Freeman to conduct permitting at Lemhi

Executive Summary

• Freeman Gold Corp. has engaged GSI Environmental Inc. to fast-track permitting and baseline characterization for its Lemhi gold deposit in Idaho, a critical step toward moving the project toward development and production.
• The engagement includes comprehensive environmental studies, feasibility study support, and regulatory compliance assistance, with work already underway including groundwater monitoring and geochemical testing.
• Freeman has also retained Trinity Consultants Inc. for air quality consulting services to support baseline characterization and permitting requirements.

Key Details

• GSI Environmental Engagement:
  • Scope: Environmental and permitting guidance for the feasibility study (FS), baseline environmental studies, technical modeling, impact assessments, regulatory compliance, mitigation strategies, NEPA compliance, and mine closure/reclamation planning.
  • Regulatory Alignment: GSI will work with federal agencies (U.S. Army Corps of Engineers, U.S. Forest Service) and state regulators (Idaho Department of Lands, Idaho Department of Environmental Quality).
  • Current Activities:
    • Installation of pressure transducers in monitoring wells for year-round groundwater data collection.
    • Development of a hydrogeological conceptual site model and work plan for agency-required characterization.
    • Commencement of geochemical baseline characterization of ore, waste rock, and tailings to evaluate water quality impacts.
    • Design of static and kinetic testing programs for mine planning and environmental management.
• Trinity Consultants Engagement:
  • Scope: Air quality consulting for baseline characterization and permitting.
  • Specific Tasks: Meteorological and baseline ambient air monitoring, facility-wide air emission inventory development, and air dispersion modeling in accordance with IDEQ requirements.
• Project Context (Lemhi Gold Deposit):
  • Location: Lemhi County, Idaho.
  • Resource Estimate (NI 43-101):
    • Measured: 4.7 million tonnes at 1.0 g/t Au (168,800 oz).
    • Indicated: 25.5 million tonnes at 1.0 g/t Au (819,300 oz).
    • Inferred: 7.63 million tonnes at 1.04 g/t Au (256,000 oz).
  • Preliminary Economic Assessment (PEA) Metrics (based on $2,200/oz gold price):
    • After-tax NPV (5%): $329 million.
    • Internal Rate of Return (IRR): 28.2%.
    • Life of Mine: 11.2 years.
    • Total Payable Output: 851,900 oz Au.
    • Average Annual Production: 75,900 oz Au.
    • Cash Costs: $925/oz.
    • All-In Sustaining Costs (AISC): $1,105/oz.
    • Initial Capital Expenditure: $215 million.
• Historical Drilling: 525 drill holes completed totaling 92,696 meters.

Notable Quotes

• "Securing our mining permit is a critical milestone for the advancement of the Lemhi project. Working with GSI's experienced team, we will derisk the mine permitting process and create long-term value for our shareholders." — Bassam Moubarak, Chief Executive Officer and Director of Freeman Gold Corp.