Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) pleased to announce the results from eight additional drill holes at the Golden Summit project which further demonstrate the project’s resource potential.  To date, the company has completed 54 drill holes, and the drilling of 36,231m including ongoing holes. A substantial number of assay results are still pending with results expected to be reported as they are finalized.

Highlights:  

2025 PROGRAM

• Drilling is expected to remain ongoing until mid-December
• Conversion of inferred resources into indicated & further exploration drilling and geotechnical drilling.
• 54 holes ( ~35,000m) completed
• Ongoing metallurgical work, focusing on flowsheet optionality with sulphide oxidation is a key part of our strategy to maximize the potential of the resource.
• Commencement of a Pre-Feasibility Study

Objectives of the 2025 Drill Program
The 2025 drill program aims to upgrade resources, expand mineralization, and define boundaries in the Dolphin and Cleary Zones. This involves exploration, geotechnical, and metallurgical test holes. Significant exploration potential remains both to the west and east of the current deposit.

Cleary Zone

GS2510 had a planned depth of 600m but reached only 492.9m due to difficult drilling conditions. In the target zone, the hole intersected 1.49g/t Au over 32.5m at a depth of 425.8m. GS2513 and GS2521 were both infill holes and part of the 10-hole groundwater investigation program conducted to measure the hydraulic properties of lithologies within the potential proposed pit volume (i.e., schist, granodiorite, and tonalite) through packer testing. The results will provide hydraulic conductivities to inform the conceptual hydrogeologic model and help estimate dewatering needs. Vibrating Wire Piezometers (VWPs) were installed in these 8 of these holes to measure groundwater levels within the potential pit area, including vertical and horizontal gradients, to identify potential fault-block compartmentalization, and to monitor long-term groundwater levels. VWP depths were chosen to target various schist units, granodiorite, and tonalite in each hole.

GS2513 intersected higher-grade mineralization closer to surface, with 1.43g/t Au over 24.3m from 35.7m. It was also planned for a depth of 600m but was terminated at 448m due to difficult conditions. GS2521 intersected 1.7g/t Au over 70.1m at 259m and an additional 1.29g/t Au at 535.5m; however, the hole was lost in the mineralized zone before reaching the planned depth of 700m.

Dolphin Zone

GS2518 was drilled to a depth of 656.2m, but was initially planned to 700m. The hole was lost due to difficult ground conditions, but it still demonstrates the continuity of mineralization. GS2518 was also a hydrological hole. G2526 intersected several zones, with a higher-grade zone closer to the surface of 1.26 g/t Au over 16.4m from a depth of 37.5m, and a broad zone of 0.90 g/t Au over 182.9m from 386.2m. GS2526 lies within the projected potential starter pit area. These results suggest strong mineralization near the surface, which could enhance the economic viability of the starter pit area and support further exploration efforts.

GS2519, GS2522 and GS2525 – WOW Zone
GS2519, GS2522 and GS2525 were all drilled within the WOW Zone. All three holes intersected significant zones of over 1.0 g/t Au mineralization, continuing to validate the WOW Zone’s potential to host higher-grade mineralization. GS2519 one of the most western holes drilled in the WOW zone and returned 1.08g/t Au over 110.7m from a depth of 365m.  The hole encountered several other zones over 1.0 g/t Au at depth, including 1.65g/t Au over 54m from 404m, and a further 1.44 g/t Au over 18m from 617m. These intercepts indicate strong mineralization potential to depth and continue to support our ongoing resource model.  GS2522 intersected 1.44 g/t Au over 22.5m from 4.5m, and several other narrower zones of plus 1 g/t Au, again demonstrating the potential of this exciting zone. GS2525 (section 478600), demonstrates the potential to expand the current mineralized envelope with infill drilling. Mineralization in the WOW Zone remains open to depth and along strike to the west and southwest.

WOW Zone

Metallurgical Update
Metallurgical test work continues to validate the understanding of the potential process flowsheet for the Golden Summit material. As part of these ongoing studies, an expanded Master Composite of Golden Summit drill core assay rejects has been created and is a primary focus of the ongoing metallurgical test program being conducted at BaseMet Labs in Kamloops, BC.

The Master Composite consists of assay reject material from 12 drill holes based on multiple continuous intervals in each hole above cut-off grade of 0.5 g/t gold Au subject to a minimum mining thickness of 6m. A total of 1,500kg of material has been blended with the intention of processing through a pilot plant to produce sufficient mass of sulphide concentrate upon which to carry out further optimization test work of the three oxidation processes, which have delivered excellent results to date. Pressure Oxidation (POX), BiOx and Albion Process™ testing will continue to be applied to Golden Summit concentrate to enable trade-off studies in the Pre-Feasibility Study.

The drill holes which have been used in the Master Composite are:

GS2167, GS2168, GS2201, GS2203, GS2206, GS2207, GS2208, GS2209, GS2438.  GS2439 .GS2440, GS2441 –(see below link for hole locations)

A total of six tests, each comprised of 20kg of the Master Composite material incorporating gravity recovery, followed by locked-cycle flotation and cleaner flotation to produce a clean sulphide concentrate, have been completed. The mass of the cleaner concentrate is approximately 4.6% of the total feed. The cleaner concentrate was subsequently treated with Albion Process™., and the Carbon-In-Leach response of the Albion Process™ residue was excellent, with over 97% of the gold contained in the cleaner concentrate being recovered by standard CIL techniques. The net overall gold recovery from the feed material was 93.9%.

Ongoing Program
The 2025 program is advancing steadily.  In addition to this year’s extensive drilling, other activities supporting the initiation of a Pre-Feasibility Study–such as cultural resource assessments, paleontology, groundwater analysis, and mamma habitat studies–are still underway.

Since 2020, the Golden Summit project has become one of North America’s largest undeveloped gold resources. The significant increase in resource ounces and grade is the result of targeted drilling campaigns from 2020 to 2024 (over 130,000 meters), ongoing improvements to geological models, and a better understanding of mineralization controls. Positive metallurgical test results have also advanced the project. Ongoing drilling has continued to delineate zones of higher-grade mineralization and to convert previously considered waste areas into potentially economically viable mineralized zones. Continued westward expansion has resulted in the discovery of new higher-grade zones, increasing both indicated gold resources and grades.

Overall gold recovery rates exceeding 90% have been achieved using a flowsheet consisting of gravity concentration, flotation to produce a cleaner concentrate, subsequently treated with sulphide-oxidizing techniques, including BIOX®,POX, and the Albion Process™, producing feed to carbon-in-leach for additional gold recovery from the concentrate.

As of July 2025, the current 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 three-year trailing average gold price. A significant number of assay results remain pending.

Drilling is expected to continue until mid-December and resume in February 2026. Results from the 2025 drilling campaign will provide the basis for an updated mineral resource estimate, which will support the upcoming Pre-Feasibility Study.

Links to the Plan Map and Section 478600E and Master Composite Drill Hole Locations

https://freegoldventures.com/site/assets/files/6287/cp-met-drilling-all.png

https://freegoldventures.com/site/assets/files/6287/nr-2025-drilling-20251119.png

https://freegoldventures.com/site/assets/files/6287/e478600-section-november2025.pdf

Update on Shorty Creek
Freegold and Gold Range were unable to reach an agreement on suitable commercial terms, and the lease for the Shorty Creek project has therefore been terminated.   As we enter this transformational period for Freegold, we believe our attention is best focused on Golden Summit.  Accordingly, Freegold’s exploration and development efforts will focus on the highly prospective Golden Summit Project as it advances the project through pre-feasibility over the coming year.

About Freegold Ventures Limited
Freegold is a TSX-listed company focused on exploration in Alaska.