Ms. Kristina Walcott reports

FREEGOLD INTERSECTS 4.25 G/T AU OVER 67.1M AND 4.09 G/T OVER 23.9M WITHIN 276.5M GRADING 1.76 G/T AU IN THE INITIAL WESTERN EXPANSION DRILLING AT GOLDEN SUMMIT

Freegold Ventures Ltd. has released additional drill results from the 2023 drill program, including the first results from the 2023 drilling west of Willow Creek. Results are still pending for GS2332, GS2334, GS2335 to GS2337, additional holes, collared west of Willow Creek to test the westerly extensions of the existing resource.

Today's results successfully:

• Confirmed the potential to further expand the resource along strike to the west within a 1.5-kilometre-long gold-in-soil geochemical anomaly;
• Highlighted the potential for further expansion drilling to increase the overall resource grade.

Hole GS2333 was the farthest southwest hole drilled in the 2023 program. Collared 200 metres west of previous drilling, outside the existing resource and within a 1.5-kilometre-long gold-in-soil geochemical anomaly, the hole intersected 4.25 grams per tonne Au over 67.1 metres from 438 to 505.1 metres and bottomed in strong mineralization intersecting 4.09 g/t over 23.9 metres.

Hole GS2331 targeted the area to the north of the known historic veins, intersecting several zones of higher-grade mineralization, including two g/t over 11.5 metres from 276.6 metres to 288 metres and 1.41 g/t Au over 35.9 metres from 370.9 to 406.8 metres. Further drilling will be required to follow up on the higher-grade mineralization intersected in GS2331 and GS2333.

Holes GS2322, GS2321 and GS2320 were aimed at confirming the mineralization boundaries to the north of the existing resource in the Dolphin zone. These holes intersected faulting/shearing and the bounding marble units to the north identified earlier in the season.

The current program is designed to test the boundaries, and 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 pricem 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) which represent a significant increase from the 2016 pit-constrained resource.

The drill program conducted in 2023 has continued to intersect broad zones of mineralization with definitive zones of higher-grade mineralization. The mineralization style comprises discrete veins and stockwork accompanied by pervasive silification, which has been demonstrated to extend over a 1.5-kilometre strike length. Additionally, it is noteworthy that the mineralization continues to be intersected west of the Dolphin zone and is coincident with a 1.5 km gold-in-soil anomaly.

Assays are still pending for the Saddle zone holes (SZ2301 to SZ2307). The Saddle zone is located four kilometres east of the Dolphin/Cleary zone. These holes were primarily exploratory in nature and aimed at better understanding the mineralization controls. 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 noted herein.

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 Laboratories. Core samples were prepared in ALS's facility using the PREP-31BY package. Each core sample is crushed to better than 70 per cent passing a two-millimetre (Tyler 9 mesh, U.S. 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, U.S. Std. No. 200) screen; a portion of this pulverized split is digested by four-acid and analyzed via inductively coupled plasma atomic emission spectroscopy (method code ME-ICP61). Fire assay analyzes all samples with an atomic absorption spectroscopy finish, method code Au-AA23 (30-gram sample size), and over 10 g/t are automatically assayed using a FA gravimetric 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 is conducted 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.

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.

The qualified person for this release is Alvin Jackson, PGeo, vice-president of exploration and development for Freegold, who has approved the scientific and technical disclosure in this news release.

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.