Liberty Gold Strengthens Treasury with Final US$2.6 Million in Non-Dilutive Proceeds as Black Pine Advances

Liberty Gold receives US$2.6M final payment, completing US$8.5M TV Tower sale funding Black Pine.

What the company is saying

Liberty Gold Corp. announces receipt of the final US$2.6 million payment from the sale of its 72.1% interest in the TV Tower copper-gold project, bringing total proceeds from the transaction to US$8.5 million. The company frames this as the monetization of a non-core asset, emphasizing the conversion of TV Tower into non-dilutive capital to support its core Black Pine project in Idaho. Management, led by President and CEO Jon Gilligan, highlights the completion of the Black Pine feasibility study and ongoing progress through formal mine permitting, with Black Pine designated as a Covered Project under the U.S. federal FAST-41 program. The announcement stresses a disciplined approach to engineering, project optimization, and financing, aiming for a future construction decision. The tone is confident, focusing on technical progress and value creation, but specifics on permitting or financing milestones are not disclosed. The narrative positions Black Pine as a large-scale, 100%-owned, past-producing gold asset moving toward development.

What the data suggests

The company has now received the full US$8.5 million consideration for its 72.1% stake in TV Tower, with the final US$2.6 million payment received as of October 1, 2026. This transaction increases Liberty Gold's treasury with non-dilutive capital, supporting ongoing project work without shareholder dilution. The Black Pine project has advanced from prefeasibility to a completed feasibility study since 2024 and is now in formal mine permitting, with the added status of FAST-41 designation, which can expedite U.S. federal permitting. Engineering, optimization, and financing activities are ongoing, but the announcement does not provide quantitative progress metrics, binding financing agreements, or a construction start date. The data confirms the asset sale and cash inflow but leaves the timing and certainty of Black Pine's next major milestones undefined. The company's disclosures are clear regarding the asset sale and project ownership but are less detailed on near-term operational catalysts.

Analysis

The announcement provides clear, realised facts regarding the completion of the TV Tower asset sale and receipt of the final US$2.6 million payment, which is fully supported by disclosed numerical data. The company also reports the completion of a feasibility study for Black Pine and its designation under the FAST-41 program, both of which are concrete milestones. However, the majority of forward-looking statements—such as advancing permitting, engineering, and financing work toward a future construction decision—lack specific timelines, quantitative progress, or binding commitments. The narrative emphasizes a 'disciplined path' and 'value creation,' but these are aspirational and not yet substantiated by realised project economics or construction start. The capital intensity flag is triggered by references to ongoing engineering and financing work for a large-scale project, with benefits only expected in the long term. Overall, the tone is moderately promotional, with some inflation of progress relative to the actual, measurable stage of Black Pine.

Risk flags

• ●Execution risk at Black Pine remains high, as the project is still in permitting and pre-construction stages with no fixed timeline for a construction decision. Delays or regulatory hurdles could materially impact project advancement.
• ●The announcement lacks detail on financing arrangements for Black Pine, leaving uncertainty about the company's ability to fund construction without further asset sales, equity dilution, or debt.
• ●While the FAST-41 designation can expedite permitting, it does not guarantee approval or eliminate the risk of unforeseen regulatory or environmental challenges, which could delay or alter project economics.

Bottom line

Liberty Gold has completed the monetization of its 72.1% interest in the TV Tower project, receiving the final US$2.6 million payment for a total of US$8.5 million in non-dilutive capital. This strengthens the company's treasury and allows management to focus resources on advancing its 100%-owned Black Pine project in Idaho. The feasibility study for Black Pine is complete, and the project has achieved FAST-41 status, but permitting and financing work are still in progress with no disclosed construction start date. The announcement is credible regarding the asset sale and cash inflow, but the path to value creation at Black Pine remains long-term and subject to execution and regulatory risks. For investors, the most immediate takeaway is improved liquidity; the next critical disclosures will be concrete permitting milestones, financing commitments, or a definitive construction timeline for Black Pine.

Announcement summary

(TSX:LGD, OTCQX:LGDTF) Liberty Gold Corp. announced receipt of the final staged payment of US$2.6 million related to the previously announced sale of its 72.1% interest in the TV Tower copper-gold project, located in Biga Province, northwest Türkiye. This payment completes the total US$8.5 million consideration payable to Liberty Gold under the transaction. The sale converted a non-core asset into non-dilutive capital, allowing the company to focus on advancing the Black Pine Oxide Gold Project in southeastern Idaho. Since the sale was announced in 2024, Liberty Gold has completed a feasibility study for Black Pine and is advancing the project through formal mine permitting. Black Pine has been designated a Covered Project under the U.S. federal FAST-41 program. Engineering, project optimization, and financing work are advancing in parallel to support a disciplined path toward a future construction decision. Jon Gilligan, President and CEO of Liberty Gold, stated that the final TV Tower payment completes the monetization of a non-core asset and adds US$2.6 million to the company's treasury. Over the past two years, Black Pine has progressed from prefeasibility to a completed feasibility study and a defined permitting process. The company's priority is to advance engineering, permitting, and financing work needed to support a disciplined construction decision. Liberty Gold is a U.S.-focused gold company advancing Black Pine, its 100% owned oxide gold project in Idaho, located within the Great Basin. Black Pine is a large-scale, past-producing, run-of-mine heap leachable gold deposit advancing through permitting toward a potential construction decision. The company’s strategy centers on advancing high-quality, long-life gold assets with a focus on technical simplicity, strong environmental performance, project executability, collaborative permitting processes, and value creation. The company is led by an experienced team with a track record of discovery, development, and delivering sustained long-term value.

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