History
Liberty Star went from an Alaska copper-gold explorer to an Arizona-focused company, surviving a 2010 note default through asset sales and years of small dilutive financings and insider cash.
2004-2006: A shell becomes an explorer
Liberty Star began as Titanium Intelligence, a Nevada shell. In January 2004 it agreed to reverse-merge with Liberty Star Gold Corp., founded by James Briscoe and Paul Matysek. About 17.5 million shares, 46.6% of the combined company, went to the parent, Alaska Star. The deal closed in February 2004 and brought the Big Chunk copper-gold-moly claims in Alaska, close to Northern Dynasty's Pebble deposit.
Funding came first from straight share sales: a $2 million placement in June 2004 and about $5.05 million in March 2005. The first four drill holes at Big Chunk, reported in December 2004, found low-grade copper, gold and molybdenum in a pattern consistent with the outer edge of a porphyry system (a large copper-bearing rock body). In January 2006 the company restated its accounts, concluding the founding merger should have been booked as an asset purchase. In March 2006 it signed a $10 million standby equity agreement with Cornell Capital Partners, where a falling share price meant more shares issued for the same cash.
2006-2009: Uranium, joint ventures and mounting debt
The company built an Arizona uranium portfolio of roughly 224 targets at the time. In 2006 it signed joint ventures with Oriental Crystal and Xstate Resources, and in September 2007 Millrock Resources took an option on the Bonanza Hills gold property in Alaska. The beats record no outcome for the Oriental Crystal venture.
Financing turned to debt. In May 2007 it raised $4.4 million in 8% convertible notes at a fixed $0.65 a share. From April 2008 note holders repeatedly allowed payment in discounted stock because cash was short. Further 12% secured notes followed: $414,184 in September 2008, $170,668 in May 2009 and $589,177 in August 2009. In May 2009 the conversion price on the whole stack was cut to $0.005 a share or 80% of a recent average price, sharply increasing dilution.
2010-2014: Default and the Northern Dynasty rescue
In March 2010 the notes were extended to February 2011. In June 2010 the collateral agent declared the secured notes in default and demanded at least $3.5 million. In July Northern Dynasty Minerals paid off the lenders in exchange for 13% of the Big Chunk/Bonanza Hills claims, $1 million cash and a new $3 million secured loan, with an option to earn 60% of both Alaska projects by spending $10 million over six years.
A 76.4 million-share compensation issue in May 2010 was voided as an error in August and replaced by an option package of 95.5 million shares at $0.038. Private placements that autumn raised $1.235 million at $0.04-0.043 a unit, about 3% of the 2005 price. A planned uranium combination with Sagebrush Gold, signed in September 2011, was terminated in January 2012. In February 2012 the company set up a $10 million equity line with Fairhills Capital.
In November 2012 it settled the Northern Dynasty debt, $3.7 million plus $872,543 interest, by handing over 199 Big Chunk claims. All remaining claims were settled in May 2014.
2013-2019: Serial convertible notes and a move to Hay Mountain
From August 2013 the company relied on small convertible notes at steep discounts to market price: $555,000 in August 2013, $250,000 in November 2013, then notes from JSJ Investments, Tangiers and others. A Tangiers equity line of up to $8 million followed in December 2014. A $500,000 note came in December 2015. Shares on issue rose from about 630 million at the end of 2011 to roughly 4.5 billion by 2019. In October 2019 the company was updating 2013 Hay Mountain ZTEM data and finishing assessment work on Hay Mountain North in Arizona, and the CEO had personally paid about $40,000 for an elemental analyzer, to be reimbursed when funds allow.
2020-2023: Insider control and the gold prospect
In July 2020 directors Brett Gross and Pete O'Heeron were issued 51 million Class A super-voting shares, 200 votes each, for $49,062, giving them effective voting control. In 2021 the share count fell sharply, from about 4.9 billion to about 11 million; the beats do not explain this. Gold emerged as a target at Red Rock Canyon within Hay Mountain: a May 2021 technical report found 12 of 17 historic drill intercepts above cutoff, up to 5.66 grams per ton, and June samples assayed up to 2.18 ounces per ton. A $1 million equity agreement with Triton Funds followed in August 2021.
In January 2022 Gross and O'Heeron converted $626,187 of advances into stock and warrants. In April 2022 the company settled former CEO James Briscoe's lawsuit. In late 2023 further Class A shares were issued, bringing the total to 500,000, and O'Heeron alone bought 250,000 Class A shares out of treasury. In November 2023 NISS Drilling Services was contracted to drill Red Rock Canyon and Hay Mountain Target 1.
2024-2026: Drilling results and insider cash
Chairman O'Heeron lent $250,000 in January 2024 and $210,000 in February, plus $150,000 in August. A $126,000 note from 1800 Diagonal came in February on costlier fixed-repayment terms. In July 2024 channel sampling at Red Rock Canyon found over 30% of 23 jasperoid lenses above 1.5 g/t gold, with samples up to 85.8 g/t. A $10 million equity line with GHS Investments followed in October 2024.
By January 2025 the company was running on officer advances of nearly $154,000 for the quarter, with Patricia Madaris as CFO and Interim CEO. O'Heeron bought $277,260 of stock at $0.09 in March 2025. Labrys and FirstFire each lent $137,500 in August 2025, and Monroe Street lent $123,200 in May 2026. Shares on issue reached about 120 million by 2026. As of its latest beat in 2026, the company remained dependent on convertible notes and insider funding, with the drilling results after July 2024 not in the record.
Written from the 57 story beats below (2004 to 1 June 2026), which come from the company's own announcements and filings.