#1Б FREEMAN GOLD CORP 2020 INVESTOR PRESENTATION#2Disclaimer This corporate presentation and the information contained herein (the "Presentation") is confidential proprietary and for authorized use only. It is being provided for the use of prospective investors solely for such investors' confidential use, with the express understanding that, without the prior permission in writing from Freeman Gold Inc. ("Freeman Gold" or the "Company"), the investor will not copy this document or any portion of it or use any information contained herein for any purpose other than evaluating a potential investment in securities of Freeman Gold. Under no circumstances are its contents to be reproduced or distributed to the public, media or potential investors without written authorization from the Company. Any failure to comply with this restriction may constitute a violation of applicable securities laws. Recipients are required to inform themselves of, and comply with, all such restrictions or prohibitions and Freeman Gold does not accept liability to any person in relation thereto. This Presentation provides general background information about the activities of Freeman Gold. Information disclosed in this Presentation is current as of April 16, 2020, except as otherwise provided herein and Freeman Gold does not undertake or agree to update this Presentation after the date hereof. All information is derived solely from management of Freeman Gold and otherwise publicly available third-party information that has not been independently verified by the Company. Further, it does not purport to be complete nor is it intended to be relied upon as advice (legal, financial, tax or otherwise) to current or potential investors. Each prospective investor should contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice. No representation or warranty, express or implied, is made or given by or on behalf of Freeman Gold or any of its affiliates, directors, officers or employees as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any person for such information or opinions. No person has been authorized to give any information or make any representations other than those contained in this Presentation and, if given and/or made, such information or representations must not be relied upon as having been so authorized. This Presentation contains "forward-looking information" within the meaning of applicable Canadian securities laws. This information and these statements, referred to herein as "forward looking statements", are made as of the date of this Presentation or as of the date of the effective date of information described in this presentation, as applicable. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, without limitation, statements with respect to Freeman Gold': (i) financial results, future financial position and expected growth of cash flows; (ii) business strategy, including budgets, projected costs, projected capital expenditures, taxes, plans, objectives, potential synergies and industry trends; (iii) research and development, including the Company's development of its technology, and the success of any clinical trials associated therewith; (iv) expectations concerning the size and growth of the global security/protection market, the effectiveness of the Company's technology compared to its competitors' products and the laws and regulations governing the development, production, sale and use of the Company's technology; and (v) ability to commercialize its products and navigate potential growth opportunities. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "projects", "targets", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "likely", "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking information, including without limitation: (i) the availability and continuity of financing; (ii) the effectiveness of the Company's technology and the Company's ability to bring its technology to commercial production; and (iii) continued growth of the global security/protection market; and (iv) a continued minimal regulatory/legal burden concerning the development, production, sale and use of the Company's technology. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Freeman Gold and its directors, officers and employees disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law. Accordingly, current and potential investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. All forward-looking information is expressly qualified in its entirety by this cautionary statement. This Presentation does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The technical content of this presentation has been reviewed and approved by Dean Besserer, P.Geol., who is a Qualified Person as defined by National Instrument 43-101. 02#3Investment Highlights Strategically located in mining friendly Idaho, USA . Lemhi Gold Project Over 355 holes drilled in deposit area Open pit, heap leachable historical resource Most of historical resource on patented claims Consolidated >2500 acre land package unexplored Historical resources ranging 500K oz to 1.2M oz with grade between 0.84 gpt and 1.3 gpt Au Initial twin, in-fill drill program for maiden 43-101 compliant resource • Aggressive exploration program, deposit open in all directions within large property package TARGET: To define a 1.5M - 2M oz oxide, open pit deposit in Idaho 03#4Share Structure FREEMAN GOLD (LDG,CSE)* Acquisition Shares Issued** Finder's Fee*** SHARES OUTSTANDING Stock Options Broker Warrants FULLY DILUTED Current Financing: $0.35 w/ a full 12 month wt at $0.50 * 6 million shares subject to 6 month hold from December 15, 2019. 2.4 million shares, 2.5 year remaining escrow with 15% released every 6 months. ** Escrow release of 17.5% upon closing, 22.5% at month 6, 30% at month 9, 30% at month 12 *** 4 month hold from issuance 14,177,770 33,690,000 3,500,000 51,367,770 1,400,000 130,000 52,897,770 2,300,000 04#5Management and Directors Victor Cantore DIRECTOR • Seasoned capital markets professional specializing in the resource and high-tech sectors. Over 25 years of advisory and leadership experience, having begun his career in 1992 as an investment advisor and then moving into management roles at both public and private companies. • Organized and structured numerous equity and debt financings, mergers and acquisitions, joint venture partnerships and strategic alliances. Serves on the boards of various companies both private and public. Victor Cantore Simon Marcotte DIRECTOR • Over 20 years of capital market experience. • Partner of Cormark Securities for four years in institutional equity sales and also sat on their board of directors. • 8 years experience as a Director for CIBC World Markets in Montreal • Holds a B.A.A. from Sherbrooke University and is a Chartered Financial Analyst. Currently a Director of Arena Minerals and has been involved, either as a director or an officer, with Mason Graphite, Belo Sun Mining, Alderon Iron Ore, Copper One and others. Simon Marcotte Ronald Stewart DIRECTOR Over 30 years international experience in the mining and capital markets industry, with over 20 years direct mining operations experience, including operations management, project construction and development, exploration, feasibility analysis and evaluations. Eight years in the equity capital markets. • Wide range of hands-on experience in both underground and open pit mining operations including mine design and production planning, capital and operating budgets, feasibility and expansion studies, financial analysis and property valuation. Extensive experience in public, media and government relations and was directly responsible and credited with the greenfields discovery of a 3 million ounce gold mine in Ontario. • Managed a team on the discovery of a 4 million-ounce gold mine in Western Australia. Ronald Stewart Kelvin Lee VICE PRESIDENT Over 15 years of extensive financial management experience with publicly traded companies. • Most recently worked in progressively senior roles from Corporate Controller, VP Finance and Administration to Chief Financial Officer, for a TSX-V listed gold producer with $400 million in revenue over the past nine years. His responsibilities included development and execution of financial strategy and operations, including regulatory reporting, financial planning and analysis, treasury, tax and audit. Held prior Controller positions in the mining industry with various publicly traded companies including Prodigy Gold Inc. that was acquired for $340 million. • CPA, CGA and holds a Diploma in Accounting (Hons) and a Bachelor in Business Administration (Hons) from the British Columbia Institute of Technology. Ketrin Lee Howard Milne CEO & DIRECTOR Howard Milne Steve Mathiesen CFO & DIRECTOR Steve Mathiesen 59 05#6The Property 06#7. . Idaho USA The Lemhi Gold Project is strategically located in the heart of Lemhi County, Idaho Idaho is one of the top ranked jurisdictions globally with an extensive and rich mining history. Idaho was ranked No. 8 in the world and No. 3 in North America on the 2019 Fraser Institute rankings of mining attractiveness index. This prolific area is in close proximity to Revival Gold (Beartrack-Arnett Project), Barrick, Agnico Eagle among others. MIDAS GOLD (YELLOWPINE) $307M SILVER VALLEY (BUNKER HILL, LUCKY FRIDAY, & GALENA) ENDOMONES (FRIDAY PROJECT) IDAHO CHAMPION (BANER) REVIVAL GOLD (BEARTRACK MINE) $46M LEMHI GOLD $18.5M IDAHO CHAMPION (COLBALT PROPERTIES) OTIS GOLD (KILGORE) THOMPSON CREEK MINING CuMo (CuMo PROJECT) (THOMPSON CREEK) Idaho ATLANTA GOLD (ATLANTA) IDAHO CHAMPION (CHAMPAGNE) INTEGRA RESOURCES (DELAMAR) $124M OTIS GOLD (OAKLEY) LIBERTY GOLD (BLACK PINE) $341M *The value listed beneath each company refers to their market capital. 07#8Historical Resource with Upside HISTORICAL RESOURCES Historical resource estimates conditioned by property boundary constraints and a flawed twinning program. NEAR SURFACE Most ounces found in near surface, oxide material potentially suitable for open pit, heap leach operations. 2012 2012 historical resource estimate by Practical Mining used modern methodologies, but did not include 2013 drilling. 2013 Latest resource estimate completed in 2013 downgraded resource based on a faulty twinning program. 08#9Historical Resource with Upside SOURCE CATEGORY* GRADE opt (g/t) TONS(TONNES) CUT-OFF opt (g/t) OUNCES* 1987 FMC (Disbrow, 1987) "Geological Reserve" 0.057 (1.95) 3,006,595 (2,727,537) 0.035 (1.20) 171,375 0.055 (1.89) 1989 FMC 623,700 (565,811) 0.032 (1.10) 34,304 "Reserves" (Mine Reserve Associates) 0.044 (1.51) "Geological Resource" 0.0375 (1.29) 1,014,400 (920,248) 32,361,539 (29,357,894) 0.024 (0.82) 44,634 1996 AGR (Pincock Allen Holt PAH - Sandefur, 1996) 0.003 -0.012 (0.1 -0.4) 1,217,704 "In-pit Geological Resource" 0.0385 (1.32) 13,649,974 (12,383,048) 0.003 -0.012 (0.1-0.4) 525,938 1996 AGR (Independent Mining Consultants) "In-pit Potential Mineable Resource" 0.036 (1.23) 15,031,000 (13,635,894) 0.011 (0.38) 542,620 Indicated 0.025 (0.87) 2012 LGT (Pratical Mining Swanson et al. 2012) 21,003,440 (19,054,000) 0.004 (0.14) 529,300 Inferred 0.020 (0.69) 14,083,130 (12,776,000) 0.004 (0.14) 281,000 Measured & Indicated 0.024 (0.81) 24,222,402 (21,974,200) 0.006 (0.20) 569,631 2013 LGT (Pratical Mining) Inferred 0.018 (0.61) 13,781,831 0.006 (0.20) 268,959 *All resources are considered historical in nature and should not be relied upon. Resources completed prior to 2013 either do not use categories as set out in in the CIM Definition Standards on Mineral Resources & Mineral Reserves (2014), and/or are out dated due to subsequent drilling. **The author of this Technical Report does not have enough information to verify the 2012 or 2013 Practical Mining resource estimates (which were internal estimates with no formal technical reports) as current mineral resources, therefore they are considered historical in nature and should not be relied upon. ***opt = troy ounces per short ton, gpt or g/t = grams per metric tonne. 09 go#10193.55m @ 1.8 g/t Au 59.44m @ 3.55 g/t Au 19.81m @ 4.98 g/t Au 149.35m @ 1.06 g/t Au 74.68m @ 1.74 g/t Au 13.72m @ 15.19 g/t Au 179.83m @ 1.81 g/t Au 54.96m @ 4.28 g/t Au 57.91m @ 2.32 g/t Au 10.66m @ 7.06 g/t Au 143,26m @ 1.09 g/t Au 38.1m @ 2.35 g/t Au Historical Drilling Intercepts 10.67m @ 5.62 g/t Au 53,34m @ 2.33 g/t Au 21,33m @ 1,78 g/t Au 152.86m @ 1.06 g/t Au 38.1m @ 2.36 g/t Au 193.55m @ 1.8 g/t Au 179.83m @ 1.81 g/t Au 13.72m @ 15.19 g/t Au 54.96m @ 4.28 g/t Au 12.19m @ 5.46 g/t Au 59.44m @ 3.55 g/t Au 152.86m @ 1.06 g/t Au 149.35m @ 1.06 g/t Au 143.26m @ 1.09 g/t Au Legend Patented Claims Unpatented Claims 32.01m @ 2.54 g/t Au 10#11932200 732400 732600 732800 733000 733200 733400 733600 733800 734000 734200 734400 734600 734800 735000 735200 735400 735600 735800 736000 736200 736409 I 60701 6.09m 1.52m @ 1.78 g/t Au 4.57m @ 1.24 g/t Au 16.76m @ 1.87 g/t Au 4.57m @ 4.78 g/t Au 1.53m @ 2.23 g/t Au 12.19m @2.41 g/t Au 6.1m 1.24 g/t Au 7.62m @ 1.90 g/t Au 35.2m @ 0.73 g/t Au 15.24m 5.31 g/t Au @ 1.52 g/t Au 4.57m @ 1.02 g/t Au 892 3.05m @2.37 g/t Au 3.05m @ 1.93 g/t Au 4.57m @ 1.26 g/t Au 4.57m @ 2.08 g/t Au 1.53m @ 1.37 g/t Au N032 4.57m @1.09 g/t Au 4.57m @1.14 g/t Au 1.52m 2.26 g/t Au 1.53m @ 3.46 g/t Au EXISTING HISTORIC RESOURCE 0335 7.62m @ 8.47 g/t Au 3.05m 1.91 g/t Au 3.05 1.1 g/t Au 6.1m @ 1.67 g/t Au 6.09m @ 2.82 g/t Au 3.05m @ 1.34 g/t Au 3m @2.95 g/t Au 7.62m @ 1.45 g/t Au 4.57m @ 1.58 g/t Au 12.9m 2.06 g/t Au Gros 4.58m 3.05m 1.11 g/t Au 1.23 g/t Au 504260050428000430000432000434000436000438042000444004446004560004886600046800047000047200047400047648600048800049000049200 6.1m 1.09 g/t Au 3.05 @ 2.57 g/t Au Bat Fore 50424000426065042800043000043200043400043600043800044000044200044406504460004480000450000045200045400504560004580004600004620004640004660004680004700004720004740004760004780004800650482000484000486000488000490005049209 3.05m @ 1.66 g/t Au 6.1m @1.27 g/t Au 3.05m @ 1.42 g/t Au 4.57m 1.16 g/t Au 7.62m @ 1.55 g/t Au 6.1m 1.78 g/t Au 4.57 @ 1.58 g/t Au Gulagne Guich Legend Lemhi Gold Property Patented Claims 6000 Unpatented Claims 732200 732400 732800 732800 733000 733200 733400 733800 733800 734000 734200 734400 734800 734800 735000 735200 735400 735600 735800 736000 736200 736400 Lehmi Gold Resource Potential Deposit open in all directions, including at depth. • Opportunity to increase ounces by infill drilling, including drilling allowed by consolidated land package. Increased understanding of deposit geology will help with more accurate modeling. Target initial 43-101 compliant resource within historic resource area of > 1M oz with an average grade of ~1 gram per tonne. 19#12Placer Gold Discovered 1867; Lode 1880's Project History FMC Explored Property 1984 - 1991 (148 Drill Holes) Initial Gold Resource American Gold Resources (AGR) 1991-1996 Meridian Gold acquires AGR 1997 Depressed gold prices 1997-1998 Northern Vertex JV (Lemhi Gold Trust) 2011, 10,531m Drilling (2012) Northern Vertex sells 51% share to Idaho State Gold Company LLC (2013) 130 drill holes pre-feasibility Environmental Baseline studies by Meridian Gold Lower 48 Resources acquires The Properties in 2019 Project put on hold No group has owned the unpatented and patented Mining claims at the same time 11#13Regional Geology Lemhi Gold Property Underlain by quartzites and phyllites of mesoproterozoic age Tgod Kog Tgdd Yag YXm Yam YXm Tgs Tgs YXm Yag Yag Yag YXm Yh Ybe Yag Yam Ybe Lemhi Gold Property Ybe Yam Yag Oi Yag Yag Ts Tcv Tcv Ybe Yh Yh Ybe Ybe Ts Ts Ts Qa Ybe Tcv Qa Quaternary alluvial deposits Oi Ordovician intrusive rocks (includes Beaverbead pluton) Tgs Eocene granite, pink granite, syenite, rhyolite dikes, and rhyolitic shallow intrusive Ybe Belt Supergroup and related rocks (includes Meadow Creek metamorphic sequence) Tgdd Eocene granodionite, granite, diorite, and shallow dacitic intrusive Yam Mesoproterozoic amphibolite Ts Tertiary sedimentary rocks, undifferentiated Yag Mesoproterozoic augen gneiss and porphyritic granite Tcv Eocene Challis Volcanic Group, volcanics and volcaniclastics Yh Hoodoo Quartzite Kog Cretaceous orthogneiss, and foliated granodiorite and granite (includes mylonitic plutonic rocks in western Idaho suture zone) 12#14Au Mineralization Lemhi Gold Deposit Improved geological understanding Precambrian lgd Now believed to be a structurally controlled hydrothermal deposit 13#15Lemhi Gold - Exploration Upside 00000 H Legend Patented Claims Unpatented Claims BHLK2 LLC Lemhi Gold Trust LLC 480 500000 500000 Main Historic Resource Area, gram/meter contours. Open in all directions and at depth. N Initial exploration in areas open along strike, aimed at increasing potential in-pit resources. Opportunity to find high grade feeder zones at depth that are currently unexplored. Large land package has seen essentially no exploration despite proximity to intrusive. These deposits often part of a larger mineralized system, all of which is unexplored. WARTS GLICH 5.8 km known strike - REMAINS OPEN song strike Beartrack deposit and pit outlines. Beartrack deposit consists of a large mineralized system over a 5km trend. The Beartrack deposit is approximately 35km away from Lemhi. Source Revival Gold 14#16Lemhi Gold Deposit Deposit remains open at depth and in multiple directions (Dufresne, 2020) Copperstain claims buried intrusive? Open Oxide Deposit no drilling main MW high-grade zu main NE high-grade zone secondary NE zone Oxidation generally extends 100- 165 feet below the surface (Bertram, 1996) Gold occurs largely as free gold in the oxide zone secondary NW zone 86053 20' @ 0.307 opt NE componder of mineralization open <->uedo open? Challis volcanics no drilling 15#17The Idaho Gold Opportunity RECENT TRANSACTONS IN IDAHO BOUGHT DEALS . ASSET PURCHASES . M&A STRATEGIC ACCESS Idaho is one of the most sought-after gold mining jurisdictions. NOV Integra Resources 14 announces a $15m DEC 21 bought deal lead by Raymond James Liberty Gold sells the Kinsley asset to focus development capital on its Goldstrike (Utah) asset and its Idaho based asset, "Black Pine" FEB 24 Excellon Resources buys Idaho base gold development company Otis Gold FEB 27 Paulson & Co invests a further $25m USD in Midas Gold NOVEMBER NOV 14 DECEMBER Couer Mining (CDS:TSX), a $1.2Bn gold producer announces a strategic $6.6M investment into Integra Resources, validating Idaho as a desirable place to be FEBRUARY FEB 21 Revival Gold announces FEB an increased resource and 24 Goldmining buys an Idaho based gold asset, the MAR 9 sees its market cap increase by over 50% "Almaden Gold Project" MARCH Centerra Gold ($3.6bn Gold Producer) enters definitive option agreement to earn up to a 70% interest in the Oakley project by spending $7m USD over 6 years 16#18No Resources Comparables COMPANY TICKER Liberty Gold LGD JURISDICTION USA FULLY DILUTED MARKET CAP RESOURCE (M&I + INF) (AUEQ) PER OZ $341 Million 1.78m oz $191/oz Osisko Mining OSK CANADA $951 Million 5.144m oz $184/oz Whitegold Corp WGO CANADA $108 Million 1.547m oz $53/oz Probe Metals PRB CANADA $125 Million 3.423m oz $36/oz Integra Resources ITR USA - IDAHO $124 Million 3.875m oz $32/oz Reunion Gold RGD GUYANA $50 Million 1.548m oz $32/oz Midas Gold MAX USA IDAHO $307 Million 11.2m oz $27/oz Revival Gold RVG USA IDAHO $46 Million 2.990m oz $15/oz Average FREEMAN GOLD LDG $0.35 Pre Money Val $253Million $18.5 Million $71/oz Hist. 1.213m oz $23/oz COMPANY TICKER JURISDICTION FULLY DILUTED MARKET CAP RESOURCE (M&I + INF) (AUEQ) PER OZ Great Bear Resources GBR CANADA $414 Million None None Irving Resources IRV JAPAN $175 Million None None AMEX Exploration AMX CANADA $112 Million None None Aurion Resources AU FINLAND $89 Million None None Westhaven Resources WHN CANADA $67 Million None None Highgold Mining HIGH USA - ALASKA $56 Million None None Japan Gold JG Fosterville South Exp. FSX JAPAN AUSTRALIA $48 Million None None $48 Million None None Average $126.5Million FREEMAN GOLD LDG $0.35 Pre Money Val $18.5 Million Hist. 1.213m oz $23/oz 17#19Value Proposition From bought deals, to asset purchases, to M&A, to strategically entering the state, it is clear that Idaho is one of the most sought after gold mining jurisdictions. • The peer comparables demonstrate that there is a premium for a US based gold company with 1.5-2m oz. Highly experienced management team in the process of negotiating the acquisition of additional advanced gold asset. • The majority of historical drilling was done via RC, many holes ended in mineralization • Since no one has taken a regional view of developing the Lemhi Gold Project, the deposit: Remains open at depth Remains open along strike Remains unexplored in surrounding areas • Has not had the feeder system or source of mineralization discovered yet A regional exploration program is warranted to follow up on key drilling intercepts such as: .16.76m of 12.48 g/t Au • 13.72m of 9.58 g/t Au Target: To define a 1.5M - 2M oz oxide, open pit deposit in Idaho 18#20Future Growth Further growth by Brownfields Exploration: Despite the system known to be large and typically hosting multiple deposits, area has gone largely unexplored Freeman Gold plans growth through aggressive exploration, further acquisitions and potential M&A 20#21FREEMAN GOLD CORP Kenneth Cotiamco OFFICE: 604-687-7130 CELL: 702-482-3976 EMAIL: [email protected] 2020 INVESTOR PRESENTATION