Freegold Ventures Limited announced positive results based on the initial metallurgical test work completed from the 2020 - 2022 drill program. The program's objectives were: Determination of gold recovery and gold deportment to products using standard and commercially employed mineral processing unit operations. Initial environmental assessment of process tailing stream(s); Characterization of gold losses to focus ongoing metallurgical programs to optimize the flowsheet design.

Eight drill core composites representing various locations and grades within the Dolphin/Cleary areas were generated using continuous drill intervals selected to represent potential mill feed. The drill hole and interval selections encompassed the three primary gold-hosting lithologies. Results demonstrate that a significant portion of the mineralization is non-refractory and amenable to conventional processing techniques.

The composites were prepared using laboratory assay rejects of fresh rock intervals well below the existing oxide cap at Golden Summit. Environmental characterization using standard ABA protocols gave a NP:AP ratio of 85:1 on the flotation tailings stream, which would classify them as non-acid generating. The drilling success at Golden Summit since 2020 has been truly remarkable.

It has significantly increased the resource and enhanced the project's potential. These positive metallurgical results further solidify Golden Summit's potential. The current pit-constrained resource at Golden Summit hosts both an oxide and a primary resource.

The oxide resource is contained within the top 70% metres. Previous column testwork on the oxide material demonstrated that heap leach gold recoveries of 85% can be achieved within two weeks. DDH no., from m, to m, geochem, test calc grade, gold recovery %, grav/flot/regr CIL, grav/CIL, gravity, grav+flot, Au g/t, GS2201, 441.1, 648.3, 1.44, 1.06, 88.1, 45.0, 99.2, 287.8, 478, 2.13, 2.24, 75.1, 77.2, 48.2, 97.6, 97.3, 97.3, 97".