1M Ounces of Gold in Idaho, But Can the Grade Support Good Margins? | Freeman Gold CEO Interview

**SPEAKER_1** (0:00)
This video is sponsored by Terrahutton, who makes the invisible, investible. Today on the CEO BBQ Advanced Stage Gold Exploration in Idaho, together with Freeman Gold. But if you're short on time, subscribe to our free newsletter, and once a week, we'll send you a five-minute summary of all interviews we put out, resourcetalks.com for a free weekly newsletter. Now, although this company has not paid us for the production of this video, you should still understand that we are not financial advisors, and this is not intended as financial advice. It is a broad, general and in-personal piece of information intended only for those who know and understand the risks of junior mining, of which there are many. Before moving on, read the company's official filings on SitterPlus.ca and do your own due diligence. Pause the screen and read all the disclaimers I've shown you because your capital is at risk. If this isn't clear, go to the last section of this video for a longer explanation of the risks and biases, and do not consume this content if you don't agree with everything said therein. Moving on, Freeman Gold's Lemmy Project is specifically in Lemmy County in Idaho. It's roughly 40 kilometers north of Simon on a mix of private patent claims and unpatented claims within the Salmon Shalee National Forest, which is something, of course, I'll be asking about later on. The deposit is a near-surface oxide gold system hosted in structurally controlled veins and shear zones within older metacenterminary rocks with a long history of drilling by earlier operators that defined a resource but never really moved it beyond to development, which is something that Freeman is doing right now. And that's also something that we'll talk about. Now, what changed recently is that Freeman completed a full feasibility study that converted the work into a proven and probable reserve of about a million ounces at 0.74 grams per ton, supported by conventional open pit mining and carbon in leach processing. They're now focused on permitting with environmental baseline studies underway and engagement with agencies aimed at submitting a mine plan of operations for the NEPA process. The timing of which and a bit of the details on which I hope will become clear later on in the conversation as well.
There's some infill and expansion drilling that's already been used to tighten the model and identify additional ounces outside of the current pit. But the next real movement is expected to come from that permitting milestones and any progress on financing or partnership discussions, both of which we'll talk about later today. Now, for some of the numbers and a bit of the details, Freeman is listed as FMAN, so that's F-M-A-N on the TSX-V in Canada, where the average daily volume of the last three months has been about 172,000 units.
52-week high is 46 cents and a 52-week low is 14 cents. With a little over 310 million shares outstanding and a $101 million market cap today, this is a 32.5 cents stock with a 50 and a 200-day moving average at respectively 32.29 cents. So the stock is now trading above those two.
There are a little under 102 million warrants outstanding at various prices from 18 to 22 to 65 cents, with a decent chunk of those not expiring until 2030 There are also 22 million options as well as some RSUs, as well as about 28 million units that are reserved for the convertible debt. All together, so all the dilutive securities taken together, they represent about a third or 33%, excuse me, of the 464 million shares on a fully diluted basis.
Now, Freeman hasn't raised any money since August last year, so it's been a while, and they really only raised about $5 million, $5.5 million in a private placement at 10 cents back then. So how much money do they have left right now? How far is that money gonna get them? And how do they plan on raising capital next time they hit the market will, of course, be part of the conversation later on as well. But for this to actually become a conversation, though, I will have to shut up already, and Basama will give you the word here. But first of all, thank you for sitting down with me today.

**Bassam Belgacem** (3:59)
Thank you for having me.

**SPEAKER_1** (4:01)
I look forward to the conversation going over the basics here.
It was a few weeks ago that Freeman came across my desk. It was one of the best performers on the week, and I've covered it in that weekly show. And I'd said I have a few questions, so I'm glad you guys reached out and made this happen. And I'm looking forward to asking those. Well, let's maybe first start with the basics and kind of your plan for this asset, specifically because of how close you are to FID. Do you want to push the company through production yourselves or are you kind of optimizing this thing for a take on?