Freegold Limited

Very much for your time this morning. Good morning, everyone. For some of you, this may be an introduction to the story. To others of you, it may prove to be an update. We are Freegold. We are exploring for gold in Alaska, our Golden Summit project. Just a couple of notes. Obviously, please take a look at the cautionary statement. There will be some forward-looking statements within the presentation.

So what makes us unique? We’re one of the largest undeveloped gold resources in North America. We currently have 17.2 million ounces in the indicated category at a grade of 1.24. Another 12 million ounces at a grade of 1.04, significantly bound for under $5 an ounce. Compare that to the industry average, and we stack up extraordinarily well.

We’re in the heart of a proven gold district. You’ll notice we’re sitting in central Alaska. We’re very close to Kinross’s operating Fort Knox mine. This is a mine that’s been in operation nearly 30 years, over 10 million ounces of production. It’s in an area that understands mining. It understands how significant mining can be for a community, and that is going to be one of our strengths going forward.

We’re about a 40-minute drive from Fairbanks along a paved highway. So for us, that also gives us a huge social advantage. So you think of so many of these northern projects, they’re fly in, fly out. This is a project that potentially has a workforce that goes home every evening. Now think about that for social implications.

We’re often asked, how do we compare to Kinross’ Fort Knox operation? We likely share the same parent. We have the Pedro Dome Intrusive that underlies the district. And you’ll see on this illustration where Fort Knox sits lower in the system, then we have our Dolphin and our Cleary, both at different areas of the deposit.

It’s road accessible. You can see on this map the highway. Those dots represent 80 documented gold occurrences on the project. Those black lines, historic underground and veins that have been traced on surface. The entire current resource sits in that little yellow circle over to the west. Think about that for exploration potential as we walk through the slides.

Historically, nearly 7 million ounces of placer gold from the streams that drain this project area. Historic high-grade underground production. Things like the Cleary Hill Mine, 281,000 ounces at an average grade of 1.3 ounces per ton. So you can see in the slide what the old-timers were mining. They were mining these narrow high-grade veins. In some cases, they were up to 12 inches wide. But what the target is, is that one gram material that surrounds those high-grade veins.

The photo there, that’s from GSDL 2001. That was our rediscovered hole drilled in 2020. So you can see from that slide, it’s not any one vein. It’s a mass of silicification. It was 188 meters of 3.69 grams. And why that’s so significant is why we’re here today.

This is a project that many people think they know. They think they know all about Golden Summit. Oh, it’s that low-grade gold deposit that’s never gonna grow up. It was too low grade, too small. I don’t think it’s either of those, and the potential for this project is enormous.

Before 2020, there was roughly 39,000 meters of drilling done. What we did as a team in 2011, which seems an age ago, we put together the first resource on this project, 700,000 ounces at a grade of 0.69. So now you understand why that 188 meters of 3.69 is so significant. What we did between 2011 and 2013, we grew up a fairly sizable resource, pit constrained, lower gold price, under 3 million ounces at 0.69.

2019, a reinterpretation suggested that maybe there was a higher grade component to this. We put together $2 million at roughly six cents in 2020. We drilled that first hole. We hit within five meters of where we thought we were gonna hit. So we took a resource that was roughly 0.69 and returned 188 meters of 3.69.

Since then, you can see the drilling that we’ve done. Over 225,000 meters of drilling infill continuing to de-risk this asset. We’ve grown the resource, as you can see, significantly, 1.4 million indicated to 17, 1.6 million inferred to nearly 12. But at the same time, we haven’t just focused on making the project bigger. We focused on grade. So with every successive resource increase, we have increased the grade. You’re starting at 0.69. You’re going to 0.92, 1.08, and currently 1.24.

So what we’re trying to do, size has never been the problem with this resource. It’s how do you explain it? How do you understand it? So you can see the mineralization on this slide is bounded to the north by the Cleary Road Cut Shear. We have the Tamarack, the Tolavana, and there’s another fault that’s coming up, and you can see it cuts diagonally through this. So it’s understanding the geometry and the geology of this project.

So we’re infilling right now to achieve greater certainty on our geological model. It is a complex structural project. That’s what we wanna understand. As we go through PFS, we want the best resource, the best geological model to guide us forward. We want to understand the metallurgical domains. What does this mean for recovery? And then of course, the geotechnical drilling.

We’ve had six rigs turning. We started back drilling in early March. By May of this year, it’s up to six rigs. Those green dots represent the current drill plan. So what you’ll see from this map is how tightly we’re trying to drill this, how much we’re trying to generate that real understanding of what the project can be, and again, focus on higher grade zones.

I’m gonna walk you through a couple of the cross-sections. The end of the day, these cross-sections are covering about a kilometer and a half, so just keep that in mind when you look at the scale of this particular project. And then bear in mind it’s only the western portion of the project area. So this is within the Dolphin Intrusive. What I said earlier, the Pedro Dome Pluton, likely a deeper driver. And you can see in this, the mineralization is coming up through the intrusive and out in the surrounding schists. As we step down, those little lines that you’re looking at, those are 200-meter levels. So just get an idea of how big this system really is.

This again is a section to the west on the Dolphin. Again, you’re looking at 3.59 grams over 143 meters. Yes, there is higher grade at depth, and it’s often the temptation to keep chasing it. But what if? What if there again, there is higher grade at depth?

So we’ll look here at some of the free gold. This is from some of the Cleary drilling, and again, you do see free gold here. We get 30% to 35% gravity recovery here as well.

As we step over into the Cleary, which is more the eastern portion of our resource, what we see is on top of Cleary, it’s a little skinnier. Cleary is certainly higher in the system, but what it does, as you can see, is it blossoms as we’re going to depth. Now if you think back to that 2020 interpretation, what we presupposed was we had a higher grade corridor plunging towards the Dolphin Intrusive. So you can see in this section how it’s really opening up at depth. Another section stepping to the east on the Cleary, same idea. Again, blossoming at depth. Little skinnier on top, but coming down and blossoming and opening up at depth.

So we as a company made the decision to go to a PFS rather than the PEA. Our thoughts behind that were it’s a large CapEx project. PEAs only give investors a rough snapshot. This is a project that’s too significant to just hamper it by count. It’s how do you unlock the value of this project? So the work that we’re doing is geared towards doing a pre-feasibility study, and that’s what’s taking the time. It takes time to build a generational asset.

There are multiple approaches. The current resource was done at a 0.5 cutoff, $2,490 gold. But you’ll note as we move that cutoff to 0.75, we don’t lose that many ounces, but the grade increases. What does that mean? It potentially means with tighter infill that we’re going to be able to understand those pockets of higher grade, ultimately driving the economics for this project. We’re about making our ounces better. There’s lots of people that have said to us, “It’s already big enough.” It’s not about making it bigger. It’s about understanding the asset. It’s about understanding where we unlock maximum economic value.

It’s semi-refractory, 30% to 35% recovery in the gravity. We know with oxidation we can get 90% recovery, so we’re testing BIOX, POX, Albion. We’re trying to determine what is the most favorable method of processing this ore. We want to continue to understand that the top 70 meters are oxide, so again, column leach test work gives us 80% to 85% recovery within three weeks.

What drives it all? Northern projects have the same issue. It’s the cost of power. It’s not necessarily just the cost, it’s the power supply. So what we’re trying to do is understanding what are our power options. To that end, we’ve hired West Peak Consulting out of Denver here to review some of our power options and how we might power the operation.

Initial CapEx, key metric. How do you start smaller and grow with the resource? Again, we’re going to walk before we run. Projects take time. Good projects take time. There’s no rushing the amount of work you have to do. You have to do the solid work to deliver the best study.

So how are we doing this? We’re building a defensible study. We’re looking at best-in-class consultants for how we want to do this. We know Tetra Tech is very strong on the geotechnical. They’re leading our geotechnical program, our rock mechanics work, metallurgy and process, basement, Albion, Dundee with the GlassLock work. The GlassLock work is absolutely potentially transformational for this industry. You’re looking at a method that potentially locks up arsenic. We might not need cyanide on site. Think about what that means to the industry collectively.

Power, as I mentioned, West Peak Energy. Water, Permafrost, Laughlin. Again, very well-known names in terms of the hydrology studies that we’re doing. Northern Permafrost, we know we have permafrost. We wanted an expert in permafrost. Environmental and stakeholders, again, we’re looking at Stantec and Iquati because community is ultimately a very key component of how you develop this project. We have not yet picked the lead engineering firm. What we’re trying to do is put together the fundamentals of a really, really comprehensive study that will guide this project.

So this past year, not only infill, geotechnical drilling, trying to understand pit slope stability. Key thing, some of you who will follow some of our news releases will see we often lose holes. We know the Dolphin is very solid, but what in other areas does this mean to pit slope stability? Rock mechanics. So we’re trying to do that work again that will guide how this pit is formed and what the potential strip ratio is.

We’re characterizing the water and ground conditions. Now, we started this work last year, installing the VWPs, trying to understand ground flow. What does that mean? Again, how are we going to mitigate it? Are we going to be excess or are we going to need water? Let’s understand these things early as we move through the development profile. Geothermal models, monitoring the creeks, monitoring the flows. 50% to 90% is permafrost. What does that mean for facilities? Where can we put them?

So foundation planning, drilling is planned for 2027. First, you have to define where your pit’s gonna be. Then you can start focusing on where your infrastructure’s going, where your waste is going, where your tails are going. So a lot of the work that we’ve been doing behind the scenes, we took the advantage that we had a major drill program underway already. So we thought a lot of the work that you’re doing for the permitting process, we can be doing concurrently. It’s not especially exciting to be writing news releases about we installed game cameras or we’ve done wetlands delineation. It doesn’t really drive investor interest, we found out, but it’s quality work that we need to really move forward. We’re doing cultural, archeological work, paleontological work. All of that work feeds into a well-defined study.

This is something that’s very near and dear to my heart. As an industry, I grew up in this industry, and I’ve often heard this industry maligned about why we’re not doing things better and how does this reflect on ourselves. What we’re trying to do is set the gold standards for exploration. So this summer, we electrified our camp. So you’ll note that we’re only 40 minutes drive from Fairbanks. We started exploration during COVID. We started with a six-man camp. We’re now 53 people. You see the slide there. Every person on site has their own tent. We continue to build out this camp.

This summer, we electrified the camp. So it’s grid power going into this camp. We instituted a recycling program. These are things we can make a difference, and we’re adamant about reclamation. So our project is visible from the highway. Those pictures below, you see the before and the after. So what we have is at the end of when we’re done with our drill plans and we’re done with the pad, we reclaim it. We pull it back. So we try and mitigate our disturbance. And those two pictures, that’s what happens if you do it after two years. You don’t need to reseed it. Nature will look after itself. It’s just being cognizant of what we can do better.

And this, I think, is really what differentiates us from so many development stories, is the added excitement of exploration. Now, you remember our resource, 17.2 million ounces in the indicated category, another 12 in the inferred. Put that on the circle in that map. That’s the gold in soil geochemical anomaly. It covers 13 kilometers. You’ll remember those veins. Look at the potential. So from an exploration standpoint, can we re-rate? Absolutely. Because it’s very much, what have you done for me lately? Can we make a new discovery? With the team that we’ve built, we can absolutely make new discoveries, as well as driving this project forward on a development standpoint.

Currently have 579 million shares outstanding. A market cap, well, it was 720 million Canadian. Price action over the last few days has brought that down a little bit. Eric Sprott is a major shareholder for us. Eric has been in this story since October of 2019 when he financed with us at six cents. We have a group of high net worth individuals who have always been there, who have always been supported out of British Columbia, and we are very grateful for their ongoing and continuing support.

And finally, I wanna round it out with a couple of comments on our leadership team. This is a team that’s done it before. Alvin Jackson, our Vice President of Exploration, led Euro Zinc, 200 million pounds of copper a year producer in Europe. Garnet Dawson, again, well-experienced geologist, exploration, operational experience all the way through. Glenn Dixon was behind Meadowbank, also the Bjorkdale Mine in Sweden. So we have the operational and expertise. Maurice Tagami is a director for us as well. Maurice was the senior operations, mining operations for Wheaton. Again, a key person.

Rounded it out recently with Mari Marks, our Vice President of Engineering. What I loved about Mari is she came at it from an operational standpoint, but also for the last seven years, she led the Tetra Tech Mining Vancouver office. So extremely good experience at corralling cats and kittens as we advance this study. Paul Yago is our new exploration manager. So Paul, again, exploration as well as operational experience on site. We’re leading with best in team for our consultants. And I think with that, I think I’ve used my full 20 minutes. [laughs]

That does take us completely to the end of the time. Please thank you. Please join me in thanking Christina. Thank you. [audience applauding]