Golden Summit Project Updated MRE

VANCOUVER – Freegold Ventures Limited announced an updated mineral resource estimate (MRE) for its Golden Summit Project, located near Fairbanks, Alaska. In line with the results from our 2023 drill program, the 2024 program has significantly increased the number of ounces and improved Indicated grades, all while maintaining finding costs below US$4 per ounce. This new estimate incorporates data from drilling conducted in 2024 and includes metallurgical recoveries from our extensive metallurgical program. This represents another critical milestone in our ongoing exploration and development efforts.
Mineral Resources for the primary resources are reported at a cut-off grade of 0.50 g/t gold and constrained within an open pit shell using a gold price of US$2,490 /ounce, US$2.50/t mining cost, US$25 processing cost, US$2.00/t G+A, 92% gold recovery, and a 45° pit slope. Tonnes and ounces rounded to the nearest thousand.
The July 2025 resource estimate utilises a recovery rate of 92%, which is the average of the three sulfide oxidation methods assessed to date, along with a 3-year trailing gold price of $2,490. Processing costs have increased from US$14 per tonne (72% recovery) to US$25 per tonne (92% recovery) to account for the additional processing needed to achieve these higher recoveries. Ongoing metallurgical work aims to identify the most effective oxidation method for the deposit and to further optimize the use of gravity, flotation, and CIL techniques, determining if a simpler flowsheet is preferable.
Since 2020, Golden Summit has become one of North America’s largest undeveloped gold resources. The significant increase in resource ounces and grade is due to several targeted drilling campaigns conducted between 2020 and 2024, continuous upgrades to geological models, and a deeper understanding of the site. Additionally, strong metallurgical results have contributed to these advancements. The project presents an exceptional development opportunity, further enhanced by its strategic proximity to essential infrastructure, including roads, supply centres, and a readily available labour force.
The drilling programs have discovered significantly higher-grade material and have converted previously classified waste areas into mineralized zones deemed potentially economically viable. The expansion of mineralisation to the west has also provided new data on the higher-grade portions of Golden Summit. Consequently, there has been an increase in both the total indicated gold ounces and their grades within an open-pit context.
While the increase in resource size has been our most notable success, the improvement in grade has been particularly rewarding for Freegold. The expanded database of drill holes has enabled us to refine the geological model and deepen our understanding of how higher-grade mineralisation is distributed within a broader lower-grade halo. Over the last year, the focus has been on strengthening fault control boundaries to identify a higher-grade corridor, which has contributed to our success in increasing the overall grade of the indicated resource.
We anticipate that further infill drilling will help convert inferred resources into the indicated category and may continue the trend of increasing grade as we reduce drill spacing. This will contribute to greater confidence in the higher-grade zones identified in our model. The most recent resource estimate indicates growth in both overall resources and grades, while also maintaining Freegold’s remarkably low discovery cost of less than $4.00 per ounce.
In 2025, Freegold will focus on upgrading inferred resources to indicated resources to support further the planned pre-feasibility study (PFS), scheduled to commence later this year. Since inferred resources cannot be included in a PFS, drilling activities will focus on improving grade and increasing drill density to move inferred resources into the indicated category. Additionally, further drilling will aim to enhance the resource and define a smaller, higher-grade starter pit as the project progresses through the pre-feasibility phase. The goal is to reduce both operating and initial capital costs. This strategic approach is designed to optimize value by minimizing expenditures while maximizing resource grade and growth, thereby increasing overall effectiveness.
Supplementary metallurgical test holes will be drilled to obtain additional material for comprehensive testing. This will help optimize recovery rates and identify the most suitable processing methods. In addition, geotechnical drilling is being conducted to assess groundwater conditions. Ongoing archaeological, paleontological, and cultural resources studies are also part of the process.