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

On December 9, 2025, Freeman Gold announced the results from its Phase 4 metallurgical test work for the Lemhi Gold Project. The results confirmed excellent gold extraction, with an average of 95.4% and a range of 91.2% to 97.4% through a simple, conventional whole-ore cyanide leach process. The test work also indicated moderate reagent consumption (1.28 kg/t sodium cyanide, 1.01 kg/t lime) and favorable comminution characteristics (soft ore), which supports a low-risk processing flowsheet. These results are based on 18 variability composites from the main deposit and samples from satellite zones, providing comprehensive data for the ongoing Feasibility Study (FS).

This news follows the December 4, 2025, announcement of the final drill results from the 2025 program. The drilling was designed to convert inferred resources to higher confidence categories for the FS. Key intercepts included 3.1 g/t gold over 8.0 metres and 1.6 g/t gold over 7.6 metres, which were part of broader, lower-grade mineralized zones typical of the deposit.

The metallurgical results are materially positive and represent a significant de-risking event for the Lemhi Gold Project. While previous tests had shown good recoveries, this comprehensive Phase 4 program confirms, with a high degree of confidence for a Feasibility Study, that the ore is amenable to simple, low-cost, and conventional processing with high recoveries. This confirmation is crucial as it validates a key assumption in the project's economic model (the 2023 PEA assumed 96.7% recovery) and reduces the technical risk ahead of the FS expected in Q1 2026. High recoveries and simple processing are paramount for the profitability of a bulk-tonnage, open-pit project like Lemhi.

The drill results from December 4 are more routine in nature. They achieved their stated goal of providing infill data to upgrade the resource classification. The intercepts are in line with the deposit's known characteristics and provide necessary data for the upcoming Mineral Resource Estimate (MRE) update, but they do not fundamentally change the scope or scale of the project.

Taken together, the recent news flow demonstrates systematic execution and successful de-risking of the project. The metallurgical news, in particular, strengthens the foundation for a positive Feasibility Study. While not a "game-changer" that reveals unexpected new value, it is a critical and necessary milestone that makes the project more robust and financeable.

Freeman Gold Corp. is a mineral exploration company focused on advancing its 100%-owned Lemhi Gold Project in Idaho, a mining-friendly jurisdiction in the USA. The Lemhi project is a near-surface, oxide gold deposit amenable to open-pit mining. The October 2023 Preliminary Economic Assessment (PEA), updated with a $2,200/oz gold price in April 2025, shows a post-tax NPV(5%) of US$329 million and an IRR of 28.2%. The company is currently in the Feasibility Study stage, which is expected to be completed in Q1 2026. The project is royalty-free after the company bought out and extinguished a back-in right from Yamana Gold in 2020.