Freegold Hits High-Grade Gold, Advancing Alaskan Giant Toward Production

VANCOUVER, BC – March 10, 2026 – Freegold Ventures Limited (TSX: FVL) today announced significant high-grade gold intercepts from its flagship Golden Summit project in Alaska, bolstering the case for one of North America's largest undeveloped gold resources as it advances toward a pivotal Pre-Feasibility Study (PFS).

The latest results from the ongoing 2026 drill program revealed impressive mineralization, including a standout intercept of 2.94 grams per tonne (g/t) gold over 58.4 metres in the Dolphin area. This, along with other strong results like 3.09 g/t gold over 40.8 metres, reinforces the project's potential to host substantial higher-grade zones within its vast, lower-grade mineral envelope. These findings are a critical step in the company's strategy to enhance the project's economics and solidify its path toward development.

Unlocking Higher-Grade Corridors

The primary objective of the current exploration program is to move beyond simply defining size and to begin delineating higher-grade corridors within the broader mineralized system. The results from six new drill holes—three in the Dolphin area and three in the Cleary area—demonstrate the success of this targeted approach.

In the Dolphin area, drilling continues to confirm not only the continuity of mineralization but also the presence of these economically crucial higher-grade zones. Hole GS2544, drilled in the northwest Dolphin area, returned the impressive 2.94 g/t gold over 58.4 metres. Hole GS2542, drilled centrally, hit 3.09 g/t gold over 40.8 metres and 1.70 g/t gold over 48.8 metres.

While the overall resource at Golden Summit averages between 1.04 and 1.24 g/t gold, intercepts in the 2-5 g/t range are considered significant for large-scale open-pit operations. Such grades can substantially improve a project's profitability by increasing the amount of gold recovered per tonne of rock processed. The discovery of these zones validates Freegold's geological model and supports the ongoing effort to upgrade the resource estimate ahead of the PFS.

The Cleary area also delivered promising results, with hole GS2539 intersecting several high-grade zones, including 1.41 g/t gold over 45.6 metres and a richer, narrower zone of 13.50 g/t gold over 3 metres. This indicates significant potential for expansion, particularly towards the newly discovered Tamarack area 400 metres to the east.

A Giant Awakens: The Road to Feasibility

Since 2020, targeted drilling has transformed Golden Summit into a behemoth, with a July 2025 resource estimate showing 17.2 million ounces of indicated gold at 1.24 g/t and an additional 11.9 million ounces inferred at 1.04 g/t. This places it firmly among the largest undeveloped gold deposits in North America.

The current 2026 program, which will see the number of drill rigs on site increase to six, is designed to tighten drill spacing and convert more of the inferred resource to the higher-confidence indicated category. This work is foundational for the upcoming Pre-Feasibility Study, a critical milestone that will provide a more detailed assessment of the project's economic viability and technical parameters.

The market has responded positively to the project's steady progress, with Freegold's stock showing strong performance over the past year. Investors appear to be buying into the narrative of a "high torque, long dated development story," betting that the company can successfully navigate the technical and financial hurdles to bring this massive resource to production. While analysts note the inherent risks of a pre-revenue exploration company, the systematic de-risking of Golden Summit continues to build confidence.

Beyond the Drill Bit: De-Risking Through Science

Parallel to its exploration success, Freegold has made significant strides in the metallurgical and environmental aspects of the project, further de-risking the path to development. Recent pilot-scale testing on a 1,500 kg bulk sample has successfully produced a flotation concentrate, which will now undergo further analysis to optimize the gold recovery process.

Crucially, prior test work has already demonstrated that high gold recoveries are achievable. Using established sulphide-oxidizing techniques like Pressure Oxidation (POX) and BIOX®, the company has achieved total gold recoveries of over 92% and 91%, respectively. These results are highly competitive, particularly for the type of complex ore found at Golden Summit, and suggest that multiple processing pathways are viable.

Equally important are the project's environmental characteristics. Analysis of tailings from the flotation process has classified them as having a low risk for acid generation. This is due to the successful removal of sulphur during flotation and the presence of natural neutralizing agents like calcium carbonate in the rock. This favorable environmental profile could streamline permitting and reduce long-term waste management costs, a significant advantage in today's regulatory climate. While maximizing recovery remains the priority, the project's immense scale may also permit a simpler, lower-cost processing flowsheet, an option that will be evaluated during the PFS.

Alaska's New Gold Frontier

Located near Fairbanks with paved road access, the Golden Summit project enjoys a significant logistical advantage over more remote Alaskan mega-projects like Donlin Gold and Pebble. Its proximity to the operating Fort Knox mine, which shares similar geology, places it within a well-established and prolific gold-producing district.

With a resource approaching 30 million ounces across all categories, Golden Summit is carving out its own identity not just as a large deposit, but as a project methodically advancing toward production. While its overall grade is lower than that of the Donlin project, its sheer scale, favorable location, and positive metallurgical results position it as a formidable asset in the global gold pipeline.

As drilling continues and analytical results from 19 completed holes are still pending, the geological picture of Golden Summit will become even clearer. This ongoing work will feed directly into an updated mineral resource estimate, which will form the backbone of the Pre-Feasibility Study and move this Alaskan giant one step closer to becoming a cornerstone of the region's mining future.