Freeman Gold Delivers Feasibility Study for the Lemhi Gold Project Confirming 1 Million¹ Ounce Proven and Probable Reserve, US$696 Million Post Tax NPV(5%), 34.4% IRR and 15-Year Mine Life Using Base Case $3,650/oz Au
Original announcement by tmx on
- Company
- Freeman Gold Corp.
- Ticker
- FMAN
- Exchange
- TSX
- Region
- Idaho, USA
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update, Metallurgy
- Extracted
- 2026-08-25 10:32:18 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Freeman Gold Corp. announced the results of a Feasibility Study for its Lemhi Gold Project in Idaho, USA, confirming a 1.0 million ounce Proven and Probable gold reserve. The study demonstrates robust economics with a post-tax NPV(5%) of US$696 million, an IRR of 34.4%, and a 2.5-year payback period, based on a US$3,650/oz gold price. The project is designed as a conventional open-pit, carbon-in-leach operation with an average life-of-mine gold recovery of 94.8% and a 15.2-year mine life.
Reasoning: The Feasibility Study confirms robust economics for the Lemhi Gold Project, establishing a significant Proven and Probable Mineral Reserve, strong financial metrics, and a long mine life, significantly de-risking the project. The high gold recovery and conventional processing further enhance its viability.
Positive factors
- Feasibility Study confirms robust economics
- Significant Proven and Probable Mineral Reserve established
- Strong financial metrics (NPV, IRR, payback)
- Long mine life (15.2 years)
- High gold recovery (94.8%)
- Conventional open-pit mining and CIL processing
- NI 43-101 compliant and QP signed
- Increased contained gold production compared to prior PEA
Negative factors
- Operating costs are higher than the 2023 PEA
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 7
Classification and evidence
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The Feasibility Study confirms a '1 Million Ounce Proven and Probable Reserve', with a specific 'Proven' category reported in the Mineral Reserve Estimate table.
Evidence · text
“1 Million¹ Ounce Proven and Probable Reserve”
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The Feasibility Study confirms a '1 Million Ounce Proven and Probable Reserve', with a specific 'Probable' category reported in the Mineral Reserve Estimate table.
Evidence · text
“1 Million¹ Ounce Proven and Probable Reserve”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The news release explicitly states that 'Marc Schulte, P.Eng. (who is also the independent Qualified Person for these Mineral Reserve estimates)' prepared the estimates.
Evidence · text
“Marc Schulte, P.Eng. (who is also the independent Qualified Person for these Mineral Reserve estimates)”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The Feasibility Study was prepared 'in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects'.
Evidence · text
“in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The document states that 'Mineral Reserves are reported at an Au grade cut-off of 0.20 g/t'.
Evidence · text
“Mineral Reserves are reported at an Au grade cut-off of 0.20 g/t.”
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: The document is a 'Feasibility Study' which is the highest level of study supporting a Definitive Feasibility Study.
Evidence · text
“Feasibility Study”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The average life-of-mine gold recovery of 94.8% is exceptional for a CIL process.
Evidence · text
“Average life-of-mine gold recovery of 94.8%”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The processing plant is designed to process crushed ore through a 'carbon-in-leach (CIL) circuit'.
Evidence · text
“carbon-in-leach (CIL) circuit”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document presents the results of a Feasibility Study, which includes an updated Mineral Reserve and Resource estimate.
Evidence · text
“Feasibility Study”
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The document reports a 'Measured Mineral Resource of 8.356 million tonnes at 0.92 g/t Au for 247,000 ounces (oz) of gold'.
Evidence · text
“Measured Mineral Resource of 8.356 million tonnes at 0.92 g/t Au for 247,000 ounces (oz) of gold”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The document reports an 'Indicated Mineral Resource of 39.954 million tonnes at 0.76 g/t Au for 974,000 oz of gold'.
Evidence · text
“Indicated Mineral Resource of 39.954 million tonnes at 0.76 g/t Au for 974,000 oz of gold”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The document reports an 'Inferred Mineral Resource of 10.683 million tonnes at 0.70 g/t Au for 240,000 oz of gold'.
Evidence · text
“Inferred Mineral Resource of 10.683 million tonnes at 0.70 g/t Au for 240,000 oz of gold”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The Feasibility Study considers mining approximately 120,000 oz gold over the 2023 Preliminary Economic Assessment.
Evidence · text
“this Feasibility Study considers mining approximately 120,000 oz gold over the 2023 Preliminary Economic Assessment”
Extracted facts
Stored fact records: 7. Some facts used in scoring do not have a stored record.
Resource Estimates (7)
provenLemhi Gold Project · goldTonnes: 8600000Grade: 0.85Grade Unit: g/tContained Metal: 200000Contained Unit: ozView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho, USA
- Ticker
- FMAN
Resource Data
- Category
- proven
- Tonnes
- 8600000
- Grade
- 0.85
- Grade Unit
- g/t
- Contained Metal
- 200000
- Contained Unit
- oz
- Cutoff Grade
- 0.2
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-29T00:00:00.000Z
Reasoning: The Proven Reserve of 0.2 Moz gold at 0.85 g/t provides a high-confidence foundation for the project's economic viability, supported by a Feasibility Study and NI 43-101 compliance.
Positive factors
- Proven Reserve category indicates high geological confidence
- Part of a significant 1.0 Moz P&P reserve
- NI 43-101 compliant and QP signed
Evidence · table
“0.85”
Context: 8.6
probableLemhi Gold Project · goldTonnes: 34400000Grade: 0.71Grade Unit: g/tContained Metal: 800000Contained Unit: ozView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho, USA
- Ticker
- FMAN
Resource Data
- Category
- probable
- Tonnes
- 34400000
- Grade
- 0.71
- Grade Unit
- g/t
- Contained Metal
- 800000
- Contained Unit
- oz
- Cutoff Grade
- 0.2
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-29T00:00:00.000Z
Reasoning: The Probable Reserve of 0.8 Moz gold at 0.71 g/t forms the bulk of the project's economic foundation, demonstrating strong confidence in the resource at the Feasibility Study level.
Positive factors
- Probable Reserve category indicates good geological confidence
- Largest component of the 1.0 Moz P&P reserve
- NI 43-101 compliant and QP signed
Evidence · table
“0.71”
Context: 34.4
probableLemhi Gold Project · goldTonnes: 43000000Grade: 0.74Grade Unit: g/tContained Metal: 1000000Contained Unit: ozView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho, USA
- Ticker
- FMAN
Resource Data
- Category
- probable
- Tonnes
- 43000000
- Grade
- 0.74
- Grade Unit
- g/t
- Contained Metal
- 1000000
- Contained Unit
- oz
- Cutoff Grade
- 0.2
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-29T00:00:00.000Z
Reasoning: The combined Proven and Probable Mineral Reserve of 1.0 million ounces of gold at 0.74 g/t is a highly material outcome of the Feasibility Study, confirming the project's scale and economic viability.
Positive factors
- Total Proven and Probable Reserve of 1.0 million ounces is a significant milestone
- Forms the basis for the project's strong economics and long mine life
- NI 43-101 compliant and QP signed
Evidence · table
“0.74”
Context: 43.0
Fact 4Lemhi Gold Project · goldView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho, USA
- Ticker
- FMAN
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-29T00:00:00.000Z
Reasoning: The average life-of-mine gold recovery of 94.8% using a conventional carbon-in-leach circuit is an excellent result, significantly de-risking the processing aspect of the project, despite a minor decrease from previous testwork.
Positive factors
- Exceptional gold recovery for a CIL process
- Confirms favorable metallurgical characteristics
- Designed by Ausenco for the Feasibility Study
Negative factors
- Slightly lower recovery than prior testwork (95% to 94.8%)
Evidence · text
“Average life-of-mine gold recovery of 94.8%”
measuredLemhi Gold Project · goldTonnes: 8356000Grade: 0.92Grade Unit: g/tContained Metal: 247000Contained Unit: ozView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho, USA
- Ticker
- FMAN
Resource Data
- Category
- measured
- Tonnes
- 8356000
- Grade
- 0.92
- Grade Unit
- g/t
- Contained Metal
- 247000
- Contained Unit
- oz
- Cutoff Grade
- 0.2
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-29T00:00:00.000Z
Reasoning: The Measured Mineral Resource of 0.247 Moz gold at 0.92 g/t provides a high-confidence component to the overall resource base, supporting the Feasibility Study.
Positive factors
- Measured Resource category indicates high confidence
- Part of the updated mineral resource estimate
- NI 43-101 compliant and QP signed
Evidence · text
“8.356 million tonnes at 0.92 g/t Au for 247,000 ounces (oz) of gold”
indicatedLemhi Gold Project · goldTonnes: 39954000Grade: 0.76Grade Unit: g/tContained Metal: 974000Contained Unit: ozView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho, USA
- Ticker
- FMAN
Resource Data
- Category
- indicated
- Tonnes
- 39954000
- Grade
- 0.76
- Grade Unit
- g/t
- Contained Metal
- 974000
- Contained Unit
- oz
- Cutoff Grade
- 0.2
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-29T00:00:00.000Z
Reasoning: The Indicated Mineral Resource of 0.974 Moz gold at 0.76 g/t forms the largest part of the project's resource base, providing a solid foundation for future reserve conversion.
Positive factors
- Indicated Resource category indicates good confidence
- Largest component of the updated mineral resource estimate
- NI 43-101 compliant and QP signed
Evidence · text
“Indicated Mineral Resource of 39.954 million tonnes at 0.76 g/t Au for 974,000 oz of gold”
inferredLemhi Gold Project · goldTonnes: 10683000Grade: 0.7Grade Unit: g/tContained Metal: 240000Contained Unit: ozView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho, USA
- Ticker
- FMAN
Resource Data
- Category
- inferred
- Tonnes
- 10683000
- Grade
- 0.7
- Grade Unit
- g/t
- Contained Metal
- 240000
- Contained Unit
- oz
- Cutoff Grade
- 0.2
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-29T00:00:00.000Z
Reasoning: The Inferred Mineral Resource of 0.240 Moz gold at 0.70 g/t provides future exploration upside but carries lower geological confidence and is not included in the current reserve estimate.
Positive factors
- Represents exploration upside beyond current reserves
- Part of the updated mineral resource estimate
Negative factors
- Inferred category has lower geological confidence
Evidence · text
“Inferred Mineral Resource of 10.683 million tonnes at 0.70 g/t Au for 240,000 oz of gold”
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.