Ms. Susie Bell reports

LIBERTY GOLD REPORTS Q2 2023 FINANCIAL AND OPERATING RESULTS

Liberty Gold Corp. has released its financial and operating results for the six months ended June 30, 2023. All amounts are presented in U.S. dollars unless otherwise stated.

SECOND QUARTER OF 2023 AND RECENT HIGHLIGHTS

• Announced the appointment of Wendy Louie to the Board and the appointment of Robert Pease as Chairman. Ms. Louie is a Canadian Chartered Professional Accountant (CPA, CA) with over 25 years of diverse financial and leadership experience with a focus on the mining industry. Mr. Pease has been on the board of Liberty Gold since its inception.
• At the Black Pine project ("Black Pine"), we:
  • Announced a new discovery area "Rangefront South" located approximately two kilometres to the south of the main Rangefront Zone, with two reportable intercepts of oxide gold: 0.37 grams per tonne ("g/t") gold ("Au") over 9.1 meters ("m"), and 0.31 g/t Au over 7.6 m in drill hole LBP9313.
  • Published reverse circulation exploration drill results from:
    • Discovery Zone:
      • 3.74 g/t Au over 21.3 m including 15.85 g/t Au over 3.0 m in LBP9061; and
      • 0.77 g/t Au over 65.5 m including 2.47 g/t Au over 10.7 m in LBP9323.
    • Back Range Zone:
      • 1.41 g/t Au over 30.5 m including 1.83 g/t Au over 13.7 m in LBP9263.
    • Rangefront Zone:
      • 0.72 g/t Au over 35.1 m, including 1.83 g/t Au over 6.1 m and 0.89 g/t Au over 22.9 m in LBP8612;
      • 0.86 g/t Au over 25.9 m, including 2.26 g/t Au over 6.1 m in LBP8002; and
      • 0.71 g/t Au over 18.3 m starting from 16.8 m downhole, including 1.45 g/t Au over 6.1 m in LBP8722.
    • M Zone:
      • 2.83 g/t Au over 25.9 m, including 7.88 g/t Au over 3.0 m in LBP8492;
      • 2.13 g/t Au over 21.3 m, including 8.67 g/t Au over 4.6 m in LBP8642; and
      • 0.80 g/t Au over 29.0 m in LBP8841.
    • CD-Tallman Zone:
      • 3.28 g/t Au over 10.7 m and 0.52 g/t Au over 51.8 m in LBP8931; and
      • 0.86 g/t Au over 25.9 m including 1.80 g/t Au over 6.1 m in LBP9203.
• At the Goldstrike project ("Goldstrike"), we:
  • Reported on key metallurgical column leach test results on surficial materials, including4:
    • Historic Leach Pad Material
      • Weighted average gold extraction from column leach tests5:
        • Leach Pad 1 (run-of-mine): 62.0%
        • Leach Pad 2 (-4-inch crush/agglomerate): 39.5%
    • Backfill (material underlying the Historic Leach Pads):
      • Pad Backfill - High Grade: 70.5%
      • Pad Backfill - Low Grade: 81.7%
    • Waste Rock Material
      • Main Dump: 91.2%
      • Hamburg North Dump: 71.7%
• Retained Loughlin Associates and LRE Water, both experienced water exploration and evaluation consultants in the Great Basin, to design and execute a hydrological evaluation of potential water sources in the region5.
• Reported on a block of land surrounding the Goldstrike deposit being included in a proposed land exchange between the US Bureau of Land Management lands exchange with the Utah School and Institutional Trust Lands Administration4. The "Utah School and Institutional Trust Lands Exchange Act of 2023", Senate Bill 1405, was presented to the US Congress in May and is currently in the committee stage in both the House and the Senate.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim consolidated financial statements and related notes thereto (the "Interim Financial Statements") for the six months ended June 30, 2023, as prepared in accordance with International Accounting Standards - IAS 34: Interim Financial Statements.

A copy of the Interim Financial Statements is available on the Company's website or on SEDAR.

The information in the tables below is presented in $000s, except 'per share' data:

                                           Three months ended June 30,    Six months ended June 30,   
                                                 2023            2022           2023          2022    
Attributable to shareholders:                                                                         
Loss for the period                           $(5,271 )         $(161 )     $(10,114 )     $(8,185 )  
Loss and comprehensive loss for the period    $(5,022 )       $(1,234 )      $(9,958 )     $(8,907 )  
Basic and diluted loss per share               $(0.02 )        $(0.00 )       $(0.03 )      $(0.03 )

                                As at June 30,   2023 As at December 31, 2022

Cash and short-term investments               $10,905                 $19,813
Working capital                                $8,824                 $17,668
Total assets                                  $39,609                 $47,954
Current liabilities                            $2,721                  $2,543
Non-current liabilities                        $2,769                  $2,812
Shareholders' equity                          $30,626                 $38,949

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

We seek Safe Harbor.

1 See press release dated June 19, 2023

2 See press release dated April 19, 2023

3 See press release dated July 24, 2023

4 See press release dated June 1, 2023

5 Weighted average gold extraction is obtained using the following equation: (composite head grade (grams/tonnes) multiplied by extraction (%) for all head grades)/sum of all head grades. Using arithmetic averages tends to over-represent low grade composites and under-represent high grade composites.