This Idaho Gold Project Just Hit Every Target

1. Freeman Gold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
3.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

1, Disclosure for the quote from the John Newell article published on September 23, 2025

1. For the quoted article (published on September 23, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Freeman Gold Corp. (FMAN:TSX; FMANF:OTCQB; 3WU:FSE) reported a series of operational and financial accomplishments in 2025 that supported the advancement of its 100% owned Lemhi Gold Project in Idaho. The company announced it had raised US$10.5 million through a combination of a non-brokered private placement and an unsecured convertible debenture offering. In addition to this financing, Freeman noted that management and insiders collectively held 28.5% of outstanding shares as of mid-2025.

Drilling activities at the Lemhi property focused on converting and expanding the resource base. In total, 33 holes covering 3,328 meters were completed in 2025. Among the results was a reported intercept of 8.0 meters grading 3.1 grams per tonne (g/t) gold, confirming mineral continuity and the presence of high-grade zones. All drilling occurred on patented claims, and the deposit remained open to the north and south of the existing pit shell.

Freeman also concluded its Phase 4 metallurgical program during the year. The test work yielded average gold recoveries of 95.4% using a conventional carbon-in-leach process. Cyanide destruction tests were reported to meet applicable discharge standards, providing additional data in support of environmental and processing assessments.

Economic modeling of the Lemhi project was updated in April 2025. At a gold price of US$3,400 per ounce, the project's post-tax Net Present Value (NPV5%) was estimated at US$876 million with an internal rate of return (IRR) of 57.4% and a 1.6-year payback period. This sensitivity analysis was based on inputs from the company's November 2023 Preliminary Economic Assessment, which had previously outlined a base case after-tax NPV (5%) of US$329 million using a gold price of US$2,200 per ounce, and projected an 11.2-year mine life with total payable production of 851,900 ounces.

Freeman Gold's CEO and Director, Bassam Moubarak, commented in a news release that "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."

The Lemhi property covers approximately 30 square kilometers and hosts a near-surface oxide gold deposit. Freeman Gold has completed 525 drill holes totaling 92,696 meters historically, with further technical reporting made available on SEDAR+.

Gold Demand Anchored by Central Bank Buying and Geopolitical Tensions

A December 31 report from Ahead of the Herd described 2025 as "historic," with gold, silver, and copper all rising significantly over the year. The publication reported that gold had climbed 69% to US$4,331.90 per ounce, driven by a range of macroeconomic and geopolitical factors. These included safe haven demand amid conflicts in Gaza, Ukraine, and Venezuela, a weakening U.S. dollar, continued central bank purchases, strong inflows into gold-backed exchange-traded funds, a softening U.S. labor market, and expectations that the Federal Reserve could further reduce interest rates.

Russian economist Yevgeny Biryukov noted that gold served multiple strategic purposes for BRICS countries, calling it "a tool to protect against sanction risks, a response to the unreliability of traditional partners, and a tangible asset recognised for thousands of years." The same report stated that central banks had acquired more than 1,000 tonnes of gold annually between 2022 and 2024, marking what it called "the longest sustained gold-buying period in modern history." It is also estimated that the combined official gold reserves held by BRICS members have surpassed 6,000 tonnes.

On January 3, The Economic Times reported that bullion markets were closely watching developments following U.S. military action in Venezuela, with investors monitoring the potential short-term impact on precious metals. Anuj Gupta, Director at Ya Wealth, told Mint that "geopolitical tension may fuel uncertainty," noting that COMEX gold had closed at US$4,345.50 per ounce. The article also quoted Sandeep Pandey, Co-founder of Basav Capital, who said that "gold prices may also rise due to risk concerns linked to geopolitical tension," reinforcing gold's traditional role as a safe haven during periods of global instability.

A January 5 report by Hormaz Fatakia observed that investors were once again rotating into safe-haven assets following the escalation in Venezuela. The article stated that gold futures had gained 1% in early Monday trading and noted that both gold and silver had experienced their strongest annual performance since 1979. It also highlighted the strategic importance of physical reserves, reporting that Venezuela held an estimated 161 metric tonnes of gold — believed to be the largest reserve in South America — with a potential market value of nearly US$22 billion at recent prices.

Shallow Oxide Profile and Scalable Design Underscore Project Fundamentals

¹In a September 23 report, John Newell of John Newell & Associates assigned a Speculative Buy rating to Freeman Gold Corp., citing progress at the company's 100%-owned Lemhi Gold Project in Idaho. He described the project as "a de-risked starting point," referencing its shallow oxide gold mineralization, location on patented land, and favorable metallurgical characteristics. Newell pointed to improved project economics that incorporated prevailing metal prices and cost inputs, highlighting the April 2025 update to the Preliminary Economic Assessment, which outlined an after-tax net present value (NPV) of approximately US$453 million and an internal rate of return (IRR) of 33.2% at a gold price of US$2,200 per ounce. A sensitivity case using US$2,900 per ounce reflected an increased NPV of approximately US$648 million and a 45.9% IRR.

Newell described Freeman Gold's development approach as capital-efficient and focused on expanding and upgrading the existing resource. He identified scalability as a core attribute of the project, with open targets along strike, at depth, and in adjacent zones such as the Beauty Zone. As of the report's publication, the mineral resource estimate consisted of 988,100 ounces of gold in the measured and indicated category at an average grade of 1.00 grams per tonne, and 234,700 ounces in the inferred category at 1.01 grams per tonne.

He also noted the permitting advantages associated with the project's jurisdiction. Idaho ranked favorably in global mining surveys, and the Lemhi deposit was largely situated on private, patented ground — conditions that, according to Newell, simplify the permitting process when compared to assets located on federal land.

From a technical standpoint, Newell reported that Freeman Gold had exited a prolonged downtrend and was forming a bullish pattern with higher lows and increased trading volume. He identified near-term technical price levels at CA$0.26 and CA$0.40, with additional resistance around CA$0.90 and a broader price target of CA$1.30. He concluded that the company's overall setup provided what he viewed as meaningful exposure to both internal project developments and broader sentiment within the gold sector.

Positioned to Define Value Through Updated Resource and Feasibility Work

As covered in its investor materials, Freeman Gold's upcoming milestones include the release of an updated mineral resource estimate in the first quarter of 2026. This will incorporate results from the 2025 drill campaign and serve as the foundation for a feasibility study targeted for completion in April 2026.

The Lemhi Gold Project remains central to the company's development strategy. The asset benefits from location within a recognized mining jurisdiction, Idaho, and is primarily situated on patented private land, which provides a potential permitting advantage. The project's metallurgical profile, confirmed by over 95% gold recovery in the latest testing, aligns with the conventional processing routes planned in previous economic studies.

The company's price sensitivity work demonstrates significant leverage to higher gold prices, with economics improving considerably across scenarios. At US$2,200 per ounce gold, Lemhi was modeled to produce 75,900 ounces per year at an all-in sustaining cost of US$1,105 per ounce and a life-of-mine capital cost of US$215 million. Freeman's management team has indicated that permitting, environmental baseline studies, and technical planning are ongoing in parallel with engineering work.

Freeman has entered 2026 focused on data-driven de-risking of its flagship project. The combination of recent funding, resource growth, and strong recoveries may play a key role in guiding development decisions as the company progresses through feasibility work and project planning. 

Ownership & Share Structure²

27.07% of Freeman Gold is held by management and insiders, with Michael Parker holding 10.28%, Brian Paes-Braga holding 10.28% Bassam Moubarak holding 2.77%, and Paul Francis Matysek holding 2.97%. 

Strategic entities hold 4.61%. 

The rest is retail. 

The company has 229.22 million free float shares, a market capitalization of CA$41.1 million, and a 52-week range of CA$0.07 to CA$0.23.