Freegold Announces Conversion of Outstanding Subscription Receipts

1

FREEGOLD ANNOUNCES CONVERSION OF OUTSTANDING

SUBSCRIPTION RECEIPTS

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Vancouver, BC – September 21, 2020 – Freegold Ventures Limited (TSX: FVL) (“Freegold” or the

"Company") is pleased to announce that the 59,047,026 outstanding subscription receipts (the

“Subscription Receipts”) of the Company have converted (the “Conversion”) into an aggregate

of 59,047,026 common shares of the Company and 29,523,513 common share purchase

warrants, and that, concurrently, an aggregate of CDN$ 39,154,007 (the “ Escrowed Funds ”),

being the net proceeds remaining in escrow from the issuance of the Subscription Receipts

pursuant to the Company’s brokered private placement financings previously announced on

May 26, 2020, June 2, 2020 and July 29, 2020 (the “ Financing Press Releases ”), has been

released from escrow to the Company (the “Escrow Release”).

As previously disclosed, the disinterested shareholders of the Company approved the

Conversion and Escrow Release (the “Securityholder Approval ”) at the Company’s annual

general and special meeting of shareholders held on September 15, 2020 (the “ Shareholder

Meeting”). The receipt of the Securityholder Approval was the condition precedent to the

Conversion and Escrow Release. Full details of the Subscription Receipts, the Common Shares

and Warrants issued upon the Conversion, the Escrow Release and the requisite Securityholder

Approval, can be found in the Financing Press Releases and the management information

circular of the Company dated August 14, 2020 and delivered to shareholders of the Company

in connection with the Shareholder Meeting.

The Company intends to use the net proceeds from the Private Placement to fund ongoing

exploration at Golden Summit, where a 10,000 metre diamond drill program is currently in

progress, to update the Company’s technical studies, and for general corporate purposes.

The securities have not been, and will not be, registered under the United States Securities Act

of 1933, as amended (the “U.S. Securities Act”), or any U.S. state security laws, and may not be

offered or sold in the United States without registration under the U.S. Securities Act and all

applicable state securities laws or compliance with requirements of an applicable exemption

therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer

to buy securities in the United States, nor shall there be any sale of these securities in any

jurisdiction in which such offer, solicitation or sale would be unlawful.

2

About Freegold Ventures Limited

Freegold is a TSX listed company focused on exploration in Alaska and holds through leases the

Golden Summit Gold Project, near Fairbanks as well the Shorty Creek Copper – Gold Project

near Livengood.

For further information, please visit www.freegoldventures.com or contact:

Kristina Walcott, President, Chief Executive Officer & Director

Telephone: (604) 662-7307

Email: [email protected]

Cautionary Statement

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined

in the policies of the Toronto Stock Exchange ) accepts responsibility for the adequacy or

accuracy of this news release.

This News Release includes certain "forward -looking statements" which are not comprised of

historical facts. Forward-looking statements include estimates and statements that describe the

Company’s future plans, objectives or goals, including word s to the effect that the Company or

management expects a stated condition or result to occur. Forward- looking statements may be

identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”,

“would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and

address future events and conditions, by their very nature they involve inherent risks and

uncertainties. Although these statements are based on information currently available to the

Company, the Co mpany provides no assurance that actual results will meet management’s

expectations. Risks, uncertainties and other factors involved with forward- looking information

could cause actual events, results, performance, prospects and opportunities to differ

materially from those expressed or implied by such forward -looking information. Forward

looking information in this news release includes, but is not limited to, the Company’s

objectives, goals or future plans, statements, exploration results, potential miner alization, the

estimation of mineral resources, exploration and mine development plans, timing of the

commencement of operations and estimates of market conditions. Factors that could cause

actual results to differ materially from such forward -looking info rmation include, but are not

limited to the inability to complete the Private Placement on the terms as announced or at all,

failure to identify mineral resources, failure to convert estimated mineral resources to reserves,

the inability to complete a feas ibility study which recommends a production decision, the

preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required

governmental, environmental or other project approvals, political risks, uncertainties relating to

3

the availability and costs of financing needed in the future, changes in equity markets, inflation,

changes in exchange rates, fluctuations in commodity prices, delays in the development of

projects, capital, operating and reclamation costs varying significantly from estimates and the

other risks involved in the mineral exploration and development industry, and those risks set

out in the Company’s public documents filed on SEDAR. Although the Company believes that

the assumptions and factors used in prepa ring the forward- looking information in this news

release are reasonable, undue reliance should not be placed on such information, which only

applies as of the date of this news release, and no assurance can be given that such events will

occur in the disc losed time frames or at all. The Company disclaims any intention or obligation

to update or revise any forward- looking information, whether as a result of new information,

future events or otherwise, other than as required by law.