Ms. Susie Bell reports

LIBERTY GOLD ANNOUNCES CLOSING OF ROYALTY TRANSACTIONS AND US$5.7 MILLION PRIVATE PLACEMENT AND WELCOMES WHEATON PRECIOUS METALS AS A STRATEGIC SHAREHOLDER

Liberty Gold Corp. has successfully completed the previously announced (see press release dated Sept. 11, 2023) purchase and resale of a 0.5-per-cent net smelter royalty (NSR) on the company's Black Pine oxide gold project in southeastern Idaho transactions and has closed the non-brokered private placement raising proceeds of $5.7-million (U.S.).

Royalty transactions

The company has acquired the existing 0.5-per-cent NSR from a private company on certain claims at Black Pine by delivering $3.5-million (U.S.) in cash consideration and 200,000 common shares of the company. Concurrently, the company has granted an affiliate of Wheaton Precious Metals Corp. a new 0.5-per-cent NSR covering all claims comprising Black Pine for which the company has received cash consideration of $3.6-million (U.S.). The company has been granted an option to repurchase 50 per cent of the royalty for $3.6-million (U.S.) at any point in time up to the earlier of commercial production at Black Pine or Jan. 1, 2030. An affiliate of Wheaton has also been granted a right of first refusal on any royalties, streams or prepays that include precious metals pertaining to Black Pine.

Private placement financing

Under the offering, the company sold 22.9 million shares at 34 cents per share for proceeds to the company of $5.7-million (U.S.). Wheaton subscribed to $5-million (U.S.) of the offering and existing shareholders, management and directors of the company subscribed to $700,000 (U.S.) of the offering.

The company intends to use the proceeds of the offering for exploration, development, economic studies and permitting programs for the company's projects in the Great basin and for general working capital.

Certain directors, management and insiders of the company purchased or acquired direction and control over an aggregate of 558,820 common shares under the offering. The interested persons are each considered a related party of Liberty Gold and the sale of common shares under the offering to the interested persons constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions.

About Liberty Gold Corp.

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. The company knows the Great basin and is driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.

We seek Safe Harbor.