Mr. William Randall reports

FREEMAN GOLD APPOINTS PAUL MATYSEK AS EXECUTIVE CHAIRMAN AND ANNOUNCES $3 MILLION STRATEGIC PLACEMENT

Freeman Gold Corp. has appointed Paul Matysek as the company's executive chairman.

Mr. Matysek's unique qualifications, experience and unprecedented string of successful transactions in the mining sector will create value for the company as it advances its Lemhi gold project. As a member of the strategic advisory committee, Mr. Matysek, along with Freeman chief executive officer William Randall and chief financial officer Bassam Moubarak, was instrumental in significantly derisking the Lehmi project by consolidating the ownership structure and completing a maiden National Instrument 43-101-compliant resource. These major milestones position the company as 100-per-cent owner of one of the few remaining undeveloped, large, high-grade oxide gold deposits in the United States (see Freeman news release dated July 8, 2021).

Mr. Matysek is a geologist/geochemist by training, a successful alpha entrepreneur and a consistent creator of shareholder value with greater than 40 years of experience in the mining industry. Since 2004, as either chief executive officer or executive chairman, Mr. Matysek has sold six publicly listed mineral exploration and development companies, in aggregate worth greater than $2.5-billion.

In June, 2021, as chief executive officer, he sold Gold X Mining Corp. to Gran Colombia Gold Corp. for over $250-million in an all-share transaction. In March, 2018, as executive chairman, he sold Lithium X Energy Corp. to Nextview New Energy Lion Hong Kong Ltd. for $265-million. In July, 2016, Mr. Matysek, as president and chief executive officer, sold Goldrock Mines Corp. to Fortuna Silver Mines Inc. He was previously the chief executive officer of Lithium One Inc., which merged with Galaxy Resources Ltd. of Australia to create a multibillion-dollar lithium company. He served as chief executive officer of Potash One Inc., which was acquired by K+S Ag for $434-million in a friendly takeover in 2011. Mr. Matysek was also the co-founder and chief executive officer of Energy Metals Corp., a uranium company that grew from a market capitalization of $10-million in 2004 to approximately $1.8-billion when sold in 2007.

Mr. Matysek commented: "I am very pleased to join Freeman Gold as its executive chairman. The Lehmi gold project's location, grade and exploration potential create a unique and timely opportunity to realize deep value for mid-tier developers and producers. Working with the board and management of the company, I am devoting considerable time, energy and capital on this project. I firmly believe that, together, we can unlock significant asset value by: updating the metallurgy; upgrading and expanding the mineral resources; securing necessary permits; and advancing the company's socioeconomic initiatives.

"I am especially grateful to again be working closely with Will Randall and Bassam Moubarak. I am fortunate to have worked with both Mr. Randall and Mr. Moubarak at Lithium X and on two other transactions with Mr. Moubarak, most recently on Gold X Mining and on Goldrock Mines in 2016. I am also pleased by the commitment of the directors, management and insiders that took the majority of the private placement that will finance continued work at the Lehmi project."

Mr. Randall stated: "Freeman Gold's management is excited that Paul has agreed to move from his position on the advisory board to the role of executive chairman. I am confident that all investors in Freeman Gold will benefit from the addition of his energy, experience and expertise to the company's executive team."

Ronald Stewart has resigned from the board of directors, effective immediately. The company wishes to thank Mr. Stewart for his contributions to the company during his time as a director.

The company has also arranged a non-brokered private placement of up to 11,538,462 units at a price of 26 cents per unit for gross proceeds of up to $3-million. Each unit consists of one common share of the company and one share purchase warrant entitling the holder to purchase one share at 35 cents for a period of three years from the date of issuance. The warrants are subject to an acceleration clause, whereby each warrant must be exercised within 30 days should the share price trade at 80 cents or higher for 10 consecutive trading days.

The company intends to use the proceeds for resource development, exploration, engineering and environmental studies at it 100-per-cent-owned Lemhi project and for general corporate activities.

The completion of the private placement is subject to acceptance by the Canadian Securities Exchange. The securities issued by the company in connection with this offering will be subject to a four-month hold period, as prescribed by applicable securities laws.

In addition, the company has granted 3.7 million stock options to certain directors, officers and consultants of the company, with each stock option exercisable into one share at a price of 40 cents for a period of five years.

About Freeman Gold Corp.

Freeman Gold is a mineral exploration company focused on the development of its 100-per-cent-owned Lemhi gold property. The Lemhi project comprises 30 square kilometres of highly prospective land. The project hosts a near-surface, shallow, high-grade oxide gold resource. The pit-constrained, NI 43-101-compliant mineral resource estimate comprises 749,800 ounces of gold at 1.02 grams per tonne gold in 22.94 million tonnes (indicated) and 250,300 ounces of gold at 1.01 grams per tonne gold in 7.83 million tonnes (inferred). The company is focused on growing and advancing the Lemhi project toward a production decision. The technical content of this news release has been reviewed and approved by Dean Besserer, PGeol, vice-president of exploration of the company, a qualified person as defined by NI 43-101.

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