Mr. Bassam Moubarak reports

FREEMAN GOLD COMMENCES PHASE FOUR METALURGICAL TEST WORK IN SUPPORT OF FEASIBILITY STUDY AT THE LEMHI GOLD PROJECT

Freeman Gold Corp. has awarded the feasibility metallurgical testwork contract to Base Metallurgical Laboratories Ltd., Kamloops, B.C., Canada. The testwork is part of a fourth phase of metallurgical testwork at the Lemhi gold project. The results will be used in conjunction with the previous three phases as part of the recently commissioned feasibility study being completed by Ausenco (see Freeman's news release dated Feb. 10, 2025).

Freeman's metallurgical testwork that commenced in 2021 has demonstrated that Lemhi mineralization has favourable characteristics that include:

• Lemhi mineralization has very low resistance to breakage.
• Testing indicates up to 58 per cent of the coarse gold can be recovered through gravity concentration.
• Greater than 95 per cent of contained gold is recoverable using a traditional carbon-in-leach process.
• An optimized flow sheet has been designed that consists of a grind target of 150 microns, a gravity circuit and 24-hour retention cyanide leaching. This flow sheet produced combined gold recoveries of 97.5 per cent and 96.3 per cent.
• Some lower gold recoveries were evident on feeds with higher copper content. The bench-scale testing to simulate flash flotation to remove a copper-silver-gold concentrate allowed the float tails to increase the gold leach recoveries back to project average levels.
• Testwork provided acceptable discharge chemistry, and the most optimized reagent dosages showed that the material was not acid generating:
  • Weak acid dissociable cyanide levels were effectively reduced from 305 milligrams per litre to less than one milligram per litre in 30 minutes of slurry retention time.
• Reagent consumption of sodium cyanide, lime, sodium metabisulphite, copper sulphate, flocculant, hydrochloric acid, sodium hydroxide and activated carbon are estimated to be $4.26 (U.S.) per tonne milled.
• This fourth phase of testing aims to refine these positive results for inclusion in the coming feasibility study.

Dean Besserer, vice-president of exploration, stated: "Metallurgical testing to date at Lemhi has shown exceptional metallurgical response in terms of recovery percentages and rates, as well as reagent use and consumption. This new testing campaign by Base Met will refine results to meet the requirements of our feasibility study, currently being prepared by Ausenco."

The 20 samples submitted to Base Met for testwork are a mix of crushed assay rejects and halved drill core. Testing will focus on three production composites from the Main pit, Beauty zone and SW zone to assess variability in mineralization over the 11-year mine life as outlined in the 2023 preliminary economic assessment. Furthermore, work aims to refine the operating limits for the PEA flow sheet that utilizes a CIL processing facility (see Freeman's news release dated Oct. 16, 2023).

The 2025 fourth-phase metallurgical testwork program will consist of:

• Measuring comminution characteristics, including SMC, bond drop weight index and abrasion index;
• Assessing bond ball mill work index of each variability sample to determine the energy requirements during ball milling;
• Measuring the chemical and mineral contents of the feed samples: representative subsamples from each variability sample will be submitted for head assays for the following analyses: gold, silver, copper, iron, sulphur, carbon and mercury;
• A bulk mineral analysis using industry standard scanning electron microscope techniques will be conducted on each variability sample to obtain quantitative mineral composition data and determine sulphur deportment;
• A program of bench scale metallurgical tests will be conducted on the samples to confirm the suitability of three production composites to processing techniques determined through previous test programs;
• Evaluate the response of three production composites to processing techniques determined through previous test programs, including:
  • Whole sample leaching with sodium cyanide;
  • Gravity concentration plus sodium cyanide leaching;
  • A series of laboratory mill grind calibrations to establish grinding times required for leach testing; evaluate the response of cyanide detoxification on a leached composite sample including cyanide destruction testing;
• Apply the developed flow sheet to an estimated 20 variability samples;
• Evaluate the dynamic settling characteristics of a composite preleach sample;
• Evaluate the dynamic settling and filtering characteristics of detoxified composite samples;
• Prepare a filtered tailings sample for Jenike & Johanson material-handling testwork.

Prior metallurgical testwork

2023 metallurgical testwork (phase 3)

Freeman submitted two shipments of drill core to refine process development aspects of the Lemhi project to Base Met. Two master composites were created from the drill core, and each composite was assayed for gold in duplicate. Master comp 1 and master comp 2 contained 1.94 and 1.18 grams per tonne gold, respectively. Metallurgical testing included gravity tests on MC1 and development cyanide leaching on each of MC1 and MC2. An oxygen uptake rate test and a 10-kilogram bulk gravity and cyanide test were also completed using MC2 to generate feed cyanide destruction and solid to liquid separation optimization testing. Gravity gold concentrate generated was submitted to intensive cyanidation leaching testing to assess leachability of the gravity recoverable gold for each composite (see Freeman's new release dated July 31, 2023).

Cyanide leach testing evaluated the effect of grind size between 110 and 175 microns on gold recoveries using gravity and carbon-in-leach circuits. Results showed limited variance in leach performance with increased grind size. Based on the results, an optimized flow sheet was selected which consists of a grind target of 150 microns, a gravity circuit and 24-hour retention cyanide leaching. This flow sheet produced combined gold recoveries of 97.5 per cent and 96.3 per cent for MC1 and MC2, respectively. Furthermore, leaching with and without activated carbon (that is, direct leach versus CIL) did not show evidence of preg-robing conditions.

In addition, 20 kilograms of material from sample MC1 was subjected to extended gravity recoverable gold testing to determine gravity recovery amenability. Test results contained a high level of gravity recoverable gold of 58 per cent. These high-range results suggest that the inclusion of a gravity gold concentration would enhance recoveries and lower costs, which was included in the preliminary feasibility study.

2021-2022 metallurgical test program (phase 1 and 2)

SGS Mineral Services, Burnaby, B.C., performed metallurgical laboratory testing beginning in January, 2021, and ending in January, 2022. The laboratory study used a total of 38 drill hole intervals and composite samples. Initial optimization testwork began on archived assay rejects originating from 2012 diamond drill core and then proceeding to 2020 PQ diamond drill core intervals (phase 1) and, finally, testing 26 variability composite drill core samples originating from 2020 assay rejects (phase 2). These samples were used for comminution, gravity recovery, leaching and liquid to solid separation studies, as well as continuing environmental evaluation.

Gold cyanidation extractions averaged 95 per cent, based on 38 variability samples, with head grades ranging from 0.2 gram per tonne to 10.9 g/t gold, and averaging 1.02 g/t Au. Samples were collected over a large spatial area considered representative of the 2020 maiden mineral resource (see Freeman's news release dated July 8, 2021). The results were based on process operating conditions that are suitable for a conventional CIL tank leaching process. This included a grind of 80 per cent passing particle size, 106 microns, with a leach retention time of approximately 36 hours, following gravity pretreatment.

The laboratory testing used composite samples averaging close to the predicted current resource grade of 1.01 g/t Au resulting in average gold extractions of 95 per cent. This comprised a wide range of potential mill feed grades of between 0.2 g/t to 10.9 g/t resulting in 91-per-cent to 99-per-cent gold leach dissolution. Gold recovery continued to hold up well even below potential cut-off grade material. This included down to the lowest-grade sample at 0.19 g/t Au, which resulted in 89-per-cent gold leach dissolution. Cyanide tailing residues typically analyzed less than 0.5 g/t Au and were often below detection limit of 0.02 g/t Au.

Pretreatment of the leach feed by gravity concentration using a Knelson concentrator suggests on average one-third of the gold might be recovered into rougher gravity concentrate that is suitable for intense cyanidation. This is relevant given the corresponding head analyses indicate a significant portion of gold can occur as coarse particles.

Laboratory data also suggested that sulphide-bearing material that is occasionally identified in the current resource (maiden resource), including pyrite and chalcopyrite intervals, could produce a potentially marketable flotation concentrate containing gold and copper. Flotation tailing would then be forwarded as feed to the CIL leach process resulting in overall process recoveries in line with whole rock tank leaching.

Freeman also announces that it has granted stock options to certain directors, officers and consultants of the company to acquire an aggregate of 4.85 million common shares in the capital of the company at an exercise price of 12 cents per share in accordance with the terms and conditions of the company's stock option plan. The stock options fully vest on the date of the grant and are exercisable for a five-year term expiring April 14, 2030.

About Freeman Gold Corp.

Freeman 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 is composed of 988,100 ounces gold at 1.0 gram per tonne in 30.02 million tonnes (4.7 million tonnes measured (168,800 oz) and 25.5 million tonnes indicated (819,300 oz)) and 256,000 oz Au at 1.04 g/t Au in 7.63 million tonnes (inferred). The company is focused on expanding and advancing the project toward a production decision. To date, 525 drill holes and 92,696 m of drilling has historically been completed (K. Murray, S.C. Elfen, P. Mehrfert, J. Millard, Cooper, M. Schulte, M. Dufresne, NI 43-101 technical report and preliminary economic assessment, dated Nov. 20, 2023).

The recently updated price sensitivity analysis (see Freeman's news release dated April 9, 2025) shows a PEA with an after-tax net present value (5 per cent) of $329-million (U.S.) and an internal rate of return of 28.2 per cent using a base-case gold price of $2,200 (U.S.) per ounce; average annual gold production of 75,900 oz Au for a total life of mine of 11.2 years and payable output of 851,900 oz Au; life-of-mine cash costs of $925 (U.S.) per oz Au; and all-in sustaining costs of $1,105 (U.S.) per oz Au using an initial capital expenditure of $215-million (U.S.)*.

* Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability. The preliminary economic assessment is preliminary in nature that 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.

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

We seek Safe Harbor.