VANCOUVER, BC, July 15, 2025 /CNW/ – Freeman Gold Corp. (TSXV: FMAN) (OTCQB: FMANF) (FSE: 3WU) (“Freeman” or the “Company“) is pleased to announce the receipt of CAD $4,800,000 from the exercise of 60,000,000 warrants. With these funds in hand, the feasibility study on the Lemhi Gold Project (“Lemhi“, or the “Project“) being prepared by Ausenco Engineering Canada ULC (“Ausenco“) is fully funded.
Bassam Moubarak, CEO of Freeman, stated, “The cash received from the warrant exercises provides the Company with the capital to complete the Lemhi feasibility study. Furthermore, the lump sum contract with Ausenco provides cost certainty as work progresses on the study. We appreciate the continued support of all our shareholders as we continue working towards developing the Lemhi Gold Project.”
The feasibility study will build upon the 2023 Preliminary Economic Assessment (the “2023 PEA“), also completed by Ausenco. The 2023 PEA outlined a high-grade, low-cost, open pit operation with an average annual production of 80,100 ounces of gold in the first eight years. The production strategy outlined in the 2023 PEA consists of a phased development with an increase in throughput during the fifth year of operation, with a flowsheet utilizing a carbon-in-leach (CIL) processing facility. The objective of the study has been to maximize the value of Lemhi, while minimizing the footprint and environmental impact.
Freeman recently completed its supplementary feasibility study 2,480 metre drill program (see Freeman news release June 9, 2025, for additional information) designed to:
- Convert inferred ounces from the current mineral resource estimate to either measured or indicated (approximately 1,820 metres in 23 drill holes) for those ounces contained within the pit shell as designed as part of Freeman’s Preliminary Economic Assessment (“PEA“) (see Freeman’s news release dated October 16, 2023); and
- Complete further exploration to the north, south and at the Beauty Zone (approximately 1,040 metres in seven drill holes).
Freeman anticipates receiving assay results from the reverse circulation (RC) drill program in early Q3 and will report results as they become available.
About the Company and Project
Freeman Gold Corp. is a mineral exploration company focused on the development of its 100% owned Lemhi Gold property. The Project comprises 30 square kilometres of highly prospective land, hosting a near-surface oxide gold resource. The pit constrained National Instrument 43-101 (“NI 43- 101“) compliant mineral resource estimate is comprised of 988,100 ounces gold (“oz Au“) at 1.0 gram per tonne (“g/t“) in 30.02 million tonnes (4.7 million tonnes Measured (168,800 oz Au) & 25.5 million tonnes Indicated (819,300 oz Au)) and 256,000 oz Au at 1.04 g/t Au in 7.63 million tonnes (Inferred). The Company is focused on growing and advancing the Project towards a production decision. To date, 525 drill holes and 92,696 m of drilling has historically been completed (Murray K., Elfen, S.C., Mehrfert, P., Millard, J., Cooper, Schulte, M., Dufresne, M., NI 43-101 Technical Report and Preliminary Economic Assessment, dated November 20, 2023; www.sedarplus.ca).
The recently updated price sensitivity analysis (see Freeman’s news release dated April 9, 2025) shows a PEA with an after-tax net present value (5%) of US$329 million and an internal rate of return of 28.2% using a base case gold price of US$2,200/oz Au; Average annual gold production of 75,900 oz Au for a total life-of-mine of 11.2 years payable output of 851,900 oz Au; life-of-mine cash costs of US$925/oz Au; and, all-in sustaining costs of US$1,105/oz Au using an initial capital expenditure of US$215 million*.
*Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability. The preliminary economic assessment is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.
The technical content of this release has been reviewed and approved by Dean Besserer, P. Geo., VP Exploration of the Company and a Qualified Person as defined by NI 43-101.
On Behalf of the Company
Bassam Moubarak
Chief Executive Officer
Cautionary Statements Regarding Forward Looking Information
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operations and activities of Freeman, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this news release relate to, among other things, the feasibility study being prepared by Ausenco, and the receipt of assay results from the recently completed drill program, including timing and impact thereof on converting inferred resources to the measured and indicated category. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Freeman, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the results of exploration work, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Freeman does not assume any obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
SOURCE Freeman Gold Corp.
