Liberty Gold Unveils Year-End Financial Results for 2024
Vancouver, British Columbia - Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) is excited to share its financial and operational report for the fiscal year concluded on December 31, 2024. Our presentation covers all figures in United States dollars unless otherwise specified.
Key Highlights from the Fourth Quarter of 2024
During the last quarter of 2024, several significant milestones were achieved that will shape the future of Liberty Gold. On October 7, we successfully completed the sale of the TV Tower project in Türkiye. This transaction involved our 73.7% subsidiary, Orta Truva Madencilik ?anayi ve Ticaret A.?, sold to a prominent Turkish mining and construction firm, marking a substantial financial gain with an initial payment of $3.7 million received in early October. Further payments of $2.2 million and $2.6 million will be made in 2025 and 2026 respectively.
Significant Developments at the Black Pine Project
Our Black Pine project in Idaho has made notable progress. On October 10, we unveiled the preliminary feasibility study, which affirms the commercial feasibility of an open-pit, run-of-mine heap leach operation with an anticipated construction time of one year. This study also introduced our inaugural mineral reserve at Black Pine, along with an updated mineral resource published earlier in February 2024.
Exploration and Assay Results
On December 4, we reported significant assay results from our Rangefront exploration drilling, which notably expanded the mineralized zone. Key highlights include assays returning 1.44 grams per tonne of gold over a 30.5-meter stretch, including an impressive 3.25 g/t over 9.1 meters. Subsequent drilling in early February 2025 further verified our deposits at Rangefront, M Zone, and CD Pit, confirming that mineralization remains open for expansion.
Update on Goldstrike Project in Utah
In Utah, advancements in our Goldstrike project were equally promising. Our field sampling at the Antimony Ridge target area, reported on November 18, showcased a significant increase in both the size and grade of known antimony mineralization, including values reaching up to 5.7% antimony and 3.94 g/t gold.
Company Spin-Out Plans
On February 11, 2025, we revealed plans to spin-out Goldstrike and Antimony Ridge into a standalone corporate entity. This strategic move is expected to enhance focus and resources on both developments, with detailed arrangements progressing swiftly, including identifying potential candidates for management roles.
Selected Financial Data Overview
Our annual financial results reflect our commitment to transparency and accountability. The loss attributable to shareholders from continuing operations for 2024 totaled $16,708,000. Comparative figures from previous years highlight our strategic financial trajectory, showcasing continued investment in exploration and development.
Review of Company Assets
As of December 31, 2024, Liberty Gold reported cash and short-term investments totaling $6,967,000. Our total assets were $24,436,000, a figure showcasing our steadfast financial position and capability to navigate future opportunities.
Understanding Liberty Gold
Liberty Gold proudly focuses on the exploration and development of open-pit oxide deposits within the Great Basin of the United States. This region is recognized for being one of the most prolific gold-producing areas globally, where our team leverages deep local knowledge to discover and develop substantial gold deposits suitable for profitable open-pit mining operations.
For further inquiries, reach out to:
Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll-Free: 1-877-632-4677
info@libertygold.ca
Frequently Asked Questions
1. What financial results did Liberty Gold report for 2024?
Liberty Gold reported a loss from continuing operations amounting to $16,708,000 in 2024, reflecting ongoing investments in development projects.
2. What major milestone did Liberty Gold achieve in Q4 2024?
The sale of the TV Tower project, with the first of three staged payments amounting to $3.7 million successfully received, was a significant milestone.
3. How did the Black Pine project perform?
The Black Pine project successfully completed a preliminary feasibility study confirming its commercial viability and released its first mineral reserve.
4. What are the plans for Goldstrike project?
Liberty Gold plans to spin out Goldstrike and Antimony Ridge into a separate entity to better focus resources and management on both properties.
5. How can investors get more information about Liberty Gold?
Investors can visit Liberty Gold's website or contact the investor relations team for further details.
