Liberty Star Uranium & Metals Corp.

Overview

• Industry: Mineral exploration and acquisition.
• Primary focus: Acquisition and exploration of mineral properties in Arizona (Southwest U.S.).
• Stage: Exploration phase; no revenues and no ore reserves identified to date.
• Corporate status: Incorporated in Nevada; operations began in 2004; name changes in 2007.
• Public listing: OTCQB (penny-stock considerations apply).

What the company does

• Acquires mineral claims and permits in Arizona and conducts exploration to identify mineralization, including copper, molybdenum, gold, silver, lead, zinc, manganese, rare earth elements, and other metals.
• Key focus areas:
  • Tombstone area (Tombstone caldera and environs)
  • Hay Mountain holdings (Earp Ridge, Red Rock Canyon, Robbers Roost — held through Hay Mountain Holdings LLC)
  • Tombstone/Robbers Roost and American Strategic Minerals properties
• Exploration approach: Phased program that can include diamond drilling, geochemical sampling, geophysics (ZTEM, IP, magnetic surveys), and mineralogical/structural interpretation. Current active focus is the Red Rock Canyon project within the Hay Mountain holdings.

Properties and land holdings

• Claims are held through Liberty Star and subsidiaries, primarily Hay Mountain Holdings LLC. All claims and permits were in good standing as of January 31, 2026.
• Tombstone area:
  • Arizona State Mineral Exploration Permits (MEPs) and federal lode mining claims.
  • AZ MEPs: 31 permits totaling 12,878.18 acres (with later state land expansions).
  • Federal lode claims: 93 claims totaling 1,594.68 acres.
• Hay Mountain holdings (initial and subsequent additions):
  • Initial AZ MEPs: 31 permits (12,878.18 acres).
  • Federal lode claims: 93 claims (1,594.68 acres).
  • Initial Hay Mountain area: 20.12 square miles of state land plus 2.49 square miles of federal land.
  • 2025–2026 additions: 26 AZ MEPs (14,071.54 acres), bringing total AZ state land to 26,949.72 acres.
  • Combined state + federal after additions: 28,544.40 acres.
  • Total project area including Tombstone and Hay Mountain land: 44.06 square miles (roughly 28,251 acres).
• Other properties:
  • Red Rock Canyon (within Hay Mountain): MEP expansions adjacent to gold targets; channel sampling in 2025–2026 returned high-grade gold in some samples.
  • Robbers Roost and Tombstone/Robbers Roost are part of the broader portfolio.

Current and past exploration programs

• Hay Mountain (Earp Ridge) drilling:
  • Phase 1 drilling in late 2023–early 2024.
  • HM-23-01: 1,500 ft — no mineralization observed.
  • HM-23-02: 3,437 ft — encountered alteration and minor copper mineralization (up to ~0.1% Cu in zones).
  • Phase 1 results were inconclusive for resource estimation; further drilling is planned contingent on financing.
• Geochemical and geophysical work:
  • Historical sampling (2011–2012): ~1,800 rock, soil, and vegetation samples over ~14 square miles.
  • Biogeochemical interpretation by external consultant indicated anomalies consistent with a buried porphyry Cu-Mo system; follow-up field reviews and 3D modeling supported target generation.
  • ZTEM EM surveys have been integrated with gravity, magnetics and IP data. 3D modeling and magnetic/EM interpretations have identified deeper targets for testing.
• Red Rock Canyon:
  • 2019–2020: MEP expansions contiguous to Hay Mountain targets with preliminary surface correlation to Cu-Au signatures.
  • 2025: Channel sampling yielded high-grade gold in select samples (e.g., 107.5 g/t Au and 60.0 g/t Au).
  • 2025–2026 IP and resistivity testing showed detectability of vein-hosted and sulfide mineralization, consistent with Carlin-style associations in some areas.
• Ongoing work: XRF-based field geochemistry for ~31 elements, QA/QC protocols with standards/blanks/duplicates, geological mapping and surface sampling to support drill targeting. Expanded exploration program timing depends on financing.

Management, personnel, and facilities

• Key personnel:
  • Patricia Madaris — VP Finance and Chief Financial Officer; Interim CEO.
  • Pete O’Heeron — Chairman of the Board.
  • One full-time CFO (also VP Finance), one full-time VP of Field Operations (Geology), and one Investor Relations Representative.
  • The company uses consultants for investor relations, geology, drilling, accounting, and other technical services.
• Offices and facilities:
  • Principal office: 2 East Congress St., Ste. 900, Tucson, AZ 85701.
  • Two month-to-month storage spaces in Tombstone, AZ ($403/month total).
  • Current facilities are adequate for current operations, with potential expansion if funding permits.

Financial position and capitalization

• Revenue and profitability:
  • The company has not generated revenues and has not paid dividends.
• Cash and working capital (as of January 31, 2026):
  • Cash and cash equivalents: approximately $276,959.
  • Working capital deficit: approximately $422,160 (adjusted for derivative liability treatment).
  • Auditors (M&K CPAS, PLLC) expressed substantial doubt about the company’s ability to continue as a going concern due to recurring losses and the need for additional financing.
• Equity structure:
  • Common stock authorized: 229,500,000 shares; issued and outstanding: 92,263,189 shares (as of January 31, 2026).
  • Class A Common Stock authorized: 500,000 shares; outstanding: 500,000 shares (as of January 31, 2026); Class A shares carry 200-to-1 voting rights relative to common stock and are restricted to current board members.
  • OTCQB listing; penny-stock considerations apply.
• Dilution: Future equity financings could dilute existing shareholders. Claim maintenance requires timely payments and minimum expenditures; failure to meet requirements could lead to forfeiture.

Regulatory, risk, and governance notes

• The company operates under federal and state exploration and environmental regulations; AZ MEPs and federal claim rentals and fees must be maintained.
• Title risk is inherent to mineral claims; the company states claims are in good standing to the best of its knowledge.
• Risks include market and financing conditions, competition for capital and personnel, regulatory and permitting delays, environmental compliance costs, and the possibility that exploration will not identify commercially viable deposits.
• Governance: Class A shares were created in part to deter hostile takeovers; indemnification provisions are in place for officers and directors.

Summary

Liberty Star Uranium & Metals Corp. is a Nevada-incorporated mineral exploration company focused on exploration and acquisition of mining claims in Arizona, primarily in the Tombstone and Hay Mountain areas. The company maintains an active exploration program that includes geochemistry, geophysics, mapping and drilling, with a current emphasis on Red Rock Canyon. Operations are financed through equity and other financing as available, and further program expansion depends on securing additional funding.