Top Gold Stocks for 2024

Top Gold Stocks for 2024

(NewsDirect)

Investing in gold stocks can often be considered a strategic move for investors seeking to diversify their portfolios and hedge against economic uncertainties. As global markets navigate volatile times, the allure of gold as a safe-haven asset remains robust, fueling interest in companies that explore, develop, and produce this precious metal.

Looking ahead to 2024, the trajectory of gold prices remains intricately linked to the actions of the Federal Reserve and the dynamics of U.S. real yields. As the Fed contemplates interest rate cuts and real yields continue to decline, gold is poised to reclaim its role as a favored asset among investors seeking refuge from market volatility and currency fluctuations.

Despite the near-term anticipation of a slight dip in gold prices, forecasts suggest a resolute climb towards new highs later in the year. Analysts project a peak of $2,300 per ounce by 2025, underscoring the enduring allure and resilience of gold as a store of value and a harbinger of economic stability. Against this backdrop of price projections and market dynamics, the allure of gold stocks shines bright.

Now, let's explore four gold stocks with significant potential for 2024.

Sidney Resources Corporation (OTC: SDRC) is a prominent player in the mining and exploration industry, actively engaged in exploration, development, and ore valuation across two historic mining districts in North Central Idaho. The Warren District Project, located on patented and unpatented claims totaling 353 acres, including the Lucky Ben, Lucky Ben Extension, and Hornet properties, anchors Sidney's operations. Additionally, the Walla Walla Project in the Marshall Lake Mining District comprises forty-seven lode claims, representing a production-ready resource covering 1.61 square miles.

Originally founded in 1896 and incorporated in 1910, Sidney Resources Corporation has evolved into a dynamic entity beyond mining and exploration. The company's core ethos centers on green technology, clean water, and clean refining, striving to reshape global development practices. Sidney envisions a future where innovative technologies facilitate sustainable growth, fostering a cleaner environment for future generations.

Recent updates from Sidney Resources Corporation highlight significant progress at its mining and milling project near Warren, Idaho. The exploration site, nestled in the Warren Mining District location north of McCall, Idaho. The project comprises patented and unpatented claims leased under long-term agreements, underscoring Sidney's commitment to responsible resource management and sustainable operations.

SDRC's dedication to innovation and environmental stewardship is evident in the latest developments at the mining and milling project. Infrastructure enhancements, including the completion of the mill building, feature cutting-edge technologies such as redundant heating systems and a solar power system. These initiatives aim to reduce environmental impacts and operational costs while promoting energy efficiency and sustainability.

Mining process optimization remains a key focus area for Sidney Resources Corporation. Continuous testing and fine-tuning of equipment, such as the trommel and water agitation concentrator, are underway to enhance gold recovery and minimize the environmental footprint. The company's innovative smelting process, characterized by high-quality green glass-like slag, is an example of its commitment to environmentally responsible practices and sustainable operations.

Infrastructure enhancements at the site, including the installation of a ball mill and a new gold table, show Sidney's dedication to technological advancements and operational efficiency. Collaborative efforts with Western Frontier engineers ensure sustainable solutions for consistent water sources crucial for operations, aligning with the company's ESG goals.

As Sidney Resources Corporation prepares for the winter season, its site is fully equipped, thanks to collaborative efforts and meticulous planning.

Sidney Resources Corporation (OTC: SDRC) remains steadfast in its commitment to continuous improvement, sustainable practices, and technological advancements in the mining and milling sector. With its innovative approach and focus on environmental stewardship, the company presents a compelling investment opportunity for stakeholders seeking to align their interests with sustainable development practices.

Gold Royalty Corp. (NYSE: GROY) operates as a gold-focused royalty company, offering innovative financing solutions to the metals and mining industries. The company's strategy is to acquire royalties, streams, and similar interests across the mine life cycle, building a diversified portfolio with near, medium, and longer-term returns. Currently, Gold Royalty's portfolio primarily comprises net smelter return royalties on gold properties situated in the Americas.

In its recent earnings report for Q3 2023, Gold Royalty Corporation (NYSE: GROY) demonstrated positive momentum. The company reported a lower adjusted net loss and significantly higher total revenue and land agreement proceeds compared to the previous quarter. Notably, there was an approximately 11% increase in total royalties.

While quarterly revenue showed a slight decrease compared to the same period last year, there was a notable 48% growth in total revenue and land use agreement proceeds. This growth was primarily attributed to new revenue from Cozamin, offsetting the absence of revenue from Jerritt Canyon due to care and maintenance. Operating cash flow before working capital changes also improved significantly, reflecting the company's efforts to reduce costs and streamline administrative activities.

Although Gold Royalty's financial metrics are improving, the company still reported net losses, which may raise concerns among investors. However, with the higher average realized gold price and a significant increase in attributable gold-equivalent ounce production, the company anticipates a positive trajectory in the coming years. The outlook for 2024 suggests an inflection point, with expected growth in operating cash flow, further boosted by continued production increases in 2025.

In recent moves, Gold Royalty Corp. announced significant investments and acquisitions. The company entered into agreements with Borborema Inc. to provide project financing for the Borborema gold project in Brazil, securing a 2% net smelter return royalty and a royalty-convertible gold-linked loan. Additionally, Gold Royalty completed the acquisition of a portfolio of 21 royalties in Quebec from SOQUEM, further enhancing its asset base and growth potential.

These initiatives underscore Gold Royalty's commitment to expanding its royalty portfolio and capitalizing on emerging opportunities in the gold mining sector. With a focus on responsible mining practices and operational excellence, Gold Royalty Corporation (NYSE: GROY) remains poised for continued growth and value creation in the Gold Royalty space.

B2Gold (NYSEAmerican: BTG) is a leading international gold producer headquartered in Vancouver, Canada. Established in 2007, B2Gold operates gold mines in Mali, Namibia, and the Philippines, with an additional mine under construction in northern Canada. The company also maintains various development and exploration projects across the globe, including in Mali, Colombia, and Finland. B2Gold anticipates total consolidated gold production ranging from 860,000 to 940,000 ounces in 2024.

In its recent update on January 23, 2024, B2Gold disclosed its gold production and revenue for the fourth quarter and full year of 2023, along with its guidance for 2024. The company reported exceeding expectations with strong quarterly gold production in Q4 2023, totaling 288,665 ounces, including 18,054 ounces from Calibre Mining Corp.

B2Gold met the upper half of the 2023 annual gold production guidance, achieving a total of 1,061,060 ounces, marking the company's eighth consecutive year of meeting or surpassing annual production guidance. Noteworthy quarterly gold revenue in Q4 2023 amounted to $512 million from sales of 256,921 ounces at an average realized gold price of $1,993 per ounce. B2Gold also reaffirmed full-year 2023 total consolidated cost guidance and celebrated a significant safety milestone at the Masbate Mine in the Philippines.

Furthermore, on January 31, 2024, B2Gold announced positive exploration drilling outcomes from the Antelope deposit at the Otjikoto Mine in Namibia. The Antelope deposit, encompassing the Springbok Zone, the Oryx Zone, and a potential third structure named Impala (pending further confirmatory drilling), presents an opportunity for underground mining operations. Located approximately three kilometers south of the Otjikoto Phase 5 open pit, the Antelope deposit could complement the anticipated processing of stockpiles at the Otjikoto mill from 2026 through 2031.

Kinross Gold Corporation (NYSE: KGC) is a Canadian-based global senior gold mining company with operations in the United States, Brazil, Mauritania, Chile, and Canada. The company focuses on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength.

In its third-quarter 2023 results released on November 8, 2023, Kinross reported impressive growth and operational achievements. Revenue surged to $1,102.4 million, marking a substantial increase from $856.5 million in the same period last year. Net income reached $109.7 million, or $0.09 per diluted share, with adjusted net earnings standing at $144.6 million, or $0.12 per share, surpassing analysts' projections.

Higher average realized gold prices and higher sales of gold equivalent ounces, especially from the Tasiast and Paracatu mines, which had record-breaking performances, were the main drivers of the 28.7% increase in revenue over the previous year.

Kinross achieved significant milestones in production, with sales of 571,248 Au eq. oz. and production of 585,449 gold equivalent ounces in the third quarter of 2023, marking an 11% increase from the previous year. The realized price for gold was $1,929 GEO sold, with all-in sustaining costs (AISC) at $1,264 per ounce, reflecting operational efficiency and cost management initiatives.

The company's operational cash flow surged from $171.6 million to $406.8 million, indicating robust financial performance. Despite increased capital expenditures, Kinross maintains a solid balance sheet, positioning it for sustainable growth and capital investments in its projects worldwide.

Kinross Gold Corporation remains on track to meet its 2023 production guidance, leveraging its operational excellence and strategic investments. With a 25% increase in performance over the past year, Kinross has outperformed its competitors, reinforcing its position as a leading player in the global gold mining industry.

As Kinross Gold Corporation continues to drive growth and value through responsible mining practices and operational efficiency, investors can expect sustained performance and long-term value creation from this esteemed industry leader.

Kinross Gold Corporation (NYSE:KGC) will release its 2023 fourth-quarter and full-year financial statements and operating results on Wednesday, February 14, 2024, after market close. This announcement underscores the company's commitment to transparency and accountability in its financial reporting.

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Gold Royalty Completes Vares Copper Stream Acquisition

Gold Royalty Completes Vares Copper Stream Acquisition

Gold Royalty Corp. (" Gold Royalty " or the " Company ") (NYSE American: GROY) is pleased to announce that it has completed its previously announced acquisition of a copper stream (the " Stream ") on the Vares Silver Project (" Vares "), operated by a subsidiary of Adriatic Metals plc  and located in Bosnia and Herzegovina (the " Transaction ").

David Garofalo , Chairman and CEO of Gold Royalty, commented: "Closing this Transaction further solidifies our outlook for strong free cash flow growth in 2024 and beyond. We believe Vares is an exceptional asset that supplements our robust portfolio of royalties on long-life and low-cost projects in top-tier mining jurisdictions. We look forward as our operating partners deliver at the assets underlying our interests and our revenue growth potential is crystalized."

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Gold Royalty Provides Updated Guidance with a Further 27% Increase in Expected 2024 Total Revenue, Land Agreement Proceeds and Interest

Gold Royalty Provides Updated Guidance with a Further 27% Increase in Expected 2024 Total Revenue, Land Agreement Proceeds and Interest

Gold Royalty Corp. (" Gold Royalty " or the " Company ") (NYSE American: GROY) is pleased to provide updated guidance for 2024 based upon the expected completion of Gold Royalty's acquisition (the " Acquisition ") of a copper stream in respect of the Vares Silver Project, located in Bosnia and Herzegovina and operated by a subsidiary of Adriatic Metals plc (the " Vares Stream "), as previously announced on May 28, 2024 .

Upon completion of the Acquisition, the Company forecasts between approximately 6,500 and 7,000 Gold Equivalent Ounces (" GEOs ") in 2024 which equates to between approximately $13.0 million to $14.0 million in Total Revenue, Land Agreement Proceeds and Interest at a gold price of $2,000 per ounce. This represents a midpoint increase in forecasted 2024 Total Revenue, Land Agreement Proceeds, and Interest of approximately 27% from the prior outlook announced by the Company on March 28, 2024 and a 160% increase relative to 2023.

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Gold Royalty Completes US$34.5 Million Bought Deal Financing

Gold Royalty Completes US$34.5 Million Bought Deal Financing

 Gold Royalty Corp. (" Gold Royalty " or the " Company ") (NYSE American: GROY) is pleased to announce the closing of its previously announced public offering (the " Offering ") of units of the Company (the " Units "). Pursuant to the Offering, the Company issued, on a bought deal basis, 20,058,300 Units, including 2,616,300 Units pursuant to the full exercise of the over-allotment option, at a price of US$1.72 per Unit for aggregate gross proceeds of US$34,500,276 .

The Offering was completed pursuant to an underwriting agreement dated May 28, 2024 , between the Company and a syndicate of underwriters led by National Bank Financial Inc. and BMO Capital Markets Corp. as joint bookrunners, and including H.C. Wainwright & Co., LLC, Haywood Securities Inc., Raymond James Ltd. and Scotia Capital Inc.

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Gold Royalty Announces US$30 Million Bought Deal Financing

Gold Royalty Announces US$30 Million Bought Deal Financing

BASE SHELF PROSPECTUS AND PRELIMINARY PROSPECTUS SUPPLEMENT ACCESSIBLE AND FINAL PROSPECTUS SUPPLEMENT TO BE ACCESSIBLE WITHIN TWO BUSINESS DAYS ON SEDAR+

Gold Royalty Corp. (" Gold Royalty " or the " Company ") (NYSE American: GROY) is pleased to announce that it has entered into an agreement with National Bank Financial Inc. and BMO Capital Markets Corp., as joint book-runners, on behalf of a syndicate of underwriters (collectively, the " Underwriters "), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 17,442,000 units of the Company (the " Units ") at a price of US$1.72 per Unit (the " Offering Price "), for aggregate gross proceeds of approximately US$30 million (the " Offering ").

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Gold Royalty Announces Agreement to Acquire Vares Copper Stream

Gold Royalty Announces Agreement to Acquire Vares Copper Stream

Gold Royalty Corp. (" Gold Royalty " or the " Company ") (NYSE American: GROY) is pleased to announce that it has entered into a binding purchase and sale agreement (the " PSA ") with OMF Fund III (Cr) Ltd., an entity managed by Orion Mine Finance Management LP (" Orion ") to acquire a copper stream (the " Stream ") on the Vares Silver Project (" Vares "), operated by a subsidiary of Adriatic Metals plc (" Adriatic ") located in Bosnia and Herzegovina (the " Transaction ").

Under the terms of the PSA, Gold Royalty will pay consideration to Orion of US$50 million to acquire the Stream at closing of the Transaction, consisting of US$45 million payable in cash and US$5 million to be satisfied by the issuance of 2,906,977 Gold Royalty shares.

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Lode Gold Files NI 43-101 Technical Report for Its McIntyre Brook Gold Project in New Brunswick in Preparation for Spin Out

Lode Gold Files NI 43-101 Technical Report for Its McIntyre Brook Gold Project in New Brunswick in Preparation for Spin Out

Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: SBMIF) ("Lode Gold " or the "Company") is pleased to announce that it has filed a Technical Report for its McIntyre Brook Project, located in the emerging Appalachian Gold Belt in New Brunswick. This National Instrument 43-101 (NI 43-101) technical report is to be used for Spin Co (Gold Orogen) and will form part of the submission later this month to the Exchange for listing.

UPCOMING EXPLORATION PLANS

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Horizon Minerals Limited  Phillips Find Mining Update

Horizon Minerals Limited Phillips Find Mining Update

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to provide an update on the development of the Phillips Find Gold Project ("Phillips Find").

HIGHLIGHTS

- Joint Venture (JV) Agreement executed with BML Ventures Pty Limited (BML) to develop and mine two open pits at Phillips Find

- All management, technical, operational and maintenance roles to be undertaken by BML with oversight by the Company

- Low financial risk JV structure with BML to fund all project costs, with net cashflow after the asset recovery and repayment of costs to be split 50/50 between Horizon and BML

- Mining Proposal submitted to the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) to develop Phillips Find lodged in early June 2024 with approval expected shortly

- The Mining Proposal is the last key approval required to develop Phillips Find

- Existing 200kt Toll Milling Agreement executed with FMR Investments in May 2024 to be utilised for Phillips Find JV ore

- In light of awaiting final permitting, the milling schedule has been renegotiated with PhillipsFind ore treated at FMR Investments Greenfields mill from February 2025 to June 2025

- Timing of cashflows to Horizon are expected to be unaffected as initial cash from gold revenue will repay BML's working capital prior to splitting out surplus net cashflows on a 50/50 asis towards the end of the project

- Pre-production planning is well advanced, with clearing and site establishment crews and the200 tonne excavator ready to mobilise to site from mid-September 2024 subject to Mining Proposal approval.



About Horizon Minerals Limited:

Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.

Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.

Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.

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Element79 Gold Corp Announces 2024 Clover Work Plans & Nevada Portfolio Updates

Element79 Gold Corp Announces 2024 Clover Work Plans & Nevada Portfolio Updates

(TheNewswire)

Element79 Gold Corp.

September 10, 2024 TheNewswire - Vancouver, BC Element79 Gold Corp* (the "Company" or "Element79 Gold") is pleased to provide an update for its Clover project ("Clover") in Elko County, Nevada, and its portfolio of exploration and development projects in Nevada, USA.

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Silver North Commences Drilling at Haldane Property

Silver North Commences Drilling at Haldane Property

(TheNewswire)

Silver North Resources Ltd.
  • Drilling to test high-grade silver targets at the West Fault, Main Fault and Bighorn

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Freegold Expands and Upgrades Resource at Golden Summit

Freegold Expands and Upgrades Resource at Golden Summit

  • Base case resource ounces and grades have increased materially from our February 2023 estimates
  • Indicated Primary Mineral Resource: 12.1 million ounces at 1.08 g/t Au, up 8% and 9% respectively
  • Inferred Primary Mineral Resource: 10.3 million ounces at 1.04 g/t Au, up 45% and 13%, respectively
  • Primary Resource reported above a 0.50 g/t Au cut-off grade
  • In addition, a significant oxide resource exists – 0.9Moz at 0.49 g/t Au (indicated), up 43% and 23%
  • Soil geochem and historical hard rock mines strongly suggest that Dolphin-Cleary mineralization remains open to the west and southwest another 1.5 km. The current resource footprint is 1.5 km east-west.
  • Dolphin/Cleary is just one of the target areas within the 13km long, road-accessible project.
  • The 2024 drill program at Golden Summit is ongoing with two drills operating – additional assay results pending

Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) ("Freegold" or the "Company") is pleased to announce an updated mineral resource estimate for the Golden Summit Project. The revised estimate incorporates data from the 2023 drilling program and the initial two holes of the 2024 program, representing a significant milestone in our exploration and development activities.

Freegold Ventures Limited Logo (CNW Group/Freegold Ventures Limited)

CutOff Au g/t

Classification

Au g/t

Tonnes

Ounces

OXIDE





0.15

Indicated

0.49

59,414,000

937,000

0.15

Inferred

0.45

3,252,000

47,000

PRIMARY





0.5

Indicated

1.08

346,304,000

12,050,000

0.5

Inferred

1.04

308,311,000

10,306,000

UNDER PIT





0.75

Indicated

1.29

2,867,000

119,000

0.75

Inferred

1.34

22,900,000

986,000

Mineral Resources for the primary resources are reported at a cut-off grade of 0. 5 0 g/t gold and constrained within an open pit shell using a gold price of US$1, 973 /ounce, US$2.50/t mining cost, US$ 14 /t processing cost, US$2.00/t G+A, 72 % gold recover y , and a 45° pit slope. Tonnes and ounces rounded to the nearest thousand.

Comparison Sept 2024 and Feb 2023 Resource Estimates


Indicated Primary Resource - Open Pit


Inferred Primary Resource - Open Pit


Oxide Indicated



Moz

gpT

Cutoff Grd



Moz

gpT

Cutoff Grd



Moz

gpT

Cutoff Grd

Feb-23

11.1

0.99

0.5



7.1

0.92

0.5



0.7

0.39

0.15

Sep-24

12.1

1.08

0.5



10.3

1.04

0.5



0.9

0.49

0.15

Change

8 %

9 %




45 %

13 %




43 %

26 %


The updated resource is the result of primarily infill drilling, upgrading areas considered waste in the February 2023 drill program due to lack of drill density. Ounces and grades increased materially in all categories considered within an open pit context. It is expected that further infill drilling may also positively impact stripping ratios when a mine plan is optimized. Freegold's 2024 drill program is focusing on the west and southwest of the existing resource where soil geochemistry, found to be a strong indicator, and historic gold mines have outlined two logical corridors that extend approximately 1.5 km; in context, Golden Summit's current resource occupies a 1.5 km east-west footprint.

The current estimate is based on a gold price of $1,973 , which reflects the three-year trailing average. Even though the 2024 resource estimate uses a higher gold price than the $1,792 in 2023, this is balanced by a lower recovery rate (72% vs. 90%). Previously, the 2023 resource plan considered using CIL (carbon-in-leach) and oxidation to process the sulphide flotation concentrate for higher recoveries. However, positive test results released earlier this year indicate that a significant portion of the mineralization is non-refractory and can be processed using much less costly gravity and CIL. Although the recovery is projected to be lower, the overall operating and capital cost savings would more than compensate and simplify the project substantially. The 72% recovery used for the resource is believed to be conservative. The reported test work showed recovery rates of up to 87.5%, with an average recovery of 77% using gravity and CIL, based on 5,100 kg of material and eight composites. Furthermore, initial indications are that mineralization to the west, where our 2024 drill program is concentrated, achieves higher recoveries. Additional optimization work and metallurgical samples from four large-diameter drill holes completed will be used for further metallurgical testwork.

The latest resource estimate shows an increase in the resource size and a notable improvement in grade. The discovery cost remains exceptionally low at under $4.00 per ounce. Golden Summit has a substantial resource and presents an excellent development opportunity due to its proximity to robust infrastructure - road accessibility, proximity to a supply centre, and available labour force, all of which are expected to contribute to lower operating costs.

Additional drilling will focus on improving the ore quality and outlining a smaller, higher-grade starter pit within the deposit as the project moves towards pre-feasibility to reduce operating and initial capital costs. The updated resource's results demonstrated this approach's success with its increase in overall resource grades at the various cut-offs. Trade-off studies will be conducted to optimize the overall economics and balance improved recovery rates with capital and operating costs as the project progresses. Additional metallurgical work is also in progress, and four large diameter (PQ) boreholes have been drilled this year. These will undergo a comprehensive suite of metallurgical tests to assess various processing methods to improve recoveries and further reduce the project's risks.

Since 2020, Freegold has completed over 123,000 meters of drilling and established Golden Summit as one of North America's largest undeveloped gold resources.

The 2023 drill program at Golden Summit discovered higher-grade mineralization on the western side of the existing resource. In 2024, the plan is to continue drilling on the portion west of the Dolphin/Cleary deposit and extend exploration drilling further to the west. The 2024 drilling program at the Golden Summit project is progressing well; additional assay results are expected to be reported shortly.

The table below displays the specific cut-off grades within and below the current $1,973 pit.

CutOff Au g/t

Classification

Au g/t

Tonnes

Ounces

OXIDE





1.00

Indicated

1.73

4,745,000

265,000

1.00

Inferred

1.77

127,000

7,000

0.75

Indicated

1.35

8,430,000

366,000

0.75

Inferred

1.17

359,000

14,000

0.50

Indicated

0.97

17,324,000

541,000

0.50

Inferred

0.84

919,000

25,000

0.40

Indicated

0.81

24,758,000

647,000

0.40

Inferred

0.72

1,322,000

31,000

0.15

Indicated

0.49

59,414,000

937,000

0.15

Inferred

0.45

3,252,000

47,000

PRIMARY





1.00

Indicated

2.07

99,704,000

6,628,000

1.00

Inferred

2.01

82,640,000

5,352,000

0.75

Indicated

1.55

174,604,000

8,694,000

0.75

Inferred

1.49

151,918,000

7,271,000

0.50

Indicated

1.08

346,304,000

12,050,000

0.50

Inferred

1.04

308,311,000

10,306,000

0.40

Indicated

0.92

461,582,000

13,711,000

0.40

Inferred

0.88

426,343,000

12,003,000

0.15

Indicated

0.66

778,574,000

16,609,000

0.15

Inferred

0.62

752,540,000

14,960,000

UNDER PIT





1.00

Indicated

1.89

1,193,000

73,000

1.00

Inferred

1.82

11,605,000

677,000

0.75

Indicated

1.29

2,867,000

119,000

0.75

Inferred

1.34

22,900,000

986,000

0.50

Indicated

0.84

7,958,000

216,000

0.50

Inferred

0.87

61,179,000

1,720,000

0.40

Indicated

0.66

14,765,000

313,000

0.40

Inferred

0.71

100,288,000

2,282,000

0.15

Indicated

0.35

64,264,000

720,000

0.15

Inferred

0.41

290,423,000

3,826,000

Mineral Resources for the primary resources are reported at a cut-off grade of 0. 5 0 g/t gold and constrained within an open pit shell using a gold price of US$1, 973 /ounce, US$2.50/t mining cost, US$ 14 /t processing cost, US$2.00/t G+A, 72 % gold recover y , and a 45° pit slope. Tonnes and ounces rounded to the nearest thousand.

The mineral resource estimate (MRE) was carried out using ordinary kriging of three-meter composites. The MRE was constrained by two lithological domains, Intrusive and Schist, that were further constrained by a 0.2 g/t gold gradeshell. Hard boundaries were used for the Intrusive and Schist domains so that only composites from each domain were used for the estimation of block grades within that domain. An Oxide domain was flagged within the upper portion of the Schist domain after the estimation process. Composite grades in the Intrusive domain were capped at 20 g/t gold and those within the Schist domain were capped at 90 g/t. Cumulative frequency curves were used to determine capping levels. The estimate was carried out in a single pass with a minimum of four and a maximum of 12 composites, with a maximum of two per drill hole, required for a grade to be interpolated into a block. Blocks were classified as Indicated or Inferred. Indicated blocks are based on a minimum of eight and a maximum of 12 composites within 100 meters of a block. Inferred blocks are based on a minimum of four and a maximum of 12 composites within 300 meters of a block. A maximum of two composites per drill hole was permitted in both categories.

In addition to the ongoing drill program, metallurgical, baseline environmental, cultural resource, and wetland studies are underway.

A plan map showing the locations of the 2024 drill holes - exploration and metallurgical holes can be found here:

https://freegoldventures.com/site/assets/files/6287/goldensummit_dolphin-cleary_resource_drilling_western_a.pdf

A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Laboratories. Core samples were prepared in ALS's facility using the PREP-31BY package. Each core sample is crushed to better than 70 %, passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzes all samples with an AAS finish, method code Au-AA23 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening is performed using ALS's Au- SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50g fire assay is conducted on the fine fraction, and an assay is conducted on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures are conducted in ALS's North Vancouver and Reno facilities.

A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.

Qualified Person and Technical Information

The MRE, with an effective date of September 9, 2024 , was prepared by Tetra Tech Canada. Greg Mosher, P. Geo and Maurie Marks , P.Eng of Tetra Tech Canada are "Qualified Persons" for the Updated Mineral Resource Estimate as defined in NI 43-101 and are considered to be "independent" of Freegold for the purposes of NI 43-101. Greg Mosher and Maurie Marks have reviewed and approved the scientific and technical information herein regarding the Golden Summit project. Greg Mosher visited Golden Summit on November 11 – 12, 2022. Greg Mosher and Maurie Marks visited the project on September 12, 2023 .

The full technical report, which is being prepared in accordance with NI 43-101 by Tetra Tech Canada, will be available on SEDAR ( www.sedarplus.com ) under the Company's issuer profile within 45 days from this news release.

Alvin Jackson, P.Geo, Vice President of Exploration and Development of the Company and a "Qualified Person" as defined in NI 43-101, has supervised the preparation of this news release and has reviewed and approved the scientific and technical information contained herein.

About Freegold Ventures Limited

Freegold is a TSX-listed company focused on exploration in Alaska. Through leases, it holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood.

Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2023 , filed under Freegold's profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.

SOURCE Freegold Ventures Limited

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2024/10/c8722.html

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