Mr. Bassam Moubarak reports

FREEMAN GOLD RECEIVES $4.8 MILLION FROM WARRANT EXERCISES TO FULLY FUND FEASIBILITY STUDY

Freeman Gold Corp. has received $4.8-million from the exercise of 60 million warrants. With these funds in hand, the feasibility study on the Lemhi gold project being prepared by Ausenco Engineering Canada ULC is fully financed.

Bassam Moubarak, chief executive officer of Freeman, stated: "The cash received from the warrant exercises provides the company with the capital to complete the Lemhi feasibility study. Furthermore, the lump-sum contract with Ausenco provides cost certainty as work progresses on the study. We appreciate the continued support of all our shareholders as we continue working towards developing the Lemhi gold project."

The feasibility study will build upon the 2023 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 flowsheet 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.

Freeman recently completed its supplementary feasibility study 2,480-metre drill program (see Freeman's news release dated June 9, 2025, for additional information) designed to:

1. Convert inferred ounces from the current mineral resource estimate to either measured or indicated (approximately 1,820 metres in 23 drill holes) for those ounces contained within the pit shell as designed as part of Freeman's PEA (see Freeman's news release dated Oct. 16, 2023);
2. Complete further exploration to the north, south and at the Beauty zone (approximately 1,040 metres in seven drill holes).

Freeman anticipates receiving assay results from the reverse circulation (RC) drill program in early Q3 (third quarter) and will report results as they become available.

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 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 Au) and 25.5 million tonnes indicated (819,300 oz Au)) 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 metres of drilling has historically been completed (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 oz Au; 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.) 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.)*.

* Mineral resources that are not mineral reserves do not have demonstrated economic viability. The preliminary economic assessment is preliminary in nature; it 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 news release has been reviewed and approved by Dean Besserer, PGeo, vice-president of exploration of the company and a qualified person as defined by NI 43-101.

We seek Safe Harbor.