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 yahoo_press on
- Company
- Freeman Gold Corp.
- Ticker
- FMAN
- Exchange
- TSXV
- Region
- Idaho, USA
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Economic study, Resource update
- Extracted
- 2026-09-19 00:08:51 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Freeman Gold Corp. has released a Feasibility Study for the Lemhi Gold Project in Idaho, confirming 1 million ounces of Proven and Probable gold reserves. The study reports a post-tax NPV(5%) of US$696 million, a 34.4% IRR, and a 15-year mine life based on a gold price of $3,650/oz.
Reasoning: The announcement of a Feasibility Study (FS) showing a substantial increase in NPV and the establishment of 1 million oz of P&P reserves represents a major de-risking milestone for the project.
Positive factors
- Significant NPV increase from prior PEA
- Conversion of resources to 1 Moz Proven and Probable Reserves
- Strong IRR of 34.4%
- Long mine life of 15 years
Facts used in scoring: 2
Classification and evidence
PFS Completepositive
AACE Class 3 study complete.
Why it applies: The document announces a Feasibility Study (FS), which is a higher level of maturity than a PFS, but fits the category of advanced study completion.
Evidence · text
“results of the Feasibility Study ("FS") for its 100%-owned Lemhi Gold Project”
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The study confirms 1 million ounces of Proven and Probable reserves.
Evidence · text
“Confirming 1 Million¹ Ounce Proven and Probable Reserve”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The study was prepared in accordance with NI 43-101 standards.
Evidence · text
“Prepared by Ausenco Engineering Canada ULC ("Ausenco") in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI43-101")”
Extracted facts
Stored fact records: 1. Some facts used in scoring do not have a stored record.
Resource Estimates (1)
probableLemhi Gold Project · goldContained Metal: 1000000Contained Unit: ozView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho, USA
- Ticker
- FMAN
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- Resource group id
- resource:3d036d27b720901da4df
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Contained Metal
- 1000000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-29T00:00:00.000Z
Reasoning: The conversion of resources to a significant reserve base is a major project milestone.
Positive factors
- Establishment of 1 Moz P&P reserves
Evidence · text
“Confirming 1 Million¹ Ounce Proven and Probable Reserve”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
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.