1. Liberty Gold Corp. is a billboard sponsor of Streetwise Reports.
2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
3.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

Disclosures for Ventum Capital Markets, Liberty Gold Corp., June 27, 2025

Disclosure Fact Sheet Ratings BUY : recommendation: stock is expected to appreciate from its current price level at least 10-20% in the next 12 months. NEUTRAL : recommendation: stock is expected to trade in a narrow range from its current price level in the next 12 months. SELL : recommendation: stock is expected to decline from its current price level at least 10-20% in the next 12 months. U/R : Under Review N/R : No Rating TENDER: Investors are guided to tender to the terms of the takeover offer. Analyst recommendations and targets are based on the stock’s expected return over a 12-month period or may be based on the company achieving specific fundamental results. Under certain circumstances, and at the discretion of the analyst, a recommendation may be applied for a shorter time period. The basis for the variability in the expected percentage change for a recommendation, relates to the differences in the risk ratings applied to individual stocks. For instance stocks that are rated Speculative must be expected to appreciate at the high end of the range of 10-20% over a 12-month period. Price Volatility/Risk SPECULATIVE : The Company has no established operating revenue, and/or balance sheet or cash flow concerns exist. Typically low public float or lack of liquidity exists. In addition, companies operating with significant commodity pricing exposure will typically be rated SPECULATIVE. Rated for risk tolerant investors only. ABOVE AVERAGE : Revenue and earnings predictability may not be established. Balance sheet or cash flow concerns may exist. Stock may exhibit low liquidity. AVERAGE : Average revenue and earnings predictability has been established; no significant cash flow/balance sheet concerns are foreseeable over the next 12 months. Reasonable liquidity exists. Price Volatility/Risk analysis while broad based includes the risks associated with a company’s balance sheet, varia

Analyst Certification We, Phil Ker and Connor Mackay, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject securities or issuers. We also certify that no part of our compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. We are the research analysts primarily responsible for preparing this report. Research Disclosures Company Disclosure Amex Exploration 4 Atex Resources 4, 9 Aurion Resources 3, 4 Blackrock Silver Corp. 3, 4, 9 Collective Mining Ltd. 3, 4, 9 Discovery Silver Corp. 3, 4, 9 Endeavour Silver Corp. 3, 4, 9 Ero Copper 4, 9 Faraday Copper Corp 4, 9 Fireweed Metals Corp. 3, 4, 5, 9 First Nordic Metals Corp 4 Foran Mining Corp. 3, 4, 9 G Mining Ventures Corp. 4 GoGold Resources Inc. 2, 3, 4 Integra Resources 3, 4, 9 Jaguar Mining Ltd. 4 K92 Mining Inc. 4, 9 Liberty Gold Corp. 3, 4 Luca Mining 2, 3, 4 Lundin Mining 4, 9 Metalla Royalty and Streaming 4 Montage Gold Corp. 2, 3, 4 NGEx Minerals Ltd. 2, 3, 4, 9 Northisle Copper and Gold Inc. 3, 4, 9 Osisko Development Corp 4 Prime Mining Corp. 4 Silver Tiger Metals Inc. 3, 4, 9 Southern Cross Gold Consolidated Ltd. 2, 3, 4 Thesis Gold Inc. 2, 3, 4 Vizsla Silver Corp. 2, 3, 4, 9 Wesdome Gold Mines Ltd. 4 i-80 Gold Corp. 3, 4

1. Ventum Financial Corp. and its affiliates’ holdings in the subject company’s securities, in aggregate exceeds 1% of each company’s issued and outstanding securities. 2. The analyst(s) responsible for the report or recommendation on the subject company, a member of the research analyst’s household, and associate of the research analyst, or any individual directly involved in the preparation of this report, have a financial interest in, or exercises investment discretion or control over, securities issued by the following companies. 3. Ventum Financial Corp. and/or its affiliates have received compensation for investment banking services for the subject company over the preceding 12- month period. 4. Ventum Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from the subject company. 5. Ventum Financial Corp. and/or its affiliates have managed or co-managed a public offering of securities for the subject company in the past 12 months. 6. A director(s), officer(s) or employee(s) of Ventum Financial Corp. is a director of the subject company in which Ventum provides research coverage.6 7. A member of the research analyst’s household serves as an officer, director or advisory board member of the subject company. 8. Ventum Financial Corp. and/or its affiliates make a market in the securities of the subject company. 9. Company has partially funded previous analyst visits to its projects. General Disclosure The affiliates of Ventum Financial Corp. are Ventum Financial (US) Corp., Ventum Financial Services Corp., and Ventum Capital Corp. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is amongst other factors determined by revenue generated directly or indirectly from various departments including Investment Banking. Evaluation is largely on an activity-based system that includes some of the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and investment guidance, and client feedback. Analysts and all other Research staff are not directly compensated for specific Investment Banking transactions. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of Ventum Financial Corp. Ventum Financial Corp.’s policies and procedures regarding dissemination of research, stock rating and target price changes can be reviewed on our corporate website at www.ventumfinancial.com (Research: Research and Conflict Disclosure). Recommendations Number of Recommendations Percentage BUY 84 78.50% NEUTRAL 8 7.48% SELL 0 0.00% UNDER REVIEW 14 13.08% N/R 0 0.00% TENDER 0 0.00% RESTRICTED 1 0.93% TOTAL 107 Stock Rating and Target Changes For reports that cover more than six subject companies, the reader is referred to our corporate website for information regarding stock ratings and target changes. ventumfinancial.com (Research: Research and Conflict Disclosure).

Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) got a 33% price target boost by Ventum Capital Markets to reflect the investment bank's newly raised gold price forecasts, analysts Phil Ker, Connor Mackay, Maximilian Myers, and Zach Matheson reported in a June 27 research note.

Within Ventum's precious metals coverage universe, Liberty is one of three companies "with the highest sensitivity to a further 10% increase in metal prices," the analysts wrote.

New Target 33% Higher

Ventum increased its long-term gold price on Liberty Gold to US$3,000 per ounce (US$3,000/oz) from US$2,400/oz previously. The bank boosted its near- and medium-term gold prices to align with current spot prices.

As a result, Ventum's net asset value per share on the Canadian gold explorer increased 79% to CA$3.81 from CA$2.13.

Ventum's target price on Liberty now is CA$1 per share, up 33% from CA$0.75. The revised target price multiple is 0.33x, up from 0.25x.

Liberty Gold remains a Buy.

The explorer has two main near-term catalysts, and both pertain to its Black Pine project in Idaho, analysts noted. They are results of a 40,000 meter, feasibility-level drill program and submission of an environmental impact statement application.

Gold in 2025 Recap

Ventum's analysts reported that year to date (YTD), the gold price increased 26.7%, and underlying gold indices are still outperforming other sectors and benchmark indices.

Gold-backed exchange-traded funds have continued to see increasing investment demand with YTD inflows in many regions trending higher. Multiyear highs continue to be tested.

"We expect continued inflows and interest from more generalist investors to continue diving into precious metals as sentiment is sustained and a favorable long-term thesis becomes more probable," wrote the analysts.

Support for Higher Prices

Ventum relayed the factors that should continue to buoy the gold price above US$3,000/oz in the long term. Uncertainty about tariffs and relationships between the U.S. and its trade partners are causing concerns about jobs, inflation and other related economic impacts. Global economic uncertainty is lingering; signs suggest a reduced global gross domestic product outlook for 2025 and 2026. The value of the U.S. dollar is down, having dropped US$0.06, or 9.5%, YTD. Likewise, the US Dollar Index fell 9.9%, indicating the dollar's weakening purchasing power compared to a group of other global currencies. Geopolitical turmoil in the Middle East and elsewhere continues to drive investors to seek save haven in gold and silver. All or most of these price influencers are expected to persist for gold.

Ventum's technical analysis reveals that a constructive cup and handle is forming on gold's 40-year chart. This is associated with longer-term upside beyond US$4,000/oz and consolidation seemingly bounded between US$3,200 and US$3,500/oz.

"With higher lows and a rising benchmark for three-year trailing prices used in sectorwide economic studies, we foresee elevated prices for gold and silver to be sustainable and supportive of a higher long-term outlook," Ventum analysts wrote.