Freegold Intersects 1.53 g/t Au over 191.3m in infill drilling at Golden Summit

The December 4, 2025 news release provides the latest drill results from the ongoing infill program at the Golden Summit project in Alaska. The headline intercept is from the Dolphin Zone, hole GS2531, which returned 1.53 g/t Au over a 191.3-meter interval. Other notable results include 1.78 g/t Au over 61.0 meters and 1.60 g/t Au over 57.9 meters, both from the Cleary Zone.

The company states these results are from its 2025 program designed to support the ongoing Pre-Feasibility Study (PFS). To date, assay results for 29 of the 62 holes drilled in the program have been reported. The CEO, Kristina Walcott, commented on the "amazing" potential scale of the deposit and noted that the exploration is focused on defining a potential starter pit.

The news is positive as it demonstrates continued success in defining broad, consistent zones of gold mineralization at grades that are in line with, or better than, the existing resource grade. The headline intercept of 1.53 g/t over 191.3m is strong and reinforces the geological model. However, the impact is assessed as "Routine" because this is an update from a previously announced and ongoing infill drill program. The market expects positive results from this program to support the PFS, and this release meets those expectations without fundamentally altering the investment thesis.

Reviewing the historical news flow shows a clear and successful progression of de-risking: - Jan-May 2025: The company released a steady stream of excellent drill results from its 2024 program, consistently hitting long intervals of higher-than-resource-grade gold. - April 2025: A "game-changer" event occurred with the closing of an upsized $42 million financing at $0.85 per unit, which included a $14.8 million (30%) lead order from strategic investor Eric Sprott. This fully funded the company for its 2025 program and PFS. - July 2025: The company delivered a significantly upgraded Mineral Resource Estimate (MRE), increasing the Indicated resource by 42% to 17.2 million ounces and improving the grade by 15% to 1.24 g/t Au. This was a major de-risking milestone that set the stage for the PFS. - Sept-Nov 2025: Initial results from the 2025 PFS drill program continued to confirm the scale and grade of the deposit.

The December 4th results are another data point confirming this positive trend. They provide increased confidence in the resource that will underpin the PFS but do not represent a new discovery or a significant deviation from the established high-quality results. The key takeaway is that the project continues to advance as planned, and the drill bit continues to deliver results that support the potential for a large-scale mining operation.

The termination of the Shorty Creek lease mentioned in the November 20th release is a non-event, signaling a strategic focus of capital and resources on the flagship Golden Summit project.

Freegold Ventures Limited is a Canadian-based mineral exploration company. Its flagship asset is the 100%-owned Golden Summit project, located near Fairbanks, Alaska, a mining-friendly jurisdiction with excellent infrastructure. The project hosts one of North America's largest undeveloped gold resources. The company's strategy since 2020 has been to aggressively drill the project to expand the resource, increase the grade, and de-risk it toward production. The project is currently at the Pre-Feasibility Study (PFS) stage. The most recent MRE (July 2025) outlines an Indicated resource of 17.2 million ounces of gold at 1.24 g/t and an Inferred resource of 11.9 million ounces at 1.04 g/t.