Ms. Kristina Walcott reports

FREEGOLD INTERSECTS 3.62 G/T AU OVER 42 METRES AND 1.23 G/T AU OVER 170.7 METRES AT GOLDEN SUMMIT

Freegold Ventures Ltd. has provided an update on recent developments from its successful drilling program in 2024, highlighting four specific holes that were drilled to facilitate additional metallurgical testing. These holes were strategically designed to collect representative material from the deposit while improving infill drilling efforts. Approximately 2,400 metres (m) of one-half PQ core (approximately 20 tonnes) have been shipped to BaseMet Labs in Kamloops, B.C., where a comprehensive suite of metallurgical testing is currently under way and will also focus on attaining comminution characteristics over primary lithologies and alteration at Golden Summit. Notably, test work conducted earlier this year showed an average recovery of 77 per cent using gravity and CIL (carbon in leach); however, flotation and oxidation are expected to increase recoveries to over 90 per cent. The program will include further leach, gravity and CIL, and BIOX, POX and Albion test work, with additional data from these 2024 drill holes to facilitate future trade-off studies. This testing is expected to take several months to complete.

GS2421 -- higher-grade continuity intersecting one of highest and broadest intercepts in the eastern section of the resource:

• 115.5 metres at 1.17 grams per tonne (g/t) gold (Au) starting at 197.5 metres;
• 42 metres at 3.62 g/t Au from 361 metres.

GS2418 -- a significant broad zone of mineralization, including multiple higher-than-resource grade intercepts, underscores the potential of the Main Dolphin zone:

• 23.7 metres at 3.06 g/t Au starting at 95 metres;
• 59.7 metres at 1.61 g/t Au starting at 317 metres;
• 51.8 metres at 1.56 g/t Au starting at 407.8 metres.

Among the completed test holes, hole GS2421 is in the Cleary area on the east side of the resource footprint, while hole GS2412 is west of Willow Creek on the west side of the resource footprint. The remaining two holes, GS2414 and GS2418, are in the north and south flanks of the main Dolphin area.

Hole GS2421 filled in a 200-metre gap and is one of the most continuous higher-grade intercepts observed in the eastern section of the resource area, returning 115.5 metres at 1.17 g/t Au, starting at 197.5 metres and 3.62 g/t Au over 42 metres from 361 metres.

In response to the positive preliminary results from hole GS2421, a third drill rig was added in late October. Hole GS2434 is being drilled 75 metres southwest of hole GS2421 and one additional hole is planned in the Cleary area before the seasonal shutdown.

GS2418 -- southern portion of the main Dolphin zone

GS2418 was drilled in the southern portion of the main (central) Dolphin zone. It returned several wide and higher-grade intervals within a broad intercept of mineralization (615.3 meters at 0.8 g/t Au). Mineralization began within 20 metres of surface, with the first higher-grade interval of 23.7 metres at 3.06 g/t beginning 95 metres downhole and 170.7 metres at 1.23 g/t from 288.9 metres. It is expected that GS2418 will enhance the resource grade in its vicinity.

GS2414 in the northern portion of the Dolphin deposit is characterized by multiple occurrences of visible gold, all within a quartz muscovite schist. The holes again intersected several higher-grade intercepts closer to surface -- 12 metres at 17.9 g/t from 101 metres and a further 34.7 metres at 2.06 g/t from 183.3 metres.

GS2412, immediately west of Willow Creek, intersected quartz muscovite schist interbedded with carbonate schist, characterized by broad zones of higher-than-resource-grade material, including 45 metres at 1.14 g/t Au.

The 2024 drill program is strategically focused on the western extension to explore potential additional expansion and infill drilling in key locations in preparation for a prefeasibility study. The results highlight the presence of continuous higher-grade mineralization in the resource area, emphasizing the need for further infill drilling before any economic assessments are made. Assay results demonstrate that infill drilling could potentially increase the resource grade.

Drilling is expected to shut down for the season by the end of November and resume in early March. The results of the 2024 drill program will be incorporated into an updated mineral resource estimate as Freegold continues to move the project toward prefeasibility. Thirty-four holes have been completed, and three more are in progress.

In addition to the continuing drill program, metallurgical, baseline environmental, cultural resource and wetland studies remain continuing.

A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, and 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, U.S. Std. 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. Std. No. 200) screen; a portion of this pulverized split is digested by four-acid digestion and analyzed via ICP-AES (inductively coupled plasma atomic emission spectroscopy) (method code ME-ICP61). Fire assay analyzes all samples with an AAS (atomic absorption) finish, method code Au-AA23 (30-gram sample size) and over 10 g/t are automatically assayed using a FA (fire assay) grav method, Au-GRAV21. Additional gold 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 fine 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 (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.

The qualified person for this news 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. It holds the Golden Summit gold project near Fairbanks and the Shorty Creek copper-gold project near Livengood through leases.

We seek Safe Harbor.