FREEGOLD VENTURES LIMITED PO BOX 10351 SUITE 888 – 700 WEST GEORGIA STREET VANCOUVER, BRITISH COLUMBIA V7Y 1G5 PHONE: (604) 662-7307 | FAX: (604) 662-3791 NI 43-101 Technical Report Golden Summit Project Preliminary Economic Assessment Fairbanks North Star Borough, Alaska USA Document: 910054-REP-R0001-01 RESOURCE EFFECTIVE DATE: MAY 31, 2013 REPORT EFFECTIVE DATE: JANUARY 20, 2016 ISSUE DATE: MARCH 10, 2016 AMENDED AND RESTATED DATE: MAY 11, 2016 Prepared by List of Qualified Persons and Designations Mark J. Abrams, C.P.G. Jackie A. Blumberg, P.E. Gary H. Giroux, P.Eng. Chris Johns, P.Eng. Edwin C. Lips, P.E. Nick Michael, QP Dave M. Richers, QP, PG Vicki J. Scharnhorst, P.E., LEED AP D. Erik Spiller, QP Keith Thompson, CPG, PG 350 Indiana Street, Suite 500, Golden, CO 80401 Phone: 303-217-5700 Fax: 303-217-5705 TABLE OF CONTENTS 1.0 SUMMARY ................................................................................................................................................... 1-1 1.1 INTRODUCTION ................................................................................................................................. 1-1 1.2 KEY OUTCOMES ............................................................................................................................... 1-1 1.3 PROJECT DESCRIPTION & OWNERSHIP ............................................................................................. 1-2 1.4 HISTORY .......................................................................................................................................... 1-2 1.5 GEOLOGY & MINERALIZATION ........................................................................................................... 1-5 1.6 MINERAL RESOURCES ...................................................................................................................... 1-5 1.7 MINERAL PROCESSING & METALLURGICAL TESTING .......................................................................... 1-9 1.7.1 MINERAL PROCESSING ....................................................................................................... 1-9 1.7.2 METALLURGICAL TESTING .................................................................................................. 1-9 1.8 MINING METHODS ............................................................................................................................ 1-9 1.9 INFRASTRUCTURE .......................................................................................................................... 1-10 1.10 ENVIRONMENTAL STUDIES, PERMITTING & SOCIAL OR COMMUNITY IMPACT ...................................... 1-12 1.11 CAPITAL & OPERATING COSTS ........................................................................................................ 1-12 1.11.1 CAPITAL COSTS ............................................................................................................... 1-12 1.11.2 OPERATING COSTS .......................................................................................................... 1-13 1.12 ECONOMIC ANALYSIS ..................................................................................................................... 1-13 1.13 INTERPRETATIONS & CONCLUSIONS ................................................................................................ 1-14 1.13.1 GEOLOGY ........................................................................................................................ 1-14 1.13.2 MINING ............................................................................................................................ 1-14 1.13.3 GROUNDWATER HYDROGEOLOGY .................................................................................... 1-14 1.13.4 METALLURGY & PROCESS ................................................................................................ 1-15 1.13.5 ENVIRONMENTAL ............................................................................................................. 1-15 1.14 RECOMMENDATIONS ...................................................................................................................... 1-16 2.0 INTRODUCTION .......................................................................................................................................... 2-1 2.1 BACKGROUND INFORMATION ............................................................................................................ 2-1 2.2 TERMS OF REFERENCE..................................................................................................................... 2-1 2.3 SCOPE OF WORK ............................................................................................................................. 2-2 2.4 SOURCES OF INFORMATION & DATA .................................................................................................. 2-2 2.5 UNITS OF MEASURE ......................................................................................................................... 2-2 2.6 DETAILED PERSONAL INSPECTIONS ................................................................................................... 2-2 3.0 RELIANCE ON OTHER EXPERTS .............................................................................................................. 3-1 4.0 PROPERTY DESCRIPTION AND LOCATION ............................................................................................ 4-1 4.1 LOCATION ........................................................................................................................................ 4-1 4.2 CLAIMS & AGREEMENTS ................................................................................................................... 4-1 4.2.1 KEYSTONE CLAIMS............................................................................................................. 4-5 4.2.2 TOLOVANA CLAIMS ............................................................................................................. 4-5 4.2.3 NEWSBOY CLAIMS ............................................................................................................. 4-6 4.2.4 GREEN CLAIMS .................................................................................................................. 4-6 4.2.5 CHATHAM CLAIMS .............................................................................................................. 4-7 May 2016 i 4.2.6 ALASKA MENTAL HEALTH TRUST AUTHORITY LAND ............................................................. 4-7 4.2.7 FORMER FAIRBANKS EXPLORATION CLAIMS ........................................................................ 4-8 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ......... 5-1 5.1 ACCESSIBILITY ................................................................................................................................. 5-1 5.2 CLIMATE .......................................................................................................................................... 5-1 5.3 LOCAL RESOURCES .......................................................................................................................... 5-1 5.4 PHYSIOGRAPHY................................................................................................................................ 5-1 6.0 HISTORY ...................................................................................................................................................... 6-1 7.0 GEOLOGICAL SETTING AND MINERALIZATION ..................................................................................... 7-1 7.1 REGIONAL, DISTRICT & PROPERTY GEOLOGY ................................................................................... 7-1 7.1.1 REGIONAL GEOLOGY.......................................................................................................... 7-1 7.1.2 FAIRBANKS DISTRICT GEOLOGY ......................................................................................... 7-1 7.1.3 GOLDEN SUMMIT PROJECT GEOLOGY................................................................................. 7-3 7.2 MINERALIZATION .............................................................................................................................. 7-6 7.2.1 INSTRUSIVE-HOSTED SULFIDE-QUARTZ VEINLETS ............................................................... 7-8 7.2.2 AURIFEROUS QUARTZ VEINS .............................................................................................. 7-8 7.2.3 SHEAR-HOSTED VEINLET ZONES ........................................................................................ 7-9 8.0 DEPOSIT TYPES ......................................................................................................................................... 8-1 9.0 EXPLORATION ............................................................................................................................................ 9-1 10.0 DRILLING ................................................................................................................................................... 10-1 10.1 CHRISTINA PROSPECT .................................................................................................................... 10-9 11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY ........................................................................ 11-1 11.1 1992–2004 ..................................................................................................................................