Freeman Gold Files NI 43-101 Technical Report for the Lemhi Gold Project Feasibility Study on SEDAR+ -- After-Tax NPV(5%) of Approximately US$1.03 Billion and ~45.4% IRR at US$4,350/oz Gold
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
- Economic study, Resource update
- Extracted
- 2026-09-17 22:30:43 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Freeman Gold Corp. has filed a NI 43-101 Technical Report supporting a Feasibility Study for the Lemhi Gold Project in Idaho. The base case study, using a gold price of US$3,650/oz, reports an after-tax NPV(5%) of US$695.6 million, a 34.4% IRR, and a 1.0 million ounce Proven & Probable reserve with a 15.2-year mine life.
Reasoning: The filing of a Feasibility Study for a 1.0 Moz gold project with robust economics at conservative prices is a major de-risking milestone.
Positive factors
- Strong base case economics with US$695.6M NPV(5%) and 34.4% IRR
- Significant leverage to gold price demonstrated in sensitivity analysis
- Large 1.0 Moz Proven & Probable reserve base
- Long mine life of 15.2 years
- Conservative gold price assumption of US$3,650/oz
Facts used in scoring: 4
Classification and evidence
PFS Completepositive
AACE Class 3 study complete.
Why it applies: The document announces the filing of a Feasibility Study (FS) technical report.
Evidence · text
“Technical Report for the Lemhi Gold Project Feasibility Study”
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The study reports a 1.0 million ounce Proven and Probable reserve.
Evidence · text
“1.0 million 2 ounce Proven & 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: Multiple independent Qualified Persons from various firms are named as responsible for the report.
Evidence · text
“prepared by, and under the supervision of, independent Qualified Persons from Ausenco Engineering Canada ULC, Moose Mountain Technical Services, APEX Geoscience Ltd. and GSI Environmental Inc.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The mineral reserve cut-off grade is explicitly stated as 0.20 g/t Au.
Evidence · text
“Mineral Reserves are reported at an Au grade cut-off of 0.20 g/t.”
Extracted facts
Stored fact records: 2. Some facts used in scoring do not have a stored record.
Resource Estimates (2)
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
- Resource group id
- resource:13020f1ce9ba92dc3ed8
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 8600000
- Grade
- 0.85
- Grade Unit
- g/t
- Contained Metal
- 0.2
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-06-10
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-13T00:00:00.000Z
Reasoning: Proven reserve component of the FS.
Positive factors
- High grade for a reserve
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 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
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
- Resource group id
- resource:5afe61b6f1c3cfddb1c0
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 34400000
- Grade
- 0.71
- Grade Unit
- g/t
- Contained Metal
- 0.8
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-06-10
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-13T00:00:00.000Z
Reasoning: Probable reserve component of the FS.
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 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
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.