Liberty Gold Corp. (TSX:LGD) (OTCQX:LGDTF) is pleased to announce its financial and operating results for the six months ended June 30, 2022. All amounts are presented in United States dollars unless otherwise stated.

Q2 2022 and RECENT HIGHLIGHTS:

• On August 11, 2022, the Company received the final of three staged payments of $6.00 million on the sale of the Halilağa copper gold deposit in Turkey¹.
• On May 18, 2022, the Company received the final $2.50 million option payment for Kinsley, consisting of $1.25 million in cash and $1.25 million in shares of CopAur Minerals Inc. Liberty Gold has retained a 1% net smelter royalty on the project.
• On June 22, 2022, the Company received the 2022 Environmental Excellence Award from the State of Utah, Department of Natural Resources, Division of Oil, Gas and Mining. The award acknowledges the Company’s innovative use of GIS, LIDAR and other technology in successful, ongoing reclamation at its Goldstrike Oxide Gold Property in southwestern Utah².
• On March 25, 2022, the Company closed a bought deal financing for gross proceeds of C$30,000,300³.

At the Black Pine Project we:

• Drilled a large-diameter core hole LBP511CA in the vicinity of the original “D-4” discovery in the Rangefront Focus Area, which returned 1.38 grams per tonne gold over 100.4 meters.
• Released reverse circulation drill results from the RFA, which now encompasses an area of approximately one square kilometre, containing a high-grade gold mineralized core zone which has been defined over significant portion of the discovery area. It remains open to the northwest, northeast and east, including along the entire northern edge of the drilled area, a distance of over 1 kilometer. RFA drill highlights include⁴:
  • LBP568: 68.6 m grading 0.39 g/t Au and 35.1 m grading 1.13 g/t Au
  • LBP569: 19.8 m grading 0.43 g/t Au (from 7 m down-hole) and 25.9 m grading 0.45 g/t Au and 30.5 m grading 0.49 g/t Au
  • LBP577: 65.5 m grading 0.30 g/t Au (open to the north)
  • LBP578: 71.6 m grading 0.43 g/t Au (open to the north)
• Released results from 14 PQ 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
  • 1.09 g/t Au over 29.1 m in LBP530C in M Zone
• Drilled RC holes in several targets, including a western extension of the CD Zone, a new target south of the CD Zone, and various waste rock dumps and pit backfill areas. Drilling resumed in the M, E, F and RFA Zones in July, targeting near surface oxide gold targets.
• Accelerated the Black Pine process water acquisition program.

At the Goldstrike Project we:

• Published results from sonic drilling in the historic heap leach pad and adjacent backfill areas where all 23 holes returned at least 15 m true thickness at grades in excess of the reporting cut-off of 0.15 g/t Au. A number of holes in the thicker portions of the pads returned up to 44 m of continuous mineralization indicating substantial volumes of unleached or partially leached material remain in the historic leach pads. Highlights include 1.02 g/t Au over 25.9 m from surface, including 2.17 g/t Au over 9.1 m in PGS891⁵.
• Commenced host rock geochemical characterisation studies for the Goldstrike mine host rock sequence.
• Completed metallurgical bulk sampling with 11 bulk samples (600-700kg each) taken across the various mineralized units exposed at the surface in historic open pits. These and composites from the sonic drilling program were sent to Kappes Cassiday Associates in Reno, NV for column testing.
• Completed Phase 3 PQ metallurgical core drilling, with 11 holes completed. Assays are pending for all holes.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim consolidated financial statements and related notes thereto (the “Interim Financial Statements”) for the six months ended June 30, 2022, as prepared in accordance with International Accounting Standards – IAS 34: Interim Financial Statements.

A copy of the Interim 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. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past-producing open-pit mines, where previous operators only scratched the surface.