Liberty Gold Sells Gage Project to Focus on U.S. Gold Pipeline

VANCOUVER, BC – March 18, 2026 – In a strategic move that underscores a growing trend of specialization within the mining sector, Liberty Gold Corp. announced today it is divesting its Gage Project, a Utah-based asset rich in copper, gallium, and germanium. The buyer, a subsidiary of Blue Moon Metals Inc., will acquire the project in a deal that provides Liberty Gold with an equity stake in Blue Moon and a long-term royalty interest.

The transaction sees Liberty Gold offloading what it deemed a "non-core asset" to concentrate its capital and expertise on its primary gold development pipeline in the Great Basin. For Blue Moon Metals, the acquisition represents a significant consolidation of a critical minerals district, positioning it as a key player in the North American supply chain for high-tech metals.

A Strategic Pivot to Gold

For Liberty Gold, the sale of the Gage Project is a deliberate step to streamline its portfolio and double down on its identity as a U.S.-focused gold developer. The company's primary objective is advancing its flagship asset, the Black Pine Oxide Gold Project in southern Idaho, toward production. This divestment frees up management resources and ensures that financial efforts are not diverted from this core mission.

Black Pine is a large-scale, past-producing oxide gold system that is rapidly being de-risked and advanced. A robust Preliminary Feasibility Study (PFS) published in October 2024 outlined a 17-year mine life with a probable reserve of 3.1 million ounces of gold. The project's economics are compelling, with a projected after-tax Net Present Value of US$550 million and an Internal Rate of Return of 32% at a US$2,000 gold price. An updated resource estimate in February 2026 further boosted confidence, increasing the indicated resource to 4.88 million ounces of gold.

Crucially, the project's permitting timeline has been significantly accelerated. In January 2026, Black Pine was accepted into the FAST-41 U.S. Federal Permitting Framework, a program designed to improve the timeliness, predictability, and transparency of federal environmental reviews for major infrastructure projects. This designation, combined with a Mine Plan of Operations deemed "Administratively Complete" by federal agencies in late 2025, puts Liberty Gold on a clear path toward a construction decision by late 2027 and a target for first gold production in 2028.

With a strategic investment from Centerra Gold in September 2025, Liberty Gold is fully funded through its feasibility and permitting milestones, reducing investor risk associated with future equity dilution. The sale of Gage reinforces this disciplined capital allocation strategy, allowing the company to focus on delivering the Black Pine project and evaluating the future of its other significant holding, the Goldstrike Project in Utah.

Blue Moon's Critical Minerals Consolidation

While Liberty Gold sharpens its focus on gold, Blue Moon Metals is aggressively carving out a niche in the high-stakes world of critical minerals. The acquisition of the Gage Project is not an isolated event but the capstone of a swift and strategic consolidation. Just two days prior, on March 16, Blue Moon announced its acquisition of the nearby Apex Mine from Teck Resources, a site with the distinction of being North America's only historical primary producer of germanium and gallium.

The Gage Project's 5,916 hectares of mineral claims and leases completely surround the Apex Mine. This transaction effectively gives Blue Moon control over what its leadership believes is the most important germanium and gallium district in North America. These elements are vital for a host of modern technologies, including semiconductors, fiber optics, and high-efficiency solar cells, placing them at the center of geopolitical and supply chain discussions, particularly given China's dominance in their production.

The acquisition aligns perfectly with Blue Moon's corporate strategy of developing a portfolio of polymetallic and critical mineral assets. While the company's financial statements reflect its exploration-stage status with no current revenue, it has captured significant market attention. The company's stock surged over 60% following the Apex announcement, and its market capitalization has grown exponentially in early 2026. This investor enthusiasm is a bet on Blue Moon's ability to successfully explore and develop a domestic source of minerals essential for the green energy transition and national security. However, some market observers have sounded a note of caution, suggesting the valuation may be "frothy" and pointing to the economic challenges of hard rock mining for these minerals when they can also be sourced as by-products from other industrial processes.

The Deal's Structure and Value

Under the terms of the asset purchase agreement, Liberty Gold will receive 420,935 common shares in Blue Moon, valued at approximately US$2 million at the time of the announcement. This provides Liberty with immediate, non-dilutive value and an ongoing stake in Blue Moon's potential success as it explores the consolidated Gage-Apex district.

Beyond the equity, Liberty Gold retains a significant long-term interest through a 2.0% net smelter return (NSR) royalty on future mineral production from the project's unpatented mining claims. This structure allows Liberty to benefit from any future exploration success and production without incurring any of the associated development costs or risks. The agreement includes a provision allowing Blue Moon to repurchase half of this royalty (1.0%) for a cash payment of US$2 million at any time before the project reaches commercial production, giving the developer a path to reduce its long-term cost burden.

The transaction is subject to customary closing conditions, including regulatory approval from the TSX Venture Exchange, and is expected to be finalized within 30 days. No advisory fees were paid by Liberty Gold, underscoring the direct and strategic nature of the deal.

A Bellwether for Mining Industry Trends

The Liberty Gold-Blue Moon transaction serves as a microcosm of powerful forces reshaping the global mining industry. After a period of robust M&A activity that saw over $70 billion in deals in 2025, the sector continues to see strategic repositioning driven by more than just commodity price speculation. Companies are increasingly focused on capital discipline, risk management, and specializing in core competencies.

This deal perfectly illustrates the trend. A gold-focused developer, Liberty Gold, is monetizing a non-core asset that falls outside its primary expertise. The asset, however, is highly strategic for a specialized player like Blue Moon Metals, which is consolidating a position in the niche but increasingly vital critical minerals market. This type of portfolio optimization allows both companies to create shareholder value by focusing on what they do best.

The industry is currently navigating a dual mandate: securing traditional commodities like gold while simultaneously building the supply chains for "energy transition metals" like copper, lithium, and the very gallium and germanium found at Gage. As major miners seek to acquire prospective assets to meet projected supply deficits for these critical materials, deals like this one—where a specialized explorer takes the lead on a complex, early-stage project—are becoming more common. It reflects a maturing market where companies recognize that trying to be a master of all commodities is a less effective strategy than achieving excellence in a chosen few.