FREEMAN GOLD APPLIES FOR FAST-41 COVERED PROJECT STATUS TO ADVANCE FEDERAL PERMITTING OF THE LEMHI GOLD PROJECT
Freeman’s fast-track permitting filing advances the Lemhi project, though the company’s cash runway remains tight.
Freeman Gold Corp. (FMAN) has submitted a Fast-41 Initiation Notice (FIN) to the Federal Permitting Improvement Steering Council, seeking to designate its 100%-owned Lemhi Gold Project in Idaho as a "covered project" under Title 41 of the Fixing America's Surface Transportation Act. The application relies on data from the June 2026 Feasibility Study, which outlines a 1.03 million ounce Proven and Probable reserve, a 15.2-year mine life, and base-case economics of a US$696 million after-tax NPV(5%) and 34.4% IRR at a US$3,650/oz gold price.
If approved, the project will be tracked on the Federal Permitting Dashboard, providing a coordinated timetable, statutory accountability, and shortened legal challenge windows of two years. Baseline environmental studies covering water, air, soil, geochemistry, vegetation, socioeconomic factors, and cultural resources were initiated in Q3 2026 with GSI Environmental Inc. and other specialists. The company expects to submit its Mine Plan of Operations (MPO) in December 2026, following the development of a Coordinated Project Plan within 60 days of dashboard posting.
Freeman Gold Corp. (FMAN) has submitted its FAST-41 application, a procedural regulatory milestone that follows the completion of the Feasibility Study in June 2026 and subsequent baseline studies. The filing does not introduce new reserve data, economic assumptions, or capital requirements.
The move provides greater legal certainty and interagency coordination, which de-risks the permitting timeline for the project, which carries an initial CAPEX of $329.7 million. This step is expected for a project of this scale and capital intensity.
The market has already priced in the strong Feasibility Study economics and the progression toward the MPO submission. This release confirms the company is executing on its stated permitting roadmap. The news is incremental and aligns with previous management guidance, representing an update that advances the project's development pathway.
Freeman Gold Corp. (FMAN) is an exploration and development company focused on the Lemhi Gold Project in Lemhi County, Idaho. The project is 100% owned on patented claims covering over 90% of known mineralization.
The company is currently in the advanced exploration and permitting stage. Its flagship asset, the Lemhi Gold Project, is scheduled to release a feasibility study in June 2026. The study outlines a 1.03 million ounce Proven and Probable reserve with a 15.2-year mine life. Financial metrics include a 34.4% after-tax IRR and a US$696 million NPV(5%) at a gold price of $3,650/oz. The project requires US$329.7 million in initial CAPEX, with a 2.5-year payback period.
To date, Freeman Gold has completed 525 drill holes totaling 92,696 meters. The planned operation is a conventional open-pit, carbon-in-leach (CIL) facility with an average life-of-mine gold recovery of 94.8%. Soft ore characteristics and low reagent consumption support cost efficiency.