3L Capital, Canacord, Paradigm & BMO Analyst Updates On Liberty Gold
| Liberty Gold (LGD.TO) Cash: US$37.2M | Market Cap: C$828M | Share Price: C$1.53 | Black Pine Project Idaho, USA | |
| Shares Outstanding: 540.9M Options: 16.5M (Avg. C$0.61) Warrants: 25.1M (Avg. C$0.45) | Avg. Volume 90 Day: 1.7M 52 Week High: C$1.77 52 Week Low: C$0.29 | CEO, Pres. and Director: Jon Gilligan VP Exploration: Peter Shabestari VP Proj. Development: Tyler Cole |
Corporate PowerPoint: Liberty Gold Presentation | Cash, Share/Warrant/option count from May PPT. 16M RSU/DSUs.
Bottom Line:
We recently had the opportunity to visit the Black Pine development asset in southern Idaho, USA. While on the surface little has changed over the past few years, engineering work and exploration has progressed. This is building towards a feasibility study, which is expected in Q4/26, and permitting, which is expected to kick off more seriously in 2027, with a view to a Record of Decision in January 2028 under the FAST 41 Covered Project designation.
Key Points
All Eyes on Feasibility Study. The 2026 work will focus on delivering a feasibility study, based on the already released Indicated resource of 4.88 Moz Au, and an Inferred resource of 1.05 Moz Au. This feasibility study is due in late 2026, and will also form the foundation of the 2027 permitting process, with a Record of Decision expected in January 2028. The Notice of Intent has already been issued, and the EIS process is already under way for Black Pine. The permitting will be under the FAST 41 Covered Project designation. 2026 Drill Program. Over the course of 2026, LGD will embark on a ~40km drill program. 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 two to three 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.
- Complex Geology Drives Opportunity. There are opportunities to accelerate and/ or raise production levels over the life of the mine, with near-surface ore currently sitting under the legacy heap leach, with possibilities to use this spent ore as pad over-liner material. Alternatively, waste material from the prior operation, which is higher recoverable grade, could be used as this over-liner material. There are also possibilities to bring forward ounces from the...continue reading in pdf files below
Read All Four Liberty Gold Analyst Reports at their Full PDF Links Below:
BMO Capital Markets Liberty Gold Report
Paradigm Capital Liberty Gold Report
Canacord Genuity Liberty Gold Report
3L Capital Liberty Gold Report
For informational purposes only. It is intended to provide general information and should not be interpreted as a solicitation to engage in securities transactions, a recommendation to buy or sell securities, or investment advice. The opinions expressed in this report reflect the author’s views as of the report’s date. It is strongly advised that recipients conduct their independent investigations and seek professional advice before making any investment decisions. While the information contained in this report is derived from sources believed to be reliable, its accuracy cannot be assured.
