Ms. Kristina Walcott reports

FREEGOLD ACHIEVES OVER 90% GOLD RECOVERY USING BIOX AND GREATER THAN 92% GOLD RECOVERY USING POX - ADDITIONAL METALLURGICAL WORK REMAINS ONGOING

Freegold Ventures Ltd. has released further results from the continuing metallurgical test work currently under way.

The current initiatives are focused on refining the flow sheet options for the prefeasibility study. This includes testing and continuing evaluation of sulphide-oxidizing methods (such as BIOX, POX (pressure oxidation) and the Albion process) as well as further gravity, flotation and CIL (carbon-in-leach) test work.

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. These tests provide information to evaluate the trade-off between grind size and liberation versus power consumption, to optimize power requirements and operating costs while enhancing gold recovery.

The BIOX test work has been in progress for several months, and results have shown that gold recovery rates of greater than 90 per cent can be achieved.

2025 program:

• Drilling is now under way with three rigs:
  • Conversion of inferred resources into indicated and further exploration drilling;
• Updated mineral resource;
• 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).

Summary of gold recovery using BIOX,

A series of BIOX amenability oxidation tests have been completed using a sulphide rougher concentrate produced from a composite of Golden Summit material sourced from eight diamond drill hole assay rejects. The duration of the biological oxidation tests conducted was 10, 15, 20 and 30 days and a duplicate 30 days. The residue from these BIOX tests was subjected to CIL treatment, and overall gold recovery from gravity, rougher flotation, BIOX treatment and CIL averaged 91 per cent from this suite of test work.

Summary of gold recovery using POX

Pressure oxidation (POX) treatment of sulphide rougher concentrate as well as a cleaner concentrate with lower mass and only marginally lower gold deportment has been completed. The POX residue was washed and neutralized and subjected to CIL leaching for gold recovery. The POX-CIL test work has yielded an average overall gold recovery of over 92 per cent in a process flow sheet incorporating gravity, flotation, POX and CIL.

This test work utilized eight drill core composites comprising 1,192 metres of drill intercepts that represent 587 continuous mineralized intervals, with a total material weight of over 5,100 kilograms. These composites represent different locations and grades within the Dolphin and Cleary area and were created using continuous drill intervals chosen to reflect potential mill feed. The selections of drill holes and intervals included the primary gold-hosting lithologies. These composites were prepared from laboratory assay rejects of fresh rock intervals located well below the existing oxide cap at Golden Summit. Additionally, four large-diameter PQ holes were drilled during 2024. A total of 7,600 kilograms has been made available for comminution testing and continuing metallurgical test work.

Two additional PQ holes are being drilled in the 2025 program to enhance the company's metallurgical test work. This work aims to provide data for trade-off studies in the prefeasibility study, developing a process flow sheet to maximize economic returns. Continuing tests indicate that part of the mineralization is non-refractory and can be processed conventionally, although additional sulphide processing is necessary for optimal recovery. The September, 2024, resource estimate, based on a gold price of $1,973, included grinding, gravity separation, flotation, regrinding of sulphide concentrate and CIL treatment, achieving a 72-per-cent gold recovery rate at a processing cost of $14 per ton.

The current program is designed to test sulphide oxidation methods, aiming to increase recoveries beyond the 72-per-cent gold recovery reported in the September, 2024, resource estimate. Each of the three oxidation methods tested successfully demonstrated the potential to achieve gold recoveries exceeding 90 per cent. These methods may increase costs; however, higher gold recoveries and gold prices could offset the additional capital expenditures (capex) and operating expenditures (opex) costs. Continuing work will focus on identifying the most suitable oxidation method for use in the prefeasibility study.

Discovery costs at Golden Summit are under $4 per ounce. Since 2020, exploration at Golden Summit has transformed the project, evolving to one of North America's most significant undeveloped gold resources, owing to a revised interpretation, extensive drilling and a robust metallurgical program. There remains considerable potential for further expansion and optimization as the project advances. The revised mineral resource estimate, incorporating the 2024 drilling, is expected to be finalized soon.

The current 2025 drilling program aims to upgrade inferred resources to indicated through infill drilling. Drilling for geotechnical purposes, resource definition and additional metallurgical test holes will also be carried out. A total of 30,000 metres of drilling are planned. Archeological fieldwork and geotechnical drilling are scheduled to commence shortly, with a fourth drill rig added to enhance exploration efforts. A prefeasibility study is set to begin later this year.

HQ core is logged, photographed and cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by MSA Laboratories (MSALabs) in Prince George, B.C., and/or Fairbanks, Alaska. At MSALabs, 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 and pulverized and a 0.25-gram subsample will be analyzed for multielement geochemistry using MSALabs' IMS230 package, which includes four-acid digestion and ICP-MS finish. MSALabs 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.