Freeman Gold Applies for FAST-41 Covered Project Status to…

VANCOUVER, BC, Nov. 9, 2026 /CNW/ -- Freeman Gold Corp. (TSXV: FMAN) (OTCQB: FMANF) (FSE: 3WU) ("Freeman" or the "Company") is pleased to announce that it has submitted a FAST-41 Initiation Notice (the "FIN") to the Federal Permitting Improvement Steering Council (United States) (the "Permitting Council") requesting that its 100%-owned Lemhi Gold Project ("Lemhi" or the "Project") in Lemhi County, Idaho, be designated a covered project under Title 41 of the Fixing America's Surface Transportation Act ("FAST-41").

Freeman Gold Corp.

The FAST-41 process is designed to bring timeliness, predictability and transparency to federal environmental reviews of large, complex infrastructure projects. If designated a covered project, Lemhi's federal reviews and authorizations would be tracked on the public Federal Permitting Dashboard against a coordinated, comprehensive permitting timetable, with oversight from the Permitting Council.

The submission delivers on the permitting strategy set out in Freeman's June 29, 2026 news release announcing the results of the 2026 Feasibility Study (as defined below). It also builds on the Project's environmental baseline program initiated in Q3 2026, with water and air, soil and geochemistry, and land use and socioeconomic studies now underway with GSI Environmental Inc. as lead permitting consultant.

Highlights

FAST-41 application submitted: The FIN seeks covered project status, the highest level of federal permitting coordination available under FAST-41, which if granted would provide formal coordination, transparency and accountability mechanisms.
Accountable timetable, if accepted: Posting to the Federal Permitting Dashboard, a Coordinated Project Plan and permitting timetable developed within 60 days of posting, and statutory procedures agencies must follow before changing target dates.
Greater legal certainty: For covered projects, FAST-41 shortens the window to challenge federal authorizations to two years, from the general six-year limitation period.
Robust economics: The 2026 Feasibility Study estimates an after-tax NPV_(5%) of US$696 million, a 34.4% after-tax IRR and a 2.5-year payback at a base-case gold price of US$3,650/oz, rising to approximately US$1.03 billion and 45.4% at US$4,350/oz.**
Scale and longevity: Proven and Probable Mineral Reserves of approximately 1.03 million ounces of gold (43.04 million tonnes at 0.74 g/t Au) support a 15.2-year mine life, with average production of approximately 75,100 ounces per year over the first ten years.**
Basis for eligibility: The Company believes Lemhi meets FAST-41's standard eligibility pathway: the Project falls within the eligible mining sector, will require review under the National Environmental Policy Act ("NEPA"), and its estimated initial capital cost of US$329.7 million exceeds the pathway's US$200 million investment threshold.

Why FAST-41 Matters for Lemhi

"Submitting our FAST-41 application is the step we said we would take when we delivered the 2026 Feasibility Study, and it seeks the fullest form of support the FAST-41 program offers," said Bassam Moubarak, Chief Executive Officer and Director of Freeman. "Lemhi has the scale, economics and groundwork to warrant it: a one-million-ounce reserve, after-tax NPV_(5%) of US$696 million, a 34.4% after-tax IRR at our base-case gold price, and a comprehensive baseline program that is well underway. Covered status would give Lemhi a public, coordinated timetable across the federal agencies involved, bringing greater certainty for our shareholders, our future financing partners and the Lemhi County community. We look forward to working with the Permitting Council and our agency partners to advance Lemhi responsibly and efficiently toward a construction decision."

Covered status builds on the support FAST-41 offers to transparency projects, which the Permitting Council Executive Director selects at their discretion: provides a dedicated Permitting Council project advisor, a comprehensive permitting timetable and active coordination across agencies. Covered projects carry FAST-41's statutory accountability provisions, including:

Coordinated permitting schedule: A Coordinated Project Plan and permitting timetable establishing agency responsibilities, milestones and target completion dates.
Agency accountability: Public reporting of permitting progress and schedule changes. Agencies that fail to meet established dates may be deemed to be in "nonconformance" and would be subject to FAST-41's statutory reporting and oversight provisions, including quarterly status and compliance reporting to Congress.
Interagency dispute resolution: The Permitting Council provides a dispute resolution process to help resolve disagreements among agencies.

Idaho's Federal-State Permitting Coordination Framework

On February 19, 2026, Idaho and the Permitting Council signed a memorandum of understanding ("MOU") to align state and federal permitting timelines, improve transparency and reduce duplicative reviews for priority infrastructure projects, including mining. Under the agreement, Idaho will coordinate with federal agencies and the Permitting Council, and state permitting actions will be tracked on the Federal Permitting Dashboard alongside federal reviews and authorizations.

For Lemhi, this framework is intended to enable state and federal agencies to conduct reviews concurrently, align permitting milestones and identify potential conflicts or delays earlier in the process. With FAST-41 covered-project status, the framework would integrate state permitting activities with the federal permitting timetable, providing a coordinated view of state and federal requirements, agency responsibilities and progress toward permitting milestones.

Next Steps

The lead federal agency will review the FIN to confirm that it is complete and to determine whether the Project meets the definition of a FAST-41 covered project. If it does, the Project will be posted to the Federal Permitting Dashboard, and a Coordinated Project Plan, including a comprehensive permitting timetable, will be developed within 60 days of posting.

In parallel, Freeman will continue its baseline characterization programs, which are designed to support a Mine Plan of Operations ("MPO") and the NEPA review of the Project. The Company expects to submit its MPO in December 2026. Freeman will provide updates as the FAST-41 process advances.

About FAST-41

Enacted in 2015, FAST-41 created the Permitting Council to coordinate federal environmental reviews and authorizations for major infrastructure projects. Its aim is permitting that is more timely, transparent and predictable.

Mining is an eligible FAST-41 sector. On September 2, 2026, the U.S. House of Representatives passed the Protecting Domestic Mining Act (H.R. 1501), which would write mining and mineral processing into the FAST-41 statute; the bill awaits Senate action.

FAST-41 does not change any environmental law, regulation, review process or public involvement procedure, and it does not predetermine the outcome of any federal decision.

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 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 the 2026 Feasibility Study that estimates Proven and Probable Mineral Reserves of 43.04 million tonnes at 0.74 g/t Au for approximately 1.03 million ounces of gold effective June 10, 2026, based on a gold price of US$3,650/oz and a cut-off grade of 0.20g/t and a 15.2-year mine life. At the base-case gold price of US$3,650 per ounce, the 2026 Feasibility Study estimates after-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 2026 Feasibility Study supports the disclosure in the Company's June 29, 2026 news release announcing the results of the 2026 Feasibility Study and has been filed on SEDAR+ in accordance with NI 43-101.

**The Project covers approximately 30 square kilometres and hosts a near-surface oxide gold deposit. At a 0.2 g/t Au cut-off, and a gold price of US$3,650/oz for the constraining pit shell, 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. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. To date, 525 drill holes totalling 92,696 m have been completed. For further details, see the technical report titled "Lemhi Gold Project NI 43-101 Technical Report and Feasibility Study, Idaho, USA" with a report date of August 13, 2026 and an effective date of June 29, 2026 (Murray K., Elfen S.C., Mehrfert P., Dufresne M., Brangers K., Schulte M.) (the "2026 Feasibility Study"), available under the Company's profile on SEDAR+ at www.sedarplus.ca. Readers are encouraged to read the 2026 Feasibility Study in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Reserve and Mineral Resource estimates. The 2026 Feasibility Study is intended to be read as a whole, and sections should not be read or relied upon out of context.

*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" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking information"). All statements that are not statements of historical fact are forward-looking information, including, without limitation, statements regarding: the FIN and the Company's belief that the Project meets FAST 41's standard eligibility pathway to be designated a FAST-41 covered project; the review of the FIN and any determination regarding the Project's eligibility, including any next steps; the posting of the Project to the Federal Permitting Dashboard and the development of a Coordinated Project Plan and permitting timetable; the anticipated benefits of FAST-41 coverage, including improved coordination, timeliness, predictability and legal certainty; the outcome of pending legislation, including H.R. 1501; the scope, timing and completion of baseline studies and the submission of a Mine Plan of Operations; the expected results and estimated economics of the 2026 Feasibility Study, including with respect to mineral resource and mineral reserve estimates, production forecasts, metallurgical recoveries, costs, net present value, internal rate of return, payback period and anticipated mine life; the expected design of the mine; expectations regarding a construction decision on the Lemhi Project; the Company's plans to advance permitting, engineering, financing, procurement and development activities for the Project; the Project's future production profile and operational performance; and the Company's plans for, and ability to finance, secure strategic partnerships and obtain governmental approvals for, the permitting, development, construction and operation of the Project, as well as expenditures and efforts related to the same. Forward-looking information is typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking information.

Forward-looking information is based on a number of assumptions that management believes are reasonable as of the date of this news release, including: that the Project will be determined to qualify as a FAST-41 covered project; that federal agencies will have the resources to develop and meet a coordinated permitting timetable; the risks identified in and the assumptions underlying the 2026 Feasibility Study, including gold prices, exchange rates, inflation, mineral reserve and mineral resource estimates, metallurgical recoveries, expected mine life and capital and operating costs; the accuracy of geological, engineering, environmental and economic interpretations and models; the future price and demand for gold; the stability of the financial and capital markets; that baseline studies will be completed substantially as planned; that applicable laws, regulations and permitting requirements, including FAST-41 and its eligibility criteria, will not change materially; that required permits and approvals will be obtained in a timely manner; and that sufficient project 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: that the FIN may be found incomplete, or the Project may be determined not to qualify as a covered project; that FAST-41 coverage, if obtained, may not shorten permitting timelines or reduce litigation risk as anticipated; delays by federal or state agencies, changes to posted permitting timetables, and changes to the FAST-41 program or its eligibility criteria for mining projects; the outcome of the NEPA review and of consultation with Indigenous groups, communities and other stakeholders; legal challenges to permits or approvals; 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 sufficient project financing; and the other risk factors described in the Company's continuous disclosure documents available under its profile on SEDAR+ at www.sedarplus.ca.

Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of Freeman prove incorrect, actual results may vary in material respects from those projected in any forward-looking information. 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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