4,882,000 Au oz Indicated and 1,050,000 Au oz Inferred

Liberty Gold Corp. (TSX: LGD) (OTCQX: LGDTF) is pleased to announce an update to the independent Mineral Resource Estimate at its Black Pine Gold Project, located in southeastern Idaho, USA.

• The Resource is reported at a cut-off grade of 0.10 grams per tonne gold and consists of:
  • Indicated Resource of 502.7 million tonnes at an average grade of 0.30 g/t Au totalling 4,882,000 ounces Au; and
  • Inferred Resource of 157.1 Mt at an average grade of 0.21 g/t Au totalling 1,050,000 oz Au.
• A high-grade subset of the Resource contained within the 0.10 g/t Au resource pit, applying a COG of 0.50 g/t Au consists of:
  • Indicated Resource of 60.1 Mt at an average grade of 0.99 g/t Au totalling 1,907,000 oz Au; and
  • Inferred Resource of 6.4 Mt at an average grade of 0.74 g/t Au totalling 152,000 oz Au.

The updated 2026 MRE has an effective date of January 31, 2026, and represents oxide-only Au mineralization; there is no sulfide Au mineralization contained in the MRE. This update includes a 17% increase of 719,000 oz Au in the indicated category, and a 47% increase of 338,000 oz Au in the inferred category compared to the 2024 preliminary feasibility study (“PFS”) MRE (Figure 2 below, see press release dated October 10, 2024). See Table 1 below for the updated Mineral Resource estimate by Zone.

For maps, cross sections and sensitivity analysis tables of the Black Pine Mineral Resource block model and resource pits, use this link: https://libertygold.ca/wp-content/uploads/BP2026MineralResourceEstimate.pdf for a 3D-enabled VRIFY version, use this link: https://vrify.com/decks/21397

Jon Gilligan, President and CEO of Liberty Gold stated, “This updated Mineral Resource Estimate has achieved indicated resource growth and expanded the total resource footprint which are important steps for the Black Pine project as we move closer to mine development. The addition of over 700,000 indicated gold ounces, coupled with an expansion of 338,000 inferred gold ounces, as compared to the 2024 PFS Resource, shows that 2025 drilling produced strong results. With totals of just under 5 million gold ounces of resource in the indicated class, and just over 1 million gold ounces of inferred mineralization, Black Pine is solidly positioned to deliver a Feasibility Study in the fourth quarter of this year. Building on our 2025 results, strategically planned drilling in 2026 has the potential to add robust near-term resource upgrades and continue the expansion of oxide mineralization across the project.”

Figure 1: Plan map of the Black Pine Mineral Resource Pits

Table 1: Black Pine Updated Mineral Resource Estimate by Zone

• koz = thousands of contained gold ounces

Table 1 Notes:

• CIM (2014) definitions were followed for Mineral Resources.
• Mineral Resources are reported within conceptual open pits estimated at a gold cut-off grade of 0.10 g/t Au, using a long-term gold price of US$2,800 per ounce and a variable gold leach recovery model derived from extensive metallurgical studies.
• Bulk density is variable by rock type.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• Mineral Resources are inclusive of Mineral Reserves
• Rounding as required by reporting guidelines may result in apparent discrepancies between estimated tonnes, grades, and contained gold content.
• The effective date of the MRE is January 31, 2026.

The MRE was prepared by SLR Consulting (Canada) Ltd., Toronto, Canada. The Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects responsible for the Mineral Resource estimate is Valerie Wilson, M.Sc., P.Geo., Principal Resource Geologist, an employee of SLR and independent of Liberty Gold. The Qualified Person is not aware of any environment, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant factors that could materially affect the Mineral Resource estimate.

Resource Estimate – Cut-off Grade Sensitivity

The average grade of the deposit within the limits of the 0.10 g/t Au resource pit shell reflects a wide range of block grades. Table 2 below displays the robust nature of the deposit at successively higher cut-off grades. At a block COG of 0.50 g/t Au, 1,907,000 Indicated ounces at an average grade of 0.99 g/t Au represents approximately 40% of the indicated resource. This higher-grade core of mineralization has grown with each successive drill program.

Table 2: Resource grade distribution at successively higher COGs within the 0.1 g/t Au reporting pit*

*Please refer to the Notes accompanying Table 1 for additional information. The Black Pine updated MRE is bold and italicized.

Key Points

• The addition of drill results from 2024 and 2025 served to increase the MRE by 719,000 Indicated Au oz compared to the 2024 MRE. The updated Indicated Resource totals 4,882,000 gold ounces and will form the basis of the Feasibility Study (“FS”) currently being conducted on Black Pine. A completed FS is expected early Q4 2026.
• The additional of 338,000 Au oz in the Inferred class brings the total to 1,050,000 Inferred Au oz, which provides potential for resource classification upgrades. Any such upgrades would be subject to future drilling and technical studies.
• The 2026 MRE includes 178 new Reverse Circulation (“RC”) drill holes totalling 39,520 meters (“m”) drilled by Liberty Gold in 2024 and 2025. This additional drilling brings the total drilling defining the Black Pine deposit to 462,662 m in 3,010 holes.
• Approximately 21,000 m of drilling in 93 drill holes completed in 2025 are not included in this MRE.
• The 2026 MRE is supported by metallurgical testing on 216 composites encompassing all ore types.

Table 3: 2026 MRE compared to the 2024 PFS MRE

⁽¹⁾ kt = thousand metric tonnes.
⁽²⁾ The 2024 MRE was prepared by SLR and had an effective date of June 1, 2024. See the company’s news release dated October 10, 2024 for additional disclosure regarding the 2024 MRE.
⁽³⁾ Please refer to the Notes accompanying Table 1 for additional information regarding the 2026 MRE. The Black Pine updated MRE is bold and italicized.

Figure 2: Indicated and Inferred Resource Conversion and Growth

 This waterfall chart showing converted indicated ounce (349 koz), added indicated ounces (370 koz), added Inferred ounces (687 koz), and residual inferred ounces from the PFS (363 koz), along with the new 2026 MRE totals. The addition of 719 koz to Indicated category is a 17% growth compared to the 2024 PFS MRE, and the increase to 1,050 koz the Inferred category is a 47% increase compared to the 2024 MRE.

Estimation Methods

The resource estimate was prepared by Valerie Wilson, M.Sc., P.Geo., Principal Resource Geologist at SLR. Ms. Wilson is an Independent Qualified Person as defined by NI 43-101. The resource estimate was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. Estimation methods are summarized below:

• The gold mineral resources at the Black Pine Project were modeled and estimated by:
  • Developing a geological model, in Leapfrog Geo reflecting low-angle fault control and stratigraphic control of mineralization hosted in receptive carbonate host rocks;
  • Evaluating the drill data statistically;
  • Interpreting medium- (0.1 g/t Au) and high-grade (0.3 g/t Au for Rangefront and 0.5 g/t Au for all other areas) gold-domains, and low-grade gold-domain buffer using Leapfrog Geo;
  • Compositing data to 3.048 m (10 feet) within the gold domains;
  • Coding a series of area specific block models comprised of 10 x 10 x 5 (x,y,z) m blocks and sub-blocked to 2.5 x 2.5 x 1.25 m blocks to the domains.
  • Analyzing the modeled mineralization geostatistically to aid in the establishment of interpolation and classification parameters;
  • Interpolating gold grades using inverse distance cubed (ID³) and a three-pass interpolation strategy into the model blocks in Leapfrog Edge using the mineral domain coding to explicitly constrain the gold grade estimations;
  • Stitching and unifying area block models to a regularized model of 10 x 10 x 5 m; and
  • Evaluating, statistically and visually, the resulting model in detail prior to finalizing the mineral resource estimation.
• The Black Pine Deposit mineral resource has been constrained by optimized pit shells created using a gold price of US$2,800 per ounce and pit slopes ranging from 45 to 47 degrees. Mining costs of $2.47 per tonne mined and heap leaching plus G&A costs of $2.76 per tonne processed, based on an assumed processing rate of 18 Mt per year. Gold recoveries are based on equations derived from metallurgical test work and vary by grade and rock unit.
• A 0.25% net smelter return royalty has been applied, reflecting the exercise of a buyback right.
• The Company has concluded that a Technical Report update is not required with this new Mineral Resource and will include the resource estimate update into the Feasibility Technical Report expected to be completed in Q4 2026.

ABOUT BLACK PINE

Black Pine is located in southeastern Idaho, near the Utah border, within the northern Great Basin of the western United States. The project hosts a large, district-scale Carlin-style oxide gold system in a stable, mining-friendly U.S. jurisdiction.

Black Pine is analogous in style to Nevada’s Carlin-type deposits, but occurs outside the main Carlin and Cortez trends, highlighting the significant exploration potential of underexplored areas of the Great Basin. The historical Black Pine Mine operated from 1992 to 1997 during a period of low gold prices, producing approximately 435,000 ounces of gold from shallow open pits at an average grade of 0.63 g/t Au, demonstrating the amenability of the mineralization to open-pit, oxide mining.

Gold mineralization is hosted within a thick sequence of receptive, faulted carbonate rocks of the Pennsylvanian Oquirrh Formation and exhibits extensive decalcification and clay alteration typical of Carlin-style systems. The mineralized system is strongly oxidized across the exposed footprint, supporting the potential for efficient heap leach processing.

Metallurgical testing to date has demonstrated rapid gold recoveries with limited sensitivity to crush size, supporting a simple, scalable, and low-cost processing approach.

Black Pine is being advanced with a disciplined focus on technical rigor, permitting clarity, and long-term value creation.

QUALIFIED PERSONS

Valerie Wilson, M.Sc., P.Geo, Principal Resource Geologist for SLR, has reviewed and approved the updated Mineral Resource estimate and the technical information pertaining to it contained in the release is accurate. Ms. Wilson has verified the data disclosed including sampling, analytical, and test data underlying the drill results, using a variety of techniques including comparison against independently sourced assay certificates, site visit investigations, and digital based verification tests, and consents to the inclusion in this release of said data in the form and context in which it appears. Ms. Wilson experienced no limitations with respect to data verification activities related to the Black Pine project.

All scientific and technical information contained in this new release, including the updated Mineral Resource estimate, has been reviewed and approved by Owen Nicholls, P.Geo., Director of Technical Services, an employee of Liberty Gold, who is for the purposes of this new release, the designated Qualified Person within the meaning NI 43-101 and has reviewed and validated that the information contained in this news release is accurate. Mr. Nicholls has verified the data disclosed including sampling, analytical, and test data underlying the drill results, using a variety of techniques including implementing quality assurance/quality control (“QA/QC”) sampling measures, review and validation of the geological models, and review of the geostatistical approaches in the Mineral Resource estimation.

ABOUT LIBERTY GOLD

Liberty Gold is a U.S. focused gold development company building and advancing a pipeline of gold assets in the Great Basin, one of the world’s most productive and mining friendly gold regions. The Company’s flagship asset is the 100% owned Black Pine Oxide Gold Project in southern Idaho, a large scale, past-producing run-of-mine heap leach system being advanced through feasibility and permitting toward a modern open-pit mining operation. Liberty Gold also controls the Goldstrike Project in Utah, which remains an important part of the Company’s U.S. gold asset portfolio. The Company’s strategy is to responsibly develop high quality, long-life gold projects in supportive jurisdictions, led by an experienced team with a track record of discovery, development and delivering long term value.