Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) released the results of a feasibility study for its 100%-owned Black Pine Oxide Gold Project in southern Idaho, outlining a 16-year open-pit, run-of-mine heap leach operation with an initial capital cost of $411.4 million.

According to the study, the project holds a Probable Mineral Reserve of 4.04 million ounces of gold from 433.3 million tonnes grading 0.29 grams per tonne. At a base case gold price of $3,250 per ounce, the project is estimated to generate an after-tax net present value of $2.4 billion at a 5% discount rate and an after-tax internal rate of return of 60.5%, with a payback period of 2.0 years.

Average annual payable gold production is projected at 202,000 ounces in years one through five, declining to a life-of-mine average of 176,700 ounces per year. Life-of-mine all-in sustaining costs are estimated at $1,566 per ounce.

Total life-of-mine capital, including $254 million in sustaining capital and $160.1 million in closure costs, is estimated at $825.5 million. Total life-of-mine operating costs are estimated at $3.89 billion, or $8.98 per tonne processed.

At a gold price of $4,500 per ounce, the study estimates an after-tax NPV of $4.34 billion and an IRR of 104.3%. At $2,500 per ounce, the after-tax NPV is estimated at $1.22 billion with an IRR of 33.4%.

The project is currently advancing through federal and state permitting as a FAST-41 Covered Project. The U.S. Forest Service initiated public scoping for an Environmental Impact Statement in April 2026. The feasibility study was prepared by M3 Engineering and Technology Corporation.

Jon Gilligan, President and CEO of Liberty Gold, said the company's focus has shifted to "detailed engineering, planning, and other activities required to support execution readiness and a potential construction decision."