Ms. Kristina Walcott reports

POSITIVE METALLURGICAL RESULTS FROM INITIAL TESTWORK WITH DUNDEE SUSTAINABLE TECHNOLOGIES

Freegold Ventures Ltd. has released further promising metallurgical results from its continuing testwork on the Golden Summit project, situated near Fairbanks, Alaska. Earlier this year, Freegold undertook a metallurgical test program, which was completed by Dundee Sustainable Technologies (DST), specifically designed to assess the effectiveness of DST's GlassLock Process on material sourced from the Golden Summit property. The results indicate that a saleable gold concentrate could be produced directly from Golden Summit material, with over 98 per cent of the arsenic removed and incorporated into a stable glass byproduct.

Highlights of GlassLock Process performance

• Gold concentrate upgrade: The gold grade of the concentrate increased by 47 per cent, reaching 24.7 grams per tonne Au, with no measurable gold loss during the GlassLock Process, and a direct-to-smelter saleable concentrate can be produced
• Arsenic reduction: Arsenic content was significantly lowered from 7.34 per cent to 0.17 per cent, representing a reduction of over 98 per cent.
• Sulphide sulphur reduction: Sulphide sulphur levels decreased from 28.8 per cent to 20.8 per cent, a 39-per-cent reduction.
• Environmental characterization The primary byproduct produced by the GlassLock Process is a stable, insoluble, arsenic-rich glass that has been characterized as non-toxic under the Environmental Protection Agency's Method 1311 Toxicity Characteristic Leaching Procedure.

Testwork objectives:

1. Conduct preliminary laboratory testwork and complete characterization of sulphide concentrate material from the Golden Summit project;
2. Evaluate the technical feasibility and benefits of integrating DST's GlassLock Process for arsenic removal and stabilization;
3. Demonstrate the ability to produce a concentrate with broad marketability to various smelters and/or metal traders.

Sample preparation and testing

To facilitate the evaluation, a one-kilogram sample of gold-bearing sulphide concentrate was produced from locked-cycle flotation testwork at BaseMet Labs from a composite from 12 drill holes of Golden Summit material. This sample was shipped to DST, a subsidiary of Dundee Corp. (Toronto Stock Exchange: DC.A), for testing. The results of this program were extremely positive and encouraging for Freegold as it advances the project through prefeasibility. The success of this testwork provides another avenue for consideration during the PFS.

Prefeasibility study (PFS)

The prefeasibility study is being developed to support a strategic approach for the Golden Summit project. Given the resource's scale and the expected capital needs, the study will focus on phased development and thorough trade-off analyses for evaluation. With positive metallurgical results already achieved from various processes, work is now advancing toward pilot-plant-scale testing to produce sufficient concentrate to continue optimizing the oxidation methods. The three oxidation processes tested prior to the GlassLock Process, have all shown recoveries exceeding 90 per cent. Additionally, results from simple gravity and CIL methods suggest there is still potential to optimize a streamlined metallurgical process in conjunction with the PFS.

The study will systematically explore different options, including alternative pit-shell configurations and metallurgical recovery techniques. Current drilling efforts are aimed at infill drilling and defining a higher-grade starter pit. Continuing efforts to optimize the potential starter pit area and evaluate potential power supply trade-offs are continuing. These activities will run in parallel with geotechnical drilling when drilling resumes in February, 2026.

Supporting studies, such as environmental, baseline and archaeological assessments, are progressing well, while metallurgical testing continues as a key part of the PFS flowsheet development.

In 2025, 62 drill holes were completed, with assay results still pending. Cutting and sampling of drill core will continue through the winter break, and assays will be reported over the coming months. The data from the 2025 and early 2026 drilling programs will be used to revise the mineral resource estimate (MRE) published in July, 2025, which indicated 17.2 million ounces at 1.24 grams per tonne Au (indicated) and 11.9 million ounces at 1.04 g/t Au (inferred) using a 0.5 g/t cut off and a gold price of $2,490 (U.S.). The updated MRE and further drilling in 2026 will form the basis for the PFS, scheduled for completion in early 2027.

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 TSX-listed company focused on exploration in Alaska.

We seek Safe Harbor.