Freeman Expands Lemhi Gold Deposit to 1.22 Moz Measured and Indicated at 0.79 g/t in 48.310 Million Tonnes in Updated Resource Estimate

The February 5, 2026, news release announces a significant update to the Mineral Resource Estimate (MRE) for the Lemhi Gold Project in Idaho. The project now hosts a Measured and Indicated (M&I) resource of 1.22 million ounces of gold at an average grade of 0.79 g/t Au (contained in 48.3 million tonnes). This represents a 23.5% increase in M&I ounces compared to the 2023 estimate (988,100 oz). Inferred resources are stated at 240,000 oz at 0.70 g/t Au. The update follows a 3,328-meter drill program designed to convert inferred resources into higher-confidence categories for the upcoming Feasibility Study (FS) due in April 2026. Additionally, the company reported that strategic investor Brian Paes-Braga increased his ownership to 7.83%.

• Resource Inventory: Crossing the 1 million ounce M&I threshold is a material de-risking event. This "critical mass" is often required by mid-tier producers and lenders for project financing.
• Grade Dilution: Critically, the M&I grade has dropped from 1.0 g/t Au in the 2023 MRE to 0.79 g/t Au in 2026—a 21% decrease. While the total ounces increased, the company is now looking at a lower-grade bulk-tonnage profile. This will likely increase the strip ratio or require higher throughput to maintain the same production profile as previously projected in the PEA, potentially impacting margins if gold prices soften.
• Insider Support: The increased stake by Brian Paes-Braga (7.83%) and earlier participation by Michael Parker (10.3%) indicates strong insider confidence and provides some "soft" support for the share price.
• Strategic Execution: The company is delivering on its timeline, successfully converting inferred ounces to M&I and engaging permitting consultants (GSI Environmental) ahead of the April 2026 FS deadline.

Freeman Gold Corp. is focused on the Lemhi Gold Project in Lemhi County, Idaho. The project is a near-surface, oxide, heap-leach/CIL-amenable gold deposit. A 2023 PEA (updated for sensitivity in 2025) outlined a project producing ~76,000 oz Au annually with an 11-year mine life. The project is situated primarily on patented mining claims, which significantly simplifies the permitting process compared to projects on federal land.