Jon Gilligan, President and CEO of Liberty Gold (TSX:LGD; OTCQX:LGDTF), joins me for a comprehensive review of the key metrics from the Feasibility Study released on September 8th, as well as updates on metallurgical testing, engineering work, and the permitting roadmap; with a move towards a construction decision in 2 years at the open-pit, heap leach Black Pine Gold Project in the Great Basin in southeastern Idaho. On February 10, 2026 the Company announced an update to the independent Mineral Resource Estimate (the “MRE”) for Black Pine: Indicated Resourceof 502.7 million tonnes (“Mt”) at an average grade of 0.30 g/t Au totalling 4,882,000 ounces (“oz”) Au; and Inferred Resource of 157.1 Mt at an average grade of 0.21 g/t Au totalling 1,050,000 oz Au. 2026 Black Pine Feasibility Study Highlights: Large-scale production: 16-year mine-life with an average annual payable production of 202,000 oz Au in Years 1-5, at an average grade of 0.35 grams per tonne gold (“g/t Au”), including peak annual production of 277,400 oz Au in Year 5; and average annual payable production of 176,700 oz Au over life-of-mine (“LOM”), including peak LOM annual production of 294,600 oz Au in Year 13. Probable Mineral Reserve containing 4.04 million oz Au: 433.3 million tonnes at a grade of 0.29 g/t Au, supporting the planned 16-year mine-life. Capital-efficient development: The Project has an estimated initial capital cost of $411.4 million for a conventional ROM open-pit heap-leach operation. The ratio of the Project’s base-case after-tax Net Present Value (“NPV”)(5%) to initial capital ratio is 5.8. Competitive operating costs projected: LOM cash costs and all-in sustaining costs (“AISC”) of $1,388/oz Au and $1,566/oz Au, respectively. Robust projected Project returns: At the base case gold price of $3,250/oz Au, the Feasibility Study estimates an after-tax NPV(5%) of $2.397 billion, after-tax Internal Rate of Return (“IRR”) of 60.5% and after-tax payback of initial capital of 2.0 years for the Project. Black Pine generates strong projected economics across a broad range of gold prices: At $4,500/oz Au, the Project is estimated to generate an after-tax NPV(5%) of $4.336 billion (IRR of 104.3%) with a payback of 1.2 years. At a lower gold price, of $2,500/oz Au, the Feasibility Study continues to project positive economics, including an after-tax NPV(5%) of $1.215 billion (IRR of 33.4%) with a payback of 3.4 years. On March 23, 2026 the Company announced that a coordinated federal and state permitting schedule has been posted to the United States government permitting dashboard, pursuant to the U.S. Federal Permitting Improvement Steering Committee Council FAST-41 federal permitting framework, which provides transparency on permitting milestones and timelines. Initial stages of permits will arrive in late 2027, with the final record of decision expected in Q1 2028. At that point construction will begin. Having the F.S. in hand allows for discussions to assemble the capital stack of debt / equity / royalty & streaming; which will be decided upon in H1 2027. Click here to follow the latest news from Liberty Gold If you have any questions for Jon regarding Liberty Gold, the please email me at Shad@kereport.com. In full disclosure, Shad is a shareholder of Liberty Gold at the time of this recording, and may choose to buy or sell shares at any time. For more market commentary & interview summaries, subscribe to our Substack reports: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
