Liberty Gold Corp. has released a feasibility study for its 100%-owned Black Pine oxide gold project in southern Idaho, delivering an after-tax net present value at a 5% discount rate of US$2.397 billion and an after-tax internal rate of return of 60.5% at a base-case gold price of $3,250 per ounce.

The study outlines a 16-year mine life for a large-scale, open-pit, run-of-mine heap leach operation requiring no ore crushing, screening or agglomeration. The operation is projected to produce an average of 202,000 ounces of payable gold per year over the first five years, with average annual payable production reaching 176,700 ounces across the life of mine. Initial capital costs are estimated at US$411.4 million, backed by an after-tax payback period of 2.0 years.

The development plan is underpinned by a probable mineral reserve containing 4.04 million ounces of gold, spanning 433.3 million tonnes at an average grade of 0.29 grams per tonne. Projected life-of-mine cash costs stand at $1,388 per ounce, with all-in sustaining costs estimated at $1,566 per ounce.

“Our Feasibility Study on Black Pine, completed ahead of schedule and less than 2-years after the Preliminary Feasibility Study, confirms the opportunity to build a large-scale, long-life operation with strong economics and a technically straightforward development path. This is an important milestone for Liberty Gold..."

— Jon Gilligan, President and CEO of Liberty Gold

The configuration evaluated in the study aligns with the company's mine plan of operations currently undergoing federal and state permitting under the FAST-41 framework. Liberty Gold holds a 100% ownership interest in the federal lode claims and state minerals lease hosting the mineral reserve.

“Black Pine has the scale, production profile and capital efficiency to support a pathway to becoming a significant U.S. gold producer in the near term. Importantly, the Feasibility Study demonstrates substantial projected free cash flow generation with robust economics across a broad range of gold prices.”

— Jon Gilligan, President and CEO of Liberty Gold

Liberty Gold will file the NI 43-101 technical report for the Black Pine feasibility study within 45 days. Permitting activities continue alongside detailed engineering, with the company targeting submission of the formal cyanidation permit application package in the first quarter of 2027 and completion of the 2026 drilled-to-measured program later this year to upgrade mineral resource classifications.

Read the full announcement: Liberty Gold Announces Black Pine Feasibility Study with US$2.4 Billion NPV(5%) and 60% IRR at $3,250/oz Au (after-tax)