This Co. Just Found New Resources, Partner: What Do Analysts Think?
Analyst Consensus Research Report

1. Liberty Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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. 

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*Streetwise Average Price Target Formula

Streetwise Reports has attained an average price target and rating for this company from our system's formula. The system calculates an average of all analyst target prices, which are originally in Canadian or U.S. dollars, then converts them to both dollar amounts. For the recommendation, it selects whichever rating (Buy, Sell, Hold, etc.) appears most frequently among analysts. When there's a tie for the most common recommendation, all tied ratings are included.

Disclosures for Ventum Capital Markets, Liberty Gold Corp., August 27, 2025:

Analyst Certification: 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. I also 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.

Ventum Financial Corp. and/or its affiliates have received compensation for investment banking services for the subject company over the preceding 12-month period.

Ventum Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from the subject company.

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).

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 aೀiliates, 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 oೀer to sell, or the solicitation of an oೀer 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 eೀorts to ensure MiFID II compliance. For further disclosure information, reader is referred to the disclosure section of our website.

Disclosures for Canaccord Genuity, Liberty Gold Corp., September 8, 2025:

Analyst Certification: Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the research, and (iii) to the best of the authoring analyst’s knowledge, she/he is not in receipt of material non-public information about the issuer.

Analysts employed outside the US are not registered as research analysts with FINRA. These analysts may not be associated persons of Canaccord Genuity LLC and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Sector Coverage; Individuals identified as “Sector Coverage” cover a subject company’s industry in the identified jurisdiction, but are not authoring analysts of the report.

Investment Recommendation

Required Company-Specific Disclosures (as of date of this publication)

Liberty Gold Corp. currently is, or in the past 12 months was, a client of Canaccord Genuity or its affiliated companies. During this period, Canaccord Genuity or its affiliated companies provided investment banking services to Liberty Gold Corp..

In the past 12 months, Canaccord Genuity or its affiliated companies have received compensation for Investment Banking services from Liberty Gold Corp. 

In the past 12 months, Canaccord Genuity or any of its affiliated companies have been lead manager, co-lead manager or co-manager of a public offering of securities of Liberty Gold Corp. or any publicly disclosed offer of securities of Liberty Gold Corp. or in any related derivatives.

Canaccord Genuity or one or more of its affiliated companies intend to seek or expect to receive compensation for Investment Banking services from Liberty Gold Corp. and Centerra Gold Inc. in the next three months.

Online Disclosures

Up-to-date disclosures may be obtained at the following website (provided as a hyperlink if this report is being read electronically) http://disclosures.canaccordgenuity.com/EN/Pages/default.aspx; or by sending a request to Canaccord Genuity Corp. Research, Attn: Disclosures, P.O. Box 10337 Pacific Centre, 2200-609 Granville Street, Vancouver, BC, Canada V7Y 1H2; or by sending a request by email to [email protected]. The reader may also obtain a copy of Canaccord Genuity’s policies and procedures regarding the dissemination of research by following the steps outlined above.

General Disclaimers

See “Required Company-Specific Disclosures” above for any of the following disclosures required as to companies referred to in this report: manager or co-manager roles; 1% or other ownership; compensation for certain services; types of client relationships; research analyst conflicts; managed/co-managed public offerings in prior periods; directorships; market making in equity securities and related derivatives. For reports identified above as compendium reports, the foregoing required company-specific disclosures can be found in a hyperlink located in the section labeled, “Compendium Reports.” “Canaccord Genuity” is the business name used by certain wholly owned subsidiaries of Canaccord Genuity Group Inc., including Canaccord Genuity LLC, Canaccord Genuity Limited, Canaccord Genuity Corp., and Canaccord Genuity (Australia) Limited, an affiliated company that is 80%-owned by Canaccord Genuity Group Inc.

The authoring analysts who are responsible for the preparation of this research are employed by Canaccord Genuity Corp. a Canadian broker-dealer with principal offices located in Vancouver, Calgary, Toronto, Montreal, or Canaccord Genuity LLC, a US broker-dealer with principal offices located in New York, Boston, San Francisco and Houston, or Canaccord Genuity Limited., a UK broker-dealer with principal offices located in London (UK) and Dublin (Ireland), or Canaccord Genuity (Australia) Limited, an Australian broker-dealer with principal offices located in Sydney and Melbourne.

The authoring analysts who are responsible for the preparation of this research have received (or will receive) compensation based upon (among other factors) the Investment Banking revenues and general profits of Canaccord Genuity. However, such authoring analysts have not received, and will not receive, compensation that is directly based upon or linked to one or more specific Investment Banking activities, or to recommendations contained in the research.

Some regulators require that a firm must establish, implement and make available a policy for managing conflicts of interest arising as a result of publication or distribution of research. This research has been prepared in accordance with Canaccord Genuity’s policy on managing conflicts of interest, and information barriers or firewalls have been used where appropriate. Canaccord Genuity’s policy is available upon request.

The information contained in this research has been compiled by Canaccord Genuity from sources believed to be reliable, but (with the exception of the information about Canaccord Genuity) no representation or warranty, express or implied, is made by Canaccord Genuity, its affiliated companies or any other person as to its fairness, accuracy, completeness or correctness. Canaccord Genuity has not independently verified the facts, assumptions, and estimates contained herein. All estimates, opinions and other information contained in this research constitute Canaccord Genuity’s judgement as of the date of this research, are subject to change without notice and are provided in good faith but without legal responsibility or liability.

From time to time, Canaccord Genuity salespeople, traders, and other professionals provide oral or written market commentary or trading strategies to our clients and our principal trading desk that reflect opinions that are contrary to the opinions expressed in this research. Canaccord Genuity’s affiliates, principal trading desk, and investing businesses also from time to time make investment decisions that are inconsistent with the recommendations or views expressed in this research.

This research is provided for information purposes only and does not constitute an offer or solicitation to buy or sell any designated investments discussed herein in any jurisdiction where such offer or solicitation would be prohibited. As a result, the designated investments discussed in this research may not be eligible for sale in some jurisdictions. This research is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. This material is prepared for general circulation to clients and does not have regard to the investment objectives, financial situation or particular needs of any particular person. Investors should obtain advice based on their own individual circumstances before making an investment decision. To the fullest extent permitted by law, none of Canaccord Genuity, its affiliated companies or any other person accepts any liability whatsoever for any direct or consequential loss arising from or relating to any use of the information contained in this research.

Research Distribution Policy

Canaccord Genuity research is posted on the Canaccord Genuity Research Portal and will be available simultaneously for access by all of Canaccord Genuity’s customers who are entitled to receive the firm's research. In addition research may be distributed by the firm’s sales and trading personnel via email, instant message or other electronic means. Customers entitled to receive research may also receive it via third party vendors. Until such time as research is made available to Canaccord Genuity’s customers as described above, Authoring Analysts will not discuss the contents of their research with Sales and Trading or Investment Banking employees without prior compliance consent.

For further information about the proprietary model(s) associated with the covered issuer(s) in this research report, clients should contact their local sales representative.

Short-Term Trade Ideas

Research Analysts may, from time to time, discuss “short-term trade ideas” in research reports. A short-term trade idea offers a near-term view on how a security may trade, based on market and trading events or catalysts, and the resulting trading opportunity that may be available. Any such trading strategies are distinct from and do not affect the analysts' fundamental equity rating for such stocks. A short-term trade idea may differ from the price targets and recommendations in our published research reports that reflect the research analyst's views of the longer-term (i.e. one-year or greater) prospects of the subject company, as a result of the differing time horizons, methodologies and/or other factors. It is possible, for example, that a subject company's common equity that is considered a long-term ‘Hold' or 'Sell' might present a short-term buying opportunity as a result of temporary selling pressure in the market or for other reasons described in the research report; conversely, a subject company's stock rated a long-term 'Buy' or “Speculative Buy’ could be considered susceptible to a downward price correction, or other factors may exist that lead the research analyst to suggest a sale over the short-term. Short-term trade ideas are not ratings, nor are they part of any ratings system, and the firm does not intend, and does not undertake any obligation, to maintain or update short-term trade ideas. Short-term trade ideas are not suitable for all investors and are not tailored to individual investor circumstances and objectives, and investors should make their own independent decisions regarding any securities or strategies discussed herein. Please contact your salesperson for more information regarding Canaccord Genuity’s research.

For Canadian Residents:

This research has been approved by Canaccord Genuity Corp., which accepts sole responsibility for this research and its dissemination in Canada. Canaccord Genuity Corp. is registered and regulated by the Canadian Investment Regulatory Organization (CIRO) and is a Member of the Canadian Investor Protection Fund. Canadian clients wishing to effect transactions in any designated investment discussed should do so through a qualified salesperson of Canaccord Genuity Corp. in their particular province or territory.

For United States Persons:

Canaccord Genuity LLC, a US registered broker-dealer, accepts responsibility for this research and its dissemination in the United States. This research is intended for distribution in the United States only to certain US institutional investors. US clients wishing to effect transactions in any designated investment discussed should do so through a qualified salesperson of Canaccord Genuity LLC.

Analysts employed outside the US, as specifically indicated elsewhere in this report, are not registered as research analysts with FINRA. These analysts may not be associated persons of Canaccord Genuity LLC and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

For United Kingdom and European Residents:

This research is distributed in the United Kingdom and elsewhere Europe, as third party research by Canaccord Genuity Limited, which is authorized and regulated by the Financial Conduct Authority. This research is for distribution only to persons who are Eligible Counterparties or Professional Clients only and is exempt from the general restrictions in section 21 of the Financial Services and Markets Act 2000 on the communication of invitations or inducements to engage in investment activity on the grounds that it is being distributed in the United Kingdom only to persons of a kind described in Article 19(5) (Investment Professionals) and 49(2) (High Net Worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. This material is not for distribution in the United Kingdom or elsewhere in Europe to retail clients, as defined under the rules of the Financial Conduct Authority.

For Jersey, Guernsey and Isle of Man Residents:

This research is sent to you by Canaccord Genuity Wealth (International) Limited (CGWI) for information purposes and is not to be construed as a solicitation or an offer to purchase or sell investments or related financial instruments. This research has been produced by an affiliate of CGWI for circulation to its institutional clients and also CGWI. Its contents have been approved by CGWI and we are providing it to you on the basis that we believe it to be of interest to you. This statement should be read in conjunction with your client agreement, CGWI's current terms of business and the other disclosures and disclaimers contained within this research. If you are in any doubt, you should consult your financial adviser.

CGWI is licensed and regulated by the Guernsey Financial Services Commission, the Jersey Financial Services Commission and the Isle of Man Financial Supervision Commission. CGWI is registered in Guernsey and is a wholly owned subsidiary of Canaccord Genuity Group Inc.

For Australian Residents:

This research is distributed in Australia by Canaccord Genuity (Australia) Limited ABN 19 075 071 466 holder of AFS Licence No 234666. To the extent that this research contains any advice, this is limited to general advice only. Recipients should take into account their own personal circumstances before making an investment decision. Clients wishing to effect any transactions in any financial products discussed in the research should do so through a qualified representative of Canaccord Genuity (Australia) Limited or its Wealth Management affiliated company, Canaccord Genuity Financial Limited ABN 69 008 896 311 holder of AFS Licence No 239052. This report should be read in conjunction with the Financial Services Guide available here - Financial Services Guide.

For Hong Kong Residents:

This research is distributed in Hong Kong by Canaccord Genuity (Hong Kong) Limited which is licensed by the Securities and Futures Commission. This research is only intended for persons who fall within the definition of professional investor as defined in the Securities and Futures Ordinance. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. Recipients of this report can contact Canaccord Genuity (Hong Kong) Limited. (Contact Tel: +852 3919 2561) in respect of any matters arising from, or in connection with, this research.

None of the material, nor its content, nor any copy of it, may be altered in any way, reproduced, or distributed to any other party including by way of any form of social media, without the prior express written permission of the entities listed above.

Disclosures for National Bank of Canada Financial Markets, Liberty Gold Corp. September 8, 2025:

COMPANY-RELATED DISCLOSURES for Centerra Gold Inc.:

National Bank Financial Inc. has acted as an underwriter with respect to this issuer within the past 12 months.

National Bank Financial Inc. has provided investment banking services for this issuer within the past 12 months.

National Bank Financial Inc. or an affiliate has received compensation for investment banking services from this issuer within the past 12 months.

The issuer is a client, or was a client, of National Bank Financial Inc. or an affiliate within the past 12 months.

National Bank Financial Inc. makes a market in the securities of this issuer, at the time of this report publication.

DISCLOSURES

GENERAL: This Report was prepared by National Bank Financial Inc. (NBF), a Canadian investment dealer, a dealer member of the Canadian Investment Regulatory Organization (CIRO) and an indirect wholly owned subsidiary of National Bank of Canada. National Bank of Canada is a public company listed on the Toronto Stock Exchange. The particulars contained herein were obtained from sources which we believe to be reliable but are not guaranteed by us and may be incomplete and may be subject to change without notice. The information is current as of the date of this document. Neither the author nor NBF assumes any obligation to update the information or advise on further developments relating to the topics or securities discussed. The opinions expressed are not to be construed as a solicitation or offer to buy or sell the securities mentioned herein, and nothing in this report constitutes a representation that any investment strategy or recommendation contained herein is suitable or appropriate to a recipient’s individual circumstances. In all cases, investors should conduct their own investigation and analysis of such information before taking or omitting to take any action in relation to securities or markets that are analyzed in this report. The report alone is not intended to form the basis for an investment decision, or to replace any due diligence or analytical work required by you or your advisers, if needed, in making an investment decision.

The value of investments, and the income derived from them, can go down as well as up and you may not get back the amount invested. Neither past performance nor forecasts are a reliable guide to future performance. If an investment is denominated in a foreign currency, rates of exchange may have an adverse effect on the value of the investment. Investments which are illiquid may be difficult to sell or realize; it may also be difficult to obtain reliable information about their value or the extent of the risks to which they are exposed. Certain transactions, including those involving futures, swaps, and other derivatives, give rise to substantial risk and are not suitable for all investors.

NBF makes no representation as to the proper characterization of the investments for legal, regulatory or tax purposes, or as to the ability of a particular investor to invest or transact in the investments under applicable legal restrictions. Differences in the legal and regulatory regimes in different jurisdictions may significantly impact the legal and regulatory risks affecting the investment sector and/or investment. It is your responsibility to assess any such differences and associated risks.

This report is for distribution only under such circumstances as may be permitted by applicable law. This report is not directed at you if NBF or any affiliate distributing this report is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you.

National Bank of Canada Financial Markets is a trade name used by National Bank Financial Inc. and National Bank of Canada Financial Inc.

CANADIAN RESIDENTS: NBF or its affiliates may engage in any trading strategies described herein for their own account or on a discretionary basis on behalf of certain clients and, as market conditions change, may amend or change investment strategy including full and complete divestment. The trading interests of NBF and its affiliates may also be contrary to any opinions expressed in this report.

NBF or its affiliates often act as financial advisor, agent, lender or underwriter or provides trading related services for certain issuers mentioned herein and may receive remuneration for its services. NBF is a member of the Canadian Investor Protection Fund.

UK RESIDENTS: This report is a marketing document. This report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. The report is only for distribution to Eligible Counterparties and Professional Clients in the United Kingdom within the meaning of the rules of the Financial Conduct Authority (FCA). The investments contained in this report are not available to retail customers and this report is not for distribution to retail clients (within the meaning of the rules of the FCA). Persons who are retail clients should not act or rely upon the information in this report.

As required by the FCA, we have a policy in place to identify and manage the conflicts of interest which may arise in the production of non-independent research as contained and distributed in this report. In respect of the distribution of this report to UK residents, NBF has approved the contents (including, where necessary, for the purposes of Section 21(1) of the Financial Services and Markets Act 2000). NBF is authorized and regulated by the Financial Conduct Authority with registration number FC009503 and has its registered office at 70 St. Mary Axe, London, EC3A 8BE.

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This report has been prepared in whole or in part by research analysts employed by non-U.S. affiliates of NBCFI that are not registered as broker-dealers or investment advisers in the U.S. These non-U.S. research analysts are not registered as associated persons of NBCFI and are not licensed or qualified as research analysts with FINRA or any other U.S. regulatory authority and, accordingly, may not be subject (among other things) to FINRA restrictions regarding communications by a research analyst with the subject company, public appearances by research analysts and trading securities held in a research analyst account. NBF is a Participating Affiliate of NatWealth, and as such each research analyst who provides services to that constitute acting as an investment adviser under U.S. law and regulation is deemed an associated person of NatWealth as part of the participating affiliate regime established by SEC Staff no-action letters.

If you make “hard dollar” payments in respect of NBF research services, then such services, including this report, are provided to you by NatWealth under the U.S. Investment Advisers Act of 1940 (the Advisers Act). If you do not make “hard dollar” payments in respect of NBF research services, then such services, including this report, are provided to you via intermediation of NBCFI under Rule 15a-6, and are not subject to the Advisers Act.

Because the views of research analysts may differ, members of NBF Group may have or may in the future issue reports that are inconsistent with this report, or that reach conclusions different from those in this report. To make further inquiry related to this report, U.S. residents should contact their NBCFI registered representative or NatWealth associated person, as applicable.

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The content of this report may contain information about investment products which are not authorized by SFC for offering to the public in Hong Kong and such information will only be available to those persons who are Professional Investors (as defined in the Securities and Futures Ordinance of Hong Kong (SFO)). If you are in any doubt as to your status you should consult a financial adviser or contact us. This material is not meant to be marketing materials and is not intended for public distribution. Please note that neither this material nor the product referred to is authorized for sale by SFC. Please refer to product prospectus for full details.

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No other entity within the National Bank of Canada group, including National Bank of Canada and National Bank Financial Inc., is licensed or registered with the SFC. Accordingly, such entities and their employees are not permitted and do not intend to: (i) carry on a business in any regulated activity in Hong Kong; (ii) hold themselves out as carrying on a business in any regulated activity in Hong Kong; or (iii) actively market their services to the Hong Kong public.

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RESEARCH ANALYSTS: All of the views expressed in this research report accurately reflect the research analyst’s personal views regarding any and all of the subject securities or issuers. No part of the analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. The analyst responsible for the production of this report certifies that the views expressed herein reflect his or her accurate personal and technical judgment at the moment of publication. NBF compensates its research analysts from a variety of sources. The Research Department is a cost centre and is funded by the business activities of NBF including Institutional Equity Sales and Trading, Retail Sales, the correspondent clearing business, and Corporate and Investment Banking. Since the revenues from these businesses vary, the funds for research compensation vary. No one business line has a greater influence than any other for research analyst compensation.

Disclosures for Paradigm Capital, Liberty Gold Corp., August 27, 2025:

Purpose

This Relationship Disclosure Information (“RDI”) is designed to help retail investors of Paradigm Capital Inc. (“Paradigm”) clearly understand the nature of the services that can be provided by their Paradigm advisor, and the necessary elements to ensure a satisfactory ongoing relationship. This document reflects the Client Focused Reforms (“CFR”)1 that came into effect in 2021 (Link).

Delivery

Paradigm uses its website www.paradigmcap.com as its repository for its RDI. All new and existing customers of Paradigm who have accepted electronic delivery method of materials, including RDI, can rely on its delivery via the Paradigm website, as per Section 14.2 of National Instrument 31-103. Effective June 30, 2021.

Compliance Contact Information

This document will explain the nature of the roles and responsibilities that both the client and advisor should follow to maintain a successful relationship. Please direct any questions about this document to Paradigm’s Chief Compliance Officer at [email protected]. Information Contained Within Document

• Know Your Client (KYC)

• Services

• Account types

• Products

• Investment risks

• Investment Suitability

• Client Focused Reforms (“CFR”)

• Conflict of interest management

• Account fees and charges

• Client transaction and account reporting

• Complaint Handling Procedures

• Agreements & Disclosures

Paradigm predominantly has institutional customers. The few retail customer accounts are either Paradigm employee accounts or accredited investors who were introduced to Paradigm by corporate clients with whom Paradigm has an investment banking relationship. Consequently, the Paradigm retail accounts usually do not reflect the entire portfolio of the client, and the clients are not looking to Paradigm to provide investment or portfolio advice. Typically, these clients are accredited investors with sufficient capital, risk tolerance and time horizon to invest in new issues offered by Paradigm.

It is paramount that the information provided by clients be accurate and kept up to date to ensure that all investments made in their accounts are suitable. As such, clients must immediately keep Paradigm apprised of any significant changes that could impact the operation of their account(s), including changes to marital status, employment income, or other changes. Paradigm will contact clients on a periodic basis to ensure that any changes are noted on file, and any relevant changes are made, if necessary.

Services

Paradigm only offers advisory accounts to retail investors. In an advisory account the client is ultimately responsible for investment decisions, although the client can rely on advice given by the advisor. The advisor is responsible for any advice given. In providing this advice, an advisor must meet an appropriate standard of care, give suitable investment recommendations, and present unbiased investment advice, consistent with the KYC information provided by the client.

Account Types

Depending on which of the accounts below is right for a particular retail client, the client may be able to open one or more of the following: Cash Accounts: involve standard cash settlement of transactions, where cash or securities must be delivered two trading days after the day of trade execution. Margin Accounts: offer some level of borrowing capacity, secured by the prescribed loan value of the securities held in the account; this loan value is prescribed by the more stringent of either both the Canadian Investment Regulatory Organization (“CIRO”) or by the credit policies of Paradigm and its Carrying Broker, National Bank Independent Network (“NBIN”). Cash-On-Delivery (“COD”) Accounts: the settlement of these trades takes place between Paradigm and the client’s designated custodian on a Delivery Versus Payment (“DVP”) basis.

Registered Retirement Savings Plan (“RRSP”) accounts are intended to hold eligible retirement savings investments and assets, with appropriate contributions, in accordance with the regulations and restrictions on their operation, as prescribed in the Canadian Income Tax Act.

Registered Retirement Income Fund (“RRIF”) accounts are intended to hold eligible retirement savings investments and assets, with appropriate withdrawals, in accordance with the regulations and restrictions on their operation, as prescribed in the Canadian Income Tax Act.

Registered Education Savings Plan (“RESP”) accounts are intended to hold eligible savings investments and assets, with appropriate contributions and withdrawals, intended to help a family member pay for post-secondary education, in accordance with the regulations and restrictions on their operation, as prescribed in the Canadian Income Tax Act.

Tax-Free Savings Accounts (“TFSA”) allow clients to hold eligible savings investments and assets where the related income and capital gains are earned on a tax-free basis, in accordance with the regulations and restrictions on their operation, as prescribed in the Canadian Income Tax Act.

First Home Savings Accounts (“FHSA”) allow clients to hold eligible savings investments and assets, with appropriate contributions and withdrawals, intended to help first-time home buyers pay for their first home, in accordance with the regulations and restrictions on their operation, as prescribed in the Canadian Income Tax Act.

For more information on how the various account types operate, the client should consult an advisor. For more information on tax matters, the client should consult a licensed tax advisor.

Know Your Product

Products Available through Paradigm

Paradigm predominantly trades Canadian and US listed equities on behalf of its clients. Paradigm does not currently offer fixed income products, bonds, government debt, money market or securities traded outside the US or Canada to its retail clients. For a comprehensive list of the various products the firm offers a client should speak to their advisor.

Products may change from time to time. Clients should talk to their advisor or visit the firm's website.

Risks

Investment Risks Understanding risk and knowing an individual's comfort with risk is an important part of investing. Risk may be defined as the measurable possibility of a future investment loss or gain, including the prospect of losing some or all of the original investment in addition to any funds borrowed on margin and the associated interest costs. Risk is a common indicator of the volatility of the value of a security or market. Volatility is a measure of the rate or degree that the price of a security or investment fluctuates over time. Risk Profile:

An individual’s risk profile encompasses both risk tolerance, willingness to accept risk, and risk capacity, ability to sustain a loss.

Risk Versus Return:

It is unrealistic to expect to receive a high return without incurring any risk. In reality, risk and return are related. To seek higher returns, investors can choose investments with higher risk profiles, but must understand they can lose all their capital. The amount of risk that a client is comfortable with is their risk tolerance. How a client feels about risking their capital will drive many of the investment decisions. The risk comfort scale extends from very conservative low risk, where the client does not want to risk losing a penny regardless of how little their investment earns, to the very aggressive high-risk client who is willing to risk all of their investment for the possibility that it will grow considerably.

Risk Tolerance:

An individual's risk tolerance may be affected by a number of factors including:

• Age

• Family situation

o marital status

o number and ages of dependants

o education

• Net worth

o Assets

o Liabilities

• Investment Income needs and expectations

• Income sources and amounts

• Investment time horizon

• Insurance coverage and cash reserves

Risk Capacity:

A person’s financial situation including their assets, debt, and the amount and stability of their income are all important when determining how much risk they can take with their investments. In addition, the larger the portion of a client’s total assets they are investing, the more conservative they may wish to be with this portion of their portfolio.

Paradigm assigns a risk capacity score at account opening based on a client’s answers to various questions regarding their ability to sustain loss. This helps determine which investments are suitable for the account, based on a client’s unique situation.

Careful discussions with one’s advisor to identify their own personal risk tolerance and capacity is essential.

Common Risks

Generally speaking, risks can be classified as market-related or security-specific.

Market-Related Risks

Risk factors that every investor is subject to irrespective of specific investment holdings include:

Market risk -- Most investments are subject to the risk of a general market decline in response to changing conditions in the domestic or global economy. These market-wide changes can be unpredictable and beyond anyone's ability to forecast.

Inflation risk -- Inflation reduces an individual's future purchasing power and their real investment returns.

Interest rate risk -- Interest rates changes affect the value of fixed income securities. An increase in interest rates will result in a drop in the market value of a fixed income security.

Foreign exchange risk -- Foreign exchange rate changes affect the value of investments that are traded in a foreign currency.

Security-Specific Risks

Risk factors which can affect the value of a specific investment holding include:

Product risk -- Stocks generally carry a higher level of risk than bonds. Short-term government debt securities are essentially risk-free, with the degree of risk increasing with longer-term government

bonds, investment grade corporate bonds and other corporate bonds.

Concentration risk – a high concentration of assets in a single or small number of issuers may reduce diversification and liquidity within a portfolio and increase its volatility.

Liquidity Risk – some securities may be illiquid because of legal restrictions, the nature of the investment itself, settlement terms, a shortage of buyers, or other reasons. In general, investments with lower liquidity tend to have more dramatic price changes and may subject the investor to losses or additional costs.

Business risk -- Business specific risk factors can affect a company's profitability. The failure of a new product, labour difficulties, high debt levels and the performance of competing firms are some of the specific risk factors which may contribute to a particular company's level of business risk.

Sector risk – certain sectors might be more volatile, or speculative, and thus have differing risk profiles.

Credit Risk – the riskiness of an issuer due to its debt obligations and ability to repay outstanding debt.

Foreign exchange risk -- Foreign exchange rate changes affect the value of investments in companies that buy and sell products / services in foreign countries.

Reducing security specific risk

Security specific risks can be reduced by holding a well diversified portfolio of investments. A diversified portfolio starts by allocating a client's investments between debt and equity products. It can also factor in diversification across sectors, and specifically to avoid over concentration in any security or sector.

The debt portion of the portfolio can be further diversified by purchasing debt of different terms and of different issuers, although all issuers should have an acceptable credit rating. The equity portion of the portfolio can be further diversified by buying shares of companies in different business sectors or based in different countries. If the client does not have a large amount of money to invest, they can diversify by investing in a pooled investment like mutual funds or exchange traded funds. Paradigm clients must decide their own asset allocation and specific security concentration. If they need full-service advice, such clients should seek a full-service retail representative at another firm.

CIPF Protection from firm insolvency risk

The cash and security assets in the client's account are covered by the Canadian Investor Protection Fund (“CIPF”), details of these limits can be found at www.cipf.ca. Should the firm become insolvent. CIPF provides coverage up to CAD $1 million in cash per customer for securities in the account in the event a firm becomes insolvent. Note that registered accounts are treated as separate accounts.

6CIPF coverage does not insure against market losses due to volatile markets, product suitability, or insolvency of an actual security in an account.

Your Personal Investor Risk Profile

An advisor can help a client determine their comfort level with risk based on the information the client provides.

• For a LOW RISK investor -The firm will recommend investments that generally display a lower volatility and risk profile. Although returns generated by such products are generally lower, they may be more certain.

• For a MEDIUM RISK investor --In addition to lower risk products, the firm may propose investments that include securities that may exhibit moderate volatility and a medium risk profile. While potential returns are higher, return volatility and risk also increase.

• For a HIGH-RISK investor --In addition to lower and medium risk products, the firm may suggest investments that may be unpredictable and speculative in nature. Such products may be subject to a greater risk of loss with a greater potential for returns.

• For a COMBINATION OF RISK LEVELS - A client may have a combination of the risk levels depending on the types of accounts they have. For example, a client may be high risk investor in their margin account and a low risk investor in their RRSP account. Given the product offering at Paradigm, all retail clients must be high risk investors. Investment Suitability

Suitability assessment

CIRO member firms are required to use due diligence to evaluate the suitability of any order the firm accepts or recommendation the firm makes based on factors including a client's financial circumstances, investment knowledge, investment objectives, risk tolerance and time horizon. The firm will conduct a suitability assessment whenever:

• A trade is proposed by a client;

• A trade is recommended by a client;

• Securities are received or delivered into a client account by way of deposit or transfer;

• We become aware of a significant change in a security in a client account that could result

in the account not meeting suitability requirements;

• There is a change to the Investment Advisor on the account

• There is a material change in a client’s KYC information

The suitability of the investments held in a client’s account will not be reviewed in the case of triggering events not described above and, in particular, in the event of significant market fluctuations. While an Investment Advisor may make recommendations with respect to suitable investments, the responsibility for all investment decisions lie with the client.

Client Focused Reforms (“CFR”)

The Canadian Securities Administrators (“CSA”) mandated the CFR which supplement the Registration Requirements, Exemptions and Ongoing Registrant Obligations found in National Instrument 31-103. Paradigm recognizes that most, if not all, retail accounts will not form the whole portfolio of holdings by its clients.

Client must provide Paradigm with updates:

Paradigm will ask clients to provide at account opening and to be updated on the total Assets Under Management (“AUM”) and sector breakdown of their entire portfolio. However, as the CSA recognizes, sometimes clients may not provide a full picture, or keep Paradigm informed of all portfolio changes.

Unsolicited Orders:

Paradigm will use its business judgment whether an order, even if unsolicited, as per section 13.3(2.1) of NI 31-103, is suitable for the customer. If the registrant deems the order to be unsuitable, it may ask the client to provide updated information to substantiate the suitability of the unsolicited order.

If the advisor determines that a transaction proposed by the client is unsuitable, they will advise the client of their assessment prior to executing the trade. Moreover, a firm will reserve the right not to accept an order to purchase a security if it is not in keeping with the client's investment or risk objectives.

Paradigm mostly covers speculative investments, and thus its retail clients should have a high tolerance for risk, as well as the ability to absorb any resultant losses.

Paradigm corporate-related accounts typically hold a higher-than-normal concentration of the issuer for whom the customer is an employee. This can result from a stock-option plan and / or an issuer financial transaction in which this issuer-related employee participated. In either event, the account will likely be over-concentrated in the issuer, and the customer will have account(s) elsewhere which overall provide for a more balanced portfolio.

Referral Arrangements:

Occasionally customers will be referred to Paradigm. Should there be any referral fee attached to this referral, as per Section 13 of NI 31-103, there shall be both a referral arrangement made between Paradigm and the referring party, and a referral disclosure document sent to the underlying client who was referred to Paradigm.

Best Interests Standard:

The CSA has guided that Best Interest is dependent upon facts and circumstances, in which the materiality of a potential conflict must consider materiality, reasonability and professional judgment.

Management of Conflicts of Interest

Conflicts of interest may arise at account opening or while a client's account is held at the firm. Management of conflicts is carried out through disclosure.

Introduction

CFR requires Paradigm to take reasonable steps to identify and respond to actual and potential material conflicts of interest, and to provide clients with information about these conflicts; and where appropriate obtain prior client consent before engaging in certain types of transactions. This document contains important information clients should read carefully about the key conflicts of interest we have identified.

In situations where Paradigm is providing services in which a conflict of interest might occur between the interests of Paradigm and the client, Paradigm will fully inform clients of these conflicts in a fair, equitable and transparent manner, consistent with the best interest of our clients.

Paradigm is an employee-owned commercial enterprise that has a responsibility to maximize the returns for its shareholders and customers alike. Paradigm earns compensation for investment banking services and trading commissions, in return for investment banking work, research services, and trade execution. Customers should be aware of these fees, which are outlined below in this document.

Paradigm provides these fee/trade-based services to meet the interests and needs of customers, as expected under corporate and securities laws. Paradigm provides trusted advice and seeks to protect client and investor interests by addressing conflicts of interest.

Regulators:

The Canadian Securities Administrators (“CSA”) and the Canadian Investment Regulatory Organization (“CIRO”) stipulate that material conflicts of interest must be identified, addressed and disclosed appropriately.

Description of Paradigm

Paradigm is an independent, research-driven investment dealer, and a member of CIRO. Paradigm sales and trading focuses on companies that Paradigm covers via research services. Our investment banking team provides advisory and corporate finance services, mainly to Canadian corporate issuers. Paradigm espouses teamwork and long-term relationships that are the key to exceptional success and growth.

Paradigm believes in a dynamic work culture, and a high standard of ethics.

Paradigm’s principal clients are institutional money managers and corporate issuers; the Firm has limited number of retail client accounts, which are usually employees of either Paradigm or corporate issuers. Importantly, Paradigm does not provide the full range of services of a traditional retail member. The Firm will often act as an agent between both buyers and sellers or issuers and try to act in the best interests of all parties. Occasionally, we may also act as a principal in a Bought Deal financing or a trade in the marketplace to facilitate a client order. Consequently, some of our business activities may lead to conflicts of interest, should we represent both sides of a transaction.

National Bank Investment Network (“NBIN”)

Paradigm is a Type 2 Introducing Broker that uses NBIN as its Carrying Broker. NBIN provides many administrative services for Paradigm and its clients, which are outlined in the NBIN Account and Services Agreements and Disclosures found at www.paradigmcap.com

Managing Conflicts of Interest

Under CIRO's rules, all existing or potential material conflicts of interest between a Dealer Member and a client must be addressed "in a fair, equitable and transparent manner, and considering the best interest of the client or clients". In applying this requirement, it is recognized that it is not always possible or practical for us to address all conflicts of interest in the best interests of each client when the conflict of interest involves multiple clients and competing interests. The most common types of conflicts of interest that can occur are:

• Conflicts of interest between Paradigm and a client;

• Conflicts of interest between clients; and

• Conflicts of interest between Paradigm and our related or associated companies

Paradigm manages material conflicts of interest in three ways:

• Avoidance: Paradigm avoids conflicts of interest that are prohibited by law, as well as any conflicts that cannot be effectively addressed other than by not engaging in the activity that would give rise to the conflict.

• Control: When, in the Firm’s judgment, the conflict of interest can be successfully managed Paradigm will do so by restricting access to information and/or separating business functions.

Clients may also be provided with alternative solutions to best manage the conflict.

• Disclosure: When the Firm is unable to avoid or control the conflict, Paradigm will disclose the conflict to clients appropriately. Clients can then independently assess the significance of the conflict in light of the services offered by Paradigm, and determine with Paradigm whether and how to proceed accordingly. Outlined below are the various services offered by Paradigm, the potential conflicts to consider, and how the Firm addresses these conflicts.

Paradigm Services and Relationships:

Research:

Potential Conflict of Interest How Conflicts Will Be Addressed Paradigm provides investment research on securities of issuer companies that it may recommend to paying customers. These issuers may also have other business relationships with us, including investment banking activity.

Our Research is subject to extensive and detailed regulatory requirements and internal standards. This includes the controls over communications between the investment banking department and the research department.

Paradigm is also required to disclose within our research reports conflicts that a client should review in assessing whether these conflicts are important. These include:

• Compensation received related to both investment banking and non- investment banking services

• Ownership by the firm or analyst,

• Compensation of analysts,

• Rating systems and distributions, including where corporate finance services have been provided

• Site visits conducted by research analysts as part of the due diligence for their investment report

Sales & Trade Execution:

Potential Conflict of Interest How Conflicts Will Be Addressed

Paradigm earns compensation by selling products and services to paying clients Paradigm will inform clients of fees, commissions and other compensation so clients are aware of what they will be paying in advance of any transaction. Paradigm earns brokerage commissions on trades executed for clients which are negotiated directly between the client and the investment advisor.

All commissions are disclosed on trade confirmations. Fees for other services is documented in a fee schedule provided to retail clients at the time of account opening, as well as any time there is a change in the fees related to any services.

This includes service fees as offered by NBIN, the Carrying Broker for Paradigm. Paradigm is required to make “suitable” investment recommendations, in line with client’s investment objectives and risk tolerances, as well as the information available to investment advisors about the recommended investment. Paradigm may need to select which clients will be offered certain securities if availability is limited in the event of a New Issue being over-subscribed.

The syndication group will make a fair determination of the appropriate allocation of securities based on individual client relationships and other trade-related considerations including suitability, timing, and order size. Due to investment banking business relationships with issuers of securities, certain employees may know confidential or Material Non-Public Information (“MNPI”). As per the Tipping Provisions of Section 5 of the Securities Act (Ontario), Paradigm cannot disclose such Paradigm’s investment banking department operates as a separate business unit from both the sales and trading department and the research department. Any information obtained from issuer clients is kept confidential and not divulged to other information to clients, even if the information might lead us to not recommend a trade in those securities departments. Paradigm’s internal information barriers are designed to ensure compliance with securities regulations to ensure MNPI does not go beyond investment banking and compliance.

While the majority of trades executed are ‘Agency’ trades, Paradigm may occasionally act as ‘Principal’, trading with its own capital or securities against client orders which may result in a profit to the Firm Paradigm will obtain client consent when required and disclose on the client trade confirmation whether the Firm acted as Agent or as Principal for each transaction.

Notwithstanding the Agent/Principal nature, Paradigm will always seek to achieve Best Execution, as is found in Paradigm’s Best Execution and Order Handling Document found at www.paradigmcap.com. Paradigm may sell sedscurities of companies that are related or connected to the Firm.

Paradigm will disclose this fact to the customer at the time of the trade.

Investment Banking:

Potential Conflict of Interest How Conflicts Will Be Addressed Paradigm is paid by issuers of securities when we advise on or underwrite a new issue which we may recommend to clients. In these instances, Paradigm is acting for the issuer that wants to obtain the highest reasonable price to raise funds for the Issuer’s enterprise, while recommending the investment to purchasers who are interested in obtaining the lowest reasonable price.

Paradigm has structurally segregated the investment banking department from the rest of the advisory business. This prevents the sharing of non-public information.

The Firm’s investment banking department appropriately evaluates the reasonableness of pricing new issues and takes into consideration factors such as market conditions, market value, and the specific securities being offered. This evaluation is performed separately from the considerations of the equity sales group. In all instances, investments must be suitable for the client and in line with the client’s stated investment objectives and risk tolerance.

While institutional customers are suitability exempt, Paradigm reserves the right to not sell certain new issue securities to retail customers if it is determined that the investment is unsuitable.

The offering documents provide full disclosure of all relationships Paradigm may have with the issuer, including compensation arrangements related to the transaction.

Related or Associated Companies

Potential Conflict of Interest How Conflicts Will Be Addressed Merchant Banking Activities:

From time to time one or more companies affiliated with Paradigm may undertake merchant banking activities. Individuals involved with Paradigm in various capacities may also be involved in such merchant banking activities. Such merchant banking activity may involve an issuer to which, or about which, Paradigm provides one or more of the above listed Paradigm services. These merchant banking activities may be, or may reasonably be perceived to be, of direct or indirect benefit to Paradigm. These types of potential conflicts are covered in Paradigm’s internal policies, and the activities are supervised and monitored internally. Appropriate disclosure will be provided to clients as determined in the context of each conflict of interest.

Other Potential Conflicts of Interest

As well as the potential conflicts of interest we have set out above there are a number of other potentially relevant conflicts that may arise: Potential Conflict of Interest How Conflicts Will Be Addressed Individuals may serve on the board of directors of issuer companies or other organizations Employees may act as directors or officers of public companies in rare instances. Any employee looking to serve on the board of directors of a public company must first seek the approval of both compliance, as well as the Board of Directors to ensure all conflicts of interest are accounted for.

For employees looking to serve on the board of private companies, compliance pre-approval is required.

Employees may receive or give gifts, gratuities, or entertainment opportunities due to their relationship with clients

Paradigm has strict Policies and Procedures to limit what are acceptable gift and entertainment practices. All gifts are reviewed.

Other Outside Activities by employees of the firm All employees must disclose upon hiring and at least annually, whether they engage in outside activities for which they expect to receive compensation (including indirect payment), consideration or other benefit received or expected. If required, these activities may be added to the National Registration Database (NRD).

These activities must be preapproved by the compliance department to mitigate the risk of client confusion and/or conflicts of interest in advance, consider the best interests of the client, and approval will only be granted in cases where effective controls, and qualified supervisory personnel are in place. Employees are prohibited from engaging in outside activities that would interfere or create conflict with their duties.

Fees and Services Charges

Commissions

Commissions are transaction related fees paid to the firm at the time of sale or shortly thereafter and which are shared by the dealer with the advisor. Paradigm charges a minimum of $25 per trade for retail accounts and may negotiate a mutually agreeable fee with the client based on the number of shares purchased and/or the value of each share.

Fees

As part of the account opening process, all retail clients are provided with a Fee Schedule which details the fees Paradigm charges, including costs to:

• Trade

• Hold accounts at the Firm

• Send money via wire transfers

• Transfer accounts out of the firm

Account Reporting

Transaction and Statement Reporting

The client will receive written confirmation of all transactions in their account. The client will also receive account statements when there is a transaction during the month and on a quarterly basis regardless of account activity. We do not currently provide clients with the percentage return of their accounts on account statements.

Paradigm does not offer Portfolio Management services.

These client account statements are provided by our carrying broker NBIN and are in accordance with regulatory requirements.

Annual Portfolio Review

We are responsible for sending each client an annual account report for the previous calendar year which will be provided by our carrying broker NBIN. The report will provide information regarding how client’s investments performed over the last year and a list of charges and payments paid by the client over the same time period.

If the client chooses to have an annual portfolio review with their advisor, the client can discuss the performance of the account holdings and investment strategy.

Performance Benchmarks

Investment benchmarks are a standard against which the performance of a security, mutual fund or portfolio can be measured. Generally, broad market stock and bond indices are used for this purpose. There are dozens of indices that be used to gauge the performance of any given investment including the S&P/TSX Composite, the S&P 500 and the Dow Jones Industrial Average.

When evaluating the performance of investments, it is important for customers to compare returns against a pre-selected and appropriate benchmark.

Given the importance of having the correct comparison and the diverse nature of its client portfolios, Paradigm will not include benchmarks on the monthly client statements.

Client Responsibilities

A firm needs the client's help to ensure that the relationship with their advisor is positive and results in the services that the client needs and wants. The client has a responsibility to help achieve this outcome. To this effect, the client should:

• Provide a full and accurate description of their financial situation, investment objectives risk tolerance, risk capacity and time horizon to their advisor to assist him/her in meeting the client's investment goals.

• Promptly inform their advisor of any material changes to their life circumstances or investment objectives. A "material change" is a change to any information that could reasonably result in changes to the types of investments appropriate for a client, such as income level, investment objectives, risk tolerance, time horizon or net worth. Examples of such changes would include changes in employment, marital status or retirement plans.

• Review all account documentation, sales literature, trade confirmations, statements and other documents provided by the advisor or Firm.

• Understand all costs and fees associated with the services a client will be provided.

• Be proactive - ask questions and request information to resolve any questions about the account, specific transactions or investments or the client's relationship with their advisor.

• Be cognizant of potential risks and returns on investments.

• Communicate in writing expectations for the advisor and/or firm.

• Contact the Chief Compliance Officer if displeased with answers or explanations from the advisor: [email protected]

• Ensure payment for transactions is made by the settlement date.

• Review account/portfolio holdings on a regular basis and discuss them with the advisor.

• Consult a professional such as a tax accountant or a lawyer for professional advice.

Complaint Handling Procedures

Written client complaints can be submitted either via email to [email protected] or via mail to the Designated Complaints Officer (“DCO”) of Paradigm Capital Inc.

General Counsel

95 Wellington Street West, Suite 2101

Toronto, Ontario M5J 2N7

The DCO may also be reached by phone at 416 361 9892.

Within five (5) business days of the receipt of a complaint, the client will be sent an acknowledgment letter. In this acknowledgement letter, Paradigm may request additional information in order to investigate the complaint. Paradigm will also send the client the following CIRO brochures: How To Make a Complaint (Link to brochure) and How CIRO Protects Investors (Link to brochure).

The client will also receive these brochures at the time of account opening. Within ninety (90) calendar days of the receipt of a complaint, Paradigm will provide the client with a substantive response. If Paradigm is unable to respond to the complaint within the above time frame, the client will be provided a written explanation as to why.

In the final decision letter, Paradigm will provide the client with a summary of their complaint, the results of the investigation, an explanation of the final decision, and the other options available for seeking compensation, should the client not be satisfied with the response.

If any client is dissatisfied with Paradigm’s final response, they may contact the following organizations: Ombudsman for Banking Services and Investment (“OBSI”), Canadian Investment Regulatory Organization (“CIRO”), or they may choose to go to arbitration or pursue legal action.

Agreements and Disclosures:

The following agreements, some of which may be found at www.paradigmcap.com, may be entered into depending on the type of account(s) the client opens:

• Joint Account Agreement

• Margin Agreement, to be obtained before a margin account is opened

• Consent to electronic delivery of documents

• Trading Authority Agreements

The following disclosures are provided via www.paradigmcap.com to the client by Paradigm:

• Research Rating System

• Research Distribution Policy

• Best Execution and Order Handling

• Privacy Policy and Agreement

• Relationship Disclosure Information

• NBIN Account & Services Agreements & Disclosures

• NI 24-101 Trade Matching Statement

• CIRO Know Your Advisor: Advisor Report

The remaining disclosures below are provided to the client via email at the time of account opening:

• Introducing/Carrying Broker Disclosure Statement

• Paradigm’s Fee Schedule

• CIPF Brochure

• OBSI Brochure

• How CIRO Protects Investors Brochure

• CIRO Complaints Brochure

• Paradigm’s Business Continuity Plan

Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) is committed to advancing open-pit oxide deposits in America's Great Basin, a region known for its large-scale gold projects ideal for open-pit mining. This area, one of the most productive gold-producing regions globally, spans Nevada and extends into Idaho and Utah.

Liberty's flagship project, Black Pine in southeastern Idaho, is a former Carlin-style gold-producing system with a significant and growing resource. The project can be mined profitably as an open-pit heap leach operation while maintaining environmental responsibility, according to the company.

Below are what some analysts are saying about this junior gold exploration company.

Peter Bell – Canaccord Genuity Capital Markets

Liberty Gold recently announced a subscription agreement with Centerra Gold Inc., through which Centerra will acquire 9.9% of Liberty Gold's issued and outstanding common shares, Canaccord Genuity Capital Markets Analyst Peter Bell wrote in an updated research note on September 8. Centerra committed to purchasing 50,025,230 shares at CA$0.56 each, resulting in gross proceeds of CA$28.01 million, a 10% premium over the five-day VWAP and a 6% premium over the closing price on September 5.

Bell said he believes Centerra's investment indicates confidence in the quality of the Black Pine project, which is supported by a team with technical and operational expertise in the area.

"We have a SPECULATIVE BUY rating and CA$4.25 target price" on Liberty, Bell wrote in his update. "Our target is predicated on a 0.85x multiple applied to our forward curve-derived operating NAV less net debt and other corporate adjustments."

On August 27, Bell had reacted to the company's recent drilling results, which consisted of 24 holes totaling 1,400 meters at the project's legacy heap leach pad. The assays showed residual gold grades that could support potential economic reprocessing, with individual samples ranging from 0.06 to 1.18 grams per tonne gold (g/t Au), with the highest grades found near the surface.

Bell said his firm sees this as positive for three reasons: the revenue from this gold can cover the cost of moving the old heap leach material, removing the legacy pad allows access to mine additional ounces, and it opens up the area for exploration drilling beneath the pad.

Preliminary work is underway for the legacy heap leach pad resource estimation, the analyst noted. Metallurgical testing is ongoing to evaluate leach-recoverable gold from the legacy heap leach pad and assess the material’s geotechnical suitability as an over-liner replacement. Once metallurgical test work is completed and it confirms the expected leach characteristics, the Rangefront open pit optimization will be updated to remove the 50-meter setback.

Phil Ker – Ventum Capital Markets

On August 27, Ventum Capital Markets Analyst Phil Ker called the sonic drilling campaign at Black Pine's results "promising." Liberty is evaluating the possibility of using 10-20% of the legacy heap as overliner material for the new heap leach pad, with the remainder to be integrated into the mine plan, Ker explained.

"We see this potentially adding additional gold ounces early in the mine plan while minimizing initial capital costs and providing increased optionality, specifically at the Rangefront pit, where significant expansion potential remains below the legacy heap," Ker stated. The sonic drilling covered most of the approximately 31 million-ton legacy heap leach pad. "Although grades are low, we do see the potential for enough recoverable gold to cover rehandling and processing costs, unlocking further optionality and value at the Rangefront pit."

From these analysts' ratings, Streetwise Reports came up with an average rating of Buy / Outperform / Speculative Buy, with an average target price of US$1.44 / CA.$1.98.

In addition to directly adding gold ounces from the legacy heap, Liberty also sees strong potential to increase ounces in the mine plan through ongoing reserve expansion at the Rangefront pit. The legacy heap currently limits the northern expansion of the Rangefront pit, but removing this material could not only add ore by utilizing the PFS (preliminary feasibility study) resource pit instead of the reserve pit, potentially adding around 250,000 ounces of gold, but also presents an excellent target for resource expansion adjacent to the Rangefront deposit, Ker mentioned.

Liberty is advancing its risk-reduction strategies at Black Pine, with initial efforts underway to establish a resource at the legacy heap leach pad, along with metallurgical testing to assess its suitability as overliner material for the new heap leach pad, the analyst noted.

"With an updated resource estimate and the spin-out of the Goldstrike/Antimony Ridge project pegged for Q4/25, we continue to anticipate a busy H2/25 for LGD," Ker wrote.

Ker stated that the company is currently valued at a P/NAV ratio of 0.09x, significantly lower than the 0.24x average of other gold developers in Ventum's coverage. With clear upside potential as the company advances its risk-reduction strategies at the Black Pine project, Ker foresees substantial value creation for shareholders. An updated resource and economic study are anticipated to further highlight the project's potential, he wrote.

"We maintain our BUY rating and CA$1.00/share target price," the analyst concluded.

Rabi Nizami – National Bank of Canada Financial Markets

National Bank of Canada Financial Markets Analyst Rabi Nizami highlighted that Liberty and Centerra will establish an investor rights agreement. This will allow Centerra to maintain its ownership percentage, have representation on Liberty's technical committee, and appoint one board member.

The subscription is expected to close around October 1, 2025, with the shares subject to a four-month holding period. Nizami rated Liberty as Outperform with a target price of CA$0.70 per share, indicating a potential return of over 30% from the current price.

Liberty's shares have recently outperformed, increasing by 41% over the past month compared to a 19.1% rise in the junior gold miner index. There has been renewed interest in domestic projects, particularly those with clear permitting pathways, and this transaction aligns with that trend. Centerra's investment enhances the project's visibility as one of the few pre-feasibility stage multi-million-ounce heap leach projects in the U.S.

Nizami stated that National Bank of Canada Financial Markets expected continued exploration efforts to identify additional resources, which are essential for re-optimizing future mine plans to stabilize production and reduce reliance on stockpile rehandling during the middle years of the current PFS mine plan. The newly announced funding adds to the US$17.6 million in cash reported as of Q2/25, along with US$4.8 million in proceeds from the TV Tower sale expected in Q4/25 and Q4/26. These funds will support the advancement of the 100%-owned Black Pine project in Idaho towards a construction decision, ideally envisioned by management for late 2027.

Nizami noted several upcoming catalysts for the company, including further metallurgical test results, more results from the drilling program, submission of the Black Pine NOI, completion of feasibility resource drilling at Black Pine, a feasibility study on Black Pine, and receipt of a US$2.6 million TV Tower deferred payment.

Lauren McConnell – Paradigm Capital

According to Paradigm Capital Senior Analyst Lauren McConnell, writing on August 27, the drilling at Black Pine confirmed the presence of residual cyanide-soluble gold in the heap, offering the potential for economic reprocessing and additional advantages for mine planning.

McConnell described the announcement as "incremental but positive."

"Liberty has demonstrated an opportunity to extract additional gold at minimal cost, reduce capital requirements by re-using material, and unlock access to ~250 Koz (thousand ounces) of constrained resources in the Rangefront pit," she wrote. "Importantly, this is not a standalone development but a strategic enhancement to the feasibility program, with the potential to improve NAV, reserve conversion and payback metrics versus the 2024 PFS."

For investors, this update highlights Black Pine’s status as a large, adaptable oxide system in the Great Basin, McConnell said.

Near-term catalysts include metallurgical results from the heap material and updated mine optimization studies. Success in these areas could modestly enhance the project’s NPV while also bolstering the investment case for potential M&A interest, given the district-scale profile and oxide heap-leach flexibility. 

"Liberty trades at a deep valuation disconnect — at US$32/oz based on our minable estimate versus the Takeover Twenty peer median of US$47/oz, and at 0.05x P/NAV, compared to the peer median of 0.12x," the research note stated. "It currently ranks #2 in our Takeover Twenty screen."

Near-term catalysts include metallurgical results from the heap material and updated mine optimization studies. Success in these areas could modestly increase the project’s NPV while also strengthening the investment case for potential M&A interest, given the district-scale profile and oxide heap-leach flexibility.

"Liberty trades at a deep valuation disconnect — at US$32/oz based on our minable estimate versus the Takeover Twenty peer median of US$47/oz, and at 0.05x P/NAV, compared to the peer median of 0.12x," the research note said. "It currently ranks #2 in our Takeover Twenty screen."

Analyst Summary

*From these analysts' ratings, Streetwise Reports came up with an average rating of Buy / Outperform / Speculative Buy, with an average target price of US$1.44 / CA.$1.98.

Ownership and Share Structure

According to Refinitiv, about 4% of the company is with management and insiders and about 28% is with institutions. The rest is with retail investors.

Top shareholders include Van Eck and Associates Corp. with 11.64%, Franklin Advisers Inc. with 8.76%, Konwave AG with 3.25%, Merk Investments LLC with 2.74%, and Calvin Everett with 2.41%.

Its market cap is approximately CA$241.46 million, with about 455.2 million shares outstanding. The company trades in a 52-week range from CA$0.25 to CA$0.54​.