NOVAGOLD Resources Reports Fiscal Year 2022 Financial Results

• NOVAGOLD’s strong cash position of $126 million as of November 30, 2022, with additional funds of $25 million due in July 2023 from Newmont Corporation, should be sufficient to advance Donlin Gold through an updated feasibility study.
• The 42,331-meter (m) 2022 drill program was completed ahead of schedule and under budget. The Donlin Gold joint release issued by NOVAGOLD and Barrick on January 19, 2023 reported results that reconcile favorably with the resource model as well as further support the global resource estimate and recent modelling concepts.
• With an increased appreciation of the geology, the experienced team will continue to focus on updating the resource model and completing trade-off studies — all of which are moving Donlin Gold up the value chain and leading toward an updated feasibility study decision to position the project well for the next leg in gold’s long-term bull market.

VANCOUVER, British Columbia, Jan. 25, 2023 (GLOBE NEWSWIRE) — NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the Company”) (NYSE American, TSX: NG) today released its 2022 fiscal year financial results and an update on Donlin Gold, among the largest — and envisioned to be in the lower quartile in terms of operating cost — of the next generation of gold operating mines, and more importantly in a jurisdiction that welcomes responsible development. Donlin Gold LLC is owned equally by NOVAGOLD and Barrick Gold Corporation (“Barrick”).

Details of the financial results for the fiscal year ended November 30, 2022 are presented in the consolidated financial statements and annual report on Form 10-K filed on January 25, 2023 that is available on the Company’s website at www.novagold.com, on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless otherwise stated.

In 2022, the following milestones were achieved at Donlin Gold:

• The comprehensive 141-hole, 42,331-meter drill program was successfully completed ahead of schedule, with multiple high-grade gold intercepts reported from the last set of assays and the advancement of key project efforts.
• The success of our 2022 drill program is due to the exceptional dedication of the Donlin Gold team in Anchorage and at site, the majority of which are local hires from 24 different communities in the Yukon-Kuskokwim (“Y-K”) region, who all share the goal of protecting the health and safety of their colleagues.
• In partnership with Calista Corporation (“Calista”) and The Kuskokwim Corporation (“TKC”), the Company pursued its stakeholder and government engagement efforts in the Y-K region, Alaska and Washington, D.C.:
  • Crooked Creek, the closest community to the project site in the Y-K region formally expressed its support of Donlin Gold;
  • Four additional Shared Value Statements were signed with Y-K villages, for a total of 12;
  • Five local hires from the 2022 drill program signed on as Donlin Gold Community Liaison representatives in their villages (Marshall, Tuluksak, Nikolai, Napaskiak, and Pilot Station); and
  • Calista and Donlin Gold continued their proactive, bipartisan outreach in Alaska as well as with the Administration and Congress in Washington, D.C.
• Environmental and social investment focused on the Y-K region spanned from supporting important health and safety initiatives in remote communities to cultural preservation efforts and educational programming in collaboration with school districts and other organizations. Key achievements included:
  • Conducted multiple fishery studies, reclamation work and other environmental activities.
  • Supported various search and rescue teams in the region, funded the Healthy Alaska Natives Foundation and Bethel Community Services Foundation, as well as sponsored and participated in the Alaska Safe Riders initiative, which promotes safety for year-round outdoor sports.
  • Fostered education, community wellness and cultural preservation through a variety of interventions including several river studies, supported the local school district and educational organizations, funded and participated in youth sporting activities, and backed initiatives led by Traditional Councils and Native communities.
• As a federally permitted project on private Alaska Native Corporation land designated by law for mining activities and with key State permits in hand, activities continued to keep our permits in good standing. Major milestones included:
  • Applied for a new air quality permit from the Alaska Department of Environmental Conservation (ADEC). A draft permit was issued for public comment in December 2022.
  • Submitted application to ADEC for the regularly scheduled re-issuance of its Alaska Pollutant Discharge Elimination System permit, which is now complete and will remain in…