NOVAGOLD Provides Update on Donlin Gold Infrastructure and Energy Supply with Initial Glenfarne Letter of Intent

Press Release

January 8, 2026 – Vancouver, British Columbia – NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the “Company”) (NYSE American, TSX: NG) announces that Donlin Gold LLC (“Donlin Gold”), which is owned 60% by NOVAGOLD and 40% by Paulson Advisers LLC (“Paulson”), and Glenfarne Alaska LNG, LLC (“Glenfarne”), majority owner and developer of the Alaska LNG Project (“Alaska LNG”), signed a non-binding Letter of Intent (LOI) for natural gas supply from the Alaska LNG Pipeline and the development of the infrastructure needed to deliver the gas and power the proposed mine.

Under the LOI, Glenfarne and Donlin Gold will continue to evaluate ways to formalize a potential natural gas sales agreement for up to 50 million cubic feet of natural gas per day and cooperate on the most effective method for development and construction of the Donlin Gold natural gas pipeline. The pipeline extends from Southcentral Alaska to the Donlin Gold project in Southwest Alaska and will feed a power plant to supply electricity to the proposed mine.

“A reliable, secure supply of economic natural gas from Alaska LNG has the potential to substantially enhance our ability to unlock value and upside potential in Donlin Gold,” said John Paulson, President of Paulson. “Glenfarne’s global energy experience is well-suited to provide a long-term turnkey energy solution that helps advance this opportunity.”

“Powering Donlin Gold with natural gas from Alaska LNG could offer major advantages for the proposed mine and the Southwestern Alaska region by harnessing the strategic potential of such an important gold endowment for the industry and the United States,” said Greg Lang, NOVAGOLD’s President and CEO. “Aligning Alaska LNG and Donlin Gold’s pipeline schedules could reduce fuel costs, optimize transportation and logistics, streamline material procurement, and leverage shared expertise to lower overall project expenses.”

“Alaska LNG offers abundant low-cost natural gas that will enhance the economics and facilitate development of energy-intensive mining projects in Alaska,” said Glenfarne Alaska LNG President Adam Prestidge. “We have great confidence in the future success of Donlin Gold following the significant investment by Paulson. Adding a foundational customer like Donlin Gold, one of the largest known undeveloped gold deposits in the world, Alaska LNG provides significant volume discount benefits that will result in lower energy costs for Alaska consumers. As we continue to add more pipeline customers, the cost of gas for Alaskans will continue to go down.”

Donlin Gold Natural Gas Pipeline & Permitting

As per the 2021 Technical Report (as defined below) and the S-K 1300 Technical Report Summary (as defined below), Donlin Gold envisions a buried, 316-mile natural gas pipeline from an existing 20-inch natural gas pipeline near Beluga, Alaska to the Donlin Gold mine site to supply reliable, lower-carbon emitting, energy for mining operations. Key federal and state permits for the pipeline route have been issued.  Recently the State of Alaska Supreme Court upheld the Alaska Department Natural Resources issuance of the pipeline right-of-way lease. Supplemental environmental review is ongoing under the Fixing America’s Transportation Act (“FAST-41”) program, coordinated by the Federal Permitting Improvement Steering Council, with the U.S. Army Corps of Engineers leading a court-directed Supplemental Environmental Impact Statement.

Donlin Gold Bankable Feasibility Study Update

Donlin Gold continues to advance the selection of a prime contractor for the Bankable Feasibility Study (BFS), having received proposals from leading engineering firms with the expertise required to design what is expected to be the largest single gold mine in the United States. A prime contractor is expected to be selected in the first quarter of 2026. In parallel, requests for proposals have been issued for specialist contractors covering the power plant, pipeline, and pressure oxidation and oxygen plant scopes of work, which will be incorporated into the BFS. Upon completion of the contractor selection process, a detailed timeline and budget for completion of the BFS will be established. Final construction approvals remain subject to completion of the environmental review, permitting, and the BFS.

About NOVAGOLD

NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 39 million ounces of gold in the Measured and Indicated Mineral Resource categories (541 million tonnes at an average grade of approximately 2.24 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)[1], inclusive of Proven and Probable Mineral Reserves, the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world. According to the 2021 Technical Report and the S-K 1300 Technical Report Summary, the Donlin Gold project is expected to produce an average of more than one million ounces per year over a 27-year mine life on a 100% basis once in production.

About Paulson

Paulson is a private global investment management advisory firm based in Palm Beach, Florida.  Through its affiliates, Paulson owns 100% of Donlin Gold Holdings, which owns a 40% stake in Donlin Gold.  Paulson, together with NOVAGOLD, owns 100% of Donlin Gold and shares equal voting and operating control with NOVAGOLD through its operating agreement.

NOVAGOLD Contacts:

Mélanie Hennessey
Vice President, Corporate Communications

Frank Gagnon
Manager, Investor Relations
604-669-6227 or 1-866-669-6227
info@novagold.com
www.novagold.com

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