Freeman looks back at Lemhi milestones in 2025

Executive Summary

• Freeman Gold Corp. reports a transformative 2025 for its Lemhi gold project in Idaho, highlighting significant progress in financing, drilling, metallurgy, and economic modeling.
• The company raised $10.5 million in July 2025 via private placement and convertible debentures to fund exploration and feasibility work.
• Updated economic analysis at a $3,400/oz gold price shows a post-tax NPV of $876 million and an IRR of 57.4%, while drilling confirmed resource expansion potential with high-grade intercepts.

Key Details

• Financing: In July 2025, Freeman raised $10.5 million through a non-brokered private placement and an unsecured convertible debenture offering. This capital enhances the balance sheet for exploration, metallurgical optimization, and feasibility-level work. Management and insiders hold 28.5% of outstanding shares.
• Economic Updates: In April 2025, updated economic results using a gold price of $3,400/oz showed:
  • Post-tax Net Present Value (5%): ~$876 million (U.S.)
  • Post-tax Internal Rate of Return (IRR): 57.4%
  • Payback Period: 1.6 years
  • Base case (from "About" section, $2,200/oz): NPV $329 million, IRR 28.2%, Life of Mine 11.2 years, Avg Annual Production 75,900 oz, Cash Costs $925/oz, AISC $1,105/oz, Initial CapEx $215 million.
• Drilling Results: In September 2025, a 33-hole, 3,328-metre drill program focused on resource conversion and expansion. Key results included:
  • 8.0 metres grading 3.1 grams per tonne gold.
  • Drilling confirmed mineral continuity and that the deposit remains open to the north and south of the pit outlined in the prefeasibility study.
  • All drilling was completed on patented claims.
• Metallurgical Testing: In December 2025, Phase 4 metallurgical testwork was finalized with:
  • Average gold recoveries of 95.4% using a carbon-in-leach flow sheet.
  • Cyanide destruction tests met applicable discharge standards.
• Future Milestones:
  • Updated mineral resource estimate expected in early Q1 2026.
  • Feasibility study completion targeted for April 2026.
  • Path toward a production decision at Lemhi.

Notable Quotes

• "Our achievements in 2025 represent a turning point for Freeman... The combination of strong drill results, exceptional metallurgical recoveries, strategic financing and highly attractive economic sensitivity to current gold prices has positioned us to deliver an updated resource estimate in Q1 2026. This will be a critical step toward completing our feasibility study in April, 2026, and moving the Lemhi gold project closer to production." — Bassam Moubarak, CEO and Director