Ms. Kristina Walcott reports

FREEGOLD INTERSECTS 1.4 M GRADING 34.4 G/T AU AND 2.3 METRES GRADING 20 G/T AU IN SADDLE ZONE DRILLING AND COMPLETES ACQUISITION OF THE TOLOVANA CLAIMS

Freegold Ventures Ltd. has released drill results from the Saddle zone drilling as part of the 2023 exploration program at Golden Summit. The 2023 program has been very successful in demonstrating significant expansion potential, with drilling 250 metres west of the main Cleary/Dolphin zone intersecting multiple zones with over two grams per tonne (g/t) of gold over a considerable width (2.12 g/t over 197.3 m) within a broader interval of 1.76 g/t gold (Au) over 276.5 metres.

Today's Saddle zone results, four kilometres east of the central Dolphin/Cleary zone, show further expansion potential to the east. The Saddle zone comprises an extensive vein system mapped on the surface, covering a three km by one km area. The 2023 program tested an 800-metre strike length of this vein swarm, and successfully intersected attractive gold and silver mineralization in all seven reconnaissance holes. The program also tested the depth potential.

Unlike the Dolphin/Cleary zone, where mineralization occurs within broad, continuous lower-grade halos surrounding higher-grade veins, mineralization in the Saddle zone is hosted within discrete higher-grade veins, often with attractive silver values.

Significant results can be found in the associated table.

Previously, Freegold conducted a limited drilling program on the Christina vein, one of several veins located within the three-kilometre by one km wide Saddle vein swarm. The drilling program was carried out between 2011 and 2012, and covered a 150-metre strike length of the Christina vein, situated west of the Main Saddle zone.

Highlights from the 2011 to 2012 Christina vein testing are shown in the associated table.

The 2024 program will consist of drilling west of the main Dolphin/Cleary, where mineralization has the potential to be both higher grade and closer to the surface, testing an extensive 1.5 km gold-in-soil geochemical anomaly west of the current resource. In the Saddle zone, the 2024 program will primarily focus on testing the vein zones not explored during the 2023 program. The primary goal is to locate higher-grade veins and trace them toward the surface. Moreover, the American Eagle, within the Saddle zone, which historically produced 60,000 ounces at an average of 1.6 ounces per ton will be another area of interest. The Christina vein will also undergo further drilling to depth.

Holes to still be reported from the 2023 program:

Zone                                        Hole numbers  
Tolovana vein swarm west of Willow Creek    GS2336 to GS2337
The number of holes yet to be reported      2             

Tolovana exercise

Furthermore, Freegold is pleased to announce that it has exercised its right to purchase the state and federal mining claims that have previously been subject to a 20-year lease on what is known as the Tolovana gold property in Alaska by making a payment of $655,260 (U.S.). The Tolovana gold property was leased by a third party and later assigned to Freegold, which assumed all the seller's obligations under the lease, including annual lease payments. The property was subject to a sliding scale NSR (net smelter return) under the lease. The Tolovana exercise eliminates the NSR under the lease and further solidifies Freegold's land position.

Quality assurance/quality control (QA/QC) protocols

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 (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 an FA gravimetric method, Au-GRAV21. Silver assays over 100 g/t are automatically reassayed using Ag-OG62. 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.

The 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.