Mr. Bassam Moubarak reports

FREEMAN APPOINTS AUSENCO TO LEAD LEHMI GOLD PROJECT FEASIBILITY STUDY

Freeman Gold Corp. has appointed Ausenco Engineering Canada ULC to lead the Lemhi gold project feasibility study (FS), following a competitive bidding process.

The Lemhi gold project comprises 10 patented mining claims (placer and lode), one patented mill site claim and 332 unpatented mining claims, totalling 2,727 hectares of mineral rights and 249 hectares of surface rights. Freeman controls a 100-per-cent interest in all 11 patented claims and all 332 unpatented mining claims outright or through its wholly owned subsidiary company. The project is located in Lemhi county, Idaho, United States.

The FS will build upon the preliminary economic assessment (PEA), also completed by Ausenco. The 2023 PEA outlined 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 2023 PEA consists of a phased development with an increase in throughput during the fifth year of operation, with a flow sheet 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.

Lemhi 2023 PEA highlights:

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

The planned FS will be based on the 2023 mineral resource estimate (MRE). The underlying database contains a total of 506 drill holes with collar information and assays covering 91,747 metres of drilling with 64,299 drill hole sample intervals. The sample database contains a total of 62,670 samples assayed for gold. The 2023 Lemhi MRE utilized 442 drill holes that intersected the estimation domains, of which 284 drill holes were completed between 1983 and 1995 and 158 drill holes were completed between 2012 and 2022. Inside the mineralized domains, there are a total of 16,234 samples analyzed for gold. Standard statistical treatments were conducted on the raw and composite samples resulting in a capping limit of 17.3 grams per tonne gold applied to the composites.

The MRE is classified according to the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (Nov. 29, 2019) and CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014).

Ausenco is a leading global engineering and consulting firm with significant experience in North America.

The firm has a wealth of experience and is already familiar with the Lemhi gold project, having led the 2023 PEA and associated trade-off studies for the project. Ausenco will lead the FS engineering work streams as well as serve as lead author for the planned National Instrument 43-101 technical report with its professionals acting as qualified persons for core chapters.

As part of the FS process, Ausenco will also lead the geotechnical and metallurgical test work programs recommended in the 2023 PEA.

Recent strength in precious metal prices have positively impacted economic metrics of the project given its strong leverage to the price of gold.

"Using the current spot gold price, Lehmi would have a $1,900 (U.S.) per ounce cash margin at the production schedule and all-in sustaining cost envisioned in the 2023 PEA," commented Bassam Moubarak, the company's chief executive officer. "This initial feasibility study should quantify the positive economic impact of gold moving from the $1,750 [U.S.] per ounce 2023 PEA price to the nearly $2,850 [U.S.] per ounce spot price. Additionally, the study will provide a clear road map through permitting to a construction decision. Ausenco aims to optimize project capital and operating costs, maximize value, and ensure the project concept is financeable and executable in the current market. These together present a fantastic opportunity for current and new shareholders to benefit from the new gold price environment."

Qualified person

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

The technical report, entitled "NI 43-101 Technical Report and Preliminary Economic Assessment," is available on SEDAR+ and the company's website.

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 NI 43-101 compliant mineral resource estimate comprises 988,100 ounces gold at one gram per tonne in 30.02 million tonnes (measured and indicated) and 256,000 ounces gold at 1.04 grams per tonne gold in 7.63 million tonnes (inferred). The company is focused on growing and advancing the project toward a production decision.

The completed PEA shows an after-tax NPV (5 per cent) of $212.4-million (U.S.) and an IRR of 22.8 per cent using a base-case gold price of $1,750 (U.S.) per ounce; average annual gold production of 75,900 ounces gold for a total LOM (11.2 years) payable output of 851,900 ounces gold; LOM cash costs of $809 (U.S.) per ounce gold; and, all-in sustaining cash costs of $957 (U.S.) per ounce gold using an initial capex (capital expenditure) of $190-million (U.S.).

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