Freeman Gold is developing the Lemhi gold project in Idaho, a near surface oxide gold deposit that recently moved through a feasibility study. This conversation with CEO Bassam Moubarak covers the company’s build or sell strategy, his personal financial history in the sector, the ownership structure, permitting plans under the federal FAST 41 program, financing needs, and the risks he’s watching heading into construction.
TL;DR
Freeman just completed a feasibility study on Lemhi confirming a proven and probable reserve of about 1 million ounces, with an initial capex estimate of roughly $330 million US. CEO Moubarak says the company will not need to raise equity again until it needs capex funding, provided $10 million in warrants get exercised in February 2027 and gold prices hold up, and he says the company is targeting first gold around 2030 or 2031 depending on how the FAST 41 permitting timeline plays out. He confirmed the company is pursuing both a sale and a standalone build in parallel, and that insiders, including himself, hold a large chunk of the company and continue to buy in the open market.
What have they done for shareholders lately?
The main recent milestone is the completed feasibility study, which converted the resource into a proven and probable reserve of about 1 million ounces at 0.74 grams per tonne, supported by conventional open pit mining and carbon in leach processing. The company also completed infill and expansion drilling to tighten the resource model, ran five phases of metallurgical testing that pushed recovery estimates into the mid to high 90 percent range, and made a strategic decision to design the project around filtered tailings from day one to reduce permitting risk. Environmental baseline studies are underway ahead of a planned mine plan of operations submission.
How much money do they have and what are they spending it on?
As of the start of the month, Freeman had about $7.2 million in cash. The company hasn’t raised equity since a private placement last August that brought in about $5.5 million at 10 cents per share, alongside an unsecured convertible debenture of $5 million convertible at 22 cents, maturing in 2030. Moubarak expects roughly $10 million to come in around February 2027 when 18 cent warrants held mostly by insiders are exercised, plus a further $6.1 million from warrants tied to the convertible debt maturing around August 2030, and potentially another $17 million if 65 cent US warrants expiring in November this year get exercised. He said the company is funded into 2027 on baseline studies, permitting related costs, and general administrative expenses, and does not expect to need further equity financing until the larger construction capital package is required, which he said could be a mix of debt, a stream, or equity depending on which option dilutes shareholders the least.
Upcoming catalysts
Technical and operational: baseline environmental studies are ongoing and expected to be mostly complete this year, with metallurgical and resource work already informing the current mine plan. Corporate and regulatory: the company plans to enter the FAST 41 federal permitting program, targeting Q4 of this year or early next year, which would set a defined timeline of up to 24 months to a record of decision. Financial: roughly $10 million in warrant exercises expected around February 2027, and a further $6.1 million tied to convertible debt warrants around August 2030.
Risks
CEO Moubarak named execution risk as the top concern, along with the price of gold, which he said directly affects both the company’s valuation and its ability to raise capital. He also flagged inflation and rising input costs, including fuel, as pressures on the eventual construction budget. On the permitting side, there is some uncertainty tied to a potential bull trout habitat near the project that still needs field verification, and the overall FAST 41 timeline depends on the company successfully entering the program and negotiating milestones with regulators. Capex has already risen substantially versus the 2023 preliminary economic assessment, and the company will still need a financing package, likely a mix of debt, equity, or a stream, to fund the roughly $330 million US initial construction cost.
Freeman Gold CEO Interview
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