Mr. Bassam Moubarak reports

FREEMAN GOLD PROVIDES CORPORATE UPDATE

Freeman Gold Corp. has provided a corporate update on fiscal 2025 activities for the Lemhi gold project.

On Oct. 16, 2023, Freeman released a robust preliminary economic assessment (PEA) of the project as completed by Ausenco Engineering Canada ULC. On Feb. 10, 2025, the company awarded a lump sum feasibility study (FS) of Lemhi to Ausenco. The FS is expected to be completed and announced in late Q1 2026.

To support the FS, the company embarked on several activities, including:

• A phase IV metallurgical program building on the previous three phases completed;
• Expansion and infill drilling to increase and convert inferred ounces to measured and indicated for inclusion in the FS;
• A geotechnical work program;
• An update of pricing assumptions to reflect current market conditions. The revised pricing assumptions were integrated into an updated price sensitivity analysis completed by Ausenco and Moose Mountain Technical Services.

The 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 phased development utilizing a carbon-in-leach (CIL) processing facility. As mentioned above, Freeman updated the pricing assumptions of the PEA to increase the base case from $1,750 (U.S.)/ounce Au (gold) to $2,200 (U.S.)/oz Au which resulted in a posttax NPV5 (net present value, 5-per-cent discount rate) $329-million (U.S.), a posttax IRR (internal rate of return) of 28.2 per cent and payback of 2.9 years. Lemhi also has further strong leverage to higher prices and at $3,400 (U.S.)/oz Au, the project has a posttax NPV5 of $876-million (U.S.), a posttax IRR of 57.4 per cent and payback of 1.6 years.

As the company moves forward toward a construction decision, Freeman has advanced permitting initiatives including collecting three years of baseline water quality data required for a state mining permit. To support Lemhi's advanced development, Freeman appointed David Keough to its board. Mr. Keough has over 35 years of experience in the mining industry and as executive director and chief operating officer of Goldrock Inc., he successfully permitted the Lindero gold project, subsequently acquired by Fortuna Silver Mines Inc., for construction.

In the coming weeks and months, the company looks forward to providing updates on the geotechnical, metallurgical, and resource expansion and upgrade drill programs that will be part of the FS. The company anticipates increasing both the size of and confidence in resources at Lemhi through the current drill program. Furthermore, metallurgical testwork will build on three earlier phases of work that indicated greater than 95 per cent of contained gold is recoverable using a traditional CIL process and that the significant coarse gold found at Lemhi is amenable to gravity separation. These new work streams will be key components in what Freeman expects to be a robust and economically compelling FS. The Lemhi project will also benefit from President Trump's executive order to fast-track and revitalize American mineral production. Lemhi is uniquely positioned to provide broad economic benefits to the State of Idaho and create hundreds of local jobs.

About Freeman Gold Corp. and project

Freeman Gold Corp. 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 comprised of 988,100 ounces gold (oz Au) at 1.0 gram per tonne (g/t) 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 growing and advancing the project toward a production decision. To date, 525 drill holes and 92,696 m of drilling has historically been completed.

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.)/oz; average annual gold production of 75,900 oz Au for a total life of mine of 11.2 years payable output of 851,900 oz Au; life-of-mine cash costs of $925 (U.S.)/oz Au; and all-in sustaining costs of $1,105 (U.S.)/oz Au using an initial capital expenditure of $215-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 NI 43-101.

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