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Freeman Gold Corp. (TSXV: FMAN,OTC:FMANF, OTCQB: FMANF, FSE: 3WU) ("Freeman" or the "Company") is pleased to announce it has selected additional technical specialists to support baseline characterization of Freeman's Lemhi Gold Project (the "Lemhi" or the "Project"), located in Lemhi County, Idaho. These firms will work in coordination with GSI Environmental Inc. ("GSI"), the lead permitting consultant for the Project, to advance key environmental and cultural resource studies needed to support project development.
"Advancing the environmental and cultural baseline studies at Lemhi is an important step as we continue to systematically move the project forward," said Bassam Moubarak, CEO and Director of Freeman. "By bringing together experienced specialists in aquatic resources, wildlife, and cultural heritage, we are building a strong technical foundation to support responsible project development. The work led by GSI and its partner firms will help ensure that future planning and permitting activities are informed by high-quality baseline data and thorough environmental understanding."
Freeman has selected Spheros Environmental ("Spheros") to support baseline characterization of fisheries and aquatic resources for the Project, initially focused on preparation of a technical work plan defining the scope and methods for aquatic habitat, macroinvertebrate, and fisheries assessments. Spheros brings decades of experience in aquatic systems across the western United States, including Idaho, and has completed aquatic resources plans of study, biological monitoring, and regulatory support for mining projects in the region.
Freeman has also selected Catena Consulting, LLC ("Catena") to support work plan development and terrestrial wildlife baseline characterization efforts for the Project through screening-level evaluation and targeted studies, as warranted, for focal species such as raptors, breeding birds, bats, big game, and other special-status wildlife species. Catena is a Montana-based environmental consulting firm established in 2006 with extensive mining-sector experience in Idaho and Montana, including wildlife baseline surveys, permitting support, and National Environmental Policy Act (NEPA)-related work for mine projects on federal and state managed lands.
In addition, Freeman has selected ARH Archaeology and Architectural History, LLC ("ARH") to support cultural resources baseline work including intensive cultural resources inventories and associated agency coordination and support necessary to demonstrate compliance with Section 106 of the National Historic Preservation Act and other applicable federal cultural resource requirements. ARH is a woman-owned Idaho firm with deep experience in archaeology and architectural history, including recent cultural resource inventories for Freeman and other mining clients in Lemhi County and the Salmon-Challis National Forest. Freeman expects these studies (including field baseline data collection) to be completed in the spring/summer 2026.
Through the addition of these specialized firms, Freeman is continuing to assemble the technical team needed to support environmental baseline characterization and permitting for the Project. The coordinated work of GSI and its subcontractors is intended to provide a strong technical foundation for project planning, agency engagement, and future permitting activities.
About the Company and Project
Freeman Gold Corp. is a mineral exploration company focused on the development of its 100% owned Lemhi Gold property. 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 an Measured Mineral Resource 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*. The Company is focused on growing and advancing the Project towards a production decision. 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).
The recently updated price sensitivity analysis (see Freeman's news release dated April 9, 2025) shows a PEA with an after-tax net present value (5%) of US$329 million and an internal rate of return of 28.2% using a base case gold price of US$2,200/oz; Average annual gold production of 75,900 oz Au for a total life-of-mine of 11.2 years payable output of 851,900 oz Au; life-of-mine cash costs of US$925/oz Au; and, all-in sustaining costs of US$1,105/oz Au using an initial capital expenditure of US$215 million*.
Freeman has recently commenced advance permitting and baseline characterization for the Lemhi Gold Deposit. This work represents a key step in Freeman's strategy to move the Lemhi Project assertively toward future development and production.
*Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability. The preliminary economic assessment is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.
The technical content of this release has been reviewed and approved by Dean Besserer, P. Geo., VP Exploration of the Company and a Qualified Person as defined by the National Instrument 43-101.
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 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 anticipated advancement, scope, timing, and completion of environmental baseline studies and permitting activities at the Lemhi Gold Project; the engagement, performance, and contributions of consultants and contractors; the Company's plans and objectives to advance the Project toward development and potential production; the ability to obtain required permits, approvals, and authorizations in a timely manner or at all; and the assumptions, parameters, and results of the preliminary economic assessment, including projected net present value, internal rate of return, capital expenditures, operating costs, production rates, and mine life.
Forward-looking information is based on a number of material assumptions, including, without limitation: that all required third-party contractors, equipment, and services will be available as scheduled; that environmental and cultural baseline programs will be completed as currently contemplated; that regulatory approvals will be obtained in a timely manner on acceptable terms; that geological, metallurgical, engineering, and economic assumptions underlying the Company's technical data are accurate; that commodity prices and exchange rates will remain within expected ranges; and that general economic, market, and industry conditions will not materially change.
Forward-looking information is inherently subject to significant risks, uncertainties, and contingencies, many of which are beyond the Company's control and which could cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking information. Such risks include, without limitation: delays or failures in obtaining regulatory approvals, permits, or authorizations; adverse environmental or permitting outcomes; changes in laws, regulations, or regulatory practices; risks relating to the accuracy and reliability of technical data and interpretations; the speculative nature of mineral exploration and development; the inclusion of inferred mineral resources in economic analyses; fluctuations in commodity prices, capital costs, and operating costs; financing risks; contractor performance risks; and general economic, market, and geopolitical conditions. Readers are further cautioned that the preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the preliminary economic assessment will be realized.
Forward-looking information is provided for the purpose of assisting readers in understanding the Company's current expectations and plans and may not be appropriate for other purposes. Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement and is made as of the date of this news release. The Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable law.
SOURCE Freeman Gold Corp.
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