WOW ZONE – GS2440

• • 2.07 g/t Au over 54.9m
  • 128.3 g/t Au over 3.1m
  • 4.16 g/t Au over 21.6m

CLEARY ZONE – GS2441

• • 2.74/t over 30.3m
  • 11.6 g/t Au over 33.6m including 110 g/t Au over 3.1m
  • 1.73 g/t over 25m

2025 PROGRAM

• Drilling to Commence Mid-May
  Conversion of Inferred
  Resources into Indicated &
  Exploration Drilling
• Updated Mineral Resource
• Ongoing Metallurgical Work
• Commencement of PFS

Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) is pleased to announce the latest drill results from its 2024 drilling program. Final assay results for eight drill holes are still pending and are expected to be reported in the coming weeks. An updated mineral resource estimate, which will include the 2024 results, is scheduled for completion by end of Q2 – 2025. Additionally, further geological modelling has been conducted during the winter break and will be incorporated into the updated mineral resource estimate.

Drilling at Golden Summit is set to resume in mid-May, marking the start of an extensive 2025 drilling program. This program will commence with two drill rigs and increase to four rigs by early summer, with a total of approximately 30,000 meters planned. All four rigs are currently on site. The program aims to be comprehensive, focusing on converting inferred mineral resources into the indicated category and drilling additional metallurgical holes in preparation for a planned Pre-Feasibility Study (PFS).

The September 2024 mineral resource estimate (US$1,973 gold – three-year trailing price average) was based on a processing flowsheet that involves grinding, gravity separation, flotation, and regrinding of a sulfide concentrate, followed by Carbon-in-Leach (CIL) treatment. The estimated 72% gold recovery and $14 per tonne operating cost did not include further processing of the sulfides. The current metallurgical program is focused on identifying effective sulfide oxidation methods to enhance gold recovery and revenue. This ongoing testing includes BIOX^®, POX, and additional Albion Process™ oxidation prior to CIL, providing a basis for trade-off studies aimed at maximizing recoveries while minimizing capex and opex in preparation for the PFS. Hydrological studies, baseline work, and archaeological and cultural work are also being conducted. 2025 is expected to be pivotal, with a goal of commencing a PFS by year-end.

CLEARY ZONE

The 2024 drilling program included four large-diameter holes for metallurgical test work. Hole GS2421, located in the Cleary Zone, filled in a 200m gap and was one of the most continuous higher-grade intercepts observed in the eastern section of the resource area, returning 115.5 meters at 1.17 g/t Au, starting at 197.5 meters and 3.62 g/t Au over 42 meters from 361 metres. (NR 11072024). Due to this success, three follow-up holes were drilled later in the season within the Cleary Zone: GS2438 and GS2441 and GS434.

Hole GS2438, located 50m due east of GS2421, intersected several zones with grades exceeding 1.0 g/t, including 1.12 g/t Au over 24.4m starting at 69.2m, 1.14 g/t Au over 32.6m starting at 233.8m, and 1.22 g/t Au over 15.2m starting at 310m. All these results lie within a consistently broad mineralized envelope, which has not been typically observed at Cleary.

Hole GS2441, located 60m south of GS2438, returned multiple intercepts exceeding resource grade. Notable higher-grade intercepts include: 3.3 g/t Au over 9.1m from 50m; 2.7 g/t Au over 30.3m from 221.6m; and 11.6 g/t Au over 33.6m from 300m, including a significant intercept of 110 g/t Au over 3.1m. and additionally 1.78 g/t Au over 25m, from 355.1m. Further drilling in this area is scheduled for 2025.

Assays for GS2434 drilled 70m southwest of GS2421 are pending.

WOW ZONE

The 2024 drilling program also focused on the WOW Zone, exploring the potential for further resource expansion to the west and conducting limited infill drilling. The drilling results from the WOW Zone are particularly significant, indicating a continuation of higher-grade mineralization to the west.

Hole GS2439 intercepted broad zones of higher-than-resource-grade mineralization, including 1.28 g/t Au over 27m from 441m. Hole GS2440, a vertical hole in the WOW Zone, is aligned with the southwesterly geochemical trend. It intersected mineralization that not only exceeded resource grade but also demonstrated significant mineralization at depth, including 2.07 g/t over 54.9m from 342.6m and 4.16 g/t Au over 21.3m from 438m, as well as a high-grade intercept of 128 g/t Au over 3.1m at 415.4m.

The current results indicate an opportunity to improve the resource grade and upgrade resource categories through additional infill drilling. This strategy aligns with our commitment to maximizing the project’s value prior to completing any economic assessments.

Links to Plan Map and Section 479550E:

https://freegoldventures.com/site/assets/files/6287/20250422_plan_map.pdf

https://freegoldventures.com/site/assets/files/6287/20250422_479550e_section.pdf

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

A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, and one-half placed in sealed bags for preparation and subsequent geochemical analysis by MSA Laboratories. At MSALABS, the entire sample was dried and crushed to 70% passing -2mm (CRU-CPA). A ~500g riffle split was analyzed for gold using CHRYSOS PhotonAssay™ (CPA-Au1). From this, 250g was further riffle split from the original PhotonAssay™ sample, pulverized, and a 0.25g sub-sample was analyzed for multi-element geochemistry using MSA’s IMS230 package, which includes 4-acid digestion and ICP-MS finish. MSALABS operates under ISO/IEC 17025 and ISO 9001 certified quality systems. 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.

About Freegold Ventures Limited

Freegold is a TSX-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.