Liberty Gold Corp. (TSX:LGD) (OTCQX:LGDTF) is pleased to announce its financial and operating results for the fiscal year ended December 31, 2022. All amounts are presented in United States dollars unless otherwise stated.

2022 and RECENT HIGHLIGHTS

At the Black Pine Project, we:

Announced an update to the independent mineral resource. The new Black Pine Resource¹ is reported using a constraining resource pit at a cut-off grade of 0.20 grams per tonne gold and consists of:

• An indicated resource of 2,613,000 ounces of oxide gold at an average grade of 0.52 g/t Au and totalling 157,267,000 tonnes; and
• An inferred resource of 483,000 ounces of oxide gold at an average grade of 0.43 g/t Au and totalling 35,150,000 t.

Obtained registered title to two historical Black Pine Mine water rights totalling 868.5 acre feet per annum. Both rights are registered to the Black Pine Mine Well immediately adjacent to the potential site of a future heap leach facility. Liberty Gold has now secured, through a combination of purchase and long-term option/lease, an aggregate of 3,202 AFA of process water supply, sufficient for any future large-scale mining operation envisioned at Black Pine².

Discovered near-surface oxide gold in the F Zone confirming a 750 metre long corridor, linking the CD and Discovery Zones. Oxide gold mineralization starts from surface or at shallow depth in all holes, linking several resource pits and demonstrating that as drill information/density increases, gold mineralization at Black Pine tends to coalesce into larger, continuous mineralized zones, with potentially greater amenability to bulk mining. Released reverse circulation drill results include the following highlights³:

• 1.01 g/t Au over 19.8 m including 2.07 g/t Au over 7.6 m from near surface in LBP666;
• 0.95 g/t Au over 18.3 m including 1.03 g/t Au over 16.8 m from surface in LBP657;
• 0.84 g/t Au over 36.6 m including 0.97 g/t Au over 30.5 m from surface in LBP662;
• 0.74 g/t Au over 38.1 m including 0.87 g/t Au over 30.5 m from surface in LBP660; and
• 0.48 g/t Au over 45.7 m including 1.11 g/t Au over 12.2 m and 1.56 g/t Au over 7.6 m from near surface in LBP672.

Published exploration RC results from other areas included⁴:

Rangefront Area:

• 1.95 g/t Au over 41.1 m, including 4.43 g/t Au over 10.8 m in LBP473;
• 1.49 g/t Au over 54.9 m in LBP554;
• 0.98 g/t Au over 85.3 m, including 1.56 g/t Au over 27.4 m in LBP514;
• 0.63 g/t Au over 94.5 m including 3.66 g/t Au over 6.1 m in LBP506; and
• 0.57 g/t Au over 51.8 m in LBP708.

M Zone:

• 7.07 grams g/t Au over 18.3 m including 11.92 g/t Au over 10.7 m and including 46.7 g/t Au over 1.5 m in LBP813;
• 1.40 g/t Au over 57.9 m from 76.2 m including 2.92 g/t Au over 21.3 m in LBP715;
• 1.17 g/t Au over 47.2 m from 54.9 m including 2.23 g/t Au over 15.2 m in LBP736; and
• 0.93 g/t Au over 38.1 m from 86.9 m including 2.35 g/t Au over 6.1 m in LBP823.

Back Range:

• 3.10 g/t Au over 27.4 m from 50.3 m including 4.33 g/t Au over 18.3 m in LBP796;
• 1.36 g/t Au over 15.2 m from 120.4 m including 3.79 g/t Au over 3.0 m in LBP774; and
• 0.78 g/t Au over 115.8 m from 15.2 m including 1.29 g/t Au over 25.9 m in LBP782.

On August 23, 2022, the Company completed the acquisition of a controlling interest in certain private mineral rights under Bureau of Land Management controlled surface lands contiguous with the eastern margin of the existing project boundary, opening a significant area for exploration and, importantly, potentially facilitating utilization of the ground for future mine and processing infrastructure⁵.

Released results from 14 large-diameter core holes for further metallurgical testing, with excellent results, including⁶:

• 3.98 g/t Au over 25.3 m including 8.55 g/t Au over 9.6 m in LBP499C in North Tallman;
• 4.80 g/t Au over 21.2 m including 11.0 g/t Au over 7.5 m in LBP508C in F Zone; and
• 1.09 g/t Au over 29.1 m in LBP530C in M Zone.

Continued column leach testing on 24 Rangefront drill core composites and submitted a further 25 drill core composites from across the Black Pine deposit areas for metallurgical column testing.

We received an approved Plan of Operations from the BLM granting us a permit to access and drill exploration/condemnation holes on a 11-kilometer square block of land directly to the east of our current Plan of Operations. This was important as the new permitted area is a potential site for future mine and processing infrastructure. A recently submitted modification to the United States Forest Service Plan of Operations, as well as a recently received BLM Plan of Operations will allow us to drill much of this area beginning in 2023.

Outlook

The 2023 drill program at Black Pine commenced on January 7, 2023, in low elevation areas along the eastern margin of the deposit.  The budget includes 32,000 m of RC drilling targeting resource upgrade and expansion over several areas of the deposit, as well as reconnaissance drilling in new areas along the northern, eastern and southern margins of the deposit.
In parallel with the drill program, development work is continuing, comprising:

• Phase 4 metallurgical column test work (61 columns),
• Geotechnical and hydrological studies,
• Environmental baseline work:
  • a sage grouse monitoring program is planned for the second half of 2023,
  • big game surveys,
  • meteorological monitoring, and
  • waste rock geochemical characterization studies.

• Land permitting activities.

________________________
¹ _{See press releases dated February 7, 2023 and 21 March, 2023 and “Technical Report on the Updated Mineral Resource Estimate at the Black Pine Gold Project, Cassia and Oneida Counties, Idaho, USA”, effective January 21, 2023, and signed March 10, 2023, prepared by Ryan Rodney, C.P.G of SLR International Corporation; Gary L. Simmons MMSA,   of GL Simmons Consulting LLC both independent Qualified Persons under National Instrument 43-101; and Moira Smith of Liberty Gold Corp;}
² _{See press release dated November 28, 2022. Press releases are available on www. Libertygold.ca and under Liberty Gold’s SEDAR profile at www.sedar.com.}
³ _{See press release dated August 30, 2022.}
⁴ _{See press releases dated January 18, 2022, April 12, 2022, November 8, 2022, February 21, 2023.}
⁵ _{See press release dated September 12, 2022.}
⁶ _{See press release dated August 2, 2022.}

SELECTED FINANCIAL DATA

The following selected financial data is derived from our Annual Financial Statements and related notes thereto (the “Annual Financial Statements”) for the year ended December 31, 2022, as prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

A copy of the Annual Financial Statements is available on the Company’s website at www.libertygold.ca or on SEDAR at www.sedar.com.

The information in the tables below is presented in $000s except per share data:

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.