NOVAGOLD Files Year-End 2024 Report with Strong Treasury to Fund Key Activities for Long-Term Value Creation

VANCOUVER, British Columbia, Jan. 23, 2025 NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the Company”) (NYSE American, TSX: NG) today filed its 2024 fiscal year-end report and provided an update on its Tier One ¹ gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick Gold Corporation (“Barrick”).

Details of the financial results for the year ended November 30, 2024, are presented in the consolidated financial statements and annual report on Form 10-K filed on January 23, 2025 which is available on the Company’s website at www.novagold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless otherwise stated.

As detailed in the above filings, NOVAGOLD held a strong treasury of approximately $101 million in cash and term deposits as of November 30, 2024, and reported net annual cash expenditures of $24.5 million — including $12.4 million to fund NOVAGOLD’s share of the Donlin Gold project and $17.7 million in corporate general and administrative costs, below its 2024 expenditure guidance of $31.2 million. As NOVAGOLD is a development-stage company with no production, the Company reported earnings of ($45.6) million and earnings per share of ($0.14) for the 2024 fiscal year, reflecting expenditures in line with budget.

In 2024, the following milestones were achieved at NOVAGOLD and Donlin Gold:

• Donlin Gold undertook the following key activities in 2024 to advance technical work to position the project for an updated cost estimate:
  • Substantially completed metallurgical test work at a pilot plant in Ontario, Canada to confirm proposed optimizations to the flowsheet; advanced an updated resource model; and collected field and geochemical data for operational and closure planning;
  • Submitted the preliminary design packages for the Dam Safety Certification to the Alaska Department of Natural Resources (ADNR) in the second half of 2024;
  • Collaborated with Donlin Gold, Calista Corporation (“Calista”), and The Kuskokwim Corporation (TKC) on substantial ecological, educational and cultural awareness initiatives, including community outreach in the project’s region — hosted public open houses in three locations, participated in two Subsistence Community Advisory Committee meetings, and established three additional Shared Values Statements with local villages.
• NOVAGOLD and Barrick held a Donlin Gold workshop in Alaska in September 2024 to review the important work completed to date and to agree on the next steps for the Donlin Gold project and related 2025 activities.

• Donlin Gold board approved a budget of $43 million (100% basis) for 2025, comprising the following key areas:
  • Camp operations with grid drilling to refine mine planning assumptions;
  • Updated mine planning;
  • Geotechnical engineering and geosciences closure planning;
  • Project planning;
  • Advancement of Dam Safety Certificate applications; and
  • Community relations, government affairs, and maintaining permits in good standing.

President’s Message

This last year was characterized by extensive efforts to increase Donlin Gold’s visibility and advance activities for long-term sustainable value creation — strengthening the project’s position as a unique opportunity to gain direct exposure to gold through one of the largest undeveloped gold assets globally ² , located in a stable, tier one, mining-friendly jurisdiction, Alaska ³ . With this strong foundation, we are nearing critical milestones that we believe will allow us to unlock NOVAGOLD’s full potential.

Key activities in 2024 included the substantial completion of metallurgical test work at a pilot plant in Ontario, Canada to confirm proposed optimizations to the flowsheet; field and geochemical data collection to continue updating source characteristics for groundwater and surface water models for both operational and closure planning; as well as advancement of the Donlin Gold resource model. Results derived from the considerable technical work performed over these past twelve months will serve as inputs into updated feasibility work.

Partnering for Broader Reach into the Project’s Region and Meaningful Impact

We recognize the importance of ecological stewardship in the Yukon-Kuskokwim (Y-K) region. Since mid-2023, Donlin Gold has intensified efforts to monitor, survey, and engage on the crucial subject of salmon fisheries in the Kuskokwim and Yukon River watersheds. In 2024, Donlin Gold launched a salmon smolt monitoring program on the George River, a tributary of the Kuskokwim River, in partnership with the Native Village of Napaimute to assess smolt health and migration patterns — an initiative that will continue into 2025. Restoration of a portion of the historic Lyman placer site, which included significant stream and pond habitat creation, including aquatic life access and use, was completed in 2024. Aquatic restoration work on a reach of Snow Gulch previously disturbed by historic mining will start in 2025.

In 2024, Donlin Gold, Calista, and TKC held public open houses in Anchorage, Bethel, and Crooked Creek — the closest community to the project. Two Subsistence Community Advisory Committee meetings were conducted, the first in Aniak during the second quarter and the second in Anchorage in December. Donlin Gold also established three additional Shared Values Statements, bringing the total to 18. Donlin Gold’s numerous partnerships in the Y-K region and statewide, aimed at supporting ecological projects, education, summer youth employment programs, and cultural awareness efforts, continue to grow. Together these efforts underscore Donlin Gold’s ongoing engagement with and commitment to local communities, reinforcing existing long-term relationships and addressing specific community needs.

In 2024, the Donlin Gold project received continued support from U.S. Senators Lisa Murkowski and Dan Sullivan, and then U.S. Representative Mary Peltola, including their submittal of a joint amicus brief in federal court referring to Donlin Gold as one of the State’s “most important and necessary economic development projects” in “one of the most impoverished regions in Alaska.”

Maintaining Permits in Good Standing

In 2024, Donlin Gold submitted the preliminary design packages for the Dam Safety Certification to ADNR. Comments from ADNR on these presentations are anticipated in 2025, with potential issuance of the certification in 2026/2027.

Donlin Gold applied for and received an 18-month extension of the construction deadline on its air quality permit through July 2026. The Alaska Pollutant Discharge Elimination System permit, which was originally set to expire in 2023, as well as the Waste Management Permit, which was set to expire in January 2024, are administratively extended by the Alaska Department of Environmental Conservation until renewed. The Reclamation Plan, which was also set to expire in 2024, is administratively extended until 2027.

In state litigation, we continued to support the agencies in defending Donlin Gold’s 401 Water Quality Certification, water rights permits and State pipeline Right-of-Way (ROW). These cases have been fully briefed and argued, and decisions are anticipated in 2025.

In federal litigation, the Court issued a decision last fall on Donlin Gold’s Joint Record of Decision, 404 permit, and ROW, upholding the federal agencies’ analysis on two of the three issues raised. The plaintiffs filed a request for reconsideration on one of these issues, which the Court subsequently denied. Briefing on the appropriate remedy to address the Court’s decision on the remaining item — namely, the evaluation of a theoretical large release from the project’s tailing storage facility — is scheduled to be completed in early February 2025.

Gold Exposure Through One of the Largest Gold Assets Globally ⁴

NOVAGOLD views the Donlin Gold project as an exceptionally rare investment opportunity — particularly given the acute scarcity of high-quality assets located in secure, mining-friendly jurisdictions, coupled with the recent surge in gold price, reaching an all-time high of $2,790 on October 30 ^th , 2024. With over 39 million ounces of gold in Measured and Indicated Resources and a grade of 2.24 grams per tonne ⁵ , representing twice the industry average, Donlin Gold stands out as one of the largest gold assets globally, and is expected to be operationally cost-effective ⁶ . The project’s current resource spans only 5% of its land package, offering remarkable further exploration potential. Projected to produce over one million ounces in average annual output ⁷ Donlin Gold’s success is anchored in its location in Alaska, among the safest mining jurisdictions in the world ⁸ with strong community and state support.

2025 Activities and Next Steps

NOVAGOLD and Barrick held a workshop in Alaska in September 2024 to review the important work completed to date, as well as to discuss the next steps for the project and related activities in 2025. Subsequently, Donlin Gold’s board approved a path forward with a 2025 budget of $43 million on a 100% basis. Camp operations will resume in the coming months to complete grid drilling toward refining mine planning assumptions. Efforts will continue to advance key workstreams and preparation for a cost update. Additional work will include project and mine planning, further advancement of the Dam Safety Certificate applications with work on the Detailed Design Packages, steadfast support of pending litigation, and ongoing community relations and government affairs activities.

With a strong treasury of over $100 million, NOVAGOLD is well positioned to fund our share of activities for at least the next two years at current spending levels. The path ahead for Donlin Gold is clear, guided by the principles of patience, partnership, and an unrelenting focus on long-term value creation. We firmly believe that with one of the industry’s most attractive development gold assets, NOVAGOLD is optimally positioned to deliver exceptional returns.

We extend our heartfelt gratitude to our colleagues, partners, members of NOVAGOLD’s board of directors, and shareholders for their unwavering support. As a new year begins, we remain deeply committed to fulfilling each and every single one of the promises we have made and are excited to achieve new milestones together. To our valued shareholders, we express our profound appreciation for the trust they have placed in our vision, which drives us to continually strive for excellence and deliver meaningful results. At NOVAGOLD, we are not just advancing a mining project. We are building a legacy rooted in partnership, sustainability, and value creation — for all stakeholders.

Sincerely,

Gregory A. Lang

President and CEO

Liquidity and Capital Resources

	At November 30, 2024 $	At November 30, 2023 $
Cash and term deposits	101,224	125,749
Total assets	109,753	133,290

In 2024, cash and cash equivalents decreased by $3.5 million, mainly to fund our share of Donlin Gold, corporate administrative expenses, partially offset by a net reduction of term deposits held.

Spending on operating activities in 2024 increased by $4.9 million compared to the prior year, primarily due to increased corporate general and administrative expenses, lower interest income on cash and term deposits, and higher income tax withholding related to passive income taxable in Canada on a portion of interest income earned by U.S. subsidiaries. Cash provided from investing activities in 2024 increased by $19.7 million compared to the prior year, primarily due to a net reduction of term deposits held in 2024 and lower Donlin Gold funding requirements.

2025 Outlook

Our anticipated expenditure in fiscal year 2025 will be approximately $37.5 million, including $21.5 million to fund our share of the Donlin Gold project and $16.0 million for corporate general and administrative costs.

NOVAGOLD’s main objectives include continuing to advance the Donlin Gold project towards a construction decision; maintaining support for Donlin Gold among the project’s stakeholders; promoting a strong safety, sustainability, and environmental culture; maintaining a favorable reputation of NOVAGOLD; and preserving a healthy balance sheet. Our operations primarily relate to the delivery of project milestones, including the achievement of various technical, environmental, sustainable development, economic and legal objectives, obtaining necessary permits, completion of feasibility studies, preparation of engineering designs, and the financing to fund these objectives.

Conference Call & Webcast Details

NOVAGOLD’s conference call and webcast to discuss these results will take place today at 8:00 am PT (11:00 am ET). The webcast and conference call-in details are provided below.

The video webcast and conference call-in details are provided below.

Video Webcast:	www.novagold.com/investors/events/
North American callers:	1-844-763-8274
International callers:	1-647-484-8814

About NOVAGOLD

NOVAGOLD is a well-financed precious metals company, solely focused on the responsible and sustainable development of its flagship Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world ⁹ . The Donlin Gold project, owned in equal partnership with Barrick, is positioned to be one of the world’s largest gold mines, with approximately 39 million ounces of gold in the Measured and Indicated Mineral Resource (541 million tonnes at an average grade of approximately 2.24 grams per tonne, on a 100% basis) categories, inclusive of Proven and Probable Mineral Reserves. According to the 2021 Technical Report and the S-K 1300 Technical Report Summary ¹⁰ Donlin Gold is expected to produce an average of approximately one million ounces of gold over a 27-year mine life on a 100% basis. There’s substantial exploration potential beyond the designed footprint of the Donlin Gold open pit, which currently covers three kilometers of an approximately eight-kilometer-long gold-bearing trend. Current activities at the Donlin Gold project focus on state permitting, engineering studies, community and government engagement, and other environmental, educational and cultural initiatives in preparation for the eventual construction and operation of this project. With a robust balance sheet, NOVAGOLD is well positioned to finance its share of current activities.

NOVAGOLD Contacts:

Mélanie Hennessey

Vice President, Corporate Communications

604-669-6227 or 1-866-669-6227

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