Recorded on February 18 2026
TSX LGD | OTCQX LGDTF
Liberty Gold President and CEO Dr. Jon Gilligan joins Andy Millette to break down the newest feasibility stage mineral resource update at Black Pine in Idaho and what it changes for the build path ahead. The Black Pine resource has now moved to roughly 6 million ounces total across indicated and inferred, giving the feasibility work a bigger foundation and more flexibility on reserve sizing and mine life. Jon explains why this is a rare kind of development story in today’s gold space: a brownfields restart with simple open pit run of mine heap leach processing, minimal new infrastructure, and a construction schedule that can be measured in months not years. They also walk through what actually matters right now for investors following the developer sweet spot on the Lassonde curve: credible timelines, clean permitting angles, and real financing optionality. Jon details the company’s cash position and warrant inflows, why Liberty believes it is funded through to a construction decision targeted for late 2027, and how early conversations with debt providers, streamers, and royalty groups are starting to shape the financing playbook. The discussion finishes with practical catalysts to watch as feasibility work progresses through 2026, including long lead equipment planning and what it signals about execution readiness. #Millettian
Key topics
Feasibility stage resource update and why a bigger resource can translate into a bigger reserve
What changed in the modeling inputs and the gold price shell used to constrain the resource
Why Black Pine is positioned as a technically simple oxide heap leach development in the U.S.
Permitting advantages of a previously mined site with deep baseline environmental data
Build timeline logic, including why Liberty cites a roughly nine month construction window
Cash position, warrants, and funding runway through to a construction decision
Financing framework: debt and equity mix plus streaming and royalty alternatives
Near term and medium term catalysts through mine planning, feasibility delivery, and financing package work
Liberty Gold links
Website https://libertygold.ca/
Black Pine project overview https://libertygold.ca/projects/black-pine/
News releases https://libertygold.ca/news/
Investor and community contact https://libertygold.ca/contact/
Host Andy Millette Natural Resource Stocks
Website https://www.NaturalResourceStocks.net
YouTube Main https://www.youtube.com/@NaturalResourceStocks
YouTube Clips https://www.youtube.com/@NaturalResoureStocksClips
X https://x.com/theandymillette
LinkedIn https://www.linkedin.com/in/andymillette/
NRS LinkedIn https://www.linkedin.com/company/naturalresourcestocks-net/
NRS Facebook https://www.facebook.com/people/Natural-Resource-Stocks/100090526686713/
NRS TikTok https://www.tiktok.com/@natural.resource.stocks
NRS Instagram https://www.instagram.com/naturalresourcestocks/
Chapters
00:00 6 million ounce resource snapshot
00:28 Funded to late 2027 decision
00:44 Project financing playbook
01:42 Welcome and investor disclosure
02:34 Feasibility resource update breakdown
04:28 Why more ounces can drive value
07:23 Black Pine as a brownfields restart
08:07 Permitting and baseline data edge
09:20 No water and low footprint benefits
10:56 Why build time can be shorter
12:56 Treasury, warrants, and runway
14:09 Debt, streaming, royalty options
16:41 Ordering long lead equipment
17:42 How to contact Liberty Gold
18:45 Conferences and site visit plans
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