Golden Summit Program Results Underscore Significant Potential

VANCOUVER - Freegold Ventures Limited reported that the drill program results underscore the significant potential within Freegold's project area, particularly in the Dolphin and Cleary Zones. The impressive grades and extended intercepts highlight the robustness of the mineralization and provide further confidence. The Company is committed to advancing its geological understanding and refining its resource estimates, ultimately enhancing the project's value. An updated mineral resource estimate, incorporating the 2024 results, is scheduled for completion by the end of the second quarter 2025.

Drilling at Golden Summit is now underway. The aim is to convert inferred mineral resources into the indicated category, and additional exploration drilling will also be conducted. This comprehensive 2025 drill program will also include additional drilling of metallurgical holes in preparation for a planned Pre-Feasibility Study (PFS).

Alongside the ongoing drill program, metallurgical work is advancing. Several rounds of testing are expected to be completed over the coming months. The current metallurgical program is focused on identifying effective sulfide oxidation methods to enhance gold recovery and revenue. This ongoing testing includes BIOX®, POX, and additional Albion Process™ oxidation before CIL. The results will provide a foundation for trade-off studies to maximise recoveries while minimizing capital and operational expenditures in preparation for the PFS.

The 2024 drill program included four large-diameter holes for metallurgical test work. Hole GS2421, located in the Cleary Zone, filled a 200m gap and exhibited one of the most continuous higher-grade intercepts observed in the eastern section of the resource area. It returned 115.5m at 1.17 g/t Au, starting at a depth of 197.5m, and 3.62 g/t Au over 42m from a depth of 361m (NR 11072024).  Due to this success, three follow-up holes were drilled later in the season within the Cleary Zone: GS2438, GS2441 (NR04232025), and GS2434. All these holes intercepted broader zones of higher-grade material, which are not typically seen at Cleary. Drilling is underway in the Cleary Zone, further targeting these higher-grade zones.