Resource Firm Finds High-Grade Gold at Idaho-Nevada Border Deposit
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. 

For additional disclosures, please click here.

Disclosures for 3L Capital, Liberty Gold Corp., December 3, 2025:

3L Capital has prepared this report for informational purposes only. It is intended to provide general information and should not be interpreted as a solicitation to engage in securities transactions, a recommendation to buy or sell securities, or investment advice. The opinions expressed in this report reflect the author's views as of the report's date. It is strongly advised that recipients conduct their independent investigations and seek professional advice before making any investment decisions. While the information contained in this report is derived from sources believed to be reliable, its accuracy cannot be assured.

It should be noted that 3L Capital, along with its affiliates and associates (collectively known as "3L Capital"), may have provided financial advisory and other services to the companies mentioned in this report in the past or may do so in the future. As a result of rendering such services, 3L Capital may receive financial and other incentives from these companies. 3L Capital employees and affiliates may hold positions in and may buy or sell securities of companies mentioned in this report.

For a detailed discussion of company-specific risks, please refer to the "Risk Factors" segment in the company's MD&A section.

Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) has released another set of RC infill results from Black Pine, and the narrative remains consistent: reliable, predictable oxide grades that continue to affirm the geological model as the company approaches the Feasibility Study (FS), according to a research note on December 3 written by 3L Capital Analyst Steven Therrien.

The standout figures, 0.68 grams per tonne gold (g/t Au) over 24.4 meters and 0.81 g/t Au over 22.9 meters in LBP1179 at Rangefront and 0.61 g/t Au over 71.6 meters in LBP1192 at Discovery, align with the grades and widths of existing holes, reinforcing the continuity observed across the main zones, the analyst noted.

Drilling is ongoing with three rigs, and the 2025 program aims to complete 33,000 meters by mid-December. Approximately 60,000 meters of drilling conducted after the Preliminary Feasbility Studay resource model will be integrated into the FS resource model, scheduled for release in Q1 2026.

Rangefront Is Driver for Growth

Rangefront remains the primary driver of FS resource growth. Today, 21 holes are reported (with about 30 still pending), and the results consistently match previous hole grades and widths while identifying additional shallow oxide ounces in internal gaps, Therrien wrote.

Therrien said the firm believes the most significant impact of the results will be at the east end of Rangefront, where drilling returned intercepts such as 80.8 meters at 0.36 g/t Au or 61 meters at 0.34 g/t Au, where no historical drilling previously existed. These results will convert waste to ore in future pit designs and are expected to expand the reserve/resource pit in the upcoming FS.

"We think the most significant impact of today's results will be at the east end of Rangefront, where drilling returned intercepts such as 80.8 meters at 0.36 g/t Au or 61 meters at 0.34 g/t Au, where no historical drilling previously existed," Therrien said. "These results will convert waste to ore in future pit designs and should expand the reserve/resource pit in the upcoming FS. 7 PQ holes (1,524) have been completed for the Phase 10 metallurgical program, which will improve spatial coverage at Rangefront."

Discovery drilling results are as anticipated, the analyst wrote. Drilling is confirming historic results, solidifying geotechnical inputs, and locally expanding modeled high-grade zones to the NNE, all contributing to higher-confidence ounces in the FS resource. LBP1192 and 1189 returned 71.6 meters at 0.61 g/t Au, 18.3 meters at 0.44 g/t Au, and 30.5 meters at 1.25 g/t Au in a lower-density drilling area and should extend higher grades into this area.

"Our current base case NAV-3000Au for LGD stands at CA$3 billion (CA$3.70/share), implying a P/NAV of 0.23x," the analyst wrote. "At US$3,500/ounce Au, NAV increases to CA$4 billion (CA$4.95/share) with a P/NAV of 0.17x. If LGD were to trade at the average P/NAV multiple for developers we track at 0.33x; it would suggest 43% of upside in our base case scenario and 94% in our spot scenario."

The author continued, "If LGD were to be acquired at the average developer takeout P/NAV at 0.63x that we have calculated for recent times, it would imply 174% upside in our base case and 271% upside in our spot case."

Upcoming Catalysts

According to the note, upcoming catalysts for the company include grade control, resource upgrade, growth, and exploration drilling; metallurgical derisking rrogram results, Including Evaluation of Legacy Heap; and the Feasibility Study Resource Estimate (Q4 2025/Q1 2026) and Black Pine Feasibility Study (H2 2026).