Mr. Cal Everett reports

LIBERTY GOLD ANNOUNCES INTENTION TO SPIN-OUT GOLDSTRIKE/ANTIMONY RIDGE PROJECT, SOUTHWEST UTAH TO CREATE A NEW U.S. STRATEGIC METALS COMPANY

Liberty Gold Corp. has discovered a third zone of high-grade antimony mineralization at Antimony Ridge. As a result, the company intends to spin out the Goldstrike project with the Antimony Ridge discovery into a separate entity. This creates, for shareholders, an interest in both Liberty Gold, moving Black Pine oxide gold through permitting into production, and in NewCo, a new U.S. strategic-metal-focused exploration and development company initially based on the high-grade antimony discovery at Antimony Ridge. Full details of the proposed arrangement will be released in due course and it is expected to be subject to customary conditions, including shareholder, regulatory and court approval.

Antimony Ridge highlights:

• Discovery of a new, more-than-400-metre-long third zone of coarse-grained, high-grade antimony oxide mineralization, located approximately 1.5 kilometres west of the previously identified high-grade mineralization (see previous news releases dated Sept. 5, 2024, and Nov. 18, 2024).
• The silicified breccia bodies, which host the antimony mineralization, have now been mapped in outcrop over a cumulative strike length of more than two kilometres, with anomalous antimony values in soils indicating an additional approximately three kilometres of potential strike length of mineralized bodies.
• Surface samples from the new discovery show significant antimony values, up to more than 3 per cent antimony and up to 0.68 gram per tonne gold. Large areas of surface outcrop remain unsampled and are the focus of currently active field programs.
• Metallurgical results from two surface samples of high-grade oxide mineralization tested indicate that an overall antimony recovery of between 51 per cent and 76 per cent could be achieved using combined gravity and flotation circuits, with the final grade of the antimony concentrate potentially ranging from 45 per cent to 50 per cent antimony.
• Three drill sites surrounding the historic Lejaiv (antimony) mine at Antimony Ridge are permitted and ready to drill. Additional drill site permit applications over the wider extent of the antimony mineralization have been initiated.
• New mineral claims totalling approximately two square kilometres have been staked over the southern soil anomalies, bringing the total claim block area at Antimony Ridge to approximately 10 square kilometres, 100 per cent owned by Liberty Gold, with no royalty burden on any metals.

Cal Everett, chief executive officer and director of Liberty Gold, stated: "Antimony Ridge is an exciting, emerging story that is demanding more attention with every high-grade assay coming out of the lab. We believe that separating Liberty Gold into two independent entities will unlock significant shareholder value and maximize market exposure to both the Black Pine oxide gold project in Idaho and to the new Antimony Ridge discovery at our Goldstrike project in Utah. Terms of the spinout concept are being finalized now. This firmly establishes Liberty Gold, with its flagship Black Pine project, as a pure play developer-producer in Carlin-style, sediment-hosted oxide gold systems and provides all Liberty Gold shareholders with exposure to a new minerals direction in NewCo. Of course, NewCo also includes a one-million-ounce oxide gold resource at Goldstrike in addition to the antimony discovery."

New high-grade discovery zone

In the second phase of field exploration work at Antimony Ridge, completed in December, 2024, surface sampling along the multiple northwest-trending soil anomalies has identified a new zone of coarse-grained antimony oxide mineralization. Sampling in this zone returned values of up to 3.01 per cent (30,100 parts per million) antimony and up to 0.68 gram per tonne gold. This new high-grade discovery is associated with a silicified breccia body located approximately 1.5 kilometres to the west of the previously high-grade discovery areas around and adjacent to the historic Lejaiv mine.

The new zone, as currently sampled, has a strike length greater than 400 metres and is located within a larger, northwest-trending antimony-in-soil anomaly that is more than 2.5 kilometres long. This zone has limited outcrop, indicating much of the mineralized zone is likely not exposed at surface and will require drilling to fully evaluate.

Antimony mineralization

The mineralization at Antimony Ridge occurs at surface as large, bladed to massive disseminated stibiconite in a multiphase, silicified breccia with gold. Stibiconite, is an antimony oxide formed from the in situ oxidation of stibnite, the primary antimony sulphide mineral. Many of the surface exposures of stibiconite have a core of primary stibnite when broken apart. It is expected that the near-surface antimony oxide mineralization would transition into primary antimony sulphide downdip, below the limit of shallow surface oxidation.

The known high-grade mineralized zone is hosted within a laterally extensive silicified breccia developed along the intersection of high-angle normal faults where they cut through a sequence of Eocene to Miocene lacustrine limestones, epiclastics and tuffs that regionally dip 20 degrees to 25 degrees to the northeast.

Soil sampling conducted by Liberty Gold in 2015 exhibits pronounced northwest-oriented linear trends anomalous in antimony as well as strong values continuing to the south of the known occurrences. Field follow-up to map and sample these areas in detail is a key next step in the exploration program currently in progress.

Early metallurgical test results

In December, 2024, two approximately 20-kilogram samples of high-grade antimony oxide mineralization were sent to the Kappes, Cassiday & Associates laboratory in Reno, Nev., for preliminary metallurgical test work. The samples were taken from surface outcrop, 75 metres apart along the same mineralized trend as the historic Lejaiv mine. The antimony content of the two oxide samples was similar at approximately 5 per cent antimony. Mineralogical test work and elemental analysis indicate that both samples very largely comprise antimony oxide, with minor to trace antimony sulphide, as suspected from field observations.

Preliminary metallurgical test work was conducted using gravity and flotation methods, both separately and combined. Limited optimization work was attempted at this early stage. Results indicate that an overall antimony recovery of between 51 per cent and 76 per cent could be achieved using both gravity and flotation. The grade of the final antimony concentrate would likely range from 45 per cent to 50 per cent antimony.

Test work results are available on Liberty Gold's website.

A further, more comprehensive metallurgical test program on both antimony oxide and sulphide will follow up on the proposed surface exploration drill program.

Next steps:

• Formation of NewCo -- full details of the proposed arrangement will be released in due course;
• Additional surface sampling and field mapping -- conduct a third phase of surface mapping and detailed sampling guided by soil data and portable XRF (X-ray fluorescence) to further delineate the high-grade antimony and gold horizons; refine existing geologic mapping to define the structural controls and to determine the presence of additional mineralized zones; the next phase of exploration will include a regional detailed IP (induced polarization) geophysical survey;
• Drill program development -- submission of a notice-of-intent drill permit application in Q1 with the Bureau of Land Management to evaluate the lateral and depth extent of high-grade mineralized antimony and gold zones with a first-pass surface drill program of up to 5,000 metres from 16 drill sites;
• Funding -- work has begun to engage with the current round of grants with the U.S. and Canadian governments to act as potential funding partners;
• Antimony processing -- initial studies are under way to understand the nature and location of suitable processing facilities either as part of the Antimony Ridge asset or through toll processing to process the material; further studies are exploring options of U.S.-based treatment facilities to handle a future potential antimony concentrate.

Qualified person

Peter Shabestari, PGeo, vice-president, exploration, Liberty Gold, is the company's designated qualified person for this news release within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and validated that the information contained in the release is accurate.

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 is advancing the Black Pine project in southeastern Idaho, a past-producing, Carlin-style gold system with a large, growing resource and strong economic potential. The company is also actively derisking and expanding the Goldstrike project in southwestern Utah, a past-producing oxide gold system, which now includes the newly staked Antimony Ridge prospect. Antimony Ridge presents an opportunity for additional resource expansion through continuing trenching and sampling programs.

We seek Safe Harbor.