Liberty Gold reports financial and operating results for year-end 2023

VANCOUVER, British Columbia, March 28, 2024 (Globe Newswire) — Liberty Gold Corporation (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) announces its financial and operating results. I'm happy to be able to do this. All amounts are expressed in U.S. dollars unless otherwise stated.

2023 and recent highlights

• On September 15, 2023, we completed a non-brokered private placement that raised proceeds of $5.7 million, anchored by a $5.0 million strategic investment by Wheaton Precious Metals Corporation (“Wheaton”).¹.

• On 5 September 2023, we published our second annual Environmental, Social and Governance Report: Developing Gold Deposits in a Responsible and Sustainable Way.².

• On November 8, 2023, the Company announced the appointment of Cal Everett as Chief Executive Officer and John Gilligan as President, effective November 10, 2023.³.

The Black Pine Project (“Black Pine”)

• On February 15, 2024, we announced an update to the Independent Mineral Resources that was first published on February 7, 2023.^Four (“Updated Resources”).Newly updated resources^Five Reported using a US$1,800 constrained resource pit and cut-off grade (“COG”) of 0.20 grams per tonne (“g/t”) gold (“Au”), consisting of: will be done.

  • The indicated resource is 3,206,000 ounces (“oz”) of oxidized gold with an average grade of 0.49 g/t Au, totaling 203.8 million tonnes (“Mt”).and

  • Inferred resources total 24.1 million tonnes of 325,000 oz of oxidized gold at an average grade of 0.42 g/t Au.

    A high-grade subset of the renewal resource contained within the 0.2 g/t Au resource pit with a COG of 0.5 g/t Au and consisting of:

  • Resources of 1,765,000 oz Au at an average grade of 1.01 g/t Au totaling 54.2 Mt.and

  • Inferred resources are 143,000 oz Au, average grade 0.91 g/t Au, totaling 4.9 million tonnes.

• On September 11, 2023, Black Pine's existing 0.5% Net Smelter Royalty (“NSR”) was purchased from a private entity and the new 0.5% NSR, including a repurchase option, was purchased to an affiliate of Wheaton. Announced. 50% royalty on the earliest of commercial production at Black Pine or at any time up to January 1, 2030, for US$3.6 million. This reduces the NSR to 0.25%.¹.

• On September 6, 2023, we announced the submission of our mine pre-operational plan to U.S. federal agencies and the selection of M3 Engineering & Technology as the lead engineer for the pre-feasibility study.⁶.

• As of December 31, 2023, we completed our 2023 RC exploration drilling program with a total of 27,461 meters of drilling. The drilling program targeted resource upgrades and expansion across several areas of the deposit, as well as reconnaissance drilling in new areas along the eastern and southern margins of the range front and the northern margin of the backrange.

• On July 24, 2023, we announced a new discovery area, “Rangefront South,” located approximately 2 kilometers south of the main rangefront zone. There are two reportable gold oxide intercepts: 0.37 g/t Au over 9.1 meters, and 0.31 g/t Au over 7.6m drill hole LBP931⁷.

• Reported weighted average gold extraction of 86.9%⁸ Twenty-four Phase 4A metallurgical column leaching tests on oxidized gold mineralization in the rangefront zone showed that the rangefront zone is comprised of the most leached oxide material in black pine.

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Carefully selected financial data

The following selected financial data is included in the Company's annual financial statements and related notes for the year ended December 31, 2023, prepared in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board. ”).

Copies of our annual financial statements are available on our website at www.libertygold.ca or on SEDAR+ at www.sedarplus.ca.

The information in the table below is expressed in thousands of dollars, except for “per share” data.

About Liberty Gold

Liberty Gold is focused on exploring and developing open-pit oxide deposits in the U.S. Great Basin, which is home to large-scale gold projects suitable for open-pit mining. This region is one of the richest gold-producing regions in the world, extending beyond Nevada into Idaho and Utah. We know the Great Basin well and are motivated to discover and develop large gold deposits that can be profitably mined in open pits.

For more information, visit libertygold.ca or contact us below.

Susie Bell, Investor Relations Manager
Phone: 604-632-4677 or toll free 1-877-632-4677
info@libertygold.ca

_{Liberty Gold's Vice President of Exploration, Mr. Peter Chabestari, is a qualified person designated by the Company with respect to this news release within the meaning of National Instrument 43-101 Mineral Project Disclosure Standards (“NI 43-101”). has confirmed and verified that the information contained in the release is accurate.}

_{This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements regarding Liberty Gold's future financial or operating results; and any description or information regarding its business, operations, characteristics and condition. Planning risk avoidance activities for Liberty Gold's mineral resources. the potential quantity, recoverability, and/or grade of minerals; the potential size of mineralized zones or potential expansion of mineralization; Proposed exploration and development of Liberty Gold's exploration property interests. Mineral resource estimation results and timing of pre-feasibility studies. and the company's expected expenditures.}

_{Forward-looking information often, but not always, refers to the words “seek,” “anticipate,” “plan,” “continue,” “planned,” “anticipate,” “plan,” Identified by the use of words such as “predict”. , “may,” “aim,” “intend,” “believe,” “potential,” and similar expressions, or describe “goals,” or variations of such words or phrases; States that a particular action, event, or outcome is “likely.” “”, “should”, “could”, “would”, “might”, or “would” be taken, happened, or accomplished. Forward-looking information is not a guarantee of future performance and is subject to management's many estimates and assumptions at the time the statements are made, including, among other things, assumptions regarding future prices of gold and other metals and exchange rates. Based on.interest rates, favorable operating conditions, political stability, obtaining government approvals and loans on time, obtaining renewals of existing licenses and permits and obtaining necessary licenses and permits, labor stability, stable market conditions. , equipment availability, timing or result Prohibition on publication of mineral resources, Pre-feasibility study, availability of drilling rigs, successful resolution of disputes, and anticipated costs and expenses. Many of the assumptions are based on factors and events outside of Liberty Gold's control, and there can be no guarantee that they will prove to be correct.}

_{Such forward-looking information involves known and unknown risks, including risks relating to the interpretation and/or reliability of results, that actual results may differ from future generations expressed or implied by such forward-looking information. The results may differ significantly. Technical information provided by third parties in connection with our mineral property rights. As the plan continues to be refined, project parameters change. Current economic situation. The future price of the product. potential for grade or recovery rate fluctuations; the cost and timing of developing new mineral deposits; A device or process does not behave as expected. Non-performance of a party to a contract. the timing and success of general exploration activities;timing or result any mineral press resource pre-feasibility study; Delay in permitting. Potential Claims Against Us. labor disputes and other mining risks; delays in obtaining government approvals, financing or completing exploration and factors described in the Company's Annual Information Form dated march 28202Four, Section titled “Risk Factors” under Liberty Gold’s SEDAR+ profilet www.sedarplus.ca.}

_{Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, There may be other factors that cause results not to be as expected, estimated, or expected. It was intended. There can be no assurance that such information will prove to be accurate, as actual results or future events may differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.}

_{Note to U.S. Investors Regarding Measured, Indicated, and Inferred Resource Estimates}

_{The information in this MD&A, including the information incorporated by reference, and Liberty Gold's disclosure documents filed with Canadian securities regulators with respect to mineral properties have been prepared in accordance with the requirements of securities laws in force in Canada and The information has been prepared in accordance with the requirements of securities laws in force in Canada. Securities Law Requirements.}

_{Without limiting the foregoing, these documents use the terms “Measured Resources,” “Indicated Resources,” “Inferred Resources,” and “Inferred Mineral Reserves.” These terms are defined in Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) – Canadian mining terms that must be disclosed in accordance with NI 43-101, which refers to the guidelines set forth in the CIM Definition Standards. is. Revised Standards for Mineral Resources and Reserves adopted by the CIM Council (“CIM Definition Standards”). However, these standards differ significantly from the U.S. Securities and Exchange Commission's (“SEC”) mineral property disclosure requirements in Regulation SK Subpart 1300 (the “SEC Modernization Regulations”) under the U.S. Securities Act of 1934, as amended. Masu. . The Company does not file reports with the SEC and is not required to make disclosures regarding mineral properties under the SEC Modernization Regulations and will continue to make disclosures under NI 43-101 and the CIM Definition Standards.}

¹ See press releases dated September 11 and September 18, 2023.
² See press release dated September 5, 2023
³ See press release dated November 8, 2023
^Four Press releases dated February 7, 2023 and March 21, 2023, effective January 21, 2023, and signed March 10, “Update on the Black Pine Gold Project in Cassia and Oneida Counties, Idaho, U.S.'' Technical Report on Estimation of Mineral Resources. , 2023, by Ryan Rodney, his CPG for SLR Consulting (Canada) Ltd. Gary L. Simmons of GL Simmons Consulting LLC in Larkspur, Colorado, both are Independent Qualified Persons under National Instrument 43-101. Dr. Moira Smith, Doctor of Geography, Liberty Gold Corporation;
^Five See press release dated February 15, 2024
⁶ See press release dated September 6, 2023
⁷ See press release dated July 24, 2023
⁸ The weighted average gold extraction is obtained using the following formula: (composite head grade (grams/ton) multiplied by the extraction (%) of all head grades)/sum of all head grades. Using the arithmetic mean tends to overrepresent low-grade composites and underestimate high-grade composites. The arithmetic sample mean for the 24-column test is 76%.