2023 AND RECENT HIGHLIGHTS
- On
September 15, 2023 , closed a non-brokered private placement raising proceeds of$5.7 million , anchored by a$5.0 million strategic investment by Wheaton Precious Metals Corp. (“Wheaton”)1. - On
September 5, 2023 , published second annual Environmental, Social and Governance report: Developing Gold Deposits in a Responsible and Sustainable Manner2. - On
November 8, 2023 , announced the appointment ofCal Everett as Chief Executive Officer andJon Gilligan as President, effectiveNovember 10, 2023 3.
At the Black Pine project (“Black Pine”),
- On
February 15, 2024 , announced an update to the independent mineral resource that was originally published onFebruary 7 2023 4 (the “Updated Resource”). The new Updated Resource5 is reported using a$1,800 USD constraining resource pit at a cut-off grade (“COG”) of 0.20 grams per tonne (“g/t”) gold (“Au”) and consists of:- An indicated resource of 3,206,000 ounces (“oz”) of oxide gold at an average grade of 0.49 g/t Au and totalling 203.8 million tonnes (“Mt”); and
- An inferred resource of 325,000 oz of oxide gold at an average grade of 0.42 g/t Au and totalling 24.1 Mt.
A high-grade subset of the Updated Resource contained within the 0.2 g/t Au resource pit, applying a COG of 0.5 g/t Au and consists of: - Indicated resources of 1,765,000 oz Au at an average grade of 1.01 g/t Au and totalling 54.2 Mt; and
- Inferred resources of 143,000 oz Au at an average grade of 0.91 g/t Au and totalling 4.9 Mt.
- An indicated resource of 3,206,000 ounces (“oz”) of oxide gold at an average grade of 0.49 g/t Au and totalling 203.8 million tonnes (“Mt”); and
- On
September 11, 2023 , announced the purchase of the existing 0.5%Net Smelter Royalty (“NSR”) at Black Pine from a private company, and the sale of a new 0.5% NSR to an affiliate of Wheaton, including an option to repurchase 50% of the royalty forUS$3.6 million at any point in time up to the earlier of commercial production at Black Pine, orJanuary 1, 2030 , which would reduce the NSR to 0.25%1. - On
September 6, 2023 , announced the submission of a Mining Pre-Plan of Operations to US Federal Agencies, and the selection ofM3 Engineering & Technology as lead engineer for the pre-feasibility study6. - Completed 2023 RC exploration drilling program as of
December 31, 2023 , for a total of 27,461 meters drilled. The drill program targeted resource upgrade and expansion over several areas of the deposit, as well as some reconnaissance drilling in new areas along the eastern and southern margins of Rangefront and the northern margin ofBack Range . - On
July 24, 2023 , announced a new discovery area “Rangefront South” located approximately two kilometres to the south of the mainRangefront Zone , with two reportable intercepts of oxide gold: 0.37 g/t Au over 9.1 m, and 0.31 g/t Au over 7.6 m in drill holeLBP931 7. - Reported weighted average 86.9% gold extraction8 from 24 Phase 4A metallurgical column leach tests on
Rangefront Zone oxide gold mineralization, showing that theRangefront Zone comprises the most leach-amenable oxide material at Black Pine.
SELECTED FINANCIAL DATA
The following selected financial data is derived from our Annual Financial Statements and related notes thereto (the “Annual Financial Statements”) for the year ended
A copy of the Annual Financial Statements is available on the Company’s website at www.libertygold.ca or on SEDAR+ at www.sedarplus.ca.
The information in the tables below is presented in $’000s, except ‘per share’ data:
Year ended | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Attributable to shareholders: | ||||||||||||
Loss for the period | $ | (20,191 | ) | $ | (21,101 | ) | $ | (29,743 | ) | |||
Loss and comprehensive loss for the period | $ | (19,815 | ) | $ | (23,483 | ) | $ | (29,589 | ) | |||
Basic and diluted loss per share | $ | (0.06 | ) | $ | (0.07 | ) | $ | (0.11 | ) |
As at | ||||||
2023 | 2022 | 2021 | ||||
Cash and short-term investments | $ | 9,082 | $ | 19,813 | $ | 17,255 |
Working capital | $ | 7,648 | $ | 17,668 | $ | 13,691 |
Total assets | $ | 35,337 | $ | 47,954 | $ | 53,329 |
Current liabilities | $ | 1,750 | $ | 2,543 | $ | 9,885 |
Non-current liabilities | $ | 3,180 | $ | 2,812 | $ | 3,116 |
Shareholders’ equity | $ | 27,636 | $ | 38,949 | $ | 32,800 |
ABOUT
For more information, visit libertygold.ca or contact:
Phone: 604-632-4677 or Toll Free 1-877-632-4677
info@libertygold.ca
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements or information concerning, future financial or operating performance of
Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, timing or results of the publication of any mineral resources,pre-feasibility study, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of
Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; the timing or results of the publication of any mineral resources, pre-feasibility studies; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry;delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2024, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.
Although
Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources
The information in this MD&A, including any information incorporated by reference, and disclosure documents of
Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “probable mineral reserves”. These terms are Canadian mining terms as defined in, and required to be disclosed in accordance with, NI 43-101, which references the guidelines set out in the
1 See press releases dated
2 See press release dated
3 See press release dated
4 See press releases dated
5 See press release dated
6 See press release dated
7 See press release dated
8 Weighted average gold extraction is obtained using the following equation: (composite head grade (grams/tonnes) multiplied by extraction (%) for all head grades)/sum of all head grades. Using arithmetic averages tends to over-represent low grade composites and under-represent high grade composites. The arithmetic extraction average of the 24 column tests is 76%.
Source:
2024 GlobeNewswire, Inc., source