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, Economic study, Metallurgy
- Extracted
- 2026-09-17 22:43:36 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Freeman Gold Corp. announced a positive Feasibility Study for its 100%-owned Lemhi Gold Project in Idaho, USA. The study confirms a 1 million ounce Proven and Probable gold reserve, supported by a 15.2-year mine life. Key economic highlights include a post-tax NPV(5%) of US$696 million, a 34.4% IRR, and a rapid 2.5-year payback period, based on a base case gold price of US$3,650/oz. The project also boasts a high average life-of-mine gold recovery of 94.8% and significant exploration upside.
Reasoning: The document announces a positive Feasibility Study for the Lemhi Gold Project, confirming a 1 million ounce Proven and Probable gold reserve with strong post-tax NPV and IRR, and a rapid payback period, positioning it as a robust gold development project in a favorable jurisdiction.
Positive factors
- Feasibility Study confirms robust economics with strong NPV and IRR
- 1 Million Ounce Proven and Probable Reserve established
- Long mine life of 15.2 years
- Rapid post-tax payback period of 2.5 years
- High capital efficiency with 2.11x NPV-to-initial-capital ratio
- Favorable mining jurisdiction in Idaho, USA
- Significant exploration upside beyond current reserves
- High average life-of-mine gold recovery of 94.8%
- Incorporation of filtered tailings for permitting objectives
Negative factors
- Operating costs are higher than the prior 2023 PEA (though offset by increased production)
Facts used in scoring: 7
Classification and evidence
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The source explicitly discloses a revised resource estimate
Evidence · text
“updated mineral resource estimate”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a mill_cil route ("CIL")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 5. Some facts used in scoring do not have a stored record.
Resource Estimates (4)
provenLemhi Gold Project · goldTonnes: 8600000Grade: 0.85Grade Unit: g/tContained Metal: 0.2Contained Unit: mozView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho, USA
- Ticker
- FMAN
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-06-10T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Marc Schulte
- Resource group id
- resource:3f9f75d74305a7734a19
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 8600000
- Grade
- 0.85
- Grade Unit
- g/t
- Contained Metal
- 0.2
- Contained Unit
- moz
- Cutoff Grade
- 0.2
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-06-10
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-29T00:00:00.000Z
Reasoning: The Proven Mineral Reserve provides a high-confidence foundation for the project's economics and mine plan, contributing to the overall robustness of the Feasibility Study.
Positive factors
- Highest confidence reserve category
- Supports long mine life
- QP/CP signed off
- NI 43-101 compliant
Evidence · table
“0.85”
Context: 8.6
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
probableLemhi Gold Project · goldTonnes: 34400000Grade: 0.71Grade Unit: g/tContained Metal: 0.8Contained Unit: mozView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho, USA
- Ticker
- FMAN
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-06-10T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Marc Schulte
- Resource group id
- resource:87db2966fc19de3055e3
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 34400000
- Grade
- 0.71
- Grade Unit
- g/t
- Contained Metal
- 0.8
- Contained Unit
- moz
- Cutoff Grade
- 0.2
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-06-10
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-29T00:00:00.000Z
Reasoning: The Probable Mineral Reserve forms the majority of the project's reserve base, providing a strong platform for future production and economic viability.
Positive factors
- High confidence reserve category
- Significant contribution to total reserve ounces
- Supports long mine life
- QP/CP signed off
- NI 43-101 compliant
Evidence · table
“0.71”
Context: 34.4
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
probableLemhi Gold Project · goldTonnes: 43000000Grade: 0.74Grade Unit: g/tContained Metal: 1Contained Unit: mozView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho, USA
- Ticker
- FMAN
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-06-10T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Marc Schulte
- Resource group id
- resource:dc41c9c8a6c94ecc3cd1
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 43000000
- Grade
- 0.74
- Grade Unit
- g/t
- Contained Metal
- 1
- Contained Unit
- moz
- Cutoff Grade
- 0.2
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-06-10
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 provides a substantial and high-confidence resource base for the Lemhi Gold Project.
Positive factors
- Total 1.0 million ounces of Proven and Probable gold reserve
- Strong foundation for project economics
- QP/CP signed off
- NI 43-101 compliant
Evidence · table
“0.74”
Context: 43.0
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
inferredLemhi Gold Project · goldTonnes: 10683000Grade: 0.7Grade Unit: g/tContained Metal: 240000Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho, USA
- Ticker
- FMAN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Resource group id
- resource:c4d50e44da49086b4577
Resource Data
- Category
- inferred
- Tonnes
- 10683000
- Grade
- 0.7
- Grade Unit
- g/t
- Contained Metal
- 240000
- Contained Unit
- oz
- Cutoff Grade
- 0.2
- Cutoff Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-11-20T00:00:00.000Z
Dates
- Event date
- 2026-06-29T00:00:00.000Z
Reasoning: The Inferred Mineral Resource, while not part of the current reserve, indicates future exploration potential and could contribute to extending the mine life with further drilling and upgrades.
Positive factors
- Represents exploration upside beyond current reserves
- Potential to extend mine life with additional drilling
Negative factors
- Inferred category has lower geological confidence
- Not included in current Feasibility Study reserves
- Historical data from prior PEA
Evidence · text
“an Inferred Mineral Resource of 10.683 million tonnes at 0.70 g/t Au for 240,000 oz of gold*”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.6 years before this release
Metallurgical Results (1)
carbon-in-leachLemhi Gold Project · goldRecovery: 94.8 %Head Grade: 0.74Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho, USA
- Ticker
- FMAN
Test Work
- Program Status
- detailed
- Test Type
- carbon-in-leach
- Processing Route
- crush, SAG mill, ball mill, tertiary mill, CIL, ADR, refinery to produce doré, filtered tailings disposal
- Sample
- life-of-mine average
Recovery
- Recovery
- 94.8 %
- Recovery Basis
- to_payable_metal
- Head Grade
- 0.74
- Head Grade Unit
- g/t
Lab
- Consultant
- Ausenco
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-29T00:00:00.000Z
Reasoning: The project demonstrates excellent metallurgical performance with a high average life-of-mine gold recovery of 94.8% through a conventional CIL process, which is a strong positive for project economics.
Positive factors
- High gold recovery for CIL process
- Favorable metallurgical characteristics
- Supports strong project economics
- Detailed test program status (FS level)
Evidence · text
“Average life-of-mine gold recovery of 94.8%”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
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.