Freegold continues to demonstrate continuity at Golden Summit

VANCOUVER, BC, June 17, 2026 /CNW/ -(EQNX::nobreakspace)Freegold Ventures Limited ("Freegold") (TSX: FVL) (OTCQX: FGOVF) is pleased to report additional drill results from its Golden Summit Project in Alaska, where drilling is ongoing. With six rigs currently operating, the 2026 program is designed to advance Golden Summit towards an updated mineral resource estimate and the 2027 Pre-Feasibility Study (PFS). The principal objective is to increase confidence in the known resource(EQNX::emdash)particularly in the higher-grade areas(EQNX::emdash)and to collect the technical information needed to determine which portion of the resource could support an initial starter pit, rather than simply expanding the overall deposit footprint.

The PFS is expected to evaluate a smaller, technically supported portion of the Golden Summit resource, rather than the entire resource. Current drilling and technical work are; therefore, focused on five key objectives: confirming grade continuity, improving geological confidence, evaluating metallurgical performance, supporting pit design and defining water-management requirements. Metallurgical testing continues to evaluate processing alternatives and to select the preferred process flowsheet for the PFS, which has not yet been finalized. Additional metallurgical holes are being selected based on results from 2025 and 2026 drilling, so that test work focuses on the areas most relevant to a potential starter pit.

In parallel, Freegold is advancing the engineering, hydrogeology and environmental baseline studies required for a well-defined PFS. Tetra Tech Canada Inc. has been retained to complete a staged geotechnical program for pit-slope design, including field investigations, geotechnical logging, laboratory testing, rock mass characterization, and engineering analysis. This work will be completed progressively as additional data are collected and interpreted, and will guide pit-wall design, slope stability assumptions and ultimately the pit-slope design criteria required for the PFS. Drilling to support this work will be undertaken this summer. Stantec is continuing environmental baseline studies that have been underway for several years and is building on work initiated in 2025. The 2026 hydrogeology program is expected to include monitoring wells and a pumping well to establish water quality, groundwater inflow conditions and pit dewatering requirements. Stantec is also continuing avian and mammal habitat assessments, together with wetland studies and other environmental baseline work. These programs are intended to provide the data needed for pit design, water management, environmental planning and a practical starter-pit concept.

Remaining drill results from the 2025 program and three holes from the 2026 program are reported below. A steady stream of samples continues to be shipped to ALS Vancouver for assaying, and results will be reported as they are received and verified. The results include selected higher-grade intercepts and broad mineralized intervals that continue to demonstrate both grade potential and scale across the Dolphin(EQNX::endash)Cleary(EQNX::endash)WOW trend. Higher-grade corridors have now been traced continuously for more than 1.5 km, from the Cleary Road Cut Shear ("CRCS") in the northeast to the current drilling extent in the southwest, across an approximate width of 100(EQNX::endash)300 m. The extended CRCS fault is now believed to be a principal controlling fault of the mineral deposit; it is steeply south-dipping and continues to depth below current drilling.

Dolphin Area

Drilling in the Dolphin Area continues to strengthen continuity across the Dolphin(EQNX::endash)Cleary(EQNX::endash)WOW trend while testing for higher-grade intervals within the broader mineralized corridor.

GS2561, GS2562 (EQNX::endash) Dolphin: Higher grade starting from surface in the north

GS2562, in the northern part of Dolphin, collared near the surface trace of the CRCS on its south side, returned a total of 336.8 m at 1.32 g/t Au starting from near surface (26.5 m depth). Drilling ended at 553.8 m with 3.9 m of 1.22 g/t Au; mineralization remains open at depth.

• Highlights within this broad interval include 3 m of 17.38 g/t Au at 75.3 m related to sheeted quartz-arsenopyrite veining near a broken zone (fault); and 1.2 m of 11.83 g/t Au at 214.3 m related to a zone of vuggy quartz veins proximal to a mylonite shear zone. (Section 479250E)

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GS2561, in the northern part of Dolphin, collared 70 m southwest of GS2562, returned a total of 275.9 m at 0.96 g/t Au starting from 208.2 m. Drilling ended at 552.5 m with 7.5 m of 3.89 g/t Au; mineralization remains open at depth.

• Highlights within this broad interval include 10.46 g/t Au over 2.7 m at 276.5 m related to quartz veins with visible gold in sheared schist with mylonite lenses; and 14.52 g/t Au over 1 m at 432.4 m related to a faulted mylonite beneath a disaggregated quartz vein.

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GS2560, in the western part of Dolphin, ended at 417.8 m with 21.9 m of 0.92 g/t Au; mineralization remains open at depth. Another drill hole has been planned to test this target area in mid-late June.

• Highlights from this drill hole include 4.78 g/t Au over 1.7 m at 288.8 m related to disaggregated quartz veins in fault with subvertical shear fabric; and 4.17 g/t Au over 1.5 m at 337.7 m related to a rubble zone with quartz vein material and arsenopyrite in gouge.
  
  

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GS2601, GS2603 Multiple high-grade intercepts in the Cleary Area and mineralization at surface

GS2601, in the central part of Cleary, in the hanging-wall block of the CRCS, intersected 1.48 g/t Au over 131.0 m (416.7-547.7 m) including a high-grade interval of 28.58 g/t Au over 3.1 m at 489.8 m.

• Highlights from this drill hole, in addition to the 1.48 g/t over 131.0m include the 28.58 g/t Au over 3.1 m at 489.8 m related to a faulted and disaggregated quartz vein; and a multi-ounce interval of 142.1 g/t Au over 3.1 m at 630 m related to a sheeted quartz veins in a mylonite shear zone. The quartz veins at 630 m have arsenopyrite with accessory jamesonite and sphalerite, and 20 grains of visible gold. Vein margins are irregular and brecciated with the mylonite host rock.
  
  

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GS2603, in the central part of Cleary was collared 100 m northwest of GS2601

• Highlights within this interval include 11.5 g/t Au over 1.6 m at 494.3 m related to a shear zone with mylonite and fault breccia with quartz vein material.
  
  

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GS2563, in the northeast part of Cleary, was intended to bound mineralization to the north. It intersected a shallow zone of 0.79 g/t Au over 24.4 m starting from near surface (24.4m). This mineralization coincides with the historical Bankers Stope trend and represents the top of the moderately south-dipping body of mineralization within the hanging-wall block of the CRCS.

• Highlights within the interval include 4.38 g/t Au over 2.5 m at 26.5 m depth in the near-surface oxide zone. Subvertical shear fabric and gouge in the Fe-oxidized schist host rock indicates the mineralization is fault hosted.
  
  

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WOW Zone

In 2025, Freegold drilled multiple holes in the WOW Zone to infill and step out mineralization to the west and southwest, demonstrating continued expansion potential and supporting corridor continuity at depth.

GS2602 (EQNX::endash) Continued expansion potential in the WOW zone and mineralization at surface

GS2602, in the WOW zone intersected an 85.9 m (355-440.9 m) at 0.65 g/t Au demonstrating the potential of the WOW zone western extension. Highlights within interval include 10.92 g/t Au over 1.9 m at 438 m related to sheared and disaggregated quartz veins in a fault zone.

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GS2527, in the WOW zone, 250 m NNW of GS2602, intersected 23 m of 0.73 g/t Au at surface (2.7-25.7 m), demonstrating the potential to delineate accessible tonnage at WOW, as well as having mineralization that extends to over 700 m depth. The near-surface mineralization is related to subvertical quartz veins in Fe-oxide-stained schist and marble.

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