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

Freegold Ventures Limited (FVL) reported assay results from five drill holes at the Golden Summit project on October 29, 2026, as the company updates its progress toward a Q2 2027 mineral resource estimate and a 2027 Preliminary Feasibility Study (PFS).

In the Cleary zone, hole GS2659 returned 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, which contained 9.2 m at 19.33 g/t Au from 694.0 m. The same broad interval also included 6.1 m at 8.87 g/t Au from 532.5 m. Hole GS2649 returned 24.4 m at 0.98 g/t Au, 33.5 m at 0.84 g/t Au, and 36.6 m at 0.72 g/t Au. Hole GS2654 returned 17.0 m at 0.57 g/t Au, 12.5 m at 0.69 g/t Au, 2.90 m at 3.93 g/t Au, and 24.4 m at 1.11 g/t Au to end of hole.

In the Dolphin zone, hole GS2657 returned 17.6 m at 0.95 g/t Au from 54.0 m, 13.4 m at 0.74 g/t Au from 114.9 m, and 36.2 m at 1.52 g/t Au from 284.1 m to end of hole, including 7.6 m at 1.44 g/t Au and 11.0 m at 3.57 g/t Au. Hole GS2660 returned 82.3 m at 1.13 g/t Au from 456.3 m, plus narrower intervals including 24.4 m at 0.84 g/t Au, 12.1 m at 1.15 g/t Au, 36.5 m at 0.88 g/t Au, and 18.3 m at 1.08 g/t Au.

The company stated that more than 60,000 m were drilled in 2026, with six rigs operating. The program is tapering through early December, and over 50 holes have assays pending.

The resource estimate remains the July 2025 figure, which includes 17.2 moz Indicated primary at 1.24 g/t Au, 11.9 moz Inferred primary at 1.04 g/t Au, 920,000 oz Indicated oxide at 0.45 g/t Au, and 287,000 oz Inferred oxide at 0.47 g/t Au. The release reiterates that true width cannot be determined due to uncertain geometry. No cutoff grade for the reported drill intervals is stated.

Freegold Ventures Limited (FVL) is an explorer and developer with a defined multi-million-ounce resource, rather than a producer. The company’s equity valuation is tied to the Golden Summit project, its Preliminary Feasibility Study (PFS), and the prevailing gold price, rather than individual assay results. The recent release does not alter the July 2025 resource estimate; an updated resource estimate is targeted for Q2 2027, with the PFS also targeted for 2027. No new net asset value, reserve, mine life, or capital cost figures were provided.

Assay results from the new drilling program exceeded the 1.24 g/t Indicated primary resource grade at Cleary. Hole GS2660 provided a significant bulk interval at the Dolphin target, supporting geological continuity and resource conversion. The results fall within the established range of high-grade corridor intercepts at Golden Summit. Prior intercepts include 216.4 m at 2.44 g/t, 143.7 m at 3.59 g/t, 102.8 m at 3.10 g/t, and 213.0 m at 1.24 g/t. Hole GS2659 is characterized as a deep extension and definition result rather than a new scale discovery.

The company’s shares have declined from C$1.82 in January 2026 to C$0.85, near the recent low of C$0.79. The stock price remained unchanged at C$0.85 on both October 28 and October 29 following the release. Unpublished financial data indicates that Freegold Ventures held $42.4 million in cash and approximately $40.0 million in working capital as of June 30, 2026, with no debt and 577.7 million shares outstanding. The company is funded for the next 12 months, though PFS work and drilling remain equity-funded. The market impact is expected to be muted, likely limited to a few percentage points.

Freegold Ventures Limited, listed on the TSX as FVL and OTCQX as FGOVF, is a gold exploration and development company focused on the Golden Summit property, located approximately 30 km north of Fairbanks, Alaska. The site is road-accessible via the Steese Highway and features a grid-connected exploration camp with year-round access. Spanning roughly 13 km by 6 km, the property’s defined resource footprint covers only about 2 km by 1.5 km.

The company’s current mineral resource estimate includes 17.2 million ounces of Indicated primary gold at 1.24 g/t Au and 11.9 million ounces of Inferred primary gold at 1.04 g/t Au. Additionally, the resource contains 920,000 ounces of Indicated oxide gold at 0.45 g/t Au and 287,000 ounces of Inferred oxide gold at 0.47 g/t Au. These figures utilize a US$2,490/oz gold price, with cutoff grades set at 0.5 g/t for primary material and 0.15 g/t for oxide material.

Metallurgical testing has evaluated Albion, GlassLock, BIOX, POX, and gravity-flotation-CIL flowsheets, with prior work indicating total gold recoveries exceeding 90% for sulphide concentrate treatment. Freegold Ventures is targeting an updated mineral resource estimate for Q2 2027 and a Preliminary Feasibility Study (PFS) in 2027. The company has terminated its Shorty Creek lease and is now focused entirely on the Golden Summit project.

Management includes Kristina Walcott as President and CEO, Alvin Jackson as VP Exploration and Development, Maurie Marks as VP Engineering, Gordon Steblin as CFO, and C. Paul Jago as Exploration Manager. In prior-period context not disclosed in today’s release, the company reported $42.4 million in cash and approximately $40.0 million in working capital as of June 30, 2026, with no debt and 577.7 million shares outstanding. A C$50 million financing round in January 2026 was led by Paradigm Capital, during which Eric Sprott purchased 7.7 million shares.