Mr. William Randall reports

FREEMAN FILES PRELIMINARY ECONOMIC ASSESSMENT TECHNICAL REPORT FOR LEMHI GOLD PROJECT

Freeman Gold Corp. has filed a National Instrument 43-101 technical report entitled "Lemhi Gold Project, NI 43-101 Technical Report and Preliminary Economic Assessment, Idaho, United States" dated effective of Oct. 13, 2023, on SEDAR+. The report is with respect to Freeman's preliminary economic assessment (PEA) on the Lemhi gold project, Idaho, U.S., the results of which were announced in an Oct. 13, 2023, news release. The PEA outlines a high-grade, low-cost, open-pit operation with an average annual production of 80,100 ounces of gold in the first eight years. The production strategy outlined in the PEA consists of a phased development with an increase in throughput during the fifth year of operation, with a flowsheet utilizing a carbon-in-leach (CIL) processing facility. The objective of the study has been to maximize the value of Lemhi, while minimizing the footprint and environmental impact of the facility.

Lemhi PEA highlights:

• After-tax net preset value (5 per cent) of $212.4-million (U.S.) and internal rate of return of 22.8 per cent using a base case gold price of $1,750 (U.S.)/ounce;
• After-tax NPV (5 per cent) of $345.7-million (U.S.) and IRR of 31.9 per cent using spot gold price of $2,042.60 (U.S.)/oz;
• Average annual gold production of 75,900 oz Au for a total life-of-mine (LOM) 11.2 years payable output of 851,900 oz Au;
• LOM cash costs of $809 (U.S.)/oz Au and all-in sustaining cash costs (AISC) of $957 (U.S.)/oz Au;
• Initial capital expenditure of $190-million (U.S.);
• Average gold recovery of 96.7 per cent;
• High average mill head grade of 0.88 gram per tonne Au;
• Average annual gold production of 80,100 oz Au in the first eight years of production;
• Average mill throughput of 2.5 million tonnes/annum (6,800 tonnes/day), increasing to three Mt/a (8,200 tonnes/d) after four years of operation.

Production profile and economic analysis

The results of the PEA demonstrate Lemhi has the potential to become a profitable, low-cost gold producer. With an average annual gold production of 75,900 oz Au over the 11.2-year LOM, Lemhi has a life-of-mine payable output of 851,900 oz Au and average annual gold production of 80,100 oz Au in the first eight years of production.

With an average operating cost of $21.53 (U.S.)/t milled over the LOM, the operation has cash costs of $809 (U.S.)/oz Au and AISC of $957 (U.S.)/oz Au. The project has an initial capital cost of $190-million (U.S.).

The economic analysis was performed assuming a 5-per-cent discount rate. Cash flows have been discounted to the start of construction, assuming that the project execution decision will be taken, and major project financing will be carried out at this time.

The preliminary economic assessment is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.

On a posttax basis, the NPV discounted at 5 per cent is $212.4-million (U.S.); the IRR is 22.8 per cent; and payback period is 3.6 years. A summary of the posttax project economics is herein.

Mining and metallurgy

The deposit is amenable to open-pit mining practices. Mine production planning is based on conventional drill/blast/load/haul open-pit mining methods suited for the project location and local site requirements. The open-pit activities are designed for approximately two years of construction followed by 12 years of operations. The PEA mine production plan estimates a total LOM mill feed of 31,128,000 tonnes of mineralized rock at an average feed grade of 0.88 g/t Au. Based on the current mineralized rock extents, the pit design results in a 3.9 waste to mineralize rock ratio.

Pit designs are configured on five-metre bench heights, with minimum eight m wide berms placed every four benches, or quadruple benching. Slopes of 25 degrees are applied in the thin overburden layer above the deposit bedrock. Since there has been no geotechnical test work or analysis completed on the bedrock, the applied bench face and interramp angles, 70 to 75 degrees and 50 to 55 degrees, respectively, are scoping-level assumptions based only on the rock type and overall depth of the open pit.

Resource from the open pit will report to a ROM (run-of-mine) pad and primary crusher directly northeast of the pit rim. The mill will be fed with material from the pits at an average rate of 2.5 Mt/a (6,800 t/d), increasing to three Mt/a (8,200 t/d) after four years of operation. Resources mined in excess of mill feed targets will be stored in a low-grade stockpile directly south of the ROM pad, and east of the open pit. This stockpile is planned to be completely reclaimed to the mill at the end of the mine life. Waste rock will be placed in one of two facilities, each planned as a comingled facility with the processed tailings.

A number of metallurgical test programs have been completed on the Lemhi gold project since 1994. A summary of the test programs is presented herein.

The process flowsheet for the Lemhi gold project was selected based on the metallurgical test work results and flowsheet trade-off study and was tailored to support the ramp-up of the plant throughput in year 5 and a production profile over the life of mine. The unit operations selected are standard technologies used in gold processing plants. The proposed flowsheet uses conventional equipment for the following circuits which include crushing/grinding, leaching/carbon adsorption, carbon desorption/electrowinning/refining and cyanide destruction/wet tailings deposition.

The process design comprises the following circuits: primary crushing of run-of-mine (ROM) material; semi-autogenous grinding (SAG) mill followed by ball mill with cyclone classification; leach and carbon-in-leach adsorption; acid washing and elution of loaded carbon; electrowinning and smelting to produce dore; carbon regeneration; and cyanide destruction and wet tailings disposal.

Capital and operating costs

The capital cost estimate conforms to Class 5 guidelines for a PEA-level estimate accuracy according to the Association for the Advancement of Cost Engineering International (AACE International). The capital cost estimate was developed in Q2 2023 U.S. dollars based on Ausenco's in-house database of projects and studies, budget pricing for equipment, as well as experience from similar operations.

The estimate includes open-pit mining, processing, on-site infrastructure, tailings and waste rock facilities, off-site infrastructure, project indirect costs, project delivery, owner's costs, and contingency. The capital cost summary is presented herein. The total initial capital cost for the Lemhi project is $190.2-million (U.S.); and life-of-mine sustaining costs are $101.2-million (U.S.). The cost of expansion in fifth year is estimated at $7.6-million (U.S.). Closure costs are estimated at $29.9-million (U.S.), with salvage credits of $12-million (U.S.).

The operating cost estimate was developed from first principles and applied to the mine production schedule. Productivity and cost inputs are derived from historical reference data and includes mining, processing, maintenance, power, and general and administration (G&A) costs. The attached table provides a summary of the project operating costs.

The overall life-of-mine operating cost is $670.3-million (U.S.) over 11.2 years, or an average of $21.53 (U.S.)/t of material milled in a typical year.

Sensitivity analysis

A sensitivity analysis was conducted on the base case posttax NPV and IRR of the project using the following variables: gold price, operating costs and initial capital costs. The attached table summarizes the posttax sensitivity analysis results.

Recommendations and opportunities

Recommendations for coming work programs include a follow-up exploration and drilling program to expand the resource base at Lemhi, geotechnical studies in the project area, additional test work to confirm recoveries, evaluation of a heap leach option, and further environmental and socio-economic baseline studies.

Qualified persons

A team of independent qualified persons (as such term is defined under NI 43-101) at Ausenco, MMTS and Apex has led the PEA and has reviewed and verified the technical disclosure in this press release, including:

Kevin Murray, PEng, of Ausenco, is an independent QP for process and infrastructure capital and operating cost estimation, and project financials.

Peter Mehrfert, PEng, of Ausenco, is an independent QP for the metallurgical test work and recovery model.

Scott Elfen, PEng, of Ausenco, is an independent QP for the tailings and waste rock management facility.

James Millard, PGeo, of Ausenco, is an independent QP for the environmental and permitting studies.

Jonathan Cooper, PEng, of Ausenco, is an independent QP for the site water management and waste management structures.

Michael Dufresne PGeo, of Apex, is an independent QP for the geology and mineral resource estimate.

Marc Schulte, PEng, of MMTS, is an independent QP for the mine planning and cost estimation.

The scientific and technical information in this news release has been reviewed and verified by Dean Besserer, PGeo, vice-president of exploration of the company and qualified person as defined in NI 43-101.

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 project comprises 30 square kilometres of highly prospective land, hosting a near-surface oxide gold resource. The pit-constrained mineral resource prepared in accordance with National Instrument 43-101 comprises 988,100 oz gold at one gram per tonne in 30.02 million tonnes (measured and indicated) and 256,000 oz Au at 1.04 g/t Au in 7.63 million tonnes (inferred). The company is focused on growing and advancing the project toward a production decision.

We seek Safe Harbor.