Several Near-term Catalysts for Junior Gold Co.
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Disclosures for Ventum Capital Markets, Liberty Gold Corp., May 23, 2025:

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Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) has a new Ventum Capital Markets analyst covering it, Philip Ker, who maintained the Buy rating but raised the target price, he reported in a May 23 transfer of coverage note.

"With a bolstered treasury and key catalysts on the horizon for Liberty's flagship Black Pine project in Idaho, we continue to see deep value in Liberty shares as it derisks Black Pine through feasibility and permitting milestones," Ker wrote.

142% Return Potential

Ventum's new target price on the U.S.-based explorer-developer is CA$0.75 per share, up from CA$0.70, the analyst noted. In comparison, at the time of Ker's report, Liberty was trading at about CA$0.31 per share, at a price:net asset value of 0.12x, a discount to the 0.25x peer group average.

The revised target implies a return of 142%.

Also as of May 23, the company had 453.8 million shares outstanding. Its market cap was CA$136 million (CA$136M). Its 52-week range was CA$0.25–0.43 per share.

Brief Project Overview

Ker reiterated the key points about Black Pine, Liberty's flagship project in Idaho. One of the largest undeveloped gold projects in the country's Great Basin, Black Pine's robust reserve is 3,100,000 ounces (3.1 Moz) of gold based on about 4.9 Moz of gold resources.

Black Pine, as outlined in the prefeasibility study, will produce 135,000 ounces (135 Koz) of gold per year over a 17-year life of mine. At a US$2,000 per ounce gold price, the project will return an after-tax net present value of US$552M and an internal rate of return of 32%.

"We see Black Pine's upfront production profile of about 183 Koz per year over years 1 through 5 providing a rapid payback, particularly at current spot gold prices," Ker wrote.

The analyst wrote that Liberty and Black Pine should benefit from "a more favorable federal permitting landscape" and Idaho's new Strategic Permitting, Efficiency, and Economic Development (SPEED) Act, intended to further streamline permitting of large projects.

Liberty is well cashed up to continue advancing and derisking Black Pine, noted Ker, after raising CA$23M in a bought-deal equity offering last month. These funds should be enough to see the project through engineering studies for a feasibility study as well as optimization strategies.

What to Watch For

Liberty has several potential catalysts on the horizon, noted Ker. Ones related to Black Pine include the start of both an environmental impact study and detailed engineering work as well an update of the mineral resource estimate to include results of 40,000 meters of drilling.

Also in the works is a spinout of Liberty's Goldstrike project, including the Antimony Ridge discovery.