80.6% weighted average gold extraction from 24 column leach tests

Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) is pleased to report results from its Phase 5A metallurgical program at the Company’s Black Pine Oxide Gold Project in southeast Idaho. The new results confirm consistent, robust gold recoveries across previously untested areas, supporting the feasibility development of a run-of-mine heap leach processing flowsheet at Black Pine.

Highlights

• Consistent Gold Extractions and Leach Performance: Weighted average column leach gold extraction of 80.6%, with individual composites reaching up to 90.8%, demonstrating metallurgical continuity across multiple mineralized zones; all of the Phase 5A composites tested exhibit the typical Black Pine leach result of greater than 80% of the eventual gold extraction achieved in under 10 days.
• Corroborated Bottle Roll Data: Gold and silver extractions from coarse crush bottle roll tests strongly correlate with column leach results, 78.9% vs 80.6%, respectively, in line with previous metallurgical results.
• De-risking Project Development: Phase 5A column tests reinforce the suitability of ROM heap leach processing and provide key inputs into the ongoing feasibility study metallurgical model.
• Expanded Metallurgical Coverage: Phase 5A testing included composites from Back Range and J Zone, areas not previously tested and variability composites infilling previous sampling in the M Zone, Tallman and F zones.
• Ongoing Programs: Phase 5B (additional variability infill composites) results are expected in Q3, 2025, Phase 7 (cut-off-grade (“COG”) composites) results expected in Q4, 2025 and Phase 6 (bulk samples) and Phase 8 (legacy heap facility (“HLF”) sonic drilling composites) expected in early H1, 2026.

Jon Gilligan, President and CEO, Liberty Gold, commented, “These results further demonstrate that Black Pine’s oxide gold mineralization is highly amenable to ROM heap leaching, including areas outside the main deposit zones. As we advance toward the completion of our feasibility study, this growing metallurgical dataset will help optimize processing parameters, underpin robust project economics, and reduce technical risk.”

Phase 5A Metallurgical Test Summary

The Phase 5A program was designed to expand the metallurgical dataset into areas not previously tested and fill gaps in the main deposit areas, confirming consistency of recoveries across the broader mineralized footprint. See Figure 1 below for Phase 5A variability composite metallurgical drill core locations. Metallurgical composites were made from PQ sized core drilled in 2023. A total of 24 column leach tests were completed under standard test conditions for Black Pine oxide gold mineralized material, with results summarized below in Table 1.

Figure 1 – Summary map of Black Pine Metallurgical Program Sample Locations

 Table 1 – Weighted Average Gold Extraction Results by Zone – Coarse Bottle Roll and Column Leach Tests

Notes: Average Calculated Head Grade is the average of the composite column head grades tested within each zone. Detailed sample-level results are provided in Table 2 below.

Silver

Column leach tests also showed silver extractions ranging from 13.7% to 72.3%. Silver grades and extractions in M-Zone and Back Range appear higher than other mineralized areas at Black Pine. Silver grades and extractions for J Zone, Tallman and F Zone are in line with results from previous metallurgical test phases. Historic production of silver was in the approximate ratio of ~0.4 ounces of silver for every ounce of gold. Liberty Gold is currently evaluating adding silver to the resource estimate in the feasibility study.

Interpretation

• Phase 5A gold extractions are in line with previous metallurgical testing across the main mineralized zones.
• The strong correlation between bottle roll and column leach data validates process predictability and supports a simple, low-cost ROM leach processing flowsheet for Black Pine oxide ores.
• These results further de-risk the processing strategy ahead of the feasibility study.

Ongoing Metallurgical Program

Liberty Gold has an active feasibility-level metallurgical program:

• Phase 5B: Twenty-one “infill” variability composites from Rangefront and Discovery Zone have completed column leaching and final results are expected in Q3, 2025.
• Phase 6: Seven (Six in-pit and one surface) 20 tonne ROM surface bulk samples sourced from the main mineralized lithology types, will be tested in Pilot-Scale columns (4 feet diameter x 20 feet high) at Kappes, Cassiday & Associates (“KCA”) in Reno. Three bulk samples are currently under leach and the remaining four are in sample collection and preparation. Results are expected in H1 2026.
• Phase 7: Nine cut-off grade variability composites currently under column leach.
• Phase 8: 24 sonic drill holes (~1,400 meters) have been completed in the legacy heap leach pad, with initial gold assays received. Metallurgical studies and composites are currently being planned. It is expected that test work will commence in late Q3, 2025. This material will be tested for the potential to act as over-liner material and also as direct leach feed.

These programs are designed to finalize gold leach recoveries and optimize process design criteria as inputs to the Feasibility Study targeted for completion in Q4, 2026.

Quality Assurance – Quality Control

All metallurgical work at Black Pine was conducted at KCA Labs in Reno and is supervised by Gary Simmons, MMSA, formerly Director of Metallurgy and Technology for Newmont Mining Corp. Mr. Simmons has managed metallurgical programs on multiple Carlin-style oxide deposits in the Great Basin.

Peter Shabestari, P.Geo., Vice President Exploration, Liberty Gold, is the Qualified Person responsible for reviewing and approving the technical content of this release.

Table 2 – Phase 5A Gold Extraction Results

^{Footnote: ppm = parts per million or grams per tonne (g/t)}

ABOUT LIBERTY GOLD

Liberty Gold is focused on 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. The Company is advancing the Black Pine Project in southeastern Idaho, a past-producing, Carlin-style gold system with a large, growing resource and strong economic potential. We know the Great Basin and are driven to advance big gold deposits that can be mined profitably in open-pit scenarios and in an environmentally responsible manner.