Mr. Bassam Moubarak reports

FREEMAN ENTERS INTO CONTRACT FOR EXPANSION AND INFILL DRILLING FOR LEMHI GOLD FEASIBILITY STUDY

Freeman Gold Corp. has awarded the reverse circulation (RC) drill program to Major Drilling America Inc. for the coming field season at the 100-per-cent-owned Lemhi gold project in Idaho. Drilling will commence at the end of April, 2025, and is expected to be completed in four weeks. The results will be used to update the existing 2023 mineral resource estimate, which will form part of the recently commissioned feasibility study being completed (see Freeman's news release dated Feb. 10, 2025).

The drill program consists of approximately 3,000 metres of drilling and is designed to:

1. Convert the inferred ounces from the current mineral resource estimate (MRE) (see Freeman's news release dated April 10, 2023) to either measured or indicated for those resources, which are contained within the pit shell as per Freeman's preliminary economic assessment (PEA) (see Freeman's news release dated Oct. 16, 2023);
2. Complete further exploration at both the northern extent of the current pit shell and at the Beauty zone.

The 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 2025 drilling campaign aims to upgrade and increase the existing 2023 MRE (see Table 1). The underlying database contains a total of 525 drill holes with collar information and assays covering 92,696 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 is a total of 16,234 samples analyzed for gold. Freeman has incurred approximately $26-million on drilling and drilling related costs since 2019.

The 2023 Lemhi 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 envisions a phased development with an increase in throughput during the fifth year of operation, with a flow sheet utilizing a carbon-in-leach processing facility.

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 National Instrument 43-101 compliant mineral resource estimate comprises of 988,100 ounces gold at 1.0 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. To date, 525 drill holes and 92,696 metres of drilling have historically been completed.

The recently completed preliminary economic assessment shows: an after-tax net present value (NPV) (discounted at 5 per cent) of $212.4-million (U.S.) and an 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) of 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 (AISC) of $957 (U.S.) per ounce gold using an initial capital expenditure (capex) of $190-million (U.S.).

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

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