Junior Gold Miner Unlocks High-Grade Potential in Idaho

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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) announced that it has completed its 2025 infill and exploration drill program at the Lemhi Gold Project in Idaho, as part of work supporting a feasibility study scheduled for release in the first quarter of 2026. In parallel, the company confirmed its participation in the upcoming Idaho Mining Conference, to be held on October 27 and 28, 2025.

According to the company, the core drilling component of the program was recently expanded with three additional holes totaling 468 meters, drilled in the southeastern section of the Lemhi resource. These followed better-than-anticipated results from the reverse circulation (RC) program and aimed to increase data density and support conversion of inferred resources to measured and indicated categories. All samples have been sent to ALS Global Laboratories in Vancouver for gold analysis by fire assay, with results pending.

Freeman's 2025 RC drill campaign consisted of approximately 2,860 meters across 30 holes. Roughly 1,740 meters of drilling across 24 holes were focused on converting ounces within the current pit-constrained resource model. The remaining 1,300 meters were allocated to step-out exploration at the north and south extensions of the Lemhi deposit and the nearby Beauty zone, areas that may have the potential to contribute near-surface mineralization.

Select samples from both RC and core drilling are also being tested as part of a Phase 4 metallurgical study. These tests are intended to supplement existing process data for the project's feasibility assessment. Results will be reported as they become available.

Freeman holds a 100% interest in the 30 square kilometer Lemhi Project. A 2023 National Instrument 43-101 compliant resource estimate outlined 988,100 ounces of gold at 1.0 gram per tonne in the measured and indicated category, and 256,000 ounces at 1.04 grams per tonne in the inferred category. The company has stated that over 525 drill holes totaling 92,696 meters have been completed to date at the site.

In April 2025, Freeman provided a price sensitivity analysis from its November 2023 preliminary economic assessment. At a gold price of US$2,200 per ounce, the report showed an after-tax net present value (5%) of US$329 million and an internal rate of return of 28.2%. The study outlined average annual production of 75,900 ounces over an 11.2-year mine life, with life-of-mine cash costs of US$925 per ounce and all-in sustaining costs of US$1,105 per ounce. Initial capital expenditure was estimated at US$215 million.

Central Banks Drive October's Historic Gold Rally

Gold's unprecedented surge in October marked a significant moment in the metal's long history as a store of value. On October 6, spot prices surpassed US$4,000 per ounce for the first time, a level many analysts viewed as both structurally and symbolically important. The rally was fueled by broad-based concerns over fiat currency stability, mounting sovereign debt, and a growing preference for physical assets over financial instruments.

A notable portion of the price action occurred during Asian trading hours, reflecting the increasing influence of regional investors in global commodity markets. Central banks played a central role in gold's ascent. Official sector buying remained elevated, with a clear trend toward self-custody of reserves. By 2023, 68% of gold-buying central banks stored their holdings domestically, compared to just 50% in 2020. This movement was widely interpreted as a shift toward strategic control of monetary reserves.

On October 8, Bruno Venditti reported that for the first time since 1996, foreign central banks held more gold than U.S. Treasuries. Nearly 20% of all gold ever mined was held by official institutions. These accumulations, consistent across 2022, 2023, and 2024, were seen as a key factor supporting gold's rise through the US$4,000 threshold. Analysts linked the trend to a gradual pivot away from dollar-denominated assets toward physical value preservation.

In an October 10 commentary, Anthony Keane noted that gold had appreciated 123% over two years, outpacing most other asset classes. The performance was attributed to lower interest rates, heightened geopolitical risk, and increasing demand for finite resources. Kyle Rodda of Capital.com remarked that "the supply of money grows at a much faster pace than we can pull gold out of the ground," while Tony Catt of Catapult Wealth pointed to ongoing official sector demand, calling gold "an asset class where there is a lot of central bank buying."

UBS described sentiment in the gold market as broadly optimistic, stating that it was "hard to find anyone who isn't a gold bull." Still, long-term data from Dimensional Fund Advisors showed that gold posted positive calendar-year returns just over half the time since 1980, underscoring the volatility often associated with the sector.

On October 21, Business Today reported a slight pullback, with gold futures slipping 0.24% to US$4,349.24 per ounce and silver down 1.72% to US$50.50. The decline followed easing tensions ahead of a scheduled meeting between U.S. President Donald Trump and Chinese President Xi Jinping. Precious metals analyst Michael Maloney characterized the price drop as a pause in a broader structural trend, pointing to continued currency debasement and rising debt levels as persistent risks. Maloney referred to gold and silver as "monetary anchors in a world adrift," reinforcing their role in a global environment marked by financial uncertainty.

Seasonal factors also contributed to sustained demand, with Diwali-related gold buying in India offering additional support for sector sentiment heading into year-end.

Analyst Cites De-Risked Gold Asset and Technical Breakout in Freeman Gold Coverage

¹On September 23, John Newell of John Newell & Associates initiated coverage of Freeman Gold Corp. with a "Speculative Buy" rating, citing a combination of project fundamentals, updated economic modeling, and positive technical indicators. He described Freeman's investment thesis as a "straightforward proposition," highlighting U.S.-based oxide gold ounces on patented land, refreshed economics based on current gold prices, and near-term catalysts from infill and expansion drilling as well as feasibility work.

Newell focused on the company's Lemhi Gold Project in Idaho, describing it as a shallow, oxide deposit primarily located on patented land, which he noted may offer advantages in permitting relative to projects situated on federal land. He referenced the company's preliminary economic assessment from October 2023, which was updated in August 2025 to incorporate a revised gold price and cost structure. At US$2,200 per ounce gold, the updated case projected an after-tax net present value (5% discount) of approximately US$453 million and an internal rate of return of 33.2%. At US$2,900 per ounce gold, the net present value rose to around US$648 million with a 45.9% internal rate of return. The project's flow sheet involves conventional milling and targets high recovery from shallow, flat-lying oxide material.

From a technical standpoint, Newell observed that Freeman's stock had broken a long-term downtrend, forming a base in late 2024 and trending upward with "a clear series of higher lows." He described the recent move above CA$0.18 to CA$0.20 as indicative of a shift in sentiment, supported by elevated trading volume and strength in key momentum indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD). He also noted historical resistance levels near CA$0.26, CA$0.40, and CA$0.90, with a longer-term target of CA$1.30 based on technical projections.

Newell concluded that Freeman appeared to be transitioning out of a prolonged period of bearish trading and entering a phase of accumulation. At the time of publication, Freeman shares were trading at CA$0.17.

Feasibility Study Momentum and Updated Economic Metrics Support Project Development

Freeman Gold has positioned the Lemhi Gold Project for its next stage of development, supported by the recent completion of infill and exploration drilling and the ongoing Phase 4 metallurgical study. These efforts are central to the company's planned feasibility study, targeted for the first quarter of 2026, and are expected to incorporate updated geotechnical and process data to refine project economics.

According to the company's preliminary economic assessment and supporting investor materials, the Lemhi Project was modeled as a conventional open-pit, heap-leach operation with a 96.7% recovery rate and an average head grade of 0.88 grams per tonne gold. The mine plan outlined average annual production of 75,900 ounces over 11.2 years, with total payable output estimated at 851,900 ounces. Life-of-mine cash costs were modeled at US$809 per ounce and all-in sustaining costs at US$957 per ounce. Capital requirements were estimated at US$190 million. At a gold price of US$1,750 per ounce, the project generated a post-tax net present value (5% discount) of US$212.4 million and an internal rate of return of 22.8%.

As the company transitions from economic assessment to feasibility-level work, Freeman's continued focus on expanding and de-risking the resource through drilling and metallurgical testing reflects a commitment to advancing toward a potential development decision. Its participation in the Idaho Mining Conference also underscores Freeman's engagement with regional stakeholders and its positioning within the North American gold sector.

Ownership & Share Structure ²

20.72% of Freeman Gold is held by management and insiders, with Michael Parker holding 10.30%, Bassam Moubarak holding 2.63%, and Paul Francis Matysek holding 2.41%.

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.