Mink Ventures’ Exploration Progress from Its Montcalm Ni-Cu-Co Venture

  • NOVAGOLD’s robust money place of $126 million as of November 30, 2022, with extra funds of $25 million due in July 2023 from Newmont Company, ought to be enough to advance Donlin Gold by an up to date feasibility examine.
  • The 42,331-meter (m) 2022 drill program was accomplished forward of schedule and beneath price range. The Donlin Gold joint launch issued by NOVAGOLD and Barrick on January 19, 2023 reported outcomes that reconcile favorably with the useful resource mannequin in addition to additional assist the worldwide useful resource estimate and up to date modelling ideas.
  • With an elevated appreciation of the geology, the skilled staff will proceed to give attention to updating the useful resource mannequin and finishing trade-off research — all of that are shifting Donlin Gold up the worth chain and main towards an up to date feasibility examine resolution to place the mission effectively for the following leg in gold’s long-term bull market.

NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the Firm”) (NYSE American, TSX: NG) at the moment launched its 2022 fiscal 12 months monetary outcomes and an replace on Donlin Gold, among the many largest — and envisioned to be within the decrease quartile by way of working value — of the following technology of gold working mines, and extra importantly in a jurisdiction that welcomes accountable growth. Donlin Gold LLC is owned equally by NOVAGOLD and Barrick Gold Company (“Barrick”).

Particulars of the monetary outcomes for the fiscal 12 months ended November 30, 2022 are offered within the consolidated monetary statements and annual report on Type 10-Okay filed on January 25, 2023 that’s out there on the Firm’s web site at www.novagold.com , on SEDAR at www.sedar.com , and on EDGAR at www.sec.gov . All quantities are in U.S. {dollars} except in any other case said.

In 2022, the next milestones have been achieved at Donlin Gold:

  • The excellent 141-hole, 42,331-meter drill program was efficiently accomplished forward of schedule, with a number of high-grade gold intercepts reported from the final set of assays and the development of key mission efforts.
  • The success of our 2022 drill program is because of the distinctive dedication of the Donlin Gold staff in Anchorage and at web site, nearly all of that are native hires from 24 completely different communities within the Yukon-Kuskokwim (“Y-Okay”) area, who all share the aim of defending the well being and security of their colleagues.
  • In partnership with Calista Company (“Calista”) and The Kuskokwim Company (“TKC”), the Firm pursued its stakeholder and authorities engagement efforts within the Y-Okay area, Alaska and Washington, D.C.:
    • Crooked Creek, the closest neighborhood to the mission web site within the Y-Okay area formally expressed its assist of Donlin Gold;
    • 4 extra Shared Worth Statements have been signed with Y-Okay villages, for a complete of 12;
    • 5 native hires from the 2022 drill program signed on as Donlin Gold Neighborhood Liaison representatives of their villages (Marshall, Tuluksak, Nikolai, Napaskiak, and Pilot Station); and
    • Calista and Donlin Gold continued their proactive, bipartisan outreach in Alaska in addition to with the Administration and Congress in Washington, D.C.
  • Environmental and social funding centered on the Y-Okay area spanned from supporting necessary well being and security initiatives in distant communities to cultural preservation efforts and academic programming in collaboration with faculty districts and different organizations. Key achievements included:
    • Performed a number of fishery research, reclamation work and different environmental actions.
    • Supported numerous search and rescue groups within the area, funded the Wholesome Alaska Natives Basis and Bethel Neighborhood Companies Basis, in addition to sponsored and took part within the Alaska Secure Riders initiative, which promotes security for year-round out of doors sports activities.
    • Fostered training, neighborhood wellness and cultural preservation by a wide range of interventions together with a number of river research, supported the native faculty district and academic organizations, funded and took part in youth sporting actions, and backed initiatives led by Conventional Councils and Native communities.
  • As a federally permitted mission on personal Alaska Native Company land designated by regulation for mining actions and with key State permits in hand, actions continued to maintain our permits in good standing. Main milestones included:
    • Utilized for a brand new air high quality allow from the Alaska Division of Environmental Conservation (ADEC). A draft allow was issued for public remark in December 2022.
    • Submitted utility to ADEC for the recurrently scheduled re-issuance of its Alaska Pollutant Discharge Elimination System allow, which is now full and can stay in impact till the State completes the re-issuance.
    • On November 1, 2022, the Alaska Division of Pure Sources (ADNR) finalized the re-location plan for public easements within the mine web site and transportation facility areas — selections which weren’t appealed.

President’s Message

Glorious Outcomes from the 2022 Drill Program Help Subsequent Steps for Donlin Gold

NOVAGOLD’s administration staff has been collectively for a decade now and is dedicated to the development of the 50%-owned Donlin Gold mission to be completely located for the following leg within the gold bull market. Many actions have taken place through the years to assist Donlin Gold and de-risk the mission to allow it to learn from a rising gold value setting. These embrace, amongst many others, the receipt of key Federal and State permits, geological and exploration drilling, technical and trade-off research, environmental initiatives, profitable implementation of worker well being and security procedures, and in depth neighborhood engagement and authorities affairs efforts. This final 12 months was no exception as actions considerably ramped-up in the beginning of the 12 months with the mission camp reopening to start the most important drill program in over 15 years at Donlin Gold. This marketing campaign was executed whereas remaining attentive to the well being and security of our staff, mission contractors and stakeholders, and concurrently with the in depth neighborhood relations and authorities affairs efforts performed in collaboration with our Alaska Native Company companions, Calista and TKC. The success of this program is because of the distinctive dedication of the Donlin Gold staff in Anchorage and at web site, nearly all of which have been native hires from 24 completely different communities within the Y-Okay area, who all share the aim of defending the well being and security of their colleagues.

Donlin Gold’s 2022 drill program was accomplished in September with 141 holes drilled for a complete of 42,331 m. The ultimate set of outcomes launched collectively with Barrick on January 19, 2023, embrace assays for 37 full and seven partial holes, encompassing the remaining 12,762 m of size drilled. Drilling in 2022 returned a few of the greatest assay outcomes seen to this point at Donlin Gold, delivering excellent gold intercepts which embrace, amongst others from the latest set of assay outcomes, drill gap DC22-2130 that intersected 17.20 m grading 11.11 g/t gold, with a sub-interval of 4.25 m grading 36.91 g/t gold.

As a part of the important thing focus areas for the drill program, tight-spaced 20m x 20m grid drilling in consultant areas inside the primary structural domains of the deposit (Lewis –additional infilled to 10m x 10m, West ACMA and Divide areas) confirmed latest geological modelling at wider drill-spacing within the quick space surrounding the grids. It additionally recognized extra short-scale controls that will probably be included into an replace to refine the geological domains used for world useful resource estimation, which will probably be utilized for strategic mine planning work. The 14 extra geotechnical drill holes offered info wanted to advance the appliance for the Alaska Dam Security Certifications. In reality, we couldn’t be happier with the end result of the 2022 drill program; the assay labs returned a few of the greatest intercepts because the mission’s inception and certainly amongst open-pit gold tasks industry-wide. Simply to spotlight how encouraging the outcomes have been, what follows are the highest 20 intercepts from the 2022 Donlin Gold drill program:

Gap ID Location Date Reported From (m) To (m) Size (m) Grade
(g/t Au)
DC22-2068 Divide 11/01/2022 117.52 159.80 42.28 30.68
DC22-2077 Divide 11/01/2022 150.11 199.07 48.96 20.61
DC22-2040 ACMA 07/28/2022 232.95 285.22 52.57 14.63
DC22-2063 Divide 11/01/2022 236.22 297.18 60.96 12.35
DC22-2063 Divide 11/01/2022 162.18 181.92 19.74 34.17
DC22-2056 ACMA 07/28/2022 99.82 173.80 73.98 4.21
DC22-2092 Divide 11/01/2022 116.12 157.31 41.19 6.64
DC22-2063 Divide 07/28/2022 130.04 142.14 12.10 22.15
DC22-2086 Divide 11/01/2022 160.87 170.78 9.91 22.24
DC22-2120 Lewis 11/01/2022 41.86 71.73 29.87 6.96
DC22-2040 ACMA 07/28/2022 197.60 216.25 18.65 10.78
DC22-2067 ACMA 07/28/2022 464.06 508.64 44.58 4.50
DC22-2072 Divide 11/01/2022 140.67 148.61 7.94 24.65
DC22-2056 ACMA 07/28/2022 2.44 13.33 10.89 17.55
DC22-2130 Lewis 01/19/2023 902.45 919.65 17.20 11.11
DC22-2110 Lewis 11/01/2022 157.98 164.53 6.55 28.96
DC22-2081 Divide 11/01/2022 179.90 201.10 21.20 8.73
DC22-2183 Lewis 01/19/2023 62.53 86.80 24.27 7.56
DC22-2177 Lewis 01/19/2023 168.51 197.82 29.31 6.01
DC22-2109 Lewis 11/01/2022 94.22 120.70 26.48 6.65

With this extremely profitable drill program behind us, to be adopted by the completion of an up to date useful resource mannequin and trade-off research, the house owners look ahead to supporting the Donlin Gold staff and its companions Calista and TKC in positioning the mission for the following steps in taking Donlin Gold up the worth chain with an up to date feasibility examine resolution for the advantage of all stakeholders.

Creating one of many world’s largest gold mines represents a considerable enterprise that takes the mandatory time and vitality to make sure a diligent, thorough, clear, and inclusive course of for all concerned, together with stakeholders from the Y-Okay area. However I may let you know from my very own expertise with a number of Tier-1 property — together with as President of Barrick North America for eight years, which is after I realized simply how spectacular the Donlin mission actually is — I imagine that the extra intensive work that’s executed on the entrance finish, the higher the long-term final result. Richard Williams, our Vice President of Engineering & Growth, shares that philosophy. As the person who constructed and introduced the famed Pueblo Viejo mine into manufacturing for Barrick, he too felt that in becoming a member of NOVAGOLD he was aligning himself with the best-in-class for the gold {industry}’s future.

This shared philosophy is especially significant for a mission that’s by any definition not simply Tier-1 however generational. As dedicated companions to the second largest gold-producing state in one of many world’s premier jurisdictions, we welcome a course of that enhances our social and environmental license for a mine that we absolutely anticipate to function for many years to come back.

A Wholesome Workforce to Safely Advance Website Actions and Help Native Communities

Maintaining our workforce wholesome and secure has all the time been a prime precedence for NOVAGOLD and at Donlin Gold. This additionally extends to well being and security initiatives within the surrounding communities the place we function. The security protocols and conferences on the mission web site performed a central position in guaranteeing the continued success of Donlin Gold and its drill program in 2022. We’re immensely proud that Donlin Gold achieved zero Misplaced-Time-Incidents as soon as once more in 2022 — a outstanding achievement that we don’t take with no consideration as we proceed to work and enhance practices to make sure the well being and security of our folks.

One of many key areas wherein we spend a substantial period of time and assets on the Donlin Gold mission is collaborating, funding, and supporting native communities in initiatives related to well being and security, environmental administration, coaching and training, and cultural programming all through the Y-Okay area. This has represented a basic enterprise by Donlin Gold through the years — for the advantage of all stakeholders. Native recruitment can also be an necessary a part of our ongoing efforts. In the course of the 2022 discipline season, 150 staff labored on the Donlin Gold web site representing 24 Y-Okay villages. Native hires from the 2022 drill program will proceed to assist Donlin Gold’s engagement efforts by the Neighborhood Liaison program in 5 Y-Okay villages.

We immensely recognize the significant enter from Calista and TKC concerning their land and the numerous financial wants required to maintain wholesome dwelling for his or her communities. Our companions’ continued and time-tested collaboration, mission assist, and full engagement are extraordinarily precious in guaranteeing accountable and sustainable financial growth all through all phases of the Donlin Gold mission. Crooked Creek, the closest neighborhood to the mission web site within the Y-Okay area, formally expressed their assist of Donlin Gold in December 2022. 4 extra Shared Worth Statements have been additionally signed with villages within the Y-Okay area within the final three months, for a complete of 12. These paperwork formalize present engagement with key native communities, develop upon the long-term relationships already established with them, and handle particular neighborhood wants together with water, sewer, and strong waste tasks; the ice street that connects distant villages within the Y-Okay area; salmon and different aquatic life research; and suicide prevention and public security packages.

Environmental stewardship, training, neighborhood wellness, and cultural preservation represent key focus investments for Donlin Gold within the Y-Okay area. The mission helps these initiatives by fisheries research and different environmental actions, subsistence and cultural preservation efforts, and academic grants. A variety of actions and tasks have been carried out in collaboration with Calista and TKC within the fourth quarter. Donlin Gold supported numerous search and rescue groups within the area, offered funding to the Wholesome Alaska Natives Basis and Bethel Neighborhood Companies Basis, in addition to sponsored and took part within the Alaska Secure Riders initiative, which promotes security for year-round out of doors sports activities. Donlin Gold fostered training, neighborhood wellness and cultural preservation by a wide range of interventions together with a number of river research, supporting the native faculty district and academic organizations, funding and collaborating in youth sporting actions, and backing initiatives led by Conventional Councils and Native communities.

In 2022, a number of neighborhood engagements and demanding assist initiatives befell throughout the area. Donlin Gold funded the 270-mile-long Kuskokwim ice street developed to enhance security to close by communities — a big enterprise in the course of the winter months to attach many communities alongside the Kuskokwim River and supply street entry to residents dwelling in distant areas. With assist from TKC, Donlin Gold provided secure consuming water to the village of Pink Satan following a flood that was attributable to ice break-up and which quickly contaminated the native water wells. We funded and took part within the fifth annual “In It for the Lengthy Haul” Backhaul Venture to gather, take away, and safely eliminate family hazardous and digital waste from some 30 distant villages all through the Y-Okay area that might in any other case have ended up in landfills and waterways. As advocates of coaching and youth academic initiatives, Donlin Gold supported EXCEL Alaska, a non-profit group offering life-changing academic {and professional} alternatives for rural Alaska college students and younger adults, and the Decrease Kuskokwim College District annual School and Profession honest. We additionally collaborated with six Y-Okay faculty districts as a part of the nationwide Yup’ik Dictionary Venture. Moreover, Donlin Gold funded neighborhood investments by the Bethel Neighborhood Companies Basis for the event, progress, and enhancement of community-based packages.

Calista and Donlin Gold continued their proactive, bipartisan outreach in Alaska and with the Administration and Congress in Washington, D.C. to spotlight the thoroughness of the mission’s environmental assessment and allowing processes, along with the appreciable advantages that the mission would ship to all Native Alaskans. Alaska U.S. Senators Lisa Murkowski and Dan Sullivan, in addition to Governor Michael Dunleavy, have been long-term supporters of the Donlin Gold mission. We additionally acknowledge the historic re-election of U.S. Consultant Mary Peltola for a full time period as the primary Alaska Native to hitch Congress and look ahead to our continued outreach to her concerning Donlin Gold within the coming 12 months.

A Diligent, Thorough, and Clear Allowing Course of to Preserve Permits in Good Standing and Full the Required State Allowing

Donlin Gold is a federally permitted mission on personal Alaska Native Company land designated, by regulation, for mining actions as a part of the 1971 Alaska Native Claims Settlement Act (ANCSA) — a substantial differentiating issue from most different mining property in Alaska. As personal landowners, each Calista and TKC are devoted to creating Donlin Gold in a method that continues to be in step with the Elders’ imaginative and prescient of accountable growth, whereas creating jobs and financial advantages for the encompassing communities in addition to defending the native tradition. As somebody who has visited most of the world’s biggest mining districts, I really feel extraordinarily fortunate to be working within the nice State of Alaska.

In 2022, Donlin Gold utilized for a brand new air high quality allow from the ADEC and a draft allow was issued for public remark in December 2022. Donlin Gold additionally submitted its utility to ADEC for the recurrently scheduled re-issuance of its Alaska Pollutant Discharge Elimination System allow. In December 2022, ADEC despatched a letter indicating that the appliance was full, and that the allow would stay in impact till ADEC completes the reissuances course of. On November 1, 2022, the ADNR finalized the re-location plan for public easements within the mine web site and transportation facility areas — selections which weren’t appealed.

We’ve all the time ready and arranged Donlin Gold for potential challenges to the Federal and State permits as that is the norm in the US. The Donlin Gold mission management and litigation groups are intimately accustomed to the permits and the related procedures that must be adopted. Donlin Gold and its house owners, alongside the steadfast advocacy of Calista and TKC, proceed to assist the State and Federal authorities companies within the protection of what has constituted an exceptionally thorough and diligent allowing course of.

Glorious Treasury to Execute on Actions in 2023

NOVAGOLD’s well-executed technique to take Donlin Gold up the worth chain has allowed the Firm to stay in a powerful monetary place. The Firm has not issued fairness to lift capital since January 2012, and we imagine that now we have enough funds to cowl anticipated prices to fund our share of the Donlin Gold mission by an up to date feasibility examine. We’ve roughly $126 million in money and time period deposits as of November 30, 2022 and anticipate an extra $25 million due from Newmont in July 2023 from the sale of our 50%-owned Galore Creek mission in British Columbia. An extra cost of $75 million is contingent upon a building resolution on Galore Creek.

Waiting for 2023, NOVAGOLD anticipates spending roughly $31 million, with roughly $17 million allotted to fund our share of expenditures on the Donlin Gold mission. This contains $8 million for exterior affairs, allowing, environmental, land, and authorized actions and $9 million for mission planning and fieldwork. A complete of $13 million is allotted for NOVAGOLD common company and administrative prices and $1 million for working capital and different gadgets.

The main focus areas at Donlin Gold will probably be to replace the geologic and useful resource fashions with 2022 knowledge; assessment key mission assumptions, inputs, and design parts for optimization (mine engineering, metallurgy, hydrology, and infrastructure); full trade-off research; proceed fieldwork to gather geotechnical and hydrological info for finishing design documentation required for the Alaska Dam Security certificates, in addition to advance permits by the regulatory course of and assist the State in sustaining the prevailing permits beneath attraction; and thru continued engagement, maintain and develop mission assist within the area. As a direct consequence of the success that characterised final 12 months’s large-scale drill program in attaining its targets, our focus this 12 months will probably be on advancing trade-off research and advancing the Donlin Gold mission towards a call to start an up to date feasibility examine.

Donlin Gold — An Absolute Gem to Advance Up the Worth Chain in a Jurisdiction that Welcomes Accountable Mining Growth

Because the premier gold deposit positioned in Alaska, Donlin Gold represents a possible supply of accountable financial growth for the advantage of all stakeholders within the second largest gold-producing state in the US, with its well-established custom of accountable mining, and a possibility to offer long-term, sustainable financial progress for a lot of a long time to come back.

Furthermore, Donlin Gold really stands in a league of its personal inside the gold {industry} itself. With roughly 39 million ounces of gold grading 2.24 grams per tonne 1 within the Measured and Indicated Mineral Useful resource classes (one hundred pc foundation), Donlin Gold hosts one of many largest and highest-grade undeveloped open-pit gold endowments on the earth. And we imagine it has a rare capability to develop. The latest 2022 drill program outcomes clearly reveal outstanding extra upside potential. The ACMA and Lewis pits, the place the prevailing assets sit, occupy solely three kilometers of an eight-kilometer mineralized belt, which itself is positioned on lower than 5% of Donlin Gold’s land place. As presently envisioned, the mission would produce a median of 1.1 million ounces per 12 months over its 27-year mine life.

The gold {industry} typically, and distinctive high-quality property resembling Donlin Gold specifically, require endurance — an attribute that now we have demonstrated extensively during the last decade, and which has confirmed helpful in permitting us to considerably de-risk the mission and the Firm. Donlin Gold is certainly brilliantly positioned for this subsequent leg within the gold market. As said by our Chairman, our largest shareholder and a well-seasoned investor with in depth expertise in gold, platinum, silver and hydrocarbons, Dr. Thomas S. Kaplan: “As an investor, I discover that the power to generate income could be very a lot a operate of creating a thesis, scrubbing that thesis to the purpose the place one enjoys large conviction, discovering the suitable property that may enable one to learn from the underlying theme, more and more so in a jurisdiction that secures the fruits of that profit, after which having endurance and using it for so long as it takes. And I got here to that conviction with NOVAGOLD.” With such outstanding attributes of scale, high quality, longevity, extra progress potential, wonderful partnerships and jurisdictional attraction, Donlin Gold is in the suitable place on the proper time to fulfill an {industry} want for brand spanking new accountable gold mining growth.

In closing, I want to lengthen my honest gratitude to our Board members for his or her steadfast dedication and loyalty to NOVAGOLD — and significantly Igor Levental, a long-tenured director who unexpectedly handed away final June. We wish to thank his household for sharing him with us and for his in depth information of the mining {industry} that introduced such a novel and precious perspective to NOVAGOLD’s Board. I’m additionally grateful for the extremely skilled staff of execs at NOVAGOLD, Donlin Gold, and Barrick, together with our contractors and drill crew at web site, and for the varied State companies and representatives for his or her dedication and dedication to the allowing course of. Their ardour and experience, in addition to the long-term assist from Calista and TKC, represent the muse of Donlin Gold’s imaginative and prescient and the supply of the Firm’s current and future accomplishments. To Calista and TKC: your information and steerage have been essential through the years by allowing, sustainability, and neighborhood engagement initiatives — we thanks in your fixed assist. It’s a distinct pleasure and an actual honor to be part of this Firm and to work alongside every of you.

Final however actually not least, to our shareholders: I want to thank each one in every of you in your robust backing and for selecting to put money into NOVAGOLD, in addition to in your engagement, endurance, and perception through the years. I look ahead to persevering with to ship on our guarantees and to holding an open line of communication between us whereas we attain much more milestones and achievements collectively in 2023.


Gregory A. Lang
President & CEO

Monetary Outcomes

in 1000’s of U.S. {dollars}, aside from per share quantities

Yr ended
November 30, 2022
Yr ended
November 30, 2021
Basic and administrative expense (1) 20,109 20,210
Share of losses – Donlin Gold 28,163 16,625
Complete working bills 48,272 36,835
Loss from operations (48,272) (36,835)
Curiosity expense on promissory be aware (7,962) (5,922)
Accretion of notes receivable 849 2,556
Different earnings, internet 2,009 (198)
Earnings tax restoration (expense) 33 (137)
Internet loss (53,343) (40,536)
Loss per share, primary and diluted (0.16) (0.12)
November 30, 2022
November 30, 2021
Money and time period deposits 125,882 169,124
Complete property 159,189 198,852
Complete liabilities 129,286 120,570

Internet loss elevated by $12.8 million in 2022 in comparison with 2021, primarily because of the expanded Donlin Gold drilling and work program, and decrease accretion earnings in 2022 ensuing from the receipt of the $75 million be aware from Newmont in July 2021. Growing rates of interest resulted in greater Barrick promissory be aware curiosity expense and was offset by earnings earned on money and time period deposits and favorable international trade actions.

In the course of the fourth quarter of 2022 we incurred a internet lack of $12.3 million in comparison with a internet lack of $10.3 million in 2021. The rise in internet loss primarily resulted from the expanded exercise at Donlin Gold and elevated curiosity on the promissory be aware, partially offset by greater curiosity earnings and decrease remediation expense for the previous New Gold Home mineral property.

Liquidity and Capital Sources
In 2022, the online lower in money and money equivalents of $27.2 million primarily resulted from Donlin Gold funding of $28.4 million, company working actions of $12.4 million and withholding tax on share-based compensation of $2.1 million, partially offset by money obtained from time period deposits of $16 million.

Internet spending on working actions elevated in 2022 from 2021 primarily because of the timing of company legal responsibility insurance coverage funds; partially offset by greater curiosity obtained on money and time period deposits on account of greater rates of interest. Donlin Gold funding elevated because of the expanded drilling and work program. In 2021, a $75,000 cost was obtained from Newmont associated to the 2018 sale of Galore Creek.

2023 Outlook

We anticipate spending roughly $31 million in 2023, which incorporates $13 million for company common and administrative prices; $1 million for working capital and different gadgets; and $17 million to fund our share of expenditures on the Donlin Gold mission, together with:

  • $8 million for exterior affairs, allowing, environmental, land, and authorized actions
  • $9 million for mission planning and fieldwork

NOVAGOLD’s main objectives in 2023 will probably be to proceed to advance the Donlin Gold mission towards a building resolution; keep or enhance assist for Donlin Gold among the many mission’s stakeholders; promote a powerful security, sustainability, and environmental tradition; keep a peer-leading repute for NOVAGOLD, its governance practices and its mission amongst shareholders; and handle the Firm’s treasury successfully and effectively. Our operations primarily relate to the supply of mission milestones, together with the achievement of varied technical, environmental, sustainable growth, financial and authorized targets, acquiring mandatory permits, graduation of feasibility research, preparation of engineering designs and the financing to fund these targets.

Convention Name & Webcast Particulars

NOVAGOLD’s convention name and webcast to debate these outcomes will happen on January 26, 2023, at 8:00 am PT (11:00 am ET). The webcast and convention call-in particulars are offered beneath.


NOVAGOLD is a well-financed treasured metals firm centered on the event of its 50%-owned Donlin Gold mission in Alaska, one of many most secure mining jurisdictions on the earth. With roughly 39 million ounces of gold within the Measured and Indicated Mineral Useful resource classes, inclusive of Confirmed and Possible Mineral Reserves (541 million tonnes at a median grade of roughly 2.24 grams per tonne within the Measured and Indicated Useful resource classes on a 100% foundation), 2 Donlin Gold is regarded to be one of many largest, highest-grade, and most potential identified open-pit gold deposits on the earth.

Based on the 2021 Technical Report and the S-Okay 1300 Report, as soon as in manufacturing, Donlin Gold is anticipated to supply a median of a couple of million ounces per 12 months over a 27-year mine life on a 100% foundation. The Donlin Gold mission has substantial exploration potential past the designed footprint which presently covers three kilometers of an roughly eight-kilometer-long gold-bearing pattern. Present actions at Donlin Gold are centered on State allowing, engineering research, neighborhood outreach, and workforce growth in preparation for the eventual building and operation of this mission. With a powerful stability sheet, NOVAGOLD is well-positioned to fund its share of allowing and development efforts on the Donlin Gold mission.

Scientific and Technical Data

Sure scientific and technical info contained herein with respect to the Donlin Gold mission is derived from the 2021 Technical Report and the S-Okay 1300 Report 3 . Henry Kim, P.Geo., Senior Useful resource Geologist, Wooden Canada Restricted; Mike Woloschuk, P.Eng., VP International Enterprise Growth & Consulting, Wooden Group USA, Inc.; and Kirk Hanson, MBA, P.E., Technical Director, Open Pit Mining, Wooden Group USA, Inc. are the Certified Individuals liable for the preparation of the 2021 Technical Report, and every is an impartial Certified Particular person as outlined by Nationwide Instrument 43-101 (“NI 43-101”). Wooden ready the S-Okay 1300 Report.

Paul Chilson, P.E., who’s the Supervisor, Mine Engineering for NOVAGOLD and a Certified Particular person beneath NI 43-101 and beneath S-Okay 1300, has accepted and verified the scientific and technical info associated to the 2022 Donlin Gold mission drill program, the 2021 Technical Report and the S-Okay 1300 Report contained on this media launch.

NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Company Communications

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

Cautionary Word Relating to Ahead-Trying Statements

This media launch contains sure “forward-looking info” and “forward-looking statements” (collectively “forward-looking statements”) inside the that means of relevant securities laws, together with the US Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements are often, however not all the time, recognized by phrases resembling “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “potential”, and related expressions, or statements that occasions, circumstances, or outcomes “will”, “could”, “might”, “would” or “ought to” happen or be achieved. Ahead-looking statements are essentially primarily based on a number of opinions, estimates and assumptions that administration of NOVAGOLD thought-about applicable and cheap as of the date such statements are made, are topic to identified and unknown dangers, uncertainties, assumptions, and different elements that will trigger the precise outcomes, exercise, efficiency, or achievements to be materially completely different from these expressed or implied by such forward-looking statements. All statements, apart from statements of historic reality, included herein are forward-looking statements. These forward-looking statements embrace statements concerning the anticipated timing of sure judicial and/or administrative selections; the 2023 Outlook; the timing and potential for an up to date feasibility examine on the mission; our objectives and deliberate expenditures for the rest of 2023; ongoing assist offered to key stakeholders together with Native Company companions; Donlin Gold’s continued assist to the State’s thorough allowing course of; the potential growth and building of Donlin Gold; the sufficiency of funds to proceed to advance growth of Donlin Gold, together with to a building resolution; perceived benefit of properties; mineral reserve and mineral useful resource estimates; Donlin Gold’s means to safe the permits wanted to assemble and function the Donlin Gold mission in a well timed method, if in any respect; authorized challenges to Donlin Gold’s present permits and the timing of choices in these challenges; the Donlin Gold LLC Board approval to advance Donlin Gold up the worth chain; the success of the strategic mine plan for Donlin Gold; the end result of exploration drilling at Donlin Gold and the timing thereof; and the conversion of Galore Creek right into a mine and the receipt of $25 million due in July 2023 from Newmont Company and the $75 million contingent cost from Newmont. As well as, any statements that confer with expectations, intentions, projections or different characterizations of future occasions or circumstances are forward-looking statements. Ahead-looking statements are usually not historic info however as an alternative symbolize the expectations of NOVAGOLD administration’s estimates and projections concerning future occasions or circumstances on the date the statements are made.

Essential elements that might trigger precise outcomes to vary materially from expectations embrace the necessity to acquire extra permits and governmental approvals; the timing and probability of acquiring and sustaining permits essential to assemble and function; the necessity for extra financing to discover and develop properties and availability of financing within the debt and capital markets; the coronavirus world pandemic (COVID-19); uncertainties concerned within the interpretation of drill outcomes and geological checks and the estimation of reserves and assets; adjustments in mineral manufacturing efficiency, exploitation and exploration successes; adjustments in nationwide and native authorities laws, taxation, controls or laws and/or adjustments within the administration of legal guidelines, insurance policies and practices, expropriation or nationalization of property and political or financial developments in the US or Canada; the necessity for continued cooperation between Barrick and NOVAGOLD for the continued exploration, growth and eventual building of the Donlin Gold property; the necessity for cooperation of presidency companies and Native teams within the growth and operation of properties; dangers of building and mining tasks resembling accidents, gear breakdowns, dangerous climate, illness pandemics, non-compliance with environmental and allow necessities, unanticipated variation in geological buildings, ore grades or restoration charges; sudden value will increase, which might embrace important will increase in estimated capital and working prices; fluctuations in steel costs and forex trade charges; whether or not a constructive building resolution will probably be made concerning Donlin Gold; and different dangers and uncertainties disclosed in NOVAGOLD’s most up-to-date stories on Varieties 10-Okay and 10-Q, significantly the “Danger Elements” sections of these stories and different paperwork filed by NOVAGOLD with relevant securities regulatory authorities on occasion. Copies of those filings could also be obtained by visiting NOVAGOLD’s web site at www.novagold.com , or the SEC’s web site at www.sec.gov , or at www.sedar.com . The forward-looking statements contained herein mirror the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to replace the forward-looking statements of beliefs, opinions, projections, or different elements, ought to they alter, besides as required by regulation.