Fremont Increases Financing to $2.0 Million with a Lead Order from Palisades Goldcorp

Vancouver, October 19, 2020 - Fremont Gold Ltd. (TSXV: FRE) (FSE: FR2) (OTCQB: FRERF) ("Fremont" or the "Company") is pleased to announce that it has increased the size of its previously announced non-brokered private placement (see October 16, 2020, news release) from $1,000,000 to $2,000,000 with a lead order from Palisades Goldcorp Ltd. ("Palisades"). The non-brokered private placement will be comprised of up to 40,000,000 units at a price of $0.05 per unit for gross proceeds of up to $2,000,000 (the "Private Placement"). Palisades has agreed to purchase $500,000 of the units as part of a minimum $1,000,000 financing. Net proceeds of the Private Placement will be used for a drill program at the North Carlin gold project, located at the northern end of the prolific Carlin Trend, Nevada, exploration at the Cobb Creek gold project, located at the northern end of the Independence Trend, Nevada, and for general working capital.

Private placement

The non-brokered private placement will be comprised of up to 40,000,000 units at a price of $0.05 per unit (the "Units") for gross proceeds of up to $2,000,000

Each Unit will be comprised of a common share of the Company and one share purchase warrant. Each share purchase warrant will entitle the holder to purchase one common share at a purchase price of $0.10 for a period of 36 months following the closing of the Private Placement.

Fremont may pay a cash finder's fee equivalent to up to 6% of the gross proceeds of the Private Placement and issue share purchase warrants (the "Finder's Warrants") to finders, equivalent to up to 6% of the number of common shares included in the private placement. Each Finder's Warrant will entitle the holder to purchase one common share of the Company at a purchase price of $0.10 for a period of up to 36 months following closing of the Private Placement.

Closing of the Private Placement and the payment of any finder's fees will be subject to the approval of the TSX Venture Exchange.

The securities offered will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements.

All securities issued pursuant to the private placement will be subject to a four month hold period under Canadian securities laws and the policies of the TSX Venture Exchange, as applicable.

About Palisades Goldcorp

Palisades Goldcorp is Canada's resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.

About Fremont Gold

Founded by geologists that have a track record of making multi-million-ounce gold discoveries, Fremont has assembled a portfolio of quality gold projects located in Nevada's most prolific gold trends. The Company's property portfolio includes North Carlin, a new discovery opportunity, Cobb Creek, which hosts a historic resource, Griffon, a past producing gold mine, and Hurricane, which has returned significant gold intercepts in past drilling.

On behalf of the Board of Directors,

"Blaine Monaghan"

Blaine Monaghan
CEO
Fremont Gold Ltd.

For further information, contact:

Corporate Information
Fremont Gold Ltd.
Blaine Monaghan, CEO
Telephone: +1 604-676-5664
www.fremontgold.net
https://twitter.com/GoldFremont
https://www.linkedin.com/company/fremont-gold/

Investor Inquiries
G2 Consultants Corp.
Telephone: +1 778-678-9050
Email: ir@fremontgold.net

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward looking statements

Certain statements and information contained in this press release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which are referred to collectively as "forward-looking statements". The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will", "hope", "will be", "expected" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include but are not limited to regulatory approvals. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Actual results and future events could differ materially from those anticipated in such statements. Fremont undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

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