Freeman Gold commences baseline studies at Lemhi

Canada NewsWire

VANCOUVER, BC, Oct. 8, 2026 /CNW/ -- Freeman Gold Corp. (TSXV: FMAN) (OTCQB: FMANF) (FSE: 3WU) ("Freeman" or the "Company") is pleased to announce the start of comprehensive human environment and land use baseline surveys for its 100%-owned Lemhi Gold Project (the "Project"), located in Lemhi County, Idaho. Managed in partnership with GSI Environmental Inc. ("GSI"), the studies will characterize socioeconomic conditions, cultural resources, land and recreation use, access and transportation, noise, and visual resources in and around the Project area.

The primary objective of these baseline programs is to build a rigorous environmental and human-impact dataset to support federal permitting of the Project under the National Environmental Policy Act ("NEPA").

Key Survey Focus Areas

• Socioeconomics: Characterizing existing local and regional conditions across Lemhi County, including population demographics, employment, local government revenues, public services, housing, and land-based economic activity.
  
  
• Cultural Resources: Field teams from ARH Archaeology and Architectural History, LLC are conducting Class III intensive cultural resource inventories. Building on past work in the area, the survey aims to identify and evaluate historic and archaeological sites across the preliminary Project footprint, access corridors and proposed transmission line corridors.
  
  
• Recreation & Land Use: Mapping existing land ownership, public access routes, surface management, grazing allotments and regional recreational use, such as National Forest System roads and trails, to evaluate potential interactions with local land use.
  
  
• Access & Transportation: Initiating desktop analysis and supplemental traffic count programs along key transportation corridors, including Hughes Creek Road and regional intersections, to establish baseline traffic volumes and infrastructure conditions.
  
  
• Noise Environments: Conducting targeted desktop evaluations and field-based acoustic monitoring to define representative ambient noise levels at key receptor locations and along potential access routes.
  
  
• Visual (Scenic) Resources: Using 3D infrastructure models from the Feasibility Study, together with field reconnaissance, to establish Key Observation Points ("KOPs") and evaluate existing scenic character in line with U.S. Forest Service scenery management protocols.

Bassam Moubarak, Chief Executive Officer of Freeman, commented: "Starting this broad suite of human and land use baseline studies is an essential step in advancing the Lemhi Gold Project responsibly. A thorough understanding of the socioeconomic, cultural and visual landscape of Lemhi County will help ensure that our project design and permitting remain grounded in environmental stewardship, respect for the community and technical rigor."

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Dean Besserer, P.Geo., VP Exploration of the Company and a Qualified Person as defined by National Instrument 43-101.

About Freeman Gold Corp.

Freeman Gold Corp. (TSXV: FMAN, OTCQB: FMANF, FSE: 3WU) is a Canadian-listed gold development company focused on advancing its 100%-owned Lemhi Gold Project in Lemhi County, Idaho, USA. The Company is led by a management team and board with experience in mine development, project financing and value creation in the mining sector. Freeman is advancing permitting and baseline characterization at the Project as a key step in its strategy to move Lemhi toward development and production.

The Project is supported by a 2026 Feasibility Study that estimates Proven and Probable Mineral Reserves of 43.04 million tonnes at 0.74 g/t Au for 1,025,737 ounces of gold and a 15.2-year mine life. At a base-case gold price of US$3,650 per ounce, the Feasibility Study estimates a post-tax NPV(5%) of US$696 million, a post-tax IRR of 34.4% and a 2.5-year payback period, with initial capital costs of US$329.7 million and life-of-mine all-in sustaining costs of US$1,719 per ounce. The Project is designed as a conventional open-pit, carbon-in-leach operation with an average life-of-mine gold recovery of 94.8%. Idaho is an established U.S. mining jurisdiction, and the Project is advancing through permitting, engineering, financing and development activities.

The Project covers approximately 30 square kilometres and hosts a near-surface oxide gold deposit. At a 0.2 g/t Au cut-off, the pit-constrained mineral resource estimate, effective January 30, 2026, comprises a Measured Mineral Resource 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*. Mineral Resources are reported inclusive of Mineral Reserves. To date, 525 drill holes totalling 92,696 m have been completed. For further details, see the technical report titled "NI 43-101 Technical Report and Feasibility Study" dated August 13, 2026 (Murray K., Elfen S.C., Mehrfert P., Dufresne M., Brangers K., Schulte M.), available under the Company's profile on SEDAR+ at www.sedarplus.ca.

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

On Behalf of the Company

Bassam Moubarak
Chief Executive Officer
Tel: 604-977-3214

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 Statements

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 that are not statements of historical fact are forward-looking information, including, without limitation, statements regarding: the scope, timing, execution and completion of the human environment and land use baseline studies, and the performance of the contractors and consultants engaged to conduct them; the sufficiency of the baseline data to support permitting of the Project under the National Environmental Policy Act and other applicable requirements; the results and estimated economics of the Feasibility Study, including mineral reserves, recoveries, costs, net present value, internal rate of return, payback period and mine life; Project design; and the Company's plans for, and ability to finance and obtain approvals for, the permitting, development, construction and operation of the Project.

Forward-looking information is based on assumptions that management believes are reasonable as of the date of this news release, including: the assumptions underlying the Feasibility Study, including gold prices, exchange rates, inflation, mineral reserve and mineral resource estimates, metallurgical recoveries, and capital and operating costs; that the baseline studies will be completed substantially as planned, with continued access to the Project area and weather and site conditions permitting field work; that contractors, consultants, labour, equipment and services will be available and will perform as required; that applicable laws and permitting requirements will not change materially; that required permits and approvals will be obtained in a timely manner; and that financing will be available on acceptable terms.

Actual results may differ materially from those expressed or implied by forward-looking information due to known and unknown risks, including: delays in, or changes to, the baseline studies; the identification of cultural, archaeological or other resources or conditions requiring further study, mitigation or changes to Project design; the outcome of consultation with communities and other stakeholders; changes in applicable laws and permitting requirements, and delays in obtaining, or failure to obtain, required permits; the uncertainty inherent in feasibility study estimates; fluctuations in gold prices, exchange rates and inflation; the availability of financing; and the other risk factors described in the Company's continuous disclosure documents available under its profile on SEDAR+ at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking information, which is made as of the date of this news release. The Company disclaims any obligation to update forward-looking information except as required by applicable securities laws.

SOURCE Freeman Gold Corp.

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