Liberty Gold Corp.'s (LGD:TSX; LGDTF:OTCQX) Black Pine oxide gold project in Idaho was accepted as a FAST-41 Covered Project by the U.S. Federal Permitting Improvement Steering Council, a development that "strengthens federal permitting visibility," reported Paradigm Capital Analyst Lauren McConnell in a Jan. 21 research note.
"We view Black Pine's acceptance into the FAST-41 framework as a positive, incremental derisking milestone that improves line of sight, transparency, and coordination across the federal permitting process," McConnell wrote.
Significantly Undervalued
Liberty Gold is one of Paradigm's Top Picks for H1/26. The stock recently gained momentum as it is up 17% year to date, noted the analyst. The peer group gained 11%, in comparison.
At 0.11x price:net asset value (P:NAV) at spot prices, Liberty Gold is trading at a significant discount to Paradigm's Takeover Twenty acquisition median of 0.33x P:NAV, excluding the 60% median takeover premium. This valuation gap gets harder and harder to justify the closer Black Pine gets to construction readiness, McConnell wrote. She added that Liberty remains a prime takeout target.
Paradigm does not have a rating or target price on the Canadian explorer-developer.
Benefits of FAST-41
Before the FAST-41 acceptance of Black Pine, Liberty Gold's Mine Plan of Operations for the project was deemed administratively complete, and this formally launched the National Environmental Protection Act (NEPA) Environmental Impact Statement (EIS) process, McConnell pointed out.
The analyst explained that Covered Project status under FAST-41 is the highest designation, above Transparency Project, which provides only enhanced disclosure and timeline visibility.
For a Covered Project, a coordinated interagency federal permitting schedule is developed, one that can be publicly tracked. A Covered Project gets a dedicated project adviser and active oversight by the federal Permitting Council. The benefits of these provided services include better interagency transparency and accountability and reduced execution risk, as a project advances.
"For a multiagency project like Black Pine, this framework should help minimize avoidable delays, clarify the critical path, and improve predictability around key milestones such as the Notice of Intent, Draft EIS, and Record of Decision," McConnell wrote.
Next Steps for Black Pine
With respect to permitting, over the next 60 days, Liberty Gold, together with the U.S. Forest Service, U.S. Bureau of Land Management, and other agencies, will create a coordinated permitting timetable for Black Pine. The finalized timeline will be posted to the Federal Permitting dashboard.
"This adds incremental transparency to the NEPA/EIS pathway already underway," McConnell wrote.
At the same time, Liberty Gold will keep advancing Black Pine in other areas, including feasibility-level engineering, environmental baseline studies, and state-level permitting.
"With feasibility work progressing in parallel and federal permitting now operating within a structured FAST-41 framework, we believe permitting risk continues to trend lower, supporting the project's long-term development optionality and strategic value within the U.S. oxide developer peer group," McConnell wrote.
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- Liberty Gold Corp. is a billboard sponsor of Streetwise Reports.
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Disclosures for Paradigm Capital, Liberty Gold Corp., January 21, 2026
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