08:43 AM EDT, 04/09/2025 (MT Newswires) -- Freeman Gold ( FMANF ) reported Wednesday the results of an updated economic analysis on the Lemma gold project in Idaho, outlining a posttax net present value of US$648 million at a 5% discount rate.

The study used a current spot gold price of US$2,900 per ounce and outlined a 45.9% internal rate of return and a 2.1-year payback period.

The initial preliminary economic assessment (PEA) released in October 2023 used a base case gold price of US$2,200 per ounce and generated a postal net present value of US$329 million, a 28.2% internal rate of return and a payback period of 2.9 years.

"Significant changes in gold prices over the last 18 months motivated Freeman's reassessment of its initial PEA model over a more fulsome range of scenarios," CEO Bassam Moubarak said. "The Lemhi gold project remains a low capital expenditure, low-cost project that is profitable across a range of prices and development options."