Freeman Gold Corp. has filed the National Instrument 43-101 technical report supporting the feasibility study for its 100%-owned Lemhi Gold Project in Idaho, USA, confirming a base case after-tax net present value (5%) of US$695.6 million at a gold price of US$3,650 per ounce.

The feasibility study outlines a post-tax internal rate of return of 34.4%, a 2.5-year payback period, and a 15.2-year mine life supported by a Proven and Probable mineral reserve of 1.0 million ounces across 43.0 million tonnes at an average grade of 0.74 grams per tonne gold. Sensitivity analysis within the technical report indicates that at a gold price of US$4,350 per ounce, the after-tax NPV (5%) rises to US$1.03 billion, with an after-tax internal rate of return of approximately 45.4% and a payback period of approximately 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. 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.”
— Paul Matysek, Executive Chairman

The project comprises 30 square kilometres of highly prospective land hosting a near-surface oxide gold resource. Historical exploration across the property totals 525 drill holes representing 92,696 metres of drilling.

Gold traded at US$4,350.30 per ounce, representing a 7.37% increase over the 30-day period ending August 13, 2026. Freeman Gold is advancing environmental baseline studies, regulatory submissions, and permitting processes for the Lemhi Gold Project.

“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. 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.”
— Bassam Moubarak, Chief Executive Officer

Read the full announcement: 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