Liberty Gold CEO Jon Gilligan on Black Pine's Path to a 2028 Construction Decision

Liberty Gold says Black Pine is moving toward a Q4 2026 feasibility study with a 2028 construction decision still the target, as the project’s oxide gold resource has grown to 4.88 million indicated ounces. The company is leaning on a low-cost, high-leverage development profile, but the key tradeable issue remains whether the PFS economics can sustain the project across a range of gold prices rather than just the base case. CEO Jon Gilligan highlighted the gap between the PFS base case and the stronger headline gold-price scenarios, underscoring that project value is highly sensitive to the metal price environment. For gold traders, the interview is more of a project-development read-through than a near-term price catalyst, but it reinforces the broader theme that higher gold prices are improving optionality for developers with large oxide resources and manageable capital intensity. Near term, the market will likely focus on the upcoming feasibility study for any changes to capex, operating costs, and pricing assumptions, since those will determine how credible the 2028 construction timeline looks. The main risk is that the project still has to prove enough economic robustness beyond a bullish gold deck, so any disappointment in study assumptions could temper enthusiasm even if the resource growth is positive.