Ms. Kristina Walcott reports

FREEGOLD ACHIEVES OVER 93% RECOVERY USING ALBION PROCESS OXIDATION-CIL ADDITIONAL METALLURGICAL WORK REMAINS ONGOING

Freegold Ventures has released additional results based on the continuing metallurgical test work on drill hole composites from the drill programs in 2020 to 2022. The objectives of the recently completed test work were:

• Advancement of understanding of gold deportment and recovery methods from previously released metallurgical test work results;
• Optimization of gold recovery and flow sheet makeup considering the minimization of both future capital and operating cost intensity with the benefit of significant additional and overall gold recovery.

Eight drill core composites, representing different locations and grades within the Dolphin and Cleary areas, were created using continuous drill intervals chosen to reflect potential mill feed. The selections of drill holes and intervals included the three primary gold-hosting lithologies. The results indicate that a gold recovery rate of 93 per cent can be achieved using standard and commercially employed mineral processing operations. The composites were prepared from laboratory assay rejects of fresh rock intervals located well below the existing oxide cap at Golden Summit. Eight drill hole composites were utilized, comprising 1,192 metres of drill intercepts that represent 587 continuous mineralized intervals with a total material weight of over 5,100 kilograms.

Summary of gold recovery

Since 2020, drilling activities at the Golden Summit project have significantly bolstered its potential, reinforcing the project's viability through positive metallurgical outcomes and a marked increase in overall resources. The current pit-constrained resource includes both oxide and primary resources, with the oxide component located within the upper 70 metres. Previous column tests on the oxide material indicate that heap leach gold recoveries can reach 85 per cent within two weeks. Continuing optimization efforts are focused on delineating the most effective flow sheet for the sulphide component before initiating a prefeasibility study.

The strategic plan for 2025 outlines extensive drilling initiatives aimed at upgrading resources from the inferred category to the indicated category, which is crucial for completing the planned prefeasibility study. The September, 2024, primary resource, using a 0.5-gram-per-tonne cut-off, is 346,304,000 tonnes at 1.08 grams per tonne gold (12.05 million contained ounces) in the indicated mineral resource category and 308,311,000 tonnes at 1.04 grams per tonne gold (10,306,000 contained ounces) in the inferred mineral resource category.

In 2024, 41 holes, totalling 25,708 metres, were drilled. Assay results from 12 drill holes related to the 2024 program are pending. Results from the 2024 program will be incorporated into an updated mineral resource estimate expected to be released later in 2025.

Continuing metallurgical work: The primary areas of focus in the next phase of metallurgical test work are in progress and include:

• Comminution studies using half PQ core;
• Flotation concentrate oxidation pretreatment utilizing Biox and POX (pressure oxidation) prior to CIL (carbon in leach).

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. It holds the Golden Summit gold project near Fairbanks and the Shorty Creek copper-gold project near Livengood through leases.

We seek Safe Harbor.