Ms. Kristina Walcott reports

FREEGOLD CONTINUES TO EXTEND MINERALIZATION TO THE WEST WITH MULTIPLE HIGH GRADE INTERCEPTS

Freegold Ventures Ltd. continues to successfully intercept higher grade at its Golden Summit project as two drill rigs continue to operate. In the Dolphin Cleary area, 34 holes have been completed since March. Assays for 17 holes have now been reported. Six holes have been completed in the Saddle zone. Assays are pending.

The 2023 program has multiple objectives: delineating the extent of the mineralization to north of the Dolphin Cleary zone, testing the potential for expansion to the west, expanding the higher-grade mineralization found within the Cleary vein swarm (CVS) and initial reconnaissance drilling of the Saddle zone.

Most of the holes in the Dolphin Cleary zone reported to date have been mainly targeting the area to the north-northwest of the Dolphin intrusive. The current drilling is moving westward, targeting the Tolovana vein swarm west of Willow Creek, where hole GS2335 is currently in progress, and multiple occurrences of visible gold have been observed.

Recent drilling shows that a marble unit and significant faulting truncate the mineralization to the north in the Dolphin zone. Hole GS2304 drilled earlier this year intersected significant faulting and a marble unit. Subsequently, a north-south fence of holes (GS2304, G2312, GS2308 and GS2317) was drilled. Spaced approximately 100 metres apart and working from north to south, holes GS2304, GS2313 and GS2308 all intersected this marble unit. Hole GS2317 intersected a broad zone of higher-grade mineralization returning 181.9 metres (m) grading 1.22 grams per tonne (g/t) gold (Au) from 211.5 m to 393.4 m updip from hole GS2111 (section 478950E).

GS2303, located 50 metres west of 478950E, was another northern hole drilled earlier this year and was aimed at delineating the limits of the mineralization to the north intersected 42.4 metres grading 0.65 g/t Au (99 m to 141.4 m). Additional holes drilled on the same section as GS2303 and spaced approximately 100 metres apart were drilled (GS2303, GS2313, GS2322 and GS2323). GS2313 again intersected a marble unit. Assays for GS2322 and GS2323 are pending.

Hole GS2314 located 150 metres west of 478950E was drilled to the west from the same pad as GS2309 which was drilled to the north. GS2314 returned 113.3 metres grading 5.42 g/t Au (385.7 m to 499 m) (uncut) -- including 3.1 metres grading 160 g/t Au. Two significant high-grade intercepts were encountered in this hole: 82.5 g/t Au over 2.1 metres from 293.6 m to 296 m and 3.1 metres grading 160 g/t Au (495.9 m to 499 m). This hole, in conjunction with Freegold's previous westerly hole (GS2241 -- which intersected 88.7 m grading 1.43 g/t) combined with strong gold in soil geochemistry, have acted as further evidence to support the idea that there remains significant expansion potential to the west where drilling is currently in progress.

Both GS2315 (100 metres west of 478950E) and GS2316 (150 metres east of 478950E) aimed to upgrade and expand mineralization northward. GS2315 intercepted broad zone mineralization starting at 239.9 m and returned 112.1 m grading of 0.95 g/t Au, including 49.8 m of 1.26 g/t Au. GS2316 intersected 67.3 m grading 0.50 g/t Au (144 m to 211.3 m).

Currently, one rig is also testing the Saddle zone which is located four kilometres (km) to the east of the Dolphin/Cleary zone. Six reconnaissance holes have been drilled to assess the historic veins, along with their coinciding gold geochemistry to determine their potential to host additional resources. A seventh hole is in progress.

Additional assays results are pending and will be reported once received.

The current program is designed to test the boundaries, expand and infill the current mineral resource estimate (February, 2023) which using a 0.45 g/t Au cut-off and a $1,792 gold price is 12.01 million ounces at 0.92 g/t Au (407,544,000 tonnes) (indicated) and 7.7 million ounces at 0.85 g/t (282,303,000 tonnes) (inferred).

A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Global and Act Labs. Sample preparation has been conducted at the ALS facilities in Vancouver, Whitehorse and/or Reno, with subsequent analysis conducted primarily using its Vancouver and Reno laboratories. Samples were also shipped to ACT Laboratories in Kamloops and subsequent analysis and/or preparation was performed by its Ancaster and Timmins, Ont., laboratories.

Core samples were prepared using the PREP-31BY package in ALS's facility. Each core sample is crushed to better than 70 per cent passing a two-millimetre (Tyler 9 mesh, US Std. No.10) screen. A split of one kilogram is taken and pulverized to better than 85 per cent passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by four acid and analyzed through ICP-AES (method code ME-ICP61). Fire assay analyzes all samples with an AAS (atomic absorption spectrometry) finish, method code Au-AA23 (30-gram sample size) and over 10 g/t are automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening is performed using ALS's Au-SCR24 method; select samples are dry screened to 100 microns. A duplicate 50-gram fire assay is conducted on the little fraction and an assay on the entire oversize fraction. Total Au content, individual assays and weight fractions are reported. Analytical and assay procedures are conducted in ALS's North Vancouver and Reno facilities. Core samples were prepared using the RX1+1000 package in ACT's facility. Each core sample is crushed to better than 80 per cent passing a two-millimetre (Tyler 9 mesh, US Std. No.10) screen. A split of one kilogram is taken and pulverized to better than 95 per cent passing a 105-micron (Tyler No 140 150mesh) screen; a portion of this pulverized split is digested by aqua regia (partial) digestion, ICP-OES Package -- 38 elements. Fire assay analyzes all samples with an AA finish, method code IE3 (30-gram sample size) and over 10 g/t are automatically assayed using a FA grav method, method code 1A3. Analytical and assay procedures are conducted in ACT's Timmins and Ancaster facilities.

A QA/QC program included laboratory and field standards inserted every 10 samples. Blanks are inserted at the start of the submittal and at least one blank every 25 standards, with additional blanks inserted following samples of visible gold.

Freegold operates a full-service camp at Golden Summit.

The qualified person for this release is Alvin Jackson, PGeo, vice-president of exploration and development for Freegold.

About Freegold Ventures Ltd.

Freegold is a Toronto Stock Exchange-listed company focused on exploration in Alaska and holds the Golden Summit gold project near Fairbanks and the Shorty Creek copper-gold project near Livengood through leases.

We seek Safe Harbor.