Ms. Kristina Walcott reports

FREEGOLD ADVANCES GOLDEN SUMMIT TOWARD PRE-FEASIBILITY AND EXPANDS TECHNICAL LEADERSHIP TEAM

Freegold Ventures Ltd. has provided an update on continuing value-creation activities at its Golden Summit project in Alaska, as the company advances the asset toward a prefeasibility study (PFS). The 2026 drill program is well under way, with five drill rigs operating and one additional rig on site, scheduled to commence drilling next month. Eleven holes have been completed and an additional five holes are currently in progress. The approximately 50,000-metre campaign is primarily focused on infill drilling to strengthen grade control and enhance confidence in higher-grade corridors, such as the 2.94 grams per tonne Au over 58.4 metres intercepted in GS2544 (see Freegold news release dated March 10, 2026, and 11.54 g/t Au over 29.5 m and 2.99 g/t Au over 31.1 m intercepted in GS2546 (see Freegold news release dated April 1, 2026), while parallel metallurgical testwork continues to evaluate processing options and potential improvements to concentrate quality for inclusion in the PFS. Golden Summit is a large road-accessible gold project in Alaska that has been advanced through systematic drilling, continuing model refinement and metallurgical testing. Metallurgical work continues to support multiple potential development pathways, with recovery rates exceeding 90 per cent using sulphide-oxidizing techniques, including BIOX, POX and the Albion Process. The GlassLock Process has also been tested, demonstrating the potential to increase gold grade in concentrate and reduce arsenic content, which may enhance the attractiveness of direct-to-smelter concentrate sales.

Key highlights

• Six rigs planned (five active; additional rig to commence next month), supporting accelerated drilling timelines;
• Approximately 50,000 m infill-focused program to strengthen grade control and support the upcoming prefeasibility study (PFS);
• Ongoing metallurgical work targeting higher recoveries and improved concentrate quality for potential direct-to-smelter sales;
• Expanded technical leadership team with the appointment of a vice-president, engineering, and an exploration manager.

Management team expansion

Freegold is pleased to announce the appointments of Maureen Marks as vice-president, engineering, and C. Paul Jago as exploration manager, further expanding the company's technical capacity as Golden Summit advances toward the upcoming PFS.

"We're excited to welcome Maurie Marks, vice-president of engineering, and Paul Jago, exploration manager, both of whose proven experience expands our leadership team at a pivotal stage for the company. Golden Summit is demonstrating the scale, continuity and quality required to support a highly compelling development opportunity. With our largest drill program to date under way -- approximately 50,000 metres with multiple rigs operating -- and metallurgical work advancing, we are positioning the project for multiple development pathways. Key upcoming catalysts include ongoing drill results, continued metallurgical testwork updates and steady progress toward delivery of the prefeasibility study, which we believe will be transformational for the project and the company," said Kristina Walcott, president and chief executive officer.

Management bios

Maureen "Maurie" Marks, PEng -- vice-president, engineering

Ms. Marks brings 15 years of mining engineering and study management experience to Freegold. Most recently, she served as mining manager at Tetra Tech in Vancouver, leading multidisciplinary teams and delivering technical studies across a wide range of commodities and jurisdictions. She is a licensed professional engineer through the professional engineering associations of British Columbia and Manitoba, and holds a BSc in mining engineering from Montana Tech. Ms. Marks has acted as a qualified person for open-pit mining under National Instrument 43-101 and S-K 1300 standards, and has led mine design, scheduling and cost-estimation work (opex (operating expenditure) and capex (capital expenditure)) from early stage scoping through feasibility studies. Her Northern Canadian operating experience includes financial evaluation, mine planning, drill-and-blast engineering, tailings support and on-site supervision.

Statement from Ms. Marks:

"Golden Summit is entering an exciting new phase as we advance toward a prefeasibility study, and I'm thrilled to join Freegold at such a pivotal time. I look forward to helping drive the technical and engineering workstreams that will derisk the project, strengthen the PFS and position Golden Summit as a compelling development opportunity. Having worked closely with Kristina and Alvin over the last few years, I've seen firsthand the strong momentum they've built and the exceptional potential of this asset," said Ms. Marks, VP, engineering.

C. Paul Jago, MSc, PGeo -- exploration manager

Mr. Jago is a professional geologist registered with Engineers and Geoscientists BC and has extensive experience in mineral exploration across British Columbia and the southwestern United States. He has held senior technical and leadership roles, including senior geologist at Amarc Resources Ltd., chief geologist at Pacific Ridge Exploration Ltd. and exploration manager at Centerra Gold Services Inc., with extensive experience at Mount Milligan mine, from 2017 to 2022. Mr. Jago served as the British Columbia Regional Geologist for the Ministry of Energy and Mines (2012 to 2017). His experience also includes near-mine exploration work with Freeport-McMoRan in Arizona and Colorado, on porphyry copper and molybdenum operations, providing a strong foundation across both greenfields and brownfields exploration environments and operations.

Mr. Jago holds an MSc from the University of British Columbia, where he studied through the mineral deposit research unit (MDRU). His MSc thesis on the Mt. Milligan deposit was published in economic geology in 2014. He currently serves as a director of AMEBC, the Association for Mineral Exploration in British Columbia.

Statement from Paul Jago:

"Drawing on my experience advancing projects from early stage exploration through resource definition and development studies, I see Golden Summit as a rare and exceptional gold system with both impressive scale and meaningful upside. The 2026 program is designed to apply disciplined, systematic, data-driven exploration-tightening drill spacing in higher-confidence zones while testing priority extensions informed by a well-established and advancing geological model. This approach is intended to support the upcoming PFS and continue to unlock value across the broader Golden Summit system," said Paul Jago, exploration manager.

Qualified person and disclosure

Alvin Jackson, PGeo, vice-president of exploration and development for Freegold, is the qualified person responsible for the scientific and technical disclosure in this release.

About Freegold Ventures Ltd.

Freegold is a Toronto Stock Exchange-listed company focused on gold exploration in Alaska. Its primary focus is the Golden Summit project. As of July, 2025, Golden Summit resources include an indicated primary mineral resource of 17.2 million ounces at 1.24 grams per tonne Au and an inferred primary mineral resource of 11.9 million ounces at 1.04 g/t Au, using a 0.5 g/t cut-off grade and a gold price of $2,490. During 2025, an additional 63 holes (39,000 m) were drilled, of which the results for 75 per cent have now been reported. Building on the 2025 program, the 2026 drill program will continue to focus on tightening drill spacing to support an enhanced resource estimate ahead of the prefeasibility study (PFS). In addition, geotechnical drilling and supplementary metallurgical test holes are planned.

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