Dr. Jon Gilligan reports

LIBERTY GOLD COMPLETES STRATEGIC 9.9% INVESTMENT BY CENTERRA GOLD INC.

Liberty Gold Corp. has closed its previously announced private placement with Centerra Gold Inc., whereby Centerra will acquire 9.9 per cent of the issued and outstanding common shares of the company.

Pursuant to the placement, Centerra acquired 50,025,230 common shares of Liberty Gold at a price of 56 cents per common share for gross proceeds of approximately $28.01-million. The issue price represented a 10-per-cent premium to the five-day volume weighted average price of the common shares as traded on the Toronto Stock Exchange (TSX) prior to announcement of the transaction.

The net proceeds from the placement will be used to advance technical studies at Liberty Gold's flagship Black Pine oxide gold project in Idaho and for general corporate purposes.

Jon Gilligan, president and chief executive officer of Liberty Gold, commented: "The closing of this strategic investment marks an important milestone for Liberty Gold. Centerra's endorsement underscores the strength of Black Pine and validates the progress we have made in derisking and advancing the project. With their operational depth and regional experience, we are well positioned to accelerate Black Pine towards feasibility and ultimately a construction decision."

In connection with the placement, Liberty Gold and Centerra have entered into an investor rights agreement dated Sept. 29, 2025, whereby, subject to conditions including time and ownership thresholds, Centerra has been granted customary rights, including financing participation rights, information rights, technical committee representation rights and the right to nominate one director to the board of directors of Liberty Gold. A copy of the investor rights agreement will be made available under Liberty Gold's SEDAR+ profile.

No finders' fees or commissions were paid in connection with the placement. All common shares issued pursuant to the placement are subject to a statutory hold period of four months and one day, expiring on Jan. 30, 2026, in accordance with applicable Canadian securities legislation.

About Liberty Gold Corp.

Liberty Gold is focused on developing open pit oxide deposits in the Great basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah. The company is advancing the Black Pine project in southeastern Idaho, a past-producing, Carlin-style gold system with a large, growing resource with strong economic potential that can be mined profitably as an open-pit/heap leach operation in an environmentally responsible manner.

We seek Safe Harbor.