Liberty Gold Closes the Book on Turkey Sale, Turns Full Attention to Black Pine

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Key Investor Takeaways

• Liberty Gold has received the final US$2.6 million staged payment from the sale of its 72.1% interest in the TV Tower copper-gold project in Turkey, completing the US$8.5 million consideration.
• The sale brought in non-dilutive capital in three installments, starting with US$3.7 million when the transaction closed in October 2024.
• The September 8, 2026, feasibility study for the Black Pine oxide gold project in Idaho showed an after-tax net present value of US$2.4 billion and a 60.5% internal rate of return at US$3,250 per ounce gold.
• The study outlined a 16-year mine life averaging 176,700 ounces of gold per year, initial capital of US$411.4 million, and probable reserves of 4.04 million ounces.
• Black Pine is in formal mine permitting as a covered project under the federal FAST-41 program, with engineering, optimization, and financing work advancing in parallel.
• Curtis Cadwell, a former Barrick Gold executive, becomes general manager of Black Pine effective October 12.
• Ventum Financial resumed coverage on September 21 with a Buy rating and CA$4.30 target, and Paradigm Capital reiterated Liberty Gold as a top pick for the second half of 2026 on October 5.
• Goldman Sachs kept its end-2027 gold target at US$5,400 per ounce, citing central bank purchases of about 90 tonnes a month.

Final Payment Closes Out TV Tower Sale

Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) has received the final staged payment of US$2.6 million from the sale of its 72.1% interest in the TV Tower copper-gold project in Biga Province, northwest Turkey, the company announced on October 1. The payment completes the total US$8.5 million consideration payable to Liberty Gold under the transaction.

The company said the sale converted a non-core asset into non-dilutive capital, allowing it to keep its focus on advancing the Black Pine oxide gold project in southeastern Idaho. Since the sale was announced in 2024, Liberty Gold has completed a feasibility study for Black Pine and is moving the project through formal mine permitting. Black Pine has also been designated a covered project under the U.S. federal FAST-41 program.

"The final TV Tower payment completes the monetization of a non-core asset and adds US$2.6 million to our treasury," President and Chief Executive Officer Jon Gilligan said in the release. "Over the past two years, Black Pine has moved from prefeasibility to a completed feasibility study and a defined permitting process."

How the Sale Played Out

Liberty Gold signed a definitive agreement in April 2024 to sell its 72.1% interest in the company that holds TV Tower to a foreign mining company, which it did not name. The company said at the time that the deal would strengthen its treasury without diluting shareholders' exposure to Black Pine, while removing the annual cost of carrying the Turkish project.

The proceeds arrived in three parts. When the transaction closed in October 2024, Liberty Gold received US$3.7 million as its share of the payment due on closing. A second payment of US$2.2 million was scheduled for October 4, 2025, and the third, of US$2.6 million, for October 4, 2026. The October 1, 2026, release confirms the last of those has been received.

Black Pine Moves Toward a Construction Decision

Liberty Gold describes itself as a U.S.-focused gold company advancing Black Pine, its 100%-owned oxide gold project in Idaho, within the Great Basin. The company calls Black Pine a large-scale, past-producing, run-of-mine heap leachable gold deposit that is advancing through permitting toward a potential construction decision.

The feasibility study released on September 8 put the project's after-tax net present value at US$2.4 billion, using a 5% discount rate, with an after-tax internal rate of return of 60.5%, both at a gold price of US$3,250 per ounce. The study outlined a 16-year mine life with average payable production of 176,700 ounces of gold per year, including 202,000 ounces per year over the first five years.

Ventum Financial Corp. analyst Taylor Combaluzier resumed coverage of Liberty Gold with a Buy rating and a CA$4.30 price target.

Initial capital was estimated at US$411.4 million, and all-in sustaining costs at US$1,566 per ounce. Probable mineral reserves total 433.3 million tonnes grading 0.29 grams per tonne gold (g/t Au), or 4.04 million ounces.

Engineering, project optimization, and financing work are advancing in parallel with permitting, the company said in the October 1 release.

"Our priority is to carry that progress through the next stage of project development," Gilligan said. "We are advancing the engineering, permitting, and financing work needed to support a disciplined construction decision."

The company has also added to the team that would build the project. On October 5, it announced the appointment of Curtis Cadwell as general manager of Black Pine, effective October 12. Cadwell spent more than 20 years with Barrick Mining Corp. (ABX:TSX; B:NYSE) in senior operating and financial roles and, most recently, was a finance manager for Kinross Gold Corp. (K:TSX; KGC:NYSE), according to that release.

Gold Finds Support From Central Banks and Shifting Rate Bets

Gold was trading above US$4,150 per ounce on October 5, recovering some of the previous session's losses as weaker-than-expected U.S. jobs data eased pressure on the Federal Reserve to raise interest rates further, according to Trading Economics. The spot price stood at US$4,156.30 as of 9 a.m. ET, Liz Knueven reported for CNBC Select. The metal is up about 4.5% over the past year, Trading Economics data show. Morgan Stanley has argued that US$4,000 could act as an important floor, "supported by central-bank demand, physical buying and the possibility of lower long-term yields," according to an October 2 Coinpaper report carried by KuCoin.

Longer-term forecasts remain well above current prices. Goldman Sachs analyst Lina Thomas lowered the bank's year-end 2026 fair value estimate to US$4,650 per ounce from US$4,900 but kept its end-2027 target at US$5,400, Eamonn Sheridan reported for InvestingLive on September 23. The bank estimates official-sector purchases are running at about 90 tonnes a month, compared with a pre-2022 average of 17 tonnes. Sheridan wrote that rate increases "buy the bears some time, but central banks buying on a record-setting pace keep the US$5,400 target on the table."

Analysts Point to Simplicity, Scale, and a Stronger Team

Ventum Financial Corp. analyst Taylor Combaluzier resumed coverage of Liberty Gold on September 21 with a Buy rating and a CA$4.30 price target, implying a 100% return from the CA$2.15 share price at the time. He described Black Pine as a technically simple, capital-efficient heap-leach operation and "a highly buildable project," noting that the feasibility study lifted probable reserves 30% to 4.04 million ounces. The target applies a 0.8 times multiple to the firm's net asset value estimate of CA$5.31 per share.

Combaluzier wrote that the company's cash, deferred proceeds from an earlier asset sale, and backing from strategic shareholder Centerra Gold reduce financing risk during permitting. He also sees takeover potential, calling Centerra, with its 9.9% stake, the most visible potential acquirer. The catalysts he listed are 2026 drill results, a cyanidation permit application in the first quarter of 2027, and a Record of Decision on permitting targeted for January 2028.

In an October 5 flash note, Paradigm Capital analyst Lauren McConnell said the appointment of Curtis Cadwell as Black Pine's general manager was "positive but unlikely to be independently market-moving." She wrote that the hire does not change the project's value, permitting timeline, or financing needs, but does reduce execution risk by adding an experienced U.S. mine operator. The development schedule is unchanged, she noted, with first gold targeted for late 2028 or early 2029.

McConnell reiterated Liberty Gold as a top pick for the second half of 2026. With the shares at CA$2.10, she estimated the stock trades at roughly 0.25 times net asset value at a gold price of US$4,200 per ounce, well below the multiples historically paid for acquired developers.

Ownership and Share Structure¹

Ownership includes several well-known mining and resource investors. Major shareholders include Centerra Gold Corp., which holds about 9.9% of the company; Van Eck Associates, which holds about 9.7%; Franklin Advisors, which holds about 7.9%; and Wheaton Precious Metals, which holds about 3.6%.

Management and insiders own about 3.2% of Liberty Gold's outstanding shares.

Liberty has a market cap of CA$1.15 billion, 547.96 million outstanding shares, and a 52-week range of CA$0.64 to CA$2.30.

Common Questions from Investors

What does the final TV Tower payment mean for Liberty Gold? The US$2.6 million completes the US$8.5 million the company was owed for its 72.1% interest in the project. The company said the sale turned a non-core asset into non-dilutive capital and lets it keep its focus on Black Pine.

How was the sale structured? Liberty Gold signed the agreement in April 2024 and closed it that October, receiving US$3.7 million at closing. Payments of US$2.2 million and US$2.6 million were scheduled for October 2025 and October 2026.

What did the Black Pine feasibility study show? At US$3,250 per ounce gold, the study put the after-tax net present value at US$2.4 billion and the internal rate of return at 60.5%. It outlined a 16-year mine life, average production of 176,700 ounces a year, initial capital of US$411.4 million, and all-in sustaining costs of US$1,566 per ounce.

Where does Black Pine stand on permitting and construction? The project is in formal mine permitting under the FAST-41 program, and the company says engineering, optimization, and financing work are advancing toward a construction decision. Ventum Financial cites a Record of Decision targeted for January 2028, and Paradigm Capital cites first gold in late 2028 or early 2029.

Who is the new general manager of Black Pine? Curtis Cadwell takes the role effective October 12. He spent more than 20 years with Barrick Gold and, most recently, was a finance manager for Kinross Gold.

What are analysts saying? Ventum Financial's Taylor Combaluzier has a Buy rating and CA$4.30 target and calls Black Pine "a highly buildable project."

Paradigm Capital's Lauren McConnell reiterated Liberty Gold as a top pick for the second half of 2026.

What is the outlook for gold? Goldman Sachs trimmed its year-end 2026 fair value estimate to US$4,650 per ounce but kept its end-2027 target at US$5,400, according to InvestingLive. The bank points to the central bank buying at about 90 tonnes a month.