Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the
“Company”), is pleased to announce its financial and operating
results for the three and six months ended June 30, 2024. All
amounts are presented in United States dollars unless otherwise
stated.
SECOND QUARTER OF 2024 AND RECENT
HIGHLIGHTS
- On April 29, 2024, we announced a
non-brokered private placement for C$9.5 million, and on April 30,
2024, announced that the private placement was upsized to C$12.5
million1 (the “Private Placement”). Under the
Private Placement the Company sold 35,715,362 units of the Company
(the “Units”) at an issue price of C$0.35 per
Unit. Each Unit consists of one common share of Liberty Gold (each,
a “Common Share”) and 1/2 of a Common Share
purchase warrant (a “Warrant”). Each Warrant
entitles the holder to acquire one Common Share at a price of
C$0.45 for a period of 24 months following completion of the
Private Placement.
- On April 17, 2024, we announced the
signing of a definitive agreement to sell the TV Tower Project in
Türkiye, for $11.5 Million on a 100% Basis. The Company’s 73.7%
share of the $11.5 million in gross proceeds ($8.5 million) will be
paid in three stages as follows2:
- $3.7 million on the closing date.
- $2.2 million on the first anniversary of the closing date.
- $2.6 million on the second anniversary of the closing
date.
- On June 11, 20243, we announced the
appointment of a Director of Regulatory Affairs and Sustainability,
Matthew Zietlow, to advance mine permitting with the federal and
state agencies. Mr. Zietlow has over 30 years of experience in mine
permitting, operational compliance, reclamation and closure at
multiple active and idled locations throughout the western United
States. He has held senior roles in community affairs, media
relations, and academic advisory boards related to the mining
sector, and also served as State chair of the Nevada Mining
Association Executive Environmental Committee.
At the Black Pine project (“Black
Pine”),
- In June 20244, we commenced a
20,000 metre (“m”) reverse circulation drill program focusing on
seven new high-priority targets aimed to significantly enhance the
Black Pine’s resource base and unlock new areas of oxide gold
mineralization.
- The Company progressed the
pre-feasibility study, advancing engineering on infrastructure,
heap leach pads, water & power supply and ran numerous
iterations of mine development options, flexing production rate,
cut-off grade, optimal pit shell pricing, stockpiling strategy and
total material movement rates. During the quarter, geotechnical,
hydrological, metallurgical studies and gold/silver leach recovery
models were concluded and preliminary site, infrastructure &
process plant layouts were completed.
- On June 26, 20245, the Company
hosted a formal mine permitting kick-off meeting with key
representatives from the US Forest Service, the Bureau of Land
Management, and the Idaho Department of Lands. The meeting was led
by Matt Zietlow, Director of Regulatory Affairs and
Sustainability.
- On June 11, 20243, we announced the
approval of the fourth plan of operations amendment, resulting in
an increase to the permitted exploration area by 51% to 37.3 square
kilometres (“km2”). The amendment opens up large areas that
previously had timing restrictions for exploration activity. This
greatly facilitates drill access to several lower-elevation areas,
in particular South Rangefront and M Zone, for unrestricted,
year-round drilling.
- The Company has additionally staked
46 unpatented mining claims3 in the southwest of the project area,
totalling 3.3 km2. These claims are contiguous with the existing
project area and cover the projected southern extension of the
prospective middle plate host rock carbonate sequence, identified
by field & structural mapping and soil geochemistry. The newly
acquired ground expands the total project area to 69.3 km2.
SELECTED FINANCIAL DATA
The following selected financial data is derived
from our unaudited condensed interim consolidated financial
statements and related notes thereto (the “Interim Financial
Statements”) for the three months ended June 30, 2024, as prepared
in accordance with IFRS Accounting Standards – IAS 34: Interim
Financial Statements.
A copy of the Interim Financial Statements is
available on the Company’s website at libertygold.ca or on SEDAR+
at www.sedarplus.ca.
The information in the tables below is presented
in $’000s, except ‘per share’ data:
|
|
|
|
|
|
Three months ended June 30, |
Six months ended June 30, |
|
2024 |
2023 |
2024 |
2023 |
Attributable to shareholders: |
|
|
|
|
Loss for the period |
$(3,683) |
$(5,271) |
$(6,871) |
$(10,114) |
Loss and comprehensive loss for the period |
$(3,710) |
$(5,022) |
$(7,197) |
$(9,958) |
Basic and diluted loss per share |
$(0.01) |
$(0.02) |
$(0.02) |
$(0.03) |
|
As at June 30, |
As at December 31, |
|
2024 |
2023 |
Cash and short-term investments |
$13,267 |
$9,082 |
Working capital (excluding assets held for sale) |
$8,244 |
$7,648 |
Total assets |
$39,162 |
$35,337 |
Current liabilities |
$5,434 |
$1,750 |
Non-current liabilities |
$35 |
$3,180 |
Shareholders’ equity |
$31,058 |
$27,636 |
|
|
|
ABOUT LIBERTY GOLD
Liberty Gold is focused on exploring for and
developing open pit oxide deposits in the Great Basin of the United
States, home to large-scale gold projects that are ideal for
open-pit mining. This region is one of the most prolific
gold-producing regions in the world and stretches across Nevada and
into Idaho and Utah. We know the Great Basin and are driven to
discover and advance big gold deposits that can be mined profitably
in open-pit scenarios.
For more information, visit libertygold.ca or
contact:
Susie Bell, Manager, Investor
Relations Phone: 604-632-4677 or Toll Free 1-877-632-4677
info@libertygold.ca
Peter Shabestari, P.Geo., Vice-President
Exploration, Liberty Gold, is the Company's designated Qualified
Person for this news release within the meaning of National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101") and has reviewed and validated that the information
contained in the release is accurate.
This news release contains “forward-looking
information” and “forward-looking statements” within the meaning of
applicable securities laws, including statements or information
concerning, future financial or operating performance of Liberty
Gold and its business, operations, properties and condition;
planned de-risking activities at Liberty Gold’s mineral properties;
the potential quantity, recoverability and/or grade of minerals;
the potential size of a mineralized zone or potential expansion of
mineralization; proposed exploration and development of Liberty
Gold’s exploration property interests; the results of mineral
resource estimates and timing of pre-feasibility studies; and the
Company’s anticipated expenditures.
Forward-looking information is often, but not
always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "planned", "expect", "project",
"predict", "potential", "targeting", "intends", "believe",
"potential", and similar expressions, or describes a "goal", or
variation of such words and phrases or state that certain actions,
events or results "may", "should", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking information
is not a guarantee of future performance and is based upon a number
of estimates and assumptions of management at the date the
statements are made including, among others, assumptions about
future prices of gold, and other metal prices, currency exchange
rates and interest rates, favourable operating conditions,
political stability, obtaining governmental approvals and financing
on time, obtaining renewals for existing licenses and permits and
obtaining required licenses and permits, labour stability,
stability in market conditions, availability of equipment, timing
or results of the publication of any mineral resources, or
pre-feasibility study, the availability of drill rigs, the closing
of the sale of TV Tower, successful resolution of disputes and
anticipated costs and expenditures. Many assumptions are based on
factors and events that are not within the control of Liberty Gold
and there is no assurance they will prove to be correct.
Such forward-looking information, involves known
and unknown risks, which may cause the actual results to be
materially different from any future results expressed or implied
by such forward-looking information, including, risks related to
the interpretation of results and/or the reliance on technical
information provided by third parties as related to the Company’s
mineral property interests; changes in project parameters as plans
continue to be refined; current economic conditions; future prices
of commodities; possible variations in grade or recovery rates; the
costs and timing of the development of new deposits; failure of
equipment or processes to operate as anticipated; the failure of
contracted parties to perform; the timing and success of
exploration activities generally; the timing or results of the
publication of any mineral resources , pre-feasibility studies;
delays in permitting; possible claims against the Company; labour
disputes and other risks of the mining industry; delays in
obtaining governmental approvals, financing, sale of TV Tower or in
the completion of exploration as well as those factors discussed in
the Annual Information Form of the Company dated March 28, 2024, in
the section entitled "Risk Factors", under Liberty Gold’s SEDAR+
profile at www.sedarplus.ca.
Although Liberty Gold has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements.
Liberty Gold disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise unless required by law.
Note to United States Investors Concerning
Estimates of Measured, Indicated and Inferred Resources
The information in this MD&A, including any
information incorporated by reference, and disclosure documents of
Liberty Gold that are filed with Canadian securities regulatory
authorities concerning mineral properties have been prepared in
accordance with the requirements of securities laws in effect in
Canada, which differ from the requirements of United States
securities laws.
Without limiting the foregoing, these documents
use the terms “measured resources”, “indicated resources”,
“inferred resources” and “probable mineral reserves”. These terms
are Canadian mining terms as defined in, and required to be
disclosed in accordance with, NI 43-101, which references the
guidelines set out in the Canadian Institute of Mining, Metallurgy
and Petroleum (the “CIM”) – CIM Definition Standards on Mineral
Resources and Reserves (“CIM Definition Standards”), adopted by the
CIM Council, as amended. However, these standards differ
significantly from the mineral property disclosure requirements of
the United States Securities and Exchange Commission (the “SEC”) in
Regulation S-K Subpart 1300 (the “SEC Modernization Rules”) under
the United States Securities Act of 1934, as amended. The Company
does not file reports with the SEC and is not required to provide
disclosure on its mineral properties under the SEC Modernization
Rules and will continue to provide disclosure under NI 43-101 and
the CIM Definition Standards.
____________________ 1 See press releases dated April 29, and
April 30, 2024. 2 See press release dated April 17, 2024. 3 See
press release dated June 11, 2024. 4 See press release dated July
17, 2024 5 See news release dated July 3, 2024
Liberty Gold (TSX:LGD)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Liberty Gold (TSX:LGD)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024