Vancouver - Freeman Gold Corp. (TSXV: FMAN, OTCQB: FMANF, FSE: 3WU) ('Freeman' or the 'Company') is pleased to announce the results of the Feasibility Study ('FS') for its 100%-owned Lemhi Gold Project ('Lemhi' or the 'Project'), located in Lemhi County, Idaho, USA. Prepared by Ausenco Engineering Canada ULC ('Ausenco') in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101'), the Feasibility Study confirms Lemhi as a technically robust, long-life gold development project supported by a Proven and Probable Mineral Reserve of 1.0 million[1] ounces of gold.
At a base case of US$3,650 per ounce, the study demonstrates strong economics, including a pos-tax Net Present Value ('NPV(5%)') of US$696 million, a post-tax internal Rate of Return ('IRR') of 34.4% and a rapid payback period of 2.5 years. The Project combines scale, simplicity, strong margins and significant exploration upside within one of the most attractive mining jurisdictions in the United States.
Using current spot price of US$4,090[2] increases post-tax NPV(5%) to US$904 million, a 29.82% increase from the base case. IRR increases to 41.4% and payback period reduces to 2.1 years, while increasing the NPV-to-initial-capital ratio to 2.74x from 2.11x.
Why Lemhi Stands Out
100%-owned gold development project located in Idaho, USA
Proven and Probable Mineral Reserve of 1.0 million[1] ounces of gold
Long-life operation with a 15.2-year mine life
Conventional open-pit mining and carbon-in-leach processing
Average life-of-mine gold recovery of 94.8%
Rapid post-tax payback of 2.5 years
Strong capital efficiency with a 2.11x NPV-to-initial-capital ratio
Significant exploration upside beyond current reserves
Additional 240,000 ounces of Inferred Mineral Resources not included in reserve
Feasibility Study Highlights
BASE CASE: US$3,650/oz Gold | 5% Discount Rate
Post-Tax NPV(5%): US$696 Million
Post-Tax IRR: 34.4%
Post-Tax Payback: 2.5 Years
Initial Capital: US$329.7 Million
NPV to Initial Capital Ratio: 2.11x
Proven and Probable Mineral Reserve: 1.0 million[1] ounces gold
Mine Life: 15.2 Years
Total Payable Gold: 972,000 ounces
Average Annual Production: 64,141 oz - LOM; 75,100 oz in Years 1 to 10
Average Gold Recovery: 94.8%
C1 Cash Cost: US$1,477/oz;
AISC: US$1,719/oz
AT US$4,090/oz GOLD - UPSIDE SCENARIO
Post-Tax NPV(5%): US$904 Million
Post-Tax IRR: 41.4%
Payback Period: 2.1 Years - capital fully recovered in just two years
Management Commentary
Bassam Moubarak, CEO and Director, stated, 'The completion of the Lemhi Feasibility Study represents a major milestone in the advancement of the Lemhi Gold Project and confirms what we believe is one of the most compelling undeveloped gold projects in the United States. Supported by a 1.0 million3 ounce Proven and Probable Mineral Reserve, a 15.2-year mine life, a post-tax NPV(5%) of US$696 million, and a rapid 2.5-year payback period, Lemhi offers a rare combination of scale, simplicity, and strong leverage to gold prices.
'Importantly, the project generates more than two dollars of post-tax NPV(5%) for every dollar of initial capital invested, underscoring its capital efficiency and robust economic foundation. With significant exploration upside beyond the current reserve and a location in one of North America's most established mining jurisdictions, Lemhi is well-positioned to create substantial long-term value for shareholders.
'Since the 2023 Preliminary Economic Assessment, we have materially enhanced the project through the incorporation of filtered tailings to support permitting objectives, improvements to the process flowsheet including additional crushing and grinding capacity to enhance metallurgical performance, and an optimized mine plan that increases projected gold production by approximately 120,000 ounces over the life of mine. This increased production is from the infill drilling program completed in Q4 of 2025 that culminated in an updated mineral resource estimate on February 5, 2026. The Feasibility Study provides a strong technical and economic foundation as we advance permitting, engineering, financing, and development planning toward the eventual construction and operation of the Lemhi Gold Project.'
A Strategically Located, 100%-Owned US Gold Asset
The Lemhi Gold Project is a 100%-owned, gold development asset situated in Lemhi County, Idaho - a pro-mining, low-sovereign-risk jurisdiction. The Project encompasses 2,856.5 hectares of mineral rights (348 unpatented mining claims) and 249 hectares of surface rights across 11 patented claims, giving Freeman full operational control over the entire project footprint.
Located just 40 km north of the town of Salmon and accessible via established roads, Lemhi benefits from favourable regional infrastructure and logistical accessibility. The project is designed as a conventional open-pit, carbon-in-leach gold operation, with the mine plan structured to maximize early cash flow through phased mining of higher-grade material, providing strong capital payback and financial flexibility throughout its 15.2-year mine life.
Permitting - Advancing in a Pro-Mining, Pro-Development Jurisdiction
Idaho remains one of the most established and mining-supportive jurisdictions in the United States, with a long history of responsible mineral development. Freeman has initiated agency engagement and baseline environmental studies in support of a future Mine Plan of Operations submission and the associated NEPA review process.
Furthermore, no environmental, social, or permitting issues have been identified that are currently expected to preclude project development. The incorporation of the filtered tailings storage facility into the project design reflects early regulatory engagement and aligns the Project with contemporary permitting expectations. Freeman continues to advance baseline characterization programs, stakeholder engagement initiatives, and agency coordination efforts designed to support a predictable permitting pathway.
The United States government's commitment to domestic critical mineral and precious metals self-sufficiency creates a highly supportive policy environment for projects like Lemhi. Freeman is uniquely positioned to contribute to this national priority, providing American-produced gold while generating significant local and regional employment and economic activity during both construction and operations.
Freeman intends to follow the path already outlined by Integra Resources Corp and Liberty Gold Corp in pursuing a US federal permitting improvement steering committee council FAST-41 federal permitting framework, which provides transparency on permitting milestones and timelines.
Next Steps - Moving Lemhi Toward Development
With the Feasibility Study now complete, Freeman has established a clear development pathway for Lemhi. The Company is focused on advancing permitting, completing additional engineering optimization, evaluating financing alternatives, and continuing exploration programs designed to expand mineral resource estimates and extend mine life.
Supported by a 1.0 million[1] ounce] ounce Proven and Probable Mineral Reserve, strong project economics, excellent infrastructure, and a favourable Idaho location, Lemhi is positioned to become a significant future source of domestic US gold production.
Advancing permitting and environmental baseline studies toward Mine Plan of Operations submission.
Continuing stakeholder and community engagement in Lemhi County and the broader region.
Progressing project financing and strategic partnership discussions
Continuing infill and exploration drilling to grow and extend the Mineral Resource estimate.
Refining engineering and procurement strategies to optimize capital efficiency at construction.
Freeman is committed to building Lemhi as a flagship US gold operation and creating exceptional, sustained shareholder value through the project's development and eventual production.
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., Millard, J., Cooper, Schulte, M., Dufresne, M., NI 43-101 Technical Report and Preliminary Economic Assessment, dated November 20, 2023; www.sedarplus.ca; see news release dated February 5, 2026).
Contact:
Bassam Moubarak
Chief Executive Officer and Director
Freeman Gold Corp.
Email: bm@bmstrategiccapital.com
Web: www.freemangoldcorp.com
Forward-Looking Information
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
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