Ms. Kristina Walcott reports

FREEGOLD CONTINUES TO INTERCEPT HIGHER GRADE MINERALIZATION IN WESTERN EXPANSION DRILLING AT GOLDEN SUMMIT

Freegold Ventures Ltd. has released additional drill results from the 2023 drill program, including further drilling west of Willow Creek which returned 133.5 metres grading 1.43 grams per tonne (g/t) beginning at 96.6 m.

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 at potentially shallower depths; and
• Highlighted the potential to increase the overall resource grade by further expansion drilling.

Significant mineralization, including broad zones of higher-grade mineralization, was consistently intersected during the 2023 drill program. One of the highest-grade intercepts was seen in hole GS2333, located 250 metres west of the main Dolphin area. This hole intersected multiple zones with over two g/t of gold (Au) over a significant width (2.12 g/t over 197.3 m) within a broader interval of 1.76 g/t Au over 276.5 metres. It is worth noting that mineralization is still open up dip, down dip and to depth.

In 2024, the program will target higher-grade mineralization that may exist at shallower depths to the west of the existing resource. The up-dip projection of GS2333 coincides with a strong surface gold-in-soil anomaly, part of a 1.5 km soil anomaly to the west of Willow Creek. It is worth noting that soil anomalies have been useful in identifying mineralization at Golden Summit since the area was not glaciated.

Two holes, GS2332 and GS2335, were drilled just west of Willow Creek, on the western edge of the current resource. Both returned broad zones higher than resource grade, including multiple high-grade intercepts. GS2335 is notable in that it is closer to surface at significantly higher than resource grade than seen on the east side of Willow Creek, with 133.5 m at 1.43 grams per tonne starting 96.6 m downhole (79 m vertical).

Hole GS2334 was drilled to the south, which is different from most of the drilling conducted so far, which has been largely to the north. Although GS2334 appears to have drilled over the top of the projected zone of mineralization intersected in GS2333, GS2234, still returned 443.7 metres grading 0.71 g/t Au, including 195.1 metres grading 1.06 g/t Au.

Assays remain outstanding for holes GS2336 and GS2337 in the western area.

As part of a continuing program to delineate resources, a series of holes were drilled to determine the northern boundary of mineralization in the main Dolphin zone. Specifically, holes GS2323 through GS2328 were aimed at confirming mineralization boundaries to the north of the existing resource. These holes encountered faulting/shearing and bounding marble units to the north, previously identified earlier in the season. No significant values were found in GS2325, GS2327 and GS2328.

Assays are still pending for the Saddle zone holes (SZ2301 to SZ2307). The Saddle zone is four kilometres east of the Dolphin/Cleary zone. These holes were primarily exploratory 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.

A plan map showing the locations of the reported holes, and sections 478650E and 478900E, can be found at the company's website.

Assays are pending for the holes shown in the associated table.

A sample quality assurance/quality control (QA/QC) 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 (mm) (Tyler 9 mesh, United States standard No. 10) screen. A split of one kilogram (kg) is taken and pulverized to better than 85 per cent passing a 75-micron (Tyler 200 mesh, U.S. standard No. 200) screen -- a portion of this pulverized split is digested by four acids and analyzed via ICP-AES (inductively coupled plasma atomic emission spectroscopy) (method code ME-ICP61). Fire assay (FA) analyzes all samples with an AAS (atomic absorption spectroscopy) finish, method code Au-AA23 (30-gram (g) 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 g fire assay is conducted on the undersized 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.