Gold Co. Strengthens Team Ahead of Feasibility, Permitting

Source: Lauren McConnell 07/24/2025

Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) is “one of the best-positioned oxide gold developers in North America,” given its low-capex, high-leverage, heap-leach profile and the advanced stage of its Black Pine project, noted a Paradigm Capital report.

Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) appointed four senior technical leaders to its management team to accelerate its Black Pine gold project in Idaho through feasibility, permitting and to a construction decision, reported Paradigm Capital Analyst Lauren McConnell in a July 22 research note.

“We view this as a critical and positive step in Liberty Gold’s transition from explorer to developer,” McConnell wrote. “The newly expanded technical team significantly reduces execution risk as Black Pine moves into a decisive stage.”

Stock Undervalued

Liberty is trading at a deep discount to its Takeover Twenty peers, noted the analyst, at only US$31 per ounce ($31/oz) and at 0.05x price:net asset value versus the peer median of US$46/oz and 0.11x, respectively.

“Liberty continues to be one of our favorite development names,” McConnell commented.

Additions to Team

In her report, the Paradigm analyst presented each of the new appointees:

Tyler Cole, Liberty’s vice president of project development, will lead completion of the Black Pine feasibility study and related engineering, procurement and construction management work. A mining engineer, Cole has worked for Kinross Gold Corp. (K:TSX; KGC:NYSE), Evolution Mining Ltd. (EVN:ASX; CAHPF:OTCMKTS) and Worley Ltd. during his 20 years of experience.

Richard Zaggle, Liberty’s senior director of mining and metallurgy, will direct processing, metallurgy, and mine-to-mill integration. Previously with SSR Mining Inc.’s (SSRM:NASDAQ) Marigold, Cripple Creek, and Victor mines, Zaggle has extensive heap leach and flowsheet optimization experience.

Owen Nicholls, as Liberty’s director of technical services, will oversee the feasibility resource model, grade control systems and integration of geotechnical/hydrogeological programs. Formerly, Nicholls was the U.S. exploration manager at Equinox Gold Corp. (EQX:TSX; EQX:NYSE.A) and vice president of exploration at Argonaut Gold Inc. (AR:TSX).

Charles Mumford will serve as Liberty’s senior environmental and permitting specialist, leading environmental compliance and permitting. Having worked previously at SLR Consulting and the U.S. Bureau of Land Management, he knows the National Environmental Policy Act (NEPA) process well.

“These hires deepen Liberty’s in-house capabilities across engineering, metallurgy, permitting, and operations, effectively rounding out a fully formed ‘owner’s team’ ahead of key milestones,” McConnell wrote.

Project is Takeout Target

McConnell pointed out that Black Pine is an ideal takeout target, “offering scale, permitting momentum, heap-leach simplicity and meaningful reserve growth potential.” Paradigm considers Black Pine a strategic gold project, open pit and heap leach with 3,100,000 ounces in Proven and Probable reserves and a 17-year mine life. Its economics are strong with an after-tax net present value (NPV) of US$550 million and an internal rate of return of 32%, at a US$2,000/oz gold price, according to the prefeasibility study. At $3,000/oz gold, the NPV is $1.7 billion. Located in Idaho’s Great Basin, Black Pine has secured water rights, grid power, and minimal environmental, social, and governmental hurdles.

“[The company] currently ranks No. 1 in our Takeover Twenty screen,” McConnell wrote.

What to Watch For

A handful of upcoming events could boost Liberty’s stock price, noted McConnell. They are an updated feasibility resource model, expected in Q4/25; completion of the feasibility study in H2/26; progress with NEPA and state permitting, started earlier this year; preparation for a construction decision in late 2027-early 2028; and ongoing drilling (about 40,000 meters for the feasibility study are underway).

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Disclosures for Paradigm Capital, Liberty Gold Corp., July 22, 2025

About Paradigm Capital Inc. Paradigm Capital Inc. (PCI) is a research-driven, independent, institutional equity investment dealer focused on sectors and companies that have attractive longterm secular growth prospects. PCI’s research is available on our website at www.paradigmcap.com. Please speak to your Sales or Trading Representative if you require access to the website. The analyst (and associate) certify that the views expressed in this report accurately reflect their personal views about the subject securities or issuers. No part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations expressed in this research report. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated directly or indirectly from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and investment guidance and client feedback. Analysts are not directly compensated for specific Investment Banking transactions. The opinions, estimates and projections contained herein are those of PCI as of the date hereof and are subject to change without notice. PCI makes every effort to ensure that the contents herein have been compiled or derived from sources believed reliable and contain information and opinions, which are accurate and complete. However, PCI makes no representation or warranty, express or implied, in respect thereof, and takes no responsibility for any errors and omissions that may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this research report or its contents. Information may be available to PCI, which is not reflected herein. This research report is not to be construed as an offer to sell or solicitation for or an offer to buy any securities. PCI, its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. PCI may act as financial advisor and/or underwriter for certain of the corporations mentioned herein and may receive remuneration for same. PCI is a member of The Toronto Stock Exchange, The TSX Venture Exchange and The Canadian Investment Regulatory Organization (CIRO). Any products or services mentioned on this website are made available only in accordance with local law (including applicable securities laws) and only where they may be lawfully offered for sale. PCI will not open accounts except in jurisdictions in which it is registered. To U.S. Residents: This report was prepared by PCI which is not subject to U.S. rules with regard to the preparation of research reports and the independence of analysts. PCI U.S. , affiliate of PCI, accepts responsibility for the contents herein, subject to the terms as set out above. Any U.S. person wishing to effect transactions in any security discussed herein should do so through PCI U.S.

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