Freegold Intersects 3.10 g/t Au over 102.8 m including 5.18 g/t Au over 55.9 m as it advances Golden Summit PFS

VANCOUVER, BC, Sept. 16, 2026 /CNW/ -- Freegold Limited ("Freegold") (TSX: FVL) (OTCQX: FGOVF) reports additional results from its 2026 Golden Summit program in Alaska. With more than 52,000 metres drilled to date, the program continues to deliver higher-grade intersections while advancing the technical work required for a Preliminary Feasibility Study ("PFS").

Freegold's 2026 program is advancing exploration and project development at Golden Summit. Results continue to demonstrate a large, continuous volume of moderate- to higher-grade mineralization. Six of the eight planned geotechnical holes are complete, metallurgical testing is progressing, and the exploration camp is now connected to grid power. Together, these initiatives support resource growth, reduce technical risk, and move the project toward an updated Mineral Resource Estimate and comprehensive PFS evaluation.

The program is also advancing Freegold's understanding of mineralization controls, particularly within higher-grade zones. Tighter-spaced infill drilling is improving the geological model and defining a structural framework for targeting extensions beyond the Dolphin/Cleary area. Freegold's property extends over 13 kilometres, while the main resource is currently concentrated within 1.5 kilometres; applying the structural and geological insights identified around the resource across this sizeable, underexplored land package could unlock a pipeline of high-priority discovery targets and increase the potential to discover additional mineralized centres elsewhere at Golden Summit.

Current drilling is building the geological, geotechnical, and metallurgical foundation needed to identify the most compelling area and optimal starting point for PFS evaluation. This approach is expected to define a smaller, focused initial development scope while retaining the substantial long-term growth opportunity within the broader resource. Condemnation drilling is refining mineralized boundaries and evaluating potential infrastructure locations; infill drilling is increasing resource confidence and demonstrating grade continuity; geotechnical work is advancing pit-design and slope-stability inputs; and metallurgical testing is assessing processing options to enhance recoveries and strengthen project economics. Current and consensus gold prices reinforce the value of targeting recoveries above 90% to maximize the project's long-term potential; to that end, promising new technologies, including Albion Process^TM Oxidation CIL and GlassLock Process^TM, are being evaluated in parallel with proven Biox and POX to achieve these higher recoveries. While the final PFS flowsheet remains under evaluation, additional metallurgical work on the 2025 and 2026 drill holes will expand the dataset used to select the final PFS flowsheet, with completion and integration of the technical programs continuing into 2027.

Camp Electrification

Golden Summit's exploration camp is now connected to grid power, a significant infrastructure milestone that improves reliability and day-to-day operating efficiency while reducing diesel use, noise and associated emissions. The upgrade strengthens site infrastructure and supports more efficient execution of Freegold's ongoing exploration and technical programs.

Geotechnical Program Update

Freegold has completed six of the eight planned geotechnical holes, with initial core being submitted for rock-quality, strength and slope-stability testing. This progress marks an important step in developing the pit-design and slope-stability inputs required for the targeted 2027 PFS.

Drilling Results

The results below are from Freegold's ongoing 2026 program and include infill from the Cleary and Dolphin areas and condemnation holes testing the area margins. Additional results are expected as drilling, sampling and analytical work continue, providing steady news flow over the next several months.

Cleary Area (GS26231, GS2634, GS2636, GS2641)

The reported Cleary Area holes were designed to define mineralization trends better and support ongoing resource confidence. Drill holes GS2631 and GS2634 focused on the southern part of Cleary, where modelling suggests a deep root of mineralization associated with the moderately south-dipping tabular body that approaches the surface in northern Cleary. Drill holes GS2636 and GS2641 also tested the eastern margin of Cleary, where it starts to transition into the BST (Beistline Shaft-Tamarack) eastern expansion area.

GS2634 was collared on the southern end of Cleary in the hanging wall block of the Cleary Road Cut Shear (CRCS). It intersected a broad zone of 102.8 m of 3.10 g/t Au from 460.2 m within the Middle Schist host rock package. This includes a higher-grade sub-interval of 55.9 m of 5.18 g/t Au. Drilling ended before the planned depth (700 m) because of technical issues in a structurally complex zone. Mineralization remains open at depth. Sampling highlights include:

• 3.95 g/t Au over 3.1 m from 532.4–535.5 m, associated with brecciated quartz veins with pyrite-arsenopyrite.
• 183.4 g/t Au over 1.2 m from 555.6–556.8 m, associated with a fault structure with pyrite-arsenopyrite.

GS2641 was collared on the eastern end of Cleary in the hanging wall block of the CRCS Fault and drilled mainly within the Upper Schist package. It intersected 5.8 m of 71.46 g/t Au from 154.5 m and 78 m of 1.27 g/t Au from 206.4 m. Sampling highlights include:

• 133.15 g/t Au over 3.1 m from 154.5–157.6 m, associated with a fault-marginal white quartz vein and quartz-cemented breccia with pyrite-arsenopyrite-jamesonite.
• 13.29 g/t Au over 1.8 m from 282.6–284.4 m, also associated with a fault structure and marginal quartz vein with pyrite-arsenopyrite

Other Cleary drill holes had notable intersections with GS2636 in eastern Cleary, returning near-surface mineralization, including 36.5 m of 0.91 g/t Au from 188.1 m in the Upper Schist package. GS2631 returned 24.4 m of 1.28 g/t Au from 160.3 m at the top of the Middle Schist package; it was a short drill hole (250 m) designed to test an early proposed southern pit wall.

Dolphin Area (GS2632, GS2633, GS2635, GS2637, GS2639)

Results from the Dolphin Area continue to demonstrate strong continuity of mineralization, including higher-grade corridors within the broader mineralization trend. Additional drilling is underway to test the core zones of proposed deep-seated structural traps within host rock schist.

GS2632 was collared in the central-eastern part of Dolphin within the hanging wall block of the Tolovana Fault. It intersected a broad zone of moderate-grade mineralization with 283.8 m of 0.61 g/t Au from 431.6 m, including 64.0 m of 0.86 g/t Au from 529.4 m. Sampling highlights include:

• 4.14 g/t Au over 6.1 m from 544.6–550.7 m, associated with a deformation zone with breccia lenses and white quartz veins with pyrite-arsenopyrite-jamesonite. This schist-hosted interval underlies a 0.5 m-wide granodiorite dike at 540.8 m.

GS2635 was collared within the Dolphin granodiorite stock. It intersected 88.4 m of 1.06 g/t Au from 246.0- 334.4 m, and 268.2 m of 0.72 g/t Au from 480.7 m, including 112.8 m of 0.77 g/t Au from 480.7 m and 61.0 m of 0.84 g/t Au from 687.9 m. Sampling highlights include:

• 4.83 g/t Au over 9.2 m from 249.0–258.2 m, associated with a strong sericite-clay altered zone with breccia lenses and pyrite-arsenopyrite-jamesonite.

Drill holes GS2633, GS2637 and GS2639 tested the northern limits of known mineralization in the Dolphin Area, drilling the hanging wall block above a western extension of the CRCS Fault. GS2633 returned several narrow intervals, including 9 m of 0.81 g/t Au from 173 m related to a moderately south-dipping structure. GS2637 also returned several intervals, including a moderate grade interval of 91.4 m at 0.60 g/t Au from 166.5 m centred on the same structure. GS2639 was the farthest north of the three holes and returned only narrow near-surface low-grade intervals in the oxide zone. As such, even drill holes testing the northern limits of the known system, are returning mixed results and continue to extend mineralization northward and up-dip along controlling structures.

Golden Summit: District-Scale Growth Potential

Golden Summit combines a large and growing mineral resource within a long-established gold-producing district. Streams draining the project area have produced more than 6.75 million ounces of placer gold since the Alaskan gold rush, with an additional 500,000 ounces of historical lode production. The currently defined resource occupies only the western portion of Freegold's 13-kilometre-by-6-kilometre property, within a compact 2-kilometre-by-1.5-kilometre footprint, leaving substantial room for expansion along trend.

This scale, together with early success at the Tamarack Zone and emerging anomalies in the Saddle Zone, reinforces the potential for continued discovery, resource growth and broader district-scale development at Golden Summit. Ongoing targeting work is defining new drill opportunities that could add ounces, extend mineralization and improve the project's long-term development profile.

The Company's immediate focus remains on advancing the technical work required for the targeted 2027 PFS, including infill drilling, defining mineralized boundaries in the Dolphin–Cleary area and completing geotechnical and metallurgical programs. As this work progresses, Freegold expects to continue testing priority exploration targets and advancing the next phase of growth at Golden Summit.

As of July 2025, Golden Summit hosts an Indicated Primary Mineral Resource of 17.2 million ounces at 1.24 g/t Au (432 million tonnes) and an Inferred Primary Mineral Resource of 11.9 million ounces at 1.04 g/t Au (358 million tonnes), using a 0.5 g/t cut-off grade and a gold price of $2,490. Ongoing cutting, sampling and analytical work will support an updated mineral resource estimate, which is expected to be incorporated into the upcoming PFS.

Plan Map of Current Drilling
https://wp-freegoldventures-2026.tor1.cdn.digitaloceanspaces.com/media/2026/09/15153318/2026-09-16-NR.pdf

Analytical Program and QA/QC
HQ core is logged, photographed and cut in half using a diamond saw. One-half is placed in sealed bags for preparation and subsequent geochemical analysis by ALS facilities in Vancouver and Thunder Bay. Core samples were delivered to ALS's facility in Vancouver, Canada, where each sample was crushed to 70% passing a 2 mm (Tyler 9 mesh, U.S. Std. No. 10) screen. In Thunder Bay, a representative ~500 g subsample was obtained by riffle splitting (SPL-32a) and analyzed for gold using the ALS method Au-PA01 (PhotonAssay), which provides a detection range of 0.03 to 350 ppm. In Vancouver, a subsample was also analyzed for multi-element geochemistry using the ALS method ME-ICP61 (34-element, four-acid ICP-AES). Occasionally, samples are smaller than 500 g and are then assayed by Fire Assay with an AAS finish, method code Au-AA23 (30 g sample size); samples over 10 g/t Au are then automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening may be performed using ALS's Au-SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50 g fire assay is conducted on the fine fraction, and the entire oversize fraction is assayed. Total Au content, individual assays, and weight fractions are reported. The QA/QC program includes laboratory and field standards inserted every ten samples. Blanks are inserted at the start of each submittal, and at least one blank is inserted every 25 standards.

Qualified Person and Disclosure
Alvin Jackson, P.Geo., Vice President of Exploration and Development for Freegold, is the Qualified Person who has approved the scientific and technical disclosure in this release.

About Freegold Limited
Freegold is a TSX-listed company focused on advancing exploration and development-stage gold projects in Alaska.

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this press release include, without limitation, statements regarding advancing the Golden Summit Project and other exploration plans and results of any drill programs, statements regarding the timing for and expected completion of a pre-feasibility study, the results of any environmental initiatives or metallurgical testing and any development, or drilling. In making the forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: availability of financing; delay or failure to receive required permits or regulatory approvals; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. See Freegold's Annual Information Form for the year ended December 31, 2025, filed under Freegold's profile at www.sedarplus.com, for a detailed discussion of the risk factors associated with Freegold's operations.

SOURCE Freegold Limited

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