My husband has what appears to be about 46 oz. of what I am guessing is liquid malt extract in a cabinet above our built in microwave. I know we brought it from our old house when we moved to our present house just over 20 years ago. I want to throw it out. I can't imagine it is any good at this age. Could it possibly be okay?
It could possibly be OK, but is it worth your time to make a beer just to find out whether you've saved $9? Chuck it.
So, you're talking about 10 times the recommended shelf life. I'd toss it.
From what I've read, LME production has come a long way in the last 20-30 years (according to John Palmer of How to Brew), and extract back then wasn't very good to begin with. Even if it were still somehow good after 20 years, it probably wouldn't be that great.