Mr. Bassam Moubarak reports

FREEMAN COMMISSIONS LEMHI PRICE SENSITIVITY ANALYSIS TO REFLECT CURRENT GOLD PRICES

Freeman Gold Corp. has commissioned a price sensitivity analysis for the company's 100-per-cent-owned Lemhi gold project, located in Idaho, United States. The study will use the engineering, mine design, scheduling and general layout of the company's current preliminary economic assessment (PEA) for the project and will use current gold prices and costs. The project is a near-surface high-grade oxide gold deposit with a pit constrained measured and indicated gold resource of 988,100 ounces (oz) at one gram per tonne gold (g/t Au) and an inferred resource of 256,000 ounces at 1.04 g/t Au. This reassessment, to be completed by Ausenco Engineering Canada ULC, aims to provide a current evaluation of the project's economic potential in response to significantly higher gold prices than those used in the original Oct. 13, 2023, PEA (preliminary economic assessment).

Ausenco undertook the previous economic analysis of the project and used a base case gold price of $1,750 (U.S.)/oz Au. The existing PEA incorporated over 90,000 metres of drilling over 514 diamond and core holes. Given the substantial increase in precious metals prices, the company anticipates updating the initial economic assessment will demonstrate the project's strong leverage to higher prices and guide the company on its approach for the feasibility study.

It is anticipated that the update will use a base case price of $2,200 (U.S.)/oz Au with an analysis of sensitivities from $1,600 (U.S.)/oz to $3,400 (U.S.)/oz. The analysis will use updated capex (capital expenditure) and opex (operating expenditure) estimates and assess their impact, together with the gold price, on a new financial model. This update will utilize the mineral resource estimate and mine plan utilized in the Oct. 13, 2023, PEA.

"Using the current spot gold price, Lemhi would have a $1,950 (U.S.)/oz cash margin using the maiden PEA all-in-sustaining cost of $957/oz with significant additional upside at higher prices. The maiden PEA showed an after-tax NPV (5 per cent) of $212-million (U.S.) at $1,750/oz Au," commented Bassam Moubarak, the company's chief executive officer. "This updated economic analysis using a $2,200 (U.S.)/oz Au base case should further enhance the after-tax NPV (5 per cent) and demonstrate the robustness of this project."

This updated analysis will be completed in parallel to the work on the initial feasibility study first announced on Feb. 10, 2025. Ausenco's previous experience and deep understanding of similar gold projects enables Freeman to complete this analysis in a few weeks. The updated analysis is expected to be completed and disclosed by March 31, 2025.

About Freeman Gold Corp. and the 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 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 recently 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.).

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

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

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