Liberty Metals (ASX: LIB) Secures Option Over Guyana Gold Projects

Liberty Metals has signed a binding four-year option over two greenfields gold projects in Guyana’s Cuyuni Mining District. The agreement allows Liberty to acquire a 90% interest in Oko North and Oko South.

The package comprises 40 granted mining permits covering about 180 square kilometres. Its two consolidated blocks span approximately 60 kilometres of the Oko district.

Liberty has also secured firm commitments for an A$5 million placement. The funding will support initial exploration, transaction costs and working capital.

Position in the Oko District

Oko North directly abuts ground previously held by G2 Goldfields, near its New Oko discovery. Oko South lies about 30 kilometres south of the Oko deposits.

Liberty interprets Oko South as covering the southern continuation of the district’s mineralised structural trend. Both blocks sit within the Barama-Mazaruni greenstone belt of the Guiana Shield.

The surrounding district contains about 9.3 million ounces of delineated gold across third-party projects. Most of that endowment was discovered during the past five years.

G Mining Ventures recently consolidated Oko West and Oko-Ghanie through its acquisition of G2 Goldfields. The combined project contains seven million ounces in measured and indicated resources, plus 2.3 million inferred ounces.

However, those resources sit outside Liberty’s tenure. Liberty’s projects have no Mineral Resource or Ore Reserve, and nearby discoveries do not guarantee exploration success.

Option Terms and Future Payments

Maximum scheduled consideration is approximately US$8 million, excluding a potential feasibility-linked milestone payment. Most scheduled consideration falls on the third and fourth anniversaries.

Liberty has paid US$346,000 and must pay another US$854,000 across the first 30 business days. Later annual payments rise from US$800,000 to US$3 million.

The company can terminate the option with 30 days’ notice if further payments are not economically justified. It can also accelerate payments and complete the acquisition early.

A separate milestone payment becomes payable after completion of a bankable feasibility study. The amount starts at US$15 per economically feasible gold ounce, net of scheduled payments already received.

That rate increases if gold exceeds specified price thresholds. Liberty said such a payment would require additional funding because it would arise before production cash flow.

Placement Funds Early Exploration

The A$5 million placement involves two billion new shares priced at A$0.0025 each. That price represents an 11.3% discount to the 15-day volume-weighted average price.

Most shares will be issued under Liberty’s existing placement capacity. Up to 60 million shares for directors and management require shareholder approval at an extraordinary meeting planned for early October 2026.

Funds will support data compilation, geological mapping, geochemical sampling and maiden auger drilling. Fieldwork is planned to begin immediately, with systematic soil sampling and trenching scheduled during the third quarter of 2026.

Liberty will use those programs to define its first drill targets. Chairman Nicholas Katris said: “None of it has ever been systematically explored with modern techniques.”