Freegold Limited

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Oh I'm gonna have to monitor that clock very carefully. so, good afternoon, ladies and gentlemen. My name is Tanya Jakuskkinik. I cover the senior precious metals, companies, at Scotiabank. I will be introducing and moderating this next session, this afternoon on the smaller exploration and development companies and not to take too much time from our speakers, I refer to your attention to their bios and company profiles in, on the website or in the, the, the metal, forum agenda. So our first presenter is Free Gold, Christina Walcott, president and CEO. She's gonna do a corporate presentation. Welcome, Christina. That's nice to meet you. All right. It's always a bit of technology for me. So good afternoon everyone and thank you very much for the opportunity and your time for us to present our Free Gold Ventures. So we are advancing one of North America's largest undeveloped gold resources. Of course, a few bits of the cautionary statement as always. Just before I really start, what I want to do is I want to put Golden Summit into context. This is a project that has not only scale, it has jurisdiction and it has growth potential. So if you compare this to some of the other larger projects in North America, I thank BMO for helping me put together this slide. You'll see Free Gold and Golden Summit ranks quite favorably. Probably you look at KSM, it's a copper gold porphyry system, more, Dawnland, which is also in Alaska, is probably our closest analog right now. And then of course you follow on with the Golden Summit Project. The important thing about Golden Summit is over the last 5 years we've been finding gold here for under $5 an ounce. So working in Alaska, we believe Alaska is an exceptional jurisdiction. There's more than 7400 mineral occurrences in this state. The Fraser Institute ranks it high for mineral potential and investment attractiveness. There's 6 operating gold mines in Alaska, producing about 750,000 ounces a year cumulatively. There's also a fair amount of plaster gold production in this state. Our project is exceptionally well located. We're located about 40-minute drive from Fairbanks, very close to Kin Ross's operating Fort Knox mine. Fort Knox, of course, has been a tremendous success story, just about 30 years of production. Over 10 million ounces. So it's a supportive environment. It's a community that understands mining. It's a community that can understand what mining can do for it, both from a social and an economic benefit standpoint. We've got high tension power, of course, going also into Fort Knox. The intriguing thing about Golden Summit and the thing that keeps us coming back here is the plaster production, is the historic potential, and of course the resource growth potential for our project. If you look on this map, there are over 80 documented gold occurrences throughout this project area. Over 7, just about 7 million ounces of plaster gold is produced from the streams that drain this project area. There's only ever been 50,000 ounces of low gold production. Our small resource, 17.2 million ounces indicated, and another 12 million ounces inferred, sits in that little circle there, right in those little orange dots. That is the extent of the drilling we've done for resources today. So it covers about 1 kilometer and a half of this 13 kilometer long perspective project. Many people have believed that they know everything about Golden Summit. They believe they've heard the name Golden Summit. Well, we know that project, but really it was 2020 that changed everything. It was a new interpretation and a new way of looking at things that has allowed this tremendous resource growth. We had done exploration. We put together the 1st 43101 compliant resource back in 2011. It was about 700,000 ounces, 0.6. We did a fairly substantial, or what we thought was a fairly substantial drill program, about 30,000 m, and by 2013 it was about 6.5 million ounces and again a 0.6. Pitt constrained the resource in 2016. 0.69 under 3 million ounces. We struggled. We put out our big resource update really in November of 2012. April 2013, the gold price fell out of bed. Not a lot of people were talking to us about lower grade refractory gold mineralization in Alaska, and it was all that we could do to survive and hold on to this project. 2019, it was determination that we were going to find something on this project. We went back, we went through every section, the block model plans, and we thought there has to be higher grade. You're looking at historical high grade underground production that was 1 ounce per ton, and we had a resource grade of 0.69. We had to be able to do better. Our first test of this new hypothesis that we thought there was a higher grade corridor resulted in 188 m of 3.69. So you can see coming from a resource of 0.69 to suddenly the lofty environment of 3.69 changed everything for the company. I'd like to draw your attention a little bit. The old timers were mining those narrow high grade bays, as you can see in these photos here. What we hit in 2001, that 188 m, was intense silicification, intense veining, intense stock working over a significant distance. Interestingly enough, that same interpretation holds true today. So what have we done over the last few years? As I mentioned, if you look at that resource from 2016, the pit constraint, looking at that, just under 3 million ounces at 0.69. The hole that changed everything in 2020 188 m at 3.69, 3 resource updates later, we've continued to increase this resource, not only size, but grade every single solitary time. And now we've embarked upon pre-feasibility with a scheduled completion in 2027. We've drilled over 170,000 m. In 2025 39,000 m. We've reported about 75% of those holes, so we still have significant news flow from the 25 program. We're about 18 holes into the 26 program already, 50,000 m planned. What's intriguing, again, scale, grade, and optionality. We reached a 0.5% cutoff. We assumed a 90% recovery. We assumed our processing costs were going to be high. So we looked at this 0.5% as a very realistic number. But you can also see if you bump that cutoff grade to 0.75 or a 1 g cutoff. The grade increases significantly and we don't lose that many ounces. It's still a very large resource. So that again tells us there's probably higher grade to be had. And so that's what we're focusing on infilling, trying to determine where this higher grade material may exist. That pit constrained resource was done at 2490. So the orange dots on this particular slide, those represent the underreported results from 2025. The green are the start of the 2026. So as you can get an idea, it's a fairly well-defined resource already. In the middle we have the dolphin. The dolphin intrusive is the main driver of this mineralization. Over to the west we have our wow zone. It was originally west of Willow, but some of the intercepts truly made it wow. Stepping over into the clearing, those are some of the historical mapped veins, so it all comes together very, very nicely. I want to give you a bit of an idea of just the scale and the continuity of this resource. So you see the intrusive, that's the main driver of the mineralization. Those step down marks, they're 200 m. So this resource goes down about 800 m. It's still open to depth. It's open to the west. It's open to the east. Those black ticks, better than 1 g intercepts. So again, you can see the strong consistency of the mineralization time and time again. The next section here, I'm going to step 350 m to the west over to the wow zone. We started drilling this in 2324. The idea was, could we chase the mineralization closer to surface again, bearing in mind those black ticks are intercepts of better than 1 g. So this resource really holds together extremely well. There's been a lot of talk about metallurgy. Golden Summit was really thought to be refractory. You had to oxidize the sulfide. What we found in test work in 24 and in 25, we could get 40 to 45% with gravity. If we did gravity in CIL, we got an average of 77. To reduce the amount we had to process, we, we went through a flotation circuit, then CIL that gave us 72% recovery. Oxidation, we've tested Albion, we've tested bioox, we've tested Pox, all better than 90% recovery every single time. Intriguingly, in December we reported the first of our test work for the Dundee sustainability of the glass lock process. This again, it reduces the arsenic by 98%. We can potentially produce a smelter concentrate and just ship direct. It would mean that we don't have to have a tailings dam. We could dry stack the tailings, and it would mean we don't necessarily need to, we don't need to use cyanide. These are all big pluses. It's still, it's still new technology, but everything starts somewhere, and this project, I think, is a testament to everything starts somewhere. So intriguingly, Golden Summit's really become a district scale project. So if you look at our resource area, that's the resource. It's about 1.5 kilometers. You've got the saddle zone. You've got the high y. So many of our peers, they have one deposit. There is the potential for multiple deposits in this project area. So if you look at what we've done here at the Dolphin Cleary area, and you were to extrapolate, could you do it again at Saddle, could you do it again at Hay, you start to see what the overall potential of this tremendous property could be. So we took a look at some of the soil geochemistry out here. So on the right hand side, that's the soil geochemistry today. So what you'll see is you have those vein sets, if you remember the cleary, the American eagle, and the high y. They all look like they're spatially offset by about the same distance. If you presumed that there was sort of a series of left lateral faults all the way through that, what would happen if you moved those back? That potentially gives you an area to look at, not 1.5 kilometers big, but 4. So again, I think it speaks volumes to what the potential for this project really could be. Just a couple of notes here on the saddle area. So this is 4 kilometers from our main resource area. Again, all of these veins have names. The the old timers were out there. They were mining these sort of shallow high grade veins. We did a little bit of drilling out here in 2011. We drilled about 6 holes. In 2023, we went back and did some additional drilling. Now, We did hit some interesting higher grade back in 2011. You'll note sort of nearly 9 m of 28 g of gold. But what we're seeing here is we're seeing gold, silver, and base metal values. Again, we're inferring we're higher in the system. So we believe again that this probably is a deeper intrusive at depth even here in the saddle zone. So this saddle zone looks very much like what we're seeing it clearing. So the story has not just been about resource growth, it's also been about growth of market cap. So when we started this in 2020, our market cap was about 18 million. Today, it's just over 700 million. So not only have we grown the resource, we've also grown the company significantly. We've had superb support from Eric Spratt. Now Eric was the one person back in 2019 who believed in this new interpretation. He helped us fund the company. We funded it at 6 cents. It's $2 million and that was the money that we used to make that initial discovery in 2020. I'd be remiss not to mention a group of long-term shareholders out of British Columbia who have been consistently with us throughout this whole journey. Our last raise, we raised in January of this year, we raised 50 million. Over 20 institutions participating. Eric would have participated pro rata, but we had to ask him to scale back because there wasn't quite enough room because we were so well oversubscribed. So that last financing was done at $1.30. Our warrants now for the next year are at $1.30. That last financing did not have a warrant. Those were the warrants from the previous financing. So we believe we have strong momentum and upside going into 2026. We have a significant drill program. We're going to have significant assay results to report over the next 12 months, ultimately culminating in a in a PFS in 2027. So the ongoing technical studies, we're doing more metallurgical work. We really want to understand that we're trying to de-risk the resource as best as possible. We're working with groups like SANTech to do the environmental, try and ensure that we do the best possible work. So when it turns over to the. Engineering company, we give them a very, very fulsome data set. We've initiated an independent power study to try and look at what power sources could be in the area and how we can use possible renewables in this as well. Again, all aimed at delivering a solid PFS. Just want to touch a little bit on the management and and the board of directors of course I've been the CEO of this company. I've worked closely with Alvin Jackson who's in the audience, our vice president of exploration. most recently, as of yesterday, Maury Marks joins us as vice president of engineering. So Maury brings, a mining expertise to the team as well. So we are expanding the leadership team. she was also running Tetrach's mining practice in Vancouver, so she was involved with the project, so she's had the benefit of being involved and seeing the project evolve over. The last few years, so I'm tremendously pleased to have added her as well. And we've also added Paul Yaggo as exploration manager. Paul was a former exploration manager for Centera Gold at Mount Milligan. So again, a strong technical team coupled with a strong board, technical, legal, and financial expertise to drive this company forward. I'm just going to leave it at that for the moment. Sorry, I have to lean because I can't see the clock, so we do have time for some questions. Are there any questions from the audience? OK, there's no questions from the audience, Christina. I, I actually have a geology background, so I'm gonna try and use it dear. Oh dear, oh dear, and here's Alvin. So, I was just looking at the core and some of the, the core, and I noticed that there was a lot of, you know, some of it was quite, you know. I'm going to say battered. can someone talk about the, the, the, the ground conditions in, in, in the drilling and what you're finding there? So overall the ground conditions have been fairly good. we've actually been using a lot of AI for the RQD, which has been a very interesting thing because sometimes the core is sticking in the tube. So we're getting. And artificially low RQD. So we've really found that AI has helped tremendously in sort of isolating that for the most part, the core is very competent. We get very, very good recoveries as well. In some places, of course, you do get these sort of fall gouge zones, but that's a good example of what some of the core does look like. This one looks very good. There was another one. Yeah, there was another one. So your ground conditions look good. I saw that you talked about quite a bit. There was some faulting in terms of being able to try and, and, and, and, you know, look at, look at it. I think you said about 44 kilometer area. Is the faulting just lateral or do you have faulting vertically? We, we do look like we have vertical. It looks like, so if you're looking at the dolphin query, so you have the dolphin, it looks like the wow would be uplifted and then as you're. Over to the Tamarack that looks like it's downdrop. So the clearries downd dropped and possibly so we're seeing a bit of that through the district, right. And then in terms of drilling, is it easy to get drill rigs in in Alaska and is the turnaround on assays, you know, decent? Well, the turnaround in assays is, is, is the bane of my existence, I must say. We've we've had a bit of a challenge. We used to have a facility in Fairbanks ALS pulled out of and so now we're actually prepping in Vancouver. So we're trucking down to Vancouver. So we found the work, yeah, we're bringing it to Vancouver. So we found a workaround there. We were fortunate. We crossed our fingers and hoped we could finance so we lined up 6 rigs in December. So we're in great shape actually. We've got 5 rigs turning right now. The 6th will start next month. And in terms of assay turnaround, are you getting 2 weeks, 3 weeks, 4 weeks, 5 weeks, 6 weeks? OK, so it's taking some time. That's too bad. It's only going to get worse as the company. That, that's it is, and that was the reason that we really tried for an early start this year. So as I said, we're 18 holes into it already, so we're hoping we get a little bit of a jump on it this year. And I don't know if I have time for. Oh no, I don't have time for another question, but I didn't know if the audience, maybe just to squeeze one in. As I think about this, should I be thinking that this is a couple 100,000 ounce producer because I'm looking at it. You've got a lot of reserves. I would be thinking, I would be thinking more myself. OK, I would, I'd be thinking that, you know, plus 500,000, everybody, we're going to go with that. Yes, let's go with generational. OK. OK. All right, over that time. OK, thanks so much. All right.