Several Near-term Catalysts for Junior Gold Co.

Source: Philip Ker 06/02/2025

Liberty Gold Corp.’s (LGD:TSX; LGDTF:OTCQX) shares have significant rerating potential as the company further derisks and advances Black Pine, noted a Ventum Capital Markets report.

Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) has a new Ventum Capital Markets analyst covering it, Philip Ker, who maintained the Buy rating but raised the target price, he reported in a May 23 transfer of coverage note.

“With a bolstered treasury and key catalysts on the horizon for Liberty’s flagship Black Pine project in Idaho, we continue to see deep value in Liberty shares as it derisks Black Pine through feasibility and permitting milestones,” Ker wrote.

142% Return Potential

Ventum’s new target price on the U.S.-based explorer-developer is CA$0.75 per share, up from CA$0.70, the analyst noted. In comparison, at the time of Ker’s report, Liberty was trading at about CA$0.31 per share, at a price:net asset value of 0.12x, a discount to the 0.25x peer group average.

The revised target implies a return of 142%.

Also as of May 23, the company had 453.8 million shares outstanding. Its market cap was CA$136 million (CA$136M). Its 52-week range was CA$0.25–0.43 per share.

Brief Project Overview

Ker reiterated the key points about Black Pine, Liberty’s flagship project in Idaho. One of the largest undeveloped gold projects in the country’s Great Basin, Black Pine’s robust reserve is 3,100,000 ounces (3.1 Moz) of gold based on about 4.9 Moz of gold resources.

Black Pine, as outlined in the prefeasibility study, will produce 135,000 ounces (135 Koz) of gold per year over a 17-year life of mine. At a US$2,000 per ounce gold price, the project will return an after-tax net present value of US$552M and an internal rate of return of 32%.

“We see Black Pine’s upfront production profile of about 183 Koz per year over years 1 through 5 providing a rapid payback, particularly at current spot gold prices,” Ker wrote.

The analyst wrote that Liberty and Black Pine should benefit from “a more favorable federal permitting landscape” and Idaho’s new Strategic Permitting, Efficiency, and Economic Development (SPEED) Act, intended to further streamline permitting of large projects.

Liberty is well cashed up to continue advancing and derisking Black Pine, noted Ker, after raising CA$23M in a bought-deal equity offering last month. These funds should be enough to see the project through engineering studies for a feasibility study as well as optimization strategies.

What to Watch For

Liberty has several potential catalysts on the horizon, noted Ker. Ones related to Black Pine include the start of both an environmental impact study and detailed engineering work as well an update of the mineral resource estimate to include results of 40,000 meters of drilling.

Also in the works is a spinout of Liberty’s Goldstrike project, including the Antimony Ridge discovery.

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Important Disclosures:

1. Liberty Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor/employee.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

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Disclosures for Ventum Capital Markets, Liberty Gold Corp., May 23, 2025:

I, Phil Ker, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. I am the research analyst primarily responsible for preparing this report.

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( Companies Mentioned: LGD:TSX; LGDTF:OTCQX, )

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