• 0.75 g/t Au over 444.9m
• Including 2.6 g/t Au over 24.5m
• Including 1.11 g/t Au over 57m
• Including 1.74 g/t Au over 18.9m

Freegold Ventures Limited (TSX: FVL) (OCTQX: FGOVF) is pleased to announce the successful completion of the 2023 drill program. Over the year, the Company drilled a total of 44 holes.

Between 2020 and 2022, Freegold’s drilling successfully increased the resource from 1.35 Moz to 12.6 Moz Indicated and from 1.58 Moz to 7.7 Moz Inferred. The drill program conducted in 2023 has continued to intersect broad zones of mineralization with definitive zones of higher-grade mineralization. The mineralization style comprises discrete veins and stockwork accompanied by pervasive silification, which has been demonstrated to extend over a 1.5 km strike length. Additionally, it is noteworthy that the mineralization remains open for another 1.5km to the west in the Dolphin Cleary Area.

The attached Section 478800E shows an 800-meter mineralized zone in cross-section within an existing strike length of 1.5 km. The higher grade remains open downdip.

Assays are pending for Holes GS2331 – GS2337 drilled west and to the west of Willow Creek, intended to expand the higher-grade mineralization towards the west. Hole GS2337 was drilled in a previously untested geochemical trend to the southwest of the Dolphin zone. Visible gold has been noted in GS2237.

Assays are still pending for the holes drilled north of the Dolphin Cleary Zones (GS2320 to GS2328). The primary purpose of these holes was to define the mineralization extent in the north and immediate northwest, and they have successfully intersected the up-dip of the overall mineralized trend.

Similarly, assays are still pending for the Saddle Zone holes (SZ2301 to SZ2307). The 2023 drill program conducted in the Saddle Zone was primarily exploratory and aimed to provide a better understanding of the mineralization controls in the densely veined Saddle Zone. Based on visual inspections, it is evident that additional drilling is required in the Saddle Zone, as visible gold has been noted in SZ2307.

Section 478800E – showing the location of hole GS2329 and the plan map can be found below.

https://freegoldventures.com/site/assets/files/6294/newsrelease_nov2023_sections_478800e.pdf

https://freegoldventures.com/site/assets/files/6294/goldensummit_dolphin-cleary_resource_drilling_western_a.pdf

Assays are pending for the following holes:

The current program is designed to test the boundaries, expand and infill the current mineral resource estimate (February 2023), which using a 0.45 g/ t Au cut-off and a $1,792 gold price is 12.01 million ounces at 0.92 g/t Au (407,544,000 tonnes indicated) and 7.7 million ounces at 0.85 g/t (282,303,000 tonnes inferred).

A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Laboratories.  Core samples were prepared using the PREP-31BY package in ALS’s facility. Each core sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzes all samples with an AAS finish, method code Au-AA23 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening is performed using ALS’s Au-SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50g fire assay is conducted on the little fraction and an assay on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures are conducted in ALS’s North Vancouver and Reno facilities.

A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.

Freegold operates a full-service camp at Golden Summit.

The Qualified Person for this release is Alvin Jackson, PGeo – Vice President of Exploration and Development for Freegold.

About Freegold Ventures Limited

Freegold is a TSX-listed company focused on exploration in Alaska and holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.