Mr. Jon Gilligan reports

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

Liberty Gold Corp. has entered into a subscription agreement with Centerra Gold Inc., whereby Centerra will acquire 9.9 per cent of the issued and outstanding common shares of the company.

Jon Gilligan, chief executive officer of Liberty Gold, commented: "We are thrilled to welcome Centerra as a strategic investor in Liberty Gold. Their investment is a strong endorsement of our progress and the compelling potential of our flagship U.S. oxide gold project, Black Pine. With Centerra's technical depth, operational experience and existing presence in Idaho, we see a clear path to unlocking value and d-risking Black Pine's development timeline. We look forward to collaborating closely as we accelerate Black Pine towards feasibility and on to a construction decision."

Paul Tomory, chief executive officer of Centerra, added: "We are pleased to support the Liberty Gold team with this strategic investment. Liberty Gold's 2024 prefeasibility study on Black Pine, combined with the recent drill results from the legacy heap and Rangefront, demonstrate the potential of the asset and highlight areas where future resource growth may be possible. As the project moves through development, we believe our regional and operational expertise can complement Liberty Gold's efforts and create meaningful synergies to bring Black Pine into production."

Under the subscription, Centerra has agreed to purchase, by way of a private placement, 50,025,230 common shares at a price of 56 cents per share for gross proceeds of $28.01-million. The issue price represents a 10-per-cent premium to the five-day volume-weighted average price of the common shares as traded on the Toronto Stock Exchange.

Proceeds from the strategic investment will be used to advance technical studies at Black Pine and for general corporate purposes. The subscription is expected to close on or about Oct. 1, 2025, subject to customary conditions, including Toronto Stock Exchange approval.

In connection with the subscription, Liberty Gold and Centerra intend to enter into a customary investor rights agreement at closing, pursuant to which, among other things, and provided that Centerra maintains certain shareholding thresholds, Centerra will have financing participation rights, information rights, technical committee representation rights and the right to appoint one nominee to the company's board of directors, among other customary terms.

All common shares issued pursuant to the subscription will be subject to a statutory hold period of four months and one day from the date of closing 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.