Mr. William Randall reports

FREEMAN COMMENCES PERMITTING INITIATIVES AT THE LEMHI GOLD DEPOSIT, IDAHO

Freeman Gold Corp. has retained GSI Environmental Inc. to provide initial permitting support as part of a strategy analysis. GSI will provide an initial review of potential permitting paths for Freeman's Lemhi gold deposit, located in Lemhi county, Idaho.

GSI's permitting experts provide consulting services in the United States and internationally to efficiently secure regulatory approvals for mining clients. For over 20 years, GSI has used a multidisciplinary approach to develop successful strategies that streamline the permitting process. It understands the risks associated with delays and works to expedite the various facets of permitting including establishing and maintaining respectful relationships with regulators. Its experience helps ensure clients meet regulatory requirements, internal standards, and broader environmental, social and governance aspects associated with the mining industry. This includes but is not limited to:

• Baseline studies and reporting;

• Permitting and compliance;

• Stakeholder engagement;

• Environmental and social impact assessment;

• Development of mitigation measures and management plans;

• Compliance with NEPA and state environmental policy acts;

• ESG international standards, including the global industry standard for tailings management (GISTM); and

• Mine closure and reclamation planning.

GSI has vast experience in working with federal agencies, such as the Bureau of Land Management, U.S. Army Corps of Engineers and U.S. Forest Service, as well as state agencies, including Idaho Department of Lands and Idaho Department of Environmental Quality, to ensure clients meet their regulatory obligations. It has proven experience in preparing permit applications and amendments to satisfy both federal and State of Idaho requirements and facilitating compliance with the National Environmental Policy Act. The GSI team has a long record of providing continuing regulatory compliance support, such as conducting requisite water resources monitoring and reporting to satisfy regulatory requirements (for example IDEQ points of compliance) as well as preparing and updating environmental monitoring plans in accordance with regulatory requirements.

GSI's team has successfully supported permitting and compliance efforts for mining clients throughout the United States and internationally, including: P4 Production LLC, Caldwell Canyon (Idaho); P4 Production LLC, Blackfoot Bridge (Idaho); Jervois Global's Idaho cobalt operations (Idaho; Idaho DEQ point of compliance determination only) in Idaho and numerous others outside of Idaho, including Barrick's Golden Sunlight mine (Montana); Barretts Minerals Inc.'s Regal Mine (Montana); Barretts Minerals Inc.'s Treasure mine (Montana); Coeur's Rochester mine (Nevada); Coeur Kensington expansion (Alaska); and Lithium America's Thacker Pass (Nevada).

The company and certain directors and officers of the company have mutually agreed to cancel certain stock options exercisable to acquire an aggregate of 5,125,000 common shares of the company. These cancelled options consist of an aggregate of 3,425,000 stock options that were granted on Aug. 31, 2021 (expiring Aug. 31, 2026), with an exercise price of 40 cents per common share, and 1.7 million stock options that were granted Feb. 1, 2022 (expiring Feb. 1, 2027) with an exercise price of 50 cents per common share. No consideration was paid for the surrender of the cancelled options. Following the cancellation of the cancelled options, the company has a total of 4.45 million stock options outstanding.

Qualified person

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

About Freeman Gold Corp. and project

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 National Instrument 43-101 compliant mineral resource estimate comprises 988,100 ounces gold at 1.0 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.

The recently completed preliminary economic assessment (PEA) shows:

• An after-tax net present 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.)/oz;

• 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 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 using an initial capex of $190-million (U.S.).

We seek Safe Harbor.