Freeman Gold Corp. press release

Freeman Gold Delivers Feasibility Study for the Lemhi Gold Project Confirming 1 Million¹ Ounce Proven and Probable Reserve, US$696 Million Post Tax NPV(5%), 34.4% IRR and 15-Year Mine Life Using Base Case $3,650/oz Au

2026-06-29

TSXV - TSX Venture Exchange · Gold · Silver · Copper · Arsenic · Molybdenum · Canada · Technical Studies

Canada NewsWire

VANCOUVER, BC, June 29, 2026/CNW/ - Freeman Gold Corp. (TSXV: FMAN) (OTCQB: FMANF) (FSE: 3WU) ("Freeman" or the "Company") is pleased to announce the results of the Feasibility Study ("FS") for its 100%-owned Lemhi Gold Project ("Lemhi" or the "Project"), located in Lemhi County, Idaho, USA. Prepared by Ausenco Engineering Canada ULC ("Ausenco") in accordance with National Instrument 43-101 _Standards of Disclosure for Mineral Projects_("NI43-101"), the Feasibility Study confirms Lemhi as a technically robust, long-life gold development project supported by a Proven and Probable Mineral Reserve of 1.0 million1 ounces of gold.

At a base case of US$3,650 per ounce, the study demonstrates strong economics, including a pos-tax Net Present Value ("NPV(5%)") of US$696 million, a post-tax internal Rate of Return ("IRR") of 34.4% and a rapid payback period of 2.5 years. The Project combines scale, simplicity, strong margins and significant exploration upside within one of the most attractive mining jurisdictions in the United States.

Using current spot price of US$4,0902increases post-tax NPV(5%) to US$904 million, a 29.82% increase from the base case. IRR increases to 41.4% and payback period reduces to 2.1 years, while increasing the NPV-to-initial-capital ratio to 2.74x from 2.11x.

Why Lemhi Stands Out

100%-owned gold development project located in Idaho, USA

Proven and Probable Mineral Reserve of 1.0 million1ounces of gold Long-life operation with a 15.2-year mine life Conventional open-pit mining and carbon-in-leach processing Average life-of-mine gold recovery of 94.8% Rapid post-tax payback of 2.5 years Strong capital efficiency with a 2.11x NPV-to-initial-capital ratio Significant exploration upside beyond current reserves Additional 240,000 ounces of Inferred Mineral Resources not included in reserve

| _ | | | 1 | Based on 43.0 MT at a grade of 0.74g/t. Please see notes for Mineral Reserve Estimate below. | | 2 | As at June 26, 2026 |

Feasibility Study Highlights

BASE CASE: US$3,650/oz Gold|5% Discount Rate

Post-Tax NPV(5%): US$696 Million Post-Tax IRR: 34.4% Post-Tax Payback: 2.5 Years Initial Capital: US$329.7 Million NPV to Initial Capital Ratio: 2.11x Proven and Probable Mineral Reserve: 1.0 million3ounces gold Mine Life: 15.2 Years Total Payable Gold: 972,000 ounces Average Annual Production: 64,141 oz- LOM; 75,100 oz in Years 1 to 10 Average Gold Recovery: 94.8% C1 Cash Cost: US$1,477/oz; AISC: US$1,719/oz

AT US$4,090/oz GOLD — UPSIDE SCENARIO

Post-Tax NPV(5%): US$904 Million Post-Tax IRR: 41.4% Payback Period: 2.1 Years— capital fully recovered in just two years

[](https://mma.prnewswire.com/media/3001542/Freeman_Gold_CorpFreeman_Gold_Delivers_Feasibility_Study_for_t.html)

[](https://mma.prnewswire.com/media/3001543/Freeman_Gold_CorpFreeman_Gold_Delivers_Feasibility_Study_for_t.html)

Management Commentary

Bassam Moubarak, CEO and Director, stated, "The completion of the Lemhi Feasibility Study represents a major milestone in the advancement of the Lemhi Gold Project and confirms what we believe is one of the most compelling undeveloped gold projects in the United States. Supported by a 1.0 million3ounce Proven and Probable Mineral Reserve, a 15.2-year mine life, a post-tax NPV(5%) of US$696 million, and a rapid 2.5-year payback period, Lemhi offers a rare combination of scale, simplicity, and strong leverage to gold prices.

"Importantly, the project generates more than two dollars of post-tax NPV(5%) for every dollar of initial capital invested, underscoring its capital efficiency and robust economic foundation. With significant exploration upside beyond the current reserve and a location in one of North America's most established mining jurisdictions, Lemhi is well-positioned to create substantial long-term value for shareholders.

"Since the 2023 Preliminary Economic Assessment, we have materially enhanced the project through the incorporation of filtered tailings to support permitting objectives, improvements to the process flowsheet including additional crushing and grinding capacity to enhance metallurgical performance, and an optimized mine plan that increases projected gold production by approximately 120,000 ounces over the life of mine. This increased production is from the infill drilling program completed in Q4 of 2025 that culminated in an updated mineral resource estimate on February 5, 2026. The Feasibility Study provides a strong technical and economic foundation as we advance permitting, engineering, financing, and development planning toward the eventual construction and operation of the Lemhi Gold Project."

| _ | | | 3 | Based on 43.0 MT at a grade of 0.74g/t. Please see notes for Mineral Reserve Estimate below. |

A Strategically Located, 100%-Owned US Gold Asset

The Lemhi Gold Project is a 100%-owned, gold development asset situated in Lemhi County, Idaho — a pro-mining, low-sovereign-risk jurisdiction. The Project encompasses 2,856.5 hectares of mineral rights (348 unpatented mining claims) and 249 hectares of surface rights across 11 patented claims, giving Freeman full operational control over the entire project footprint.

Located just 40 km north of the town of Salmon and accessible via established roads, Lemhi benefits from favourable regional infrastructure and logistical accessibility. The project is designed as a conventional open-pit, carbon-in-leach gold operation, with the mine plan structured to maximize early cash flow through phased mining of higher-grade material, providing strong capital payback and financial flexibility throughout its 15.2-year mine life.

Project Economics — Base Case US$3,650/oz

| Metric | Unit | Value | | Gold Price | US$/oz | 3,650 | | Post-Tax NPV (5%) | US$M | 695.6 | | Post-Tax IRR | % | 34.4 | | Post-Tax Payback | Years | 2.5 | | Pre-Tax NPV (5%) | US$M | 937.3 | | Pre-Tax IRR | % | 39.3 | | Pre-Tax Payback | Years | 2.4 | | Initial Capital | US$M | 329.7 | | Sustaining Capital | US$M | 167.5 | | NPV / Initial Capital | x | 2.11x | | Total LOM Revenue | US$M | 3,548 | | LOM EBITDA | US$M | 2,020 | | Mine Life | Years | 15.2 |

[](https://mma.prnewswire.com/media/3001544/Freeman_Gold_CorpFreeman_Gold_Delivers_Feasibility_Study_for_t.html)

Capital Cost Summary — US$329.7M Initial Capital

The Project is designed to maximize capital efficiency while maintaining operational simplicity. Initial capital requirements of US$329.7 million support a project generating a post-tax NPV(5%)of US$696 million and a post-tax IRR of 34.4%. The resulting 2.11x NPV-to-capital ratio and 2.5-year payback period compare favourably with many peer-stage North American gold development projects.

| Capital Category | US$M | | Mining | 68.0 | | Processing | 127.8 | | Tailings Storage Facility | 21.3 | | On-site Infrastructure | 30.0 | | Off-site Infrastructure | 2.6 | | Indirect Costs | 40.1 | | Owner's Costs | 8.0 | | Contingency | 31.8 | | Initial Capital Total4 | 329.7 | | Expansion Capital | 8.0 | | Sustaining Capital | 167.5 | | Closure Cost (Net Salvage) | (3.5) |

| | | | 4 | Some figures may not sum due to rounding |

Operating Costs — Positioned for Compelling Margins

Although operating costs are higher than those outlined in the 2023 PEA, the revised mine plan captures approximately 120,000 additional ounces of gold production while incorporating enhanced recovery and permitting-focused design improvements. These modifications materially increase total life-of-mine cash flow and project value.

| Operating Cost Component | US$/oz Au | | Mining | 753.93 | | Processing | 641.71 | | General & Administration | 77.31 | | Treatment & Refining | 4.30 | | Cash Operating Cost C1 | 1,477.25 | | Royalties (2% NSR) | 72.92 | | Total Cash Cost | 1,550.17 | | All-In Sustaining Cost (AISC) | 1,718.95 |

Mineral Reserve Estimate — 1.0 Million5Ounces Proven & Probable

The Feasibility Study is supported by a 1.0 million5ounce Proven and Probable Mineral Reserve — a substantial resource base underpinning the 15.2-year mine life and providing a strong platform for future reserve growth through ongoing exploration on the extensive Lemhi land package.

| Category | Tonnes (Mt) | Grade (g/t Au) | Gold (Moz) | | Proven | 8.6 | 0.85 | 0.2 | | Probable | 34.4 | 0.71 | 0.8 | | Proven + Probable | 43.0 | 0.74 | 1.0 |

1. The Mineral Reserve estimates were prepared by Marc Schulte, P.Eng. (who is also the independent Qualified Person for these Mineral Reserve estimates), reported using the 2014 CIM Definition Standards, and have an effective date of June 10, 2026. 2. Mineral Reserves are based on the 2026 Feasibility Study life-of-mine plan. 3. Mineral Reserves are mined tonnes and grade, the reference point is the mill feed at the primary crusher and includes consideration for operational modifying factors such as loss and dilution. Estimated ROM quantities and grade are based on measurements within a 4 m x 4 m x 4 m SMU block, with application of an additional 2% mining dilution at 0 g/t Au and a 98% mining recovery. 4. Mineral Reserves are reported at an Au grade cut-off of 0.20 g/t. 5. Cutoff grade assumes $3,000/oz Au; 99.95% payable gold; $5.00/oz Au offsite costs (refining, transport and insurance); a 2.0% NSR royalty; and uses a 92% low grade metallurgical recovery. The cut-off covers processing costs of $13.00/t, administrative (G&A) costs of $2.75/t and stockpile rehandle costs of $1.50/t. 6. Numbers have been rounded as required by reporting guidelines.

Beyond the current Mineral Reserve, the project hosts a further 240,000 oz of Inferred Mineral Resourcesthat represent meaningful exploration upside and the potential to further extend mine life with additional drilling. Furthermore, this Feasibility Study considers mining approximately 120,000 oz gold over the 2023 Preliminary Economic Assessment ("PEA").

| | | | 5 | Based on 43.0 MT at a grade of 0.74g/t. Please see notes for Mineral Reserve Estimate above. |

Production Profile — Front-Loaded for Rapid Capital Recovery

The Feasibility Study outlines a 15.2-year mine life producing 972,000 total payable ounces of gold, with the mine plan strategically front-loaded to target higher-grade material in the early years. Average annual production of 75,100 ounces in the first 10 years significantly exceeds the LOM average of 64,141 oz.

| Description | Units | Value | | Mine Life | Yrs | 15.2 | | Total Waste Tonnes Mined | Mt | 171.4 | | Total Mill Feed Mined | Mt | 43.0 | | Strip Ratio | waste:ore | 3.98:1 |

Mining operations employ proven conventional drill, blast, load, and haul open-pit methods. The ultimate pit is split into four phases with initial pushbacks targeting the highest-grade, lowest strip-ratio material. Open pit pre-stripping commences 24 months before first mill feed, ensuring a smooth ramp-up to full production. This FS contemplates mining an additional 120,000 ounces of Au while moving 50% more waste than contemplated in the 2023 PEA, adding approximately US$15M to initial CAPEX.

[](https://mma.prnewswire.com/media/3001545/Freeman_Gold_CorpFreeman_Gold_Delivers_Feasibility_Study_for_t.html)

Outstanding Processing — 94.8% Gold Recovery

The Lemhi processing facility is designed by Ausenco to achieve average life-of-mine gold recoveries of 94.8% — a direct result of the favourable metallurgical characteristics of Lemhi's gold mineralogy. The processing plant facilities will process crushed ore through a carbon-in-leach (CIL) circuit, with gold recovery occurring in an Adsorption, Desorption, and Regeneration (ADR) circuit and refinery that will produce doré on site. The facility will be designed to process 2.5 Mt/a in the initial phase (Phase 1) and ramp up to 3.0 Mt/a (Phase 2), with availability of 92%. The crusher plant is designed for 75% availability, while the gold room is available for 52 weeks annually. The plant will operate two shifts per day, 365 days per year, and will produce dore bars. The project has a mine life of 15.2 years. The FS further contemplates a tertiary grinding mill, thickener and other items that were not contemplated in the 2023 PEA adding approximately US$32M to the CAPEX.

The process plant features the following:

Primary crushing of ROM material SAG mill followed by ball mill with cyclone classification, a tertiary mill and cyclone will be added for the expansion Leach and carbon-in-leach adsorption, with an interstage thickener Acid washing and elution of loaded carbon Electrowinning and smelting to produce dore Carbon regeneration Cyanide destruction and filtered tailings disposal

[](https://mma.prnewswire.com/media/3001546/Freeman_Gold_CorpFreeman_Gold_Delivers_Feasibility_Study_for_t.html)

Infrastructure — Well-Serviced Location with Low Development Risk

Lemhi benefits from excellent regional infrastructure, including established road access, proximity to the town of Salmon, and available regional power and service networks. The project is designed as a self-contained operation with:

Open-pit minewith conventional drill-blast-load-haul operations Carbon-in-leach (CIL) processing plant Engineered filtered tailings storage facility Waste rock and overburden storage facilities Comprehensive water management systems Power infrastructureand grid connection Administration and maintenance complex

[](https://mma.prnewswire.com/media/3001547/Freeman_Gold_CorpFreeman_Gold_Delivers_Feasibility_Study_for_t.html)

Permitting — Advancing in a Pro-Mining, Pro-Development Jurisdiction

Idaho remains one of the most established and mining-supportive jurisdictions in the United States, with a long history of responsible mineral development. Freeman has initiated agency engagement and baseline environmental studies in support of a future Mine Plan of Operations submission and the associated NEPA review process.

Furthermore, no environmental, social, or permitting issues have been identified that are currently expected to preclude project development. The incorporation of the filtered tailings storage facility into the project design reflects early regulatory engagement and aligns the Project with contemporary permitting expectations. Freeman continues to advance baseline characterization programs, stakeholder engagement initiatives, and agency coordination efforts designed to support a predictable permitting pathway.

The United States government's commitment to domestic critical mineral and precious metals self-sufficiency creates a highly supportive policy environment for projects like Lemhi. Freeman is uniquely positioned to contribute to this national priority, providing American-produced gold while generating significant local and regional employment and economic activityduring both construction and operations.

Freeman intends to follow the path already outlined by Integra Resources Corp and Liberty Gold Corp in pursuing a US federal permitting improvement steering committee council FAST-41 federal permitting framework, which provides transparency on permitting milestones and timelines.

Next Steps — Moving Lemhi Toward Development

With the Feasibility Study now complete, Freeman has established a clear development pathway for Lemhi. The Company is focused on advancing permitting, completing additional engineering optimization, evaluating financing alternatives, and continuing exploration programs designed to expand mineral resource estimates and extend mine life.

Supported by a 1.0 million6ounce Proven and Probable Mineral Reserve, strong project economics, excellent infrastructure, and a favourable Idaho location, Lemhi is positioned to become a significant future source of domestic US gold production.

Advancing permitting and environmental baseline studiestoward Mine Plan of Operations submission. Continuing stakeholder and community engagementin Lemhi County and the broader region. Progressing project financingand strategic partnership discussions Continuing infill and exploration drillingto grow and extend the Mineral Resource estimate. Refining engineering and procurement strategiesto optimize capital efficiency at construction.

Freeman is committed to building Lemhi as a flagship US gold operation and creating exceptional, sustained shareholder value through the project's development and eventual production.

Qualified Persons and Technical Disclosure

A team of Independent Qualified Persons (as such term is defined under NI 43-101 at Ausenco and Moose Mountain Technical Services ("MMTS") led the FS and has reviewed and verified the technical disclosure in this press release. The team of Independent Qualified Persons, includes:

Kevin Murray, P.Eng. of Ausenco is an independent Qualified Person at Ausenco for the process and infrastructure capital and operating cost estimation, and project financials; and. Scott Elfen, P.Eng. of Ausenco is an independent Qualified Person for the geotechnical and waste management facilities; and Jonathan Cooper, P.Eng. of Ausenco is an independent Qualified Person for the site wide water management; and Michael Dufresne, P.Geo. of Apex Geoscience is an independent Qualified Person for the Geology, Exploration, property description and ownership; and Warren Black, P.Geo. of Apex Geoscience is an independent Qualified Person for the mineral resource estimate; and Marie-Helene Pare, P.Geo. of GSI Environmental is an independent Qualified Person for the environmental, permitting and social impact; and Marc Schulte, P.Eng. of MMTS is an independent Qualified Person for the Mineral Reserve estimate, mine planning and cost estimation.

The scientific and technical information in this news release has been reviewed, verified and approved by Dean Besserer, P.Geo., Vice-President of Exploration of the Company and Qualified Person as defined in NI 43-101.

| | | | 6 | Based on 43.0 MT at a grade of 0.74g/t. Please see notes for Mineral Reserve Estimate above. |

About Freeman Gold Corp.

Freeman Gold Corp. (TSXV: FMAN, OTCQB: FMANF, FSE: 3WU) is a Canadian-listed gold development company focused on advancing the 100%-owned Lemhi Gold Project in Lemhi County, Idaho, USA. The Company is led by an experienced management team and board with proven track records in mine development, project financing, and value creation in the mining sector. Freeman has recently commenced advance permitting and baseline characterization for the Lemhi Gold Deposit, representing a key step in the Company's strategy to move the Lemhi Project assertively toward future development and production.

The Project comprises 30 square kilometres of highly prospective land, hosting a near-surface oxide gold resource. The pit constrained mineral resource estimate at a 0.2 g/t Au cutoff is comprised of 8.356 million tonnes at 0.92 g/t Au for 247,000 ounces (oz) of gold, an Indicated Mineral Resource of 39.954 million tonnes at 0.76 g/t Au for 974,000 oz of gold, and an Inferred Mineral Resource of 10.683 million tonnes at 0.70 g/t Au for 240,000 oz of gold*. 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; see news release dated February 5, 2026).

*Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability.

On Behalf of the Board of Directors,

Bassam Moubarak Chief Executive Officer and Director Freeman Gold Corp.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. All statements in this release that are not statements of historical fact are forward-looking information, including, without limitation: statements regarding the results of the Feasibility Study for the Lemhi Gold Project; the estimated economics of the Project, including projected net present value, internal rate of return, payback period, capital expenditures, operating costs, sustaining capital, production rates, mine life, mineral reserves, processing recoveries, cash costs and all-in sustaining costs; the Company's plans to advance permitting, engineering, financing, procurement and development activities; the anticipated timing and completion of environmental baseline studies, regulatory submissions and permitting processes; the potential to expand mineral resources and mineral reserves through future exploration and drilling; the Project's future production profile and operational performance; the Company's ability to secure financing, strategic partnerships and governmental approvals; the potential application of the FAST-41 federal permitting framework or other regulatory processes; and the Company's expectations regarding the future development, construction and operation of the Lemhi Gold Project.