Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) announced results of the feasibility-level, phase 5B metallurgical program for its Black Pine project in Idaho, and they demonstrated "favorable leach metrics," reported Philip Ker, analyst at Ventum Capital Markets, in a Sept. 24 research note.
"Results from the phase 5B program indicate robust recovery levels across a wide range of crush sizes in lab testing," Ker wrote.
61% Return Implied
Ventum reiterated its CA$1 per share target price on the U.S. explorer-developer, trading at the time of Ker's report at about CA$0.62 per share, the analyst noted. From this price, the return to target is 61%.
Ker pointed out that LGD remains "a significant value compared to other gold developers within our coverage universe," as it is trading at a price:net asset value metric of 0.15x versus peers a 0.31x.
Liberty Gold remains a Buy.
The company has 455.2 million basic shares outstanding. Its market cap is CA$282 million. Its 52-week range is CA$0.25–0.64 per share.
What the Results Mean
The purpose of the Phase 5B metallurgical program was to expand sample coverage and confirm consistency of gold extraction rates in multiple rock units throughout the interior of the Rangefront and Discovery deposits. Accordingly, 22 column leach tests were done.
The findings showed an "impressive" average recovery of 81.9% at an average head grade of 0.65 grams per ton gold. Recovery of material from Rangefront averaged 85.2% and from Discovery, 80.5%.
Also, results demonstrated rapid leaching, with more than 80% recovery in 10 days.
Bottle roll tests done at a smaller crush size, about 2 millimeters versus 20, returned comparable recovery, of 78.4%. This reinforces Black Pine's insensitivity to ore size, and thus supports the potential for a low-cost, run-of-mine (ROM) heap-leach process to be employed, Ker highlighted.
Considering all of the metallurgical program phases completed thus far at the project, the analyst commented: "With ongoing metallurgical test work continuing to showcase the robust recovery potential at Black Pine, we see ongoing results setting a solid foundation for the much-anticipated 2026 feasibility study and support our thesis of Black Pine delivering robust economics around a potential ROM processing scenario."
More Phases Ahead
Liberty has additional metallurgical test work at Black Pine planned to refine its recovery model, and continues to move through each program. Three phases remain.
Phase 6 is a bulk sampling program across variable rock units. Phase 7 involves cutoff-grade variability test work. In phase 8, material from the legacy heap-leach pad will be tested to determine its potential for reprocessing and reuse.
What to Watch For
Potential catalysts for Liberty include the release of additional metallurgical program results on an ongoing basis throughout H1/26 and completion of the subsequently feasibility study expected in Q4/26.
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- Liberty Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$5,000.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
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Disclosures for Ventum Capital Markets, Liberty Gold Corp., September 24, 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. Price Volatility/Risk 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. 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. Research Disclosures Company Disclosure Liberty Gold Corp. 3, 4 Applicability 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 securities. 2. 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. 3. 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. The analyst had an on-site visit with the subject company. For details, refer to the General Disclosure section. 10.The analyst or any partner, director, or officer has been compensated for travel expenses incurred as a result of an on-site visit with the subject company. 11.During the past 12 months immediately preceding the date of the research report or a recommendation was issued, Ventum Financial Corp has provided services by any partner, director or officer of the Dealer Member or analyst involved in the preparation of a report, other than services provided in the normal course investment advisory or trade execution services to the subject company for remuneration. 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 Company Type of Review Operations / Project Date Ker, Phil Liberty Gold Corp. Management Review All 08/19/25 Recommendations Number of Recommendations Percentage BUY 70 72.92% NEUTRAL 6 6.25% SELL 0 0.00% UNDER REVIEW 18 18.75% N/R 0 0.00% TENDER 1 1.04% RESTRICTED 1 1.04% TOTAL 96 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).
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 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 ೃnancial advisor, ೃscal 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.
