• The 2023 area program commenced early within the yr to finish the required fieldwork and geotechnical drilling for the Alaska Dam Security certificates purposes.
• With the profitable completion of the most important drill program in over 15 years, the homeowners are targeted on finalizing the useful resource mannequin and trade-off research capping off the preparatory work towards continuing with an up to date feasibility research.
• NOVAGOLD’s treasury remained robust with $116 million in money and time period deposits as of February 28, 2023, with an extra $25 million due in July 2023 from Newmont Company (“Newmont”), protecting NOVAGOLD in a wholesome monetary place to advance the Donlin Gold challenge up the worth chain.

NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the Firm” (NYSE American, TSX: NG) right now launched its 2023 first quarter monetary outcomes and an replace on its Tier One 1 gold growth challenge, Donlin Gold, which NOVAGOLD owns equally with Barrick Gold Company (“Barrick”).

Particulars of the monetary outcomes for the quarter ended February 28, 2023 are offered within the consolidated monetary statements and quarterly report filed on Kind 10-Q on April 4, 2023 that’s accessible on the Firm’s web site at www.novagold.com, on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov. All quantities are in U.S. {dollars} until in any other case acknowledged.

Within the first quarter of 2023, the next milestones had been achieved at Donlin Gold:

• The Donlin Gold challenge camp re-opened in February 2023 to arrange for the sphere program with a complete workforce of 44 direct rent staff, 63% being from the Yukon-Kuskokwim (Y-Ok) area.
• To assist mine planning and mine design, Donlin Gold additionally superior onsite hydrological drilling to additional outline the depth and movement of groundwater within the areas of the deliberate Donlin Gold challenge pit and surrounding infrastructure.
• As a federally permitted challenge on non-public Alaska Native Company land designated by legislation for mining and with key State permits in hand, a number of actions continued to maintain our present permits in good standing and to advance the remaining permits wanted, together with the next highlights:
  • Graduation of further fieldwork and geotechnical drilling to gather knowledge required to advance the Alaska Dam Security certificates for water diversion and water retention buildings together with the proposed tailings storage facility. All needed fieldwork for the certificates is deliberate to be accomplished this yr;
  • Software for a brand new air high quality allow from the Alaska Division of Environmental Conservation (ADEC). A draft allow was issued for public remark in December 2022;
  • Submission to ADEC of the appliance for the recurrently scheduled re-issuance of the challenge’s Alaska Pollutant Discharge Elimination System allow (APDES); ADEC prolonged the allow to stay in impact till the State completes the re-issuance.
• Following the easing of COVID-19 restrictions, group engagement efforts elevated considerably, which allowed the challenge group to take part in additional in-person occasions. Vital help was offered to native communities via the funding of, and participation in, initiatives associated to well being and security, infrastructure growth, environmental administration, coaching and schooling, and assist of the indigenous tradition within the Y-Ok area. Notable outcomes embody:
  • Supported intensive educational, profession and academic workshops for rural youth and younger adults of the Y-Ok area in partnership with Alaska EXCEL;
  • Partnered with Covenant Home Alaska and Bethel Neighborhood Providers to handle persistent meals insecurity and homelessness within the Y-Ok area;
  • Collaborated with the Bethel Neighborhood Providers Basis and the Aruqutet Mission to handle ongoing meals distribution challenges all through Bethel;
  • Offered continued monetary help to assemble and keep the 300-mile-long ice street that connects distant Kuskokwim River communities;
  • Supported Alaska Protected Riders program by sponsoring the McGrath Iron Canine Race, wherein residents participated in All-Terrain Car and Off-Highway Car security shows.
• Calista Company (“Calista”) and Donlin Gold continued their proactive, bipartisan outreach to Alaska Governor Dunleavy’s Administration and the brand new legislature in Alaska, in addition to with the Biden Administration and United States Congress in Washington, D.C., to spotlight the thoroughness of the challenge’s environmental evaluate and allowing processes, along with the appreciable advantages it could ship to all Alaska Natives.

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¹ NOVAGOLD defines a Tier One gold growth challenge as one with a projected manufacturing lifetime of no less than 10 years, annual projected manufacturing of no less than 500,000 ounces of gold, and common projected money prices over the manufacturing life which might be within the decrease half of the {industry} price curve.

President’s Message

Steadily and Absolutely Advancing Up the Worth Chain the Donlin Gold Mission – the main Tier 1 Gold Improvement Mission in Alaska, One of many Solely Remaining Tier 1 Jurisdictions

All of us at NOVAGOLD take nice satisfaction in the truth that we have now been laser-focused – in addition to extremely profitable – in executing the express technique that was set forth by our Chairman and me greater than a decade in the past: specifically, to unlock the worth of NOVAGOLD’s high-quality property for our shareholders and to dedicate our complete power towards creating the utmost leverage from a pure play on the singularly sensible endowment that’s the Donlin Gold challenge. And to perform all this whereas safeguarding the Firm’s sturdy treasury to permit us to perform our work with no need to return to the monetary markets.

As we have now acknowledged on quite a few events, our Board and administration imagine that the Donlin Gold challenge is really best-in-class in its mixture of attributes and therefore that NOVAGOLD constitutes essentially the most completely suited “go-to” fairness to learn from the following wave within the bull market in gold. Possessing the distinctive mixture of industry-leading dimension, grade, and wonderful exploration upside with which to maneuver the needle within the gold {industry}, our challenge’s location in Alaska – a secure and time-tested jurisdiction wherein to develop, construct and function a mine for generations to return – makes it the final word company-maker. For our half, we imagine to have been accountable stewards of this exceptional asset in its development up the worth chain. But our best accomplishments have been reached by offering wide-ranging assist to the Donlin Gold challenge group in advancing its varied actions within the areas of allowing, engineering, in addition to environmental, social and governmental engagement, along with our pivotal collaboration with Calista and The Kuskokwim Company (TKC) – the Alaska Native Company companions and landowners.

The worth enhancement work continues apace. The Donlin Gold challenge camp re-opened within the first quarter of 2023 to proceed fieldwork to gather geotechnical and hydrological data wanted to advance the design documentation required for the Alaska Dam Security certificates purposes, with formal issuance of the certificates of approval to assemble anticipated in 2026.

The security program at the moment in impact on the Donlin Gold challenge web site is effectively superior for a challenge at this stage of growth – with skilled security coordinators on-site 24/7, a longtime and broadly shared tradition of consciousness, and group spirit characterised by staff searching for each other. With the most recent area program, Donlin Gold’s challenge web site seasoned environmental group, together with area employees, ensures that each one allow necessities are met and each day procedures are adopted. All challenge employees are correctly educated to make sure they acknowledge that the safety of water, land, and organic assets is of the very best precedence in Donlin Gold’s operations.

Off-site, our present focus at Donlin Gold lies in updating the geologic and useful resource fashions with the info derived from the intensive drill packages that passed off during the last three years; reviewing key challenge assumptions, inputs, and design elements for optimization (mine engineering, metallurgy, hydrology, and infrastructure); advancing remaining permits via the regulatory course of and supporting the State in sustaining the prevailing permits; and, via continued engagement, sustaining and increasing challenge assist within the Y-Ok area.

In the end, topic to a proper choice by the Donlin Gold LLC board, the great work we’re finishing ought to result in the replace of the Donlin Gold challenge feasibility research which, in flip, would provoke the detailed engineering work essential to advance the challenge design earlier than reaching a building choice.

Diligently Sustaining Permits in Good Standing and Working to Safe the Remaining State-Degree Permits

Donlin Gold, its homeowners, and its companions Calista and TKC are intimately accustomed to the allowing and regulatory processes relevant to the challenge and can proceed to assist the State on this essential work. Collectively, we pursue our efforts to safe the assorted remaining state-level permits and certificates required for the challenge. This contains the present fieldwork associated to the issuance of the Alaska Dam Security certificates – which is focused for completion in 2023, with formal issuance of the certificates of approval to assemble anticipated in 2026.

In 2022, Donlin Gold utilized for a brand new air high quality allow based mostly on up to date air high quality modeling and emissions controls data, and the recurrently scheduled re-issuance of its APDES allow from ADEC. The brand new air high quality allow is predicted to be issued by June 30, 2023, which corresponds to the expiration date of the present allow. ADEC has prolonged the prevailing APDES allow indefinitely till a brand new allow is finalized. Donlin Gold continues to assist ADEC in its due diligence concerning the State’s Clear Water Act (CWA) Part 401 certification (the “401 Certification”) of the Federal CWA Part 404 allow. On July 14, 2022, the ADEC Commissioner granted the request for an adjudicatory listening to evaluate associated to potential water temperature results in Crooked Creek. The briefing course of on this administrative enchantment of the 401 Certification has now been accomplished and a call is predicted within the first half of 2023.

Proudly owning a federally permitted challenge on non-public land already designated by legislation for mining has large inherent worth in right now’s world. Now we have all the time ready and arranged ourselves for potential challenges to the Federal and State allowing processes. Our challenge management and litigation groups deliver longstanding expertise with the processes that have to be adopted. Donlin Gold and its homeowners, alongside the steadfast advocacy of Calista and TKC, proceed to assist the State and Federal authorities within the protection of those permits which replicate a diligent, thorough, clear, and inclusive course of for all concerned – together with stakeholders from the Y-Ok area.

Additionally it is price noting that each one appeals difficult Donlin Gold’s permits to this point have proved unsuccessful, usually a number of instances. However, objections to mining exercise are frequent. The Alaska Superior Court docket briefings on the Proper-of-Method (ROW) lease for the parts of the pure fuel pipeline on State lands had been accomplished with oral arguments held in January 2023. We anticipate choices to be issued by the tip of 2023. The State of Alaska’s issuance of water rights for the mine and transportation services was appealed to the Commissioner of the Alaska Division of Pure Assets (ADNR). ADNR and Donlin Gold submitted their response briefs on March 8, 2023, and the appellants are getting ready their ultimate temporary. A choice is predicted inside the subsequent yr.

Actively Partaking with Neighborhood Stakeholders and Authorities

At Donlin Gold, we’re extraordinarily lucky to take pleasure in time-tested partnerships with our Alaska Native Company companions Calista and TKC. The Donlin Gold group continues to carefully collaborate with them in all elements of our appreciable outreach and engagement actions all through the Y-Ok area. An extension of those efforts are the newly-established group liaison positions that had been not too long ago stuffed by former challenge web site staff residing in 5 Y-Ok villages.

Crooked Creek, the village closest to the Donlin Gold challenge web site within the Y-Ok area, wrote a letter in assist of the Donlin Gold challenge in December 2022. The village has been fighting entry to dependable energy and water in latest months, which additionally led to the shutdown of its college, clinic, and put up workplace. In response, Donlin Gold, Calista and TKC offered assist to Crooked Creek by buying and delivering a generator, alerting the State of Alaska’s emergency response group for added help, and serving to the native authorities determine a longer-term answer for his or her infrastructure wants in addition to helping with entry to accessible authorities funding.

Alaska’s U.S. Senators and Governor have persistently expressed their long-term assist of the Donlin Gold challenge – votes of confidence for which we’re enormously grateful. In shut coordination with NOVAGOLD and Barrick, Calista and Donlin Gold co-lead our authorities relations work, which over time has represented an essential a part of advancing the Donlin Gold challenge via allowing and past. In 2023, Calista and Donlin Gold will stick with it their proactive, bipartisan outreach to the State Administration and the brand new legislature in Alaska, in addition to with the Biden Administration and america Congress in Washington, D.C., to spotlight the thoroughness of the challenge’s environmental evaluate and allowing processes, along with the appreciable advantages that the challenge would ship to all Alaska Natives via the income sharing provisions of the Alaska Native Claims Settlement Act of 1971.

Constant Funding in Environmental and Social Initiatives

Helping and partnering with native communities of the Y-Ok area has been a relentless focus for NOVAGOLD. To that finish, Donlin Gold works in shut live performance with Calista and TKC, in addition to different key representatives of native communities, to offer crucial assist to the Y-Ok area right now and in the end make sure the sustainable and worthwhile growth of the Donlin Gold challenge within the years to return.

Donlin Gold was the premier sponsor of the McGrath Iron Canine Race group security presentation selling security in working snowmachines, all-terrain autos and leisure off-road autos, as a part of the Alaska Protected Riders program – a non-profit group devoted to decreasing deaths and accidents from tragic accidents. As well as, Donlin Gold, in collaboration with Covenant Home Alaska and Bethel Neighborhood Providers, is creating an motion plan to assist handle persistent and ongoing youth meals insecurity within the Y-Ok area. Up to now, the three entities have efficiently leased house from Bethel Winter Home towards establishing a housing and repair hub for youth aged 18 to 24. Moreover, Donlin Gold partnered with the Bethel Neighborhood Providers Basis and the Aruqutet Mission on a regional program to handle meals insecurity all through the Bethel group. Over 550 native households are enrolled in this system to this point, with roughly 200 of them receiving meals throughout any given month. As with all of our different initiatives, using native employees and dedicated volunteers has confirmed crucial to this system’s success.

In partnership with the Alaska Native Tribal Well being Consortium, Donlin Gold is advancing efforts to enhance the general well being and security requirements of water and sewer companies within the Center Kuskokwim space communities via the TKC Fishwheel initiative. Moreover, in collaboration with TKC, the village of Crooked Creek, the Akiak Native Neighborhood and the Napaimute Tribe, Donlin Gold offered monetary assist for the development and upkeep of the ice roads that enable for winter journey between the distant Kuskokwim River communities – which, in flip, led to elevated participation in group occasions, cultural actions, sports activities, and offered entry for emergency companies, legislation enforcement and journey. On common, a complete of 300 miles of ice street is constructed and maintained yearly due to this program.

Advancing academic alternatives in Alaska constitutes yet one more excessive precedence for the Firm. NOVAGOLD not too long ago awarded its first College of Alaska scholarship to an undergraduate scholar in mining or geological engineering. As well as, Donlin Gold helps the Alaska EXCEL program – a non-profit offering supplemental educational, profession and technical schooling for rural youth and younger adults throughout the Y-Ok area. Quite a few scholar interview preparation periods passed off within the first quarter, with 4 extra deliberate over the following two quarters. By way of this rigorous course of, the scholars obtain highschool credit towards commencement in addition to concurrent school credit.

Sturdy Treasury to Advance Donlin Gold and Create Worth

It’s fairly exceptional that, ever because the final fundraising spherical of January 2012, there was no must situation additional fairness to execute our technique. And but, NOVAGOLD’s treasury stays sturdy with $116.2 million in money and time period deposits as of February 28, 2023. Furthermore, with $25 million due in July 2023 from Newmont and an extra contingent cost of $75 million upon approval of the Galore Creek challenge building plan by its homeowners, the Firm enjoys a wholesome monetary place.

In closing, I want to prolong my honest gratitude to the skilled group of execs at NOVAGOLD, Donlin Gold and Barrick, in addition to to the complete challenge web site workforce and group engagement groups. We satisfaction ourselves in our steadfast dedication to well being and security and are profoundly grateful for the extraordinary mutual respect that characterizes relations with our Alaska Native Company companions. Certainly, working in Alaska is a definite pleasure and we’re grateful for the State businesses’ diligent method and adherence to established regulatory procedures.

By way of governance, our administration group has the privilege of working with an unbelievable Board whose members present distinctive strategic steering and are dedicated to finest practices in all elements of the enterprise. Their unwavering dedication and engagement are enormously appreciated.

Of paramount significance, NOVAGOLD has been blessed with long-term and supportive shareholders – comprising most of the most honored names within the funding world – whose presence and counsel merely have been invaluable. We’re grateful for his or her choice to put money into our Firm and for his or her continued curiosity and engagement. We reaffirm to all of them that, as stewards of the Firm, we proceed to be targeted on delivering on our technique and enhancing the worth of the Donlin Gold challenge rising each shareholder and stakeholder wealth in a secure and socially accountable method.

As we place the Firm to benefit from the fruits of its distinctive leverage on what we imagine constitutes one of the best positioned gold growth story within the market, I look ahead to persevering with to ship on our guarantees and to protecting an open line of communication between us as we attain much more milestones collectively in 2023.

Sincerely,

Gregory A. Lang
President & CEO

Monetary Outcomes
in 1000’s of U.S. {dollars}, aside from per share quantities

^{(1) Contains share-based compensation expense of $2,161 and $2,091 for the primary quarter-ended February 28, 2023, and quarter ended February 28, 2022, respectively.}

Throughout the first quarter of 2023, we incurred a internet lack of $10.7 million in comparison with a internet lack of $10.0 million for the comparable interval in 2022. The rise in internet loss is primarily on account of a rise in curiosity expense on the promissory observe, elevated allowing prices on the Donlin Gold challenge and better company authorized bills, partially offset by elevated curiosity earnings and different earnings associated to the 2021 sale of the Firm’s curiosity within the San Roque mineral property.

Liquidity and Capital Assets

Within the first quarter of 2023, money and money equivalents decreased by $9.7 million, primarily to fund our share of the Donlin Gold challenge and for company administrative bills. The $4.3 million lower in money used within the first quarter of 2023 in comparison with 2022 was as a result of timing of company legal responsibility insurance coverage funds in 2022, withholding tax paid on share-based compensation in 2022 (no Efficiency Share Items vested in 2023) and proceeds obtained from the sale of the San Roque mineral property.

On the finish of the primary quarter, money and time period deposits had been $116.2 million (money $54.2 million, time period deposits $62.0 million). A further cost from Newmont of $25 million comes due in July 2023 associated to the sale of NOVAGOLD’s 50% curiosity within the Galore Creek challenge in 2018, together with a observe for $75 million contingent upon approval of a Galore Creek challenge building plan by its homeowners. At current, we imagine the Firm has ample working capital accessible to cowl anticipated funding of the Donlin Gold challenge and company common and administrative prices via completion of an up to date Donlin Gold challenge feasibility research. Additional, we imagine we have now ample working capital accessible to cowl anticipated prices and bills for no less than the following three years. Substantial further capital might be required as soon as a call to begin engineering and building is reached by the Donlin Gold board for the Donlin Gold challenge.

2023 Outlook

We anticipate spending roughly $31 million, which incorporates, $13 million for company common and administrative prices, $1 million for working capital and $17 million to fund our share of expenditures on the Donlin Gold challenge, together with:

• $8 million for exterior affairs, allowing, environmental, land, and authorized actions, and
• $9 million for challenge planning and fieldwork (dam and water buildings, metallurgical testing, mining research, hydrogeology and geochemistry, and infrastructure planning).

NOVAGOLD’s major objectives in 2023 are to proceed to advance the Donlin Gold challenge towards a building choice; sustaining assist for Donlin Gold among the many challenge’s stakeholders; selling a robust security, sustainability, and environmental tradition; sustaining a good fame of NOVAGOLD; and preserving a wholesome stability sheet. Our operations primarily relate to the supply of challenge milestones, together with the achievement of assorted technical, environmental, sustainable growth, financial and authorized targets, acquiring needed permits, completion of pre-feasibility and feasibility research, preparation of engineering designs and the financing to fund these targets.

Convention Name & Webcast Particulars

NOVAGOLD’s convention name and webcast to debate these outcomes will happen on April 5, 2023, at 8:00 am PT (11:00 am ET). The webcast and convention call-in particulars are offered under.

Video Webcast: http://www.novagold.com/buyers/occasions
North American callers: 1-800-319-4610
Worldwide callers:        1-604-638-5340

NOVAGOLD’s quarterly reporting schedule for the rest of 2023 might be as follows:

• Q1 2023 – A convention name and webcast might be held on Wednesday, April 5, 2023 at 11 a.m. ET / 8 a.m. PT to debate Q1 2023 monetary outcomes.
• Annual Assembly of Shareholders – Thursday, Could 18, 2023; the assembly might be held at 4 p.m. ET / 1 p.m. PT
• Q2 2023 – Tuesday, June 27, 2023; monetary statements and a Donlin Gold challenge replace might be launched after market shut. A convention name and webcast might be held on Wednesday, June 28, 2023 at 11 a.m. ET / 8 a.m. PT to debate Q2 monetary outcomes.
• Q3 2023 – Tuesday, October 3, 2023; monetary statements and a Donlin Gold challenge replace might be launched after market shut. A convention name and webcast might be held on Wednesday, October 4, 2023 at 11 a.m. ET / 8 a.m. ET to debate Q3 monetary outcomes.

About NOVAGOLD

NOVAGOLD is a well-financed valuable metals firm targeted on the event of its 50%-owned Donlin Gold challenge in Alaska, one of many most secure mining jurisdictions on the planet. With roughly 39 million ounces of gold within the Measured and Indicated Mineral Useful resource classes, inclusive of Confirmed and Possible Mineral Reserves (541 million tonnes at a mean grade of roughly 2.24 grams per tonne, within the Measured and Indicated Useful resource classes on a 100% foundation) ² , the Donlin Gold challenge is regarded to be one of many largest, highest-grade, and most potential identified open-pit gold deposits on the planet. Based on the 2021 Technical Report and the S-Ok 1300 Report (each as outlined under), as soon as in manufacturing, the Donlin Gold challenge is predicted to provide a mean of multiple million ounces per yr over a 27-year mine life on a 100% foundation. The Donlin Gold challenge has substantial exploration potential past the designed footprint of the open pit which at the moment covers three kilometers of an roughly eight-kilometer-long gold-bearing development. Present actions on the Donlin Gold challenge are targeted on State allowing, engineering research, group outreach, and workforce growth in preparation for the eventual building and operation of this challenge. With a robust stability sheet, NOVAGOLD is well-positioned to fund its share of allowing and development efforts on the Donlin Gold challenge.

Scientific and Technical Info

Sure scientific and technical data contained herein with respect to the Donlin Gold challenge is derived from the 2021 Technical Report and the S-Ok 1300 Report ³ . Henry Kim, P.Geo., Senior Useful resource Geologist, Wooden Canada Restricted (“Wooden”); Mike Woloschuk, P.Eng., VP World Enterprise Improvement & Consulting, Wooden Group USA, Inc.; and Kirk Hanson, MBA, P.E., Technical Director, Open Pit Mining, Wooden Group USA, Inc. are the Certified Individuals accountable for the preparation of the 2021 Technical Report, and every is an unbiased Certified Individual as outlined by Nationwide Instrument 43-101 (“NI 43-101”). Wooden ready the S-Ok 1300 Report. Paul Chilson, P.E., who’s the Supervisor, Mine Engineering for NOVAGOLD and a Certified Individual below NI 43-101 and below S-Ok 1300, has authorized and verified the scientific and technical data associated to the 2022 Donlin Gold challenge drill program, the 2021 Technical Report and the S-Ok 1300 Report contained on this media launch.

NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Company Communications
604-669-6227 or 1-866-669-6227

Cautionary Word Concerning Ahead-Wanting Statements

This media launch contains sure “forward-looking data” and “forward-looking statements” (collectively “forward-looking statements”) inside the which means of relevant securities laws, together with america Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements are incessantly, however not all the time, recognized by phrases akin to “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “doable”, and related expressions, or statements that occasions, situations, or outcomes “will”, “could”, “might”, “would” or “ought to” happen or be achieved. Ahead-looking statements are essentially based mostly on a number of opinions, estimates and assumptions that administration of NOVAGOLD thought of acceptable and cheap as of the date such statements are made, are topic to identified and unknown dangers, uncertainties, assumptions, and different elements that will trigger the precise outcomes, exercise, efficiency, or achievements to be materially completely different from these expressed or implied by such forward-looking statements. All statements, aside from statements of historic truth, included herein are forward-looking statements. These forward-looking statements embody statements concerning the anticipated timing of sure judicial and/or administrative choices; the 2023 outlook; the timing and potential for a brand new feasibility research on the Donlin Gold challenge; our objectives and deliberate expenditures for the rest of 2023; ongoing assist offered to key stakeholders together with Native Company companions; Donlin Gold’s continued assist for the State allowing course of; the potential growth and building of the Donlin Gold challenge; the sufficiency of funds to proceed to advance growth of Donlin Gold, together with to a building choice; perceived advantage of properties; mineral reserve and mineral useful resource estimates; Donlin Gold’s capacity to safe the permits wanted to assemble and function the Donlin Gold challenge in a well timed method, if in any respect; authorized challenges to Donlin Gold’s current permits and the timing of selections in these challenges; whether or not the Donlin Gold LLC Board will proceed to advance the Donlin Gold challenge up the worth chain; the success of the strategic mine plan for the Donlin Gold challenge; the success of the Donlin Gold group relations plan; the result of exploration drilling on the Donlin Gold challenge and the timing thereof; and the conversion of Galore Creek right into a mine and the receipt of $25 million due in July 2023 from Newmont and the $75 million contingent cost from Newmont. As well as, any statements that check with expectations, intentions, projections or different characterizations of future occasions or circumstances are forward-looking statements. Ahead-looking statements aren’t historic info however as an alternative signify the expectations of NOVAGOLD administration’s estimates and projections concerning future occasions or circumstances on the date the statements are made. Essential elements that would trigger precise outcomes to vary materially from expectations embody the necessity to acquire further permits and governmental approvals; the timing and chance of acquiring and sustaining permits essential to assemble and function; the necessity for added financing to discover and develop properties and availability of financing within the debt and capital markets; the coronavirus world pandemic (COVID-19); uncertainties concerned within the interpretation of drill outcomes and geological assessments and the estimation of reserves and assets; modifications in mineral manufacturing efficiency, exploitation and exploration successes; modifications in nationwide and native authorities laws, taxation, controls or laws and/or modifications within the administration of legal guidelines, insurance policies and practices, expropriation or nationalization of property and political or financial developments in america or Canada; the necessity for continued cooperation between Barrick and NOVAGOLD for the continued exploration, growth and eventual building of the Donlin Gold property; the necessity for cooperation of presidency businesses and Native teams within the growth and operation of properties; dangers of building and mining initiatives akin to accidents, gear breakdowns, dangerous climate, illness pandemics, non-compliance with environmental and allow necessities, unanticipated variation in geological buildings, ore grades or restoration charges; surprising price will increase, which might embody vital will increase in estimated capital and working prices; fluctuations in steel costs and forex change charges; whether or not or when a constructive building choice might be made concerning the Donlin Gold challenge; and different dangers and uncertainties disclosed in NOVAGOLD’s most up-to-date stories on Types 10-Ok and 10-Q, significantly the “Danger Elements” sections of these stories and different paperwork filed by NOVAGOLD with relevant securities regulatory authorities every now and then. Copies of those filings could also be obtained by visiting NOVAGOLD’s web site at www.novagold.com, or the SEC’s web site at www.sec.gov, or at www.sedar.com. The forward-looking statements contained herein replicate the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to replace the forward-looking statements of beliefs, opinions, projections, or different elements, ought to they modify, besides as required by legislation.

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² Donlin Gold knowledge as per the 2021 Technical Report and the S-Ok 1300 Report, as outlined under. Donlin Gold possesses Measured Assets of roughly 8 Mt grading 2.52 g/t and Indicated Assets of roughly 534 Mt grading 2.24 g/t, every on a 100% foundation and inclusive of Mineral Reserves, of which roughly 4 Mt of Measured Assets and roughly 267 Mt of Indicated Assets inclusive of Reserves is attributable to NOVAGOLD via its 50% possession curiosity in Donlin Gold LLC. Unique of Mineral Reserves, Donlin Gold possesses Measured Assets of roughly 1 Mt grading 2.23 g/t and Indicated Assets of roughly 69 Mt grading 2.44 g/t, of which roughly 0.5 Mt of Measured Assets and roughly 35 Mt of Indicated Assets unique of Mineral Reserves is attributable to NOVAGOLD. Donlin Gold possesses Confirmed Reserves of roughly 8 Mt grading 2.32 g/t and Possible Reserves of roughly 497 Mt grading 2.08 g/t, every on a 100% foundation, of which roughly 4 Mt of Confirmed Reserves and roughly 249 Mt of Possible Reserves is attributable to NOVAGOLD. Mineral Reserves and Assets have been estimated in accordance with NI 43-101 and S-Ok 1300.
³ The Firm retained Wooden Canada Restricted (“Wooden”) in 2020 to replace content material in its beforehand filed “Donlin Creek Gold Mission, Alaska, USA, NI 43-101 Technical Report on the Second Up to date Feasibility Examine,” efficient November 18, 2011, and amended January 20, 2012. This replace resulted in a report titled “NI 43-101 Technical Report on the Donlin Gold Mission, Alaska, USA” with an efficient date of June 1, 2021 (the “2021 Technical Report”) and was filed on August 31, 2021. The Firm is a registrant with the SEC and is reporting its exploration outcomes, Mineral Assets, and Mineral Reserves in accordance with Subpart 229.1300 of Regulation S-Ok – Disclosure by Registrants Engaged in Mining Operations (“S-Ok 1300”) as of November 30, 2021. Whereas the S-Ok 1300 guidelines are much like Nationwide Instrument 43-101 Requirements of Disclosure for Mineral Tasks guidelines in Canada, they don’t seem to be similar and due to this fact two stories have been produced for the Donlin Gold challenge. The Firm requested that Wooden put together a Technical Report Abstract of the Donlin Gold challenge, Alaska, USA utilizing the requirements of S-Ok 1300 and it’s titled “S-Ok 1300 Technical Report Abstract on the Donlin Gold Mission, Alaska, USA” (“S-Ok 1300 Report”), present as of November 30, 2021. Wooden included 2020 prices and new gold worth steering to fulfill the Firm’s reporting necessities. The resultant 2021 Technical Report and S-Ok 1300 Report confirmed no materials change to the beforehand reported mineral assets or mineral reserves.