Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) announced that 24 column leach tests on material from its Black Pine project resulted in a weighted average gold recovery of 80.6%, with individual composites up to 90.8%, reported Paradigm Capital Analyst Lauren McConnell in an Aug. 19 research note. The results expand coverage of the metallurgical data set to the previously untested Back Range and J zone areas and confirm consistent results in the established M, F and Tallman zones.
"Today's results reinforce the technical simplicity and metallurgical strength of Black Pine, validating heap-leach recoveries that are meaningfully higher than the 70% life-of-mine assumption in the preliminary feasibility study (PFS)," McConnell wrote.
What Testing Revealed
The weighted average gold recovery demonstrated on column leach testing was 80.6% and due to more robust recoveries in oxide composites, reported McConnell. The recovery breakdown by zone is:
- Back Range: 81.9%, including composites above 85%
- Tallman: 81.1%
- M: 81.1%
- J: 78%, the first metallurgical confirmation
- F: 67.3%, within modeled expectations, consistent with weaker performance historically
More than 80% of gold was extracted in fewer than 10 days of leaching, indicating rapid kinetics. Average gold recovery on bottle roll testing (78.9%) was in line with that on column leach testing (80.6%). This consistency confirms that processing outcomes are predictable and further supports run-of-mine heap-leaching. Management believes Black Pine's oxide mineralization is "highly amenable" to this approach.
As for silver, recoveries were between 14% and 72%. Extraction rates were higher in the M and Back Range zones. As such, Liberty is evaluating whether or not to add silver to the feasibility study resource.
The new findings in total expand confidence in recovery into new areas in the Back Range and J zones while also improving coverage in core pits.
"This lowers risk heading into the feasibility study and raises the probability that modeled recoveries — and thus cash flow — could improve versus the base-case PFS," the analyst noted.
Trading at a Discount
Year to date, Liberty is up 40% while peers are up 80%. Liberty is trading at a discount to peers, at 0.06x price:net asset value versus 0.11x, McConnell pointed out. A rerating for LGD is possible as technical risk declines and ounces grow.
Offering strategic appeal, Liberty remains No. 2 in Paradigm's Takeover Twenty, noted the analyst.
More Testing, Results Ahead
Investors can expect additional announcements of metallurgical results in the near term, wrote McConnell. This quarter, phase 5B infill results are expected, followed by phase 7 cutoff grade composite results in Q4/25 and phase 6 pilot-scale bulk test results in H1/26. These last data will finalize the recovery parameters to be used in the feasibility study, slated for completion late next year.
"With robust metallurgy now corroborated across the deposit, an active drilling pipeline aimed at resource growth and permitting formally underway, we see catalysts stacking positively into 2026," McConnell added.
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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., August 19, 2025
About Paradigm Capital Inc. Paradigm Capital Inc. (PCI) is a research-driven, independent, institutional equity investment dealer focused on sectors and companies that have attractive longterm secular growth prospects. PCI’s research is available on our website at www.paradigmcap.com. Please speak to your Sales or Trading Representative if you require access to the website. The analyst (and associate) certify that the views expressed in this report accurately reflect their personal views about the subject securities or issuers. No part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations expressed in this research report. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated directly or indirectly from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and investment guidance and client feedback. Analysts are not directly compensated for specific Investment Banking transactions. The opinions, estimates and projections contained herein are those of PCI as of the date hereof and are subject to change without notice. PCI makes every effort to ensure that the contents herein have been compiled or derived from sources believed reliable and contain information and opinions, which are accurate and complete. However, PCI makes no representation or warranty, express or implied, in respect thereof, and takes no responsibility for any errors and omissions that may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this research report or its contents. Information may be available to PCI, which is not reflected herein. This research report is not to be construed as an offer to sell or solicitation for or an offer to buy any securities. PCI, its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. PCI may act as financial advisor and/or underwriter for certain of the corporations mentioned herein and may receive remuneration for same. PCI is a member of The Toronto Stock Exchange, The TSX Venture Exchange and The Canadian Investment Regulatory Organization (CIRO). Any products or services mentioned on this website are made available only in accordance with local law (including applicable securities laws) and only where they may be lawfully offered for sale. PCI will not open accounts except in jurisdictions in which it is registered. To U.S. Residents: This report was prepared by PCI which is not subject to U.S. rules with regard to the preparation of research reports and the independence of analysts. PCI U.S. , affiliate of PCI, accepts responsibility for the contents herein, subject to the terms as set out above. Any U.S. person wishing to effect transactions in any security discussed herein should do so through PCI U.S.
