Freeman Gold Corp. (TSX-V: FMAN) (OTCQB: FMANF) (FSE: 3WU) is pleased to announce the receipt of CAD $4,800,000 from the exercise of 60,000,000 warrants. With these funds in hand, the feasibility study on the Lemhi Gold Project being prepared by Ausenco Engineering Canada ULC is fully funded.

Bassam Moubarak, CEO 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, 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 news release 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 Preliminary Economic Assessment (see Freeman’s news release dated October 16, 2023); and
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 and will report results as they become available.

About the Company and Project

Freeman Gold Corp. is a mineral exploration company focused on the development of its 100% 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 at 1.0 gram per tonne in 30.02 million tonnes (4.7 million tonnes Measured (168,800 oz Au) & 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 towards a production decision. To date, 525 drill holes and 92,696 m of drilling has historically been completed (Murray K., Elfen, S.C., Mehrfert, P., Millard, J., Cooper, Schulte, M., Dufresne, M., NI 43-101 Technical Report and Preliminary Economic Assessment, dated November 20, 2023; www.sedarplus.ca).

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%) of US$329 million and an internal rate of return of 28.2% using a base case gold price of US$2,200/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 US$925/oz Au; and, all-in sustaining costs of US$1,105/oz Au using an initial capital expenditure of US$215 million*.

*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, P. Geo., VP Exploration of the Company and a Qualified Person as defined by NI 43-101.