News Summary
On December 9, 2025, Freeman Gold announced the results from its Phase 4 metallurgical test work for the Lemhi Gold Project. The results confirmed excellent gold extraction, with an average of 95.4% and a range of 91.2% to 97.4% through a simple, conventional whole-ore cyanide leach process. The test work also indicated moderate reagent consumption (1.28 kg/t sodium cyanide, 1.01 kg/t lime) and favorable comminution characteristics (soft ore), which supports a low-risk processing flowsheet. These results are based on 18 variability composites from the main deposit and samples from satellite zones, providing comprehensive data for the ongoing Feasibility Study (FS).
This news follows the December 4, 2025, announcement of the final drill results from the 2025 program. The drilling was designed to convert inferred resources to higher confidence categories for the FS. Key intercepts included 3.1 g/t gold over 8.0 metres and 1.6 g/t gold over 7.6 metres, which were part of broader, lower-grade mineralized zones typical of the deposit.
Material Impact
The metallurgical results are materially positive and represent a significant de-risking event for the Lemhi Gold Project. While previous tests had shown good recoveries, this comprehensive Phase 4 program confirms, with a high degree of confidence for a Feasibility Study, that the ore is amenable to simple, low-cost, and conventional processing with high recoveries. This confirmation is crucial as it validates a key assumption in the project’s economic model (the 2023 PEA assumed 96.7% recovery) and reduces the technical risk ahead of the FS expected in Q1 2026. High recoveries and simple processing are paramount for the profitability of a bulk-tonnage, open-pit project like Lemhi.
The drill results from December 4 are more routine in nature. They achieved their stated goal of providing infill data to upgrade the resource classification. The intercepts are in line with the deposit’s known characteristics and provide necessary data for the upcoming Mineral Resource Estimate (MRE) update, but they do not fundamentally change the scope or scale of the project.
Taken together, the recent news flow demonstrates systematic execution and successful de-risking of the project. The metallurgical news, in particular, strengthens the foundation for a positive Feasibility Study. While not a “game-changer” that reveals unexpected new value, it is a critical and necessary milestone that makes the project more robust and financeable.
Catalysts
– Updated Mineral Resource Estimate (MRE): The company has guided for this in Q1 2026. The key metric to watch will be the conversion rate of inferred ounces to the measured and indicated categories within the PEA pit shell.
– Feasibility Study (FS): Expected in late Q1 2026. This will be the most significant catalyst, providing updated and higher-confidence figures for capital expenditures (CAPEX), operating expenditures (OPEX), and overall project economics. Any significant deviation from the PEA numbers ($215M initial CAPEX, $1105/oz AISC) will be scrutinized.
– Permitting Progress: Updates on the submission and advancement of key permit applications, including the Plan of Operations, will be important indicators of the project timeline.
Materiality Conclusion
The successful metallurgical results are material and positive, reducing technical risk and increasing confidence in the economic viability of the Lemhi project. While the drill results were routine, the overall progress keeps the company on track to deliver its key catalysts—the updated MRE and the FS—in early 2026. The news reinforces the investment thesis but does not fundamentally alter the company’s valuation until the FS is released.
