Liberty Gold's Q3 Loss Widens to $9.66 Million as Black Pine Feasibility Work Moves Forward

Liberty Gold reported a third-quarter 2026 loss of $9.66 million, with basic and diluted loss per share widening to $0.02 from $0.01 a year earlier, according to Stock Titan. The Vancouver-based company is advancing its Black Pine oxide gold project in southeastern Idaho toward construction readiness.

Black Pine Feasibility Study Details

The feasibility study, announced September 8, 2026, estimates a $2.4 billion after-tax net present value discounted at 5% and a 60% internal rate of return at $3,250-per-ounce gold. It supports average annual payable production of 202,000 ounces in Years 1-5 from a 4.04 million ounce probable mineral reserve, with $411.4 million in initial capital.

Detailed engineering has begun with M3 Engineering & Technology Corporation and NewFields Companies LLC, and fabrication capacity is secured for long-lead electrical infrastructure and gold recovery equipment. A preliminary design report initiated Idaho cyanidation permitting, which remains in process.

Drilling extended Rangefront mineralization by 200 meters by 400 meters above the current reserve cutoff, and the company is targeting approximately 25 to 35 million tonnes of inferred material for a resource classification upgrade. Phase 6 metallurgical testing supported modeled recoveries, with six of seven run-of-mine samples demonstrating adequate solution percolation.

Cash and equivalents stood at $28.575 million at September 30, up from $28.077 million at year-end. Total assets rose to $87.851 million from $44.091 million, and shareholders' equity increased to $80.376 million from $37.534 million.

Liberty Gold's Divestitures and Funding

According to akta.pro company records, Liberty Gold sold its Goldstrike Project in Utah to Heliostar Metals for up to US$72.5 million in April 2026, comprising US$10 million cash, approximately 1.6 million Heliostar shares and US$60 million in milestone payments over five years. The same records show the company received approximately C$8.0 million in May 2026 from the exercise of 17.86 million warrants tied to its May 2024 private placement.

Earlier Black Pine Milestones

Liberty Gold completed the Black Pine feasibility study in September 2026, projecting an after-tax net present value of $2.397 billion and an internal rate of return of 60.5% at $3,250 per ounce, Financial Post reported. The project is expected to generate 2,841,000 ounces of gold over 16 years.

In September 2026, the company reported Phase 6 bulk column tests on seven Black Pine ores achieving an average weighted gold extraction of 72.4%, matching modeled recoveries, Financial Post reported. In October 2026, Liberty Gold reported initial drill results from its 2026 program at Black Pine showing mineralization extending north of the feasibility resource, with gold grades up to 1.88 g/t.

Craig Dudra Joins Board in December

Liberty Gold announced on November 3, 2026, the appointment of Craig Dudra to its board of directors, effective December 1, 2026. The company also appointed Curtis Cadwell as general manager for Black Pine on October 5, 2026.