Liberty Gold is a single-asset gold developer focused on its Black Pine Oxide Gold Project in Cassia County, southeastern Idaho. Black Pine is a Carlin-style, sedimentary-hosted oxide gold deposit being advanced through a feasibility study and federal permitting. This interview with Jon Gilligan, President and CEO, covered the project’s geological and technical case, the recent sale of the company’s non-core Goldstrike asset in Utah to Heliostar Metals, the permitting timeline under FAST-41, financing strategy, upcoming catalysts, and M&A intentions.

TL;DR

Liberty is a single-asset developer with a now-funded balance sheet after closing the Goldstrike sale to Heliostar for up to US$72.5 million total (US$10 million cash plus ~US$2.5 million in Heliostar shares on close, with US$20 million more in cash coming over the next 18 months). A feasibility study is due in Q4 2026, targeting over 200,000 oz/year gold production in the first five years. A federal permitting decision under FAST-41 is scheduled for January 5, 2028, which, if it holds, could have first gold production before the current U.S. administration changes. Jon’s stated intention is to build Black Pine themselves, not sell it.

What have they done for shareholders lately?

The February 2026 resource update brought Black Pine to 4.88 million oz Au indicated at 0.30 g/t and 1.05 million oz inferred at 0.21 g/t, with a high-grade subset of about 1.9 million oz at roughly 1.0 g/t within the indicated resource. That represented a roughly 17% increase in contained indicated ounces versus the 2024 pre-feasibility resource. The company submitted and had its Mine Plan of Operations accepted as administratively complete by the U.S. Forest Service and BLM in late 2025, which triggered entry into the EIS process. Black Pine was accepted as a “covered project” under the FAST-41 federal permitting framework, with a negotiated schedule targeting a Record of Decision by January 5, 2028, basically cutting six months off the standard 24-month NEPA timeline. The Goldstrike sale to Heliostar closed on April 27, 2026, with the initial US$10 million cash and ~1.6 million Heliostar shares (worth roughly US$2.5 million) landing in treasury. A smaller non-core asset was also sold to Blue Moon Metals for approximately US$2 million worth of Blue Moon stock, with a 2% NSR retained.

How much money do they have and what are they spending it on?

Working capital at end-2025 was approximately C$26 million. The Goldstrike sale has now closed, adding US$10 million cash plus ~US$2.5 million in Heliostar stock immediately, with a further US$10 million cash due at 12 months post-close and another US$10 million at 18 months post-close. The remaining US$40 million is tied to project milestones or a five-year backstop. About C$5.7 million in warrant proceeds (45-cent warrants) were also expected to come in around the time of the interview. Jon confirmed they do not need to go back to the public markets before the feasibility study is published. The stated use of proceeds from Goldstrike covers ongoing feasibility study work, continuing the 2026 drill program, metallurgical test work, ordering long-lead equipment items, potential early works ahead of permits, possible water rights acquisition, and private land purchases near the project. G&A is 18 people currently and Jon expects it to grow modestly in H2 2026 as early construction and owner’s team hires begin, but described the increase as not material. The total project build cost (excluding mining equipment) was put at just under US$400 million.

Upcoming catalysts

Technical / Operational: Metallurgical bulk sample results confirming run-of-mine heap leach recoveries at coarse particle size are due in Q2 2026. Drill results from the 2026 infill and step-out program, expected on a rolling basis starting a few months from the interview date. Feasibility study publication is targeted for Q4 2026 (October named specifically).

Corporate: Formal announcement of the 2026 drill program scope is expected in Q2 2026. Award of detailed engineering contracts in Q3 2026. Placement of long-lead equipment orders (electrical gear, structural steel) between Q2 and Q3 2026. The 45-cent warrants are expected to be exercised (share price ~C$1.62 at time of interview), bringing in approximately C$5.7 million.

Permitting: First draft of the Environmental Impact Statement due at end of 2026, becoming public in early 2027. Federal and Idaho state Record of Decision remains on track for January 5, 2028.

Risks

Permitting is the thing that worries Jon most. The FAST-41 schedule is ambitious and while he laid out reasonable arguments for why it’s achievable (previously producing site, no surface water, no aquatic species, existing environmental baseline data, Idaho state agencies aligned with the federal schedule), the EIS process is still a known unknown and public comments, tribal engagement with the Shoshone-Bannock and Shoshone-Paiute Tribes, and agency findings could add requirements or timelines that are not yet visible. The grade story (0.30 g/t average) continues to be a market education challenge, and Jon acknowledged that some investors struggle to get comfortable with it despite the margin argument. Being a single-asset company after the Goldstrike sale concentrates all execution risk on Black Pine.

Liberty Gold CEO Interview

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