Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) formal began feasibility study (FS) engineering for its flagship Black Pine oxide gold project in Idaho, reported Paradigm Capital Analyst Lauren McConnell in a Nov. 12 research note.
"Today's announcement signals Liberty's transition from study refinement to full feasibility execution, providing investors with clear visibility toward derisking and construction readiness by late 2026," McConnell wrote.
Experts on Board
Liberty engaged M3 Engineering & Technology Corp., which was the lead consultant on the prefeasibility study (PFS), to be the lead coordinator on the FS. M3 is responsible for overall project integration and design of processing facilities and site infrastructure, McConnell reported.
Also, Liberty secured as specialist partners the same Qualified Persons under NI 43-101 who contributed to the PFS. Using the same professionals as before ensures continuity as well as continued technical efficiency and rigor in this next study phase.
These are the partner companies and their area of focus in the Black Pine FS:
- SLR Consulting Ltd.: Mineral resource
- AGP Mining Consultants Inc.: Mine design, pit optimization and mineral reserve
- Knight Piésold Ltd.: Geotechnical analysis
- Forte Dynamics Inc.: Heap-leach modeling and optimization
- NewFields Inc.: Heap-leach facility and infrastructure
- Piteau Associates Ltd.: Hydrology and hydrogeology
Targets for Completion
Resource conversion drilling and metallurgical work continue at Black Pine's Rangefront and Discovery, and Liberty is on track to release an upgraded, FS-level, mineral resource estimate for Black Pine this quarter.
With the above team of experts, Liberty's own technical staff and a strong financial position, thanks in large part to Centerra's CA$28 million strategic investment and now 9.9% stake, the company is well set to complete the FS on time, in Q4/26.
McConnell highlighted that the updated resource estimate and the FS will be "key catalysts that could drive a rerating from developer to preconstruction status."
Stock at a Glance
Currently, Liberty is trading at 0.10x price:net asset value at $4,000 per ounce gold, the analyst noted. This is consistent with the peer median in Paradigm Capital's Takeover Twenty, among which LGD is No. 1. The company's stock has been doing well, up 17% on a one-month basis compared to peers' stock, down 5%.
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