Price Target Changed • May 25
Price target increased by 7.5% to CA$3.83 Up from CA$3.57, the current price target is an average from 3 analysts. New target price is 151% above last closing price of CA$1.53. Stock is up 402% over the past year. The company posted a net loss per share of US$0.052 last year. Announcement • May 20
Liberty Gold Corp. Outlines 2026 Drill Program At Black Pine Oxide Gold Project Liberty Gold Corp. outlined its 2026 drill program at the Black Pine Oxide Gold Project in southeastern Idaho, with approximately 40,000 metres of approved reverse circulation drilling with an additional 10,000 metres of reverse circulation drilling planned contingent on results, all to support early production confidence and project execution readiness, aligned with advancing Black Pine towards a construction decision. The 2026 drill campaign is focused on three priorities: Early Production Confidence: Infill drilling to upgrade resources from indicated to measured classification within the initial 2-3 years of the mine plan to increase production confidence in that key operating period. Exploration and Resource Growth: Drilling high-priority resource extension targets proximal to planned mining areas, as well as selected deposit and wider-scale targets. Permitting & Engineering Support: Drilling to support mine plan optimization around phase sequencing and geotechnical material testing, infrastructure planning, and permitting requirements. The 2026 program includes an approved 10,000 metres of focused infill reverse circulation drilling in the Discovery area focused on the initial production phases of the mine plan, and an additional approximately 10,000 metres of proposed infill reverse circulation drilling in the Rangefront area, subject to ongoing Feasibility study work. This work is expected to: De-risk initial years of the mine plan by strengthening resource classification, thus providing the basis for potential upgrades to Proven reserve classification, Provide key data for short-range planning and grade control models and further advance operational readiness, Evaluate the potential use of reverse circulation drilling as grade control approach during production, and Refine geologic controls and enhance geometallurgical models. This work is designed to de-risk the early years of production and advance technical inputs supporting detailed engineering, project financing, and preliminary operational plans. High-priority resource growth areas will be assessed with approximately 20,000 metres of reverse circulation drilling targeting: Near-resource expansion in the Rangefront area where mineralization remains open laterally, Areas where mineralization extends beyond the margins of the current resource shell, and Early-stage evaluation of targets where geological characteristics are consistent with known mineralization. These targets are being advanced in a disciplined manner, with a focus on opportunities that may contribute to future mine plans or support long-term expansion. Approximately 10,000 metres of targeted reverse circulation drilling will support infrastructure planning and permitting requirements, including: Geotechnical data collection for detailed engineering related to infrastructure siting and evaluation of potential construction material for the future leach pad, Site characterization supporting land status and permitting requirements associated with locatable minerals, and Data collection surrounding the legacy leach pad to help determine potential use-cases and sequencing for that material in future mine plans. The 2026 drill program reflects Liberty Gold’s continued growth into the development space, with drilling activities now aligned to strengthening confidence in the early years of the mine plan, support project financing and construction decisions, and advance permitting under the FAST-41 coordinated framework. The Company continues to prioritize disciplined capital allocation focusing on work that enhances project certainty, supports financing decisions, and advances operational readiness. New Risk • May 19
New major risk - Revenue and earnings growth Earnings have declined by 3.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 3.9% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). 
