Liberty Gold Corp.

WATCH (18/25). Liberty Gold represents a large-scale heap-leach development opportunity with a compelling P/NAV discount (approximately 0.14-0.20x at spot gold) and Centerra Gold as a 9.9% strategic shareholder — the combination of asset quality and strategic investor endorsement is consistent with a WATCH thesis for investors with a 12-24 month horizon. The 4.88 Moz indicated resource at Black Pine is one of the largest undeveloped gold deposits in Idaho/Nevada, and the FS completion (Q4 2026) will provide updated economics at current gold prices that should significantly re-rate the stock toward a more representative P/NAV multiple.

The primary limitations are the large share count (285-295M), the significant gap between current treasury (C$20-25M) and construction capex (US$650-700M), and the 2026 FS timeline that delays M&A catalyst conversations until at least Q4 2026. The low-grade (0.30 g/t Au) nature of the Black Pine resource means the project is entirely dependent on scale economics and low operating costs to be competitive — any cost inflation in the FS versus PFS assumptions would reduce the project NPV and could weaken the acquisition case.

The key catalyst to watch is the Black Pine Feasibility Study completion (Q4 2026), which will provide updated economics at current gold prices and the technical basis for a construction decision. Receipt of a Record of Decision (ROD) from the federal NEPA process would be a co-equal catalyst, removing the key permitting uncertainty and enabling Centerra or another strategic acquirer to initiate formal M&A conversations. Both catalysts are achievable in the 12-month horizon from this scorecard date.