Freegold drills 1.24 g/t Au over 213m including 21m of 5.77 g/t Au at Golden Summit

Freegold Ventures Limited (FVL) has released assay results from eight holes completed during its ongoing 2026 drilling program at the Golden Summit project. The company classifies these as infill holes in the Dolphin and Cleary areas, as well as condemnation holes testing the margins of the known deposit. The specific holes include three at Dolphin (GS2647, GS2648, GS2656), two at Cleary (GS2644, GS2652), and three condemnation holes (GS2642, GS2643, GS2645).

Key intercepts reported, with no cutoff or true width stated, are as follows:

• GS2656 (Dolphin): 213.0 m @ 1.24 g/t Au from 422.0 m; incl. 21.0 m @ 5.77 g/t from 467.0 m; incl. 3.0 m @ 32.7 g/t from 482.0 m; incl. 11.7 m @ 1.20 g/t; incl. 6.0 m @ 3.29 g/t; incl. 18.9 m @ 1.26 g/t; incl. 39.0 m @ 1.05 g/t. Also 70.3 m @ 0.79 g/t from 236.0 m.
• GS2647 (Dolphin): 375.0 m @ 0.73 g/t from 367.8 m; incl. 112.8 m @ 0.84 g/t from 447.1 m; incl. 45.7 m @ 0.97 g/t; also 82.3 m @ 0.98 g/t from 136.2 m.
• GS2648 (Dolphin): 30.5 m @ 1.67 g/t from 63.1 m; incl. 18.0 m @ 2.47 g/t; and 149.7 m @ 0.89 g/t from 343.2 m; incl. 79.3 m @ 1.11 g/t from 377.0 m.
• GS2644 (Cleary): 9.1 m @ 0.97, 17.9 m @ 1.03, 7.1 m @ 1.01 g/t Au.
• GS2652 (Cleary): 9.1 m @ 2.1 g/t Au.
• Condemnation, all narrow: GS2642 5.5 m @ 1.81 g/t; GS2643 3.0 m @ 3.45 g/t and 5.8 m @ 0.96 g/t; GS2645 10.4 m @ 1.12 g/t and 6.0 m @ 2.55 g/t.

The company stated that 58,000 m have been drilled in 2026, with more than 100 holes completed to date. Eight geotechnical holes are complete, and the camp is connected to grid power. Drilling is scheduled to continue until early December 2026. The resource estimate remains unchanged at 17.2 moz Indicated @ 1.24 g/t and 11.9 moz Inferred @ 1.04 g/t (July 2025), based on a 0.5 g/t cutoff and $2,490/oz gold price.

Freegold Ventures Limited (FVL) released drill results that serve as technical input for its upcoming Preliminary Feasibility Study (PFS), expected in 2027. The company reported cash of US$42.4 million as at 30 June 2026, with working capital of approximately US$40.0 million and no debt. The first half of 2026 saw a net loss of US$1.95 million, which included a US$1.56 million foreign exchange translation loss and US$12.9 million in exploration and evaluation spend. In January 2026, the company raised C$50 million at C$1.30 per share, issuing 38.46 million shares, alongside a US$10.01 million related-party purchase by Eric Sprott.

Freegold is an explorer and developer with a 29.1 million ounce gold resource, no reserves, and no standalone economics. At a market capitalization of approximately C$520 million, the stock is priced at roughly C$18 per resource ounce. The company’s share price is currently at C$0.90, its 52-week low, having fallen approximately 51% from C$1.82 in January and approximately 35% from the C$1.39 level following the high-grade release on 26 August.

The latest drill results confirm the existing geological model without altering the resource estimate, grade, or project geometry. The infill hole GS2656 intersected 213 meters at the resource grade of 1.24 g/t Indicated. This follows a previous release on 16 September 2026, which reported a higher grade of 3.10 g/t over 102.8 meters; that result moved the stock only from C$1.16 to C$1.23 before the gains faded. There is no new zone, no new depth extension with assays, no resource revision, no metallurgy updates, and no economic milestone associated with this release.

The company is de-scoping the first phase of development to focus on approximately 1 million ounces of oxide material as early feed, a move described as a sensible de-risking strategy. This approach moderates the near-term ambition associated with the 17.2 million ounces of Indicated resource. The primary value drivers for the explorer remain the 2027 PFS, the resource update, the flowsheet, and the power and capital expenditure strategy.

Freegold Ventures Limited (TSX: FVL, OTCQX: FGOVF) is a pre-revenue exploration and development company focused on its sole material asset, the 100%-held Golden Summit project in Alaska’s Fairbanks Mining District. The property is located on the Steese Highway, approximately 6 km from Kinross Gold’s Fort Knox mine. The district hosts seven operating lode gold mines, roughly 150 active placer operations, and a history of 6.75 million ounces of placer gold and approximately 500,000 ounces of historical lode production.

The Golden Summit property spans 13 km by 6 km, with the defined resource occupying a compact 2 km by 1.5 km footprint on the western side. Host rocks include schist and the Dolphin granodiorite stock, featuring quartz-Fe-carbonate veining, pyrite-arsenopyrite, and jamesonite. Mineralization is structurally controlled by the Tolovana Fault and the CRCS shear. Key zones include Dolphin, Cleary, and WOW, along with the newer Tamarack (east) and Saddle targets.

According to a July 2025 resource estimate by Tetra Tech, constrained by a pit model, a gold price of $2,490/oz, and a 0.5 g/t cutoff, the Indicated resource totals 17.2 million ounces at 1.24 g/t across 432 million tonnes. The Inferred resource contains 11.9 million ounces at 1.04 g/t across 358 million tonnes. Under an oxide model with a 0.15 g/t cutoff, the Indicated resource comprises 920,000 ounces at 0.45 g/t, and the Inferred resource comprises 287,000 ounces at 0.47 g/t. No mineral reserves have been defined, and no standalone economic study has been completed.

Current workstreams include approximately 50,000 meters of planned drilling for 2026, with 58,000 meters completed to date using six rigs. Geotechnical holes are complete, and the company is conducting hydrogeological, environmental, cultural, and paleontological baseline studies. Metallurgical trade-off studies involving Albion, GlassLock, BIOX, and POX processes are underway, with all claiming greater than 90% recovery. An independent power study is also in progress, with a Preliminary Feasibility Study (PFS) targeted for 2027.

As of the second quarter of 2026, Freegold Ventures held US$42.4 million in cash and approximately US$40.0 million in working capital, with no debt. Total equity stood at US$164.5 million, with a book value per share of US$0.28 across 577.7 million shares outstanding. The company wrote down the Shorty Creek lease by US$6.56 million following its termination, concentrating its focus on Golden Summit. Eric Sprott remains the largest shareholder with approximately 158 million shares, including 7.7 million shares acquired in the January 2026 placement.

Management includes President and CEO Kristina Walcott, Vice President of Exploration and Development Alvin Jackson, P.Geo., Vice President of Engineering Maurie Marks, P.Eng., and CFO Gordon Steblin. C. Paul Jago serves as Exploration Manager. Consultants include Tetra Tech, Stantec, Metx Labs, and Dundee Sustainable Technologies.