Ms. Kristina Walcott reports

FREEGOLD PROVIDES UPDATE ON 2025 DRILL PROGRAM

Freegold Ventures Ltd. now has three drill rigs operational at Golden Summit. One rig is situated in the Wow zone (holes GS2502 and GS2505); another is operating in the Cleary zone (holes GS2501 and GS2503); and a third is in the Dolphin zone (hole GS2504). A fourth rig is anticipated to begin in early summer.

2025 program:

• Drilling is now under way with three rigs;
• Conversion of inferred resources into indicated and further exploration drilling;
• Updated mineral resource end of Q2;
• Continuing metallurgical work, focusing on flow sheet optionality with sulphide oxidation, is a key part of the company's strategy to maximize the potential of the resource;
• Commencement of a prefeasibility study (PFS).

The 2025 drilling program aims to upgrade inferred mineral resources to indicated through targeted infill drilling, along with geotechnical drilling and additional metallurgical test holes. Since 2020, exploration has been highly successful. With a discovery cost of under $4 per ounce and substantially increased grade and tonnage, Golden Summit has grown into one of the most significant undeveloped gold resources in North America. Continuing metallurgical tests indicate that a substantial portion of the mineralization is non-refractory and can be processed conventionally, although further processing of sulphides is necessary for optimal recoveries.

The September, 2024, resource estimate, based on a gold price of $1,973 (U.S.), includes a flow sheet comprising grinding, gravity separation, flotation, regrinding of sulphide concentrate and CIL (carbon-in-leach) treatment, achieving a 72-per-cent recovery rate at a processing cost of $14 per ton. To increase recoveries, additional sulphide processing (oxidation) is beneficial; however, this will increase costs, which higher gold recovery and higher gold prices could well offset. Current metallurgical programs are aimed at refining the flow sheet options available for evaluation in a prefeasibility study, including testing of sulphide-oxidizing methods such as Biox, Pox and the Albion process. Earlier this year, Freegold reported 93-per-cent recovery using the Albion process. Earlier this year, Freegold reported 93-per-cent recovery using the Albion process oxidation/CIL, with further test work continuing. Comminution tests using half PQ core have been conducted on over 50 samples from various locations and lithologies within the deposit to determine the trade-off between grind size and liberation versus power consumption with a view to optimizing power requirements and gold recoveries.

An updated mineral resource estimate based on the 2024 drilling is expected to be completed in the second quarter of 2025.

HQ core is logged, photographed and cut in half using a diamond saw, and one-half is placed in sealed bags for preparation and subsequent geochemical analysis by MSA Laboratories in Prince George, B.C. At MSA Labs, the entire sample will be dried and crushed to 70 per cent passing minus two millimetres (CRU-CPA). An approximately 500-gram riffle split will be analyzed for gold using Chrysos PhotonAssay (CPA-Au1). From this, 250 grams will be further riffle split from the original PhotonAssay sample, pulverized and a 0.25-gram subsample analyzed for multielement geochemistry using MSA's IMS230 package, which includes four-acid digestion and ICP-MS finish. MSA Labs operates under ISO/IEC 17025- and ISO 9001-certified quality systems. A quality assurance/quality control program includes 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. It holds the Golden Summit gold project near Fairbanks and the Shorty Creek copper-gold project near Livengood through leases.

We seek Safe Harbor.