Mr. Cal Everett reports

LIBERTY GOLD REPORTS YEAR-END 2023 FINANCIAL AND OPERATING RESULTS

Liberty Gold Corp. has released its financial and operating results for the fiscal year ended Dec. 31, 2023. All amounts are presented in U.S. dollars unless otherwise stated.

2023 and recent highlights:

• On Sept. 15, 2023, closed a non-brokered private placement, raising proceeds of $5.7-million, anchored by a $5.0-million strategic investment by Wheaton Precious Metals Corp.;
• On Sept. 5, 2023, published second annual environmental, social and governance report: developing gold deposits in a responsible and sustainable manner;
• On Nov. 8, 2023, announced the appointment of Cal Everett as chief executive officer and Jon Gilligan as president, effective Nov. 10, 20233.

At the Black Pine project:

• On Feb. 15, 2024, announced an update to the independent mineral resource that was originally published on Feb. 7, 2023; the new updated resource is reported using a $1,800 (U.S.) constraining resource pit at a cut-off grade of 0.20 gram per tonne gold and consists of:
  • An indicated resource of 3,206,000 ounces of oxide gold at an average grade of 0.49 g/t Au and totalling 203.8 million tonnes;
  • An inferred resource of 325,000 oz of oxide gold at an average grade of 0.42 g/t Au and totalling 24.1 Mt;
  • A high-grade subset of the updated resource contained within the 0.2 g/t Au resource pit, applying a COG of 0.5 g/t Au and consists of:
    • Indicated resources of 1,765,000 oz Au at an average grade of 1.01 g/t Au and totalling 54.2 Mt;
    • Inferred resources of 143,000 oz Au at an average grade of 0.91 g/t Au and totalling 4.9 Mt;
• On Sept. 11, 2023, announced the purchase of the existing 0.5-per-cent net smelter royalty at Black Pine from a private company, and the sale of a new 0.5-per-cent NSR to an affiliate of Wheaton, including an option to repurchase 50 per cent of the royalty for $3.6-million (U.S.) at any point in time up to the earlier of commercial production at Black Pine or Jan. 1, 2030, which would reduce the NSR to 0.25 per cent;
• On Sept. 6, 2023, announced the submission of a mining preplan of operations to U.S. federal agencies and the selection of M3 Engineering & Technology as lead engineer for the prefeasibility study;
• Completed 2023 reverse circulation exploration drilling program as of Dec. 31, 2023, for a total of 27,461 metres drilled; the drill program targeted resource upgrade and expansion over several areas of the deposit, as well as some reconnaissance drilling in new areas along the eastern and southern margins of Rangefront and the northern margin of Back Range;
• On July 24, 2023, announced a new discovery area, Rangefront South, located approximately two kilometres to the south of the main Rangefront zone, with two reportable intercepts of oxide gold: 0.37 g/t Au over 9.1 metres and 0.31 g/t Au over 7.6 metres in drill hole LBP9317;
• Reported weighted-average 86.9-per-cent gold extraction from 24 phase 4A metallurgical column leach tests on Rangefront zone oxide gold mineralization, showing that the Rangefront zone comprises the most leach-amenable oxide material at Black Pine.

Selected financial data

The attached selected financial data are derived from its annual financial statements and related notes thereto for the year ended Dec. 31, 2023, as prepared in accordance with international financial reporting standard accounting standards as issued by the International Accounting Standards Board.

A copy of the annual financial statements is available on the company's website or on SEDAR+.

The information in the attached table is presented in thousands of dollars except per-share data.

About Liberty Gold Corp.

Liberty Gold is focused on exploring for and 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 knows the Great basin, and is driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.

Peter Shabestari, PGeo, vice-president, exploration, Liberty Gold, is the company's designated qualified person for this news release within the meaning of National Instrument 43-101 (Standards of Disclosure for Mineral Projects), and has reviewed and validated that the information contained in the release is accurate.

We seek Safe Harbor.