Liberty Gold Advances Black Pine Permitting with Submission of Preliminary Cyanidation Design Report

Liberty Gold advances permitting, but commercial production remains years away and unproven.

Risk flags

• ●Permitting risk is high, as the project is still in early regulatory stages and the formal cyanidation permit application is not expected until 2027. Delays or additional requirements from state or federal agencies could materially impact timelines and costs.
• ●Execution risk is significant, with all major milestones—feasibility study, permit application, and operational certification—remaining forward-looking and several years away. There is no evidence that Liberty Gold has secured the necessary capital or technical resources to advance to construction or production.
• ●Disclosure risk is present, as the announcement omits all financial, technical, and economic data relevant to project viability. Investors have no visibility into capital intensity, expected returns, or resource scale.

Bottom line

This announcement signals incremental permitting progress for Liberty Gold's Black Pine project, but all commercial milestones remain years away. The narrative is heavily weighted toward future intentions, with only routine regulatory steps achieved to date. No financial, technical, or economic data are provided, leaving investors unable to assess project viability or value. The absence of binding agreements, resource estimates, or capital commitments means the investment case is unproven and the path to cash flow is long and uncertain. For this update to become actionable, Liberty Gold would need to disclose feasibility results, project economics, or evidence of secured financing. The most important takeaway is that permitting is advancing, but investment risk remains high and timelines are long.

Announcement summary

(TSX: LGD; OTCQX: LGDTF) Liberty Gold Corp. has submitted the Preliminary Cyanidation Design Report to the Idaho Department of Environmental Quality (“IDEQ”), marking a key milestone in the State of Idaho permitting process for its flagship Black Pine Oxide Gold Project in southeastern Idaho. The submission includes the Project’s initial process plant and heap leach design features, operating plans, and a proposed groundwater monitoring framework. Liberty Gold intends to submit the formal cyanidation permit application package for Black Pine, targeting the first quarter of 2027. The company is advancing Black Pine through feasibility, environmental review, and coordinated federal-state permitting, with federal review under FAST-41 as a Covered Project. Liberty Gold has been accepted as a member of the International Cyanide Management Institute and is now signatory to the International Cyanide Management Code. The company remains focused on completing the feasibility study by the fourth quarter of 2026 and maintaining the critical path permitting schedule agreed to by federal and state regulatory agencies. Liberty Gold intends to proceed with a pre-operational design certification through ICMI following submission of the formal cyanidation permit application to IDEQ.

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