Ms. Veronique Laberge reports

FREEDOM GOLD CORP. ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT OFFERING OF UNITS

Freedom Gold Corp. has closed the first tranche of its previously announced non-brokered private placement financing for aggregate gross proceeds of $312,000 through the issuance of 2.6 million units at a price of 12 cents per unit.

Each unit comprises one common share in the capital of the company and one common share purchase warrant, whereby each whole warrant entitles to holder thereof to acquire an additional common share at an exercise price of 18 cents for a period of 24 months from the date of issuance.

In connection with the offering, the company paid cash commissions of $5,040 to certain finders and issued 42,000 non-transferable finders' common share purchase warrants. Each finder's warrant entitles the holder thereof to purchase one common share at an exercise price of 18 cents per common share for a period of 24 months from the date of issuance.

Proceeds from the offering will be used for general working capital purposes. The units and underlying securities issued pursuant to the offering will be subject to a four-month-and-one-day hold period from the date of issuance, pursuant to National Instrument 45-106, Prospectus Exemptions.

An insider from the company indirectly subscribed for a total of 200,000 units under the offering. A subscription by an insider of the company is considered to be a related party transaction of the company within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is exempt from the formal valuation requirement in Section 5.4 of MI 61-101 in reliance on Section 5.5(a) of MI 61-101 as the fair market value of the offering, insofar as it involves the insider, is not more than 25 per cent of the company's market capitalization. Additionally, the company is exempt from the minority shareholder approval requirement in Section 5.6 of MI 61-101 in reliance on Section 5.7(a) as the fair market value of the offering, insofar as it involves the insider, is not more than 25 per cent of the company's market capitalization. The company did not file a material change report more than 21 days before the closing of the offering because the details of the insider participation were not finalized until closer to closing of the offering and the company wished to close the offering as soon as practicable for sound business reasons.

About Freedom Gold Corp.

Freedom Gold is a leading exploration and development company focused on unlocking the vast potential of gold resources. With a strategic approach to resource management and a commitment to sustainable practices, Freedom is dedicated to driving innovation and delivering value for its stakeholders. Founded in 2020, its mineral properties is located in Quebec and Nova Scotia, regions renowned for its rich deposits of these valuable resources. For further information, please refer to the company's disclosure record on SEDAR+.

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