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Liberty Gold

Gold developer, with a project stated to be in Idaho.

Idaho · United States — as stated on the recordings

developer gold Idaho, United States
Feb 2026 → Jun 2026Covered
7 of 10Topics on record
3Figures tracked over time
3 executivesNamed on the record
Generate Claims & Checks What management and commentators said, and what still needs independent verification 3 interviews with the company · 6 independent recordings
Stage
Developer
Primary commodity
Gold
Jurisdiction
Idaho
Deposit
oxide gold deposit
Latest appearance
04 Jun 2026
On record
3 interviews · 46 statements · 3 executives

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
6 million oz total endowment
Management-stated Elizabeth Campbell May 2026
Grade
very fine grain gold
Management-stated Elizabeth Campbell May 2026
Money on hand
project financing assumed to be 60/40 debt to equity, starting position; exploring options for more equity, less equity, more debt, streaming, or royalty structures
Stated capital need: fully funded through 2024 and 2025 to construction decision
Management-stated John Gilligan Feb 2026
What happens next
February-March 2028
Management-stated John Gilligan Jun 2026
The main open question
The permitting path runs through a formal EIS process with final record of decision targeted for January 2028 before construction can begin in February-March 2028 and first production in end-2028/2029—a four-year horizon with multiple…
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
5 independent voices on record — 4 constructive, 1 neutral
Joe Ovsenek, Unknown speaker, Jacques Bonneau, Rick Rule…
Outside voices

How the stated figures have moved

The same figure, as management put it on the earliest and the latest recording we hold. A difference may be a genuine update, a different measure of the same thing (total against indicated), or a mis-heard number — both quotes are here, and both recordings are one click away.

Capital needed ≠ Different basis One statement qualifies the figure and the other does not (corporate) 3 statements on record
19 Feb 2026
fully funded for the corporate and at the project level to get through to a construction decision at the end of 2027
“So, with the money in treasury, with the warrants due in this year and next, and with another couple of million that come in from the last tranche of our Turkish asset sale, we are fully funded for th…”
04 Jun 2026
fully funded through 2024 and 2025 to construction decision
“we are now fully funded to go all the way through this year and next year to get to a a construction decision”
Resource size ≠ Different basis One statement qualifies the figure and the other does not (indicated, inferred) 2 statements on record
19 Feb 2026
6 million ounces total (just under 5 million ounces indicated, just over 1 million ounces inferred)
“we got just under 5 million. We increased from just over 4 million to just under 5 million oz in indicated resource and just over a million in in third for a total of a a 6 million oz resource.”
09 May 2026
6 million oz total endowment
“with our most recent resource study that's going to feed into the phase study, we're right at 6 million oz total endowment.”
Permitting ? Wording changed No comparable date in one of the two statements 4 statements on record
19 Feb 2026
environmental assessment completed (four assessments over eight years—three with Forest Service, one with BLM); permitting process underway
“we've done four what's called an environmental assessment, which is a sort of a mini environmental impact statement. So, we've done four of those over eight years, three with the forest and one with t…”
04 Jun 2026
FAST 41 covered program with notice of intent filed April 2nd
“we got our notice of intent that was in April the 2nd. That started the the NEPA permitting process”

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Liberty Gold's own claims across 3 interviews — most-covered theme first.

What outside voices pick up on

5 independent voices — people who do not speak for the company — across 6 mentions.

4 constructive 1 neutral
  • Joe Ovsenek “Used in relative valuation comparison and upside framing.”
  • Unknown speaker “Host and guest frame it as a large-capable junior developer with a de-risking path to build Black Pine and potentially rerate on f…”
  • Jacques Bonneau “He says he likes Liberty Gold as another gold name he would point to now.”
  • Rick Rule “He has reviewed the mine plan but is not yet convinced because assumptions seem aggressive.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says Liberty Gold is "fully funded through 2024 and 2025 to construction decision" with a simple oxide deposit at Black Pine where "the gold is very fine grain, but it's easily extractable with cyanide" and requiring "no…

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Management says Liberty Gold is "fully funded through 2024 and 2025 to construction decision" with a simple oxide deposit at Black Pine where "the gold is very fine grain, but it's easily extractable with cyanide" and requiring "no crushing, grinding, or flotation." The company has completed a 1,262-hole drill program targeting 6 million oz endowment with 500,000 oz upside remaining, and an outside investor noted he "likes Liberty Gold as another gold name" worth highlighting now.

▼ Bear case

The permitting path runs through a formal EIS process with final record of decision targeted for January 2028 before construction can begin in February-March 2028 and first production in end-2028/2029—a four-year horizon with multiple…

What it rests on
Evidence: 2 moments from 1 interview
Read the full case

The permitting path runs through a formal EIS process with final record of decision targeted for January 2028 before construction can begin in February-March 2028 and first production in end-2028/2029—a four-year horizon with multiple regulatory gates. Rick Rule, who reviewed the mine plan, stated he is "not yet convinced because assumptions seem aggressive," and the material does not disclose proven metallurgical test results, water permits, or state-level approvals in Idaho.

◆ Watch next

Management expects draft environmental impact statement in early Q1 next year, final record of decision in January 2028, and construction start February-March 2028.

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Management expects draft environmental impact statement in early Q1 next year, final record of decision in January 2028, and construction start February-March 2028. The company is running three drill rigs at full capacity to infill-drill the first two to three years of mining areas from indicated to measured resource, and will complete a feasibility study to feed into project economics before the construction decision at end-of-2027.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 26 statements

The deposit 12

Key takeaway. Management describes Liberty Gold's deposit as an oxide gold system—specifically oxide mineralized carbonates—suitable for open-pit, run-of-mine heap leach processing, and notes it was previously producing in the 1990s under Pegasus (which…

Read the full summary

produced under half a million ounces). The company reports a total endowment of 6 million ounces (just under 5 million ounces indicated and just over 1 million ounces inferred), which increased from a previous total of just under 5 million ounces as the indicated resource grew from just over 4 million to just under 5 million ounces. Management also sees exploration upside: they have not found the edges of the system, have a rough goal of adding half a million ounces to the existing resource, and note that legacy heap mineralization and surface waste dumps from the 1990s contain grade material.

What was actually said
exploration upside
legacy heap mineralization and surface waste dumps from 90s contain grade material
“when we were did the drilling on the legacy heap when we found that there's mineralization in the legacy heap”
John Gilligan· 04 Jun 2026·
deposit type
oxide gold deposit
“the gold is oxide. It's easily accessible and it's everywhere.”
Elizabeth Campbell· 09 May 2026·
deposit type
oxide gold
“the gold is oxide. It's easily accessible and it's everywhere.”
Peter Shabestari· 09 May 2026·
Show the other 9 statements
deposit type
oxide mineralized carbonates
“Uh mineralized carbonates. Uh so, [music] this is uh what we call Pole A”
Elizabeth Campbell· 09 May 2026·
exploration upside
haven't found the edges of the system
“Black Pine is an amazing mountain, and we still haven't found the edges of the system.”
Elizabeth Campbell· 09 May 2026·
exploration upside
rough goal in mind of adding half a million ounces
“We kind of have a rough goal in mind of adding half a million ounces to the existing resource”
Peter Shabestari· 09 May 2026·
exploration upside
rough goal of adding half a million ounces to the existing resource
“We kind of have a rough goal in mind of adding half a million ounces to the existing resource”
Elizabeth Campbell· 09 May 2026·
grade
very fine grain gold
“the gold is very fine grain, but it's easily extractable with cyanide.”
Elizabeth Campbell· 09 May 2026·
resource size
6 million oz total endowment
“with our most recent resource study that's going to feed into the phase study, we're right at 6 million oz total endowment.”
Elizabeth Campbell· 09 May 2026·
deposit type
open pit, run of mine, heap leach; previously producing (Pegasus, 1990s, under half million ounces)
“Black Pine in South Southern Idaho is a previously producing site. So, it was mined in the '90s by a company called Pegasus. They produced just under half a million ounces of gold. Same same method we're using, open pit run of mine and leach.”
John Gilligan· 19 Feb 2026·
exploration upside
increased from just over 4 million to just under 5 million ounces in indicated resource; previous total was just under 5 million ounces
“We increased from just over 4 million to just under 5 million ounces in indicated resource and just over a million in inferred for a total of a a 6 million ounce resource. Relative to just under a 5 million ounce resource previously.”
John Gilligan· 19 Feb 2026·
resource size
6 million ounces total (just under 5 million ounces indicated, just over 1 million ounces inferred)
“we got just under 5 million. We increased from just over 4 million to just under 5 million oz in indicated resource and just over a million in in third for a total of a a 6 million oz resource.”
John Gilligan· 19 Feb 2026·

Jurisdiction 8

Key takeaway. Liberty Gold's management has repeatedly highlighted the favorable permitting position of their Black Pine project in southern Idaho, USA.

Read the full summary

As of early 2026, the project is covered under FAST-41 with a formal Environmental Impact Statement (EIS) process underway; a notice of intent was filed on April 2nd and the public scoping period has been completed with 55 written comments received (Jun 2026). Management has previously noted that an environmental assessment was completed over eight years across four assessments with the Forest Service and BLM, and that the permitting process is underway (Feb 2026), while stating a target of a final record of decision in January 2028 (May 2026).

What was actually said
milestone
public scoping period completed with 55 written comments received
“we received 55 specific comments, written comments”
John Gilligan· 04 Jun 2026·
permit status
FAST 41 covered program with notice of intent filed April 2nd
“we got our notice of intent that was in April the 2nd. That started the the NEPA permitting process”
John Gilligan· 04 Jun 2026·
country
United States
“permitting that's required here, uh as a lot of people would understand, is both required of both federal and state permitting.”
Elizabeth Campbell· 09 May 2026·
Show the other 5 statements
permit status
final record of decision in January of 2028
“will allow us to to achieve a a final record of decision in January of 2028.”
Peter Shabestari· 09 May 2026·
permit status
covered project under FAST-41 as of early 2026, formal EIS process underway
“earlier in 2026, is when we we became officially a covered project.”
Elizabeth Campbell· 09 May 2026·
region
Idaho
“the state of Idaho under Governor Little actually signed a memorandum of understanding with the Federal Permitting Council”
Elizabeth Campbell· 09 May 2026·
permit status
environmental assessment completed (four assessments over eight years—three with Forest Service, one with BLM); permitting process underway
“we've done four what's called an environmental assessment, which is a sort of a mini environmental impact statement. So, we've done four of those over eight years, three with the forest and one with the BLM.”
John Gilligan· 19 Feb 2026·
region
Southern Idaho, Black Pine
“the site Black Pine in South Southern Idaho is a previously producing site.”
John Gilligan· 19 Feb 2026·

Technical risk 6

Key takeaway. Management of Liberty Gold outlined measures to de-risk its project.

Read the full summary

The company states it plans to drill out the first two to three years of mining areas from indicated to measured status, relying on a 40,000 m drill program by June 2026. On metallurgy, management says the ore is easily extractable with cyanide using a heat leach process that requires no crushing, grinding, or flotation. The company also assumes open pit mining going down about 350 m, mining above the water table with no pit dewatering, no need for a tailings facility, mill, or power build, and a nine-month construction period, as stated in February 2026.

What was actually said
key assumption
40,000 m drill program
“We announced recently the 40,000 m drill program that's that's currently in place”
John Gilligan· 04 Jun 2026·
stated risk
drill out first two to three years mining areas from indicated to measured
“we drill that out from indicated to measured, so we infill drill, and that improves the the quality and the confidence of the tons and grade”
John Gilligan· 04 Jun 2026·
metallurgy
no crushing required, no grinding, no flotation
“there's no crushing required, there's no grinding, there's no flotation.”
Peter Shabestari· 09 May 2026·
Show the other 3 statements
metallurgy
heat leach process with no crushing, grinding, or flotation required
“we just have to drill and blast the rock, then we haul it to the heat leach pad and apply solution where we collect the gold. Um what that means is there's no crushing required, there's no grinding, there's no flotation.”
Elizabeth Campbell· 09 May 2026·
recovery rate
easily extractable with cyanide
“the gold is very fine grain, but it's easily extractable with cyanide.”
Peter Shabestari· 09 May 2026·
key assumption
open pit mining going down about 350 m; mining above water table with no pit dewatering; no tailings facility, mill, or power build; 9 month construction period
“We're only going down about 350 m. So, all of the ore is on surface, effectively. Our construction period is about 9 months.”
John Gilligan· 19 Feb 2026·

Economics 4 statements

Financing 4

Key takeaway. Liberty Gold's management has provided several updates on the company's financing status over the past year.

Read the full summary

In February 2026, management said the company was fully funded at both the corporate and project level to reach a construction decision by the end of 2027, and that project financing was assumed to start from a 60/40 debt-to-equity split, though the company was exploring options including more equity, less equity, more debt, streaming, and royalty structures. By June 2026, management updated that the company was fully funded through 2024 and 2025 to a construction decision. In May 2026, management noted a specific acquisition price of $800,000 in cash and roughly $300,000 in Liberty Gold stock.

What was actually said
capital needed
fully funded through 2024 and 2025 to construction decision
“we are now fully funded to go all the way through this year and next year to get to a a construction decision”
John Gilligan· 04 Jun 2026·
capital needed
acquisition price $800,000 in cash and about $300,000 in Liberty Gold stock
“picked up Black Pine in uh 2017. the company that had it uh ended up selling it to us for $800,000 in cash and about $300,000 in Liberty Gold stock”
Peter Shabestari· 09 May 2026·
capital needed
fully funded for the corporate and at the project level to get through to a construction decision at the end of 2027
“So, with the money in treasury, with the warrants due in this year and next, and with another couple of million that come in from the last tranche of our Turkish asset sale, we are fully funded for the corporate and at the project level to get through to a construction decision at the end of 2027.”
John Gilligan· 19 Feb 2026·
Show the other 1 statement
financing status
project financing assumed to be 60/40 debt to equity, starting position; exploring options for more equity, less equity, more debt, streaming, or royalty structures
“you do 60/40 debt equity, right? That's the sort of you start at that position. Uh and and for sure that's our starting position. And then you look at, well, can I do more equity, less equity, more debt? Can I stream? Can I do a royalty?”
John Gilligan· 19 Feb 2026·

Timeline 13 statements

Timeline 13

Key takeaway. Management outlined a timeline running from the current drilling campaign through to first production.

Read the full summary

As of May 2026, the company said it was running three drill rigs 24/7 and had completed 1,262 drill holes. The notice of intent was published in spring 2026, starting the formal EIS process, with a feasibility study due early Q1 next year (from June 2026). The company expects a final record of decision (permit) in January 2028, construction beginning around February–March 2028, and first production at the end of 2028 going into 2029. An earlier statement from February 2026, however, had placed a construction decision at the end of 2027 rather than early 2028.

What was actually said
construction start
February-March 2028
“essentially based on a a February-March start in '28, which gets us to the end of '28 going into '29 as a full year of production”
John Gilligan· 04 Jun 2026·
first production
end of 2028 going into 2029
“essentially based on a a February-March start in '28, which gets us to the end of '28 going into '29 as a full year of production”
John Gilligan· 04 Jun 2026·
milestone
notice of intent April 2nd
“we got our notice of intent that was in April the 2nd”
John Gilligan· 04 Jun 2026·
Show the other 10 statements
permit timing
January 2028
“gets us to final record of decision in January 2028”
John Gilligan· 04 Jun 2026·
study due
early Q1 next year
“the draft environmental impact statement, and that's due in early Q1 next year”
John Gilligan· 04 Jun 2026·
milestone
Notice of intent published, formal EIS process started
“The notice of intent uh here just recently was was published. That's what starts our formal EIS uh process”
Peter Shabestari· 09 May 2026·
milestone
notice of intent recently published, starting formal EIS process
“The notice of intent uh here just recently was was published. That's what starts our formal EIS uh process”
Elizabeth Campbell· 09 May 2026·
milestone
1,262 drill holes completed as of interview date
“now we are on drill hole number, I believe 1,262.”
Elizabeth Campbell· 09 May 2026·
milestone
currently running three drill rigs 24/7
“We have two rigs on site running 24/7. We're having a third rig show up tomorrow. They'll also be running 24 hours a day.”
Elizabeth Campbell· 09 May 2026·
permit timing
final record of decision in January of 2028
“that will allow us to to achieve a a final record of decision in January of 2028.”
Elizabeth Campbell· 09 May 2026·
permit timing
January of 2028
“will allow us to to achieve a a final record of decision in January of 2028.”
Peter Shabestari· 09 May 2026·
construction start
construction decision at the end of 2027
“we are fully funded for the corporate and at the project level to get through to a construction decision at the end of 2027.”
John Gilligan· 19 Feb 2026·
milestone
feasibility study underway; drill rigs executing in early April
“we released as we said we would the feasibility mineral resource estimate. So you can see the drill rigs execute in early April.”
John Gilligan· 19 Feb 2026·

Corporate 3 statements

Management 2

Key takeaway. Management points to its track record: Liberty Gold was spun out from Frontier Gold, which was acquired by Newmont Mining for $2.3 billion in cash in 2011 (May 2026).

What was actually said
track record
spun out from Frontier Gold, which was acquired by Newmont Mining for $2.3 billion in cash in 2011
“Liberty Gold was originally spun out from a company called Frontier Gold that was uh acquired by Newmont Mining for $2.3 billion in cash in 2011.”
Elizabeth Campbell· 09 May 2026·
track record
spun out from Frontier Gold acquired by Newmont Mining for $2.3 billion in 2011
“Liberty Gold was originally spun out from a company called Frontier Gold that was uh acquired by Newmont Mining for $2.3 billion in cash in 2011.”
Peter Shabestari· 09 May 2026·

Share structure 1

What was actually said
shares outstanding
traded on TSX main board and OTC under LGD.TF
“We're traded on the TSX main board and we're also listed on the OTC under LGD.TF”
John Gilligan· 04 Jun 2026·

Outside views 6 mentions

6 mentions by people who do not speak for the company — 4 constructive, 0 cautious, 1 neutral. These are their views, not the company's.

Joe Ovsenek
neutral
Used in relative valuation comparison and upside framing.
Crux Investor· 27 Apr 2026·
Unknown speaker
bullish
Host and guest frame it as a large-capable junior developer with a de-risking path to build Black Pine and potentially rerate on feasibility/permitting progress.
Resource Talks· 21 Apr 2026·
Unknown speaker
bullish
He says they are up 100% on the name, implying strong performance and opportunity in developers.
Triangle Investor· 15 Apr 2026·
Jacques Bonneau
bullish
He says he likes Liberty Gold as another gold name he would point to now.
Investing News· 02 Feb 2026·
Show the other 2 mentions
Rick Rule
unclear
He has reviewed the mine plan but is not yet convinced because assumptions seem aggressive.
Rule Investment Media· 28 Feb 2025·
Joe Mazumdar
bullish
Mazumdar says antimony at Goldstrike could lead to more work and possibly a spinout, implying hidden upside.
MiningStockEducation.com· 18 Feb 2025·

Sources 3 interviews

Every interview 3

DateChannelInterviewStatements
04 Jun 2026 Natural Resource Stocks Liberty Gold Is Fully Funded And Drilling 40000 Meters At Black Pine 12
09 May 2026 Natural Resource Stocks Liberty Gold’s Black Pine Mine: Ground Game 24
19 Feb 2026 Natural Resource Stocks Liberty Gold TSX LGD Black Pine Hits 6M Ounces and Feasibility Moves Forward 10

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

black pine 2
fast-41 2
frontier gold 1
gold 1
gold strike 1
heliostar 1
idaho water bank 1
tsx main board 1

Questions people ask

What is Liberty Gold's project and where is it?

Liberty Gold is a developer gold company, with a project stated to be in Idaho, United States. Everything here is drawn from its executives' own interviews.

Which interviews mention Liberty Gold?

We track 3 interviews mentioning Liberty Gold, across 1 channel (Natural Resource Stocks).

What are investors saying about Liberty Gold?

6 independent voices — people who do not speak for the company — are on record discussing it (4 bullish, 1 neutral). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Liberty Gold cover?

The most-discussed topics on record are timeline, the deposit, jurisdiction, technical risk — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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