Positive Metallurgical Results from Initial Testwork with Dundee Sustainable Technologies

On December 16, 2025, Freegold Ventures announced positive results from initial metallurgical test work using Dundee Sustainable Technologies' GlassLock Process™ on material from its Golden Summit Project. The key outcomes include: - A 47% increase in the gold concentrate grade, reaching a final grade of 24.7 g/t Au. - A 98% reduction in arsenic content, resulting in a final concentrate with only 0.17% arsenic. - A 39% reduction in sulphide sulphur. - The company reaffirmed its project timeline, with an updated Mineral Resource Estimate (MRE) expected in Q1 2026 and a Pre-Feasibility Study (PFS) anticipated for completion in Q2 2026. The 2025 drill program, comprising 62 holes, is now complete, with final assays pending.

This news is materially positive as it significantly de-risks the Golden Summit project from both a technical and environmental standpoint. For a large, sulphide-hosted gold deposit, metallurgy is paramount, and the presence of arsenic is a critical challenge that can hinder development and permitting.

• Technical De-risking: The ability to upgrade the concentrate to 24.7 g/t Au is significant. It means a smaller volume of material will need to undergo more complex and costly downstream processing (like oxidation), which should have a positive impact on the project's future capital and operating costs. This builds upon a year of positive metallurgical updates (e.g., >90% recoveries via POX, BIOX, and Albion processes) by demonstrating an effective method to handle deleterious elements before final recovery.

• Environmental & Permitting De-risking: A 98% reduction in arsenic is a major achievement. High arsenic content can create toxic tailings and make concentrate difficult to sell or process. The GlassLock Process™ appears to effectively sequester the arsenic into a stable, benign residue. This is a crucial step for securing permits, especially in a stringent jurisdiction like the United States. This result directly addresses one of the primary risks for a deposit of this nature.

• Timeline Confirmation: The reaffirmation of the MRE for Q1 2026 and the PFS for Q2 2026 provides investors with a clear and near-term catalyst path. This demonstrates that the project is advancing on schedule.

In the context of the year's news flow, this announcement is the logical and successful culmination of the metallurgical program outlined throughout 2025. While positive results were expected, the effectiveness of the arsenic removal is a standout success that materially improves the project's viability ahead of its first economic study.

Freegold Ventures is a Canadian exploration and development company focused on its flagship Golden Summit gold project in Alaska, USA. Golden Summit is a very large, bulk-tonnage, low-grade gold deposit. As of the July 2025 Mineral Resource Estimate (MRE), the project hosts: - Indicated Resources: 17.2 million ounces of gold at an average grade of 1.24 g/t Au. - Inferred Resources: 11.9 million ounces of gold at an average grade of 1.04 g/t Au. The project is currently advancing towards a Pre-Feasibility Study (PFS). Its large scale and location in a stable jurisdiction make it a globally significant undeveloped gold asset.