Liberty Gold Collects US$2.6 Million as Black Pine Advances

Liberty Gold received the final US$2.6 million payment from selling its 72.1% interest in TV Tower, completing US$8.5 million in consideration as it advances Black Pine through permitting.

Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) has received the final US$2.6 million installment from the sale of its interest in the TV Tower copper-gold project, completing a source of funding that did not require issuing new shares. The payment strengthens its treasury while the company advances the Black Pine Oxide Gold Project in southeastern Idaho through formal mine permitting.

The distinction for investors is between money collected and a mine ready to build. Liberty Gold has completed a feasibility study for Black Pine, but engineering, project optimization and financing remain active workstreams. The asset-sale proceeds support that development process; they do not establish that construction funding is secured or that a construction decision has been made.

TV Tower proceeds are now fully collected

The final payment completes the US$8.5 million consideration payable to Liberty Gold for its 72.1% interest in TV Tower, located in Biga Province in northwest Türkiye. The transaction converted a non-core copper-gold asset into capital for a company focused on advancing its Idaho gold project.

Liberty Gold reported the receipt and Black Pine's development status in the announcement carried by INN Precious Metals. The sale was announced in 2024, and the latest installment closes out the consideration payable under that transaction.

That completion matters because a staged payment is not available cash until it arrives. With the final installment received, Liberty Gold no longer has to await this portion of the sale proceeds. It can assess its development spending against funds already collected rather than an outstanding transaction payment.

The US$8.5 million figure is total sale consideration, not the amount of new cash received in the latest installment. It also should not be read as Liberty Gold's current cash balance. The supplied announcement does not provide a treasury balance, spending forecast or estimate of how long the payment will fund ongoing work.

Non-dilutive financing means the company obtained these proceeds without issuing additional equity for the payment. Existing shareholders therefore avoid the ownership dilution associated with a new share sale. The trade-off is the disposal of an asset: Liberty Gold exchanged its TV Tower interest for cash rather than retaining that interest alongside Black Pine.

Black Pine has moved beyond the feasibility study

Since announcing the TV Tower sale, Liberty Gold has completed a feasibility study for Black Pine and moved the project into formal mine permitting. Those are different development milestones. A feasibility study evaluates a proposed mine's technical and economic case; permitting addresses the approvals needed to carry that proposal forward.

Completion of the study gives the company a basis for further engineering and financing discussions. It does not, by itself, authorize construction or guarantee that the project will be financed. Investors should keep those distinctions separate when assessing what the new cash receipt changes.

Black Pine has also been designated a Covered Project under the U.S. federal FAST-41 program. That status is relevant to its federal permitting path, but it is not a substitute for the permits themselves. The announcement says the project is advancing through permitting, not that the process is complete.

No permit-completion date or construction-start date is supplied. The appropriate interpretation is therefore progress through a development process, rather than a countdown to an established opening date. Future disclosures will need to show which approvals have been obtained and which steps remain.

For shareholders, the important connection is that development expenses can continue while approvals are being pursued. Cash collected from a non-core asset gives Liberty Gold additional resources during that period. Whether those resources are sufficient for particular milestones cannot be determined without spending and liquidity information.

Engineering and financing still have to align

Liberty Gold says engineering, project optimization and financing work are advancing in parallel. This puts the emphasis on preparing a project that can support a future construction decision, rather than treating the completed feasibility study as the end of development work.

Engineering develops the proposed mine design, while optimization examines potential improvements to that design and its economics. Financing addresses how the development would be funded. These tasks are connected: changes in a project's design or cost expectations can affect the funding package it needs.

The final TV Tower payment adds cash without introducing new equity through this transaction. It does not establish that all future financing can be non-dilutive. The supplied facts contain no committed construction-financing package, lender terms or final funding structure for Black Pine.

Investors should therefore distinguish development capital from construction capital. Funds that help a company complete engineering and pursue permits can be valuable even when they do not cover building the mine. The announcement supports that narrower funding benefit, without providing a basis to quantify the remaining construction requirement.

The next useful disclosures would connect these workstreams: progress on permits, any material changes arising from engineering or optimization, and the structure of prospective financing. Those details would help investors assess whether Black Pine is moving closer to a construction decision and what obligations that decision could create.

The share move does not settle the funding question

Liberty Gold's LGDTF shares finished the latest reported session up 1.24%. The supplied market record lists a last traded price of 1.47 as of October 1, 2026, at 20:00 GMT, but does not identify the quote currency. The market was closed at that timestamp; this is a last-trade reference, not a live price.

The positive daily move should not be treated as proof that the payment caused the gain. A closing-price change alone cannot establish which information drove investors' decisions. Nor does it resolve the remaining questions around permitting, development costs or financing.

The clearer investment takeaway is operational: Liberty Gold has collected the full consideration from its TV Tower sale, removing an outstanding payment from that transaction. Black Pine now carries the development focus. The next test is whether the company can turn its completed study, ongoing permitting and parallel technical and financing work into the conditions needed for a future construction decision.

Key facts

• Final payment: US$2.6 million received from the TV Tower interest sale.
• Completed consideration: US$8.5 million payable for Liberty Gold's 72.1% interest has now been received.
• Black Pine status: Feasibility study completed; formal mine permitting underway; FAST-41 Covered Project.
• LGDTF last trade: 1.47 (quote currency unspecified), up 1.24%; October 1, 2026, 20:00 GMT. Market closed.

Frequently asked questions

What payment did Liberty Gold receive?

Liberty Gold received the final staged payment of US$2.6 million from the sale of its 72.1% interest in the TV Tower copper-gold project in northwest Türkiye. The receipt completes the US$8.5 million consideration payable to the company under the transaction, rather than representing a new asset sale.

Why are the TV Tower proceeds described as non-dilutive?

The TV Tower proceeds came from selling an asset interest, not issuing additional shares. That means the payment did not dilute existing shareholders' ownership through a new equity sale. The trade-off is that Liberty Gold disposed of its TV Tower interest to obtain cash and maintain its focus on Black Pine.

How far has Black Pine progressed?

Liberty Gold has completed a feasibility study for the Black Pine Oxide Gold Project in southeastern Idaho and is advancing it through formal mine permitting. Engineering, project optimization and financing work are proceeding in parallel. These milestones indicate development progress, but the supplied announcement does not establish a construction-start date.

Does Black Pine's FAST-41 status mean it is permitted?

No. Black Pine's designation as a Covered Project under the U.S. federal FAST-41 program is distinct from completion of mine permitting. Liberty Gold says formal permitting is underway. Investors should look for disclosures about specific approvals and remaining requirements rather than treating the designation as authorization to begin construction.

Does the payment fully fund Black Pine construction?

The supplied announcement does not establish that Black Pine construction is fully funded. It confirms receipt of the final TV Tower installment and says financing work is advancing alongside engineering and optimization. No committed construction-financing package or complete funding requirement is provided, so the payment's coverage cannot be quantified.

What should investors watch after the final payment?

Investors should watch Black Pine's permitting progress, engineering and optimization updates, and financing terms as they become available. Liberty Gold has now collected the full TV Tower sale consideration. The remaining investment questions concern how the company advances Black Pine toward a future construction decision and funds the work required.

Sources

• Liberty Gold Strengthens Treasury with Final US$2.6 Million in Non-Dilutive Proceeds as Black Pine Advances — INN Precious Metals

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