Mr. Bassam Moubarak reports

FREEMAN'S 2025 PHASE 4 METALLURGICAL TESTWORK REPORTS >95% EXTRACTION AND CONFIRMS SIMPLE, LOW-RISK PROCESSING FOR LEMHI

Freeman Gold Corp. has successfully completed its 2025 metallurgical testwork program for the Lemhi gold project in Idaho, United States. This program, which builds upon three previous phases of metallurgical studies, was conducted by Base Met Labs (BML) in Kamloops, B.C., and independently reviewed by Ausenco Engineering Canada ULC. Results confirm that Lemhi supports a simple, conventional processing flowsheet and demonstrates consistently high gold recoveries across all major zones of the deposit.

Highlights

• Gold leach extraction of 91.2 per cent to 97.4 per cent -- averaging 95.4 per cent across 2025 variability and composite samples;
• Simple, conventional flowsheet -- based on 120-micrometre P80 primary grind and standard CIL cyanidation;
• Fast leach kinetics -- leach extraction substantially complete within 24 hours;
• Moderate reagent consumption -- average NaCN and lime consumption of 1.28 kilograms per tonne and 1.01 kg/t, respectively;
• Low abrasion index -- ore characterized as soft supporting low-cost conventional milling;
• Excellent metallurgical performance confirmed across variability and production composites.

Metallurgical program overview

The 2025 program included:

• 18 drill-core variability composites from the Main pit which included samples representing later year production (according to the PEA (preliminary economic assessment) mine plan);
• One composite each from the Beauty zone and SW zone;
• Three production composites (early, mid, late mine life, based on the PEA mine plan);
• Five reverse circulation (RC) samples representing the central core of the Main pit.

Testwork evaluated head assays, mineralogy, gravity concentration, cyanide leaching, comminution and cyanide destruction. Bottle-roll leach tests were repeated under oxygenated conditions to validate leach kinetics and improve accuracy.

Gold metallurgical performance

Across all 2025 samples, total gold leach extraction ranged from 91.2 per cent to 97.4 per cent, averaging 95.4 per cent.

• Cyanide consumption averaged 1.28 kg/t;
• Lime consumption averaged 1.01 kg/t;
• Bond Ball Mill Work Index averaged 16.4 kilowatt-hours/t;
• SMC tests on 11 drill core samples returned an average Axb value of 138, which indicates that the ore is soft and not competent with respect to SAG breakage;
• Abrasion index tests averaged 0.13 gram.

Cyanide destruction tests using the SO2/air process successfully reduced CNWAD from approximately 1,270 parts per million to below five ppm, well within typical discharge criteria. Reagent consumption requirements were consistent with expectations for this process.

"These metallurgical results reinforce Lemhi's potential as a high-quality, free-milling gold project with excellent recoveries and a simple, low-risk processing flowsheet," stated Bassam Moubarak, chief executive officer and director of Freeman. "The combination of high gold extraction, moderate reagent use and soft ore characteristics provides a strong foundation for future development and underscores the project's economic robustness."

Next steps

Freeman will integrate the 2025 metallurgical data set into continuing engineering and mine planning work. Further optimization, including confirmatory intensive leach testing and reagent consumption modelling, is planned as the company advances Lemhi toward its next phase of technical studies.

About Freeman Gold Corp.

Freeman Gold is a mineral exploration company focused on the development of its 100-per-centowned 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 ounces) at 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 metres 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.).

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

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