Ms. Kristina Walcott reports

FREEGOLD INTERSECTS 1.44 G/T AU OVER 31.4 M AT GOLDEN SUMMIT

Freegold Ventures Ltd. has successfully confirmed the downdip continuity of the Cleary vein zone.

Having increased Golden Summit's in-pit resource ounces with its 2020 to 2022 drill programs from 1.35 million ounces (Moz) to 12.6 Moz indicated and from 1.58 Moz to 7.7 Moz inferred, the primary strategy of Freegold's 2023 to 2024 drill program is to upgrade the resource with new higher-grade targets and infill drilling. Hole GS2330, assays for which have just been received, is an example of strategic infill drilling. It intersected three mineralized intervals, beginning with a high-grade interval of three metres (m) at 40.5 g/t starting 164 m downhole, followed by 100.7 m at one g/t starting 240 m downhole and a third intersection that ended in mineralization of 18.2 m at 1.03 g/t, starting 389 m downhole. All three intersections were above the February, 2023, indicated and inferred resource grades of 0.92 g/t and 0.85 g/t, demonstrating the potential for the 2023 to 2024 infill drill program to upgrade the 2023 resource (note that the 2020 to 2022 drill program successfully increased the 2016 pit-constrained resource grade of 0.69 g/t by approximately 23 per cent and expanded total resources).

There is an 800-metre mineralized zone in cross-section within an existing strike length of 1.5 kilometres (km), which remains open to the west. A broad of mineralization with a consistent dip of higher-grade mineralization is apparent within the Cleary zone. This zone will be a priority follow-up for future infill drilling on the Cleary zone. The mineralization continues to broaden toward the south at depth.

Drilling is continuing in the Dolphin Cleary area, with two rigs targeting the Tolovana vein swarm. Hole GS2336 is under way to undercut the mineralization seen in GS2335, which is located 30 metres to the north and has multiple occurrences of visible gold. Visible gold is also being observed in hole GS2336. Holes GS2331 to GS2336 drilled west of Willow Creek were intended to expand the higher-grade mineralization toward the west, with assay results pending. Additionally, hole GS2337 is being drilled in a previously untested geochemical trend to the southwest of the Dolphin zone.

Assays are still pending for the holes drilled north of the Dolphin Cleary zones (GS2320 to GS2328). The primary purpose of these holes was to define the mineralization extent in the north and immediate northwest and they have successfully intersected the updip of the overall mineralized trend.

Similarly, assays are still pending for the Saddle zone holes (SZ2301 to SZ2307). The 2023 drill program conducted in the Saddle zone was primarily exploratory and aimed to provide a better understanding of the mineralization controls in the densely veined Saddle zone. Based on visual inspections, it is evident that additional drilling is required in the Saddle zone, as visible gold has been noted in SZ2307.

Assays are pending for the holes in an attached table.

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 Act Labs. Samples were shipped to ACT Laboratories in Kamloops and subsequent analysis and preparation was performed by its Ancaster and Timmins, Ont., laboratories.

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 screen. A split of one kg is taken and pulverized to better than 95 per cent passing a 105-micron 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 (atomic absorption) 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 (quality assurance/quality control) 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.