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TSX LGD OTCQX LGDTF Disciplined Development of Great Basin Oxide Gold September 2026
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 2 All statements in this presentation, other than statements of historical fact, are "forward-looking information" and “forward-looking statementsˮ with respect to Liberty Gold within the meaning of applicable securities laws. Forward-looking information in this presentation includes, but is not limited to, statements or information concerning: the future financial or operating performance of Liberty Gold and its business, operations, properties and condition, resource potential, including the potential quantity and/or grade of minerals, or the potential size of a mineralized zone; potential expansion of mineralization; the timing and results of future resource estimates; expected or potential capital costs; expected metallurgical recoveries; the proposed timing and amount of estimated future production, and the illustrative costs thereof; the results and conclusions of the FS, including projected mine life, production, recoveries, total cash costs, capital costs, AISC, cash flow, NPV, IRR and payback periods; the advancement towards a construction decision; and with respect to the Black Pine project: the timing of any resource upgrades; gold price sensitivities; the Black Pine project location; the timing of the environmental assessment process; government regulations and permitting timelines; estimates of reclamation obligations; requirements for additional capital; environmental risks; and general business and economic conditions. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results “may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information and forward-looking statements are not guarantees of future performance and are based upon a number of estimates and assumptions of management at the date the statements are made including, among others, future prices of gold, copper, silver, and other metal prices; future prices of other commodities such as coal, fuel and electricity, currency exchange rates and interest rates; metallurgical recoveries; favourable operating conditions; political stability; timely receipt of governmental approvals, licenses and permits (including renewals thereof); access to necessary financing; stability of labour markets and in market conditions in general; availability of equipment; accuracy of mineral resource and reserve estimates and of any metallurgical testing completed to date; estimates of costs and expenditures to complete our work programs and goals; the speculative nature of mineral exploration and development in general, including the risk of diminishing quantities or grades of mineralization; there being no significant disruptions affecting the development and operation of the project; the availability of certain consumables and services and the prices for power and other key supplies being approximately consistent with assumptions in the applicable technical report; labour and materials costs being approximately consistent with assumptions in the report and assumptions made in mineral resource estimates, including, but not limited to, geological interpretation, grades, metal price assumptions, metallurgical and mining recovery rates, geotechnical and hydrogeological assumptions, capital and operating cost estimates, and general marketing, political, business and economic conditions; and successful resolution of disputes. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct. Such forward-looking information involves known and unknown risks, which may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such risk factors include, but are not limited to: the timing and possible outcome of regulatory and permitting matters; the ability to obtain, maintain or renew the underlying licences and permits in the United States in accordance with the requirements of applicable mining, environmental and other laws in the United States; satisfaction of requirements relating to the submissions and successful defense of Federal or State Environmental Impact Assessment reports; exploration, development and operating risks, and risks associated with the early stage status of Liberty Goldʼs mineral properties and the nature of exploration; discrepancies between actual and estimated mineral resources; possible variations of mineral grade or recovery rates; fluctuations in commodity prices and relative currency rates; volatility, changes or disruptions in market conditions; government regulation of mining operations and changes in government legislation and regulation, including pursuant to the Canadian Extractive Sector Transparency Measures Act Canada; foreign operations risks, political instability, hostilities, insurrection or acts of war or terrorism (and the potential consequential capital and financial market reaction), including the current conflicts between Russia and Ukraine and in the Middle East; reputational risks; future financings or future acquisitions financed by the issuance of equity; ability to satisfy contractual obligations and additional capital needs, generally; reliance on a finite number of properties; contests over title to properties; costs and results derived from community relations activities; availability of adequate infrastructure; the cost, timing and amount of estimated future capital, operating exploration, acquisition, development and reclamation activities; limited operating history and no earnings; limits of insurance coverage and uninsurable risk; accidents, labour disputes and other risks of the mining industry, including but not limited to environmental risks and hazards, pit wall failures, flooding, rock bursts and other acts of God, or natural disasters or unfavourable operating conditions and losses; environmental risks and hazards; availability of water at the sources of acquired water rights, limitations on the use of community water sources; risks associated with Liberty Goldʼs indemnified liabilities; competitive conditions in the mineral exploration and mining businesses; the ability of Liberty Gold to retain its key management employees and the impact of shortages of skilled personnel and contractors; potential acquisitions and their integration with Liberty Goldʼs current business; future sales of Common Shares by existing shareholders; influence of third party stakeholders; successful defense against existing, pending or threatened litigation or other proceedings; Liberty Goldʼs designation as a “passive foreign investment companyˮ; the adequacy of Liberty Goldʼs system of internal controls; credit and/or liquidity risks; cyber security risks; changes to our dividend policy; the interpretation and actual results of historical production at certain of Liberty Goldʼs exploration property interests, as well as specific historic data associated with, and drill results from, those properties, and the reliance on technical information provided by third parties; changes in labour costs or other costs of exploration and development; failure of equipment or processes to operate as anticipated; completion of expenditure and other obligations under earn-in or option agreements to which we are a party; the impact of archaeological, cultural or environmental studies within the property area; the designation of all or part of the property area of our projects as a protected wildlife habitat under government legislation and regulation; future issuances of Liberty Goldʼs common shares to satisfy earn-in or lease-related obligations or the acquisition of exploration properties; judgement of management when exercising discretion in their use of proceeds from offerings of securities; those general business, economic, competitive, political, regulatory and social uncertainties, disruptions or changes in the credit or securities markets and market fluctuations in prices for Liberty Goldʼs securities that may occur outside of managementʼs control; Liberty Goldʼs history of net losses and negative operating cash flow; the risks involved in the exploration, development and mining business in general; and such other factors discussed in the Companyʼs Annual Information Form for the year ended December 31, 2025, dated March 25, 2026 under Liberty Goldʼs SEDAR profile at sedarplus.ca. Although Liberty Gold has attempted to identify important factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those described in forward-looking information or forward-looking statements, there may be other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Forward-looking statements contained herein are made as of the date of this presentation and Liberty Gold disclaims any obligation to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events, or results or otherwise, except as required by applicable law. Accordingly, readers should not place undue reliance on forward- looking information or forward-looking statements. All forward-looking statements and forward-looking information attributable to us is expressly qualified by these cautionary statements. Peter Shabestari, CPG, Vice President of Exploration, Liberty Gold and Qualified Person under National Instrument 43101 – Standards of Disclosure for Mineral Projects ("NI 43101"), has reviewed and approved the scientific and technical information in this presentation. Mr. Shabestari has verified the data disclosed including sampling, analytical, and test data underlying the drill results, using a variety of techniques including comparison against independently sourced assay certificates, site visit investigations, and digital based verification tests, and he consents to the inclusion in this release of said data in the form and context in which it appears. The mineral resource estimates referred to in this presentation have been calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (“CIMˮ) “Standards on Mineral Resources and Reserves, Definitions and Guidelinesˮ dated May 10, 2014, as amended, prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM (“CIM Standards ˮ). Unless stated otherwise, information of a scientific or technical nature in this presentation regarding the Black Pine property is summarized, derived or extracted from, the following technical report: “Black Pine Project NI 43101 Feasibility Study, Southern Idaho, USAˮ, effective August 1, 2026, prepared by Matthew Sletten, P.E. of M3 Engineering & Technology Corp.; Benjamin Bermudez, P.E. of M3 Engineering & Technology Corp.; Todd Carstensen, RMSME of AGP Mining Consultants, Inc.; Kyle Brangers, CPG of GSI Environmental Inc.; Nicholas T. Rocco, Ph.D., P.E. of NewFields Companies LLC.; Gary L. Simmons, MMSA of GL Simmons Consulting, LLC.; Valerie Wilson, P.Geo. of SLR Consulting Ltd.; Brendan Fetter, P.E. of Forte Dynamics, LLC; and Don Hulse, RMSME of Forte Dynamics, LLC.ˮ The Black Pine Feasibility Study technical report will be filed under the Company's issuer profile on SEDAR+ within 45 days of this announcement and will also be available on SEDAR at sedarplus.ca and on Liberty Goldʼs website at libertygold.ca Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources The information in this presentation, including any information incorporated by reference, and disclosure documents of Liberty Gold that are filed with Canadian securities regulatory authorities concerning mineral properties have been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States securities laws. Without limiting the foregoing, these documents use the terms “measured resourcesˮ, “indicated resourcesˮ, “inferred resourcesˮ and “probable mineral reservesˮ, which are Canadian mining terms as defined in, and required to be disclosed in accordance with, NI 43101, which references the guidelines set out in the CIM Definition Standards adopted by the CIM Council, as amended. Shareholders in the United States are advised that these standards differ significantly from the mineral property disclosure requirements of the United States Securities and Exchange Commission (the “SECˮ) in Regulation SK Subpart 1300 under the United States Securities Act of 1934, as amended. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility, pre-feasibility or other technical reports or studies, except in rare cases. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in these documents may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC. Accordingly, information contained herein describing the Companyʼs mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. Definitions : “Auˮ = gold, “ozˮ = ounces, “kozˮ = thousand ounces, “mˮ = meters, “m3ˮ = cubic meters, “kmˮ= kilometers, “km2ˮ = square kilometers, “tˮ = tonnes, “Mtˮ = million tonnes “g/tˮ = grams per tonne, “US $ˮ or “$ˮ = United States dollars, “PFSˮ= Pre-Feasibility Study, “FSˮ = Feasibility Study, “$Mˮ = one million United States dollars. Non-GAAP Measures and Other Financial Measures : Certain of the financial measures referenced in this presentation are non-GAAP performance measures furnished to provide additional information. These non-GAAP performance measures are included in this presentation because these statistics are key performance measures that management uses to monitor performance, to assess how the Company is performing, to plan and to assess the overall effectiveness and efficiency of mining operations. These performance measures, including Total Cash Costs, and All-In Sustaining Costs, do not have a standard meaning within International Financial Reporting Standards (“IFRSˮ) and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. The non-IFRS financial measures used in this presentation and common to the gold mining industry are defined: Total Cash Costs are reflective of the cost of production. Total Cash Costs reported in the PFS and FS include mining costs, processing, on-site general & administrative costs, treatment & refining costs, and royalties. Total Cash Costs per Ounce is calculated as Total Cash Costs divided by total LOM payable gold ounces. All -in Sustaining Costs (“AISCˮ) is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PFS and FS include sustaining capital, reclamation & closure costs, Idaho Mine License Tax and Idaho State property tax AISC per Gold Ounce is calculated as AISC divided by total LOM payable gold ounces. Currency : Unless otherwise indicated, all references to dollars $) in this presentation refer to currency of the United States. Cautionary Notes & Technical Disclosures
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 3 Company Highlights A Large-Scale, Buildable Gold Asset • 100%-owned Black Pine Gold Project with 4.9 Moz Indicated oxide gold resource1 and further resource growth potential Tier-1 Mining Jurisdiction: Idaho, USA • Past-producing site with established infrastructure, access to power, roads, and a skilled regional workforce Path to a Construction Decision • Detailed engineering and long-lead vendor selection advancing in parallel with a coordinated FAST41 schedule 2 Black Pine Gold Project Past-producing, open-pit, heap-leach oxide gold project1 2026 Feasibility Study3 3 Southeastern Idaho See press release February 10, 2026 See press release September 8, 2026 Upside Sensitivity at $4,500/oz Au: $4.3B after-tax NPV 5%, 104.3% after-tax IRR, 1.2-year payback Scale and Production • 4.04 Moz Probable Mineral Reserve • 202 koz Au/year Years 15 • 2.84 Moz Au over 16 years Base Case Economics | $3,250/oz Au • $2.4B after-tax NPV5% • 60.5% after-tax IRR | 2.0-year payback 2 Based on the Black Pine Mine Plan of Operations (“MPOˮ) deemed administratively complete by federal agencies in November 2025
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 4 Black Pine Gold Project Large-Scale Oxide Heap-Leach Project with Defined Path to Development Benefits from low capital intensity and operating costs Water rights secured Short payback period with strong gold price leverage Strong Economics & Development Profile Located in Idaho with strong local community relationships Meaningful local employment and economic contribution Brownfield site with a history of mining and reclamation Comprehensive environmental baseline supporting permitting Jurisdiction & Permitting Advantages Open-pit, run-of-mine heap-leach operation Minimal-to-no surface water, groundwater or aquifer impacts Low geochemical risk with no sulfide ore or ARD potential Straightforward Project Design 4 4LIBERTYGOLD.CA TSX LGD OTCQX LGDTF
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 5 Large-scale, low capital intensity, open-pit, run-of-mine heap-leach project(1) Robust project economics provide significant leverage to the gold price 16 yrs MINE LIFE 4.04 Moz PROBABLE MINERAL RESERVE (2) 202 koz Years 15 ANNUAL Au PRODUCTION $1,566/oz AISC (3) $411M INITIAL CAPITAL(3) 2.0 yrs $3,250/oz Au AFTERTAX PAYBACK 60.5% $3,250/oz Au AFTERTAX IRR $2.4B $3,250/oz Au AFTERTAX NPV 5% 1 LOM Average LOM Average 1.2 yrs $4,500/oz Au 104.3% $4,500/oz Au $4.3B $4,500/oz Au 5LIBERTYGOLD.CA TSX LGD OTCQX LGDTF The Feasibility Study does not replace the MPO that forms the basis for permit applications currently under review by the applicable regulatory agencies. 177 koz See press release dated September 8, 2026. See “Updated Mineral Reserve Estimateˮ on Slide 19 for additional information, including details with respect to grade and quantity. AISC and Initial Capital are non-GAAP measures, please refer to “Non-GAAP Measures and Other Financial Measuresˮ on Slide 2 for more information. Black Pine Gold Project 2026 Feasibility Study
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 6 The Feasibility Study does not replace the MPO that forms the basis for permit applications currently under review by the applicable regulatory agencies. Black Pine Gold Project 2026 Feasibility Study Site Layout
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 7 Black Pine Gold Project Preliminary Feasibility to Feasibility Progression 7 1 Mineral Reserves are converted from Mineral Resources through the process of pit optimization, pit design, production scheduling, stockpiling and cut-off grade optimization. PFS Mineral Reserves are reported to a cut-off grade of 0.10 g/t Au and are based on a gold price of US$1,650/oz. FS Mineral Reserves are reported to a cut-off grade of 0.05 g/t Au and are based on a gold price of US$2,250/oz. Both PFS and FS Mineral Resources are reported within conceptual open pits estimated at a cut-off grade of 0.10 g/t Au, using their respective PFS and FS pit slope parameters, and long-term gold prices of US$2,000/oz Au and US$2,800/oz Au for the PFS and FS, respectively. The PFS variable gold leach recovery model derived from extensive metallurgical studies was updated for the FS. See press release September 8, 2026and Endnotes slide in this presentation. 2024 PFS RESERVE 3.11 Moz Gold Probable MineralReserves@ $1,650/oz Au1 2024 PFS RESOURCE 4.16 Moz Gold Indicated Mineral Resources @ $2,000/oz Au, inclusive of Reserves¹ 0.71 Moz Gold Inferred Mineral Resources @ $2,000/oz Au, inclusive of Reserves¹ 2026 FEASIBILITY RESERVE 2026 FEASIBILITY RESOURCE 4.93 Moz Gold 0.99 Moz Gold Inferred Mineral Resources @ $2,800/oz Au2 2 Mineral Resources are reported within conceptual open pits estimated at a gold cut-off grade of 0.10 g/t, using a long-term gold price of US$2,800 per ounce and variable gold leach recovery model derived from extensive metallurgical studies. See press releases February 10, 2026, September 8, 2026 and Endnotes slide in this presentation. 18% increase in Indicated gold ounces and 40% increase in Inferred gold ounces versus the 2024 PFS MRE Indicated Mineral Resources @ $2,800/oz Au 2 4.04 Moz Gold Probable MineralReserves@ $2,250/oz Au 1 30% increase in Probable gold ounces and 45% increase in reserve tonnes versus the 2024 PFS
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 8 Post-Feasibility Execution • 50,000 metres drill program underway • Infill drilling targeting conversion of Indicated resources to Measured classification in the early mine plan • Mine sequencing optimization for production in early years Engineering Readiness • Mine plan, heap leach and infrastructure engineering progressing • Trade-off studies optimizing sequencing, layout & capital phasing • Engineering inputs improving cost certainty and supporting permitting Black Pine Gold Project Post-Feasibility Program Advancing Resource Conversion and Growth 8 Technical De-risking • Metallurgical and bulk sample work confirming recovery assumptions • Geologic and geometallurgical model refinement
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 99 • Record of Decision targeted January 2028 • Remaining state authorizations and development approvals 2028 | Record of Decision & State Authorizations 2027 | Permitting & Project Definition • Draft EIS targeted Q1 2027 1 • Updated Mineral Resource anticipated H1 2027 • Federal and state permitting milestones under FAST41 schedule H2 2026 | Optimization & Engineering • Metallurgical results validating recovery assumptions • Drill results supporting resource conversion and growth • Detailed engineering and long-lead vendor selection Black Pine, Idaho Corporate Catalysts 1 Based on the MPO deemed administratively complete by federal agencies in November 2025 100 km
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 10 Federal | FAST41 Review • FAST41 Covered Project1 with U.S. Forest Service as lead agency • Permitting schedule publicly available on the Federal Permitting Dashboard • Notice of Intent NOI) published; EIS process underway State | Alignment with Federal Process • Idaho permitting timeline aligned with FAST41 framework • State and federal milestones integrated through the Permitting Dashboard • Designated a priority development project by the State of Idaho Black Pine Gold Project Coordinated Permitting Framework 10 Transparent permitting process under FAST41 with defined federal and state alignment 1 Based on the MPO deemed administratively complete by federal agencies in November 2025
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 11 Black Pine Gold Project Defined Pathway through Permitting and Construction Readiness 11 State Permitting Engineering Federal Permitting Community & Stakeholder Engagement Note: Timeline is indicative and is subject to change Federal and state permitting and engineering activities progressing in parallel The Feasibility Study does not replace the MPO that forms the basis for permit applications currently under review by the applicable regulatory agencies.
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 12 Capital Structure & Liquidity Key Shareholders2 Analyst Coverage Shares Outstanding 549.0M Options 16.3M Warrants Exercise price C$0.45 avg. expire 20271 21.2M Fully Diluted Includes 7.7M RSUs & 5.4M DSUs) 599.6M Basic Market Capitalization Share Price C$1.87 on September 4, 2026 C$1,026M Cash on Hand (per Q2 Financials filed August 12, 2026 US$36.5M Potential Near -Term Cash Inflows Warrants, Equity Investments, Other) US$34.7M Centerra Gold 9.9% VanEck Associates 9.7% Franklin Advisers 7. 9 % Wheaton Precious Metals 3.6% Management, Insiders & Advisors 3.2% Other Institutional Investors 23.6% Brian Quast Peter Bell Lauren McConnell Rabi Nizami Steve Therrien Capital Structure Institutional Ownership and Near-Term Liquidity 1 Note: 20.5M warrants at C$0.45 and 0.7M warrants at C$0.33 expire April 22, 2027 2 Ownership based on latest available public filings and market data as at September 4, 2026
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 13 Black Pine Gold Project A Compelling U.S. Gold Development Opportunity 13LIBERTYGOLD.CA TSX LGD OTCQX LGDTFLIBERTYGOLD.CA TSX LGD OTCQX LGDTF 1 See press release dated September 8, 2026 Capital Efficiency & Economic Resilience • $411M initial capital | $2.4B after-tax NPV5%) at $3,250/oz Au • $1.2B after-tax NPV5%) at $2,500/oz Au1 1 Scale & Asset Quality • 4.04 Moz Probable Mineral Reserve1 • 202 koz/year in Years 15; 2.84 Moz over a 16-year mine life1 Simple Development Configuration • Open-pit ROM heap leach Defined Path to Development • Feasibility Studycomplete • Permitting, engineering and project readiness advancing Feasibility - defined scale and technical simplicity with a visible path toward a construction decision
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Appendix
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 15 Wendy Louie Former CFO, Sabina Gold & Silver; former VP Finance, Goldcorp. Greg Etter Former senior executive at Kinross and Newmont across government relations, security and land. Barbara Womersley Senior human resources leadership experience with Barrick, Lundin Mining and Yukon Zinc. Jon Gilligan Former senior technical and development roles at Torex, SSR Mining and BHP. Joanna Bailey CFO & CORPORATE SECRETARY Former PwC and Fronteer Gold finance professional with public-company financial leadership experience. Matthew Zietlow Former Coeur Mining; permitting, environmental and mining- industry leadership experience. VP PERMITTING & EXTERNAL AFFAIRS Richard Zaggle SENIOR DIRECTOR MINING & METALLURGY Former SSR Mining and Newmont; heap-leach, geometallurgy and process-optimization expertise. DIRECTOR BOARD CHAIR PRESIDENT & CHIEF EXECUTIVE OFFICER SENIOR VP CORPORATE DEVELOPMENT Lisa Wade Former Goldcorp environmental executive; additional environmental and social leadership at Newmont. DIRECTOR 20+ years of HR leadership across mining, utilities and industrial sectors. VP HUMAN RESOURCES Tanja Martinovich Lauren Roberts Former COO at Hecla and Kinross; 35 years of international mining experience. DIRECTOR Board of Directors Executive Leadership Our Leadership Team: Built for Development and Execution Pete Shabestari VP EXPLORATION & PRESIDENT, LIBERTY GOLD USA INC. Former Fronteer Gold geologist with prior roles at BHP, Kinross and AngloGold. Brad Ralph Tyler Cole Former Kinross, Evolution and Worley; heap-leach development and project- delivery experience. VP PROJECT DEVELOPMENT VP INVESTOR RELATIONS & CORP COMMUNICATIONS Former Hunter Dickinson; investor relations and capital markets experience across multiple commodities. Susie Bell DIRECTOR
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 16 Straightforward ROM heap-leach flowsheet supports capital efficiency and execution confidence 70.2% LOM Au RECOVERY 1.341 STRIP RATIO 74,200 tpd LOM AVG ROM THROUGHPUT 433 Mt ORE PROCESSED AVERAGE Au HEAD GRADE 0.35 g/t Year 15 0.30 g/t Year 110 0.29 g/t LOM Simple, Large-Scale Development Configuration - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 - 10 20 30 40 50 60 70 80 PP-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Recovered Gold (oz) Material Moved M Tonnes) LOM Schedule Waste Material Processed Material Recovered OzOre Stockpiled Pre-production The Feasibility Study does not replace the MPO that forms the basis for permit applications currently under review by the applicable regulatory agencies.
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 17 FS streamlines the ROM heap leach plan; higher gold price drives a larger reserve and production scale More gold produced on higher initial capital; mining, processing and unit costs largely unchanged Black Pine Has Advanced Since the 2024 PFS 0 500 1,000 1,500 2,000 2,500 3,000 0 50 100 150 200 250 300 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Cumulative Au Production (koz) Annual Au Production (koz) Gold Production Profile FS Au koz/yr PFS Au koz/yr FS Au koz Y1-5 PFS Au koz Y1-5 FS Cumulative Au koz PFS Cumulative Au koz The Feasibility Study does not replace the MPO that forms the basis for permit applications currently under review by the applicable regulatory agencies. 1 See “Updated Mineral Reserve Estimateˮ on Slide 19 for additional information, including details with respect to grade and quantity. Metric 2024 PFS 2026 FS Change Mineral Reserve1 3.11 Moz 4.04 Moz 30% Mine Life 17 yrs 16 yrs 6% Years 15 Prod. 183 koz/yr 202 koz/yr 10% LOM Avg. Prod. 135 koz/yr 177 koz/yr 31% LOM Gold Prod. 2.19 Moz 2.84 Moz 30% LOM AISC $1,381/oz $1,566/oz 13% Unit Op. Cost $9.11/t $8.98/t 1% Initial Capital $327M $411M 26%
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 18 202 koz/yr YEARS 15 AVERAGE 277 koz Year 5 YEAR 15 PEAK PRODUCTION 177 koz/yr LOM AVERAGE PAYABLE GOLD PRODUCTION $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 0 50 100 150 200 250 300 350 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 AISC US$/ounce) Gold Production 000 ounces) Black Pine FS Project - Gold Production & AISC Produced Gold (kozs) AISC (US$/ounce) LOM OPERATING COSTS $1,566/oz AISC $1,388/oz CASH COST 1 1.01 Moz 5-year 1.63 Moz 10-year 2.84 Moz LOM Front-loaded output delivering 2.84 Moz payable gold over 16-year mine life Gold Production & Cost Profile 1 Cash Cost is a non-GAAP measure, refer to “Non-GAAP Measures and Other Financial Measuresˮ on Slide 2 for more information. The Feasibility Study does not replace the MPO that forms the basis for permit applications currently under review by the applicable regulatory agencies.
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 19 ¹ Includes site general earthworks, process plant ADR, refinery, reagents), power systems, ADR building and ancillaries, freight, construction support, EPCM, vendor support, spare parts, first fills, storm water controls, contingency and owner's costs. ² Includes direct, indirect and contingency costs for the heap leach facility. ³ Includes mine capital equipment, mine pre-production costs and mining capital contingency, excludes ore inventory costs. 4 Numbers may not add or multiply correctly due to rounding Technically Straightforward Operation with Low Unit Operating Costs • Open pit, run-of-mine (no crushing, screening or agglomeration) heap leach operation with low LOM strip ratio of 1.341 (waste:ore) • Initial capital supports a large gold production from substantial reserve base, with unit operating cost similar to PFS • Low LOM unit operating cost of $8.98 per tonne processed Operating Costs LOM Unit Cost US$ M US$/tonne ore Mining $2,636 $6.08 Process Plant $899 $2.07 G&A $347 $0.80 Refining $11 $0.02 Total Operating Cost4 $3,892 $8.98 Capital Costs Initial Sustaining Total US$ M US$ M US$ M Process Plant & Support1 $221 $32 $253 Heap Leach Facility2 $87 $140 $227 Mine Capital3 $103 $82 $185 Closure $0 $160 $160 Total Capital Costs4 $411 $414 $826 Simple run-of-mine heap leach holds operating cost to a competitive $8.98 per tonne Black Pine FS Capital & Operating Costs The Feasibility Study does not replace the MPO that forms the basis for permit applications currently under review by the applicable regulatory agencies.
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 20 Attractive Project Economics $3,250/oz Gold Base Case) • $2,397 million after-tax NPV5% • 60.5% IRR • 2-year payback of initial capital $4,500/oz Gold Case • $4,336 million after-tax NPV5% • 104.3% IRR • 1.2-year payback of initial capital $2,397 60.5% 0% 20% 40% 60% 80% 100% 120% 140% $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $2,500 $3,000 $3,250 $3,500 $4,000 $4,500 $5,000 AFTERTAX IRR AFTERTAX NPV 5% US$M GOLD PRICE US$ After-tax NPV (5%) in $M After-tax IRR Gold Price $/oz $2,500 $3,000 $3,250 $3,500 $4,000 $4,500 $5,000 After-Tax NPV5% $M $1,215 $2,006 $2,397 $2,786 $3,562 $4,336 $5,112 After-Tax IRR 33.4% 51.6% 60.5% 69.4% 8 7.0% 104.3% 121.8% Payback Years 3.4 2.3 2.0 1.7 1.4 1.2 1.0 Black Pine FS Project Economics Base Case Strong leverage to gold price upside & resilience to gold price downside The Feasibility Study does not replace the MPO that forms the basis for permit applications currently under review by the applicable regulatory agencies.
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 21 Reserve Class 1 Tonnes Mt Average Grade (g/t Au) Gold Ounces Moz Probable 433.3 0.29 4.04 Total 433.3 0.29 4.04 Resource Class 2 Tonnes Mt Average Grade (g/t Au) Gold Ounces Moz Indicated 521.7 0.29 4.93 Inferred 148.8 0.21 0.99 Updated Mineral Reserve Estimate • Feasibility Oxide Mineral Reserve Estimate increased to 4.04 Moz Au Probable), using a cut-off grade of 0.05 g/t recoverable Au based on a US$2,250/oz Au design pit, increased from US$1,650/oz Au in the PFS • This represents a 45% increase in tonnes and a 30% increase in Probable Au oz from the PFS Mineral Reserve Estimate Mineral Resource Estimate Cut-Off Grade Sensitivity • At a block cut-off grade of 0.5 g/t Au within the 0.1 g/t Au MRE pit, 1.83 Moz Au at an average grade of 0.98 g/t Au represents approximately 40% of the Indicated oxide Au resource Updated Mineral Resource Estimate MRE • Feasibility Oxide Mineral Resource Estimate increased to 4.93 Moz Au Indicated) and 996 koz Au Inferred) using a cut-off grade of 0.1 g/t Au and a long-term price of US$2,800/oz Au • This represents an 18% increase in Indicated Au oz and a 40% increase in Inferred Au oz from the PFS MRE • FS MRE pit shell price increased from US$2,000/oz Au in the PFS to US$2,800/oz Au Block cut-off grade (g/t Au) Resource Class 3 Tonnes Mt Average Grade (g/t Au) Gold Ounces Moz 0.1 Indicated 491 0.30 4.74 Inferred 149 0.21 0.99 0.2 Indicated 237 0.47 3.54 Inferred 50 0.34 0.55 0.5 Indicated 58 0.98 1.83 Inferred 6 0.75 0.15 1.0 Indicated 17 1.72 0.94 Inferred 0.8 1.44 0.04 1 Mineral Reserves are converted from Mineral Resources through the process of pit optimization, pit design, production scheduling, stockpiling and cut-off grade optimization. Mineral Reserves are reported to a cut-off grade of 0.05 g/t Au recoverable gold within a US$2,250/oz Au design pit. See press release dated September 8, 2026, and Endnotes slide in this presentation. 2 Mineral Resources are reported within conceptual open pits estimated at a gold cut-off grade of 0.10 g/t Au, using the FS pit slope parameters, a long-term gold price of US$2,800 per ounce and the FS variable gold leach recovery model derived from extensive metallurgical studies. Mineral Resources are inclusive of Mineral Reserves. See press release dated September 8, 2026, and Endnotes slide in this presentation 3 Sensitivity Analysis In-Situ, Backfill, and Waste Dump only. No HLF. Please refer to notes accompanying the table above on the Endnotes slide in this presentation. All values reported from the April 30, 2026 block model and US$2,800/oz Au, 0.10 g/t Au pit shell whereby only the material above each block cut-off grade is processed. Mineral Reserve and Resource Estimates & Sensitivities Black Pine Gold Project
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LIBERTYGOLD.CA TSX LGD OTCQX LGDTF 22 Black Pine Mineral Reserve Estimate Notes: • The Mineral Reserve estimate was prepared by Todd Carstensen RMSME, Principal Mining Engineer at AGP Mining Consultants Inc., Barrie ON, Canada AGP) and has an effective date of August 1, 2026. Mr. Carstensen is the Qualified Person responsible as defined under NI 43101 for the Mineral Reserve estimate, he is independent of Liberty Gold. • Mineral Reserves reported are consistent with the CIM Standards. • Mineral Reserves are reported to a cut-off grade of 0.05 g/t Au recoverable gold within the designed pit based on a gold price of US$2,250/oz. • Metallurgical recovery of gold is based on a variable gold leach recovery model derived from extensive metallurgical studies. • Modeled carbonaceous units and lower recovery metallurgical domains have been treated as waste. Overall gold leach recovery averages 70.2%. • Units are metric tonnes, metric grams & troy ounces. • The QP is not aware of any mining, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the Mineral Reserve estimate. • Reserve pit designs are based on a pit optimization run using $2,250/oz Au, variable mining costs, and $1.88/t processing costs. Other costs around royalties, payables, and refining costs are also included. Black Pine Mineral Resource Estimate Notes: • The Mineral Resource has an effective date of April 30, 2026. • The Mineral Resource was prepared by Ms. Valerie Wilson,P.Geo., Principal Resource Geologist at SLR Consulting Canada Inc. SLR) but for theLHLF estimate, which was prepared by Mr. Don Hulse, RMSME of Forte Dynamics. Ms. Wilson is the Qualified PersonQP) responsible as defined under NI 43101 for the Mineral Resource estimate butnot for the LHLF material; Ms. Wilson is independent of Liberty Gold. Mr. Don Hulse is the QP for theLHLF estimate and is independent of Liberty Gold.CIM 2014) definitions were followed for Mineral Resources. • Mineral Resources are estimated at a gold cut-off grade of 0.10 g/t using a long-term gold price of US$2,800 per ounce. • Gold is reported for all blocks of in-situ, backfill, waste dump, orLHLF material. The waste dumps and backfill are limited to the CD, Discovery, F,J, and Rangefront zones. The LHLF is within the Rangefront zone, with the northernportion crossing intoM Zone. • Silver is reported only for those blocks that meet or exceed the goldcut off grade of 0.10 g/t Au. It is limited to the Discovery and M zones, areas which are supported by analytical results from 4-acid digestion at a drill spacing threshold for gold class criteria. • Mineral Resources are estimated using variable recoveriesderived from metallurgical studies. • Bulk density is variable by rock type and ranges between 2.43 t/m3and 2.63 t/m3 in the mineralized domains. Quaternary deposits, LHLF, Backfill, and Waste Dumps were assigned a value of 1.8 t/m3. • Mineral Resources that are not Mineral Reserves do not havedemonstratedeconomic viability. Mineral Resources are inclusive of Mineral Reserves. • In-situ, backfill, and waste dump material are reported within conceptual open pit shells. Silver grades were not used in the pit optimization. • LHLF material is reported within the LHLFwireframe above a 0.10 g/t Au cut-off grade. Silver is not considered to be recoverable within the LHLF and is not reported. • The QPs for this Mineral Resource estimate are not aware of any environmental, permitting, legal, title, taxation, socio economic, marketing, political, or other factors that could materially affect the Mineral Resource Estimates presented in this news release. • Numbers may not add or multiply correctly due to rounding. Endnotes
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TSXLGD | OTCQXLGDTF Corporate Inquiries 604.632.4677 info@libertygold.ca 610815 West Hastings Street Vancouver, BC V6C 1B4 libertygold.ca