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NOVAGOLD Reports Second Quarter 2023 Financial Results

Press Release

Advanced the Necessary Fieldwork, Resource Model and Trade-Off Studies to Prepare the Donlin Gold Project for the Next Phase of Development

Robust Treasury of $109 Million in Cash and Term Deposits, with $25 Million of Receivables in the Third Quarter 2023

  • The 2023 Donlin Gold field program which commenced in February 2023 has safely and successfully advanced ahead of schedule, with 63% of its direct hires being from the Yukon-Kuskokwim (Y-K) region.
  • The comprehensive fieldwork and trade-off studies will provide valuable information for the Donlin Gold LLC board and its owners to consider with respect to an updated feasibility study decision.
  • NOVAGOLD’s treasury remains strong with $109 million in cash and term deposits as of May 31, 2023, with an additional $25 million due in July 2023 from Newmont Corporation (“Newmont”), keeping NOVAGOLD in a healthy financial position to advance the Donlin Gold project up the value chain.

VANCOUVER, British Columbia, June 27, 2023 — NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the Company”) (NYSE American, TSX: NG) today released its 2023 second quarter financial results and 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 quarter ended May 31, 2023, are presented in the consolidated financial statements and quarterly report filed on Form 10-Q on June 27, 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.

Second Quarter 2023 Donlin Gold Highlights:

  • Advanced the fieldwork and geotechnical drilling for data collection required for the Alaska Dam Safety certificates of the water retention structures (including proposed Tailings Storage Facility).
  • Progressed with hydrological drilling to further define the depth and flow of groundwater in the areas of the planned Donlin Gold pit and surrounding infrastructure to support mine planning and design.
  • Updated the resource model and advanced the trade-off studies with the data derived from recent drill programs and fieldwork at the Donlin Gold project site.
  • In collaboration with Calista Corporation (“Calista”) and The Kuskokwim Corporation (TKC), Donlin Gold accomplished the following in areas spanning education, health and safety, cultural traditions, and environmental initiatives:
    • Finalized Shared Values Statements with two villages from the Y-K region, for a total of 14;
    • Supported Crooked Creek, the closest village to the project site, with supplies, transportation and housing following a major flooding event caused by the Kuskokwim River during ice break-up;
    • Held the first informational meeting of the Subsistence Community Advisory Committee (SCAC) in Aniak with Y-K residents of varying perspectives on Donlin Gold;
    • Supported the annual Clean-up Green-up program for 52 Y-K villages;
    • Sponsored the Lower Kuskokwim School District’s annual college and career fair, which hosted 70 students and 30 vendors; and
    • Provided financial assistance to multiple Y-K community health and safety initiatives, including the Covenant House Alaska and Bethel Community Services, to address chronic youth shelter and food security issues.
  • NOVAGOLD released its third annual Sustainability Report, which features a comprehensive review of the Company’s performance in the areas of environmental stewardship, health and safety, social and community engagement, and corporate governance.
  • Visited Washington, D.C. with Calista and the Crooked Creek Traditional Council, to pursue bipartisan outreach to the Biden Administration and the U.S. Congress to emphasize the benefits of the project, as well as the strength of the National Environmental Policy Act and Federal permitting process undertaken for the project.

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