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VANCOUVER, British Columbia, Nov. 10, 2025 (GLOBE NEWSWIRE) — Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”), is pleased to announce its financial and operating results for the three and nine months ended September 30, 2025. All amounts are presented in United States dollars unless otherwise stated.
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THIRD QUARTER OF 2025 AND RECENT HIGHLIGHTS
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- On September 30, 20251, we announced the closure of a subscription agreement with Centerra Gold Inc. (“Centerra”), whereby Centerra acquired 9.9% of the issued and outstanding common shares of the Company. Centerra purchased, by way of private placement, 50,025,230 Common Shares at a 10% premium to 5-day VWAP of C$0.56 per share, for gross proceeds of C$28.01 million.
- On October 2, 20252, we announced the receipt of the first staged payment of US$2.21 million related to the previously announced sale of our interest in the TV Tower copper-gold project.
- On October 20, 20253, we announced the appointment of Brad Ralph as Senior Vice President, Corporate Development.
- On August 12, 20254, we announced the appointment of Lauren Roberts to the Board of Directors.
- On July 22, 20255, we announced the appointment of four highly experienced mining/permitting professionals to our project development team:
- Vice President, Project Development, Tyler Cole, accountable for delivery of the Black Pine Feasibility Study and all associated basic and detailed engineering activities leading to a construction decision.
- Senior Director, Mining and Metallurgy, Richard Zaggle, who will lead the development of the Black Pine processing flowsheet, oversee metallurgical and geo-metallurgical integration, and support mine design and feasibility planning in coordination with the broader technical team.
- Director, Technical Services, Owen Nicholls, responsible for the completion of the feasibility-level resource estimate, short-term grade control models, geo-metallurgical modeling, and integration of geotechnical and hydrogeological programs to support permitting and operational readiness at Black Pine.
- Senior Environmental and Permitting Specialist, Charles Mumford, will lead critical aspects of the Black Pine permitting program, including site environmental compliance, NEPA and state permitting, and coordination with regulatory bodies and community partners.
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1 See news release dated September 8 and September 30, 2025
2 See news release dated October 2, 2025
3 See news release dated October 20, 2025
4 See news release dated August 12, 2025
5 See news release dated July 22, 2025
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At the Black Pine project (“Black Pine”),
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- On August 19, 20256, we reported Phase 5A Column Leach Metallurgical results. Key results include:
- 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.
- On August 27, 20257, we announced that sonic drill hole assays confirm the presence of residual, cyanide-soluble gold in the 30 million tonne legacy heap on site at Black Pine.
- Assay data further indicates residual gold grades supportive of potential economic reprocessing, with individual samples ranging from 0.06 to 1.18 grams per tonne (“g/t”) gold (“Au”), with the highest gold grades occurring near the surface of the heap.
- Recognizing the potential to remove the legacy heap and process that material economically on the new heap opens significant exploration potential for resource and reserve expansion in the Rangefront Zone, located directly adjacent to the legacy heap.
- On September 4, 20258, we reported report initial reverse circulation assay results from the Rangefront Zone. Key results include:
- Multiple stacked zones of higher-grade oxide gold mineralization have been confirmed beyond the current Rangefront Resource Pit. Grades and widths are consistent with previous drilling.
- The near surface high grade zone in the western Rangefront area remains open for expansion, with strong continuity to the northwest toward the heap leach pad and to the east. This is an area previously categorized as waste.
- New drill results bolstered confidence in converting over 250,000 ounces of gold in mineral resources to mineral reserves currently locked by proximity to the legacy heap leach pad, building on previously released sonic drilling that indicated reprocessing legacy heap material could unlock Reserve Pit design potential.
- Legacy heap leach pad reprocessing could unlock ~1 square kilometer of new exploration potential and connect Rangefront mineralization to the main Discovery Area.
- Rangefront remains open in multiple directions and is emerging as a strategic starter pit for future mining operations.
- On September 24, 2025,9 we reported Phase 5B metallurgical program results. Key results include:
- Consistent Gold Extractions and Leach Performance: Weighted average column leach gold extraction of 81.9% at an average head grade of 0.65 parts per million gold, with individual composites ranging from 52% to 94.5%. Phase 5B composites 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 extractions from direct leach coarse crush bottle rolls (P80 of 1.68 millimeters) are aligned with column leach results (P80 of 16.9 millimeters) at 78.4% vs 81.9%, respectively.
- Confirmed gold recoveries in Primary Mining Phases: Phase 5B testing focused on infill sampling within the primary mining phases of Rangefront and Discovery Zones.
- On October 15, 202510 we announced the latest drilling results confirming that the Rangefront Zone at Black Pine continues to expand, with near-surface oxide gold mineralization now exceeding 150 meters wide (north-south) and 200 meters wide (east-west), introducing significant potential changes to mining economics and sequencing strategy. Highlights include:
- Near-surface, higher-grade mineralization in western Rangefront continues to grow in size to the south, east and northwest, extending toward the historic heap leach pad area.
- 0.41 grams g/t Au over 41.1 meters in LBP1145 at 45 m below surface
- Infill and conversion drilling continues to expand mineralization at Rangefront, with strong oxide gold grades and widths consistent with and extending the prior results.
- East Rangefront: 0.28 g/t Au over 125 meters in hole LBP1136
- West Rangefront: 0.20 g/t Au over 53.3 meters and 0.92 g/t Au over 35.1 meters in hole LBP1141
- North Rangefront: 0.37 g/t Au over 71.6 meters in hole LBP1144
- Near-surface, higher-grade mineralization in western Rangefront continues to grow in size to the south, east and northwest, extending toward the historic heap leach pad area.
- On October 29, 202511 we announced new high-grade oxide gold drill intercepts at the Discovery Zone. This series of holes in Discovery were planned to increase confidence in the mineralization and metallurgical models in an area previously defined largely by historic drilling. The upper portion of this intercept has confirmed the extension of a previously mined high-grade shoot in the historic B Pit area. Notable intercepts include:
- 1.53 g/t Au over 85.3 meters, including 5.19 g/t Au over 9.1 meters in LBP1171
- 1.17 g/t Au over 59.4 meters, including 3.44 g/t Au over 15.2 meters in LBP1155
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6 See news release dated August 19, 2025
7 See news release dated August 27, 2025
8 See news release dated September 4, 2025
9 See news release dated September 24, 2025
10 See news release dated October 15, 2025
11 See news release dated October 29, 2025
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SELECTED FINANCIAL DATA
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The following selected financial data are derived from our unaudited condensed interim consolidated financial statements and related notes thereto (the “Interim Financial Statements”) for the three and nine months ended September 30, 2025, as prepared in accordance with IFRS Accounting Standards – IAS 34: Interim Financial Statements.
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A copy of the Interim Financial Statements is available on the Company’s website at libertygold.ca or on SEDAR+ at www.sedarplus.ca.
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The information in the tables below is presented in $’000s, except ‘per share’ data:
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| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Attributable to shareholders: | ||||||||||||
| Loss for the period from continuing operations | $(6,249 | ) | $(5,597 | ) | $(13,212 | ) | $(12,057 | ) | ||||
| Loss and comprehensive loss for the period from continuing operations | $(6,536 | ) | $(5,522 | ) | $(13,041 | ) | $(12,307 | ) | ||||
| Basic and diluted loss per share from continuing operations | $(0.01 | ) | $(0.01 | ) | $(0.03 | ) | $(0.03 | ) | ||||
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