Liberty Gold Corp. (TSX: LGD) (OTCQX: LGDTF) is pleased to announce that all holders of common share purchase warrants issued in connection with the Company’s May 2024 non-brokered private placement (see press release dated May 21, 2024), have exercised their Warrants prior to the May 17, 2026 expiry.

The Company has received proceeds of approximately C$8.0 million from the exercise of 17,857,681 Warrants at an exercise price of C$0.45 per Warrant, resulting in the issuance of an equivalent number of common shares.

In addition, certain common share purchase warrants issued in connection with the Company’s April 2025 bought deal financing (see press released dated April 22, 2025) have also been exercised early. Approximately 25 million warrants issued under that financing remain outstanding at an exercise price of C$0.45 per warrant and expire on April 22, 2027.

These proceeds further strengthen Liberty Gold’s balance sheet and enhance the Company’s financial flexibility as it advances the Black Pine Oxide Gold Project in Idaho through key development milestones, including:

• Completion of the Feasibility Study, targeted for Q4 2026
• Ongoing permitting activities under the FAST-41 framework, following initiation of the Environmental Impact Statement process
• Advancement of engineering and long-lead development activities, supporting a future construction decision.

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.”

ABOUT LIBERTY GOLD

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, one of the world’s most productive and mining-friendly gold regions. Black Pine is a large-scale, past-producing, run-of-mine heap leachable gold deposit progressing through feasibility and permitting toward a modern open-pit mining operation. The Company’s strategy is centered on advancing high-quality, long-life gold assets, with a clear focus on technical simplicity, strong environmental performance, project executability, collaborative permitting processes, and value creation. This reflects Liberty Gold’s commitment to the discipline of delivery. The Company is led by an experienced team with a track record of discovery, development, and delivering sustained long-term value.