10-K - LBSR - Equibles

UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

10-K

(Mark One)

☒

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended January 31, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For

the transition period from ______________to______________

Commission

file number 000-50071

Logo, company name
Description automatically generated

LIBERTY

STAR URANIUM & METALS CORP.

(Exact name of registrant as specified in its charter)

Nevada	90-0175540
(State or other jurisdiction<br> of	(IRS Employer
incorporation or organization)	Identification No.)

2East Congress Street, Suite 900, Tucson, Arizona 85701

(Address of principal executive offices)

520-425-1433

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title<br> of each class	Name<br> of each exchange on which registered
None	N/A

Securities

registered pursuant to Section 12(g) of the Act:

CommonStock, par value $0.00001

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

State

the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter: $12,712,191 as of July 31, 2021.

APPLICABLE

ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☐ Yes ☐ No

Indicate

the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date: 13,603,056 shares of Common Stock issued and outstanding as of May 17, 2022.

DOCUMENTS

INCORPORATED BY REFERENCE

None.

TABLE

OF CONTENTS

FORWARD-LOOKING STATEMENTS
PART I		4
	Item 1. Business	4
	Item 1A. Risk Factors	7
	Item 1B. Unresolved Staff Comments	10
	Item 2. Properties	11
	Item 3. Legal Proceedings	17
	Item 4. Mine Safety Disclosures	17
PART II		18
	Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	18
	Item 6. Selected Financial Data	20
	Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
	Item 7A. Quantitative and Qualitative Disclosures About Market Risk	23
	Item 8. Financial Statements and Supplementary Data	F-1
	Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure	24
	Item 9A. Controls and Procedures	24
	Item 9B. Other Information	24
PART III		25
	Item 10. Directors, Executive Officers and Corporate Governance	25
	Item 11. Executive Compensation	29
	Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	30
	Item 13. Certain Relationships and Related Transactions, and Director Independence	32
	Item 14. Principal Accounting Fees and Services	33
	Item 15 Exhibits, Financial Statement Schedules	34
	SIGNATURES	35

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FORWARD-LOOKING

STATEMENTS

This annual report on Form 10-K contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors”, that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

All dollar amounts refer to U.S. dollars unless otherwise indicated. Our consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The following discussion should be read in conjunction with our consolidated financial statements and the related notes that appear elsewhere in this annual report on Form 10-K.

As used in this annual report on Form 10-K, the terms “we”, “us”, the “Company” and “Liberty Star” mean Liberty Star Uranium & Metals Corp. and our subsidiaries, Hay Mountain Holdings, LLC, Earp Ridge Mines LLC and Red Rock Mines LLC, unless otherwise indicated.

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PART

ITEM

BUSINESS.

Businessdevelopment

Liberty Star Uranium & Metals Corp. (the “Company”, “we” or “Liberty Star”) was formerly Liberty Star Gold Corp. and formerly Titanium Intelligence, Inc. (“Titanium”). Titanium was incorporated on August 20, 2001 under the laws of the State of Nevada. On February 5, 2004, we commenced operations in the acquisition and exploration of mineral properties business. In April 2007, we changed our name to Liberty Star Uranium & Metals Corp. Hay Mountain Holdings, LLC, (formerly known as Hay Mountain Super Project LLC) our wholly owned subsidiary, serves as the primary holding company for development of the potential ore bodies encompassed in the Hay Mountain area of interest in Arizona. In April 2019, we formed the first company intended for engagement with future venture partners named Earp Ridge Mines LLC. On August 13, 2020, the Company formed Red Rock Mines, LLC (“Red Rock”), an Arizona corporation, as a wholly-owned subsidiary of Hay Mountain Holdings, LLC. We are in the exploration phase of operations and have not generated any revenues from operations.

Ourcurrent business

We are engaged in the acquisition and exploration of mineral properties in the state of Arizona and the Southwest USA. Claims in the state of Arizona are held in the name of Liberty Star. We use the term “Super Project” to indicate a project in which numerous mineral targets have been identified, any one or more of which could potentially contain commercially viable quantities of minerals. Our significant projects are described below.

Tombstone Super Project (“Tombstone”): Tombstone is located in Cochise County, Arizona and covers the Tombstone caldera and its environs. Within the Tombstone caldera is the Hay Mountain target and Red Rock Canyon target. We are concentrating our work at Red Rock Canyon at this time. We plan to ascertain whether the Tombstone, Hay Mountain claims possess commercially viable deposits of copper, molybdenum, gold, silver, lead, zinc, manganese and other metals including Rare Earth Elements (REE’s). We have not identified any ore reserves to date, although we have identified areas which are material of economic interest.

Title to mineral claims involves certain inherent risks due to difficulties in determining the validity of certain claims, as well as potential for problems arising from the frequently ambiguous conveyancing history characteristic of many mineral properties. We have investigated title to all the Company’s mineral properties and, to the best of its knowledge, title to all properties retained are in good standing.

The mineral resource business generally consists of three stages: exploration, development and production. Mineral resource companies that are in the exploration stage have not yet found mineral resources in commercially exploitable quantities and are engaged in exploring land in an effort to discover them. Mineral resource companies that have located a mineral resource in commercially exploitable quantities and are preparing to extract that resource are in the development stage, while those engaged in the extraction of a known mineral resource are in the production stage. We have not found any mineral resources in commercially exploitable quantities.

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There is no assurance that a commercially viable mineral deposit exists on any of our properties, and further exploration is required before we can evaluate whether any exist and, if so, whether it would be economically feasible to develop or exploit those resources. Even if we complete our current exploration program and we are successful in identifying a mineral deposit, we would be required to spend substantial funds on further drilling and engineering studies before we could know whether that mineral deposit “material of economic interest” will constitute a commercially viable mineral deposit, known as an “ore reserve.”

To date, we have not generated any revenues. Our ability to pursue our business plan and generate revenues is subject to our ability to obtain additional financing, and we cannot give any assurance that we will be able to do so.

The extent to which the coronavirus disease (“COVID-19”) impacts our businesses will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. If the disruptions posed by COVID-19 or other matters of global concern continue for an extensive period of time, our operations may be materially adversely affected.

Competition

We are a mineral resource company engaged in the business of mineral exploration. We compete with other mineral resource exploration companies for financing from a limited number of investors that are prepared to make investments in mineral resource exploration companies. The presence of competing mineral resource exploration companies may impact our ability to raise additional capital in order to fund our property acquisitions and exploration programs if investors are of the view that investments in competitors are more attractive based on the merit of the mineral properties under investigation and the price of the investment offered to investors.

We also compete for mineral properties of merit with other exploration companies. Competition could reduce the availability of properties of merit or increase the cost of acquiring additional mineral properties.

Many of the resource exploration companies with whom we compete may have greater financial and technical resources than we have. Accordingly, these competitors may be able to spend greater amounts on acquisitions of properties of merit and on exploration of their properties. In addition, they may be able to afford greater geological expertise in the targeting and exploration of resource properties. This competition could result in our competitors having resource properties of greater quality and interest to prospective investors who may finance additional exploration and to senior exploration companies that may purchase resource properties or enter into joint venture agreements with junior exploration companies. This competition could adversely impact our ability to finance property acquisitions and further exploration.

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Compliancewith Government Regulation

We will be required to comply with all regulations, rules and directives of governmental authorities and agencies applicable to the exploration of minerals in the State of Arizona and all other States in which we plan to operate.

We are required to pay annual rentals for our federal lode mining claims for the Tombstone project in the State of Arizona. The rental period begins at noon on September 1st through the following September 1st and rental payments are due by the first day of the rental period. As listed on the Bureau of Land Management (BLM) web site, new claims located on or after September 1, 2019 cost $255 each which includes processing, location, and maintenance fees. The annual rentals are $165 per claim after the first year. The rentals due by September 1, 2022 for the period from September 1, 2022 through September 1, 2023 of $15,345 have not been paid yet, however, we plan to pay these fees prior to the due date. All rentals during the year ended January 31, 2022 have been paid.

We are required to pay annual rentals for our Arizona State Land Department Mineral Exploration Permits (“AZ MEP”) at our Tombstone Hay Mountain project in the State of Arizona. AZ MEP permits cost $500 per permit per year in non-refundable filing fees and are valid for 1 year and renewable for up to 5 years. The rental fee is $2.00 per acre for the first year, which includes the second year, and $1.00 per acre per year for years three through five. The minimum work expenditure requirements are $10 per acre per year for years one and two and $20 per acre per year for years three through five. If the minimum work expenditure requirement is not met the applicant can pay the equal amount in fees to the Arizona State Land Department to keep the AZ MEP permits current. The rental period begins on the date of acceptance for each permit. Rental payments are due by the first day of the rental period. We hold AZ MEP permits for 15,793.24 acres at our Tombstone project. We plan to pay filing and rental fees for our AZ MEPs before their respective due dates in the amount of $29,354.65. All fees and expenditures due during the year ended January 31, 2022 have been paid.

With respect to the foregoing properties, additional approvals and authorizations may be required from other government agencies, depending upon the nature and scope of the proposed exploration program. The amount of these costs is not known at this time as we do not know the size, quality of any resource or reserve at this time, and it is extremely difficult to assess the impact of any capital expenditures on earnings or our competitive position.

Personnel

Our CEO & President, Brett Gross was elected by the Board on December 7, 2018. The Board also elected Pete O’Heeron as Chairman of the Board. We also employ one full time CFO who is also our VP of Finance, one full time Geo-tech, who is also our Manager of Field Operations, one Investor Relations Representative and one consultant CPA on an as needed basis. We hire consultants for investor relations, exploration, derivative accounting, and administrative functions also on an as needed basis.

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ITEM1A. Risk Factors.

Investingin our common stock involves a high degree of risk. You should not invest in our stock unless you are able to bear the complete lossof your investment. You should carefully consider the risks described below, as well as other information provided to you in this prospectus,including information in the section of this annual report on Form 10-K entitled “Forward-Looking Statements” before makingan investment decision. The risks and uncertainties described below are not the only ones facing our company. Additional risks and uncertaintiesnot presently known to us or that we currently believe are immaterial may also impair our business operations. If any of the followingrisks actually occur, our business, financial condition or results of operations could be materially adversely affected, the value ofour common stock could decline, and you may lose all or part of your investment.

RisksRelated to Our Company and Our Business

Ourbusinesses may be materially adversely affected by the recent coronavirus (COVID-19) outbreak or the related market decline and volatility.

On January 30, 2020, the World Health Organization declared the outbreak of the coronavirus disease (COVID-19) a “Public Health Emergency of International Concern.” On March 11, 2020 the World Health Organization characterized the outbreak as a “pandemic”. The significant outbreak of COVID-19 has resulted in a widespread health crisis that is adversely affecting the economies and financial markets worldwide, including the business which we operate and own. The recent market decline and volatility in connection with the COVID-19 pandemic could also materially and adversely affect any future potential acquisitions. Furthermore, with restrictions on travel, the limited ability to have meetings with personnel, vendors and services providers are expected to have an adverse effect on our businesses. The extent to which COVID-19 impacts our businesses will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. If the disruptions posed by COVID-19 or other matters of global concern continue for an extensive period of time, our operations may be materially adversely affected.

Becauseof the nature of the exploration of natural resource properties, there is substantial risk that this business will fail.

There is no assurance that any of the claims we explore or acquire will contain commercially exploitable reserves of minerals. Exploration for natural resources is a venture involving substantial risk. Hazards such as unusual or unexpected geological formations and other conditions often result in unsuccessful exploration efforts. We may also become subject to significant liability for pollution or hazards, which we cannot insure or which we may elect not to insure. There is substantial risk that our business will fail.

Ifwe cannot compete successfully for financing and for qualified managerial and technical employees, our exploration program may suffer.

Our competition in the mining industry includes large established mining companies with substantial capabilities and with greater financial and technical resources than we have. As a result of this competition, we may be unable to acquire additional financing on terms we consider acceptable because investors may choose to invest in our competitors instead of investing in us. We also compete with other mining companies in the recruitment and retention of qualified managerial and technical employees. Our success will be largely dependent on our ability to hire and retain highly qualified personnel. These individuals are in high demand and we may not be able to attract the personnel we need. We may not be able to afford the high salaries and fees demanded by qualified personnel or may lose such employees after they are hired. If we are unable to successfully compete for financing or for qualified employees, our exploration program may be slowed down or suspended.

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Explorationand exploitation activities are subject to comprehensive regulation which may cause substantial delays or require capital outlays inexcess of those anticipated causing an adverse effect on our company.

Exploration and exploitation activities are subject to federal, state, and local laws, regulations and policies, including laws regulating the removal of natural resources from the ground and the discharge of materials into the environment. Exploration and exploitation activities are also subject to federal, state, and local laws and regulations which seek to maintain health and safety standards by regulating the design and use of drilling methods and equipment.

Various permits from government bodies are required for drilling operations to be conducted; no assurance can be given that such permits will be received. Environmental and other legal standards imposed by federal, state, or local authorities may be changed, and any such changes may prevent us from conducting planned activities or increase our costs of doing so, which would have material adverse effects on our business. Moreover, compliance with such laws may cause substantial delays or require capital outlays in excess of those anticipated, thus causing an adverse effect on us. Additionally, we may be subject to liability for pollution or other environmental damages which we may not be able to or elect not to insure against due to prohibitive premium costs and other reasons. Any laws, regulations or policies of any government body or regulatory agency may be changed, applied or interpreted in a manner which will alter and negatively affect our ability to carry on our business.

Thereare no known reserves of minerals on our mineral claims, and we cannot guarantee that we will find any commercial quantities of minerals.

We have not found any mineral reserves on our claims and there can be no assurance that any of our mineral claims contain commercial quantities of any minerals. Even if we identify commercial quantities of minerals in any of our claims, there can be no assurance that we will be able to exploit the reserves or, if we are able to exploit them, that we will do so on a profitable basis. Any such efforts will require financing, which we may not be able to arrange.

Becausethe probability of an individual prospect ever having reserves is extremely remote, any funds spent on exploration may be lost.

The probability of an individual prospect ever having reserves is extremely remote. In all probability, our properties may not contain any reserves. As such, any funds spent on exploration may be lost, which would most likely result in a loss of your investment.

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Wehave a limited operating history and as a result there is no assurance we can operate on a profitable basis.

We have a limited operating history and must be considered in the exploration stage. Our operations will be subject to all the risks inherent in the establishment of an exploration stage enterprise and the uncertainties arising from the absence of a significant operating history. Potential investors should be aware of the difficulties normally encountered by mineral exploration companies and the high rate of failure of such enterprises, especially those with a limited operating history. The likelihood of success must be considered in light of the problems, expenses, difficulties, complications and delays encountered in connection with the exploration of the mineral properties that we plan to undertake. These potential problems include, but are not limited to, unanticipated problems relating to exploration, and additional costs and expenses that may exceed current estimates. The expenditures to be made by us in the exploration of the mineral claim may not result in the discovery of mineral deposits. Problems such as unusual or unexpected formations of rock or land and other conditions are involved in mineral exploration and often result in unsuccessful exploration efforts. If the results of our exploration do not reveal viable commercial mineralization, we may decide to abandon our claim and acquire new claims for new exploration or cease operations. The acquisition of additional claims will be dependent upon us possessing capital resources at the time in order to purchase such claims. If no funding is available, we may be forced to abandon our operations. No assurance can be given that we will ever operate on a profitable basis.

Ifwe do not obtain additional financing, our business will fail and our investors could lose their investment.

We had cash and cash equivalents in the amount of $102,741 and negative working capital of $1,406,339 as of January 31, 2022. We currently do not generate revenues from our operations. Our business plan calls for substantial investment and cost in connection with the acquisition and exploration of our mineral properties currently under lease and option. Any direct acquisition of any of the claims under lease or option is subject to our ability to obtain the financing necessary for us to fund and carry out exploration programs on the subject properties. The requirements are substantial. There is no assurance that we will be able to maintain operations at a level sufficient for an investor to obtain a return on their investment in our common stock. Further, we may continue to be unprofitable. Obtaining additional financing would be subject to a number of factors, including market prices for minerals, investor acceptance of our properties, contractual restrictions on our ability to enter into further financing arrangements, and investor sentiment. These factors may make the timing, amount, terms or conditions of additional financing unavailable to us and our business could fail.

Becausethere is no assurance that we will generate revenues, we face a high risk of business failure.

We have not earned any revenues and have never been profitable. We do not have an ownership interest in any revenue generating properties. We were incorporated in 2001 and took over our current business in 2004. To date, we have been involved primarily in organizational and exploration activities. We will incur substantial operating and exploration expenditures without realizing any revenues. We therefore expect to incur significant losses into the foreseeable future. We have limited operating history upon which an evaluation of our future success or failure can be made. We recognize that if we are unable to generate significant revenues from our activities, we will not be able to earn profits or continue operations. Based upon current plans, we also expect to incur significant operating losses in the future. We cannot guarantee that we will be successful in raising capital to fund these operating losses or generate revenues in the future. We can provide investors with no assurance that we will generate any operating revenues or ever achieve profitable operations. If we are unsuccessful in addressing these risks, our business will most likely fail and our investors could lose their investment.

Ourindependent registered public accounting firm’s report states that there is a substantial doubt about our ability to continue asa going concern.

Our independent registered public accounting firm, Turner Stone and Company LLP, stated in its audit report attached to our audited financial statements for the fiscal year ended January 31, 2022 that since we have suffered recurring losses from operations, require additional funds for further exploratory activity prior to attaining a revenue generating status, and we may not find sufficient ore reserves to be commercially mined, there is a substantial doubt about our ability to continue as a going concern.

Theexistence of our mining claims depends on our ability to fund exploratory activity or to pay fees.

Our mining claims, which are the central part of our business, require that we either pay fees, or incur certain minimum development costs annually, or the claims will be forfeited. Due to our current financial situation, we may not be able to meet these obligations and we could therefore lose our claims. This would impair our ability to raise capital and would negatively impact the value of our company.

RisksRelated to Our Common Stock

Becausewe will likely issue additional shares of our common stock, investment in our company could be subject to substantial dilution.

Investors’ interests in our company will be diluted and investors may suffer dilution in their net book value per share when we issue additional shares. We are authorized to issue 12,300,000 shares of common stock, $0.00001 par value per share. As of January 31, 2022, there were 13,458,752 shares of our common stock issued and outstanding. We anticipate that all or at least some of our future funding, if any, will be in the form of equity financing from the sale of our common stock. If we do sell more common stock, investors’ investment in our company will likely be diluted. Dilution is the difference between what you pay for your stock and the net tangible book value per share immediately after the additional shares are sold by us. If dilution occurs, any investment in our company’s common stock could seriously decline in value.

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Thesale of our stock under the convertible notes and the common share purchase warrants could encourage short sales by third parties, whichcould contribute to the future decline of our stock price.

In many circumstances, the provision of financing based on the distribution of equity for companies that are quoted on the OTCQB market has the potential to cause a significant downward pressure on the price of common stock. This is especially the case if the shares being placed into the market exceed the market’s ability to take up the increased stock or if we have not performed in such a manner to show that the equity funds raised will grow our business. Such an event could place further downward pressure on the price of our common stock. Regardless of our activities, the opportunity exists for short sellers and others to contribute to the future decline of our stock price. If there are significant short sales of our common stock, the price decline that would result from this activity will cause the share price to decline more, which may cause other stockholders of the stock to sell their shares, thereby contributing to sales of common stock in the market. If there are many more shares of our common stock on the market for sale than the market will absorb, the price of our common shares will likely decline.

Tradingin our common stock on the OTCQB is limited and sporadic making it difficult for our stockholders to sell their shares or liquidate theirinvestments.

Our common stock is currently quoted for public trading on the OTCQB. The trading price of our common stock has been subject to fluctuations. Trading prices of our common stock may fluctuate in response to a number of factors, many of which will be beyond our control. The stock market has generally experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies with no current business operation. There can be no assurance that trading prices and price earnings ratios previously experienced by our common stock will be matched or maintained. These broad market and industry factors may adversely affect the market price of our common stock, regardless of our operating performance. In the past, following periods of volatility in the market price of a company’s securities, securities class-action litigation has often been instituted. Such litigation, if instituted, could result in substantial costs for us and a diversion of management’s attention and resources.

Ourbylaws contain provisions indemnifying our officers and directors against all costs, charges and expenses incurred by them.

Our bylaws contain provisions with respect to the indemnification of our officers and directors against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, actually and reasonably incurred by them, including an amount paid to settle an action or satisfy a judgment in a civil, criminal or administrative action or proceeding to which they are made parties by reason of their being or having been our directors or officers.

Ourbylaws were changed on June 22, 2020 to add Class A Shares to deter a take-over of our company.

We amended our bylaws on June 22, 2020 to add Class A shares which have increased voting power of 200 to one per share to deter a hostile take-over of our company, the Company filed a Certificate of Designation with the Secretary of State of Nevada to establish the terms of the Company’s Class A Common Stock (the “Class A Shares”), par value $0.00001 per share, 200,000 shares authorized. The terms of the Class A Shares include 200-1 voting rights in addition to the rights held by common stockholders. Only persons who are current members of the Company’s Board of Directors may own or hold Class A Shares.

Wedo not intend to pay dividends on any investment in the shares of stock of our company and any gain on an investment in our company willneed to come through an increase in our stock’s price, which may never happen.

We have never paid any cash dividends and currently do not intend to pay any dividends for the foreseeable future. To the extent that we require additional funding currently not provided for in our financing plan, our funding sources may prohibit the payment of a dividend. Because we do not intend to declare dividends, any gain on an investment in our company will need to come through an increase in the stock’s price. This may never happen and investors may lose all of their investment in our company.

Becauseour securities are subject to penny stock rules, you may have difficulty reselling your shares.

Our shares as penny stocks, are covered by Section 15(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which imposes additional sales practice requirements on broker/dealers who sell our company’s securities including the delivery of a standardized disclosure document; disclosure and confirmation of quotation prices; disclosure of compensation the broker/dealer receives; and furnishing monthly account statements. These rules apply to companies whose shares are not traded on a national stock exchange, trade at less than $5.00 per share, or who do not meet certain other financial requirements specified by the Securities and Exchange Commission (the “SEC”). These rules require brokers who sell “penny stocks” to persons other than established customers and “accredited investors” to complete certain documentation, make suitability inquiries of investors, and provide investors with certain information concerning the risks of trading in such penny stocks. These rules may discourage or restrict the ability of brokers to sell our shares of common stock and may affect the secondary market for our shares of common stock. These rules could also hamper our ability to raise funds in the primary market for our shares of common stock.

FINRAsales practice requirements may also limit a stockholder’s ability to buy and sell our stock.

In addition to the “penny stock” rules described above, the Financial Industry Regulatory Authority (“FINRA”) has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common shares, which may limit your ability to buy and sell our stock and have an adverse effect on the market for our shares.

ITEM

1B. UNRESOLVED STAFF COMMENTS.

Not applicable to smaller reporting companies.

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ITEM

PROPERTIES.

Ouroffices

Our employees work either from our principal office or from offices maintained in their homes. Our corporate office address is 2 East Congress St. Ste. 900, Tucson, AZ 85701.

We currently rent a storage space for $45 per month in Tombstone, AZ on a month-to-month basis.

We believe that our existing office facilities are adequate for our needs. Should we require additional space in the future, we believe that such space can be secured on commercially reasonable terms.

Ourmineral claims

All of the Company’s claims for mineral properties are in good standing as of January 31, 2022.

Tombstone:

Tombstone is a large and ancient (72 million years before the present – or Laramide in age) volcanic structure – a caldera. The US Geological Survey caldera experts, conclude this is correct. Subsequently, more than seventeen calderas of various ages have been identified in Arizona by the US Geological survey, the Arizona Geological Survey and others. Such calderas of Laramide age are all associated with porphyry alteration and copper and associated mineralization; many of these have become very large copper mines. Advanced technology has indicated that alteration associated mineralization at Tombstone is much more extensive than originally thought. This alteration lies largely under cover and is indicated by geochemistry, geophysics and projection of known geology into covered areas.

The Hay Mountain Project is located 6.5 miles southeast of Tombstone where we hold 35 Arizona State Mineral Exploration Permits (MEPs) covering (15,793.24 acres) or 24.68 square miles, and 93 federal lode mining claims covering (1,594.68 acres) or 2.49 square miles and is accessible by Hwy 80, Davis Rd. and Wild West Road.

LIBERTY

STAR

TOMBSTONE-AZ

Federal

Unpatented Claims

Claim

Names

HM

87-143

TS

168-176

Marco1A-Marco5E

Davis1A-DavisC

Claim

Acreage

57

HM Claims- 1095.18 acres

21

Marco Claims- 320 acres

6

Davis Claims- 80 acres

9

TS Claims- 99.5 acres

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State

Exploration Permits

MEP #	Acres	Renewal & Rental Due Date
08-122642	738.4	11/24/2022
08-122641	375.64	11/24/2022
08-122640	732.84	11/24/2022
08-119716	480	1/18/2023
08-119717	520	1/18/2023
08-119752	40	7/11/2022
08-120017	160	6/15/2022
08-120018	80	6/15/2022
08-120172	440	10/4/2022
08-120173	640	10/4/2022
08-120174	440	10/4/2022
08-120175	480	10/4/2022
08-120176	480	10/4/2022
08-120177	582.83	10/4/2022
08-120178	240	10/4/2022
08-120179	370.24	10/4/2022
08-121131	520	11/18/2022
08-121132	368.76	11/18/2022
08-121133	139.9	11/18/2022
08-121134	280	11/18/2022
08-121135	639.56	11/18/2022
08-121136	600	11/18/2022
08-121137	440	11/18/2022
08-121138	358.85	11/18/2022
08-121139	571.25	11/18/2022
08-121140	439.5	11/18/2022
08-121141	280	11/18/2022
08-121142	640	11/18/2022
08-121143	640	11/18/2022
08-121654	80	9/22/2022
08-121767	639.71	11/21/2022
08-121768	449.44	11/21/2022
08-121769	640	11/21/2022
08-121770	626.32	11/21/2022
08-121771	640	11/21/2022

35State

MEP’s totaling

15,793.24

acres

Map
Description automatically generated

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At Hay Mountain, we plan to ascertain whether the Hay Mountain lode mining claims and AZ MEPs possess commercially viable deposits of copper, gold, molybdenum, silver, zinc, rare earth metals and other valuable metals. We have a phased exploration plan that involves diamond core drilling of multiple holes over targets determined by analysis of geochemical sampling and ZTEM electromagnetic and magnetic survey. Initial phase 1 drilling is planned to take approximately one year. Should results indicate the viability of the project, additional phased work, both exploration and development, is planned over the course of seven total years to define the nature and size of an ore body(s) and move toward mining. Any exploration plans are dependent on acquiring suitable funding. No part of the phased program is currently funded.

The Tombstone claims are undeveloped. However significant amounts of aeromagnetic surveys, IP (Induced Polarization Surveys), geologic mapping by the USGS and others, and geochemical surveys including soil, rock and vegetation sampling have been conducted at various times by various parties, over the last 60 years. When compiled and analyzed these various data suggest a compelling series of anomalies that are typical of buried, dirt and rock covered porphyry copper system(s). Below is a summary of prior exploration activities performed on our Tombstone claims: Technical Report: In mid-March 2011, Liberty Star contracted SRK to prepare three (3) Technical studies and Reports in a form similar to mineral reports prescribed under NI 43-101. Members of SRK’s engineering/scientific staff supervised by a Qualified Person as defined under NI 43-101 and SRK’s Tucson Office Principal Geologist, Corolla Hoag, and geologist Dr. Jan Rasmussen have visited the Tombstone property. This information was combined with historic technical reports going back to 1878 and more recent data up to August 2011 (the date of their reports). The three Technical Reports are entitled: (1) Walnut Creek Exploration Report, Tombstone District, Arizona –August 31, 2011, 147 pages; (2) The Tombstone Caldera South Exploration Report, Tombstone District, Arizona –August 31, 2011, 144 pages; and (3) Hay Mountain Exploration Report, Tombstone District, Arizona – August 31 2011, 155 pages. These reports covered the entirety of historic productive area of the Tombstone mines which date to their discovery in 1877. However, before that report could be completed a competitor acquired a lease on those lands. These Technical Reports thoroughly summarize and illustrate the salient geotechnical data of the Tombstone Mining District covering about 250 square miles and present much data in computer map format. In such context, they analyze Liberty Star’s exploration programs as related to the entire area, make estimates and recommend execution of proposed Company exploration programs.

Geochemicalsampling at the Hay Mountain Project: In 2011 and early 2012 we collected nearly 1,800 rock, soil and vegetation samples over 621 sample sites over approximately 14 square miles centered on the Hay Mountain property. These samples have been assayed for multiple elements generating many volumes of analyses. The samples were prepared by MEG Inc. and have been shipped to ALS Global (f/k/a ALS-Chemex), geochemical analysis lab in Vancouver, British Columbia. Assay results were sent to our Tucson office and all assays were received. Our geology team has generated computer analyses that allow interpretation of the data. Liberty Star continues to collect XRF readings and biogeochemical samples to further define the anomalies at Hay Mountain.

On June 15, 2020 we received 2 Mineral Exploration Permits (MEPs) issued by the Arizona State Land Department (ASLD) covering the 240-acre Robbers Roost exploration area approximately 4.5 miles southwest of Tombstone, Arizona with access via paved road (Charleston Road). The new MEPs are 5.89 miles west of Liberty Star’s Hay Mountain Project for porphyry copper, gold, and molybdenum. While the Robbers Roost MEP area is new to the Company, it has been explored previously by several exploration companies, in the 1970’s and 1990’s, and recently has received significant interest by others operating in the area. Drilling by ASARCO indicates “the presence of a granodioritic porphyry intrusive at depth below the alteration zone. The intrusive is characterized by porphyry copper style alteration and mineralization.” [JB Nelson, “Robbers’ Roost Summary Report,” 1995, p. 2 http://docs.azgs.az.gov/SpecColl/2008-01/2008-01-0103.pdf)

On June 24, 2020 we completed staking an additional 400 acres of Federal Lode Claims at Hay Mountain. This addition to Liberty Star’s mineral claims effectively closes all potential competitors’ opportunity to take a State or Federal mineral interest inside the Company’s contiguous State and Federal mineral estate.

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On November 11, 2020 we announced the identification of potentially exploitable gold mineralization in its recently acquired State of Arizona Mineral Exploration Permits (MEPs) land located in the area locally recognized as Red Rock Canyon, contiguous with and immediately north of drill Target 1, within the Company’s principal porphyry copper, gold, moly exploration target at the Hay Mountain Project (the “Project”) previously disclosed. The relevant MEPs are in Township 20, Range 23 East, specifically eight sections 27 through 34 and two additional MEPs, in sections 20 and 21. Preliminary surface exploration on the Red Rock MEPs advances the Company’s knowledge of the porphyry system signature associated with magnetic highs at, and adjacent to the north of, Target 1, and represent the expansion of biogeochemical, surface rock sampling, and x-ray fluorescence (XRF) work continuing at Target 1 and on the anticipated gold halo likely associated with the indicated porphyry center.

On November 21, 2020 we acquired 5 new Mineral Exploration Permits for a total of 2,995.47 acres. Liberty Star’s CEO Brett Gross notes the new applications complement last year’s land acquisition announced October 21, 2019 (Update 910); “In 2019 we moved to secure surface access to support future development and operations. With the addition of these lands, the Company secures three additional access routes from public roadways. While over the past twenty-two months we have enjoyed increasingly good, collaborative and cooperative relations with the private property owners contiguous to the Hay Mountain Project with no interruptions to project access, securing multiple alternative routes places us in an even more secure and well-defined position for the future.”

On October 21, 2019 we acquired 13 new Mineral Exploration Permits (MEP’s) for a total of 5,917.82 acres, or 9.25 sq miles bringing our total MEPs at Hay Mountain to 28 and 12,557.77 acres or 19.62 sq miles. This new acquisition represents a nearly 89% increase in Liberty Star lands under permit for mineral exploration activities. These acquisitions not only substantially expand Liberty Star’s continued exploration potential, but also provide resistance to existing competitive pressures that permits us to be more forthcoming with our technical data sharing with potential venture partners. Liberty Star geochemical and geophysical surface studies indicate anomalies consistent with a large, buried porphyry copper body at the primary target, and potentially extensive associated porphyry cluster, with attendant metals including gold, moly, nickel, silver, zinc, lead, and cobalt. See news release: https://www.libertystaruranium.com/2019/10/21/liberty-star-adds-over-9-square-miles-to-the-hay-mountain-project/.

In 2019 Liberty Star contracted Pim van Geffen, PhD, PGeo of Vancouver Geochemistry to provide services in the form of validation and interpretation of our biogeochemical data from the Hay Mountain Project, Tombstone District, Arizona. In particular, the quality of the biogeochemical data was assessed regarding its capacity to support the recognition of buried porphyry-copper and related mineralization in the Project area and inform exploration decisions. A written report on the data assessment, including statements on data quality and utility, interpreted maps, and recommendations for the use of the data and data products in furthering exploration efforts on the Hay Mountain Project have been received.

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GeologicMapping: Small scale geologic mapping was performed in the Hay Mountain area by two different U.S. Geological Survey Senior Geologists. The first was by James Gilluly starting in the late 1930s and published in the early 1950’s, as a Professional Paper 281, 1956, and the second by Harold Drewes, published USGS Professional Paper 1144 1981. The Drewes map was a simplified version of the Gilluly map with faults adjusted to Drewes’s interpretation. Unfortunately, little or no refinement of the rock types or actual outcropping rocks was accomplished. Gilluly, while apparently generally correct in outcrop identification, disturbingly on close examination it appears he missed important outcropping rocks and at least in the Hay Mountain area of the major geochemical anomaly he misinterpreted stratigraphic rock types. In the area we have termed the Chrysocolla Block he failed to note the outcrop completely and our thorough examination revealed it to be Earp formation, whereas all the surrounding mapped area was mapped as the younger Colina limestone. This would put the Chrysocolla Block more than 1,000 feet above the Earp and 1,700 feet or more above the receptive-to- mineralization Horquilla formation where most of the production from Bisbee has been found and high grade which is now being drilled out at Rosemont Camp about 50 miles to the west. This critical error we have corrected on our maps to show this area as the lower Earp and believe that the recently discovered gossan outcrops are lying perhaps 200 to 400 feet above the Earp- Horquilla contact. Furthermore, neither Gilluly nor Drewes noticed pervasively fluidized and rounded limestone breccia which covers square miles and is typical feature of porphyry copper deposits. We believe perhaps massive copper (chalcopyrite) mineralization will be located in the Horquilla formation 200 to 400 feet below the gossan outcrops in the Earp formation. This analysis plus all of our geochemistry and geophysics is the justification for our currently planned drill hole program.

On August 16, 2020 we received our July 2020 Field Mapping Report prepared by Geologist Daniel Koning. The new field mapping report was commissioned by Liberty Star to “identify alteration and veining associated with an inferred porphyry copper system at depth, determine the extent of hydrothermal alteration, and comment on the possible timing of mineralization.” Geologist Koning conducted the mapping from July 14^th^ to August 5^th^, accompanied by Liberty Star Field Ops Manager Jay Crawford and for 3 days, CEO/President Brett Gross. The 50-page report contains over 50 new maps and sample images. In his Hay Mountain Project July 2020 Field Mapping Report, Koning concludes “Type 1 and type 2 veins are…interpreted as fluid escape structures representing the distal and possibly upper expression of a porphyry system at depth. The overall extent of type 1 and type 2 veining across the property could indicate significant skarn and CRD development at depth.” [page 48] He further finds that his work “correlates with the Cu, Mo, and Au biogeochemical anomalies identified by Dr. Pim van Geffen, and the magnetic and ZTEM anomalies identified by Alan King’s 3D model. Because of this, the center of the inferred porphyry system at Hay Mountain is interpreted to be southwest of the Zebra Hills under post-mineral cover.” [page 48]

ZTEM EM Survey: We requested and received a cost estimate from Geotech of Aurora (Toronto area) Ontario, Canada, which is the only purveyor of this helicopter borne electromagnetic (EM) geophysical method. This geophysical method has the ability to “look down” into the crust of the earth about 2,000 meters (6,600 feet) and detect sulfides and other rock types and structures which may be associated with porphyry copper systems. Test work over known Safford, Arizona porphyry copper deposits along with thousands of verifying drill holes show the geometry of such mineral systems can be determined, thus identifying whether it is a porphyry copper system or some other mineral system. When combined with our geochemical data, we can determine the position of the copper-moly center of the system and design our drill program to efficiently test and define mineralization. We flew ZTEM in July 2013 and the analysis report was received in February 2014. In 2019, a re-interpretation of the ZTEM and the magnetic data with focus on porphyry targets was performed on the basis of more rigorous 3D inversion tools. Based on the 3D ZTEM and the 3D MVI inversion results, Geotech has recommended the following: Integrate the newly obtained results with all available geological, geochemical and drilling info (if available) to better define and prioritize exploration targets; Follow-up with deep-penetrating ground IP and ground TDEM detailed surveys on the 1^st^ priority potential porphyry target Zd1and then the 2^nd^ priority targets Zs1and Zs2 for better definition of their depth and shape; Follow-up with detailed ground MT survey the Zd1target for its investigation at depth; Drill testing of the Zd1target with deep holes should be performed after ground verification with ground geophysics. See news release: https://www.libertystaruranium.com/2019/09/30/liberty-star-hires-geotech-ltd-to-update-hay-mountain-project-ztem-data/

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Also, in 2019 Liberty Star contracted Alan King, P.Geo., M.Sc.at Geoscience North to prepare a geophysical review of all the geochemical and geophysical data. Their conclusions and recommendations are- The full 3D Geoscience Analyst (GA) integrated model, which was provided as part of the review, should be used for targeting as there is much more detail and dynamic viewing available in the live 3D model than in the 2D screen captures of the model shown in the report. The new 3D models based on the ZTEM data should be reviewed with respect to the previous ground IP/Res, CSAMT etc. data, which were mentioned in the SRK report. The core anomalous area has complex Magnetic and EM signatures in an area of structural complexity, with associated well defined geochem anomalies. Drill testing is recommended to test this area. Physical properties such as mag susceptibility, electrical conductivity, density and IP effect would be helpful for further interpretation. These could be acquired on existing rock samples from the area or on core samples from any new drilling or with in-situ borehole geophysical surveys in any new Drill holes. Targeting: the main target remains the core geochem anomaly area and drill testing of this target is recommended. The combined EM and magnetic models show a thicker tabular conductive feature together with an area of high magnetic/structural complexity in the core of a large magnetic depletion zone, coincident with the core of the geochem anomalies. See news release: https://www.libertystaruranium.com/2021/01/31/liberty-star-minerals-lbsrtechnical-data-studies-available/

SamplingProtocols for all projects

Liberty Star trains all employees/contractors conducting sample collection by use of a handheld digital mobile device (X-ray Fluorescence Analyzer) to record accurate analysis of 31 elements including gold, silver copper, molybdenum, uranium, thorium, manganese, and other elements from each in situ sample. The XRF device leads the sampler through a series of dropdown menu windows with various description capabilities and the ability to record a GPS coordinate of the location. Data from the XRF is uploaded to our computer database daily. The X-ray (XRF) is now a recognized and a valuable portable assay tool.

Liberty Star also uses professionally created video training to teach samplers the proper techniques of obtaining a representative sample whether it is soil, rock or vegetation and instruction on avoiding cross contamination between samples. After samples are collected, they are stored in a secure location under lock and key until they are shipped via FedEx or UPS using chain of custody guidelines to a professional sample prep lab in Washoe Valley, Nevada run by Shea Clark Smith, MSc/ Geochemist. Mr. Smith prepares the samples by crushing, mixing, pulverizing and homogenizing. Then a 200-gram sample is scientifically split for shipment to a Certified Assay Laboratory of each original sample. Standards, blanks and duplicates are added to the sample stream, including such Quality Assurance Quality Control (QA/QC) every 10th assay sample is re-assayed and a blind standard is inserted every tenth sample interval, before being sent to a certified assay lab using ICP-MS analysis the samples are randomized. Once Liberty Star gets the analysis data back from the laboratory, checks for quality assurance and control are made using data from the blanks, standards and duplicates. The results are sent to Liberty Star by email and a paper copy mailed for verification and as a permanent record. The data are then de- randomized and processed for interpretation by various software programs designed for the purpose.

SK1300 Regulation

Liberty Star has performed many hours of field work mapping and sampling on our Red Rock Canyon Gold Project and although we do not have drilling core to prove results, we have through analysis of Geochem sampling, evidence of an anomaly of “material of economic interest”. Please see exhibit with our RRC Technical report prepared by a qualified person for more details and analysis.

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ITEM

LEGAL PROCEEDINGS

LegalMatter

On August 22, 2019 (and amended on December 23, 2019), the Company filed a complaint with the Superior Court of Arizona (Case No. C20194139), demanding the titles and possession of certain vehicles and equipment of the Company from our former CEO, as well as seeking recovery of damages from the former CEO in an amount of not less than $50,000. None of the vehicles and equipment, individually or in total, have any material net book value (being fully depreciated) as of January 31, 2022 and 2021.

On February 18, 2020, our former CEO and his spouse (the “Counterclaimants”) filed a First Amended Answer: First Amended Complaint and Counterclaim with the Superior Court of Arizona seeking dismissal of the Company’s complaint and reimbursement of Counterclaimants’ attorney fees incurred related to the matter. Additionally, the counterclaim alleges breach of contract by the Company and requests reimbursement of amounts loaned to the Company by our former CEO and his spouse, along with reimbursement of attorney fees. The Company believes these counterclaims are without merit and will aggressively defend them and believes no unfavorable outcome or material effect on our consolidated financial statements will result.

On April 22, 2022, the Company reached terms of settlement of the litigation (see Note 14).

ITEM

MINE SAFETY DISCLOSURES.

Under Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and under Item 104 of Regulation S-K, promulgated under the Exchange Act, each operator of a coal or other mine is required to include disclosures regarding certain mine safety results in its periodic reports filed with the SEC. The operation of our mine(s) that may be developed in the future would be subject to regulation by the federal Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977. We do not own any mines in (or outside of) the United States and as a result, this information is not required.

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PART

ITEM

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

Our common stock is currently quoted on the OTCQB of the OTC Markets under the symbol, “LBSR.” The OTC Market is a network of security dealers who buy and sell stock. The dealers are connected by a computer network that provides information on current “bids” and “asks”, as well as volume information. Trading in stocks quoted on the OTCQB is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated or have little to do with a company’s operations or business prospects.

The following table sets forth the range of high and low closing bid quotations for our common stock for each of the periods indicated as reported by the OTC Markets. These quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.

Quarter Ended	High		Low
January 31, 2022	$	0.390	$	0.353
October 31, 2021	$	0.590	$	0.555
July 31, 2021	$	1.010	$	0.910
April 30, 2021	$	1.040	$	0.710
January 31, 2021	$	1.600	$	1.450
October 31, 2020	$	0.500	$	0.450
July 31, 2020	$	0.600	$	0.550
April 30, 2020	$	0.350	$	0.300
January 31, 2020	$	0.550	$	0.450

Our transfer agent, The Nevada Agency and Transfer Company, of Suite 880 Bank of America, 50 West Liberty Street, Reno, Nevada 89501 (telephone: 775.322.0626; facsimile 775.322.5632) is the registrar and transfer agent for our common stock.

As of May 17, 2022, we had 13,603,056 shares of our common stock issued and outstanding, with 144 record stockholders. The number of record holders does not include beneficial owners of common stock whose shares are held in the names of banks, brokers, nominees or other fiduciaries. The closing sale price for our common stock on May 16, 2022, as reported on the OTCQB was $0.342

All references to common shares and common share data in the accompanying consolidated financial statements and elsewhere in this Form 10-K as of January 31, 2022 and 2021, and for the years then ended, reflect the 1-for-500 Reverse Stock Split.

RecentSales of Unregistered Securities

CommonStock Issued During the Year Ended January 31, 2022

During the year ended January 31, 2022, the Company issued a total of 535,568 shares of our common stock for conversions of $217,540 of convertible notes payable and accrued interest at exercise prices ranging from of $0.202 to $0.797.

On March 5, 2021, the Company issued 6,000 shares of its common stock to an accredited investor for the exercise of warrants for proceeds of $2,100, or $0.35 per common share.

On March 26, 2021, the Company issued 17,006 shares of its common stock and 8,503 warrants to our CEO for gross proceeds of $20,000, for $1.176 per unit. The warrants have a three-year term and are exercisable at any time at an exercise price of $1.646.

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In March 2021, the Company issued 49,412 shares of its common stock and 24,706 warrants to our CEO for gross proceeds of $55,000 for $1.113 per unit. The warrants have a three-year term and are exercisable at any time at an exercise price of $1.558.

On April 2, 2021, the Company issued 9,818 shares of its common stock and 4,909 warrants to an accredited investor for gross proceeds of $10,000, or $1.019 per unit. The warrants have a three-year term and are exercisable at any time at an exercise price of $1.426.

On April 30, 2021, the Company received proceeds of $20,000 from an investor for the purchase of 19,268 shares of its common stock and 9,634 warrants, at a price of $1.038 per unit. The warrants have a three-year term and are exercisable at any time at an exercise price of $1.453.

In October 2021, the Company issued 60,887 shares of its common stock and 30,444 warrants to a director for gross proceeds of $35,000, for $0.575 per unit. The warrants have a three-year term and are exercisable at any time at an exercise price of $0.805.

In October 2021, the Company issued 25,986 shares of its common stock and 12,993 warrants to a director for gross proceeds of $15,000, for $0.577 per unit. The warrants have a three-year term and are exercisable at any time at an exercise price of $0.808.

Effective January 5, 2022, the Company entered into Debt Conversion Agreements with Brett Gross, President & CEO, and Peter O’Heeron, Chairman of the Board, pursuant to which each of them agreed to convert their outstanding shareholder advances and loans to the Company into Company securities consisting of shares of common stock and warrants. Mr. Gross converted shareholder advances and loans to the Company totaling $375,357 and Mr. O’Heeron converted shareholder advances and loans totaling $250,830. Upon conversion, the Company debts represented by such shareholder advances and loans were deemed to be satisfied and paid in full.

The debt conversions described above were completed pursuant to, and in accordance with the terms of Company’s current private placement offering. Accordingly, the Company issued units consisting of one share of common stock and ½ warrant to complete the conversion. The shares were issued at a price of $0.269 per share, which is the Volume Weighted Average Price (“VWAP”) for the 4 days immediately preceding the effective date of the conversion. The warrants are exercisable for up to three years at a price of $0.377 per share, which is 140% higher than the price at which the shares were issued. A total of 1,395,379 shares and 697,690 warrants were issued to Mr. Gross and a total of 932,454 shares and 466,227 warrants issued to Mr. O’Heeron. The shares and warrants issued to Mr. Gross and Mr. O’Heeron are restricted securities as defined in Rule 144.

CommonStock Issued During the Year Ended January 31, 2021

During the year ended January 31, 2021, the Company issued a total of 586,062 shares of our common stock for conversions of $169,860 of convertible notes payable and accrued interest at exercise prices ranging from of $0.225 to $0.420.

During the year ended January 31, 2021, the Company issued a total of 54,000 shares of its common stock and 27,000 warrants to two investors for proceeds of $20,599, or $0.300 to $0.400 per share. The warrants have a three-year term and are exercisable at any time at an exercise price of $0.400 to $0.550 per share.

During the year ended January 31, 2021, the Company issued 142,857 shares of its common stock to a consultant for services at an aggregate price of $50,000, or $0.350 per share.

In issuing the securities set forth above, we relied on the registration exemption provided for in Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).

Dividends

We have never declared or paid any cash dividends on our common stock. We currently intend to retain future earnings, if any, to increase our working capital and do not anticipate paying any cash dividends in the foreseeable future.

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ITEM

SELECTED FINANCIAL DATA.

Not applicable to smaller reporting companies.

ITEM

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion should be read in conjunction with our consolidated audited financial statements and the related notes that appear elsewhere in this annual report on Form 10-K. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. We refer you to the section of this annual report on Form 10-K entitled, “Forward-Looking Statements.” Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this annual report on Form 10-K, particularly in the section entitled “Risk Factors.”

Overview

We are an exploration company engaged in the acquisition and exploration of mineral properties in the States of Arizona. Claims in the State of Arizona are located in the Tombstone Mining District, any one or more of which could potentially contain commercially viable quantities of minerals.

Liquidityand Capital Resources

We had cash and cash equivalents in the amount of $102,741 and negative working capital of $as of January 31, 2022. We had cash inflows from financing activities of $590,971 for the fiscal year ended January 31, 2022. We will need additional funds in order to proceed with our planned exploration program.

Convertiblepromissory notes

We have issued the following convertible promissory notes in private placements of our securities to institutional investors pursuant to exemptions from registration set out in Rule 506 of Regulation D under the Securities Act of 1933.

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On October 28, 2020, we received net proceeds of $82,000 from the issuance of a convertible note dated October 20, 2020 (the “October 2020 Note”). The note bears interest at 8%, includes OID of $8,500 and legal and due diligence fees of $3,000, matures on September 1, 2021, and is convertible after 180 days into shares of the Company’s common stock at a price of 75% of the average of the lowest 5 weighted average market price of the Company’s common stock during the 10 trading days prior to conversion. During the year ended January 31, 2022, the noteholder converted a total of $96,900 of the note for 132,353 shares of the Company’s common stock, leaving a balance of $0 as of January 31, 2022.

On April 26, 2021, we received net proceeds of $60,000 from the issuance of a convertible note dated April 23, 2021 (the “April 2021 Note”). The note bears interest at 8%, includes legal and due diligence fees of $3,000, matures on April 23, 2022, and is convertible after 180 days into shares of the Company’s common stock at a price of 75% of the average of the lowest 5 weighted average market price of the Company’s common stock during the 10 trading days prior to conversion. During the year ended January 31, 2022, the noteholder converted a total of $65,520 of the note for 161,190 shares of the Company’s common stock, leaving a balance of $0 as of January 31, 2022.

On May 11, 2021, we issued a convertible note in the aggregate principal amount of $53,000 (the “May 2021 Note”). The note bears interest at 8%, includes legal and due diligence fees of $3,000, matures on May 11, 2022, and is convertible after 180 days into shares of the Company’s common stock at a price of 75% of the average of the lowest 5 weighted average market price of the Company’s common stock during the 10 trading days prior to conversion. During the year ended January 31, 2022, the noteholder converted a total of $55,120 of the note for 242,025 shares of the Company’s common stock, leaving a balance of $0 as of January 31, 2022.

On October 8, 2021, we issued a convertible promissory note in the aggregate principal amount of $69,300 (the “October 2021 Note”). The note bears interest at 8%, includes legal and due diligence fees of $3,000, with a 10% Original Issue Discount, matures on October 8, 2022, and is convertible after 180 days into shares of the Company’s common stock at a price of 75% of the average of the lowest 5 weighted average market price of the Company’s common stock during the 10 trading days prior to conversion.

On November 15, 2021, the Company entered into a convertible promissory note with Sixth Street Lending LLC. (“Sixth Street”) in the aggregate principal amount of $60,500 (the “November 2021 Note”). The note bears interest at 8%, with an Original Issue Discount of $8,500, matures on November 15, 2022, and is convertible after 180 days into shares of the Company’s common stock at a price of 75% of the average of the lowest 5 weighted average market price of the Company’s common stock during the 10 trading days prior to conversion.

On December 21, 2021, the Company entered into a convertible promissory note with Sixth Street in the aggregate principal amount of $55,000 (the “December 2021 Note”). The note bears interest at 8%, with an Original Issue Discount of $8,000, matures on December 21, 2022, and is convertible after 180 days into shares of the Company’s common stock at a price of 75% of the average of the lowest 5 weighted average market price of the Company’s common stock during the 10 trading days prior to conversion.

NotesPayable - SBA

On May 5, 2020, the Company received loan proceeds of $30,387 under the SBA’s Paycheck Protection Program (“PPP”). The PPP loan, dated May 5, 2020, bears interest at 1% and is due in 18 monthly installments of $1,710 beginning December 1, 2020. On May 5, 2020, the Company also received grant proceeds of $3,000 under the EIDL program which is reflected as a credit to salaries and benefits expense for the year ended January 31, 2021. In November 2020, the Company was approved for forgiveness in full for the entire amount including principal and interest under the PPP loan. The grant proceeds of $3,000 was factored in the amount forgiven thus $3,000 remained payable to our bank until the Company repaid it in February 2021.

On June 22, 2020, the Company received loan proceeds of $32,300 (net of $100 loan fee) under the SBA’s Economic Injury Disaster Loan program (“EIDL”). The EIDL loan, dated June 16, 2020, bears interest at 3.75%, has a 30-year term, is secured by substantially all assets of the Company, and is due in monthly installments of $158 beginning June 16, 2021 (extended to June 18, 2023).

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On February 16, 2021, the Company received loan proceeds of $32,497 under the Payroll Protection Program (“PPP”). The PPP loan bears interest at 1%, has a 5-year term, and is due in equal monthly installments beginning December 16, 2021 (extended to June 16, 2022). This loan was forgiven in full in March 2022.

The balance of these two notes total $67,184, including accrued interest of $2,387, and is included in long-term debt as of January 31, 2022.

Proceedsfrom issuance of common stock

During the fiscal years ended January 31, 2022 and 2021, we entered into certain private investment agreements pursuant to which we received a total of $287,374 and $35,599 in net proceeds, respectively.

Resultsof Operations for the Fiscal Year Ended January 31, 2022

We had a net loss of $438,681 for the fiscal year ended January 31, 2022 compared to net loss of $749,745 for the fiscal year ended January 31, 2021 . Net loss decreased by $311,064 due primarily to a decrease in legal expenses of $99,632 due primarily to the decreased use of legal services related to legal matters, a decrease of $34,703 in geological and geophysical costs related to a decrease in land rental fees for mineral claims, a decrease in interest expense of $38,437 related to the change in debt balances between years, and the $226,278 gain on change in fair value of derivative liability. This decrease is offset partially by an increase in professional services expense of $23,930 due to an increase in the use of outside consultants, and the gain on forgiveness of the SBA loan of $30,578 during the year ended January 31, 2021.

Off-BalanceSheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

Presentationof Financial Information

Our consolidated financial statements for the fiscal year ended January 31, 2022 reflect financial information for the fiscal years ended January 31, 2022 and 2021.

Since we have not generated any revenue, we have included a reference to our ability to continue as a going concern in connection with our consolidated financial statements for the fiscal years ended January 31, 2022 and 2021. Our accumulated deficit on January 31, 2022, was approximately $58 million and the net loss from operations for the fiscal year ended January 31, 2022 was $517,760. All of our exploration costs are expensed as incurred.

These consolidated financial statements have been prepared on the going concern basis, which assumes that adequate sources of financing will be obtained as required and that our assets will be realized, and liabilities settled in the ordinary course of business. Accordingly, these consolidated financial statements do not include any adjustments related to the recoverability of assets and classification of assets and liabilities that might be necessary should we be unable to continue as a going concern.

In order to continue as a going concern, we require additional financing. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to continue as a going concern, we would likely be unable to realize the carrying value of our assets reflected in the balances set out in the preparation of the consolidated financial statements.

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CriticalAccounting Policies

Our consolidated financial statements have been prepared in conformity with GAAP. Our significant accounting policies are described in Note 2 to the consolidated financial statements included in Item 8 of this annual report on Form 10-K. The critical accounting policies adopted by our company are as follows:

GoingConcern

Since we have not generated any revenue, we have negative cash flows from operations, and negative working capital we have included a reference to the substantial doubt about our ability to continue as a going concern in connection with our consolidated financial statements for the period ended January 31, 2022. Our total stockholders’ deficit at January 31, 2022 was $1,445,801.

Mineralclaims

We account for costs incurred to acquire, maintain and explore mineral properties as charged to expense in the period incurred until the time that a proven mineral resource is established at which point development of the mineral property would be capitalized. Currently, we do not have any proven mineral resources on any of our mineral properties.

Convertiblepromissory notes

We reviewed the convertible promissory notes and the related subscription agreements to determine the appropriate reporting within the financial statements. We report convertible promissory notes as liabilities at their carrying value less unamortized discounts in accordance with the applicable accounting guidance. We bifurcate conversion options and detachable common stock purchase warrants and report them as liabilities at fair value at each reporting period when required in accordance with the applicable accounting guidance. No gain or loss is reported when the notes are converted into shares of our common stock in accordance with the note’s terms.

Commonstock purchase warrants

We report common stock purchase warrants as equity unless a condition exists which requires reporting as a derivative liability at fair market value. The valuation of the derivative liability of the warrants is determined through the use of a Monte Carlo options model that values the liability of the warrants based on a risk-neutral valuation where the price of the option is its discounted expected value.

ITEM

7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable to smaller reporting companies.

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ITEM

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

LIBERTY

STAR URANIUM & METALS CORP.

TABLE

OF CONTENTS

	Page
REPORT<br> OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Turner Stone & Company, LLP, PCAOB ID No. 76)	F-2
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<br> (MaloneBailey, LLP, PCAOB ID No. 206)	F-3
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheets as of January 31, 2022 and 2021	F-4
Consolidated Statements of Operations for the Years Ended January 31, 2022 and 2021	F-5
Consolidated Statements of Changes in Stockholders’ Deficit for the Years Ended January 31, 2022 and 2021	F-6
Consolidated Statements of Cash Flows for the Years Ended January 31, 2022 and 2021	F-7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	F-8

| F-1 |

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Report

of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of Liberty Star Uranium & Metals Corp.

Opinionon the Financial Statements

We have audited the accompanying consolidated balance sheet of Liberty Star Uranium & Metals Corp. and its subsidiaries (the “Company”) as of January 31, 2022, and the related consolidated statements of operations, changes in stockholders’ deficit and cash flows for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company as of January 31, 2022, and the results of its consolidated operations and its consolidated cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

ExplanatoryParagraph – Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has suffered recurring losses from operations and has a working capital deficit, both of which raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basisfor Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

CriticalAudit Matter

The critical audit matter communicated below is a matter arising from the audit of the financial statements that was communicated or required to be communicated to the board of directors and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

CriticalAudit Matter Description

As disclosed in Notes 6 and 7 to the consolidated financial statements, the Company had various debt instruments which included conversion features requiring bifurcation and separate accounting. Management evaluated the required accounting, significant estimates, and judgements around the valuation for these embedded derivatives. These embedded derivatives were measured at fair value.

There is no current observable market for these types of features and, as such, the Company determined the fair value of the embedded derivatives using an option pricing model to measure the fair value of the bifurcated derivatives. As a result, a high degree of auditor judgment and effort was required in performing audit procedures to evaluate the conclusions reached by management as well as the inputs to the Company’s option pricing model.

Howthe Critical Audit Matter Was Addressed in the Audit

Our principal audit procedures performed to address this critical audit matter included the following:

-	We<br> obtained an understanding of the controls and processes surrounding the evaluation, initial measurement and valuation of the bifurcated<br> derivatives.
-	We<br> evaluated management’s assessment and the conclusions reached, and the qualifications of the Company’s specialist, to<br> ensure these instruments were recorded in accordance with the relevant accounting guidance.
-	We<br> evaluated the fair value of the bifurcated derivatives that included testing the valuation model and assumptions utilized by management<br> and underlying data used in the model.
/s/ Turner Stone & Company, LLP
---
We<br> have served as the Company’s auditor since 2022.
Dallas,<br> Texas
May<br> 17, 2022

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

Liberty Star Uranium & Metals Corp.

Opinionon the Financial Statements

We have audited the accompanying consolidated balance sheet of Liberty Star Uranium & Metals Corp. and its subsidiaries (collectively, the “Company”) as of January 31, 2021, and the related consolidated statements of operations, changes in stockholders’ deficit, and cash flows for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of January 31, 2021, and the results of their operations and their cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

GoingConcern Matter

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basisfor Opinion

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

CriticalAudit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgements. We determined that there are no critical audit matters.

/s/ MaloneBailey, LLP
www.malonebailey.com
We<br> have served as the Company’s auditor since 2013.
Houston, Texas
May<br> 3, 2021

| F-3 |

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LIBERTY

STAR URANIUM & METALS CORP.

CONSOLIDATED

BALANCE SHEETS

			January 31, 2021
Assets
Current:
Cash and cash equivalents	102,741		$	6,718
Prepaid expenses	13,066			4,815
Total current assets	115,807			11,533
Property and equipment, net	27,722			33,556
Total assets	143,529		$	45,089
Liabilities and Stockholders’ Deficit
Current:
Accounts payable and accrued liabilities	481,080		$	467,957
Accounts payable to related parties	51,119			51,119
Accrued wages to related parties	811,711			811,711
Advances from related party	-			301,077
Notes payable to related parties	13,121			283,271
Convertible promissory note, net of debt discount of 20,178 and 7,642	184,384			87,969
Total current liabilities	1,541,415			2,003,104
Long-term:
Long-term accounts payable, net of current portion	-			20,300
Long-term debt - SBA	67,184			33,162
Total long-term liabilities	67,184			53,462
Total liabilities	1,608,599			2,056,566
Commitments and Contingencies (Note 13)
Stockholders’ deficit
Class A Common stock - .00001 par value; 200,000 authorized; 102,000 shares issued and outstanding, respectively	1			1
Common stock - .00001 par value; 24,800,000 and 12,300,000 authorized; 13,458,752 and 9,902,052 shares issued and outstanding, respectively	135			99
Common stock, value	135			99
Common stock to be issued	-			15,000
Additional paid-in capital	56,503,616			55,503,564
Accumulated deficit	(57,968,822	)		(57,530,141	)
Total stockholders’ deficit	(1,465,070	)		(2,011,477	)
Total liabilities and stockholders’ deficit	143,529		$	45,089

All values are in US Dollars.

The

accompanying notes are an integral part of the consolidated financial statements

| F-4 |

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LIBERTY

STAR URANIUM & METALS CORP.

CONSOLIDATED

STATEMENTS OF OPERATIONS

	2022			2021
	For the Years Ended
	January 31,
	2022			2021
Revenues	$	-		$	-
Expenses:
Geological and geophysical costs		84,252			118,955
Salaries and benefits		147,249			144,513
Public Relations		18,904			-
Depreciation		5,834			6,336
Legal		68,168			167,800
Professional services		99,349			75,419
General and administrative		84,698			72,930
Travel		9,306			8,939
Net operating expenses		517,760			594,892
Loss from operations		(517,760	)		(594,892	)
Other income (expense):
Interest expense		(147,199	)		(185,636	)
Gain on forgiveness of SBA loan		-			30,578
Gain on change in fair value of derivative liability		226,278			205
Total other income (expense)		79,079			(154,853	)
Net loss		(438,681	)	$	(749,745	)
Net loss per share of common stock - basic and diluted	$	(0.04	)	$	(0.08	)
Weighted average number of shares of common stock outstanding - basic and diluted		10,647,908			9,746,433

The

accompanying notes are an integral part of the consolidated financial statements

| F-5 |

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LIBERTY

STAR URANIUM & METALS CORP.

CONSOLIDATED

STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

For

the Years Ended January 31, 2022 and 2021

									Common
	Class A Common stock				Common stock				stock to be			Additional paid-in			Accumulated			Total Stockholders’
	Shares		Amount		Shares		Amount		Issued			Capital			Deficit			Deficit
Balance, January 31, 2020		-		-		9,116,725	$	91	$	-		$	55,074,257		$	(56,780,396	)	$	(1,706,048	)
Issuance of common stock and warrants in private placement		-		-		54,000		1		15,000			20,598			-			35,599
Class A Shares issued to settle related party advances and notes payable		102,000		1		-		-		-			49,061			-			49,062
Shares issued for conversion of notes		-		-		586,062		6		-			169,854			-			169,860
Shares issued for services		-		-		142,857		1		-			49,999			-			50,000
Reclass of APIC to derivative liabilities for tainted warrants		-		-		-		-		-			(189,472	)		-			(189,472	)
Resolution of derivative liabilities due to debt conversions and untainted warrants		-		-		-		-		-			329,267			-			329,267
Share issued for rounding from reverse stock split		-		-		2,408		-		-			-			-			-
Net loss for the year ended January 31, 2021		-		-		-		-		-			-			(749,745	)		(749,745	)
Balance, January 31, 2021		102,000	$	1		9,902,052	$	99	$	15,000		$	55,503,564		$	(57,530,141	)	$	(2,011,477	)
Issuance of common stock and warrants in private placement and warrant exercises		-		-		203,103		2		(15,000	)		172,098			-			157,100
Issuance of common shares for cash pursuant to investment agreement		-		-		490,196		5		-			132,369			-			132,374
Shares issued for conversion of notes		-		-		535,568		5		-			217,525			-			217,540
Shares issued for services		-		-		2,327,833		24		-			626,163			-			626,187
Reclass of APIC to derivative liabilities for tainted warrants		-		-		-		-		-			(734,070	)		-			(734,070	)
Resolution of derivative liabilities due to debt conversions and untainted warrants		-		-		-		-		-			585,957			-			585,957
Net loss for the year ended January 31, 2022		-		-		-		-		-			-			(438,681	)		(438,681	)
Balance, January 31, 2022		102,000	$	1		13,458,752	$	135	$	-		$	56,503,616		$	(57,968,822	)	$	(1,465,070	)

The

accompanying notes are an integral part of the consolidated financial statements

| F-6 |

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LIBERTY

STAR URANIUM & METALS CORP.

CONSOLIDATED

STATEMENTS OF CASH FLOWS

	2022			2021
	For the Years Ended
	January 31
	2022			2021
Cash flows from operating activities:
Net loss	$	(438,681	)	$	(749,745	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		5,834			6,336
Amortization of debt discounts		97,429			159,222
Expenses paid by related parties		54,960			-
(Gain) on change in fair value of derivative liabilities		(226,278	)		(205	)
(Gain) on forgiveness of SBA loan		-			(30,578	)
Common shares issued for third party services		-			50,000
Changes in assets and liabilities:
Prepaid expenses		(8,251	)		3,496
Accounts payable and accrued expenses		(7,177	)		154,484
Accrued interest		10,716			26,111
Cash flows used in operating activities:		(511,448	)		(380,879	)
Cash flows from financing activities:
Proceeds from notes payable		32,497			62,974
Cash advance from related party		-			62,000
Proceeds from notes payable, related parties		-			120,000
Proceeds from convertible promissory notes		285,500			82,000
Proceeds from the issuance of common stock and warrants		287,374			35,599
Proceeds from exercise of warrants		2,100			-
Net cash provided by financing activities		607,471			362,573
Increase (decrease) in cash and cash equivalents		96,023			(18,306	)
Cash and cash equivalents, beginning of period		6,718			25,024
Cash and cash equivalents, end of period	$	102,741		$	6,718
Supplemental disclosure of cash flow information:
Income tax paid	$	-		$	-
Interest paid	$	-		$	-
Supplemental disclosure of non-cash items:
Resolution of derivative liabilities due to debt conversions and untainted warrants	$	585,957		$	329,267
Reclass of APIC to derivative liabilities for tainted warrants	$	734,070		$	189,472
Debt discounts due to derivative liabilities	$	78,165		$	140,000
Common stock issued for conversion of debt and interest	$	217,540		$	169,860
Class A Common Stock issued for conversion of related party advances and notes payable	$	-		$	49,062
Expenses paid by related party on behalf of the Company	$	54,960		$	161,977

The

accompanying notes are an integral part of the consolidated financial statements

| F-7 |

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LIBERTY

STAR URANIUM & METALS CORP.

NOTES

TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE1 – Organization

Liberty Star Uranium & Metals Corp. (the “Company”, “we”, “our”, or “Liberty Star”) was formerly Liberty Star Gold Corp. and formerly Titanium Intelligence, Inc. (“Titanium”). Titanium was incorporated on August 20, 2001 under the laws of the State of Nevada. On February 5, 2004, we commenced operations in the acquisition and exploration of mineral properties business. Big Chunk Corp. (“Big Chunk”) was our wholly owned subsidiary and was incorporated on December 14, 2003 in the State of Alaska. Until 2016 Big Chunk was engaged in the acquisition and exploration of mineral properties business in the State of Alaska. until its dissolution on July 26, 2019. Redwall Drilling Inc. (“Redwall”) was our wholly owned subsidiary and was incorporated on August 31, 2007 in the State of Arizona. Redwall performed drilling services on the Company’s mineral properties. Redwall ceased drilling activities in July 2008 and was dissolved on March 30, 2010. We formed the wholly owned subsidiary, Hay Mountain Super Project LLC (“HMSP”) incorporated on October 24, 2014, to serve as the primary holding company for development of the potential ore bodies encompassed in the Hay Mountain area of interest in Arizona. We renamed HMSP to Hay Mountain Holdings LLC (“HMH”) on March 5, 2019. In April 2007, we changed our name to Liberty Star Uranium & Metals Corp. On February 22, 2019, the Company registered the tradename ‘Liberty Star Minerals’ with the state of Arizona to be recognized as ‘doing business as’, or ‘d/b/a’ Liberty Star Minerals. We have not generated any revenues from operations. On April 11, 2019 we formed a new subsidiary named Earp Ridge Mines LLC (“Earp Ridge”) wholly owned by HMH. On August 13, 2020, the Company formed Red Rock Mines, LLC (“Red Rock”), an Arizona corporation, as a wholly-owned subsidiary of Hay Mountain Holdings, LLC.

NOTE2 – Summary of significant accounting policies

The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. Such consolidated financial statements and accompanying notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America in all material respects and have been consistently applied in preparing the accompanying consolidated financial statements. The significant accounting policies adopted by the Company are as follows:

ReverseStock Split

On November 24, 2020, the Company filed a Certificate of Change with the Secretary of the State of Nevada to affect a 1-for-500 reverse stock split (the “Reverse Stock Split”). The Reverse Stock Split was formally processed by FINRA effective on February 25, 2021 and the Company’s common stock began trading on a split-adjusted basis on February 25, 2021.

Prior

to the effective date of the Certificate of Change, the Company was authorized to issue 6,150,000,000 shares of common stock. As a result of the Reverse Stock Split, the Company is authorized to issue 12,300,000 shares of common stock. The Reverse Stock Split did not have any effect on the stated par value of the common stock.

Prior

to the effective date of the Certificate of Change, the Company was authorized to issue 100,000,000 shares of Class A common stock. As a result of the Reverse Stock Split, the Company is authorized to issue 200,000 shares of Class A common stock, with 102,000 shares of Class A common stock outstanding. As a result of the Reverse Stock Split, there was an adjustment of approximately 2,408 common shares due to the effect of rounding fractional shares into whole shares. The Reverse Stock Split did not have any effect on the stated par value of the Class A common stock.

All references to common shares and common share data in these consolidated financial statements and elsewhere in this Form 10-K as of January 31, 2022 and 2021, and for the years then ended, retroactively reflect the Reverse Stock Split.

| F-8 |

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Useof estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The valuation of stock-based compensation, classification and valuation of common stock purchase warrants, classification and value of embedded conversion options, value of beneficial conversion features, valuation allowance on deferred tax assets, the determination of useful lives and recoverability of depreciable assets, accruals, and contingencies are significant estimates made by management. It is at least reasonably possible that a change in these estimates may occur in the near term.

Principlesof consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary HMH and the HMH wholly-owned subsidiaries Earp Ridge and Red Rock. All significant intercompany accounts and transactions have been eliminated upon consolidation.

Cashand cash equivalents

We consider cash held at banks and all highly liquid investments with original maturities of three months or less to be cash and cash equivalents. We maintain our cash in bank deposit accounts which, for periods of time, may exceed federally insured limits. At January 31, 2022 and 2021, we had no cash balances in bank deposit accounts that exceeded federally insured limits.

Mineralclaim costs

We account for costs incurred to acquire, maintain and explore mineral properties as a charge to expense in the period incurred until the time that a proven mineral resource is established, at which point development of the mineral property would be capitalized. Currently, we do not have any proven mineral resources on any of our mineral properties.

| F-9 |

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Long-livedassets and impairment of long-lived assets

Property

and equipment are stated at cost. We capitalize all purchased equipment over $500 with a useful life of more than one year. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are stated at cost and are amortized over their estimated useful lives or the lease term, whichever is shorter. Maintenance and repairs are expensed as incurred while betterments or renewals are capitalized. Property and equipment are reviewed periodically for impairment. The estimated useful lives range from 3 to 7 years.

We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of a long-lived asset group to be held and used in operations is measured by a comparison of the carrying amount to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If such asset group is considered to be impaired, the impairment loss is measured as the amount by which the carrying amount of the asset group exceeds its fair value. Long-lived assets to be disposed of are carried at the lower of cost or fair value less the costs of disposal.

Convertiblepromissory notes

We report convertible promissory notes as liabilities at their carrying value less unamortized discounts, which approximates fair value. We bifurcate conversion options and detachable common stock purchase warrants and report them as liabilities at fair value at each reporting period when required in accordance with the applicable accounting guidance. When convertible promissory notes are converted into shares of our common stock in accordance with the debt’s terms, no gain or loss is recognized. We account for inducements to convert as an expense in the period incurred, included in debt conversion expense.

Derivativeliabilities

The valuation of the derivative liability of our warrants is determined through the use of a Monte Carlo options model that values the liability of the warrants based on a risk-neutral valuation where the price of the option is its discounted expected value. The technique applied generates a large number of possible (but random) price paths for the underlying common stock via simulation, and then calculates the associated exercise value (i.e. “payoff”) of the option for each path. These payoffs are then averaged and discounted to a current valuation date resulting in the fair value of the option.

The valuation of the derivative liability attached to the convertible debt is arrived at through the use of a Monte Carlo model that values the derivative liability within the notes. The technique applied generates a large number of possible (but random) price paths for the underlying (or underlyings) via simulation, and then calculates the associated payment value (cash, stock, or warrants) of the derivative features. The price of the underlying common stock is modeled such that it follows a geometric Brownian motion with constant drift, and elastic volatility (increasing as stock price decreases). The stock price is determined by a random sampling from a normal distribution. Since the underlying random process is the same, for enough price paths, the value of the derivative is derived from path dependent scenarios and outcomes. The features in the notes are analyzed and incorporated into the model included the conversion features with the reset provisions, the call/redemption/prepayment options, and the default provisions. Based on these features, there are six primary events that can occur; payments are made in cash; payments are made with stock; the note holder converts upon receiving a redemption notice; the note holder converts the note; the issuer redeems the note; or the Company defaults on the note. The model simulates the underlying economic factors that influenced which of these events would occur, when they were likely to occur, and the specific terms that would be in effect at the time (i.e. stock price, conversion price, etc.). Probabilities are assigned to each variable such as redemption likelihood, default likelihood, and timing and pricing of reset events over the remaining term of the notes based on management projections. This leads to a cash flow simulation over the life of the note. A discounted cash flow for each simulation is completed and is compared to the discounted cash flow of the note without the embedded features, thus determining a value for the derivative liability.

Commonstock purchase warrants

We report common stock purchase warrants as equity unless a condition exists which requires reporting as a derivative liability at fair market value.

Stockbased compensation

The Company recognizes stock-based compensation for all share-based payment awards made to employees and non-employees based on the estimated fair values of the stock or options. The fair value of options to be granted are estimated on the date of each grant using the Black-Scholes option pricing model and amortized ratably over the option’s vesting periods, which approximates the service period.

| F-10 |

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Environmentalexpenditures

Our operations have been and may in the future be affected from time to time in varying degree by changes in environmental regulations, including those for future removal and site restoration costs. The likelihood of new regulations and their overall effect upon us are not predictable. We provide for any reclamation costs in accordance with the Accounting Standards Codification (“ASC”) Topic 410-30 “Asset Retirement and Environmental Obligations”. It is management’s opinion that we are not currently exposed to significant environmental and reclamation liabilities and have recorded no reserve for environmental and reclamation expenditures as of January 31, 2022 or 2021.

Fairvalue of financial instruments

Our financial instruments consist of cash and cash equivalents, prepaid expenses, accounts payable, accrued liabilities, convertible notes payable, notes payable, and derivative liability. It is management’s opinion that we are not exposed to significant interest, currency or credit risks arising from these financial instruments. With the exception of the derivative liability, the fair value of these financial instruments approximates their carrying values based on their short maturities or for long-term debt based on borrowing rates currently available to us for loans with similar terms and maturities. Gains and losses recognized on changes in estimated fair value of the warrant liability are reported in other income (expense) as gain (loss) on change in fair value.

The Company measures and discloses certain financial assets and liabilities at fair value. Authoritative guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Authoritative guidance also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Incometaxes

Income taxes are recorded using the asset and liability method. Under the asset and liability method, tax assets and liabilities are recognized for the tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax assets and liabilities are measured using the enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on future tax assets and liabilities of a change in tax rates is recognized in income in the period that enactment occurs. To the extent that the Company does not consider it more likely than not that a future tax asset will be recovered, it provides a valuation allowance against the excess. Interest and penalties associated with unrecognized tax benefits, if any, are classified as additional income taxes in the statement of operations. With few exceptions, we are no longer subject to U.S. federal, state and local examinations by tax authorities for the tax year ended January 31, 2018 and prior.

Netincome (loss) per share

Basic net income (loss) per share is computed by dividing net loss attributable to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share takes into consideration shares of common stock outstanding (computed under basic income or loss per share) and potentially dilutive shares of common stock that are not anti-dilutive. For the years ended January 31, 2022 and 2021, the following number of potentially dilutive shares have been excluded from diluted net income (loss) since such inclusion would be anti-dilutive:

Schedule of anti-dilutive securities excluded from computation of earning per shares

	Year Ended January 31,
	2022		2021
Stock options outstanding		145,250		146,000
Warrants		2,164,217		400,166
Shares to be issued upon conversion of notes payable		532,957		113,034
Total		2,842,424		659,200

NewlyIssued Accounting Pronouncements

There were various accounting standards and interpretations issued recently, none of which are expected to have a material impact on the Company’s financial position, operations or cash flows. Management has evaluated these new pronouncements through January 31, 2022.

All other accounting standards updates that have been issued or proposed by the FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.

| F-11 |

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NOTE3 – Going concern

These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) with the on-going assumption that we will be able to realize our assets and discharge our liabilities in the normal course of business. However, certain conditions noted below currently exist which raise substantial doubt about our ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should we be unable to continue as a going concern. Our operations have primarily been funded by the issuance of common stock and debt. Continued operations are dependent on our ability to complete equity financings or generate profitable operations in the future. Management’s plan in this regard is to secure additional funds through future equity financings, joint venture agreements or debt. Such financings may not be available or may not be available on reasonable terms.

The Company has incurred losses from operations, has a working capital deficit and requires additional funds for further exploratory activity and to maintain its claims prior to attaining a revenue generating status. There are no assurances that a commercially viable mineral deposit exists on any of our properties. In addition, the Company may not find sufficient ore reserves to be commercially mined. As such, there is substantial doubt about the Company’s ability to continue as a going concern.

Management is working to secure additional funds through the exercise of stock warrants already outstanding, equity financings, debt financings or joint venture agreements. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

NOTE4 – Mineral claims

At

January 31, 2022, we held a 100% interest in 93 standard federal lode mining claims located in the Tombstone region of Arizona.

At

January 31, 2022, we held 35 Arizona State Land Department Mineral Exploration Permits covering 15,793.24 acres in the Tombstone region of Arizona.

Title to mineral claims involves certain inherent risks due to difficulties of determining the validity of certain claims as well as potential for problems arising from the frequently ambiguous conveyance history characteristic of many mineral properties.

All of the Company’s claims for mineral properties are in good standing as of January 31, 2022.

NOTE5 – Property and equipment

The balances of our major classes of depreciable assets and useful lives are:

Schedule of property and equipment

	January 31, 2022			January 31, 2021
Geology Equipment (3 to 7 years)	$	315,052		$	315,052
Vehicles and transportation equipment (5 years)		48,592			48,592
Office furniture and equipment (3 to 7 years)		71,584			71,584
Property and equipment,<br> gross		435,228			435,228
Less: accumulated depreciation		(407,506	)		(401,672	)
Property and equipment,<br> net	$	27,722		$	33,556

Depreciation

expense was $5,834 and $6,336 for the years ended January 31, 2022 and 2021, respectively.

NOTE6 – Long-term debt and convertible promissory notes

Following is a summary of convertible promissory notes:

Summary of convertible promissory notes

	January 31, 2022			January 31, 2021
8% convertible note payable issued October 2020, due September 2021	$	-		$	95,611
8% convertible note payable issued October 2021, due October 2022		71,047			-
8% convertible note payable issued November 2021, due November 2022		70,021			-
8% convertible note payable issued December 2021, due December 2022		63,494			-
Convertible note payable		204,562			95,611
Less debt discount		(20,178	)		(7,642	)
Less current portion of convertible notes		(184,384	)		(87,969	)
Long-term convertible notes payable	$	-		$	-

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On October 8, 2021, we issued a convertible promissory note in the aggregate principal amount of $69,300 (the “October 2021 Note”). The note bears interest at 8%, includes legal and due diligence fees of $3,000, with a 10% Original Issue Discount ($6,000), matures on October 8, 2022, and is convertible after 180 days into shares of the Company’s common stock at a price of 75% of the average of the lowest 5 weighted average market price of the Company’s common stock during the 10 trading days prior to conversion.

During

the years ended January 31, 2022 and 2021, the Company recorded debt discounts of $97,434

and $140,000

respectively, due to the derivative liabilities,

and original issue debt discounts of $31,800

and $11,500

,

respectively, due to the convertible notes. The Company recorded amortization of these discounts of $97,429

and $159,222

for the years ended January 31, 2022 and 2021, respectively.

NotesPayable - SBA

On May 5, 2020, the Company received loan proceeds of $30,387 under the SBA’s Paycheck Protection Program (“PPP”). The PPP loan dated May 5, 2020 bears interest at 1% and is due in 18 monthly installments of $1,710 beginning December 1, 2020. On May 5, 2020, the Company also received grant proceeds of $3,000 under the EIDL program which is reflected as a credit to salaries and benefits expense for the year ended January 31, 2021. In November 2020, the Company was approved for forgiveness in full for the entire amount including principal and interest under the PPP loan, The grant proceeds of $3,000 was factored in the amount forgiven thus $3,000 remained payable to our bank related to the PPP until its repayment in February 2021.

On

June 22, 2020, the Company received loan proceeds of $32,300

(net of $100

loan fee) under the SBA’s Economic Injury

Disaster Loan program (“EIDL”). The EIDL loan, dated June 16, 2020, bears interest at 3.75% , has a 30-year term, is secured by substantially all assets of the Company, and is due in monthly installments

of $158

beginning June 16, 2021 (extended to June 18, 2023). This loan was forgiven in full in March 2022.

On

February 16, 2021, the Company received loan proceeds of $32,497 under the Payroll Protection Program (“PPP”). The PPP loan bears interest at 1%, has a 5-year term, and is due in equal monthly installments beginning December 16, 2021 (extended to June 16, 2022). This loan was forgiven in full in March 2022.

The

balance of these two notes total $67,184, including accrued interest of $2,387, and is included in long-term debt as of January 31, 2022.

In

August 2021, the Company received an aggregate of $13,000 of advances under the SBA’s Supplemental Targeted Advance and Targeted EIDL Advance programs. These advances do not require repayment and are included as a reduction in salaries and benefits expense for the year ended January 31, 2022.

NOTE7 – Derivative Liabilities

The embedded conversion feature in the convertible debt instruments that the Company issued (See Note 6), that became convertible during the years ended January 31, 2022 and 2021, qualified it as a derivative instrument since the number of shares issuable under the note is indeterminate based on guidance in ASC 815, “Derivatives and Hedging”. This convertible note tainted all other equity linked instruments including outstanding warrants and fixed rate convertible debt on the date that the instrument became convertible.

The valuation of the derivative liability of the warrants was determined through the use of a Monte Carlo options model that values the liability of the warrants based on a risk-neutral valuation where the price of the option is its discounted expected value. The technique applied generates a large number of possible (but random) price paths for the underlying common stock via simulation, and then calculates the associated exercise value (i.e. “payoff”) of the option for each path. These payoffs are then averaged and discounted to a current valuation date resulting in the fair value of the option.

| F-13 |

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The valuation of the derivative liability attached to the convertible debt was arrived at through the use of a Monte Carlo model that values the derivative liability within the notes. The technique applied generates a large number of possible (but random) price paths for the underlying (or underlyings) via simulation, and then calculates the associated payment value (cash, stock, or warrants) of the derivative features. The price of the underlying common stock is modeled such that it follows a geometric Brownian motion with constant drift, and elastic volatility (increasing as stock price decreases). The stock price is determined by a random sampling from a normal distribution. Since the underlying random process is the same, for enough price paths, the value of the derivative is derived from path dependent scenarios and outcomes. The features in the notes that were analyzed and incorporated into the model included the conversion features with the reset provisions, the call/redemption/prepayment options, and the default provisions. Based on these features, there are six primary events that can occur; payments are made in cash; payments are made with stock; the note holder converts upon receiving a redemption notice; the note holder converts the note; the issuer redeems the note; or the Company defaults on the note. The model simulates the underlying economic factors that influenced which of these events would occur, when they were likely to occur, and the specific terms that would be in effect at the time (i.e. stock price, conversion price, etc.). Probabilities were assigned to each variable such as redemption likelihood, default likelihood, and timing and pricing of reset events over the remaining term of the notes based on management projections. This led to a cash flow simulation over the life of the note. A discounted cash flow for each simulation was completed, and it was compared to the discounted cash flow of the note without the embedded features, thus determining a value for the derivative liability.

Key inputs and assumptions used to value the convertible note when it became convertible and upon settlement, and warrants upon tainting, were as follows:

●	The<br> stock projections are based on the historical volatilities for each date. These volatilities were in the 121.5% to 257.8% range.<br> The stock price projection was modeled such that it follows a geometric Brownian motion with constant drift and a constant volatility,<br> starting with the market stock price at each valuation date;
●	An<br> event of default would not occur during the remaining term of the note;
●	Conversion<br> of the notes to stock would be completed monthly after any holding period and would be limited based on: 5% of the last 6 months<br> average trading volume and the ownership limit identified in the contract assuming the underlying number of common shares increases<br> at 1% per month.
●	The<br> effective discount was determined based on the historical trading history of the Company based on the specific pricing mechanism<br> in each note;
●	The<br> Company would not have funds available to redeem the notes during the remaining term of the convertible notes;
●	Discount<br> rates were based on risk free rates in effect based on the remaining term and date of each valuation and instrument.
●	The<br> Holder would exercise the warrant at maturity if the stock price was above the exercise price;
●	The<br> Holder would exercise the warrant after any holding period prior to maturity at target prices starting at 2 times the exercise price<br> for the Warrants or higher subject to monthly limits of: 5% of the last 6 months average trading volume increasing by 1% per month<br> and the ownership limit identified in the contract assuming the underlying number of common shares increases at 1% per month.

Using

the results from the model, the Company recorded a derivative liability during the year ended January 31, 2022 of $734,070 for newly granted and existing warrants that were tainted and a derivative liability of $78,165 for the fair value of the convertible feature included in the Company’s convertible debt instruments. The derivative liability recorded for the convertible feature created a “day 1” derivative loss of $0 and a debt discount of $78,165 that was amortized over the remaining term of the note using the effective interest rate method. Interest expense related to the amortization of this debt discount for the year ended January 31, 2022 was $78,165. The remaining unamortized debt discount related to the derivative liability was $0 as the notes were fully converted by January 31, 2022.

The

Company recorded a derivative liability during the year ended January 31, 2021 of $189,472 for newly granted and existing warrants that were tainted and a derivative liability of $159,375 for the fair value of the convertible feature included in the Company’s convertible debt instruments. The derivative liability recorded for the convertible feature created a “day 1” derivative loss of $19,375 and a debt discount of $140,000 that was amortized over the remaining term of the note using the effective interest rate method. Interest expense related to the amortization of this debt discount for the year ended January 31, 2021 was $140,000. The remaining unamortized debt discount related to the derivative liability was $0 as the notes were fully converted by January 31, 2021.

During

the year ended January 31, 2022, the Company recorded a reclassification from derivative liability to equity of $734,070 for warrants becoming untainted and $585,957 due to the conversions of a portion of the Company’s convertible notes.

During

the year ended January 31, 2021, the Company recorded a reclassification from derivative liability to equity of $189,518 for warrants becoming untainted and $139,749 due to conversions of the Company’s convertible notes.

The

Company also recorded the change in the fair value of the derivative liability as a gain of $226,278 and $205, respectively, to reflect the value of the derivative liability for warrants and convertible notes as of January 31, 2022 and 2021, respectively. The Company did not have a derivative liability as of January 31, 2022 and 2021 since none of the outstanding notes remained convertible at the end of the periods and consequently the outstanding warrants were no longer tainted.

The following table sets forth a reconciliation of changes in the fair value of the Company’s derivative liability:

Schedule of changes in fair value of derivative liabilities

	Year Ended January 31,
	2022			2021
Beginning balance	$	-		$	-
Total gains		(226,278	)		(205	)
Settlements		(585,957	)		(329,267	)
Additions recognized as debt discount		78,165			140,000
Additions due to tainted warrants		734,070			189,472
Ending balance	$	-		$	-
Change in unrealized gains included in earnings relating to derivatives as of January 31, 2022 and 2021	$	(226,278	)	$	(205	)

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NOTE8 – Common stock

ClassA Common Stock

On June 22, 2020, the Company filed a Certificate of Designation with the Secretary of State of Nevada to establish the terms of the Company’s Class A Common Stock (the “Class A Shares”), par value $0.00001 per share, 200,000 shares authorized. The terms of the Class A Shares include 200-1 voting rights in addition to the rights held by common stockholders. Only persons who are current members of the Company’s Board of Directors may own or hold Class A Shares.

On

June 30, 2020, the Company entered into an agreement to issue a total of 102,000 shares of its Class A Shares to two directors of the Company. The aggregate consideration paid for the Class A Shares was $49,062 ($0.481 per share). The consideration was paid by offsetting the purchase price against Company advances and notes held by the two directors (see Note 12).

CommonStock

Our undesignated common shares are all of the same class and are voting shares. Upon liquidation or wind-up, stockholders are entitled to participate equitably with respect to any distribution of net assets that may be declared.

As

of January 31, 2022, the Company had 3,311,157 shares of its common stock reserved for issuance under its convertible notes payable.

ReverseStock Split

Prior

CommonStock Issued During the Year Ended January 31, 2022

During

the year ended January 31, 2022, the Company issued a total of 535,568 shares of our common stock for conversions of $217,540 of convertible notes payable and accrued interest at exercise prices ranging from of $0.202 to $0.797.

On

March 5, 2021, the Company issued 6,000 shares of its common stock to an accredited investor for the exercise of warrants for proceeds of $2,100, or $0.35 per common share.

In

March 2021, the Company issued 49,412

shares of its common stock and 24,706

warrants to our CEO for gross proceeds of $55,000

for $1.113 per unit. The warrants have a three-year term and are exercisable at any time at an exercise price of $1.558.

| F-15 |

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1.426

In October 2021, the Company issued

60,887

shares of its common stock and

30,444

warrants to a director for gross proceeds of $

35,000

, for $

0.575

per unit. The warrants have a three-year term and are exercisable at any time at an exercise price of $

0.805

CommonStock Issued During the Year Ended January 31, 2021

During

the year ended January 31, 2021, the Company issued a total of 586,062 shares of our common stock for conversions of $169,860 of convertible notes payable and accrued interest at exercise prices ranging from $0.225 to $0.420.

During

the year ended January 31, 2021, the Company issued 142,857 shares of its common stock to a consultant for services at an aggregate price of $50,000, or $0.350 per share.

In January 2021, the Company received proceeds of $15,000 from our chairman of the board for the purchase of 14,726 shares of the Company’s common stock, at a price of $1.019 per share, and 7,363 warrants. The warrants have a three-year term and are exercisable at any time at an exercise price of $1.426 per share. The shares were subsequently issued in April 2021, thus the proceeds of $15,000 were classified as common stock to be issued as of January 31, 2021.

OTCQBVenture Market

On August 6, 2021, the Company announced the OTC Markets Group Inc. approved the Company to trade as LBSR on the OTCQB Venture Market, designed for developing and entrepreneurial companies in the U.S. and abroad. Trading on the OTCQB began August 06, 2021.

AuthorizedShares Amendment

On August 10, 2021, the Company’s Board of Directors (the “Board”) unanimously approved, and recommended for shareholder approval, the Amendment in order to increase the number of authorized shares of the Company’s common stock. The record date established by the Board for purposes of determining the number of outstanding shares of voting stock entitled to vote on the Amendment was August 11, 2021 (the “Record Date”).

Pursuant to NRS 78.390, amendments to the Company’s Articles of Incorporation must be approved by a majority of the Company’s stockholders.

In order to obtain stockholder approval for the Amendment, we could have convened a special meeting of the stockholders for the specific purpose of voting on such matter. However, NRS 78.320(2) provides that any action required or permitted to be taken at a meeting of the stockholders may be taken without a meeting if, before or after the action, a written consent thereto is signed by stockholders holding at least a majority of the voting power. In order to eliminate the costs and management time involved in holding a meeting and obtaining proxies and in order to effect the Amendment as early as possible in order to accomplish the purposes of the Amendment, the Board elected to utilize the written consent option of the holders of a majority of the outstanding shares of our common stock, as provided by Nevada law.

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The Company has two classes of stock authorized, Class A Stock and Common Stock. As of the Record Date, the Company had

13,458,752

shares of its Common Stock issued and outstanding and

102,000

shares of Class A common stock issued and outstanding. Each share of Common Stock is entitled to 1 vote and each share of Class A Stock is entitled to 200 votes. On the Record Date, the holders of all the issued and outstanding shares of our Class A Stock stockholders, representing approximately 66.77% of the stockholder voting power, approved the Amendment. No further vote of our stockholders is required for the Company to effect the Amendment.

Pursuant to the rules and regulations promulgated by the SEC under the Exchange Act, an Information Statement must be sent to the holders of voting stock who did not sign the Written Consent at least 20 days prior to the effective date of any corporate action taken or authorized pursuant to the consent of the Company’s stockholders. These Information Statements were sent by the Company on September 10, 2021.

On

October 01, 2021, the registrant amended its articles of incorporation for the purposes of increasing the authorized shares of the registrant from 12,500,000 shares to 25,000,000 shares consisting of 24,800,000 shares of $0.00001 par value Common Stock and 200,000 shares of $0.00001 par value Class A Common Stock.

PurchaseAgreement with Triton Funds LP

On August 20, 2021, the Company executed a $1,000,000 common stock purchase agreement (the “Purchase Agreement”) and a $1,000,000 warrant agreement (the “Warrant Agreement,” together “the Agreements”) with Triton Funds LP (“Triton”) of San Diego, California. Under the Common Stock Purchase Agreement, the Company has a “put” right pursuant to which it may require Triton to purchase a total of up to $1,000,000 of its common stock. The Company may exercise its put at any time after the Registration Statement to be filed with the U.S. Securities and Exchange Commission is declared effective and prior to December 31, 2022. It may require Triton to purchase not less than $25,000 or more than $250,000 per month of its common stock at a purchase price equal to 75% of the lowest daily volume-weighted average price of the Company’s common stock during the 5 business days immediately prior to the date of closing of each separate purchase installment. Under the Common Stock Purchase Warrant, Triton has the right for a period of 5 years to elect to purchase up to an additional

$1,000,000

of shares of the Company’s common stock at a purchase price per share based upon an assumed $20,000,000 market capitalization of the Company’s outstanding shares from time to time.

The

Registration Statement was declared effective by the Securities and Exchange Commission on September 13, 2021. On September 14, 2021, the Company issued a total of 490,196 shares of its common stock under the Purchase Agreement at an aggregate price of $132,374 received in November 2021, or approximately $0.27 per share (adjusted from original estimate of $0.51 per share due to change in market price at closing).

NOTE9 – Share-based compensation

The 2010 Stock Option Plan was approved and adopted by the Board of Directors on August 10, 2010. The plan allows for up to 191,000 shares to be granted to key employees and non-employee consultants after specific objectives are met. The 2007 Stock Option Plan was approved and adopted by the Board of Directors on December 10, 2007. The plan allows for up to 5,000 shares to be granted to key employees and non-employee consultants after specific objectives are met. The 2004 Stock Option Plan was approved and adopted by the Board of Directors on December 27, 2004. The plan allows for up to 1,925 shares to be granted to key employees and non-employee consultants after specific objectives are met. Employees can receive incentive stock options and non-qualified stock options while non-employee consultants can receive only non-qualified stock options. The options granted vest under various provisions using graded vesting, not to exceed four years. The options granted have a term not to exceed ten years from the date of grant or five years for options granted to more than 10% stockholders. The option price set by the Plan Administration shall not be less than the fair market value per share of the common stock on the grant date or 110% of the fair market value per share of the common stock on the grant date for options granted to greater than 10% stockholders. Options remaining available for grant under the 2010 Stock Option Plan at January 31, 2022 and 2021 are 52,167 and 51,417, respectively. Options remaining available for grant under the 2007 Stock Option Plan at January 31, 2022 and 2021 are 425 and 425, respectively. Options remaining available for grant under the 2004 Stock Option Plan at January 31, 2022 and 2021 are 83 and 83, respectively.

| F-17 |

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No stock options were granted during the years ended January 31, 2022 and 2021.

The following tables summarize the Company’s stock option activity during the years ended January 31, 2022 and 2021:

Schedule of stock options activity

			Weighted<br> average<br> exercise<br> price			Aggregate<br> intrinsic value
Outstanding, January 31, 2020	177,000		$	5.818	7.20	$	-
Granted	-			-
Cancelled and/or forfeited	(31,000	)		19.000
Exercised	-			-
Outstanding, January 31, 2021	146,000		$	3.019	7.61	$	-
Granted	-			-
Cancelled and/or forfeited	(750	)		13.500
Exercised	-			-
Outstanding, January 31, 2022	145,250		$	2.965	6.65	$	-
Exercisable, January 31, 2022	145,250		$	2.965	6.65	$	-

The

aggregate intrinsic value is calculated based on the stock price of $0.385 and $1.473 per share as of January 31, 2022 and 2021, respectively.

During the years ended January 31, 2022 and 2021, we recognized $0 and $0 of compensation expense related to incentive and non-qualified stock options previously granted to officers, employees and consultants.

At January 31, 2022, there was $0 of unrecognized share-based compensation for all share-based awards outstanding.

On

April 22, 2022, the Company reached terms of settlement of the litigation Case No. C20194139, involving our former CEO, James Briscoe (see Note 14). As part of the terms of settlement, the Company will reinstate Mr. Briscoe’s stock options that expired following his resignation from the Board. This reinstatement will be on the same terms as originally issued, as evidenced in the August 10, 2010, Stock Option Agreement and October 11, 2016, Stock Option Agreement, each as adjusted for the February 25, 2021, reverse stock split, and pursuant to the Company’s 2010 Stock Option Plan, except for the option exercise window, which will be expanded to 30 years. A total of 118,760 stock options were reinstated for Mr. Briscoe, which is comprised of 105,000 options with an exercise price of $19.00 and 13,760 options with an exercise price of $1.50,

| F-18 |

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NOTE10 – Warrants

As of January 31, 2022, there were

2,164,217

warrants outstanding and exercisable. The warrants have a three-year term, a weighted average remaining life of 3.11 years and a weighted average exercise price of $1.117 per warrant for one common share. Warrants outstanding at January 31, 2022 and 2021 are as follows:

Schedule of stock warrants outstanding


Outstanding, January 31, 2020	373,166		2.273
Issued	27,000		0.522
Expired	-		-
Exercised	-		-
Outstanding, January 31, 2021	400,166		2.155
Issued	1,770,051		0.522
Expired	-		-
Exercised	(6,000	)	2.100
Outstanding, January 31, 2022	2,164,217		1.117
Exercisable, January 31, 2022	1,656,685		0.856

The

weighted average intrinsic value for warrants outstanding was $10,012 and $136,217 as of January 31, 2022 and 2021, respectively.

During the year ended January 31, 2022, the Company issued 98,552 warrants to investors as part of their purchase of common stock. The warrants have a three-year term and are exercisable at any time at exercise prices ranging from $0.805 to $1.646. Additionally, on August 20, 2021, the Company issued 507,532 five-year warrants to purchase up to $1,000,000 of common stock under a Common Stock Purchase Warrant with Triton Funds LP (see Note 8).

During the year ended January 31, 2021, the Company issued 27,000 warrants to investors as part of their purchase of common stock. The warrants have a three-year term and are exercisable at any time at exercise prices ranging from $0.400 to $0.550.

Extensionof Expiration Date

Effective May 27, 2020, the Company extended the due date of all warrants expiring during the 12 months ending December 31, 2020, totaling 45,065 warrants, for an additional three years, including 9,750 warrants previously set to expire in January 2020. There was no expense related to the extension of these warrants since these were held by investors.

Effective June 17, 2021, the Company extended all warrants issued by the Company which expired or will expire during the year 2021. These warrants are extended for an additional three years. All other terms of the warrants remain unchanged, including application of the reverse split effective on February 25, 2021.

NOTE11 – Income taxes

As of January 31, our deferred tax asset is as follows:

Schedule of deferred tax asset

	January 31, 2022			January 31, 2021
Deferred Tax Assets	$	6,872,000		$	6,783,000
Less Valuation Allowance		(6,872,000	)		(6,783,000	)
Deferred Tax Assets, Net	$	-		$	-

Management

has elected to provide a deferred tax asset valuation allowance equal to the potential benefit due to our history of losses. If we demonstrate the ability to generate future taxable income, management will re-evaluate the allowance. The increase of $89,000

and $142,000

during the years ended January 31, 2022 and 2021, respectively, primarily represents the increase in net operating loss carry-forwards during the period offset against the valuation allowance. As of January 31, 2022, our estimated net operating loss carry-forward is approximately $32 million and expires beginning in 2026 through 2038, with no expiration date for our 2019 through 2022 net operating losses under the Tax Cuts and Jobs Act.

Deferred tax assets were calculated using the Company’s effective tax rate, which it estimated to be 21%. The effective rate is reduced to 0% for 2022 and 2021 due to the full valuation allowance on its net deferred tax assets.

We have identified our federal and Arizona state tax returns as “major” tax jurisdictions. The periods our income tax returns are subject to examination for these jurisdictions are the tax years ended January 31, 2019 through January 31, 2021. We believe our income tax filing positions and deductions will be sustained on audit, and we do not anticipate any adjustments that would result in a material change to our financial position. Therefore, no liabilities for uncertain income tax positions have been recorded.

Internal Revenue Code Section 382 limits the ability to utilize net operating losses if a 50% change in ownership occurs over a three-year period. Such limitation of the net operating losses may have occurred but we have not analyzed it at this time as the deferred tax asset is fully reserved. We have federal and state net operating loss carry-forwards that are available to offset future taxable income.

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NOTE12 – Related party transactions

Our CEO, Brett Gross, was elected as President and Chief Executive Officer on December 7, 2018 and received no compensation for these services during the years ended January 31, 2022 and 2021.

Advancesand Notes Payable

From

October 2019 through October 31, 2021, our CEO, Brett Gross, made various payments on behalf of the Company totaling $266,220

,

and advanced the Company $62,000

in cash, all of which are reflected as advances

from related party on the accompanying consolidated balance sheets. The advances bear no interest and have no specified repayment date. On June 30, 2020, the Company issued 51,000

shares of its Class A Common Stock to

our CEO for repayment of $24,531

of advances ($0.481

per share).

The

total remaining advances of $328,220 were converted into shares of the Company’s common stock and warrants on January 5, 2022 (see below), leaving a balance of $0

and $301,077

as of January 31, 2022 and 2021, respectively,

During

the year ended January 31, 2021, the Company received aggregate proceeds of $120,000 from a director under a promissory note extended with interest at 10

%.

Total maturities of principal and accrued interest under all notes to two directors are $270,898

due October 31, 2020 (extended to July 31, 2021).

On June 30, 2020, the Company issued 51,000

shares of its Class A Common Stock to the director

for repayment of $24,531

of their promissory note ($0.481

per share). The remaining balance was converted in full leaving a balance of zero as of January 31, 2022 (see below).

Effective

January 5, 2022, the Company entered into Debt Conversion Agreements with Brett Gross, President & CEO, and Peter O’Heeron, Chairman of the Board, pursuant to which each of them agreed to convert their outstanding shareholder advances and loans to the Company into Company securities consisting of shares of common stock and warrants. Mr. Gross converted shareholder advances and loans to the Company totaling $375,357 and Mr. O’Heeron converted shareholder advances and loans totaling $250,830. Upon conversion, the Company debts represented by such shareholder advances and loans were deemed to be satisfied and paid in full.

The

debt conversions described above were completed pursuant to, and in accordance with the terms of Company’s current private placement offering. Accordingly, the Company issued units consisting of one share of common stock and ½ warrant to complete the conversion. The shares were issued at a price of $0.269

per share, which is the Volume Weighted Average Price (“VWAP”)

for the 4 days immediately preceding the effective date of the conversion. The warrants are exercisable for up to three years at a price of $0.377

per share, which is 140% higher than the price at which the

shares were issued. A total of 1,395,379

shares and 697,690

warrants were issued to Mr. Gross and a total

of 932,454

shares and 466,227

warrants issued to Mr. O’Heeron. The shares and warrants issued to Mr. Gross and Mr. O’Heeron are restricted securities as defined in Rule 144.

Note Payable, Other

The Company has a note payable of $10,000 from James Briscoe, under a promissory note dated September 17, 2018, which matured and became past due at September 17, 2019 with interest at 10%.

As

of January 31, 2022 and 2021, the total balance of all related party notes was $13,121 and $283,271, respectively, which includes accrued interest of $3,121 and $36,070, respectively.

At

January 31, 2022 and 2021, we had a balance of accrued unpaid wages of $759,949 to James Briscoe, our former Chairman of the Board, CEO, Chief Geologist, Secretary, Treasurer, and President. Additionally, we had a balance of accrued unpaid wages of $15,625 to a former President and $36,137 to Patricia Madaris, VP Finance & CFO.

At

January 31, 2022 and 2021, we had an aggregate balance due of approximately $167,000 on credit cards guaranteed by James Briscoe reflected in accounts payable and accrued liabilities on the accompanying consolidated balance sheets.

At

January 31, 2022 and 2021, we had accounts payable to JABA (controlled by James Briscoe) of $34,798, which is reflected as accounts payable to related party on the accompanying consolidated balance sheets.

At

January 31, 2022 and 2021, we had a balance of $16,321 due to the spouse of James Briscoe.

See Note 14 for the subsequent settlement of the Company’s liabilities to James Briscoe.

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NOTE13 – Commitments and Contingencies

We currently rent a storage space for $45 per month in Tombstone, Arizona on a month-to-month basis.

We are required to pay annual rentals for Liberty Star’s federal lode mining claims for the Tombstone project in the State of Arizona. The rental period begins at noon on September 1st through the following September 1st and rental payments are due by the first day of the rental period. The annual rentals are $165 per claim. The rentals due by September 1, 2022 for the period from September 1, 2022 through September 1, 2023 of $15,345 have not been paid yet, but we plan to pay when due.

2.00

per acre for the first year, which includes the second year, and $

1.00

per acre per year for years three through five. The minimum work expenditure requirements are $10 per acre per year for years one and two and $20 per acre per year for years three through five. If the minimum work expenditure requirement is not met the applicant can pay the equal amount in fees to the Arizona State Land Department to keep the AZ MEP permits current. The rental period begins on the date of acceptance for each permit. Rental payments are due by the first day of the rental period. We hold AZ MEP permits for 15,793.24 acres at our Tombstone project. We paid filing and rental fees for our AZ MEP’s before their respective due dates in the amount of $29,355.

LegalMatter

On

August 22, 2019 (and amended on December 23, 2019), the Company filed a complaint with the Superior Court of Arizona (Case No. C20194139), demanding the titles and possession of certain vehicles and equipment of the Company from our former CEO, as well as seeking recovery of damages from the former CEO in an amount of not less than $50,000. None of the vehicles and equipment, individually or in total, have any material net book value (being fully depreciated) as of January 31, 2022 and 2021.

On April 22, 2022, the Company reached terms of settlement of the litigation (see Note 14).

NOTE14 – Subsequent events

Loan Forgiveness

In

March 2022, the Company’s SBA PPP loan (see Note 6) was forgiven in full resulting in a gain on forgiveness of debt of approximately $32,000.

SharesIssued for Conversion of Note s

In

April 2022, the Company issued a total of 144,304 shares of our common stock for conversions of $45,000 of the October 2021 Note at exercise prices ranging from of $0.3051 to $0.3207.

Settlement

On April 22, 2022, the Company reached terms of settlement of the litigation Case No. C20194139, involving our former CEO, James Briscoe, previously filed in the Superior Court of Arizona. Effective April 22, 2022, the Company’s board of directors voted on, accepted and the settlement is now hereby approved, ratified, and confirmed.

A summary of the terms of that settlement is as follows:

●	Mr.<br> Briscoe drops his demand for “accrued wages” (see Note 12).
●	Mr.<br> Briscoe drops his claim for payment of his credit card debt (see Note 12).
●	Mr.<br> Briscoe drops all other claims and waives and releases all claims, known or unknown.
●	Mr.<br> Briscoe will return title and possession of all the vehicles that he previously transferred to his name. Mr. Briscoe will also return<br> to the Company all Company property identified in our First Amended Complaint.
●	The<br> Company will reinstate Mr. Briscoe’s stock options that expired following his resignation from the
	Board.<br> This reinstatement will be on the same terms as originally issued, as evidenced in the August<br> 10, 2010, Stock Option Agreement and October 11, 2016, Stock Option Agreement, each<br> as adjusted for the February 25, 2021, reverse stock split, and pursuant to the Company’s 2010 Stock Option<br> Plan, except for the option exercise window, which will be expanded to 30 years.
●	The<br> Company will pay Mr. Briscoe a sum of $29,676.62 in 15 equal monthly installments.
●	Both<br> parties will agree to a non-disparagement clause that expressly establishes prior consent to the<br> Pima County Court’s jurisdiction for issuance of mandatory injunctive relief if an aggrieved<br> Party reasonably believes this clause has been violated by the other Party whether such violation is done directly by the violating<br> Party or via proxy.

The

Company believes the terms are favorable and provide for recovery of Company property, extinguish significant Company debt to Mr. Briscoe and payment to Mr. Briscoe by the Company of under $30,000 in exchange for dismissal of all claims between the parties (other customary terms and conditions apply).

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ITEM

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

In August 2021 (the “Effective Date”), the board of directors of the Company terminated the engagement of MaloneBailey, LLP, the Company’s prior independent registered public accounting firm, effective immediately. In addition, the board of directors of the Company approved the appointment by the Company of Turner, Stone & Company, LLP to serve as the Company’s independent registered public accounting firm beginning on the Effective Date.

MaloneBailey, LLP’s, audit report on the Company’s financial statements for the fiscal year ended January 31, 2021 did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as to audit scope or accounting principles.

During the fiscal year ended January 31, 2021 and through the Effective Date, there were (i) no disagreements between the Company and MaloneBailey, LLP’s on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of MaloneBailey, LLP’s, would have caused MaloneBailey, LLP’s to make reference to the subject matter of such disagreements in connection with its audit report on the Company’s financial statements for such fiscal year, and no reportable events as that term is defined in Item 304(a)(1)(v) of Regulation S-K.

ITEM

9A. CONTROLS AND PROCEDURES.

Evaluationof Disclosure Controls and Procedures

We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Our management, including our principal executive officer and principal financial officer, reviewed and evaluated the effectiveness of our disclosure controls and procedures as of January 31, 2022. Based upon such review and evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective as of the date of such evaluation due to the size and nature of the existing business operation. Given the size of our current operation and existing personnel, the opportunity to implement internal control procedures that segregate accounting duties and responsibilities is limited. Until the organization can increase in size to warrant an increase in personnel, formal internal control procedure will not be implemented until they can be effectively executed and monitored.

Management’sAnnual Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the criteria established in Internal Control – Integrated Framework (2013 framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission. This evaluation included review of the documentation of controls, evaluation of the design effectiveness of controls, testing of the operating effectiveness of controls and a conclusion of this evaluation. Based on its evaluation, management has concluded that our internal control over financial reporting was not effective as of January 31, 2022 due to the size and nature of the existing business operation. Given the size of our current operation and existing personnel, the opportunity to implement internal control procedures that segregate accounting duties and responsibilities is limited. Until the organization can increase in size to warrant an increase in personnel, formal internal control procedure will not be implemented until they can be effectively executed and monitored.

The Company’s internal control over financial reporting includes policies and procedures that (1) pertain to maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

Our management, including our principal executive officer and principal financial officer, does not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. In addition, the design of any system of controls is based in part on certain assumptions about the likelihood of future events, and controls may become inadequate if conditions change. There can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Management identified the following material weakness during its assessment of internal controls over financial reporting as of January 31, 2022.

a)	Lack<br> of proper segregation of duties due specifically to the small size of the Company.

The Company’s management is committed to improving the Company’s internal controls and will: (1) continue to use third party specialists to address shortfalls in staffing and to assist the Company with accounting and finance responsibilities; (2) increase the frequency of independent reconciliations of significant accounts which will mitigate the lack of segregation of duties until there are sufficient personnel.

Until the organization can increase in size to warrant an increase in personnel, formal internal control procedure will not be implemented until they can be effectively executed and monitored. As a result of the size of the current organization, there will not be significant levels of supervision and review.

This annual report does not include an attestation report of our registered public accounting firm regarding our internal controls over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to Section 404(c) of the SarbanesOxley Act that permit us to provide only management’s report in this annual report.

Changesin Internal Control over Financial Reporting

There were no changes to the Company’s internal controls over financial reporting during the fiscal quarter ended January 31, 2022.

ITEM

9B. OTHER INFORMATION.

None.

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PART

III

ITEM

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

All directors of our company hold office until the next annual meeting of the stockholders or until their successors have been elected and qualified. The officers of our company are appointed by our board of directors and hold office until their death, resignation or removal from office. Our directors and executive officers, their ages, positions held, and duration as such, are as follows:

Name	Position(s) Held with the Company	Age	Date First Elected or Appointed
Brett<br> Gross	President,<br> Chief Executive Officer and Director	62	October<br> 20, 2014
Peter<br> O’Heeron	Chairman<br> of the Board, Secretary and Treasurer.	58	September<br> 6, 2012
Patricia<br> Madaris	Chief<br> Financial Officer, VP Finance	70	May<br> 8, 2015
V.E.<br> “Gene” Streety	Director	92	August<br> 27, 2018
Bradley<br> Munroe	Director	80	August<br> 27, 2018
Boyd<br> Gordon	Director	71	July<br> 19, 2019
Bernard<br> Guarnera	Director	78	October<br> 14, 2019

BusinessExperience

BrettGross. Mr. Gross joined the board in 2014. Mr. Gross has served as Arbitrator with the American Arbitration Association, Chief Legal Counsel with MasTec Power Corp., Vice President and Regional Managing Attorney for URS Energy & Construction, Inc., an AECOM company, fka Washington Group International, Inc. since August 2005. Mr. Gross is a mining engineer (BS, Ohio State University, 1982; MS, Virginia Polytechnic Institute, 1988; PE, Colorado and Alabama) and attorney (JD, University of Denver, 2001) with over 30 years of experience, both domestic and international. His work experience includes surface and underground mining operations, engineering, and delivery of construction mega-projects across multiple industrial and commercial markets, and the practice of law related to each of these sectors. Mr. Gross brings a combination of professional skills that benefits every aspect of our business. Mr. Gross’ engineering career began at Virginia Tech, with research focused on rock mechanics and the stability of underground openings, particularly the phenomenon of “coal bumps” and “rock bursts,” and studying methods to monitor stress changes in the longwall barrier pillar during the onset of the active longwall face. The ensuing years of his career have been intimately involved with a broad spectrum of engineering, operations, management and project delivery. Since 2002, Mr. Gross has practiced law both in private practice and as in-house counsel, negotiating and closing complex deals with what today is among the largest engineering and construction firms in the United States. Mr. Gross was elected as President and Chief Executive Officer on December 7, 2018.

We believe Mr. Gross is qualified to serve on our board of directors because of his education and business experience as described above.

PeterO’Heeron. Mr. O’Heeron joined the board in 2012. As a seasoned leader he has over 25 years of medical technology and biotech development experience. Mr. O’Heeron brings together the multi-disciplinary teams and resources necessary to commercialize unique technologies. His expertise covers a broad range of disciplines, from business start-ups and biologics to medical devices and patient-centered healthcare delivery. Mr. O’Heeron holds 150+ Patents Issued/Pending. Prior to founding FibroGenesis, LLC, Mr. O’Heeron founded an operational investment group, Advanced Medical Technologies, LLC, which identified early-stage opportunities in the medical field with strong intellectual property potential. Mr. O’Heeron’s previous experience includes the founding of NeoSurg Technologies to invent and develop a minimally invasive access system. As a result of his efforts, NeoSurg Technologies was successful in launching the T2000 Minimally Invasive Access System and Mr. O’Heeron completed the sale of NeoSurg Technologies to Cooper Surgical. Mr. O’Heeron was employed by Christus Health Care Corporation in a variety of executive-level positions and corporate product development. Mr. O’Heeron has provided strategic advisory services to healthcare companies in the areas of biologics, advanced surgical instrumentation, and telemedicine. Mr. O’Heeron completed Executive Management Certification in Mergers and Acquisition from University of Chicago. He also holds a Masters in Healthcare Administration from the University of Houston Clear Lake and a Bachelor’s Degree in Healthcare Administration from Texas State University. Mr. O’Heeron was elected Chairman of the Board on December 7, 2018, and Secretary and Treasurer on January 11, 2019.

We believe Mr. O’Heeron is qualified to serve on our board of directors because of his knowledge of our company’s history and current operations, which he gained from working with our company as described above, in addition to his education and business experience as described above. He also catalyzed a negotiation with Northern Dynasty which benefited the company by millions of dollars.

PatriciaMadaris. Ms. Madaris has served as our VP Finance since May 2015. Prior to that time, Ms. Madaris served as the Executive Assistant to our CEO and Board of Directors since 2011. Since beginning her work at our company, she has proven to be beneficial in facilitating many areas of our public company, working to engage, negotiate, and close financings, and overseeing and working actively in financial reporting, and projected budgeting for ongoing operations. She has also previously worked as an accountant/manager for corporations in Arizona, Florida, and California from 2005. Ms. Madaris has a Bachelor of Science Degree from Indiana Wesleyan University, graduating Summa Cum Laude. Ms. Madaris also holds an MBA graduating with highest honors in February 2017. Ms. Madaris was elected Chief Financial Officer on January 11, 2019.

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V.E.(Gene) Streety. Mr. Streety graduated in January 1954 from Florida State University with a BS in political science, and immediately started work as an assistant to the campaign manager in a successful governor’s campaign in the State of Florida. Later, he received an appointment on the staff of US congressman Bob Sikes in Washington D.C., returning to Tallahassee after 14 months. Mr. Streety is currently a Licensed Real Estate Broker working as such for over 50 years. At one time, he was a Florida Licensed Securities agent working on Private Placement for small businesses involving real estate. He worked as a Land Developer and investment real estate broker for the preponderance of his career. He also spent 14 years with the City of Tallahassee retiring there in 1998 as Real Estate Administrator managing the Division of Real Estate. He has additionally worked on mineral rights leases having been partners with a petroleum geologist working together securing mineral rights leases. Mr. Streety was one of the Founders/directors of a local bank, which was later sold to a regional bank. He has belonged to several boards throughout the years; was a member of the Chamber of Commerce and Civic boards. Throughout his career he has served in several Tallahassee area Presbyterian churches in such roles as church treasurer, church school teacher, deacon, and elder.

We believe Mr. Streety is qualified to serve on our board of directors because of his extensive business experience and education as described above.

W.Bradley Munroe. Mr. Munroe holds a B.S., Economics and Political Science from Florida State University, Tallahassee, Florida (1964), and is an attorney, (J.D., 1967, University of Florida, Gainesville, Florida) and AV Rated Lawyer by Martindale Hubbell. Mr. Munroe is a licensed Florida attorney admitted to practice before state and federal courts. Mr. Munroe’s experience as an attorney is extensive with a private law practice from 1970 to present. Emphasis on trial practice related to personal injury, wrongful death, products liability, workers’ compensation, commercial and construction law; and representation of building trades industries, and commercial real estate transactions and community bank. He has served as a Municipal Judge, a Staff Attorney for Florida Department of Commerce, a Staff Attorney, Governor Claude Kirk, an Assistant City Attorney, Tallahassee, Florida, Certified Civil and Family Law Mediator, and miscellaneous former lobbyist for numerous state associations. Mr. Munroe also is a Licensed Florida Real Estate Broker. Other Professional Experience includes Owner and operator of various business operations, including: Banking, Construction Company, Real Property Title Abstract Company – RV Park, and Marina. Mr. Munroe has also worked as a real estate investor. He has also served as receiver and trustee in bankruptcy in federal court. Mr. Munroe holds Memberships in all state and (Legal) local bar associations, the Florida Justice Association (Trial Lawyers), and is a member of the Episcopal Church, Exchange Club, Tallahassee Builders Association, Cotillion Club, and Colonels Club in Florida.

We believe Mr. Munroe is qualified to serve on our board of directors because of his extensive education and business experience as described above.

BoydGordon. Mr. Gordon is a financial transaction professional with over 30 years of broad experience in corporate and international finance, capital market transactions and project development and finance. Currently, Mr. Gordon is a principal in a financial consultancy firm. At URS, a major engineering and construction company, Mr. Gordon served as the Senior Director of Project Development and Finance. In this position, Mr. Gordon structured large institutional financings for public sector infrastructure projects and assisted clients of the power and mining groups. His expertise is in structuring creative financing plans, finding funding sources and closing complex financial transactions. In a long career with Westinghouse Electric, Mr. Gordon served as European Treasurer, Director of Corporate Finance, Vice President of Asset Review, Vice President of the Leasing Group, and Director of Treasury Strategic Programs. He was a member of Westinghouse Electric’s team of corporate finance executives that guided the company through a severe financial crisis. Mr. Gordon received a master’s degree in International Management from the American Graduate School of International Management (Thunderbird) in 1976, a Master of Business Administration in Finance from Southern Methodist University in 1975, and a Bachelor of Science degree in Marketing from Missouri State University in 1972.

We believe Mr. Gordon is qualified to serve on our board of directors because of his extensive education and business experience as described above.

Bernard(Barney) Guarnera. Mr. Guarnera is well known and respected throughout the mining industry. He has over 50 years of experience encompassing six continents and precious metals, ferrous, non-ferrous, base metal, industrial and energy minerals. From 1991 through 2011 he was the president and CEO of the Behre Dolbear Group, taking the company from a single office in New York City to a highly respected international mineral industry advisory firm with offices in North and South America, Europe, Australia, and Asia. Barney remains affiliated with Behre Dolbear as a Director. Mr. Guarnera is a Certified Mineral Appraiser with the IIMA, Chartered Professional (geology) with AusIMM, Qualified Professional (mineral property valuations, geology and ore reserves) with MMSA, a Registered Professional Engineer (Texas) and a Registered Professional Geologist (Oregon). Barney specializes in assessing the technical and economic viability of mineral projects and properties and the valuation of mineral properties and mining companies. He has participated in billions of dollars of transactions related to the mining industry and acted as principal advisor to the Stock Exchange of Hong Kong regarding the development of its listing rules for mining companies and later an advisor regarding its acquisition of the London Metal Exchange.

We believe Mr. Guarnera is qualified to serve on our board of directors because of his extensive education and business experience as described above.

FamilyRelationships

There are no family relationships among our directors or officers.

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Boardand Committee Meetings

The board of directors of our company held 15 formal meetings during the fiscal year ended January 31, 2022.

There have been no material changes to the procedures by which our shareholders may recommend nominees to our board of directors during the fiscal year ended January 31, 2022. Shareholders may contact our current President, Brett Gross, to recommend nominees to our board of directors.

For the fiscal year ended January 31, 2022 our only standing committee of the board of directors was our audit committee. We do not have a nominating committee or a compensation committee.

AuditCommittee

Currently our audit committee consists of our entire board of directors. We do not have a separately-designated standing audit committee established in accordance with section 3(a)(58)(A) of the Exchange Act.

During the fiscal year ended January 31, 2022, the audit committee did not hold any meetings. Rather, the business of the audit committee was conducted by resolutions consented to in writing by all the members of the board and filed with the minutes of the proceedings of the board.

AuditCommittee Financial Expert

Our board of directors has determined that it does not have a member of its board of directors or audit committee that qualifies as an “audit committee financial expert” as defined in Item 407(d)(5)(ii) of Regulation S-K.

We believe that the members of our board of directors are collectively capable of analyzing and evaluating our consolidated financial statements and understanding internal controls and procedures for financial reporting. In addition, we believe that retaining an independent director who would qualify as an “audit committee financial expert” would be overly costly and burdensome and is not warranted in our circumstances given the early stages of our development and the fact that we have not generated any material revenues to date.

Involvementin Certain Legal Proceedings

Our directors and executive officers have not been involved in any of the following events during the past 10 years:

1.	any<br> bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the<br> time of the bankruptcy or within two years prior to that time;
2.	any<br> conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor<br> offences);
3.	being<br> subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction,<br> permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities<br> or banking activities;
4.	being<br> found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have<br> violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.
5.	being<br> the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently<br> reversed, suspended or vacated, relating to an alleged violation of: (i) any federal or state securities or commodities law or regulation;<br> or (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary<br> or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease- and-desist order,<br> or removal or prohibition order; or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business<br> entity; or,
6.	being<br> the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self- regulatory organization<br> (as defined in Section 3(a)(26) of the Securities Exchange Act of 1934), any registered entity (as defined in Section 1(a)(29) of<br> the Commodity Exchange Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over<br> its members or persons associated with a member.

Section16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Securities Exchange Act of 1934 requires our executive officers and directors, and persons who own more than 10% of our common stock, to file reports regarding ownership of, and transactions in, our securities with the SEC and to provide us with copies of those filings. Based solely on our review of the copies of such forms received by us, or written representations from certain reporting persons, we believe that during the fiscal year ended January 31, 2022, all filing requirements applicable to its officers, directors and greater than 10% percent beneficial owners were complied with.

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Codeof Ethics

Effective March 15, 2004, our company’s board of directors adopted a Code of Business Conduct and Ethics that applies to all employees, including our company’s Chief Executive Officer, Chief Financial Officer and VP Finance. As adopted, our Code of Business Conduct and Ethics sets forth written standards that are designed to deter wrongdoing and to promote:

1.	honest<br> and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional<br> relationships;
2.	full,<br> fair, accurate, timely, and understandable disclosure in reports and documents that we file with, or submit to, the SEC and in other<br> public communications made by us;
3.	compliance<br> with applicable governmental laws, rules and regulations;
4.	the<br> prompt internal reporting of violations of the Code of Business Conduct and Ethics to an appropriate person or persons identified<br> in the Code of Business Conduct and Ethics; and
5.	accountability<br> for adherence to the Code of Business Conduct and Ethics. Our Code of Business Conduct and Ethics requires, among other things, that<br> all of our company’s Senior Officers commit to timely, accurate and consistent disclosure of information; that they maintain<br> confidential information; and that they act with honesty and integrity.

In addition, our Code of Business Conduct and Ethics emphasizes that all employees, and particularly senior officers, have a responsibility for maintaining financial integrity within our company, consistent with generally accepted accounting principles, and federal and state securities laws. Any senior officer that becomes aware of any incidents involving financial or accounting manipulation or other irregularities, whether by witnessing the incident or being told of it, must report it to our company. Any failure to report such inappropriate or irregular conduct of others is to be treated as a severe disciplinary matter. It is against our company policy to retaliate against any individual who reports in good faith the violation or potential violation of our company’s Code of Business Conduct and Ethics by another.

Our Code of Business Conduct and Ethics was filed with the SEC on March 13, 2004 as Exhibit 14.1 to our annual report on Form 10-KSB for the fiscal year ended December 31, 2003. We will provide a copy of the Code of Business Conduct and Ethics to any person without charge, upon request. Requests can be sent to: Liberty Star Uranium & Metals Corp., 2 E. Congress St. Ste. 900, Tucson, AZ 85701.

| 28 |

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ITEM

EXECUTIVE COMPENSATION

Following are the particulars of all compensation paid or accruing to our named executive officers for the last two fiscal years ended.

2022

Summary Compensation Table

Name and<br> <br>Principal Position	Year<br> <br>Ended January 31,	Salary	Bonus	Stock Awards	Option Awards	Nonequity Incentive Plan Compensation	Change in Pension Value and Nonqualified Deferred Compensation Earnings	All Other Compensation ^(1)^	Total
Brett Gross, Chief Executive Officer and President	2022	-	-	-	-	-	-	-	-
	2021	-	-	-	-	-	-	-	-
(1)	The<br> value of perquisites and other personal benefits and property have been excluded because they total, in the aggregate, less than<br> $10,000.
---	---

OutstandingEquity Awards at January 31, 2022

The following table sets forth for each named executive officer certain information concerning the outstanding equity awards as of January 31, 2022.

	Option Awards								Stock Awards
Name	Number of Securities Underlying Unexercised Options Exercisable		Number of Securities Underlying Unexercised Options Unexercisable		Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options		Option Exercise Price	Option<br> <br>Expiration<br> <br>Date	Number of Shares or Units of Stock that Have Not Vested		Market Value of Shares or Units of Stock that Have Not Vested		Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested		Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested
Brett Gross		-		-		-				-		-		-		-

| 29 |

| --- |

COMPENSATION

PLANS

As of January 31, 2022, we had three compensation plans in place, entitled “2004 Stock Option Plan”, “2007 Stock Option Plan” and “2010 Stock Option Plan”. These plans have been approved by our security holders. These plans have been given retroactive effect of the 1-for-4 reverse stock split on September 1, 2009 and 1-for-500 reverse stock split on February 25, 2021.

We granted no options during the fiscal years ended January 31, 2022 and 2021, respectively.

Long-TermIncentive Plans

There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers, except that our directors and executive officers receive stock options at the discretion of our Board. We do not have any material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of our Board.

EmploymentContracts

We have not entered into any written employment agreements or compensation arrangements with any of our named executive officers.

Compensationof Directors

We have no formal plan for compensating our directors for their service in their capacity as directors, although our directors may receive stock options to purchase common stock as awarded by our board of directors or (as to future stock options) a compensation committee which may be established. Directors are entitled to reimbursement for reasonable travel and other out-of-pocket expenses incurred in connection with attendance at meetings of our board of directors. Our board of directors may award special remuneration to any director undertaking any special services on our behalf other than services ordinarily required of a director. No director received and/or accrued any cash compensation for their services as a director, including committee participation and/or special assignments.

No stock options were issued to directors during the year ended January 31, 2022 and 2021.

ITEM

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

We have set forth in the following table certain information regarding our common stock beneficially owned on April 30, 2022 for (i) each shareholder we know to be the beneficial owner of 5% or more of our outstanding common stock, (ii) each of our named executive officers and directors, and (iii) all executive officers and directors as a group. In general, a person is deemed to be a “beneficial owner” of a security if that person has or shares the power to vote or direct the voting of such security, or the power to dispose or to direct the disposition of such security. A person is also deemed to be a beneficial owner of any securities of which the person has the right to acquire beneficial ownership within 60 days. All percentages are calculated based upon a total number of 13,458,752 shares of common stock issued and outstanding as of May 3, 2022, plus, in the case of the individual or entity for which the calculation is made, that number of options or warrants owned by such individual or entity that are currently exercisable or exercisable within 60 days.

| 30 |

| --- | | Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | | | Percentage of Class (1) | | | | --- | --- | --- | --- | --- | --- | --- | | Brett Gross | | 2,342,413 | (4) | | 16.42 | % | | Peter O’Heeron | | 1,572,693 | (3) | | 11.24 | | | Patricia Madaris | | 4,500 | (2) | | * | | | Bradley Munroe | | 122,033 | (6) | | 1.21 | % | | Gene Streety | | 33,230 | (7) | | * | | | Boyd Gordon | | 159,646 | (5) | | 1.18 | % | | Bernard Guarnera | | 30,000 | (2) | | * | | | Directors and Executive Officers as a Group (7 persons) | | 4,264,515 | | | 28.44 | % | | (1) | Based on 13,458,752 shares of common stock issued and outstanding as of May 3, 2022. Beneficial ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities. Except as otherwise indicated, we believe that the beneficial owners of the common stock listed above, based on information furnished by such owners, have sole investment and voting power with respect to such shares, subject to community property laws where applicable. | | --- | --- | | (2) | This amount includes incentive or non-qualified stock options that are currently exercisable or exercisable within 60 days. | | (3) | This amount includes 14,000 incentive stock options and 518,382 common stock purchase warrants that are currently exercisable or exercisable within 60 days. | | (4) | This amount includes 810,210 common stock purchase warrants that are currently exercisable or exercisable within 60 days. | | (5) | This amount includes 30,000 non-qualified stock options, and 43,215 common stock purchase warrants that are currently exercisable or exercisable within 60 days. | | (6) | This amount includes 67,075 shares of common stock, 30,000 stock options and 24,958 purchase warrants that are currently exercisable or exercisable within 60 days. | | (7) | The amount includes 3,230 shares of common stock and 30,000 stock options. | | | * less than 1% |

EquityCompensation Plan Information

Plan Category		Weighted-<br> <br>Average Exercise Price of Outstanding Options,<br> <br>Warrants and Rights (b)
Equity Compensation Plans Approved by Security Holders	25,250	$	2.965	173,450
Equity Compensation Plans Not Approved by Security Holders: One Off Grants	-		N/A	120,000
Total	25,250	$	2.965	173,450

| 31 |

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ITEM

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

Advancesand Notes Payable

From October 2019 through October 31, 2021, our CEO, Brett Gross, made various payments on behalf of the Company totaling $266,220, and advanced the Company $62,000 in cash, all of which are reflected as advances from related party on the accompanying consolidated balance sheets. The advances bear no interest and have no specified repayment date. On June 30, 2020, the Company issued 51,000 shares of its Class A Common Stock to our CEO for repayment of $24,531 of advances ($0.481 per share). The total remaining advances of $328,220 were converted into shares of the Company’s common stock and warrants on January 5, 2022 (see below), leaving a balance of $0 and $301,077 as of January 31, 2022 and 2021, respectively,

During the year ended January 31, 2021, the Company received aggregate proceeds of $120,000 from a director under a promissory note extended with interest at 10%. Total maturities of principal and accrued interest under all notes to two directors are $270,898 due October 31, 2020 (extended to July 31, 2021). On June 30, 2020, the Company issued 51,000 shares of its Class A Common Stock to the director for repayment of $24,531 of their promissory note ($0.481 per share). The remaining balance was converted in full leaving a balance of zero as of January 31, 2022 (see below).

Other than the transactions above, there has been no transaction, or currently proposed transaction, in which our company was or is to be a participant and the amount involved exceeds the lesser of $120,000 or one percent of the average of our total assets at year-end for the last two completed fiscal years, and in which any of the following persons had or will have a direct or indirect material interest:

(a)	Any<br> director or executive officer of our company;
(b)	Any<br> person who beneficially owns, directly or indirectly, more than 5% of any class of our voting securities; and
(c)	Any<br> member of the immediate family (including spouse, parents, children, siblings and in- laws) of any of the foregoing persons.

Director Independence

Our board of directors consists of the six directors: Brett Gross, Peter O’Heeron, V.E. “Gene” Streety, W. Bradley Munroe, Boyd Gordon and Bernard Guarnera. Our common stock is quoted on the OTCQB Market operated by the OTC Markets Group, which does not impose any director independence requirements. Under NASDAQ Rule 5605(a)(2), a director is not independent if he or she is also an executive officer or employee of the corporation or was, at any time during the past three years, employed by the corporation. Using this definition of independent director, we have five independent directors consisting of Peter O’Heeron, V.E. “Gene” Streety, W. Bradley Munroe, Boyd Gordon and Bernard Guarnera

| 32 |

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ITEM

PRINCIPAL ACCOUNTING FEES AND SERVICES

The following table shows the fees that were billed for the audit and other services provided by Turner Stone & Company, LLP and MaloneBailey, LLP for the fiscal years ended January 31, 2022 and 2021.

	Fiscal Year Ended <br> January 31,
	2022		2021
Audit Fees	$	44,805	$	29,500
Audit-Related Fees		-		-
Tax Fees		-		-
All Other Fees		-		-
Total	$	44,805	$	29,500

AuditFees - This category includes the audit of our annual financial statements, review of financial statements included in our quarterly reports on Form 10-Q and services that are normally provided by the independent registered public accounting firm in connection with engagements for those fiscal years. This category also includes advice on audit and accounting matters that arose during, or as a result of, the audit or the review of interim financial statements.

Audit-RelatedFees - This category consists of assurance and related services by the independent registered public accounting firm that are reasonably related to the performance of the audit or review of our financial statements and are not reported above under “Audit Fees.” The services for the fees disclosed under this category include consultation regarding our correspondence with the SEC, other accounting consulting and other audit services.

TaxFees - This category consists of professional services rendered by our independent registered public accounting firm for tax compliance and tax advice. The services for the fees disclosed under this category include tax return preparation and technical tax advice.

AllOther Fees - This category consists of fees for other miscellaneous items.

Pre-ApprovalPolicies and Procedures with respect to Services Performed by Independent Auditors

The board of directors pre-approves all services provided by our independent auditors. All of the above services and fees were reviewed and approved by the board of directors before the respective services were rendered.

The board of directors has considered the nature and amount of fees billed by Turner Stone & Company, LLP and MaloneBailey, LLP and believes that the provision of services for activities unrelated to the audit is compatible with maintaining Turner Stone & Company, LLP and MaloneBailey, LLP’s independence.

| 33 |

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ITEM

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

Exhibit Number	Description of Exhibit
3.1	Articles of Incorporation (incorporated by reference to Exhibit 3.1 to our registration statement on Form SB-2, filed with the SEC on May 14, 2002).
3.2	Bylaws (incorporated by reference to Exhibit 3.2 to our quarterly report on Form 10-QSB, filed with the SEC on December 14, 2007).
3.3	Certificate of Change to Authorized Capital (incorporated by reference to Exhibit 3.1 to our current report on Form 8-K, filed with the SEC on September 2, 2009).
3.4	Articles of Merger (incorporated by reference to Exhibit 3.4 to our annual report on Form 10-KSB, filed with the SEC on March 31, 2004).
3.5	Amendments to Articles of Incorporation and Bylaws (incorporated by reference to Exhibit 3.8 and 3.9 to our current report on Form 8-K/A, filed<br> with the SEC on August 10, 2020).
10.1	Convertible Promissory Note issued to Power Up Lending Group Ltd. dated October 20, 2020 (incorporated by reference to Exhibit 3.11 to our current report on Form 8-K, filed with the SEC on October 27, 2020).
10.2	Convertible Promissory Note issued to Redstart Holdings Corp. dated April 23, 2021 (incorporated by reference to Exhibit 3.14 to our current report on Form 8-K, filed with the SEC on April 27, 2021).
10.3	Convertible Promissory Note issued to Redstart Holdings Corp. dated May 11, 2021 (incorporated by reference to Exhibit 3.16 to our current report on Form 8-K, filed with the SEC on May 17, 2021).
10.4	Convertible Promissory Note issued to Geneva Roth Remark Holdings Inc. dated October 8, 2021 (incorporated by reference to Exhibit 3.25 to our current report on Form 8-K, filed with the SEC on October 14, 2021).
10.5	Convertible Promissory Note issued to Sixth Street Lending, LLC, dated November 15, 2021 (incorporated by reference to Exhibit 3.27 to our current report on Form 8-K, filed with the SEC on November 23, 2021).
10.6	Convertible Promissory Note issued to Sixth Street Lending, LLC, dated December 21, 2021 (incorporated by reference to Exhibit 3.29 to our current report on Form 8-K, filed with the SEC on December 29, 2021).
14.1	Code of Ethics (incorporated by reference to Exhibit 14.1 to our current report on Form 8-K, filed with the SEC on September 1, 2009).
21.1*	Subsidiaries.
31.1*	Section 302 Certification under Sarbanes-Oxley Act of 2002 of Brett Gross
32.1*	Section 906 Certification under Sarbanes-Oxley Act of 2002 of Brett Gross
96.1	Technical Report Summary – Red Rock Canyon Gold Project
101.INS*	Inline<br> XBRL INSTANCE DOCUMENT
101.SCH*	Inline<br> XBRL TAXONOMY EXTENSION SCHEMA
101.CAL*	Inline<br> XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
101.DEF*	Inline<br> XBRL<br> TAXONOMY EXTENSION DEFINITION LINKBASE
101.LAB*	Inline<br> XBRL<br> TAXONOMY EXTENSION LABEL LINKBASE
101.PRE*	Inline<br> XBRL<br> TAXONOMY EXTENSION PRESENTATION LINKBASE
104*	Cover Page Interactive Data File

*Filed herewith.

ITEM

FORM 10-K SUMMARY

None.

| 34 |

| --- |

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	LIBERTY STAR URANIUM & METALS CORP.
Dated:<br> May 17, 2022	By:	/s/ Brett Gross
		Brett<br> Gross
		Chief<br> Executive Officer and President
Dated:<br> May 17, 2022	By:	/s/ Patricia Madaris
		Patricia<br> Madaris
		Chief<br> Financial Officer

POWER

OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Brett Gross as his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this annual report on Form 10-K and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that each of said attorney-in-fact and agent or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Brett Gross	Chief<br> Executive Officer, President and Director	May<br> 17, 2022
Brett<br> Gross	(principal<br> executive officer)
/s/ Patricia Madaris	Chief<br> Financial Officer	May<br> 17, 2022
Patricia<br> Madaris	(principal<br> financial officer and principal accounting officer)
/s/ Peter O’Heeron	Chairman<br> of the Board	May<br> 17, 2022
Peter<br> O’Heeron
/s/ Boyd Gordon	Director	May<br> 17, 2022
Boyd<br> Gordon
/s/ Bernard Guarnera	Director	May<br> 17, 2022
Bernard<br> Guarnera
/s/ W. Bradley Munroe	Director	May<br> 17, 2022
W.<br> Bradley Munroe
/s / V.E. “Gene” Streety	Director	May<br> 17, 2022
V.E.<br> “Gene” Streety

| 35 |

| --- |

Exhibit21.1

LIBERTYSTAR URANIUM & METALS CORP.

Subsidiaries

Name	Jurisdiction of Incorporation
Big<br> Chunk Corp. (dissolved July 26, 2019)	Alaska
Hay<br> Mountain Holdings, LLC	Arizona
Earp<br> Ridge Mines LLC (subsidiary of Hay Mountain Holdings, LLC)	Arizona
Red<br> Rock Mines LLC (subsidiary of Hay Mountain Holdings, LLC)	Arizona

Exhibit31.1

CERTIFICATIONS

I, Brett I. Gross, certify that:

1.	I<br> have reviewed this Annual Report on Form 10-K for the fiscal year ended January 31, 2022 of Liberty Star Uranium & Metals Corp.;
2.	Based<br> on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary<br> to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to<br> the period covered by this report;
3.	Based<br> on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material<br> respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in<br> this report;
4.	The<br> registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures<br> (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange<br> Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)	Designed<br> such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,<br> to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others<br> within those entities, particularly during the period in which this report is being prepared;
---	---
(b)	Designed<br> such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our<br> supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements<br> for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated<br> the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about<br> the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;<br> and
(d)	Disclosed<br> in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s<br> most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,<br> or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The<br> registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over<br> financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or<br> persons performing the equivalent functions):
---	---
(a)	All<br> significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are<br> reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;<br> and
---	---
(b)	Any<br> fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s<br> internal control over financial reporting.
Date:<br> May 17, 2022	/s/ Brett I. Gross
---	---
	Brett<br> I. Gross
	Chief<br> Executive Officer and President

Exhibit32.1

CERTIFICATIONPURSUANT TO

18U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Brett I. Gross, Chief Executive Officer, and President of Liberty Star Uranium & Metals Corp. (the “Company”), hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)	the<br> annual report on Form 10-K of Liberty Star Uranium & Metals Corp. for the period ended January 31, 2022 (the “Report”)<br> fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	the<br> information contained in the Report fairly presents, in all material respects, the financial condition and results of operations<br> of Liberty Star Uranium & Metals Corp.
Dated:<br> May 17, 2022	/s/ Brett I. Gross
---	---
	Brett<br> I. Gross
	Chief<br> Executive Officer and President

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Liberty Star Uranium & Metals Corp. and will be retained by Liberty Star Uranium & Metals Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 96.1

Broadlands Mineral Advisory Services Ltd.

EIN:27-0182628

TECHNICALREPORT

REDROCK CANYON GOLD PROPERTY

COCHISE COUNTY, ARIZONA

LATITUDE31°39ʹ9.78ʺN LONGITUDE 110°0ʹ17,94ʺW

Jasperoid at Red Rock Canyon

PreparedFOR:

Liberty Star Minerals

PreparedBy:

BernardJ. Guarnera, P.Eng., QP, CMA

BroadlandsMineral Advisory Services Ltd.

Effective Date:

1 July 2021

9213 Las Manaitas Avenue, #401, Las Vegas, NV 89144 +1.303.809.4265

guarnera@broadlandsadvisoryltd.com

| Technical Report – Red Rock Canyon Gold Property<br><br>1 July 2021 |

| --- |

Table of Contents

1.0	SUMMARY		1
	1.1	LOCATION<br> AND ACCESS	1
	1.2	HISTORIC<br> MINING AND EXPLORATION ON THE RRC PROPERTY	1
	1.3	GEOLOGICAL<br> SETTING, MINERALIZATION, AND DEPOSIT TYPES	2
	1.4	EXPLORATION<br> UNDERTAKEN BY LIBERTY STAR MINERALS	3
	1.5	ENVIRONMENTAL,<br> PERMITTING, SOCIAL, AND COMMUNITY IMPACT	3
	1.6	INTERPRETATION,<br> CONCLUSIONS, AND RECOMMENDATIONS	3
2.0	INTRODUCTION		4
	2.1	PROFESSIONALS<br> INVOLVED IN THE PREPARATION OF THIS TECHNICAL REPORT	4
	2.2	SOURCES<br> OF INFORMATION AND DATA IN THE REPORT	5
	2.3	PURPOSE<br> AND TERMS OF REFERENCE FOR THIS TECHNICAL REPORT	5
	2.4	COMPLIANCE<br> WITH REPORTING REQUIREMENTS	5
3.0	RELIANCE<br> ON OTHER EXPERTS		7
4.0	PROPERTY<br> DESCRIPTION AND LOCATION		8
	4.1	THE<br> ARIZONA STATE TRUST LANDS	9
	4.2	ENVIRONMENTAL<br> ISSUES, PERMITS, AND LIABILITIES	10
	4.3	RISK<br> FACTORS AFFECTING THE RED ROCK CANYON PROPERTY	10
5.0	ACCESSIBILITY,<br> CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY		11
6.0	HISTORY		12
	6.1	HISTORIC<br> RRC PROPERTY OWNERSHIP AND PRIOR WORK PERFORMED ON THE HAY MOUNTAIN/RED ROCK CANYON CLAIMS	12
6.1.1	Phelps<br> Dodge (PD)	12
---	---	---
6.1.2	Energy<br> Reserves Group	13
6.1.3	Consolidated<br> Paymaster/Goldsil Resources	13
6.1.4	Wellington<br> Financial	13
6.1.5	Tempo<br> Resources	14
6.1.6	Primo<br> Gold	14
6.1.7	JABA<br> Inc	15
7.0	GEOLOGICAL<br> SETTING AND MINERALIZATION		18
---	---	---	---
	7.1	RRC/HAY<br> MOUNTAIN GEOLOGIC SETTING	18
	7.2	THE<br> LARAMIDE OROGENY	19

| Liberty Star Minerals | i | **Broadlands** |

| --- | --- | --- |

| Technical Report – Red Rock Canyon Gold Property<br><br>1 July 2021 |

| --- | | | 7.3 | STRUCTURES AT THE RRC PROPERTY | 19 | | --- | --- | --- | --- | | | 7.4 | MINERALIZATION | 20 | | 8.0 | DEPOSIT TYPES | | 21 | | 9.0 | EXPLORATION UNDERTAKEN BY LIBERTY STAR MINERALS | | 23 | | 10.0 | DRILLING | | 24 | | 11.0 | SAMPLE PREPARATION, ANALYSES, AND SECURITY | | 27 | | | 11.1 | METHODOLOGY | 27 | | | 11.2 | ANALYTICAL METHODS | 27 | | | 11.3 | DUPLICATES AND QUALITY CONTROL | 27 | | 12.0 | DATA VERIFICATION | | 28 | | 18.0 | PROJECT INFRASTRUCTURE | | 29 | | 20.0 | ENVIRONMENTAL, PERMITTING, SOCIAL, AND COMMUNITY IMPACT | | 30 | | 23.0 | ADJACENT PROPERTIES | | 31 | | 24.0 | OTHER RELEVANT DATA AND INFORMATION | | 32 | | 25.0 | INTERPRETATION AND CONCLUSIONS | | 33 | | 26.0 | RECOMMENDATIONS | | 34 | | 27.0 | REFERENCES | | 35 | | APPENDIX 1.0 | RESUME FOR MR. BERNARD J. GUARNERA | 36 | | --- | --- | --- | | APPENDIX 2.0 | OCTOBER 26, 2020 ASSAY RESULTS | 41 | | APPENDIX 3.0 | JANUARY 11, 2021 ASSAY RESULTS | 48 | | APPENDIX 4.0 | MAY 19, 2021 ASSAY RESULTS | 55 |

| Liberty Star Minerals | ii | **Broadlands** |

| --- | --- | --- |

| Technical Report – Red Rock Canyon Gold Property<br><br>1 July 2021 |

| --- |

List of Tables

Table<br> 4-1	List<br> of Mining Claims	10
Table<br> 10-1	Clarification<br> Information for Each Drill Hole	25

| Liberty Star Minerals | iii | **Broadlands** |

| --- | --- | --- |

| Technical Report – Red Rock Canyon Gold Property<br><br>1 July 2021 |

| --- |

Listof Figures

Figure<br> 4-1.	Map<br> showing location of Red Rock Canyon Claims	8
Photo<br> 5-1.	Red<br> Rock Canyon terrain	11
Figure<br> 6-1.	Cross<br> section across Red Rock Canyon with geophysical anomalies and gold occurrences	16
Figure<br> 6-2.	Map<br> of sampling sites, drill holes, and potential targets at Red Rock Canyon	17
Photo<br> 7-1.	Calcite<br> and jasperoid in colina limestone	20
Figure<br> 8-1.	Epithermal<br> Model for Red Rock Canyon gold deposits	22
Figure<br> 10-1.	Drill<br> holes in Section 28, T20S-R23E	25

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Abbreviations

Acre	A<br> tract of land consisting of 43,500 square feet.
Alteration	A<br> change in the chemical nature of a rock due to its reaction to hydrothermal solutions.
Argillic<br> Alteration	Hydrothermal<br> alteration of wall rock that introduces or alters other<br> minerals to clay minerals.
Calcite	A<br> mineral with the chemical composition of calcium carbonate (CaCO3), which is the major constituent of limestone.
Caldera	A<br> large basin-shaped volcanic depression generally circular in form. The diameter of which is many times larger than the volcano within<br> it.
Chalcopyrite	Copper<br> iron sulfide (CuFeS2), the most common ore of copper.
CIMM<br> Best Practices	Guidelines<br> endorsed by the mineral industry and security entities for the reporting of exploration properties, Mineral Resources, and Mineral<br> Reserves.
Controlled<br> Source Audio- frequency Magnetotellurics	A<br> low impact, geophysical technique utilizing multiple frequencies to determine the conductivity or resistivity of subsurface materials.
Early-stage<br> Exploration Property	A<br> property that has indications of hosting mineral deposits but has not defined Mineral Resources.
Epithermal<br> Deposits	Mineral<br> deposits formed in and along fissures or other openings in rocks by deposition at shallow depths from hot solutions.
Feldspar	A<br> group of the most common rock forming minerals in the Earth’s crust with a broad range in composition.
Heap<br> Leach	A<br> method of gold recovery that involves placing mined oxidized ore on a lined floor after crushing and irrigating the pile with a cyanide<br> solution that directly leaches the gold from the rock. The pregnant leach is then piped to the processing plant and an ingot of gold<br> mixed with other metals is produced and sent to a refinery for final processing.
Hectare	A<br> unit of land measurement equal to 2,471 acres.
Hematite	Iron<br> oxide (Fe2O3) often found in mineral deposits due to the oxidation of pyrite.
Hydrothermal<br> Solutions	Heated<br> or hot magmatic emanations rich in water.
Induced<br> Polarization	A<br> geophysical imaging technique used to identify the electrical<br> chargeability of subsurface materials.
Jasperoid	A<br> rock consisting of crystalline silica formed by the replacement of other material, typically limestone or dolomite.

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Abbreviations

(CONTINUED)

Liberty<br> Star Minerals	A<br> Nevada incorporated junior mining company that controls the mining claims in which the Red Rock Canyon mineralization is found.
Limestone	A<br> bedded deposit consisting of calcium carbonate (CaCO3).
Manto<br> Deposit	Flat-lying,<br> pancake shaped to elongate mineral deposits of hydrothermal origin.
Mineral<br> Reserve	A<br> mineral deposit where economic viability has been determined. Two categories of Mineral Reserves exist, which in order of assurance,<br> are Probable and Proven.
Mineral<br> Resource	A<br> mineral deposit where tonnages and grades have been defined but economic viability is not defined. Three categories of Mineral Resources<br> exist, which in order of assurance, are Inferred, Indicated, and Measured. In declaring an Indicated or Measured Mineral Resource,<br> a QP must believe that there is a reasonable expectation that economic viability will be demonstrated.
Molybdenite	Molybdenum<br> sulfide (MoS2), the principal ore of molybdenum that is used in steel manufacturing.
Niton<br> XL5 XRF	A<br> portable X-ray refraction instrument that allows almost instantaneous readings of the quantities in parts per million of all elements<br> present in a mineral sample.
Paleozoic<br> Era	One<br> of the eras of geologic time ranging from ±540 million to ±250 million years ago consisting of the Cambrian, Ordovician,<br> Silurian, Devonian, Mississippian, Pennsylvanian and Permian periods.
Pennsylvanian<br> Period	The<br> sixth of the seven Periods in the Paleozoic Era noted for the numerous deposits of coal formed during that time.
Porphyry	A<br> rock with a fine ground mass in which larger, clearly defined phenocrysts (crystals) typically of feldspar are disseminated.
Porphyry<br> Copper Deposits	A<br> porphyritic deposit with disseminated copper mineralization.
Pyrite	Iron<br> sulfide (FeS2), a common sulfide mineral often called “fool’s gold.”
Qualified<br> Professional	A<br> professional certified to have a degree in the mineral industries with more than 10 years of post-degree experience. To act as a<br> QP on an assignment, the professional must have at least 5 years of experience with the type and style of the mineral deposit being<br> considered.
Reverse<br> Circulation Drilling	A<br> method of drilling using dual wall drill rods consisting of an outer drill rod with an inner tube that allow the drill cuttings to<br> be continuously returned to the surface.

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Abbreviations

(CONTINUED)

Rhyolite	A<br> fine grained rock that is chemically and mineralogically equivalent to granite that can be volcanic or intrusive.
Section	A<br> land parcel consisting of 640 acres.
Shale	A<br> laminated sedimentary rock consisting mostly of clay.
Skarn	Typically<br> limestone or dolomite subjected to intense hot solutions leading to the replacement of the limestone by other minerals including<br> ore-bearing minerals.
Technical<br> Report	A<br> document that provides detailed information about a mineral property that is issued to provide shareholders and potential investors<br> with a basis for making an investment decision.
Tertiary<br> Era	The<br> current geologic era that started approximately 66 million years ago consisting from oldest to youngest of the Paleocene, Eocene,<br> Oligocene, Miocene, and the current Pliocene periods.
Township	A<br> tract consisting of 36 sections.
Transient<br> Electromagnetics	A<br> non-intrusive geophysical method for obtaining subsurface resistivity-conductivity data.
ZTEM	Z-Tipper<br> Axis Electromagnetic is an airborne electromagnetic survey system which detects anomalies in the earth’s natural magnetic field.<br> These disruptions are caused by zones of rock that conduct or resist electrical current more than the surrounding rock, like ore<br> deposits.

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Abbreviations,Acronyms, and

Unitsof Measurement Used

Acre	A<br> measurement of area comprised of 43,560 square feet
Ag	Silver
ALS<br> USA	A<br> well-recognized mineral assay company with laboratories in the United States and Canada
Au	Gold
Au-Gra21	A<br> fire assay method to determine the amount of gold present in a sample
Ba	Barium
CIMM	Canadian<br> Institute of Mining and Metallurgy
CP	A<br> Chartered Professional or Competent Person in Australasia
CSAMT	Controlled<br> Source Audio-frequency Magnetotellurics
Cu	Copper
E	East
GPT/gpt	Grams<br> per metric ton
Ha	Hectare (2.47 acres)
IP	Induced<br> polarization
kg	kilogram<br> – 1 kilogram is equal to 2.205 pounds
LSM	Liberty<br> Star Minerals
ME-MS41	An<br> assay method using atomic absorption to provide an estimate of the amounts of elements present in a sample
MEP	State<br> of Arizona Mineral Exploration Permit
Mo	Molybdenum
N	North
NE	Northeast
NI-43-101	A<br> Canadian regulation requiring conformance of information in Technical Reports for mineral properties that are issued for public consumption
NW	Northwest
OPT/opt	Ounces<br> per ton of 2,000 pounds
PPM/ppm	Parts<br> per million (1 part per million equates to 1 gram per metric ton; 31.103 grams equate to 1 troy ounce)
QP	A<br> Qualified Professional or Qualified Person in the United States and Canada
RRC	Red<br> Rock Canyon property
S	South
SE	Southeast
S-K<br> 1300	A U.S. Securities and Exchange Commission regulation requiring conformance of information in Technical Reports for mineral properties<br> that are issued for public consumption
SW	Southwest
TEM	Transient<br> Electromagnetic
Tonne	A<br> metric ton consisting of 2,204.623 pounds
W	West
ZTEM	Z-Tipper<br> Axis Electromagnetic (Airborne Geophysical Survey)

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1.0 SUMMARY

The author of this Technical Report, Mr. Bernard J. Guarnera, is an independent director on Liberty Star Minerals (LSM) board of directors. Mr. Guarnera has extensive experience with both porphyry copper and gold deposits and is considered a Qualified Professional/Person in international venues. Accordingly, this Technical Report is written to conform to the format required by security entities. Since LSM has previously focused only on the porphyry copper potential at the Hay Mountain property, the purpose of this report is to provide board members, shareholders, and the investing public an informed discussion of the recently discovered gold potential that is present. The author has visited the property on one occasion in 2020 and twice in 2021. Each visit encompassed several days of in-field work.

The Red Rock Canyon (RRC) gold property is a part of LSM’s 17,000-acre Hay Mountain property in Cochise County, Arizona that was acquired for its potential hosting of a porphyry copper deposit based on geophysical and geochemical evidence. The RRC tract consists of 6,653 acres of State of Arizona Mineral Exploration Permits and 320 acres of Federal Lode Mining Claims. The tract has been segregated from the Hay Mountain block after the discovery of jasperoid bodies that displayed gold values.

The property is considered to be an Early-Stage Exploration Property and to comply with security laws the reader is advised that as such there is no assurance that Mineral Resources or Mineral Reserves will be defined and that the gold that is present will ever be mined.

1.1 LOCATION AND ACCESS

The RRC property is in Cochise County, Arizona and is 3 miles southeast of the town of Tombstone at an altitude of approximately 5,000 feet above sea level. The City of Tucson is approximately 70 miles away and has a major airport. Mining has historically occurred in the area with large open pit copper mines as well as silver, lead, and zinc mines. Thus, all requirements for a potential mining operation are available. While the RRC property is readily accessible, access on the property requires vehicles with off-road capability.

1.2 HISTORIC MINING AND EXPLORATION ON THE RRC PROPERTY

The Tombstone Mining District is one of 12 mining districts in Cochise County, Arizona. While copper, silver, lead, zinc, and minor amounts of gold have been mined in the District, no mining has occurred on the Hay Mountain property, and therefore, no mining on the RRC site. A review of documents in the Arizona Geological Survey files, however, reveals that multiple exploration programs have been conducted since the 1970s. These include airborne geophysical surveys (magnetics) and ground geophysical surveys (resistivity/conductivity), geochemical surveys, geobotanical surveys, and drilling.

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Significantly, each geochemical and drilling program revealed gold was present at grades that would now be considered as economic. Specifically,

●	Phelps Dodge Corporation, 1970 and 1989 – In 1970, the company conducted ground resistivity surveys that the company correlated<br> with possible gold mineralization. In 1989, rock chip sampling with samples returning grades of up to 1.6 ounces of gold per ton<br> (opt). An internal memorandum noted:
This is potentially a large gold system. Surficial rock-chip sampling shows gold occurring over an arcuate area of 5 square miles so far.
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●	Energy Reserves Group, 1982-1983 – Geological mapping and geochemical sampling delineated a number of targets that were never<br> tested.
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●	Consolidated Paymaster/Godsil Resources, 1983-1985 – Drilled 10 holes; all showed gold mineralization; one 20 feet grading 0.045 opt<br> starting at a depth of 50 feet.
●	Wellington Financial, 1985 – Offset the above cited drill hole and intercepted 30 feet grading 0.037 opt starting at the surface.
●	Tempo Resources, 1988 – Conducted magnetic and resistivity surveys followed by four drill holes. Three showed significant alteration<br> and two intercepted gold mineralization.
●	Primo Gold, 1990 – Drilled nine drill holes, five reporting “significant” mineralization; one grading 0.102 opt over<br> a 45-foot interval starting at surface.
●	JABA Inc., 1997 – Press release citing: “…values as high as 1.5 ounces have been obtained from silicified zones at the surface in the limestone host rock….”

1.3 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT TYPES

The relevant geologic formations at RRC are the Earp Formation and the overlying Colina Limestone. The Earp Formation is dominantly a limestone with areas of dolomite as well as interbeds of shale. The Colina Limestone is grayish to black and widely present on the property. Both are receptive to, and targets for, hosting gold deposits and both were affected by the Laramide Orogeny starting approximately 85 million years ago and ending 43 million years ago.

The multiple episodes of orogenic activity produced multiple episodes of volcanism accompanied by the emplacement of intrusions of porphyry copper deposits, accompanied by hydrothermal solutions that entered fractures in the rock formations and faults altering the surrounding rocks and upon cooling depositing minerals including gold. These epithermal deposits were emplaced in the receptive Earp Formation and Colina Limestone.

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The gold mineralization at RRC has been likened to the gold deposits at the Carlin Trend in Nevada. The mineralization at the Carlin Trend consists of sub-micron-sized gold, which appears to be similar to the gold at RRC as no gold is visible in the high-grade samples that were found.

Geophysical surveys have detected areas on the RRC property that show a magnetic high adjacent to a high conductivity zone. Such associations could indicate the presence of a skarn deposit and an associated gold deposit at depth. Only drilling could confirm this.

1.4 EXPLORATION UNDERTAKEN BY LIBERTY STAR MINERALS

Exploration work undertaken by LSM at Red Rock Canyon has consisted primarily of geochemical rock sampling and geochemical sampling of specific plants. Additional refinement of prior geophysical surveys has provided three-dimensional (3-D) views of the anomalies on the entire Hay Mountain tract. This work has identified the anomalous areas discussed in this Technical Report.

In 2020, LSM engaged a geologist to undertake an effort to identify alteration and veining to determine the extent of hydrothermal alteration and the timing of mineralization at the property. Additionally, LSM undertook the collection of 23 jasperoid samples for assaying of which 8 of the 23 samples assayed greater than 1 gram per tonne (0.03 ounces per ton) and only 4 had negligible amounts of gold (<0.05 grams per tonne). The samples were taken and followed a chain of custody that conformed to best industry practices.

It must be remembered that RRC property is considered an Early-Stage Exploration Property and requires significant additional work to progress. Continuing exploration activities will include further biogeochemical, X-ray fluorescence and rock-chip sampling, assaying, mapping, geophysical surveys, and drilling.

1.5 ENVIRONMENTAL, PERMITTING, SOCIAL, AND COMMUNITY IMPACT

There are no significant environmental permits required at this time. Prior to undertaking geophysical studies, such as induced polarization, an archeological study, and a botanical study, is made along the proposed traverse to assure no relics or threatened flora are present. Drilling on the property will require a special permit, including one for water use. As the project progresses, additional permits will be required.

Cochise County is the home of numerous open pit mines and the industry is a major factor in the area and a significant employer and contributor to the local economies. Development of a mine on the RRC property would result in a significant number of new jobs in the area.

1.6 INTERPRETATION, CONCLUSIONS, AND RECOMMENDATIONS

The RRC property is situated within a large area of hydrothermal alteration, which was likely produced by a projected deep porphyry copper deposit. The hydrothermal solutions invaded the Colina Limestone and Earp Formation, which, because of their chemical composition, were subject to deposition of, or replacement by, mineral deposits, including silver and gold within fractures and faults. At the RRC property, the intense hydrothermal activity is evidenced at the surface by jasperoid and calcite or silicates filling fractures in the Colina Limestone.

Prior exploration work for gold has demonstrated that gold of a grade that would currently be considered economic exists in several areas. Similar grades of gold have been detected by LSM in samples of the jasperoid and limestone collected in various areas of the RRC property. Past drilling and other exploratory work have identified areas of gold occurrences for future evaluation.

At this time, the RRC property is an Early-Stage Exploration Property. There is no doubt that gold of potentially economic grade exists at the RRC property. It is not known at this time, however, if gold is present on the RRC property in a deposit of a size and grade to be economically recovered. Thus, there is no certainty that a Mineral Resource will be defined, let alone developed at the RRC property. Given the known presence of gold at potentially economic grades in several areas on the RRC property, the author believes the RRC property is a “property of merit” that warrants further evaluation. A program of sampling, geophysics, and drilling is recommended. The cost of such an effort would be approximately $2.0 million.

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2.0 INTRODUCTION

The Red Rock Canyon Gold Property (“RRC” or the “Project”) lies within the Hay Mountain Project mining claims controlled by Liberty Star Minerals (LSM) in Cochise County, Arizona. The Hay Mountain Project covers approximately 17,000 acres under which geochemical and geophysical surveys have outlined anomalies that suggest a porphyry copper deposit is present. During surface sampling of rock outcrops, areas of jasperoid were located that yielded rock samples containing anomalous amounts of gold (Au) exceeding 1 part per million [(ppm)/1gram per tonne (gpt)/0.032 ounces per ton (opt)]. Additionally, prior work conducted by LSM and other mineral exploration work performed in the Project area, including drilling, confirmed the geologic environment was conducive for the formation of potentially economic gold mineralization and prospective areas have been defined. These factors have led LSM to separate the RRC property from the Hay Mountain Project.

2.1 PROFESSIONALS INVOLVED IN THE PREPARATION OF THIS TECHNICAL REPORT

The author, Bernard J. Guarnera, is an Independent Director of LSM and is considered as a Qualified Professional in preparing this report. Since joining LSM’s board, Mr. Guarnera has visited the property on three occasions, February 21 to 23, 2020, January 3 to 6, 2021 and April 29 to May 2, 2021. During each site visit, Mr. Guarnera spent several days in the field examining outcrops, reviewing sampling methods, previous drill sites, and prior reports on the Project.

Mr. Guarnera is a Certified Mineral Appraiser with the International Institute of Mineral Appraisers (1995-03); a Qualified Professional (QP) in Geology, Ore Reserves, and Mineral Deposit Valuation with the Mining and Metallurgical Society of America (01171QP); a Chartered Professional (CP) in Geology with the Australasian Institute of Mining and Metallurgy (204688); a Registered Professional Engineer (Geological) in Texas (41852); and a Registered Professional Geologist in Oregon (G70). He holds degrees in Geological Engineering and Economic Geology from what is now called Michigan Technological University. His résumé appears as Appendix 1.0 to this document.

In addition to being a member of LSM’s board of directors, Mr. Guarnera is currently president and owner of Broadlands Mineral Advisory Services, a mineral industry advisory firm. Accordingly, this report is prepared under the Broadlands name.

Mr. Guarnera’s recent expertise with deposits, similar to that at RRC, includes current work at such deposits in Alaska and Mexico, and work within the last 2 years on similar deposits in California, Colombia, and Romania. During his career, Mr. Guarnera has been involved in studies encompassing mineral deposits in more than 50 countries on every continent where mining occurs.

Mr. Guarnera has been supported and provided information by LSM’s professionals, specifically Mr. Jay Crawford, Field Operations Manager and Mr. Brett Gross, CEO.

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2.2 SOURCES OF INFORMATION AND DATA IN THE REPORT

This Technical Report is based upon information and field work undertaken over the years by LSM and other prior owners. The information consists of geologic, geochemical, and geophysical studies as well as drilling compiled from the work programs conducted by other firms. Former Technical Reports prepared by reputable consulting firms and professionals have been reviewed and significant portions of those reports are copied herein. Specifically, the Hay Mountain Exploration Report, Tombstone District, Arizona by SRK Consulting (U.S.), Inc. dated August 31, 2011 has been utilized and is integral to this document. The SRK report, as all other documents referenced, is available on the LSM website. Information copied or adapted from other sources are acknowledged and italicized. The LSM website can be accessed at https://www.lbsr.us.

2.3 PURPOSE AND TERMS OF REFERENCE FOR THIS TECHNICAL REPORT

The purpose of this Technical Report is to provide LSM’s Board of Directors, shareholders, and potential investors with information that is supplemental to SRK’s report that has been developed since 2011 about the Project and its potential. The Project is considered an Early-Stage Exploration Property and accordingly, there is no assurance or certainty that Mineral Resources or Mineral Reserves will be defined or that it will ever be developed into an operating mine. Sufficient technical information has been produced to make the RRC property a “Property of Interest” warranting further exploration.

While the 2011 SRK Technical Report is thorough and includes all pertinent information available at that time, the SRK report is highly focused on the porphyry copper potential of the Hay Mountain area and the occurrences of gold at RRC were given only minor discussion. Since 2011, LSM has undertaken additional work, which has resulted in additional significant information supporting SRK’s findings and has resulted in the location of previously undetected gold anomalies. This Technical Report, therefore, supplements the SRK report and incorporates the results of LSM’s work conducted post 2011 as well as the results of prior exploration for gold by other entities.

The author recognizes that some Technical Reports delve into detail that is difficult for non-mining professionals to grasp. This Technical Report is intended to provide the necessary information for an individual with no base of knowledge in geology or the mineral industry to understand the nature, status, potential, and the scope of work effort necessary to determine if such potential exists at the RRC property.

2.4 COMPLIANCE WITH REPORTING REQUIREMENTS

This report attempts to follow and conform to the outline of Technical Reports established by both Canadian National Instrument 43-101 (NI-43-101) and United States Security and Exchange Commission Regulation S-K 1300 (S-K 1300) as well as the Standards for Best Practices published by the Canadian Institute of Mining and Metallurgy (CIMM).

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After many years of requests by the United States mining industry, the U.S. Securities and Exchange Commission adopted Subpart 1300 of Regulation S-K to modernize the disclosure requirements for mining registrants. All registrants are required to comply with Regulation SK-1300 for fiscal years ending after January 1, 2021. Accordingly, mining companies must comply with Regulation SK-1300 for the fiscal year ending January 31, 2021.

Regulation SK-1300, as well as Canadian National Instrument 43-101, the Australasian JORC Code, etc., uses the Committee for Mineral Reserves International Reporting Standards (“CRIRSCO”) based classification system for Mineral Resources and Mineral Reserves, that includes definitions for Inferred, Indicated, and Measured Mineral Resources. LSM is an “Exploration Stage Issuer,” as defined in Subpart 1300. It currently has no Mineral Resources or Mineral Reserves to report, accordingly, no information, opinions, or data included in the website or in any public releases includes any information or disclosures regarding Mineral Resources or Mineral Reserves, as defined in Regulation SK-1300. As a result, the Company is not required, at this time, to obtain or provide a Technical Report Summary as defined in Regulation SK-1300. United States investors are cautioned not to rely upon or assume, for any purpose, that any part of the mineralized real property of LSM in these categories will ever be converted into Inferred, Indicated, and Measured Mineral Resources or Probable or Proven Mineral Reserves within the meaning of Regulation S-K 1300 and NI 43-101.

Since the RRC property is an Early-Stage Exploration Property, multiple sections of a typical Technical Report have been omitted, specifically:

●	Section<br> 13 – Mineral Processing and Metallurgical Testing
●	Section<br> 14 – Mineral Resource Estimates
●	Section<br> 15 – Mineral Reserve Estimates
●	Section<br> 16 – Mining Methods
●	Section<br> 17 – Recovery Methods
●	Section<br> 19 – Market Studies and Contracts
●	Section<br> 21 – Capital and Operating Costs
●	Section<br> 22 – Economic Analysis

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3.0 RELIANCE ON OTHER EXPERTS

In preparing this Technical Report, the author has reviewed and relied upon prior work performed by other consulting and mining firms, especially the 2011 Hay Mountain Exploration Report, Tombstone District, Arizona prepared by SRK Consulting (U.S.), Inc. and authored by Jan C. Rasmussen, PhD, R.G. and Corolla K. Hoag, R.G., C.P.G. The SRK Report was reviewed in detail by the author and deemed reliable. The author has worked with Ms. Hoag in the past and considers her highly qualified. The author has not met Dr. Rasmussen.

Reports prepared by Mr. Leroy Halterman, C.P.G. in 1988 for Tempo Resources Limited and in 1991 for Primo Gold Ltd. have also been relied upon and provided for the basis for statements regarding the presence of gold mineralization on the RRC property. Under current guidelines, these reports would be considered “historical.” Additional reports by reputable professionals have been quoted and relied upon in the preparation of this report. All such reports are referenced and can be found on LSM’s website.

Information gathered on technical efforts since the SRK report was published and has been reviewed by the author, and except where noted, is also considered valid.

When reviewing the land status of the Project in Section 4.0 of this report, the author has entirely relied on the management of LSM and management’s assurance that all mining claims are up to date, and all legal requirements of federal and state agencies have been met.

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4.0 PROPERTY DESCRIPTION AND LOCATION

TheHay Mountain project is located southeast of the Tombstone mining district in western Cochise County in southeastern Arizona (Figure 4-1). Tombstone is approximately 72 miles southeast of Tucson and 24 miles northwest of Bisbee, Arizona. The main Tombstone miningdistrict is on the Tombstone USGS 15-minute quadrangle [SRK Report]. The RRC property is within LSM’s Hay Mountain project and occupies the northwestern quadrant of LSM’s Hay Mountain holdings, as presented in Figure 4-1.

Figure4-1. Map showing location of Red Rock Canyon Claims

The center of the RRC property is at longitude 110°0ʹ17.94ʺW and latitude 31°39ʹ49.78ʺN and encompasses 6,883.44 acres, approximately 3 miles southeast of the town of Tombstone in Sections or portions of Sections 20, 21, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, and 36 of Township 20 South, Range 23 East, Gila and Salt River Meridian. Essentially, the lands almost abut the Tombstone airport and are readily accessible by paved road. Travel on the claims requires vehicles suitable for off-road travel.

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The RRC property can be sub-divided into two segments: the central Red Rock Canyon and the southeasternmost Zebra zone. The latter name is derived from the banded jasperoid that is present.

4.1THE ARIZONA STATE TRUST LANDS

The RRC Project area is composed of a combination of Arizona State Trust lands and federal mining claims, except for privately owned fee lands used for grazing cattle. LSM has an agreement, in principle, with the landowner. The private lands are shown in green on the map.

Arizona Mineral Exploration Permits (MEP) cost $500 per permit per year in non-refundable filing fees and are valid for 1 year and renewable for up to 5 years. The rental fee is $2.00 per acre for the first year, which includes the second year, and $1.00 per acre per year for years 3 through 5. The minimum work expenditure requirements are $10 per acre per year for years 1 and 2 and $20 per acre per year for years 3 through 5. If the minimum work expenditure requirement is not met, the applicant can pay the equal amount in fees to the Arizona State Land Department to keep the MEP permits current. The rental period begins on the date of acceptance for each permit. Rental payments are due by the first day of the rental period. Upon finding favorable exploration results, LSM can apply to the state land commissioner to convert the MEP to a lease. The annual rental for each lease will be based upon the appraised value of the property, excluding mineral value and not less than the average value the States of Colorado, New Mexico, and Utah ascribed per acre for state owned mineral rights. A royalty of not less than 2 percent is assessed against the gross value of the minerals produced and sold from the lease. The rate is to be based on the fair market value of the state’s interest as a lessor (Arizona Revised Statute 27-234).

A list of the claims and their acreage is presented in Table 4-1 and is comprised of 6,563 acres of State of Arizona Mineral Exploration Permits and 320 acres of Federal Lode Claims. The author has been assured by LSM management that all MEPs and lode claims are currently valid.

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4.2ENVIRONMENTAL ISSUES, PERMITS, AND LIABILITIES

LSM management has assured the author that no environmental liabilities are currently present on the RRC property. The author confirmed this on his site visits.

Prior to undertaking work on State Land, a Geologic Field Operation Plan (GFOP) must be filed and approved by the Arizona State Land Department. A prior archeological and plant survey is required prior to undertaking any activity that requires excavation or removal of vegetation or soil, including soil samples. When work involves drilling exploration holes, a permit must be obtained from the Arizona Department of Water Resources.

To LSM’s knowledge no Threatened or Endangered Species or significant archeological relics are present at the RRC property.

4.3RISK FACTORS AFFECTING THE RED ROCK CANYON PROPERTY

The RRC property, at this stage, has no significant risks. As work continues, the possibility of intervention by antimining groups is possible, if not probable. Other than the aforementioned political risk, normal technical risks exist, e.g., equipment breakdowns and failures.

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5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY

Theproject location in southern Arizona has good infrastructure and accessibility, with access to exploration and development service companiesin the state that currently support active mining operations [SRK Report]. Photo 5-1 illustrates the nature of the terrain in the RRC area.

Photo5-1. Red Rock Canyon terrain

The RRC property is readily accessible. The nearest major airport is in Tucson approximately 70 miles west-northwest of Tombstone via Interstate 10 and then U.S. 80. As noted, the RRC property almost abuts the Tombstone airport. Access is then by rutted roads with areas requiring four-wheel drive or all-terrain vehicles.

Elevations range between 4,500 and 5,400 feet above sea level. The area is typified by gentle hills above an alluvial plain, which is thought to cover the projected porphyry copper deposit. Outcrops of jasperoid and limestone are present within the alluvial area.

Theclimate is semi-arid and typical of the southwestern United States with annual temperatures ranging from 35°F to 95°F with precipitationaveraging 13.8 inches per year [SRK Report, page 14]. At the RRC property, vegetation is largely creosote, white thorn acacia, ocotillo, mesquite, and other thorn-bearing bushes and trees.

Tombstone is now a tourist destination based upon the Wyatt Earp-O.K. Corral legacy. The towns of Sierra Vista, Benson, and Bisbee are within a 25-mile radius with access to all required facilities and utilities for professional, personal, educational, and medical needs. Sierra Vista has a population of over 40,000 people and is also a military base. The entire area has a long history of mining. Bisbee hosts a major copper mining operation and required supplies and services for exploration and mining are readily available locally or from Tucson.

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6.0HISTORY

TheTombstone mining district has a long history (1877-present) of silver production, along with associated base metals. Exploration by majormining companies in the southern and eastern parts of the district has targeted gold mineralization, which is common in the outer zoningof porphyry copper deposits. The Tombstone mining district is one of 12 mining districts in Cochise County, Arizona. Copper, silver,zinc, lead, and gold were the principal metals produced from the different mines in Cochise county, most of which were from Bisbee andfrom polymetallic vein and replacement deposits [SRK Report, page 23].

The SRK Report details the history of mining in the Tombstone area from 1877 to 1985 and past production. Succinctly, although some prospecting has occurred through the 1980s and early 1990s, no production has been reported from the RRC lands or from the entire Hay Mountain claim area.

6.1 HISTORICRRC PROPERTY OWNERSHIP AND PRIOR WORK PERFORMED ON THE HAY MOUNTAIN/RED ROCK CANYON CLAIMS

A review of documents in the files of the Arizona Geological Survey reveals that multiple programs have been conducted on the RRC property since the 1970s, which located what would now be considered economic grades of gold. These include drilling as well as geophysical surveys, geochemical surveys, and rock sampling programs. Companies that controlled the mineral rights and their programs are discussed below. For comparison purposes, the average price of gold in the relevant years, as stated by http://www:onlygold.com, is noted.

6.1.1Phelps Dodge (PD)

In 1970, Phelps Dodge conducted a ground Induced Polarization (IP) survey and an airborne magnetic survey over most of the project area. The IP survey identified several IP and resistivity anomalies that PD correlated with possible gold mineralization. The airborne magnetic survey identified a magnetic high near the center of the project area that PD interpreted to represent an intrusive body at depth. The average price of an ounce of gold in 1970 was $38.90.

In 1989, PD was apparently contacted by an independent broker and returned to the area and conducted a reconnaissance rock chip sampling of jasperoid across the property, revealing several gold anomalies, with assays up to 50 ppm (50 gpt/1.6 opt). The majority of the gold anomalies were located around the Red Rock Canyon and Zebra Hills area. The Zebra Hills Area is incorporated in the RRC land position.

In an internal memorandum to his supervisor at PD, Mr. J. E. DuHamel wrote:

Thisis potentially a large gold system. Surficial rock-chip sampling shows gold occurring over an arcuate area of 5 square miles so far.

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The average price of an ounce of gold in 1989 was $401.

6.1.2 Energy Reserves Group

Energy Reserves Group work in 1982 and 1983 consisted of geological mapping and geochemical sampling, which delineated a number of targets, some of which were untested when they left the property. The average price of gold in 1982 was $447 per ounce and in 1983 it was $380 per ounce.

6.1.3 Consolidated Paymaster/Goldsil Resources

Consolidated Paymaster’s work during the 1983 to 1985 period consisted of a 10-drill hole program totaling 2,465 feet designed to test several of the surface anomalies located on what is the Zebra Zone of the RRC property. Seven of these holes were clustered in a 12-acre area in Section 34 of T20S-R23E and three were located in and near a rhyolite intrusive in Section 28. Overall, this program tested only a small percentage of the prospective area of the Zebra Zone. Most holes in the 1983 Paymaster program encountered minor mineralization with one drill hole, 28-3 in Section 28, encountering 20 feet of 0.045 ounces of gold per ton (opt) within 50 feet of the surface. Sample descriptions indicate this material to be oxidized and potentially heap leachable. The average price of an ounce of gold in 1983 was $380, in 1984 it was $308, and in 1985 it was

$327.

6.1.4 Wellington Financial

During 1985, Wellington Financial conducted a one-hole drilling program to test the continuity of the mineralization located by Paymaster/Goldsil hole 28-3. This offset drill hole, 28-4, intercepted mineralization at the surface grading 0.037 opt for 30 feet. The average price of an ounce of gold in 1985 was $327.

Wellington Financial apparently maintained their interest in the property beyond 1985 as Mr. Leroy Halterman prepared, in 1990, a report for the company titled Mineral Appraisal for the Zebra Property through his consulting firm MinSearch Inc. In that appraisal, he noted on page 31:

Therecent drilling has tested only a small percentage of the prospect’s potential acreage in this area and then only that portionthat lies within 200 feet of the surface. Detailed mapping and sampling from the 1990 program, combined with the theory that a largehigh grade manto deposit associated with the intrusive may occur at depth, have significantly increased the potential for an economicgold deposit in this area.

Mr. Halterman, as will be seen in the following work programs, maintained a long relationship with the RRC property and also issued reports on the mineral deposits for Tempo Resources and Primo Gold.

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6.1.5 Tempo Resources

In 1988, Tempo Resources Ltd. conducted magnetic and very low frequency (VLF) electromagnetic geophysical surveys and drilled an additional four shallow holes in a 12-acre area of Section 34, T20S-R23E. Three of the four holes intercepted significant amounts of alteration and two contain mineralization similar to the aforementioned earlier intercepts. During this program, Tempo also attempted to drill through unconsolidated sediments over a strong VLF anomaly in Section 34 but had to abandon the hole after several attempts. Tempo also drilled a 340-foot hole in the east central portion of Section 28 near some anomalous jasperoids. The hole intercepted thick zones of trace gold mineralization, which never exceeded 0.01 ounce per ton gold (Source – Halterman Report to Tempo Resources).

Mr. Leroy Halterman, in his 1988 report to Tempo Resources, noted that:

Themineralization in Section 28 apparently is associated with a feeder structure which strikes approximately north 40 degrees west and hasa near vertical dip. Silicification associated with this structure has been sampled with two samples containing in excess of 2 ppm gold.The drill hole data indicates that the mineralization is not only continuous but also appears to dip, as a host bed would, in a directionand rate similar to those observed on the surface outcrop (page 8).

The magnetic survey indicated a magnetic high along the western part of Section 34. The magnetic high could, in this author’s opinion, be associated with a skarn deposit in the limestone potentially holding high-grade mineralization.

Mr. Halterman’s report is available on the LSM website. The average price of gold in 1988 was

$410.15 per ounce.

6.1.6 Primo Gold

In mid-1990, Primo Gold Ltd. conducted additional geological mapping and sampling to further define potential targets, which was followed by a 9-hole 1,235-foot drilling program. In late 1990 and January 1991, a combination of geophysical and geochemical soil sampling as well as a drill program was performed on the property. The geophysics consisted of IP, resistivity, Transient Electromagnetic (TEM), and Controlled Source Audio-frequency Magnetotellurics (CSAMT) and the soil geochemistry program totaled 323 samples, which were analyzed for gold, arsenic, and mercury.

The nine holes were drilled in Section 28 to test and extend the mineralization postulated by Mr. Halterman. Five of these holes intercepted significant mineralization, one hole, 90-02, reportedly grading 0.102 opt gold over a 45-foot interval starting at the surface. These results were combined with past drilling and delineated a small shallow mineral body. A mineral appraisal, prepared by MinSearch dated August 31, 1990, indicated that a total of 100,632 tons of gold mineralization has been delineated with an average grade of 0.091 opt gold and a stripping ratio (waste to mineral) of 1.4 to 1. This mineral body is still open in both directions on an apparent northeast-southwest trend.

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Cyanide leach re-assays of five drill intervals indicate that approximately 70 percent of the gold was recovered by this assay method indicating a heap-leachable, oxide ore was present. The average price of an ounce of gold was $386.20 and $353.15 in 1990 and 1991, respectively.

Other nearby mineralized areas, with lesser grade at the surface, have not been drill tested. Mr. Halterman’s report also provides recommendations to specific targets for further exploration.

6.1.7 JABA Inc.

JABA Inc. and Phelps Dodge Corporation formed a joint venture in December 1997 to explore and develop the Hay Mountain property. Drilling in the RRC area commenced in February 1998 (Source – JABA press release December 1, 1997). In a press release dated February 5, 1999, JABA stated:

1.There is a substantial aeromag high approximately 3.5 miles long, probably representing a porphyry copper-gold style intrusive at relativelyshallow depth;

2.This hidden body is surrounded by a distal sub-micron gold halo symmetrically arranged around the magnetic high (values as high as 1.5ounces have been obtained from silicified zones at the surface in the limestone host rock)…..

The average price for an ounce of gold in 1998 and 1999 was $288.70 and $290.25, respectively.

In 2004, JABA returned to the area and drilled several holes in Section 28 of Township 20 South – Range 23 East, Gila and Salt River Meridian. These drill holes showed several zones of gold mineralization in each hole drilled, confirming, in the author’s opinion, that the mineralizing fluids invaded fracture and shear zones and are probably outliers of a deeper-seated gold deposit.

Figure 6-1 from SRK’s report [SRK Report, Figure 10-13] presents a northeast-southwest cross section of the RRC property as well as projected geology and where geophysical anomalies are present. Note what are called the “very strong” IP anomalies on the southwest (left) side of the section could indicate the presence of mineral deposits in the receptive formations. SRK did not explain the notation, nor the source of the cross section, or of the 1.6 opt of gold citation, and the sketch of an open pit on the cross section.^1^ Succinctly, the cross section paints a highly positive picture of the potential for hosting a sizeable gold deposit. (The error in the spelling of the header on the cross section is not the authors.)

^1^The author believes the cross section and notations were prepared by JABA professionals.

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Figure 6-2 is a map demonstrating the strength of the gold anomalies in the rock and LAG (float) samples as well as targets for further development. The author would note the numerous samples exceeding 0.016 opt/0.50 gpt of gold. It is not known why JABA did not continue to explore and potentially develop the gold occurrences although the average gold price in 2004 was only $435.60 per ounce.

Figure6-1. Cross section across Red Rock Canyon with geophysical anomalies and gold occurrences

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Figure6-2. Map of sampling sites, drill holes, and potential targets at Red Rock Canyon

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7.0 GEOLOGICAL SETTING AND MINERALIZATION

SRK’s Technical Report presents a thorough and excellent review of the geologic maturation of the southern Arizona area starting at 1.8 billion years ago in the Proterozoic Epoch of the Precambrian. The reader is encouraged to review SRK’s Report for detailed information. The author summarizes below information deemed of import to LSM’s RRC property.

Succinctly, the geology and mineralization in the Tombstone area is the result of multiple orogenic (mountain building) episodes resulting from the subduction of the tectonic plates under what is now the North American plate. As the easterly moving tectonic plate subducted (sank) under what is now the westerly moving North American plate, pressure and temperatures rose and over the millions of years, due to folding and faulting, mountain ranges are formed. The pressure visibly releases in the form of earthquakes and the heat releases in the form of geysers and volcanoes, as is still occurring today at Yellowstone National Park and in the Cascade Mountains of California, Oregon, and Washington.

The heat and pressure also melt the subducting plate forming molten magmas that release hot hydrothermal solutions that, upon cooling, can deposit minerals in various forms in fractures or by dissolving and replacing reactive rocks. Relative to RRC are the mineralizing episodes occurring in the Laramide orogeny between 79 million and 43 million years ago. The Hay Mountain/RRC area was impacted primarily between 43 million and 55 million years ago.

7.1 RRC/HAY MOUNTAIN GEOLOGIC SETTING

Theproject is an area of low hills with mainly Late Paleozoic limestone bedrock outcrops of Permian Colina Limestone and the underlyingPennsylvanian-Permian Earp Formation. A few hills contain Permian Epitaph Dolomite overlying the Colina Limestone. The Colina Limestoneis intruded by Tertiary rhyolitic sills or intrusions. A few outcrops of Cretaceous Bisbee Group sediments crop out on the east sideof a north-striking fault. The valleys between the hills are composed of Quaternary-Tertiary gravels and weathered and altered limestoneand clay. The depth to bedrock map of southeastern Arizona (Oppenheimer and Sumner, 1980) shows that the alluvium is relatively shallowunder the valleys of the Hay Mountain project [SRK Report, page 56].

The Earp Formation is the oldest (Late Pennsylvanian age ±300 million years old) rock formation that outcrops in the RRC area. It is dominantly a limestone with some dolomite and shale and can be up to 1,000 feet in thickness.

Overlying the Earp Formation is the Colina Limestone of Permian age (±280 million years old) that is generally blackish in color and is widely present at the RRC property. The Colina Limestone and the Earp Formation are targets for hosting gold deposits. As noted above, in places, it is intruded by a younger igneous rock, rhyolite.

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In the author’s experience, the calcium carbonate composition of the Earp and Colina Formations make them especially susceptible to replacement or impregnation by mineral-bearing hot solutions. SRK Report [page 40] confirms this noting:

Limestoneis generally reactive to hydrothermal solutions and, in the Tombstone Hills, was instrumental in trapping mineralized solutions.

7.2 THE LARAMIDE OROGENY

SRK, noted on page 43 of their report, that there were four phases of the Laramide orogeny:

●	85<br> to 80 million years ago in Arizona and New Mexico characterized by copper and gold mineralization;
●	79<br> to 67 million years ago in southern Arizona characterized by lead, zinc, and silver mineralization and formation of a caldera due<br> to the volcanic activity;
●	66<br> to 55 million years ago in Arizona and New Mexico characterized by the porphyry copper deposits in the region; and
●	54<br> to 43 million years ago in southern Arizona characterized by tungsten mineralization.

The projected porphyry copper deposit at Hay Mountain is associated with the middle Laramide period with rock dating of ±63 million years. The intersection of pyrite (FeS2), chalcopyrite (CuFeS2), and molybdenite (MoS2), minerals common in porphyry copper deposits in an old drill hole in the Robbers’ Roost area, several miles west of the RRC property, confirms that potential [SRK Report, page 49]. The author would note that gold is also associated with these minerals as part of the porphyry copper system.

7.3 STRUCTURES AT THE RRC PROPERTY

The multiple orogenic events in the entire Tombstone area will have created structures influencing any mineralization. SRK noted “The structure in the Tombstone mining district is complex” [page 52]. SRK further notes on the same page that:

regionalstructures that were emplaced during the Precambrian have a continuing influence on the loci of structures and the emplacement of oredeposits.

During his site visits, the author examined multiple areas of the Colina Limestone that displayed multiple fractures filled by calcite and jasperoid, as illustrated in Photo 7-1. There appears to be a general northwest-southeast orientation for the fractures. Importantly, the fracture fillings demonstrate the presence of hydrothermal solutions at depth.

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Photo7-1. Calcite and jasperoid in colina limestone

7.4 MINERALIZATION

The RRC property is situated within an area of intense hydrothermal alteration produced by multiple episodes of volcanic and magmatic activity. Evidence from geophysical and geochemical samples supports the presence of a deeper porphyry copper deposit. Along with copper, such deposits yield associated deposits of lead and zinc, rare earth minerals, and gold.

The association of gold values in the Colina Limestone has led some to compare the RRC gold occurrences with those of the Carlin Trend in Nevada where the surface showings are heap- leachable oxide yielding at depth to high-grade sulfide hosted deposits. Energy Reserves Group and Cambior were two companies that pursued this concept, which this author believes is realistic. The gold at the Carlin deposits is sub-micron-size. This would account for the lack of visible gold in high gold content (+1 opt) samples found at RRC.

The nature of the deposit(s) will be resolved by future work. The actuality is that epithermal veins that host gold are present at the RRC property.

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8.0 DEPOSIT TYPES

Geochemicaland geological analyses of the Tombstone district indicate that there are two deposit types and ages of mineralization. The early Laramide(74 million years ago) magmatism and mineralization is responsible for the past production of major amounts of silver in the polymetallicreplacement deposits. The late Laramide (62-65 million years ago) magmatism and mineralization is responsible for the porphyry coppermineralization. Manganese occurrences and production are common in the outer zone of both the silver deposits and the porphyry coppermineralization. Other indications of porphyry copper mineralization are the typical porphyry copper geochemical and geophysical signaturesin the southern and eastern parts of the Tombstone Hills. In addition, a granodiorite porphyry and alteration that is common to porphyrycopper deposits was intersected in ASARCO drill holes in the Robbers’ Roost area in the southwestern Tombstone Hills [SRK Report, page 77].

In reference to the above, SRK focused on the porphyry copper potential on the property for which there is much evidence of such at depth in the Hay Mountain holdings. Generally ignored was the potential for intrusive-related epithermal gold deposits. As discussed in Section 6.0 of this document, Mr. Halterman, in 1988 and 1991, recognized the potential for epithermal gold deposits at the Zebra Zone of the RRC property.

Epithermal deposits are formed by hot solutions from the underlying intrusive flowing upward through a fracture or fault entering other fractures/joints, etc. as the solutions migrate toward the surface depositing precious metals as they cool. Typically, the deposition of the metals occurs when the intense pressure is released allowing the boiling point to be reached. Figure 8-1 from Halterman 1991 portrays the epithermal process he believes is present at the RRC property. Mr. Halterman’s 1988 and 1991 reports can be accessed at the LSM website.

During his site visits, the author noted multiple evidence of hydrothermal alteration. Calcite and jasperoid veining filling fractures in the Colina Limestone was seen in many places that is recognized to be a sign of hydrothermal alteration at depth. An example was previously shown in Photo 7-1.

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Figure8-1. Epithermal Model for Red Rock Canyon gold deposits (Halterman, 1991)

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9.0 EXPLORATION UNDERTAKEN BY LIBERTY STAR MINERALS

Exploration work in Red Rock Canyon is in its early stages; therefore, these results are preliminary and subject to further investigation. Continuing exploration activities in this area will include further biogeochemical, XRF, and surface rock-chip sampling, assaying, mapping, geophysical surveys, and drilling. In addition, first and second derivative enhancement of existing ZTEM data and evaluation of alternative geophysical, magnetic, and gravity techniques to elucidate sub- surface extents and geometries of these outcrop features will be undertaken.

Mr. Daniel Koning, a consulting geologist, was commissioned in July 2020 by LSM to undertake a field mapping exercise to “identify alteration and veining associated with an inferred porphyry copper system at depth, determine the extent of hydrothermal alteration, and comment on the possible timing of mineralization.” Mr. Koning conducted the mapping from July 14th to August 5th, accompanied by LSM Field Operations Manager, Mr. Jay Crawford and for 3 days, CEO/President, Mr. Brett Gross. The 50-page report contains over 50 new maps and sample images. In his Hay Mountain Project July 2020 Field Mapping Report, Mr. Koning concludes:

Type1 and type 2 veins are…interpreted as fluid escape structures representing the distal and possibly upper expression of a porphyrysystem at depth. The overall extent of type 1 and type 2 veining across the property could indicate significant skarn and CRD (carbonatereplacement deposit) development at depth [SRK Report, page 48].

He further finds that his work

Correlateswith the Cu, Mo, and Au biogeochemical anomalies identified by Dr. Pim van Geffen, and the magnetic and ZTEM anomalies identified byAlan King’s 3D model. Because of this, the center of the inferred porphyry system at Hay Mountain is interpreted to be southwestof the Zebra Hills under post-mineral cover [SRK Report, page 48].

It is important to note that Mr. Koning’s report focused on the porphyry copper potential of the Hay Mountain property, as a whole. Relevant to the RRC property, however, is the confirmation by Mr. Koning of the gold anomalies and the skarn potential that is present.

From September 14, 2020 through September 21, 2020, LSM collected 23 rock chip samples of jasperoid with the use of a Niton XL5 XRF analyzer from the RRC area. The samples collected were approximately 2 kg each and were submitted to ALS USA Inc. in Tucson, Arizona on September 22, 2020. The analytical procedures requested were Au-Gra21 fire assay for gold and ME-MS41 Aqua Regia for multi-element analysis. The assays were received on October 26, 2020 and are available as Appendix 2.0, notably 8 of the 23 samples assayed greater than 1 gram per tonne (0.03 ounces per ton), and 4 had negligible amounts of gold (<0.05 grams per tonne). The remaining 11 samples ranged from 0.07 gpt to 0.97 gpt. The samples were taken and followed a chain of custody that conformed to best industry practices.

From January 2, 2021 through January 9, 2021, and again from April 29 through May 2, 2021, LSM personnel, including Mr. Guarnera, returned to Red Rock Canyon to further evaluate and collect additional samples of the jasperoid and the outcrops.

A total of 28 samples, weighing approximately 2 kg, were collected during the January 2021 visit and a Niton XL5 XRF analyzer was used to identify critical elements; i.e., gold, barium, arsenic, antimony, molybdenum, etc. The samples were submitted to ALS USA Inc. in Tucson, Arizona on January 11, 2021 with the same analytical procedures requested previously in September 2020, Au-Gra21 fire assay for gold and ME-MS41 Aqua Regia for multi-element analysis. The assays were received on February 6, 2021 and are available as Appendix 3.0. The range of values had 6 samples above 1 gram per tonne (0.03 ounces per ton) and 10 samples had negligible amounts of gold (<0.05 grams per tonne). The remaining 12 assay values range from 0.05 gpt to 0.82 gpt. Copies of the actual assay results are presented as Appendix 3.0.

During the April-May 2021 site visit, previously drilled exploration holes were located, outcrops of jasperoid and silica-soaked rocks (silicification) examined, and 15 samples were collected for assay. The author would note that all samples were collected in accordance with standards of CIMM Best Practices. The assay results are attached as Appendix 4.0.

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10.0 DRILLING

The Hay Mountain project is an Early-Stage Exploration Property and no exploration drilling has been done by LSM. The following is derived from SRK’s Technical Report [page 118]. To the author’s knowledge, no drilling has occurred on the RRC property after 1999.

As was discussed in Section 6.0, a limited number of efforts to find a gold deposit occurred in the Zebra and Red Rock Canyon project areas. Reverse circulation drill holes were drilled in the Zebra project in 1989 in Sections 28 and 34, which intersected anomalous gold mineralization with a maximum value of 0.045 opt gold over a 20-foot interval (Halterman, 1989 and 1990). The drill program by Consolidated Paymaster consisted of 10 reverse circulation drill holes totaling 2,465 feet in Sections 34 and 28. These holes intersected minor gold mineralization near the surface. The Wellington Financial drill program in 1985 consisted of one drill hole, 28-4, and intersected argillically altered, hematite-stained limestone with a gold grade of 0.037 opt near the surface. The 1989 drill program by Tempo Resources on the Zebra property consisted of 7 drill holes (28-3, 28-4, 89-1, 89-2, 89-3, 89-4, 89-5, and 89-6) totaling 1,311 feet. These drill holes intersected gold mineralization, iron oxide alteration, or jasperoids (Halterman, 1990).

The 1983, 1985, and 1989 drill programs located an area of shallow gold mineralization in Section 28. The mineralization is disseminated through several receptive limestone intervals. In 1990, 9 reverse circulation angle holes (90-1, 90-2, 90-3, 90-4, 90-5, 90-6, 90-7, 90-8, and 90-9) were drilled in Section 28 on the Zebra project, with an average depth of 140 feet (Halterman, 1990). All but one drill hole contained anomalous gold (Halterman, 1990).

Figure 10-1 shows the location of drill holes drilled in 1989 and 1990. Below the circle indicating the drill hole are three numbers: the depth mineralization was encountered on the left, the thickness of the mineralization in the middle, and the grade over the interval in ounces of gold per ton on the right. Table 10-1 presents for clarification information for each drill hole.

Core drilling of 4 holes was undertaken by JABA in 2004. The results showed multiple intersections that had anomalous amounts of gold, some which would be considered ore grade at 2021 gold prices. These holes are shown in Figure 6-2 in Section 6.0 of this report.

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Figure10-1. Drill holes in Section 28, T20S-R23E

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TABLE 10-1<br><br> <br>clarification information for each drill hole
Drill Hole Number	Depth of Mineralization (feet)	Thickness (feet)	Grade (Au-opt)
89-1	25	5	0.098
	140	5	0.011
89-2	45	5	0.085
89-3	Barren
89-4	Barren
90-1	0	10	0.008
90-2	Surface	45	0.182
90-3	25	10	0.077
90-4	15	20	0.031
	70	18	0.016
90-5	15	10	0.041
	25	10	0.015
	50	5	0.027
90-6	Surface	10	0.024
	35	5	0.011
90-7	20	5	0.017
	35	5	0.024
90-8	Barren
90-9	90	5	0.006
28-3	50	20	0.047
28-4	Surface	10	0.069
	20	10	0.041

To provide some context, at the date of this writing, many, if not most, operating heap leach surface operations consider 0.022 ounces of gold per ton (0.6 gpt) to be the break-even cost for operating. Twelve (12) of the 17 intercepts reported gold grades above that grade.

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11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY

Limited work has been performed related to gold on the RRC property since the 2011 SRK Technical Report was completed. A brief discussion follows below.

11.1 METHODOLOGY

The principal method used for sample collection was walking the project and taking rock and vegetation samples for analysis. More recently, a Niton XL5 XRF analyzer instrument has been used. The instrument focuses on a small area of rock outcrop and provides an almost instantaneous reading of the elements present and the amount of each in the area focused on. If anomalous, a 5-pound sample was taken, bagged in a secure manner, numbered, and catalogued.

The sample(s) were kept in a secure area and then delivered to ALS USA Inc. in Tucson, Arizona for analysis/assaying.

11.2 ANALYTICAL METHODS

Rock samples were initially fire assayed, which is considered to be the most accurate measurement of gold and other precious metals. Essentially, the process involves melting the rock sample in a crucible with a mixture of fluxes, e.g., silica and borax and lead along with a reducing agent. The rock was also analyzed by multi-spectrum inductively coupled plasma (ICP) with an acid finish. The ICP atomizes the sample, and the resulting ions of different elements are detected which can be measured. Experience has shown that fire assays will generally yield a more reliable result than ICP.

11.3 DUPLICATES AND QUALITY CONTROL

Duplicate sample assays have not been performed as some sample pulps are still at the laboratory. Quality Control procedures followed CIMM best practice guidelines.

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12.0 DATA VERIFICATION

The author has reviewed with LSM’s Field Operations Manager the steps taken to assure the integrity of the samples taken and sent for analysis. The author also witnessed the sampling process during his site visits and found them to be appropriate.

Since the property is at an early stage, no duplicate sample were taken or assayed to the author’s knowledge.

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18.0 PROJECT INFRASTRUCTURE

The RRC property has access to roads, power, water, and other major factors affecting infrastructure. Until a Mineral Resource is declared, project specific infrastructure cannot be considered.

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20.0 ENVIRONMENTAL, PERMITTING, SOCIAL, AND COMMUNITY IMPACT

There are no significant environmental permits required at this time. Prior to undertaking geophysical studies, such as IP, an archeological study and a botanical study is made along the proposed traverse to assure no relics or threatened flora are present. Drilling on the property will require a special permit including one for water use. As the project progresses, additional permits will be required.

Assuming the project progresses, it is likely that entities opposed to mining will try to delay the project. This can be alleviated by maintaining a continual dialog with local, county, and state officials.

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23.0 ADJACENT PROPERTIES

The Tombstone area has a history of silver mining of replacement-type silver properties. Additionally, the southern Arizona area is host to several porphyry copper operations, the closest being the Bisbee mine, which is approximately 20 miles to the south of Tombstone.

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24.0 OTHER RELEVANT DATA AND INFORMATION

All relevant information has been incorporated into this Technical Report and is available on LSM’s website. A more thorough information about the Hay Mountain area, of which RRC is a part, can be found in SRK’s 2011 report, which can be found on LSM’s website.

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25.0 INTERPRETATION AND CONCLUSIONS

The RRC property is situated within a large area of hydrothermal alteration, which was likely produced by a projected deep porphyry copper deposit. The hydrothermal solutions invaded the Colina Limestone and Earp Formation, which, because of their chemical composition, were subject to deposition of, or replacement by, mineral deposits including silver and gold within fractures and faults. At the RRC property, the intense hydrothermal activity is evidenced at the surface by jasperoid and calcite or silicates filling fractures in the Colina Limestone.

Prior exploration work for gold has demonstrated that gold of a grade that would currently be considered economic exists in several areas as has been noted in prior sections of this document. Similar grades of gold have been detected by LSM in samples of the jasperoid and limestone collected in various areas of the RRC property. Past drilling and other exploratory work have identified areas of gold occurrences for future evaluation.

At this time, the RRC property is an Early-Stage Exploration Property. There is no doubt that gold of potentially economic grade exists at the RRC property. It is not known at this time, however, if gold is present on the RRC property in a deposit of a size and grade to be economically recovered. Thus, there is no certainty that a Mineral Resource will be defined, let alone developed at the RRC property. Given the known presence of gold at potentially economic grades in several areas on the RRC property, the author believes that the RRC property is a “property of merit” that warrants further evaluation.

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26.0 RECOMMENDATIONS

An exploration program to determine the presence of an economic gold deposit is proposed with gradual phases. The first phase would be a combination of geophysical work, geochemical sampling, and limited drilling. The drilling would be conducted to confirm the drilling results previously reported by Tempo Resources and Primo Gold. The estimated cost of this effort is approximately $2.0 million. Assuming success in Phase 1, follow up work would primarily consist of further drilling with the intent to develop a Mineral Resource.

Costs of the Phase 1 program are estimated at $2.0 million, as presented below:

1.	Claim maintenance and permits	$	18,500
2.	Archeological and vegetation surveys	$	10,000
3.	Brush cutting – 4 miles at $2,500 per mile	$	10,000
4.	Geochemical rock and soil sampling on 200-foot intervals –labor and assays at $100 per sample	$	20,000
5.	Induced Polarization (CSMAT)	$	250,000
6.	Drill site preparation – 10 sites at $10,000 per site	$	100,000
7.	Drilling – HQ diamond core	$	1,250,000
8.	Assaying of core samples	$	45,000
9.	Professional and technical personnel costs	$	150,000
10.	Core storage facility	$	50,000
11.	Diamond saw for core cutting	$	5,000
12.	Supplies and miscellaneous	$	100,000
Total Estimated Costs		$	2,008,500

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27.0 REFERENCES

All are available on the Liberty Star Minerals website.

1.	Halterman,<br> MinSearch, 1988, The Zebra Property – A Gold Prospect, Cochise County, Arizona
2.	Halterman,<br> MinSearch, 1990, Mineral Appraisal for the Zebra Property, Cochise County, Arizona
3.	Halterman,<br> MinSearch, 1991, The Zebra Property – A Gold Prospect, Cochise County, Arizona
4.	J.E.<br> Duhamel, Phelps Dodge, 1989, Memo
5.	Koning,<br> 2020, Field Mapping Report, Hay Mountain
6.	Rasmussen<br> and Hoag, SRK, 2011, Hay Mountain Exploration Report, Tombstone District, Arizona

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APPENDIX1.0

RESUMEFOR MR. BERNARD J. GUARNERA

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Broadlands Mineral Advisory Services Ltd.

EIN:27-0182628

RESUMEOF BERNARD J. (BARNEY) GUARNERA

Mr. Bernard John (Barney) Guarnera has more than 50 years of experience in the global mining industry. He is recognized for his expertise in the economic fundamentals of the industry, determining the feasibility of mineral property development, for his skills in the valuation of mineral deposits and mining companies, and the estimation of damage quantums. He has worked on every continent where mining occurs, and his experience spans most commodities, including ferrous and non-ferrous minerals, base and precious metals, coal and uranium, and industrial minerals.

Because of his knowledge of the global mining industry, Mr. Guarnera frequently lectures on and is interviewed about the global mineral economy, mineral resource/reserve reporting codes, valuation methodologies, and feasibility study issues. During his career, he has often acted as an advisor for mergers and acquisitions totaling multiple billions in value. Mr. Guarnera has also negotiated dozens of mineral leases, both as lessor and lessee, and joint venture agreements for mining and oil and gas development.

Mr. Guarnera’s valuation expertise includes the valuation of entire corporations for acquisitions and divestitures, the assessment of impairments or tax basis, and the valuation of individual mineral properties or mining companies. He frequently acts as an expert witness in disputes concerning valuations of and the feasibility of mining projects. He has testified multiple times at international arbitrations concerning such matters, including arbitrations before the International Centre for the Settlement of Investment Disputes. He also has lectured the Mining Engineering Group of the U.S. Internal Revenue Service on how to correctly value mineral properties.

Mr. Guarnera has also served on the boards of various mining associations and held the positions of chairman for the Colorado Mining Association, president of the Northwest Mining Association, president of the International Mining Professionals Society, and president of the Mining and Metallurgical Society of America. He has experience on public company boards and previously served on the boards of Canadian Royalties Inc., Golden Queen Mining Company, and United States Antimony Corporation. He currently serves on the boards of Great American Minerals Exploration, Ord Mountain Mining Company, and Behre Dolbear Group Inc., an internationally recognized mineral industry advisory. He also serves on the board of Liberty Star Minerals, a company listed on the OTC Markets, as well as the Colorado Mining Association.

Mr. Guarnera is recognized as a Qualified Professional/Competent Person in all international reporting jurisdictions.

9213 Las Manaitas Avenue, #401, Las Vegas, NV 89144 +1.303.809.4265

guarnera@broadlandsadvisoryltd.com

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CORPORATEEXPERIENCE

2013<br> – Present	Broadlands<br> Mineral Advisory Services Ltd., President Provision of technical and valuation advice to developers and operators of mineral projects,<br> assisting and participating in fund raising, and evaluation of mineral development agreements.
2013<br> – Present	Behre<br> Dolbear Group Inc., Director, Senior Associate, Principal Valuator Work on selected assignments related to valuations, technical<br> and economic feasibility, and litigation assignments.
1991<br> – 2013	Behre<br> Dolbear Group Inc., Chairman and Chief Executive Officer Acquired and developed a renowned mineral industry advisory firm from a<br> single office in New York City to a firm with multiple international offices and international acclaim. Services focused on valuations,<br> advice on mineral development agreements, technical studies, optimization studies, abatement of environmental and social issues,<br> mergers and acquisitions, and financing of projects. Revenues increased from $750,000 to $30,000,000 during the period he managed<br> the company. When he left Behre Dolbear, work typically involved more than 200 projects a year in more than 60 countries a year.
	While<br> at Behre Dolbear, Mr. Guarnera focused on valuation and technical feasibility of mineral projects and Mineral Resource and Mineral<br> Reserve definition. He was heavily involved in working with both mining companies and sovereign governments in the negotiation of<br> mineral development agreements, and securities agencies developing listing rules, including the Hong Kong and Singapore stock exchanges.<br> He also actively participated in merger and acquisition transactions, most recently the acquisition of the London Metal Exchange<br> by the Stock Exchange of Hong Kong.
1981<br> – 1990	Boise<br> Cascade Corporation, Executive Manager of Mineral Resources Responsible for the development of mineral and oil and gas projects on<br> the company’s +7.5 million acres of land, including mineral rights. Conducted exploration for various commodities on the company’s<br> land base including acting as lessor and lessee to assure an appropriate land position. Managed dozens of leases to outside parties<br> and obtained leases from more than 50 parties. Participated in and managed more than 30 joint ventures with mining and oil and gas<br> companies. Ultimately, sold assets when the company decided to exit mineral commodities. Left the company with over 1 million acres<br> of additional mineral rights than when he joined the firm.
1976<br> – 1980	Dames<br> & Moore, Principal in Charge of Mining Group Responsible<br> for undertaking technical and economic studies of mineral projects. Provided technical advice on acquisitions and mergers, and business<br> development. Experience included iron ore, coal, uranium, base metals, and industrial minerals.

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| --- | | 1968 – 1976 | Texaco Inc., Regional Exploration Manager – Group Manager Initially in charge of mineral exploration for all eastern U.S. Exploration efforts focused on base metals, but as the energy crisis developed, the focus changed to energy minerals. Emphasis changed from domestic exploration to acquisitions and expanded to foreign countries. | | --- | --- | | 1967 – 1968 | AMAX Exploration, Project Leader Exploration for copper and nickel in Minnesota on the Duluth Gabbro. | | 1965 – 1967 | Anaconda American Brass Ltd., Exploration Geologist and Party Chief Exploration for copper and nickel in Northern Ontario at the Lac des Iles project. | | 1964 – 1965 | Quebec Cartier Mining Company Inc., Assistant Geologist and Mining Engineer | | | Work started in the Lac Jeanine open pit iron mine then shifted to exploration at the future Mt. Wright mine. |

PROFESSIONALAFFILIATIONS

●	Australasian<br> Institute of Mining and Metallurgy – Fellow
●	Canadian<br> Institute of Mining and Metallurgy – Fellow
●	Colorado<br> Mining Association – Board Member and past Chairman
●	International<br> Institute of Mineral Appraisers – Member
●	International<br> Mining Professionals Society – Past President
●	Mining<br> and Metallurgical Society of America – Past President
●	Society<br> of Economic Geologists – Fellow
●	Society<br> of Mining Engineers – Legion of Honor

REGISTRATIONS/CERTIFICATIONS

●	Australasian<br> Institute of Mining and Metallurgy – Chartered Professional
●	International<br> Institute of Mineral Appraisers – Certified Mineral Appraiser
●	Mining<br> and Metallurgical Society of America – Qualified Professional
●	Registered<br> Professional Geologist – Oregon
●	Registered<br> Professional Engineer – Texas

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EDUCATION

●	Michigan<br> Technological University, MSc Economic Geology – 1967
●	Michigan<br> College of Mining and Technology, BSc Geological Engineering (Mining Emphasis) – 1964

RECENTPUBLICATIONS

●	2012 and 2013 – Where Not to Invest – Ranking Countries for Mining Investments, an annual publication of the Behre Dolbear<br> Group Inc.
●	2012 – Valuation of Mineral Properties – Mining Engineering Handbook, Society of Mining Engineers, Chapter 4.6.

RECENTTESTIMONY

●	June 2009 – Ungava Mines vs Canadian Royalties Inc., arbitration as to the validity<br> of a feasibility study for a lead-zinc deposit held in Montreal, Quebec, Canada.
●	October 28-29, 2013 – Quiborax vs Government of Bolivia – trial testimony at the<br> International Centre for the Settlement of Investment Disputes, Paris, France regarding the<br> value and technical aspects of a borate deposit.
●	November 5, 2013 – Mosaic vs Devon Energy – deposition in El Paso, Texas regarding<br> damages incurred at a potash mine in New Mexico.
●	November 12-15, 2013 – Khan Resources vs Government of Mongolia – trial testimony<br> at International Centre for the Settlement of Investment Disputes, Paris, France regarding<br> technical and economic viability and value of a uranium deposit.
●	March 27-28, 2014 – Mosaic vs. Devon Energy – trial testimony in Carlsbad, New<br> Mexico relating to damages incurred when Devon Energy drilled a gas well into Mosaic’s<br> potash deposit note.
●	September 15-20, 2014 – Pacific Rim Resources vs Government of El Salvador – trial<br> testimony at the International Centre for the Settlement of Investment Disputes, Washington,<br> D.C. regarding the reliability of a technical study for a gold project.
●	May 22, 2016 – Lone Mountain Ranch vs Ortiz Mining – deposition in Albuquerque,<br> New Mexico relating to social and environmental issues at a proposed open pit gold property<br> and the responsibility of the surface rights owner vs the mineral rights owner.
●	June 10 – 14, 2019 – Dominion Minerals vs Government of Panama – trial testimony<br> at the International Centre for the Settlement of Investment Disputes, Washington, D.C. regarding<br> the technical viability and value of a copper deposit.
●	January 20 – 25, 2020 – Eco Oro Minerals Corporation vs Government of Colombia –<br> trial testimony at the International Centre for the Settlement of Investment Disputes, Washington,<br> D.C. regarding the technical aspects and value of a gold deposit.
●	September 26 – October 2, 2020 – Gabriel Mining vs Government of Romania – trial<br> testimony before the International Centre for the Settlement of Investment Disputes, Paris,<br> France regarding the technical and economic viability of a gold deposit.
●	Who’s<br> Who Legal – Mining-2021 noted in the Expert section (page 24) “Barney Guarnera is a well-established player in the international consulting space, highlighted for his extensive expertise in the valuation of mineral properties and mining companies.”

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APPENDIX2.0

OCTOBER26, 2020 ASSAY RESULTS

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APPENDIX 3.0

JANUARY 11, 2021 ASSAY RESULTS

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APPENDIX4.0

MAY 19, 2021 ASSAY RESULTS

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