A Defining Step Forward – Focused Execution, Long-Term Value
Today, weʼve taken another clear step forward in executing on our focused strategy for the continued
evolution of Liberty Gold.
We have entered into an agreement to sell the Goldstrike Project, together with the adjacent Antimony
Ridge claims for total proceeds of US$72.5 million, including US$30 million in cash to be received within
18 months of closing. This transaction realizes substantial value to Liberty Gold for a non-core asset, while
delivering meaningful non-dilutive capital to our balance sheet and strengthening our financial position to
advance Black Pine through feasibility and permitting to a construction decision.
Disciplined Strategy, Clear Priorities
This is a deliberate, disciplined decision and our strategy has remained consistent. Focus capital allocation
and resources on assets that can deliver the greatest long-term value. Black Pine is that asset.
The structure of this transaction is particularly important. It provides immediate cash, staged payments
aligned with development milestones, and exposure to future upside through retained ownership in
Heliostar, all without issuing equity. In the current market, that matters as we make strategic decisions to
protect our share structure, while advancing Black Pine as a priority.
Equally important is the counterparty. Heliostar is a team with proven experience in successfully building
and operating mines. We are confident they are well positioned to advance Goldstrike and realize on its
true potential.
Advancing Black Pine with Greater Clarity
With this transaction, our path forward becomes more focused.
Black Pine is a large-scale, oxide gold project in a supportive jurisdiction, advancing through feasibility and
a coordinated permitting process. We have de-risked our balance sheet and are now well-capitalized to,
not only move key workstreams forward (including detailed engineering, technical studies, and long-lead
planning), but also fund broader exploration at Black Pine. These activities collectively underpin
development, de-risk construction and allow us exposure to upside growth opportunities
The objective remains unchanged. Advance Black Pine responsibly, reduce risk through disciplined
execution, and position the project for a construction decision.
On behalf of the team, I want to thank our shareholders for their continued support. We remain focused on
delivering value through clear strategy, strong execution, and prudent capital allocation.
Jon Gilligan
President & CEO
