Mr. Bassam Moubarak reports

FREEMAN CLOSES STRATEGIC PRIVATE PLACEMENT

Freeman Gold Corp. has closed its previously announced non-brokered private placement financing of 55 million units of the company at a price of 10 cents per unit for aggregate gross proceeds of $5.5-million. The concurrent $5-million private placement financing of convertible debentures previously announced by the company is expected to close on or about Aug. 20, 2025.

Each unit is composed of one common share of the company and one transferable common share purchase warrant that entitles the holder thereof to acquire one additional common share of the company at a price of 18 cents per share for a period of 18 months from today's date.

The units issued pursuant to the non-brokered private placement and the securities underlying the units are subject to the statutory hold period expiring Dec. 7, 2025, being the date that is four months and one day from the date of issuance in accordance with applicable Canadian securities laws.

The proceeds of the non-brokered private placement will be used for permitting the Lemhi gold project.

Directors and officers of the company participated in the non-brokered private placement, acquiring 9.05 million units for aggregate proceeds to the company of $905,000. Accordingly, the non-brokered private placement is considered a related-party transaction subject to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that participation by such directors and officers in the non-brokered private placement does not exceed 25 per cent of the fair market value of the company's market capitalization, as calculated in accordance with MI 61-101.

About Freeman Gold Corp. and project

Freeman is a mineral exploration company focused on the development of its 100-per-cent-owned Lemhi gold project. 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 metres of drilling have historically been completed (K. Murray, S.C. Elfen, P. Mehrfert, J. Millard, Cooper, M. Schulte, M. Dufresne, National Instrument 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 preliminary economic assessment 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; 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.).

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

We seek Safe Harbor.