# 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-extractions.minestarters.com/news/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1--59169822-e8c2-4caf-aabf-0a43fe7dcfe8 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, Economic study, Metallurgy - Extracted: 2026-09-17 22:43:36 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: Feasibility Study confirms robust economics with strong NPV and IRR - Positive factor: 1 Million Ounce Proven and Probable Reserve established - Positive factor: Long mine life of 15.2 years - Positive factor: Rapid post-tax payback period of 2.5 years - Positive factor: High capital efficiency with 2.11x NPV-to-initial-capital ratio - Positive factor: Favorable mining jurisdiction in Idaho, USA - Positive factor: Significant exploration upside beyond current reserves - Positive factor: High average life-of-mine gold recovery of 94.8% - Positive factor: Incorporation of filtered tailings for permitting objectives - Negative factor: Operating costs are higher than the prior 2023 PEA \(though offset by increased production\) Facts used in scoring: 7 ## Classification and evidence **Cut-off Disclosed** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: 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 Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("CIL"\) **Single Domain Only** Polarity: negative Definition: 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) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1--59169822-e8c2-4caf-aabf-0a43fe7dcfe8#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 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 factor: Highest confidence reserve category - Positive factor: Supports long mine life - Positive factor: QP/CP signed off - Positive factor: NI 43-101 compliant Evidence · table > 0.85 Context: 8.6 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1--59169822-e8c2-4caf-aabf-0a43fe7dcfe8#fact-resource-facts-3) Lemhi Gold Project · gold #### 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 factor: High confidence reserve category - Positive factor: Significant contribution to total reserve ounces - Positive factor: Supports long mine life - Positive factor: QP/CP signed off - Positive factor: NI 43-101 compliant Evidence · table > 0.71 Context: 34.4 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1--59169822-e8c2-4caf-aabf-0a43fe7dcfe8#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 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 factor: Total 1.0 million ounces of Proven and Probable gold reserve - Positive factor: Strong foundation for project economics - Positive factor: QP/CP signed off - Positive factor: NI 43-101 compliant Evidence · table > 0.74 Context: 43.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1--59169822-e8c2-4caf-aabf-0a43fe7dcfe8#fact-resource-facts-5) Lemhi Gold Project · gold Historical result Needs review: historical\_restatement #### 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 factor: Represents exploration upside beyond current reserves - Positive factor: Potential to extend mine life with additional drilling - Negative factor: Inferred category has lower geological confidence - Negative factor: Not included in current Feasibility Study reserves - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 Estimate** Polarity: negative Definition: 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-leach [Link to this fact](https://atlas-extractions.minestarters.com/news/freeman-gold-delivers-feasibility-study-for-the-lemhi-gold-project-confirming-1--59169822-e8c2-4caf-aabf-0a43fe7dcfe8#fact-metallurgical-facts-6) Lemhi Gold Project · gold #### 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 factor: High gold recovery for CIL process - Positive factor: Favorable metallurgical characteristics - Positive factor: Supports strong project economics - Positive factor: Detailed test program status \(FS level\) Evidence · text > Average life-of-mine gold recovery of 94.8% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: 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.