Idaho's Gold Revival: Freeman's Lemhi Project Unveils Billion-Dollar Plan

VANCOUVER, BC – August 13, 2026 – In the mineral-rich mountains of Idaho, a modern gold rush may be quietly taking shape. Freeman Gold Corp. (TSXV: FMAN) has solidified its position as a key player in the US gold sector by filing a comprehensive NI 43-101 Technical Report for its Lemhi Gold Project. The document, underpinning a recently completed Feasibility Study, paints a picture of a remarkably robust and economically compelling project, potentially unlocking over a billion dollars in value at current gold prices.

This isn't just another discovery; it's a meticulously planned blueprint for what could become one of America's next significant gold mines. The Feasibility Study, prepared by the reputable engineering firm Ausenco, provides a powerful independent validation of the project's viability, moving it from a promising exploration play to a de-risked, development-stage asset with a clear path forward.

Unearthing a Billion-Dollar Opportunity

The financial metrics detailed in the study are arresting. Using a conservative base case gold price of US$3,650 per ounce, the Lemhi project boasts an after-tax Net Present Value (NPV) of US$695.6 million and a strong Internal Rate of Return (IRR) of 34.4%. However, the real story for investors lies in the project's leverage to the current market. At a gold price of US$4,350 per ounce—a figure described as near current spot prices—the project's after-tax NPV skyrockets to approximately US$1.03 billion, with the IRR jumping to an impressive 45.4% and a rapid payback period of just 1.9 years.

This dramatic valuation increase highlights a point Freeman's leadership is keen to emphasize. "At current gold prices, Lemhi's after-tax NPV exceeds US$1 billion, yet Freeman continues to trade at only a small fraction of that value," stated Bassam Moubarak, Chief Executive Officer. "The Feasibility Study was intentionally based on a conservative gold price... and demonstrates robust economics at that level. We believe the gap between Freeman's market valuation and Lemhi's demonstrated economic value has never been more compelling."

This confidence is built on a solid foundation. The study confirms a Proven and Probable Mineral Reserve of 1.0 million ounces of gold, contained within 43 million tonnes of ore. This reserve underpins a projected mine life of 15.2 years, providing a long-term operational horizon and a stable platform for future growth. The market has taken notice; following the initial announcement of the study's results on June 29, 2026, the company's shares surged nearly 20%, reflecting renewed investor confidence in the de-risked project.

From Blueprint to Bullion: The Path Forward

While impressive financial models can excite the market, the true test of a mining project lies in its execution. With the Feasibility Study now filed, Freeman Gold is pivoting its focus to the tangible, and often challenging, steps of detailed engineering and permitting. This transition from paper to production is where many projects falter, but Freeman appears to be tackling it head-on.

"Ausenco's recommendation to advance Lemhi directly into detailed engineering and permitting provides strong independent validation of the project's technical and economic strength," commented Paul Matysek, Executive Chairman. "Our priority now is execution. We intend to advance the project efficiently and with purpose toward a construction decision."

Navigating the permitting landscape in the United States is a multi-year marathon requiring extensive environmental baseline studies, public consultation, and approvals from a host of state and federal agencies, including the Idaho Department of Environmental Quality and likely the U.S. Forest Service or Bureau of Land Management. Recognizing this, Freeman has been proactive, commencing baseline characterization work and recently appointing a Vice President of Environment & External Relations to steer the process. This strategic focus on permitting signals a mature understanding of the critical path ahead.

Further adding to the project's credibility is its technological profile. Lemhi is an "oxide gold" deposit, a geological distinction with significant economic implications. Oxide ores are typically more amenable to simpler, lower-cost processing techniques compared to more complex sulfide ores. Metallurgical tests for Lemhi have confirmed this advantage, showing high average gold recoveries between 95% and 96.9%. This high recovery rate is a key technical driver that enhances the project's overall economic efficiency.

A Competitive Position in a Hot Market

The Lemhi project does not exist in a vacuum. It enters a competitive field of development-stage assets in North America, but its latest study positions it favorably. When benchmarked against other oxide gold projects in Idaho, such as Liberty Gold's Black Pine or Integra Resources' DeLamar, Lemhi's combination of a robust NPV, strong IRR, and a defined 1-million-ounce reserve makes it a standout contender. Its near-surface mineralization suggests a straightforward open-pit mining operation, a well-understood and cost-effective method.

The project's sensitivity to the gold price serves as a powerful case study in the dynamics of the commodity sector. The Feasibility Study clearly quantifies this leverage, noting that every US$250 increase in the price of gold adds approximately US$120 million to the project's after-tax NPV. This inherent link to the gold market underscores both the immense potential and the risk involved in resource development, making projects like Lemhi a direct play on macroeconomic trends and the enduring value of precious metals.

With a funded treasury to advance permitting, a highly experienced management team, and a newly validated, billion-dollar blueprint in hand, Freeman Gold is now focused on closing the perceived valuation gap and transforming the rich potential of the Lemhi project into Idaho's next producing gold mine.