Ms. Kristina Walcott reports

FREEGOLD PROVIDES AN UPDATE ON ITS 2026 PLANS

Freegold Ventures Ltd. has provided an update on its 2026 plans for Golden Summit and a review of its 2025 activities.

In July, 2025, Freegold published its updated mineral resource estimate for Golden Summit, which showed a significant increase in ounces, making it one of the largest undeveloped gold resources in North America:

• Indicated primary mineral resource: 17.2 million ounces at 1.24 grams per tonne gold, a 42-per-cent increase in ounces and 15-per-cent grade increase from the September, 2024, resource estimate;
• Inferred primary mineral resource: 11.9 Moz at 1.04 g/t Au, an 11-per-cent increase in ounces, at the same grade;
• Cut-off grades remained unchanged at 0.50 g/t Au (press release dated July 24, 2025).

In 2025, Freegold completed over 39,000 metres of drilling. The continuing infill drill program is continuing to improve the resource block model, and results are aligning well with current geological interpretations, strengthening confidence in the resource model.

In January, 2026, Freegold completed a $50-million equity raise, with participation from over 20 institutions and the continued support of Eric Sprott.

With a strong treasury, Freegold is well positioned to advance the Golden Summit project in 2026 and will focus on several key initiatives:

• Infill drilling to define higher-grade corridors and further derisk the mineral resource;
• Expanded metallurgical testing to optimize gold recovery and enhance project economics;
• Evaluation of multiple development strategies, including staged development, to maximize project viability and minimize initial capital expenditures;
• Completion of a prefeasibility study by early 2027.

Coming drilling program and new Tamarack discovery

Freegold continues to achieve exploration success in defining new zones of gold mineralization. The rapid increase in the gold price by over $2,000 since the July, 2025, resource update was completed is further benefiting Golden Summit's very large lower-grade halo in the 0.3- to 0.5-gram-per-tonne range, offering its investors considerable optionality. Given the substantial size of the existing resource at Golden Summit, current drilling efforts are focused on areas with the highest potential to serve as an initial starter pit. By systematically identifying higher-grade corridors, focusing on reducing the strip ratio and determining the optimal cut-off grade, Freegold is continuing to ensure the project's value is maximized. These efforts are designed to deliver a robust, derisked mineral resource estimate that will serve as a solid foundation for the coming prefeasibility study.

Drilling will resume in February with a 50,000-metre program targeting the central Dolphin/Cleary/Wow zones and the newly discovered Tamarack zone. The Tamarack zone extends the deposit's footprint to the east and, likely, to the southeast, and represents a significant opportunity to materially increase the overall project resource. The Cleary Hill zone, located 400 m west of Tamarack, is continuing to demonstrate potential for wider mineralized zones at depth and had some excellent drill intersections in 2025, including one reported on Jan. 15. Additional drilling in 2026 will target the untested gap, which is considered to have substantial infill potential.

Metallurgical studies

Freegold is excited about the advanced metallurgical testwork under way, which will help identify the optimal, lowest-risk treatment methods. Metallurgy has been an area of uncertainty for investors. Its 2025 testwork provided several important results: recoveries over 90 per cent were achieved with four oxidation processes: Biox, Pox and the Albion process, and the GlassLock process treating a flotation concentrate of approximately 4-per-cent mass. The flotation tailings were found to be non-acid generating, as the material had an AP (acid potential) below the detection limit, as determined by standard ABA (acid-base accounting) procedures.

A simple, low-cost gravity step recovered 40 to 50 per cent of the gold, bolstering recovery in all the flow sheets tested. Recent results from the GlassLock process demonstrate an enhanced gold grade in concentrate, with no measurable gold losses during processing, resulting in the production of a saleable, direct-to-smelter concentrate that avoids the use of cyanide while significantly reducing arsenic content. The concentrate would be highly attractive to numerous end-users (source: press release dated Dec. 16, 2025). Continuing trade-off studies will determine whether the additional processing and capital investment required for further treatment are warranted or whether a simpler gravity and carbon in leach based flow sheet is more cost-effective despite lower recovery rates.

The expanded metallurgical program, initiated in the second quarter of 2025, sourced materials from various areas and depths to ensure a comprehensive assessment of the deposit's characteristics. A pilot plant processed over 1.5 tonnes of composite material from expanded drill core sampling, resulting in the production of gravity and cleaner flotation concentrates. These concentrates will support continuing testwork throughout 2026 and facilitate subsequent detailed engineering studies. Furthermore, several additional metallurgical test holes with larger-diameter PQ drilling are planned to augment the current work.

A unique scenario -- Golden Summit's capacity to be its own district

There is a geological consistency between Golden Summit's large and growing resource and its history. Since the Alaskan gold rush, over 6.75 million ounces of placer gold have been recovered from streams draining the project area, and a further 500,000 ounces of lode gold have been produced. The current mineral resource lies within the western portion of the 13-kilometre-by-six-kilometre property and within a comparatively small two-kilometre-by-1.5-kilometre footprint. Significant exploration upside remains both immediately east and west of the defined resource, offering outstanding opportunities for further discoveries and resource growth. The discovery of the Tamarack zone, announced earlier this month, was yet another reminder of this potential.

Farther to the east, geochemical and geophysical surveys have identified several target areas, including significant gold-in-soil anomalies, key indicators of mineralization and closely linked to historically productive regions. Its greatly enhanced understanding of the mineralization controls has allowed Freegold to maintain an enviably low finding cost under $5 per ounce. These anomalies present excellent opportunities for future discoveries -- not only those that will add ounces, but also those that could boost early project economics. One drill rig will be dedicated to this eastern area over the summer, further supporting efforts to enhance shareholder and project value.

Path to prefeasibility early 2027

With drilling planned to resume in February, 2026, the year is expected to be another highly active one, with the continuation of infill/condemnation and exploration drilling in conjunction with continuing environmental baseline work to provide a strong foundation for future permitting.

Freegold has maintained a consistent commitment to environmental responsibility by conducting baseline studies over the past several years, focusing on groundwater and wetlands delineation, and by continuing reclamation of drill pads and project roads postuse to minimize environmental impact.

In 2025, Freegold broadened its scope to include field assessments of cultural resources, archeology and paleontology, further demonstrating its commitment to responsible project development. As part of its 2025 environmental initiatives, Freegold installed vibrating wire piezometers to enable continuing groundwater monitoring, which is vital for future dewatering strategies. Additionally, mammal habitat assessments were initiated during the winter, with plans to expand them in coming seasons to promote a comprehensive wildlife management approach. Efforts are also under way to electrify the Golden Summit camp as part of Freegold's strategy to reduce diesel consumption, with completion anticipated in early spring. As part of its prefeasibility study, Freegold has engaged a power consultant to evaluate the local power infrastructure and investigate alternative energy sources to enhance long-term sustainability.

As Golden Summit continues to evolve, its exceptional optionality becomes more evident: its location, resource size and, with the success of the continuing metallurgical testwork, the potential for multiple development paths, which will be evaluated to ensure the most optimal outcome for the prefeasibility study.

2025 drill results

Drilling was completed in mid-December, with 63 holes drilled. Analytical work, including cutting and sampling of the remaining drill holes, is continuing and will provide news flow in the early months of 2026 while the 2026 drill program ramps up. Further results will be reported once they have been received and validated.

Coming conference attendance: January to March, 2026:

• AMEBC Round Up, Vancouver, B.C., Jan. 26 to Jan. 29, 2025 (booth 127, Jan. 26 and Jan. 27, 2026);
• BMO 35th Global Metals, Mining & Critical Minerals Conference, Hollywood, Fla., Feb. 22 to Feb. 26, 2026;
• Prospectors and Developers (PDAC), Toronto, Ont., March 1 to March 4, 2026 -- booth 2621 (main exhibit hall).

About Golden Summit

Since 2020, the Golden Summit project has become one of North America's largest undeveloped gold resources. The substantial increase in resource ounces and grade is attributed to targeted drilling campaigns between 2020 and 2024 (totalling over 130,000 metres), continuing improvements to geological models, and enhanced understanding of mineralization controls. Positive metallurgical test results have also propelled the project forward. Continued drilling has delineated higher-grade zones and converted previously considered waste areas into potentially economically viable mineralized zones.

Recovery rates exceeding 90 per cent have been achieved using sulphide-oxidizing techniques such as Biox, Pox and the Albion process. Recent testwork also included the GlassLock process, which demonstrated that the gold grade of the concentrate can be increased without measurable gold loss, producing a direct-to-smelter saleable concentrate with significantly reduced arsenic content.

As of July, 2025, the Golden Summit resource includes an indicated primary mineral resource of 17.2 million ounces at 1.24 g/t Au and an inferred primary mineral resource of 11.9 million ounces at 1.04 g/t Au, calculated using a 0.5 g/t cut-off grade and a gold price of $2,490. Cutting, sampling and analytical work are continuing, with drilling expected to resume in February. Results from the 2025/2026 drilling campaign will provide the basis for an updated mineral resource estimate, which will support the coming prefeasibility study.

Qualified person statement

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.

We seek Safe Harbor.