Ms. Kristina Walcott reports

FREEGOLD VENTURES LIMITED ANNOUNCES UPSIZED BROKERED PRIVATE PLACEMENT FINANCING FROM $30 MILLION TO UP TO $50 MILLION

Freegold Ventures Ltd., as a result of strong investor demand, has increased the size of its previously announced brokered "best efforts" private placement financing to up to 38,461,500 common shares of the company at a price of $1.30 per common share. The offering will now be upsized for aggregate gross proceeds of up to $49,999,950 from $30,000,100, as was previously announced in the company's news release dated Dec. 18, 2025.

Paradigm Capital Inc. is acting as lead agent and sole bookrunner under the offering on behalf of a syndicate of agents. In connection with the offering, the company will no longer be granting the agents an option to sell up to that number of additional common shares equal to 15 per cent of the base offering size, as was previously announced in the company's news release dated Dec. 18, 2025, so as not to exceed capital raising limits under the listing issuer financing exemption.

The net proceeds from the offering will be used to complete a prefeasibility study for the Golden Summit project, to support exploration, and for general corporate and working capital purposes. Management believes that these funds will further strengthen the company's ability to advance the Golden Summit project as it moves the project through the prefeasibility stage.

The common shares will be offered for sale pursuant to Part 5A of National Instrument 45-106 -- Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 -- Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, to purchasers resident in each of the provinces of Canada (other than Quebec), and in other qualifying jurisdictions outside of Canada that are mutually agreed to by the company and the agents pursuant to relevant prospectus or registration exemptions in accordance with applicable laws. As the offering is being completed pursuant to the listed issuer financing exemption, the common shares issued in the offering will not be subject to a hold period in Canada pursuant to applicable Canadian securities laws.

There is an amended and restated offering document related to this offering that can be accessed under the company's profile at SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

The offering is expected to close on or about Jan. 6, 2026, and will be subject to regulatory approvals and customary closing conditions, including listing of the common shares on the Toronto Stock Exchange.

The agents will be entitled to, on the closing date, a cash commission equal to 5 per cent of the gross proceeds of the offering.

About Freegold Ventures Ltd.

Freegold Ventures is a Toronto Stock Exchange-listed company focused on exploration in Alaska.

We seek Safe Harbor.