Au over 61.0 m) and LBP1201 (0.45 g/t Au over 68.6 m).
   New drilling at Rangefront has defined shallow zones of new oxide gold mineralization, which are expected to convert previously modeled waste blocks to resource on the western, northwestern and southeast margins in drillholes LBP1211, LBP1217 and LBP1198, respectively.
   On April 8, 2026[6], we reported final drill results from the remaining holes of the 2025 Black Pine drill program, consisting of:
       04 g/t Au over 19.8 meters, including 5.28 g/t Au over 3.0 meters in LBP1247 and 0.68 g/t Au over 41.1 meters, including 1.47 g/t Au over 4.6 meters in LBP1249 at Rangefront; and
       64 g/t Au over 50.3 meters, including 2.27 g/t Au over 7.3 meters in LBP1185C and 1.05 g/t Au over 32.0 meters, including 2.06 g/t Au over 12.2 meters in LBP1250 at Discovery.

CORPORATE HIGHLIGHTS

   On April 27, 2026[7], we announced that Centerra Gold Inc. elected to exercise its “top-up right” to maintain its 9.9% equity interest in the Company as provided under the Investor Rights Agreement (the “IRA”). In connection with this election and the IRA, we issued 2,033,992 common shares at a price of C$1.17 per share, for total proceeds of approximately C$2.4 million.
   On February 19, 2026[8], we announced the promotion of Ms. Susie Bell to Vice President, Investor Relations and Corporate Communications, and Mr. Matthew Zietlow to Vice President, Permitting and External Affairs.
   On April 30, 2026, we announced that Mr. Rob Pease will not stand for re-election to the Company’s Board of Directors at the upcoming Annual General Meeting of Shareholders and will remain engaged with Liberty Gold in an advisory capacity as Corporate Advisor.

GOLDSTRIKE TRANSACTION

   On April 27, 2026[9], we announced the closure of the previously announced[10] sale of the Goldstrike Project (”Goldstrike”) located in Utah. The issued and outstanding shares of the Company’s subsidiary, Specialty American Metals Inc., that owns Goldstrike, were sold to Heliostar Metals Ltd. (“Heliostar”) for $72.5 million in total consideration (the “Goldstrike Transaction”) which is comprised of:
       $10 million in cash plus approximately 1.6 million Heliostar common shares valued at approximately $2.5 million, received on April 24, 2026;
       $10 million in cash to be received on April 24, 2027;
       $10 million in cash to be received on October 24,2027;
       $15 million in cash to be received on the earlier of the achievement of certain infrastructure-related milestones or April 24, 2031; and
       $25 million in cash to be received on the earlier of release of a feasibility study, a construction decision or April 24,
   All shares of Heliostar received as consideration in the Goldstrike Transaction are subject to a hold period under applicable Canadian securities laws, expiring on August 25, 2026.

GAGE TRANSACTION

   On April 2, 2026[11], we announced the closure of the previously announced[12] asset purchase agreement (the “Gage Transaction”) with Blue Moon Metals Inc. (“Blue Moon”), to sell interests in certain unpatented critical minerals focused mining claims and School and Institutional Lands Administration (“SITLA”) leases in southern Utah (collectively, the “Gage Project”). On closing of the Gage Transaction, Liberty Gold received total consideration comprised of:
       Approximately $2 million, via the receipt of 420,935 common shares of Blue Moon; and
       A 0% net smelter return royalty (“NSR”), payable on mineral production on the Gage Project claims, excluding land subject to SITLA leases, and subject to an option in favour of Blue Moon to repurchase 1.0% of the NSR at any time prior to achieving commercial production for a cash payment of $2 million.
   All shares of Blue Moon received as consideration in the Gage Transaction are subject to a hold period under applicable Canadian securities laws, expiring on August 2, 2026.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim consolidated financial statements and related notes thereto (the “Interim Financial Statements”) for the three months ended March 31, 2026, as prepared in accordance with IFRS Accounting Standards – IAS 34: Interim Financial Statements.

A copy of the Annual Financial Statements is available on the Company’s website at libertygold.ca or on SEDAR+ at www.sedarplus.ca.
The information in the tables below is presented in $’000s, except ‘per share’ data:

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Combined with anticipated staged payments from recent non-core asset sales, the Company expects approximately US$40 million in incoming treasury funds over the next 18 months. Based on current plans and assumptions, the Company believes it is fully-funded through a construction decision for Black Pine.

Jon Gilligan, President and CEO of Liberty Gold commented, “Warrant exercises by existing shareholders reflect continued confidence in Liberty Gold and support our disciplined advancement of Black Pine through feasibility and permitting. The proceeds strengthen our balance sheet as we advance key technical, engineering, and permitting milestones, positioning the Company to advance through important value inflection points over the coming quarters.ˮ

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May 19, 2026
Liberty Gold Advances Black Pine with 2026 Drill Program Focused on Early Production and Project Execution
VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) outlines its 2026 drill program at the Black Pine Oxide Gold Project (“Black Pine” or the “Project”) in southeastern Idaho, with approximately 40,000 metres (“m”) of approved reverse circulation (“RC”) drilling with an additional 10,000 m of RC drilling planned contingent on results, all to support early production confidence and project execution readiness, aligned with advancing Black Pine towards a construction decision.

The 2026 drill campaign is focused on three priorities:

   Early Production Confidence: Infill drilling to upgrade resources from indicated to measured classification within the initial 2-3 years of the mine plan to increase production confidence in that key operating period.
   Exploration and Resource Growth: Drilling high-priority resource extension targets proximal to planned mining areas, as well as selected deposit and wider-scale targets.
   Permitting & Engineering Support: Drilling to support mine plan optimization around phase sequencing and geotechnical material testing, infrastructure planning, and permitting requirements.

Jon Gilligan, President and CEO of Liberty Gold, commented: “Our 2026 drill program is focused on strengthening confidence in the early years of production and advancing the technical work required to support a buildable, financeable project. We are prioritizing drilling that directly impacts reserve confidence, mine sequencing, and key engineering inputs. At the same time, we will selectively advance high-quality growth targets that have the potential to support longer-term opportunities beyond the current mine plan at Black Pine.”

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