Mr. Bassam Moubarak reports

FREEMAN GOLD CORP. DELIVERS MAJOR 2025 ACHIEVEMENTS

Freeman Gold Corp. has had a transformative year for its flagship Lemhi gold project in Idaho, marked by major milestones that position the company for the next phase of growth.

Strategic financing strengthens growth plans

In July, 2025, Freeman raised $10.5-million through a non-brokered private placement and an unsecured convertible debenture offering. This financing materially enhanced the company's balance sheet and provides the capital required to advance exploration, metallurgical optimization and feasibility-level work at Lemhi. The strong support demonstrated by its investors reflects continued and growing confidence in the quality of the asset and Freeman's development strategy. Additionally, management and insiders continue to support the company and control 28.5 per cent of the outstanding shares. See July 17, 2025, Aug. 6, 2025, and Aug. 18, 2025, news releases for additional details.

Robust and strengthening project economics

In April, 2025, Freeman announced updated economic results that reflected the then current gold price environment. Using a gold price of $3,400 (U.S.) per ounce, the Lemhi gold project demonstrated a posttax net present value (5 per cent) of approximately $876-million (U.S.), a posttax internal rate of return of 57.4 per cent and a payback period of 1.6 years. These enhanced metrics quantify the project's significant leverage to gold prices, highlight its low-cost and low-capital nature, and substantiate strong economics at prevailing market gold prices. This sensitivity analysis underscores Lemhi's value across a range of price scenarios and reinforces its attractiveness as a development asset. See the April 9, 2025, news release for additional details.

Drilling confirms resource expansion potential

During September, 2025, the company completed a 33-hole, 3,328-metre drill program focused on resource conversion and expansion. The program delivered encouraging results, including high-grade intercepts such as 8.0 metres grading 3.1 grams per tonne gold, confirming mineral continuity within the deposit. Importantly, all drilling was completed on patented claims, and results continue to demonstrate that the deposit remains open to both the north and south of the pit outlined in the prefeasibility study. These outcomes reinforce the potential for future resource growth and mine life expansion. See Sept. 15, 2025, Sept. 23, 2025, and Dec. 4, 2025, news releases for additional details.

Metallurgical testing delivers outstanding results

In December, 2025, Freeman finalized its phase 4 metallurgical testwork, which delivered exceptional results. Average gold recoveries of 95.4 per cent were achieved using a simple, conventional carbon-in-leach flow sheet, validating the robustness of Lemhi's processing characteristics. In addition, cyanide destruction tests met applicable discharge standards, further underscoring the project's low-risk metallurgical and environmental profile. See Dec. 9, 2025, news release for additional details.

Management commentary

"Our achievements in 2025 represent a turning point for Freeman," said Bassam Moubarak, chief executive officer and director. "The combination of strong drill results, exceptional metallurgical recoveries, strategic financing and highly attractive economic sensitivity to current gold prices has positioned us to deliver an updated resource estimate in Q1 2026. This will be a critical step toward completing our feasibility study in April, 2026, and moving the Lemhi gold project closer to production. We are excited about the opportunities ahead and remain committed to creating long-term value for our shareholders. On behalf of the board of directors and the entire Freeman team, I would like to thank our shareholders for their continued support and confidence. We look forward to an active and value-defining year ahead."

Looking ahead

Freeman expects to release an updated mineral resource estimate in early first quarter 2026, incorporating the results of the 2025 drilling program. This updated estimate will form the foundation of the feasibility study and represents a key milestone on the path toward a production decision at Lemhi.

About Freeman Gold Corp.

Freeman 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 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 ounces) 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, on SEDAR+).

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.)*.

* Note: 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 release has been reviewed and approved by Dean Besserer, PGeo, vice-president, exploration, of the company, a qualified person as defined by the NI 43-101.

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