Gold Co.'s Black Pine Resource Jumps 22%
Research Report

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Disclosures for National Bank of Canada, Liberty Gold Corp., February 10, 2026

RISKS: Financing risk: There is risk to our valuation that future financing terms are less attractive than we currently model which could result in greater dilution to shareholders or more onerous debt constraints. Exploration risk: Our investment thesis considers exploration upside. There is no assurance that the company will realize exploration success in the future. Permitting risk: The Company’s portfolio of projects in the United States will be subject to environmental regulations and governmental approvals, and permits will be required to advance the projects to production. ADDITIONAL COMPANY RELATED DISCLOSURES Liberty Gold Corp. LEGEND FOR COMPANY RELATED DISCLOSURES: 2. NBF has provided investment banking services for this issuer within the past 12 months. 3. NBF or an affiliate has managed or co-managed a public offering of securities with respect to this issuer within the past 12 months. 4. NBF or an affiliate has received compensation for investment banking services from this issuer in the past 12 months. 5. The research analyst responsible for the report received compensation within the prior 12 months that was based upon NBF’s investment banking revenues. 6. NBF or an affiliate has a non-investment banking services related relationship during the past 12 months. 7. The issuer is a client, or was a client, of NBF or an affiliate within the past 12 months. 8. NBF or its affiliates expects to receive or intends to seek compensation for investment banking services from this issuer in the next 3 months. 9. As of the end of the month prior to the issuance date of this research report (or as of the end of the second most recent month if the report issuance date is less than 10 days after the end of the prior month), NBF or its affiliates beneficially own 1% or more of any class of common equity securities of this issuer. 10. NBF makes a market in the securities of this issuer at the time this report was published. 11. A partner, director, officer of NBF or the research analyst involved in the preparation of this report has, during the preceding 12 months, provided services to this issuer for remuneration other than services provided in the normal course of investment advisory or trade execution services. 12. A research analyst, its associate or any person directly involved in the preparation of this report holds or is short any of the issuer’s securities, directly or indirectly. 13. is a partner, director, officer, employee or agent of NBF and is a partner, an officer, director, or employee of, or serves in any advisory capacity to Liberty Gold Corp.. 14. The research analyst or an associated person of NBF with the ability to influence the content of a research report knows or has reason to know any other material conflict of interest at the time of the publication or distribution of this report. 15. A redacted draft version of this report has been shown to the issuer for fact checking purposes and changes may have been made to the report before publication

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National Bank Financial analyst Rabi Nizami maintained his Outperform rating on Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) with a CA$1.70 target price following a positive mineral resource estimate (MRE) update at the company's 100%-owned Black Pine gold project in Southeastern Idaho.

At the time of publication, LGD shares were trading at CA$1.33, implying approximately 28% upside to the analyst's target.

Resource Update

Liberty Gold announced a materially expanded MRE at Black Pine, with total resources increasing to 5.9 million ounces (Moz) at 0.28 g/t gold, up from 4.9 Moz at 0.30 g/t — representing a 22% increase in ounces at a modestly lower average grade. The updated resource is comprised of Indicated resources of 4.88 Moz at 0.30 g/t (previously 4.2 Moz at 0.32 g/t) and Inferred resources of 1.05 Moz at 0.21 g/t (previously 0.70 Moz at 0.23 g/t).

The resource carries an implied overall strip ratio of 0.75x. Notably, the resource includes a high-grade core of 1.9 Moz Indicated at 0.99 g/t gold using a cut-off grade (COG) of 0.50 g/t, which may underpin the early years of a potential mine plan. The MRE was estimated using a gold price assumption of US$2,800/oz (previously US$2,000/oz) and incorporates results from 178 new RC drill holes totaling 39,520 metres drilled in 2024 and 2025. An additional 21,000 metres of drilling in 93 holes was completed after the MRE cut-off date.

Valuation Impact

Nizami noted that at the prior close, LGD traded at an enterprise value of approximately US$76 per ounce relative to its then-total company resource base of 6.1 Moz (inclusive of 1.2 Moz at the Goldstrike asset). With the updated total MRE now standing at 7.15 Moz, this multiple compresses to US$65/oz.

The analyst's target price is based on a 0.70x multiple to project net asset value derived from the prior PFS mine plan, plus corporate adjustments.

Strategic Context

Nizami highlighted that the resource expansion follows Black Pine's acceptance into the "Fast-41" federal permitting process in January 2026 and views the combination of a larger resource and streamlined permitting pathway as supportive of LGD's positioning as a potential M&A target for larger companies. The analyst expressed preference for the fact that the majority of the resource increase came from the higher-confidence Indicated category, and noted that the slightly lower grade is offset by an apparent decrease in strip ratio.

The prior 3.1 Moz reserve estimate that underpinned the 2024 Preliminary Feasibility Study (PFS) has been retired with this update and is expected to be upgraded and reissued alongside the upcoming Feasibility Study. The 2024 PFS had outlined a 183 koz/year production profile over Years 1–5, total production of 2.2 Moz over a 17-year mine life, an after-tax NPV5% of US$550 million, a 32% IRR, and initial capital expenditures of US$327 million — all based on a US$2,000/oz gold price assumption.

Upcoming Catalysts

Key upcoming catalysts include results from a 40,000-metre RC drill program (Q1/26), federal registry of the Black Pine Notice of Intent to commence an Environmental Impact Statement (Q1/26), further metallurgical test results (Q2/26), the Black Pine Feasibility Study (Q4/26), and receipt of a US$2.6 million TV Tower deferred payment (Q4/26).

Risks

The analyst identified three primary risks to the investment thesis: financing risk, whereby future financing terms may be less attractive than modeled, resulting in greater shareholder dilution or more restrictive debt covenants; exploration risk, as there is no assurance the company will realize future exploration success; and permitting risk, given that Black Pine and other U.S. projects will require environmental approvals and governmental permits to advance toward production.