# Liberty Gold Announces Black Pine Feasibility Study with US$2.4 Billion NPV\(5%\) and 60% IRR at $3,250/oz Au \(after-tax\) Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109 Original source: https://www.globenewswire.com/news-release/2026/09/08/3357431/0/en/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-and-60-irr-at-3-250-oz-au-after-tax.html Publisher: globenewswire Original announcement: 2026-09-08T10:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Liberty Gold Corp. - Ticker: LGD - Exchange: Unavailable - Region: southern Idaho, USA - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Resource update, Metallurgy, Permitting - Extracted: 2026-09-08 10:34:33 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Liberty Gold announced a Feasibility Study for its Black Pine Oxide Gold Project in Idaho, USA, revealing a post-tax NPV\(5%\) of US$2.4 billion and an IRR of 60.5% at a base case gold price of $3,250/oz Au. The study outlines a 16-year mine life with average annual payable gold production of 176,700 oz and a Probable Mineral Reserve of 4.04 million oz Au. The project features a conventional open-pit, run-of-mine heap leach operation with an initial capital cost of US$411.4 million, and permitting is advancing under the FAST-41 schedule. Reasoning: The Feasibility Study demonstrates robust economics for a large-scale, long-life oxide gold project with a conventional heap leach operation, supported by a significant Probable Mineral Reserve and strong metallurgical recoveries, with permitting advancing. - Positive factor: high\_npv\_irr - Positive factor: large\_reserve\_base - Positive factor: low\_payback\_period - Positive factor: conventional\_processing - Positive factor: ni\_43\_101\_compliant - Positive factor: qp\_signed - Positive factor: high\_recovery\_for\_route - Positive factor: permitting\_advancing Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 46 ## Classification and evidence **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The document is a Feasibility Study, which is the highest level of study and supports a definitive feasibility study. Evidence · text > Liberty Gold Announces Black Pine Feasibility Study **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The Feasibility Study was prepared in accordance with National Instrument 43-101. Evidence · text > prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects \(“NI 43-101”\) **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Multiple Qualified Persons are listed in Table 7 and mentioned in the prose as responsible for various aspects of the study and estimates. Evidence · text > The scientific and technical information in this announcement has been reviewed and approved for release by Peter Shabestari, Vice President Exploration at Liberty Gold and the Company's designated Qualified Person within the meaning of NI 43-101. **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The Feasibility Study establishes a 4.04 million oz Au Probable Mineral Reserve. Evidence · text > 4.04 million oz Au Probable Mineral Reserve **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The FS includes updated Mineral Resource and Mineral Reserve estimates. Evidence · text > incorporates updated Mineral Resource and Mineral Reserve estimates **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: An average gold recovery of 70.2% for a ROM heap leach operation is considered strong. Evidence · table > 70.2% Context: Average Gold Recovery **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The project has undergone extensive metallurgical testwork, including eight metallurgical programs using bulk samples and large-diameter PQ core, and bulk sample column leach testing. Evidence · text > extensive metallurgical testwork, including eight metallurgical programs completed since 2019 using bulk samples and large-diameter PQ core **Free Milling** Polarity: positive Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: The operation is described as a 'run-of-mine heap leach operation requiring no ore crushing, screening or agglomeration'. Evidence · text > open-pit, run-of-mine \(“ROM”\) heap-leach operation requiring no ore crushing, screening or agglomeration **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: Gold recovery is based on 'recovery equations developed for the modeled metallurgical domains', implying variability testing. Evidence · text > recovery equations developed for the modeled metallurgical domains **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grades for both mineral reserves \(0.05 g/t Au recoverable\) and mineral resources \(0.10 g/t Au\) are clearly stated. Evidence · text > Mineral Reserves are reported to a cut-off grade of 0.05 g/t Au recoverable gold **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: The project is based on a 'run-of-mine heap leach operation'. Evidence · text > open-pit, run-of-mine \(“ROM”\) heap-leach operation **Permitting Advanced** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The project is 'advancing through federal and state permitting as a FAST-41 Covered Project' and the EIS process has been initiated. Evidence · text > Black Pine is currently advancing through federal and state permitting as a FAST-41 Covered Project **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("CIL"\) ## Extracted facts Stored fact records: 46. Some facts used in scoring do not have a stored record. ## Resource Estimates (45) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-0) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The initial capital cost of $411.4 million is a key economic metric for the project's development, indicating a significant but manageable investment for a large-scale operation. - Positive factor: capital\_efficient\_development Evidence · table > $411.4 million Context: Initial Capital² #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-1) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The LOM AISC of $1,566/oz Au indicates competitive operating costs for a gold project, contributing positively to the overall economics. - Positive factor: competitive\_operating\_costs Evidence · table > $1,566/oz Au Context: LOM AISC² #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-2) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The LOM Cash Cost of $1,388/oz Au further supports the competitive operating cost profile of the project. - Positive factor: competitive\_operating\_costs Evidence · table > $1,388/oz Au Context: LOM Cash Cost² #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-3) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The after-tax NPV\(5%\) of $2.397 billion at a base case gold price of $3,250/oz Au indicates very strong project economics. - Positive factor: robust\_project\_returns - Positive factor: high\_npv Evidence · table > $2,397 million Context: After-Tax NPV\(5%\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-4) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The after-tax IRR of 60.5% at a base case gold price of $3,250/oz Au demonstrates excellent financial returns for the project. - Positive factor: robust\_project\_returns - Positive factor: high\_irr Evidence · table > 60.5% Context: After-Tax IRR #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-5) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: A payback period of 2.0 years indicates a rapid return on initial capital investment, enhancing project attractiveness. - Positive factor: low\_payback\_period Evidence · table > 2.0 years Context: After-Tax Payback Period #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-6) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: A 16-year mine life indicates a long-term production profile, providing stability and sustained value generation. - Positive factor: long\_mine\_life Evidence · table > 16 years Context: Mine Life #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-7) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: A process throughput of 74,200 tonnes per day indicates a large-scale operation, supporting the significant production profile. - Positive factor: large\_scale\_operation Evidence · table > 74,200 tonnes per day \(LOM average\) Context: Process Throughput #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-8) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: Processing 433.3 million tonnes of ore over the LOM highlights the substantial scale of the Black Pine project. - Positive factor: large\_scale\_operation Evidence · table > 433.3 million tonnes Context: Total Tonnes of Ore Mined and Processed #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 10 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-9) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Grade: 0.29 - Grade Unit: g/t Au #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The LOM head grade of 0.29 g/t Au is consistent with a large-scale, bulk-tonnage oxide gold deposit amenable to heap leaching. - Positive factor: consistent\_grade Evidence · table > 0.29 g/t Au Context: Head Grade \(5 year; 10 year; LOM\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-10) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: A strip ratio of 1.34:1 \(waste:ore\) is favorable for an open-pit operation, indicating efficient mining and lower waste handling costs. - Positive factor: favorable\_strip\_ratio Evidence · table > 1.34:1 Context: Strip Ratio \(Waste:Ore\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-12) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: Total payable gold ounces of 2,838 koz over the LOM highlights the significant production potential of the project. - Positive factor: significant\_production Evidence · table > 2,838 koz¹ Context: Total Payable Gold Ounces #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 13 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-13) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: Average annual payable gold production of 177 koz over the LOM indicates a consistent and substantial output from the project. - Positive factor: consistent\_production Evidence · table > 177 koz Context: Average Annual Payable Gold Production \(LOM\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 14 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-14) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: Average annual payable gold production of 202 koz in Years 1-5 demonstrates strong early production, contributing to a quick payback period. - Positive factor: strong\_early\_production Evidence · table > 202 koz Context: Average Annual Payable Gold Production \(Yr 1-5\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-15) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: probable - Tonnes: 433300000 - Grade: 0.29 - Grade Unit: g/t - Contained Metal: 4.04 - Contained Unit: Million oz - Cutoff Grade: 0.05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Probable Mineral Reserve of 4.04 million oz Au at 0.29 g/t Au, compliant with NI 43-101 and signed off by a QP, forms a robust foundation for the project's economics and mine life. - Positive factor: probable\_reserve - Positive factor: large\_reserve\_base - Positive factor: qp\_signed - Positive factor: ni\_43\_101\_compliant - Positive factor: cut\_off\_disclosed Evidence · table > 433.3 Context: Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-16) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: indicated - Tonnes: 37614000 - Grade: 0.28 - Grade Unit: g/t - Contained Metal: 336 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Indicated Mineral Resource in the CD area contributes to the overall resource base, providing geological confidence for future planning. - Positive factor: indicated\_resource - Positive factor: qp\_signed - Positive factor: ni\_43\_101\_compliant - Positive factor: cut\_off\_disclosed Evidence · table > 37,614 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-17) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: inferred - Tonnes: 12223000 - Grade: 0.2 - Grade Unit: g/t - Contained Metal: 80 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Inferred Mineral Resource in the CD area represents potential for future conversion but has lower geological confidence. - Negative factor: inferred\_resource Evidence · table > 12,223 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-18) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: indicated - Tonnes: 188399000 - Grade: 0.35 - Grade Unit: g/t - Contained Metal: 2097 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The large Indicated Mineral Resource in the Discovery area is a significant component of the overall resource, providing high confidence for development. - Positive factor: indicated\_resource - Positive factor: large\_tonnage - Positive factor: qp\_signed - Positive factor: ni\_43\_101\_compliant - Positive factor: cut\_off\_disclosed Evidence · table > 188,399 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-19) Black Pine · silver #### Identity - Project: Black Pine - Commodity: silver - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: indicated - Tonnes: 188399000 - Grade: 1.4 - Grade Unit: g/t - Contained Metal: 8147 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Indicated silver resource in the Discovery area provides significant byproduct potential, adding value to the project. - Positive factor: indicated\_resource - Positive factor: byproduct\_potential Evidence · table > 1.4 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-20) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: inferred - Tonnes: 27503000 - Grade: 0.19 - Grade Unit: g/t - Contained Metal: 169 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Inferred gold resource in the Discovery area indicates further exploration potential but requires additional drilling to upgrade confidence. - Negative factor: inferred\_resource Evidence · table > 27,503 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-21) Black Pine · silver #### Identity - Project: Black Pine - Commodity: silver - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: inferred - Tonnes: 27503000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 912 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Inferred silver resource in the Discovery area adds to the byproduct potential, but its speculative nature requires further work. - Positive factor: byproduct\_potential - Negative factor: inferred\_resource Evidence · table > 1.0 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-22) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: indicated - Tonnes: 9657000 - Grade: 0.26 - Grade Unit: g/t - Contained Metal: 82 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Indicated Mineral Resource in the E Pit area contributes to the overall resource base with reasonable confidence. - Positive factor: indicated\_resource Evidence · table > 9,657 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-23) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: inferred - Tonnes: 11825000 - Grade: 0.22 - Grade Unit: g/t - Contained Metal: 82 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Inferred Mineral Resource in the E Pit area adds to the project's potential but requires further geological confirmation. - Negative factor: inferred\_resource Evidence · table > 11,825 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-24) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: indicated - Tonnes: 6543000 - Grade: 0.32 - Grade Unit: g/t - Contained Metal: 66 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Indicated Mineral Resource in the F area contributes to the overall resource base with reasonable confidence. - Positive factor: indicated\_resource Evidence · table > 6,543 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-25) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: inferred - Tonnes: 1217000 - Grade: 0.24 - Grade Unit: g/t - Contained Metal: 10 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Inferred Mineral Resource in the F area adds to the project's potential but requires further geological confirmation. - Negative factor: inferred\_resource Evidence · table > 1,217 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-26) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: indicated - Tonnes: 3601000 - Grade: 0.33 - Grade Unit: g/t - Contained Metal: 38 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Indicated Mineral Resource in the J Zone contributes to the overall resource base with reasonable confidence. - Positive factor: indicated\_resource Evidence · table > 3,601 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-27) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: inferred - Tonnes: 12731000 - Grade: 0.25 - Grade Unit: g/t - Contained Metal: 104 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Inferred Mineral Resource in the J Zone adds to the project's potential but requires further geological confirmation. - Negative factor: inferred\_resource Evidence · table > 12,731 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-28) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: indicated - Tonnes: 7324000 - Grade: 0.51 - Grade Unit: g/t - Contained Metal: 120 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Indicated Mineral Resource in the M Zone shows a higher grade, contributing positively to the overall resource quality. - Positive factor: indicated\_resource - Positive factor: higher\_grade Evidence · table > 7,324 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-29) Black Pine · silver #### Identity - Project: Black Pine - Commodity: silver - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: indicated - Tonnes: 7324000 - Grade: 2.6 - Grade Unit: g/t - Contained Metal: 606 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Indicated silver resource in the M Zone provides additional byproduct potential, enhancing the project's value. - Positive factor: indicated\_resource - Positive factor: byproduct\_potential Evidence · table > 2.6 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-30) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: inferred - Tonnes: 5406000 - Grade: 0.21 - Grade Unit: g/t - Contained Metal: 36 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Inferred gold resource in the M Zone adds to the project's potential but requires further geological confirmation. - Negative factor: inferred\_resource Evidence · table > 5,406 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-31) Black Pine · silver #### Identity - Project: Black Pine - Commodity: silver - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: inferred - Tonnes: 5406000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 217 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Inferred silver resource in the M Zone adds to the byproduct potential, but its speculative nature requires further work. - Positive factor: byproduct\_potential - Negative factor: inferred\_resource Evidence · table > 1.3 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-32) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: indicated - Tonnes: 237679000 - Grade: 0.26 - Grade Unit: g/t - Contained Metal: 1998 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The very large Indicated Mineral Resource in the Rangefront area is a major component of the overall resource, providing high confidence for development. - Positive factor: indicated\_resource - Positive factor: large\_tonnage Evidence · table > 237,679 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-33) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: inferred - Tonnes: 59787000 - Grade: 0.19 - Grade Unit: g/t - Contained Metal: 371 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Inferred gold resource in the Rangefront area adds significant potential but requires further geological confirmation. - Negative factor: inferred\_resource Evidence · table > 59,787 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-34) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: indicated - Tonnes: 490816000 - Grade: 0.3 - Grade Unit: g/t - Contained Metal: 4737 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The total Indicated In-Situ gold resource of 4.74 million oz Au at 0.30 g/t Au represents a very substantial and high-confidence resource base for the project. - Positive factor: indicated\_resource - Positive factor: large\_tonnage - Positive factor: qp\_signed - Positive factor: ni\_43\_101\_compliant - Positive factor: cut\_off\_disclosed Evidence · table > 490,816 Context: Total In-Situ #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-35) Black Pine · silver #### Identity - Project: Black Pine - Commodity: silver - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: indicated - Tonnes: 490816000 - Contained Metal: 8754 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The total Indicated In-Situ silver resource of 8.75 million oz Ag provides significant byproduct potential, enhancing the project's overall value. - Positive factor: indicated\_resource - Positive factor: byproduct\_potential Evidence · table > 8,754 Context: Total In-Situ #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-36) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: inferred - Tonnes: 130691000 - Grade: 0.2 - Grade Unit: g/t - Contained Metal: 851 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The total Inferred In-Situ gold resource of 851 koz at 0.20 g/t Au represents substantial exploration upside, though with lower confidence. - Negative factor: inferred\_resource Evidence · table > 130,691 Context: Total In-Situ #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-37) Black Pine · silver #### Identity - Project: Black Pine - Commodity: silver - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: inferred - Tonnes: 130691000 - Contained Metal: 1133 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The total Inferred In-Situ silver resource of 1.13 million oz Ag adds to the byproduct potential, but its speculative nature requires further work. - Positive factor: byproduct\_potential - Negative factor: inferred\_resource Evidence · table > 1,133 Context: Total In-Situ #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-38) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: inferred - Tonnes: 18144000 - Grade: 0.25 - Grade Unit: g/t - Contained Metal: 145 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Inferred gold resource in backfill and waste dumps indicates potential for reprocessing historical material, adding to the overall resource base. - Positive factor: potential\_from\_waste - Negative factor: inferred\_resource Evidence · table > 18,144 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-39) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: indicated - Tonnes: 30844000 - Grade: 0.19 - Grade Unit: g/t - Contained Metal: 190 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The Indicated gold resource in the Legacy Heap Leach Facility provides potential for reprocessing, adding to the project's economic viability. - Positive factor: indicated\_resource - Positive factor: potential\_from\_legacy\_operations Evidence · table > 30,844 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-40) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: indicated - Tonnes: 521660000 - Grade: 0.29 - Grade Unit: g/t - Contained Metal: 4927 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The total Indicated gold resource of 4.93 million oz Au at 0.29 g/t Au represents a very substantial and high-confidence resource base for the project. - Positive factor: indicated\_resource - Positive factor: large\_tonnage - Positive factor: qp\_signed - Positive factor: ni\_43\_101\_compliant - Positive factor: cut\_off\_disclosed Evidence · table > 521,660 Context: Total #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-41) Black Pine · silver #### Identity - Project: Black Pine - Commodity: silver - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: indicated - Tonnes: 521660000 - Contained Metal: 8754 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The total Indicated silver resource of 8.75 million oz Ag provides significant byproduct potential, enhancing the project's overall value. - Positive factor: indicated\_resource - Positive factor: byproduct\_potential Evidence · table > 8,754 Context: Total #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-42) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: inferred - Tonnes: 148835000 - Grade: 0.21 - Grade Unit: g/t - Contained Metal: 996 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The total Inferred gold resource of 996 koz at 0.21 g/t Au represents substantial exploration upside, though with lower confidence. - Negative factor: inferred\_resource Evidence · table > 148,835 Context: Total #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-43) Black Pine · silver #### Identity - Project: Black Pine - Commodity: silver - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Resource Data - Category: inferred - Tonnes: 148835000 - Contained Metal: 1133 - Contained Unit: koz - Cutoff Grade: 0.1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The total Inferred silver resource of 1.13 million oz Ag adds to the byproduct potential, but its speculative nature requires further work. - Positive factor: byproduct\_potential - Negative factor: inferred\_resource Evidence · table > 1,133 Context: Total #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 44 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-44) Black Pine #### Identity - Project: Black Pine - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The project is advancing through federal and state permitting as a FAST-41 Covered Project, indicating progress towards development. - Positive factor: permitting\_advancing Evidence · text > Black Pine is currently advancing through federal and state permitting as a FAST-41 Covered Project #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 45 [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-resource-facts-45) Black Pine #### Identity - Project: Black Pine - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The U.S. Forest Service formally initiating public scoping and preparation of the Environmental Impact Statement is a key permitting milestone. - Positive factor: permitting\_milestone Evidence · text > The U.S. Forest Service published a Notice of Intent on April 3, 2026, formally initiating public scoping and preparation of the Environmental Impact Statement #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (1) ### column leach [Link to this fact](https://atlas-staging.minestarters.com/news/liberty-gold-announces-black-pine-feasibility-study-with-us-2-4-billion-npv-5-an--78bd740d-ab71-4d9e-a25d-e4a4e6ab5109#fact-metallurgical-facts-11) Black Pine · gold #### Identity - Project: Black Pine - Commodity: gold - Region: usa\_id - Reported Region: southern Idaho, USA - Ticker: LGD #### Test Work - Program Status: detailed - Test Type: column leach - Processing Route: ROM heap leach #### Recovery - Recovery: 70.2 % - Recovery Basis: actual\_test #### Lab - Laboratory: Kappes, Cassiday & Associates - Consultant: GL Simmons Consulting LLC #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: An average gold recovery of 70.2% for a ROM heap leach operation is strong, supported by extensive metallurgical testwork and recovery equations developed for modeled domains, indicating a technically straightforward process. - Positive factor: high\_recovery - Positive factor: pilot\_scale\_complete - Positive factor: multi\_domain\_tested - Positive factor: free\_milling Evidence · table > 70.2% Context: Average Gold Recovery #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.