NOVAGOLD Receives $25 Million from Newmont Corporation

Press Release

VANCOUVER, British Columbia, July 27, 2023 — NOVAGOLD RESOURCES INC. (NYSE American, TSX: NG) (“NOVAGOLD” or “the Company”) received $25 million from Newmont Corporation (NYSE: NEM, TSX: NGT) (“Newmont”) as per the 2018 Share Purchase Agreement (the “Agreement”) in which NOVAGOLD sold its 50% interest in the Galore Creek project (“GCP”) in British Columbia, Canada. All amounts are in U.S. dollars.

Under the terms of the Agreement 1 , total consideration payable by Newmont was up to $275 million. NOVAGOLD received $100 million upon closing, $75 million in July 2021 and this most recent receipt of $25 million.

The latest payment from Newmont increased NOVAGOLD’s cash position by $25 million, which consisted of approximately $109 million of cash and term deposits as of May 31, 2023. As a result of the successful sale of the GCP, NOVAGOLD materially increased its treasury, providing the Company with a strong financial foundation to advance its 50%-owned Donlin Gold project in Alaska.

NOVAGOLD Contacts:

Mélanie Hennessey
Vice President, Corporate Communications

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

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