Summary of Liberty Gold Conference Call - December 10, 2025 Company Overview - **Company**: Liberty Gold (OTCPK:LGDT.F) - **Focus**: Development of oxide gold projects in the U.S. Great Basin, transitioning from an exploration company to a developer [2][4][5] Key Points Industry Context - **Mining Lifecycle**: Discussion of the Lassonde Curve, illustrating the mining industry's phases from exploration to production, highlighting the "orphan period" where share prices may stagnate [3][4] - **Oxide Gold Mining**: Emphasis on the advantages of oxide gold projects, which allow for simpler, more environmentally friendly processing compared to sulfide gold mining [6][7] Project Development - **Black Pine Asset**: Located in southern Idaho, identified as a significant opportunity for share price appreciation as the company transitions to a developer [5][12] - **Pre-feasibility Study**: Conducted in October last year, indicating a resource of nearly 5 million ounces and a reserve of 3 million ounces, with potential for growth [14][15] - **Economic Metrics**: At a gold price of $2,000, the project has an NPV of $500 million, with a payback period of about one year and an IRR in the triple digits [16][17] Financial Position - **Cash Position**: As of the last filing, Liberty Gold had $32 million in cash, bolstered by a $20 million investment from Centerra Gold, which holds a 9.9% stake [10][11] - **Warrants**: Upcoming warrants due in May 2026 and April 2027, with a current share price around CAD 0.80, indicating potential for additional capital [11] Environmental and Community Considerations - **Water Rights**: Secured water rights from local farmers, ensuring no new water extraction from the basin, which is a significant environmental advantage [13][20] - **Community Support**: Strong community backing due to responsible water management practices [20] Future Plans and Timeline - **Feasibility Study**: Expected to be published in October next year, with detailed engineering and project financing to follow [26][28] - **Permitting Process**: Anticipated to receive a notice of intent in Q1 2026, with a decision expected by late 2027, allowing for construction to begin in Q1 2028 [27][33] Additional Assets - **Goldstrike Asset**: Currently on hold while confirming water supply, with plans to potentially spin off the antimony mineralization into a separate entity [12][31][32] Other Important Insights - **Technical Team**: Strong in-house technical team with experience in oxide gold projects, enhancing the company's development capabilities [8][9] - **Market Position**: Liberty Gold is positioned uniquely in the Great Basin, with no other similar-sized projects not held by major companies, presenting a significant growth opportunity [29] This summary encapsulates the key aspects of Liberty Gold's conference call, highlighting the company's strategic direction, project details, financial health, and future outlook in the mining industry.