Feasibility Study base case confirms US$695.6 million after-tax NPV(5%), 34.4% IRR and 2.5-year payback at US$3,650/oz gold, with a 1.0 1 million ounce Proven & Probable reserve over a 15.2-year mine life
VANCOUVER, BC, Aug. 13, 2026 /CNW/ -- Freeman Gold Corp. (TSXV: FMAN) (OTCQX: FMANF) (FSE: 3WU) ("Freeman" or the "Company") is pleased to announce that, further to its news release dated June 29, 2026, it has filed the National Instrument 43-101 ("NI 43-101") technical report (the "Technical Report") supporting the Feasibility Study (the "FS") for its 100%-owned Lemhi Gold Project in Idaho, USA (the "Project"). The Technical Report, titled "Lemhi Gold Project NI 43-101 Technical Report and Feasibility Study, with an effective date of June 29, 2026", was prepared by Ausenco Engineering Canada ULC together with independent Qualified Persons, and is available here and under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website.
The FS base case uses a gold price of US$3,650 per ounce. The Technical Report's sensitivity analysis demonstrates the Project's significant leverage to gold prices: at US$4,350 per ounce — approximately current spot pricing — the Project's after-tax NPV(5%) increases to US$1.03 billion, with an after-tax IRR of approximately 45.4% and a payback period of approximately 1.9 years.
Feasibility Study Highlights
Metric | Base Case
US$3,650/oz | US$4,350/oz
Sensitivity | Unit |
After-Tax NPV (5%) | 695.6 | 1,030 | US$ millions |
After-Tax IRR | 34.4 | 45.4 | % |
After-Tax Payback | 2.5 | 1.9 | years |
"Ausenco's recommendation to advance Lemhi directly into detailed engineering and permitting provides strong independent validation of the project's technical and economic strength," commented Paul Matysek, Executive Chairman. "The Feasibility Study reinforces what we have long believed: Lemhi is one of the highest-quality undeveloped oxide gold projects in the United States. With a one-million-ounce proven and probable reserve, compelling economics at conservative gold prices, and a well-defined path through permitting, our priority now is execution. We intend to advance the project efficiently and with purpose toward a construction decision."
"At current gold prices, Lemhi's after-tax NPV exceeds US$1 billion, yet Freeman continues to trade at only a small fraction of that value," said Bassam Moubarak, Chief Executive Officer. "The Feasibility Study was intentionally based on a conservative gold price of US$3,650 per ounce and demonstrates robust economics at that level. Importantly, it also highlights the significant leverage inherent in the project, with each US$250 per ounce increase in the gold price adding approximately US$120 million to after-tax NPV. With the technical report now filed, permitting underway, and the treasury funded to advance that process, we believe the gap between Freeman's market valuation and Lemhi's demonstrated economic value has never been more compelling."
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1 Based on 43.0 MT at a grade of 0.74g/t. Please see notes for Mineral Reserve Estimate below. |
Mineral Reserve Estimate — 1.0 Million2 Ounces Proven & Probable
The FS is supported by a 1.0 million2 ounce Proven and Probable Mineral Reserve — a substantial resource base underpinning the 15.2-year mine life and providing a strong platform for future reserve growth through ongoing exploration on the extensive Lemhi land package.
Category | Tonnes (Mt) | Grade (g/t Au) | Gold (Moz) |
Proven | 8.6 | 0.85 | 0.2 |
Probable | 34.4 | 0.71 | 0.8 |
Proven + Probable | 43.0 | 0.74 | 1.0 |
1. | The Mineral Reserve estimates were prepared by Marc Schulte, P.Eng. (who is also the independent Qualified Person for these Mineral Reserve estimates), reported using the 2014 CIM Definition Standards, and have an effective date of June 10, 2026. |
2. | Mineral Reserves are based on the 2026 Feasibility Study life-of-mine plan. |
3. | Mineral Reserves are mined tonnes and grade, the reference point is the mill feed at the primary crusher and includes consideration for operational modifying factors such as loss and dilution. Estimated ROM quantities and grade are based on measurements within a 4 m x 4 m x 4 m SMU block, with application of an additional 2% mining dilution at 0 g/t Au and a 98% mining recovery. |
4. | Mineral Reserves are reported at an Au grade cut-off of 0.20 g/t. |
5. | Cutoff grade assumes $3,000/oz Au; 99.95% payable gold; $5.00/oz Au offsite costs (refining, transport and insurance); a 2.0% NSR royalty; and uses a 92% low grade metallurgical recovery. The cut-off covers processing costs of $13.00/t, administrative (G&A) costs of $2.75/t and stockpile rehandle costs of $1.50/t. |
6. | Numbers have been rounded as required by reporting guidelines. |
Additional Filing Details
- The Technical Report supports the disclosure in the Company's June 29, 2026 news release announcing the results of the FS and has been filed within 45 days of that disclosure in accordance with NI 43-101.
- There are no material differences between the FS results disclosed on June 29, 2026 and the Technical Report.
- Readers are encouraged to review the Technical Report in its entirety, including the qualifications, assumptions, exclusions and risk factors that pertain to the mineral reserve and mineral resource estimates and the economic analysis contained therein.
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2 Based on 43.0 MT at a grade of 0.74g/t. Please see notes for Mineral Reserve Estimate above. |
Qualified Persons
The Technical Report was 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., each of whom is a "qualified person" as defined in NI 43-101 and independent of the Company.
The responsibilities of the engineering consultants and firms who are providing Qualified Persons (QPs) are as follows:
- Kevin Murray, P.Eng. of Ausenco is an independent Qualified Person at Ausenco for the process and infrastructure capital and operating cost estimation, and project financials; and.
- Scott Elfen, P.Eng. of Ausenco is an independent Qualified Person for the geotechnical and waste management facilities; and
- Peter Mehrfert, P.Eng. of Ausenco is an independent Qualified Person for the metallurgical test work and recovery model; and
- Michael Dufresne, P.Geo. of Apex Geoscience is an independent Qualified Person for the Geology, Exploration, property description and ownership; and
- Kyle Brangers, CPG of GSI Environmental is an independent Qualified Person for the environmental, permitting and social impact; and
- Marc Schulte, P.Eng. of MMTS is an independent Qualified Person for the Mineral Reserve estimate, mine planning and cost estimation
The scientific and technical content of this news release has been reviewed and approved by Dean Besserer, P.Geo., VP Exploration of the Company and a Qualified Person as defined by NI 43-101.
About Freeman Gold Corp.
Freeman Gold Corp. (TSXV: FMAN, OTCQB: FMANF, FSE: 3WU) is a Canadian-listed gold development company focused on advancing the 100%-owned Lemhi Gold Project in Lemhi County, Idaho, USA. The Company is led by an experienced management team and board with proven track records in mine development, project financing, and value creation in the mining sector. Freeman has recently commenced advance permitting and baseline characterization for the Lemhi Gold Deposit, representing a key step in the Company's strategy to move the Lemhi Project assertively toward future development and production.
The Project comprises 30 square kilometres of highly prospective land, hosting a near-surface oxide gold resource. The pit constrained mineral resource estimate at a 0.2 g/t Au cutoff is comprised of 8.356 million tonnes at 0.92 g/t Au for 247,000 ounces (oz) of gold, an Indicated Mineral Resource of 39.954 million tonnes at 0.76 g/t Au for 974,000 oz of gold, and an Inferred Mineral Resource of 10.683 million tonnes at 0.70 g/t Au for 240,000 oz of gold*. To date, 525 drill holes and 92,696 m of drilling has historically been completed (Murray K., Elfen S.C., Mehrfert P., Dufresne M., Brangers K., Schulte M., NI 43-101 Technical Report and Feasibility Study, dated August 13, 2026; www.sedarplus.ca).
*Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability.
On Behalf of the Company
Bassam Moubarak
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. All statements in this release that are not statements of historical fact are forward-looking information, including, without limitation: statements regarding the results of the Feasibility Study for the Lemhi Gold Project; the estimated economics of the Project, including projected net present value, internal rate of return, payback period, capital expenditures, operating costs, sustaining capital, production rates, mine life, mineral reserves, processing recoveries, cash costs and all-in sustaining costs; the Company's plans to advance permitting, engineering, financing, procurement and development activities; the anticipated timing and completion of environmental baseline studies, regulatory submissions and permitting processes; the potential to expand mineral resources and mineral reserves through future exploration and drilling; the Project's future production profile and operational performance; the Company's ability to secure financing, strategic partnerships and governmental approvals; the potential application of the FAST-41 federal permitting framework or other regulatory processes; and the Company's expectations regarding the future development, construction and operation of the Lemhi Gold Project.
Forward-looking information is based on a number of assumptions that management believes are reasonable as of the date of this news release, including, without limitation: the assumptions underlying the Feasibility Study; long-term commodity prices, foreign exchange rates and inflation assumptions; estimates of mineral reserves and mineral resources; expected metallurgical recoveries; anticipated capital and operating costs; availability of labour, equipment, contractors, materials and services; the timely receipt of permits, approvals and authorizations; the availability of financing on acceptable terms; political and regulatory stability; and the accuracy of geological, engineering, environmental and economic interpretations and models.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information. These risks include, without limitation: risks associated with mineral exploration, development and mining operations; uncertainties relating to mineral reserve and mineral resource estimates; differences between actual and estimated production, grades or recoveries; changes in commodity prices, exchange rates, inflation, interest rates or capital market conditions; increases in capital or operating costs; delays in obtaining permits, approvals or financing; changes in applicable laws, regulations or government policies; environmental, reclamation or community relations risks; contractor or supplier performance; availability of skilled labour and equipment; litigation or title disputes; geotechnical, hydrological or metallurgical risks; adverse weather or natural events; and the other risk factors described in the Company's public disclosure documents filed under its profile on SEDAR+.
Although the Company believes the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct, and readers should not place undue reliance on forward-looking information. Forward-looking information is provided for the purpose of assisting investors and others in understanding the Company's current expectations, plans and objectives and may not be appropriate for other purposes.
All forward-looking information contained in this news release is made as of the date hereof. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise
SOURCE Freeman Gold Corp.
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For further information, please visit the Company's website at www.freemangoldcorp.com or contact Mr. Bassam Moubarak at by email at bm@bmstrategiccapital.com.