FREEMAN GOLD PROVIDES CORPORATE UPDATE
Original announcement by tmx on
- Company
- Freeman Gold Corp.
- Ticker
- FMAN
- Exchange
- TSX
- Region
- Idaho
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update, Economic study
- Extracted
- 2026-09-17 23:06:23 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Freeman Gold Corp. provided an update on the Lemhi Gold Project, noting that updated gold price assumptions ($2,200/oz) have improved the PEA economics to a post-tax NPV of US$329 million and an IRR of 28.2%. The company is currently progressing toward a Feasibility Study expected in Q1 2026, supported by ongoing drilling, metallurgical testing, and permitting activities.
Reasoning: The company provided a comprehensive update on the Lemhi Gold Project, highlighting improved economics from updated gold price assumptions and progress toward a Feasibility Study.
Positive factors
- Updated PEA pricing assumptions significantly improve NPV and IRR
- Feasibility Study (FS) currently underway to de-risk project
- Ongoing drilling targeting resource conversion (Inferred to M&I)
- Strong metallurgical indicators (>95% recovery)
Negative factors
- Economics are based on a PEA which includes speculative Inferred resources
Facts used in scoring: 5
Classification and evidence
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: The company is currently conducting a Feasibility Study (FS) to support advanced development.
Evidence · text
“On February 10, 2025, the Company awarded a lump sum Feasibility Study (" FS ") of Lemhi to Ausenco.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The mineral resource estimate is explicitly stated as NI 43-101 compliant.
Evidence · text
“The pit constrained National Instrument 43-101 (" NI 43- 101 ") compliant mineral resource estimate”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource estimate contains a significant Inferred component.
Evidence · text
“256,000 oz Au at 1.04 g/t Au in 7.63 million tonnes (Inferred)”
Extracted facts
Stored fact records: 3. Some facts used in scoring do not have a stored record.
Resource Estimates (3)
indicatedLemhi Gold Project · goldTonnes: 25500000Grade: 1Grade Unit: g/tContained Metal: 819300Contained Unit: ozView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho
- Ticker
- FMAN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:17366443a711b93f0cdc
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 25500000
- Grade
- 1
- Grade Unit
- g/t
- Contained Metal
- 819300
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-27T00:00:00.000Z
Reasoning: Standard resource disclosure for the project.
Positive factors
- Large indicated resource base
Evidence · text
“25.5 million tonnes (819,300 oz) ... at 1.0 gram per tonne”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
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
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: 7630000Grade: 1.04Grade Unit: g/tContained Metal: 256000Contained Unit: ozView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho
- Ticker
- FMAN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:40b68e5ab40d657af6a2
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 7630000
- Grade
- 1.04
- Grade Unit
- g/t
- Contained Metal
- 256000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-27T00:00:00.000Z
Reasoning: Inferred resource provides potential upside but lacks geological confidence.
Negative factors
- Speculative category
Evidence · text
“256,000 oz Au at 1.04 g/t Au in 7.63 million tonnes (Inferred)”
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 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
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
measuredLemhi Gold Project · goldTonnes: 4700000Grade: 1Grade Unit: g/tContained Metal: 168800Contained Unit: ozView all detailsHide details
Identity
- Project
- Lemhi Gold Project
- Commodity
- gold
- Region
- usa_id
- Reported Region
- Idaho
- Ticker
- FMAN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:9a26dd4e451b30ee1fbe
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 4700000
- Grade
- 1
- Grade Unit
- g/t
- Contained Metal
- 168800
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-27T00:00:00.000Z
Reasoning: Measured resource component of the total estimate.
Evidence · text
“4.7 million tonnes Measured (168,800 oz) ... at 1.0 gram per tonne”
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
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
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.