# Freeman Gold Delivers Feasibility Study for the Lemhi Gold Project Confirming 1 Million&\#xB9; 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 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1--9cc3aa7d-196c-4a69-898f-7376b623a85e Original source: https://money.tmx.com/en/quote/FMAN/news/7649016218541481/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1- Publisher: tmx Original announcement: 2026-06-29T11:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: Feasibility Study confirms robust economics - Positive factor: Significant Proven and Probable Mineral Reserve established - Positive factor: Strong financial metrics \(NPV, IRR, payback\) - Positive factor: Long mine life \(15.2 years\) - Positive factor: High gold recovery \(94.8%\) - Positive factor: Conventional open-pit mining and CIL processing - Positive factor: NI 43-101 compliant and QP signed - Positive factor: Increased contained gold production compared to prior PEA - Negative factor: 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 Reserve** Polarity: positive Definition: 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 Reserve** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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-Supporting** Polarity: neutral Definition: 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 Recovery** Polarity: positive Definition: 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 Route** Polarity: neutral Definition: 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 Update** Polarity: neutral Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Growth** Polarity: positive Definition: 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) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1--9cc3aa7d-196c-4a69-898f-7376b623a85e#fact-resource-facts-0) Lemhi Gold Project · gold #### 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 factor: Proven Reserve category indicates high geological confidence - Positive factor: Part of a significant 1.0 Moz P&P reserve - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 0.85 Context: 8.6 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1--9cc3aa7d-196c-4a69-898f-7376b623a85e#fact-resource-facts-1) Lemhi Gold Project · gold #### 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 factor: Probable Reserve category indicates good geological confidence - Positive factor: Largest component of the 1.0 Moz P&P reserve - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 0.71 Context: 34.4 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1--9cc3aa7d-196c-4a69-898f-7376b623a85e#fact-resource-facts-2) Lemhi Gold Project · gold #### 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 factor: Total Proven and Probable Reserve of 1.0 million ounces is a significant milestone - Positive factor: Forms the basis for the project's strong economics and long mine life - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 0.74 Context: 43.0 ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1--9cc3aa7d-196c-4a69-898f-7376b623a85e#fact-resource-facts-3) Lemhi Gold Project · gold #### 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 factor: Exceptional gold recovery for a CIL process - Positive factor: Confirms favorable metallurgical characteristics - Positive factor: Designed by Ausenco for the Feasibility Study - Negative factor: Slightly lower recovery than prior testwork \(95% to 94.8%\) Evidence · text > Average life-of-mine gold recovery of 94.8% ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1--9cc3aa7d-196c-4a69-898f-7376b623a85e#fact-resource-facts-4) Lemhi Gold Project · gold #### 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 factor: Measured Resource category indicates high confidence - Positive factor: Part of the updated mineral resource estimate - Positive factor: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1--9cc3aa7d-196c-4a69-898f-7376b623a85e#fact-resource-facts-5) Lemhi Gold Project · gold #### 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 factor: Indicated Resource category indicates good confidence - Positive factor: Largest component of the updated mineral resource estimate - Positive factor: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1--9cc3aa7d-196c-4a69-898f-7376b623a85e#fact-resource-facts-6) Lemhi Gold Project · gold #### 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 factor: Represents exploration upside beyond current reserves - Positive factor: Part of the updated mineral resource estimate - Negative factor: 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.