Many Catalysts Ahead for Gold Co.
Research Report

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., August 19, 2025

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. Analyst Certification Price Volatility/Risk Liberty Gold Corp. (LGD) -August 19, 2025 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, variability of revenue or earnings, industry or sector risks, and liquidity risk. I, Phil Ker, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject securities or issuers. Ialso certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. I am the research analyst primarily responsible for preparing this report.

Research Disclosures Company Liberty Gold Corp. Applicability Disclosure 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 2. 3. securities. 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. 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 partiallyfunded 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).

The attached summarizes Ventum's analysts review of the material operations of the attached company(s). Analyst Type of Review Operations / Project Date Ker. Phil Liberty Gold Corp. Management Review All 08/19/25 Recommendations Number of Recommendations Percentage BUY 71 74.74% NEUTRAL 6 6.32% SELL 0 0.00% UNDER REVIEW 18 18.95% N/R 0 0.00% TENDER 0 0.00% RESTRICTED TOTAL 이 95 0.00% 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).

For a complete list of branch office locations and contact information, please visit ventumfinancial.com Participants of all Canadian Marketplaces. Members: Canadian Investment Regulatory Organization, Canadian Investor Protection Fund and AdvantageBC International Business Centre - Vancouver. Estimates and projections contained herein are our own and are based on assumptions which we believe to be reasonable. Information presented herein, while obtained from sources we believe to be reliable, is not guaranteed either as to accuracy or completeness, nor in providing it does Ventum Financial Corp. assume any responsibility or liability. This information is given as of the date appearing on this report, and Ventum Financial Corp. assumes no obligation to update the information or advise on further developments relating to securities. Ventum Financial Corp. and its affiliates, as well as their respective partners, directors, shareholders, and employees may have a position in the securities mentioned herein and may make purchases and/or sales from time to time. Ventum Financial Corp. may act, or may have acted in the past, as a financial advisor, fiscal agent or underwriter for certain of the companies mentioned herein and may receive, or may have received, a remuneration for their services from those companies. This report is not to be construed as an offer to sell, or the solicitation of an offer to buy, securities and is intended for distribution only in those jurisdictions where Ventum Financial Corp. is registered as an advisor or a dealer in securities. Any distribution or dissemination of this report in any other jurisdiction is strictly prohibited. Ventum Financial Corp. is a Canadian broker-dealer and is not subject to the standards or requirements of MiFID II. Readers of Ventum Financial Corp. research in the applicable jurisdictions should make their own efforts to ensure MiFID II compliance. For further disclosure information, reader is referred to the disclosure section of our website.

Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) reported additional metallurgical test results from Black Pine in Idaho, further derisking the project and confirming it is amenable to run-of-mine heap leaching, reported Philip Ker, analyst with Ventum Capital Markets, in an Aug. 19 research note.

"With gold recoveries averaging 80.6% across multiple mineralized zones and in line with the phase 4 results used for the 2024 preliminary feasibility study, we continue to see excellent consistency across the deposit and comparable recoveries to other run-of-mine heap-leach operations," Ker wrote.

170% Potential Upside

Ventum maintained its CA$1 per share target on Liberty, trading at the time of Ker's report at about CA$0.37 per share, the analyst noted. The target implies a potential return of 170%.

The Canadian explorer-developer remains a Buy.

Liberty has 455.2 million shares outstanding. Its market cap is CA$168 million. Its 52-week low and high are CA$0.25 and CA$0.43 per share, respectively.

Results Are Positive

Ker explained that Liberty's latest findings are from phase 5A of the eight-phase metallurgical program at Black Pine. In 5A, 24 column leach tests were done and yielded a weighted average gold recovery of 80.6%. Also, the results confirmed that recoveries are strong and consistent in previously untested areas of the deposit.

As for silver, not included in the 2024 prefeasibility study, recoveries on testing ranged from 13.7% to 72.3%. As such, Liberty is evaluating the potential of including silver in the upcoming mineral resource estimate.

Near-Term Catalysts

Ker touched on what to expect next from Liberty in the near term. Additional metallurgical test results will be released as they become available. A 40,000-meter drill program supports this feasibility study-level work.

Also expected in the near term is an updated mineral resource estimate in Q4/25.

Completion of the feasibility study is to follow. In advance, Liberty has done various drilling and bulk sampling to continue derisking Black Pine. Results of these efforts are expected in the coming months.

"With drilling ongoing, additional metallurgical test results expected and the spinout of the Goldstrike/Antimony Ridge project pegged for Q4/25, we see a catalyst-rich future for Liberty as they continue advancing the Black Pine project with targeted production by 2028," Ker wrote.