Liberty Gold Corp. (TSX:LGD) (OTCQX:LGDTF) is pleased to announce its financial and operating results for the six months ended June 30, 2023. All amounts are presented in United States dollars unless otherwise stated.

SECOND QUARTER OF 2023 AND RECENT HIGHLIGHTS

• Announced the appointment of Wendy Louie to the Board and the appointment of Robert Pease as Chairman. Ms. Louie is a Canadian Chartered Professional Accountant (CPA, CA) with over 25 years of diverse financial and leadership experience with a focus on the mining industry. Mr. Pease has been on the board of Liberty Gold since its inception.

At the Black Pine project, we:

• Announced a new discovery area “Rangefront South” located approximately two kilometres to the south of the main Rangefront Zone, with two reportable intercepts of oxide gold: 0.37 grams per tonne gold over 9.1 meters, and 0.31 g/t Au over 7.6 m in drill hole LBP931³.
• Published reverse circulation exploration drill results from:

  Discovery Zone:

• 3.74 g/t Au over 21.3 m including 15.85 g/t Au over 3.0 m in LBP906¹; and
• 0.77 g/t Au over 65.5 m including 2.47 g/t Au over 10.7 m in LBP932³.

  Back Range Zone:

• 1.41 g/t Au over 30.5 m including 1.83 g/t Au over 13.7 m in LBP926³.

  Rangefront Zone:

• 0.72 g/t Au over 35.1 m, including 1.83 g/t Au over 6.1 m and 0.89 g/t Au over 22.9 m in LBP861²;
• 0.86 g/t Au over 25.9 m, including 2.26 g/t Au over 6.1 m in LBP800²; and
• 0.71 g/t Au over 18.3 m starting from 16.8 m downhole, including 1.45 g/t Au over 6.1 m in LBP872².

  M Zone:

• 2.83 g/t Au over 25.9 m, including 7.88 g/t Au over 3.0 m in LBP849²;
• 2.13 g/t Au over 21.3 m, including 8.67 g/t Au over 4.6 m in LBP864²; and
• 0.80 g/t Au over 29.0 m in LBP884¹.

  CD-Tallman Zone:

• 3.28 g/t Au over 10.7 m and 0.52 g/t Au over 51.8 m in LBP893¹; and
• 0.86 g/t Au over 25.9 m including 1.80 g/t Au over 6.1 m in LBP920³.

At the Goldstrike project, we:

• Reported on key metallurgical column leach test results on surficial materials, including⁴:
  • Historic Leach Pad Material
    • Weighted average gold extraction from column leach tests⁵:
      • Leach Pad 1 (run-of-mine): 62.0%
      • Leach Pad 2 (-4-inch crush/agglomerate): 39.5%
  • Backfill (material underlying the Historic Leach Pads):
    • Pad Backfill – High Grade: 70.5%
    • Pad Backfill – Low Grade: 81.7%
  • Waste Rock Material
    • Main Dump: 91.2%
    • Hamburg North Dump: 71.7%
• Retained Loughlin Associates and LRE Water, both experienced water exploration and evaluation consultants in the Great Basin, to design and execute a hydrological evaluation of potential water sources in the region⁵.
• Reported on a block of land surrounding the Goldstrike deposit being included in a proposed land exchange between the US Bureau of Land Management lands exchange with the Utah School and Institutional Trust Lands Administration⁴. The “Utah School and Institutional Trust Lands Exchange Act of 2023”, Senate Bill 1405, was presented to the US Congress in May and is currently in the committee stage in both the House and the Senate.

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, 2023, 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.