Freegold Reports Golden Summit Drill Results and Updates Progress Toward 2027 PFS

160.6 m at 1.80 g/t gold; updated resource estimate targeted for Q2 2027

HIGHLIGHTS

• HIGHER GRADE AT DEPTH: GS2659 returned 160.6 m at 1.80 g/t Au from 578.2 m at Cleary, including 9.2 m at 19.33 g/t Au
• NEAR-SURFACE MINERALIZATION: GS2657 returned 17.6 m at 0.95 g/t Au from 54.0 m at Dolphin, adding information for initial pit studies.
• NEAR SURFACE OXIDE: An Indicated oxide resource of 920,000 oz at 0.45 g/t Au (63.7 Mt) will be evaluated as potential early feed in the PFS.
• NEXT DELIVERABLES: Updated Mineral Resource Estimate targeted for Q2 2027 and PFS targeted for 2027

VANCOUVER, BC, Oct. 29, 2026 /CNW/ -- Freegold Limited ("Freegold" or the "Company") (TSX: FVL) (OTCQX: FGOVF) reports results from five drill holes at Golden Summit near Fairbanks, Alaska. At Cleary, GS2659 intersected 160.6 m at 1.80 g/t Au from 578.2 m, including 9.2 m at 19.33 g/t Au, within a broad higher-grade zone interpreted as the downdip extension of the historic Cleary Hill Mine system. At Dolphin, GS2657 returned 17.6 m at 0.95 g/t Au from 54.0 m, adding near-surface information for initial pit studies. The results will support the updated Mineral Resource Estimate targeted for Q2 2027 and the 2027 PFS.

Freegold has drilled more than 60,000 m at Golden Summit in 2026, its largest campaign to date. The program combines infill drilling, testing of potential starting areas and condemnation drilling for potential infrastructure locations. Pit optimization work is helping focus infill drilling and evaluate how higher-grade and near-surface oxide material could influence sequencing, waste stripping and initial capital.

"Golden Summit already has scale. Our focus now is defining a capital-efficient starting point while retaining the project's substantial longer-term upside. These results add important information at both Cleary and Dolphin as we advance toward the updated resource and 2027 PFS," said Kristina Walcott, President and CEO.

 NEXT MILESTONES:

• Over 50 holes with assays pending; ongoing news flow: Results will support the updated resource, initial pit and infrastructure assessments.
• Drilling winding down: Six rigs are currently operating, with the program expected to taper through early December.
• Geotechnical drilling complete: Samples are being analyzed to facilitate pit slope design.
• Resource update targeted for Q2 2027: Incorporating 2025–2026 drilling for pit, sequencing and economic evaluations. The 2025 and 2026 drill programs were designed to fill gaps between existing holes and better define the continuity of higher-grade corridors. The 2026 program was expanded based on ongoing pit optimization work.

Technical work across the project is advancing the PFS and defining a more capital-efficient path to development. Metallurgical and power studies are evaluating processing and power requirements; water and permafrost programs are defining drainage and infrastructure; and geochemical, environmental and cultural baseline work continues.

Cleary Area Results — (GS2649, GS2654 and GS2659)
GS2659 intersected 206.3 m at 1.72 g/t Au from 532.5 m, including 160.6 m at 1.80 g/t Au from 578.2 m. Within that interval, drilling returned 9.2 m at 19.33 g/t Au from 694.0 m. The broad higher-grade zone is interpreted as the downdip extension of the historic Cleary Hill Mine system. Drilling at Cleary is improving definition within preliminary pit concepts while continuing to test and extend higher-grade mineralization below the historical workings.

Dolphin Area Results — GS2657 and GS2660
GS2657 returned 17.6 m at 0.95 g/t Au from 54.0 m and 36.2 m at 1.52 g/t Au from 284.1 m to the end of the hole, including 11.0 m at 3.57 g/t Au. GS2660 returned 82.3 m at 1.13 g/t Au from 456.3 m. Together, the Dolphin results strengthen continuity within the resource model and help define higher-grade zones.

Defining a Capital-Efficient Starting Point
The PFS will evaluate how pit size, sequencing, throughput, recovery and power affect capital requirements and payback. Golden Summit's scale provides flexibility to evaluate a smaller initial phase while retaining expansion and discovery upside.

The principal trade-offs include:

• Extraction and sequencing: how higher-grade zones near surface and at depth could be prioritized.
• Scale: pit size, throughput and phasing.
• Processing: oxide options and, for primary material, Albion Process™, GlassLock Process™, BIOX® pressure oxidation as well as the potential for gravity-flotation- CIL.
• Power and infrastructure: grid supply, alternatives and site layout.
• Geotechnical and water management: pit slopes and ground conditions.

The PFS will compare overall economics, balancing recovery against power demand, capital and operating costs and technical risk. Gold in the primary-resource is seen to be partially associated with sulphides, and standard gravity and conventional carbon in leach (CIL) recoveries vary across the deposit. The test work program includes this standard flowsheet alongside sulphide flotation options. Sulphide concentrate treatment has achieved total gold recoveries above 90% in composite material tested and can reduce environmental impact; however, it increases energy consumption. Near-surface oxide will be evaluated as potential early feed.

The independent power study will provide capital and operating cost estimates for project-scale supply options, including self-generation. The grid-connected exploration camp does not provide sufficient power for future development.

About Golden Summit
Golden Summit is located approximately 30 km north of Fairbanks, Alaska, in a long-established gold district, with year-round road access and a grid-connected exploration camp. Since the project was redefined in 2020, more than 85% of Golden Summit's resource drilling has been completed. Golden Summit is one of North America's largest undeveloped gold resources.

As of July 2025, Golden Summit hosts an Indicated Oxide Mineral Resource of 920,000 oz at 0.45 g/t Au (63.7 Mt) and an Inferred Oxide Mineral Resource of 287,000 oz at 0.47 g/t Au (18.8 Mt), using a 0.15 g/t cut-off, and an Indicated Primary Mineral Resource of 17.2 Moz at 1.24 g/t Au (432 Mt) and an Inferred Primary Mineral Resource of 11.9 Moz at 1.04 g/t Au (358 Mt), using a 0.5 g/t cut-off. All resources are estimated at a gold price of US$2,490/oz.

Drill Maps and Sections

https://wp-freegoldventures-2026.tor1.cdn.digitaloceanspaces.com/media/2026/10/29034852/DDH-Plan-Map_10292026.pdf

https://wp-freegoldventures-2026.tor1.cdn.digitaloceanspaces.com/media/2026/10/29053427/479650E_10292026.pdf

Analytical Program and QA/QC

HQ core is logged, photographed and cut in half using a diamond saw. One-half is placed in sealed bags for preparation and subsequent geochemical analysis by ALS facilities in Vancouver and Thunder Bay. Core samples were delivered to ALS's facility in Vancouver, Canada, where each sample was crushed to 70% passing a 2 mm (Tyler 9 mesh, U.S. Std. No. 10) screen. In Thunder Bay, a representative ~500 g subsample was obtained by riffle splitting (SPL-32a) and analyzed for gold using the ALS method Au-PA01 (PhotonAssay), which provides a detection range of 0.03 to 350 ppm. In Vancouver, a subsample was also

analyzed for multi-element geochemistry using the ALS method ME-ICP61 (34-element, four-acid ICP-AES). Occasionally, samples are smaller than 500 g and are then assayed by Fire Assay with an AAS finish, method code Au-AA23 (30 g sample size); samples over 10 g/t Au are then automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening may be performed using ALS's Au-SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50 g fire assay is conducted on the fine fraction, and the entire oversize fraction is assayed. Total Au content, individual assays, and weight fractions are reported. The QA/QC program includes laboratory and field standards inserted every ten samples. Blanks are inserted at the start of each submittal, and at least one blank is inserted every 25 standards.

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

About Freegold Limited
Freegold is a TSX-listed gold exploration and development company systematically advancing Golden Summit in Alaska, one of North America's largest undeveloped gold resources, through resource definition, technical optimization and the 2027 PFS.

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this press release, include, without limitation, statements regarding advancing the Golden Summit Project and other exploration plans and results of any drill programs, statements regarding the timing for and expected completion of a pre-feasibility study, the results of any environmental initiatives or metallurgical testing and any development, or drilling. In making the forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: availability of financing; delay or failure to receive required permits or regulatory approvals; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. See Freegold's Annual Information Form for the year ended December 31, 2025, filed under Freegold's profile at www.sedarplus.com, for a detailed discussion of the risk factors associated with Freegold's operations.

SOURCE Freegold Limited

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