NOVAGOLD AND PAULSON’S ALASKA SITE VISIT BUILDS MOMENTUM IN DONLIN GOLD’S PATH TO DEVELOPMENT Meetings with Alaska Native Corporations, government officials and key stakeholders underscore positive momentum for the new Donlin Gold partnership and its updated project development
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NOVAGOLD AND PAULSON’S ALASKA SITE VISIT BUILDS MOMENTUM
IN DONLIN GOLD’S PATH TO DEVELOPMENT
Meetings with Alaska Native Corporations, government officials and key stakeholders underscore
positive momentum for the new Donlin Gold partnership and its updated project development
plan.
Donlin Gold contract awarded to prepare the Request for Proposals (RFP) to commence the
updated Bankable Feasibility Study (BFS) and expects to select top-tier qualified engineering firm(s)
by the fourth quarter of 2025.
Constructive discussions were held with natural gas pipeline developers and distributors exploring
different avenues to bring natural gas to Southcentral Alaska that could be very beneficial for Donlin
Gold.
Donlin Gold i dentified hiring priorities and initiated efforts to fill critical roles to support project
development.
August 20, 2025 – Vancouver, British Columbia – NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the
“Company”) (NYSE American, TSX: NG) and Paulson Advisers LLC (“Paulson” and together with NOVAGOLD,
the “Owners”) announced that, following the recent change in ownership of Donlin Gold LLC (“Donlin Gold”),
a project workshop was held in July in Alaska. The sessions brought together the Donlin Gold team, senior
representatives from both NOVAGOLD and Paulson, in attendance, including two prominent NOVAGOLD
shareholders — John Paulson and Dr. Thomas S. Kaplan . During the visit , participants met with key
stakeholders and focused on advancing the project to a BFS.
“It was a pleasure to accompany John and his team on their visit. Being on site for the second time in the
last month and meeting directly with representatives from Calista Corporation (“Calista”) and The
Kuskokwim Corporation (TKC), which are the land resource owners of the Donlin Gold project, as well as
local stakeholders , government officials, and infrastructure and logistics providers , reinforced both the
strength of our collaboration as well as the renewed momentum behind this project ”, said Dr. Thomas S.
Kaplan, NOVAGOLD’s Chairman . “More than ever before, with a beautifully aligned co -owner and the
backdrop of a gold bull market, the Company remains devoted to responsibly advancing the development
of what would be, at present estimates, America’s largest gold mine — and, above all, honoring the enduring
values of the region and respecting the long-term interests of all stakeholders.”
“I am committed to the development of this truly magnificent project. I was pleased to visit the site, spend
time in Aniak, a middle Kuskokwim village, and engage directly with local stakeholders and the Alaska Native
Corporations who are owners and stewards of the land where the project is located ,” said John Paulson,
Paulson’s Chairman. “We also held valuable and highly constructive discussions with government leaders
and prospective contractors for key infrastructure components. These engagements underscore our shared
dedication to progressing the project in a responsible, inclusive, and collaborative manner.”
As the project advances through this next phase toward a construction decision, the Alaska visit served as
a meaningful opportunity to expand stakeholder engagement and reaffirm Donlin Gold’s commitment to
responsible development . Meetings took place in Anchorage and in the Yukon–Kuskokwim (Y-K) region
with Calista and TKC, respectively, providing an excellent opportunity for NOVAGOLD’S new partner in
Donlin Gold, Paulson, to meet with and gain insight from local stakeholders as well as discuss the path
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forward. Most importantly, Donlin Gold and the Owners were invited to travel by boat on the Kuskokwim
River and visit a local fish camp that served as Paulson’s introduction to the area. It was also a unique
opportunity to see first-hand how Indigenous peoples rely on the Kuskokwim River for food, travel, and
sustaining their Traditional ways of life. Donlin Gold and the Owners look forward to ongoing and ever
closer exchanges with Calista and TKC as the project advances.
Representatives from TKC, Donlin Gold, NOVAGOLD, Paulson, and Electrum – Visit to a local fish camp on the
Kuskokwim River
TKC – President & CEO, Andrea Gusty ; Vice-President of Operations, Megan Leary; Land Consultant, Rachel
Klein; Shareholders & Fish Camp Owners – Johnny & Tamara Sakar ; Donlin Gold – General Manager, Todd
Dahlman, Permitting & Environmental Manager, Enric Fernandez; External Affairs Manager , Wendy
Lindskoog; Assistant Manager Community Relations, Rebecca Wilmarth ; Human Resources, Shaun Tygart;
Paulson – John Paulson; Partners, Marcelo Kim and Michael Waldorf; NOVAGOLD – Chairman, Dr. Thomas
S. Kaplan ; Director, Ali Erfan; President & CEO, Greg Lang ; VP & COO, Richard Williams, VP & General
Counsel, Ben Machlis; and VP Corporate Communications, Mélanie Hennessey; and Electrum – Mark Wallace
and Arezo Kohistany.
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Representatives of Calista’s Board of Directors, NOVAGOLD, Paulson, and Electrum – Alaska site tour July
2025
Calista – Board of Directors – Willie Kasayulie, Ron Hoffman, Audrey Alstrom, Johnnie Evan , George Guy;
President & CEO, Andrew Guy; NOVAGOLD – Chair, Dr. Thomas S. Kaplan and President & CEO, Greg Lang;
John Paulson; and Donlin Gold’s General Manager, Todd Dahlman.
In addition , highly collaborative meetings were held with key government representatives in Alaska ,
including Governor Mike Dunleavy, Department of Natural Resources Commissioner John Boyle, and former
Department of Revenue Commissioner Adam Crum in addition to state leaders to introduce the new Donlin
Gold ownership and discuss specific focus areas for the State of Alaska and Donlin Gold. As the second
largest gold-producing state in the U.S., Alaska offers superb opportunities for the responsible development
of employment-generating projects like Donlin Gold.
As part of the meetings held in July and in line with the project’s progression toward an updated BFS, the
Owners also reviewed ways of s treamlining organizational structures and accelerating hiring to build
capacity for the project’s advancement. Multiple executive search firms were engaged to support this effort.
Constructive meetings were also held with natural gas pipeline developers and distributors, Donlin Gold,
and its Owners. A clear outcome from these discussions was that opportunities are being explored and
analyzed to deliver natural gas to Southcentral Alaska that could be beneficial for Donlin Gold and its
stakeholders.
A contract was awarded to prepare the detailed RFP documents and manage the process to select top-tier
qualified engineering firms with the capability to successfully deliver a major commission like the Donlin
Gold BFS. Donlin Gold anticipates selecting the firm or firms responsible for this critical phase in the fourth
quarter of 2025. As always, Donlin Gold is upholding the highest standards of openness and transparency
in competitively requesting proposals and bids from the top firms in their respective fields to guide the
successful and responsible development of the Donlin Gold project.
Separately, the 2025 Donlin Gold 15,000 -meter drill program has been completed , following the shift in
focus to concentrate on converting and expanding reserves and resources. The Company anticipates
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providing an update on the drill results in the coming months. Furthermore, the Owners approved an
additional 3,000 meters for geotechnical drilling in the proposed pit and material sites for the project’s 30 -
mile access road from the planned Jungjuk port on the Kuskokwim River to the Donlin Gold site. Some
activities that were originally planned for 2025 were redirected to support BFS work with no material impact
expected on Donlin Gold’s budgeted 2025 expenditures.
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, once in production,
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.
NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Corporate Communications
Frank Gagnon
Manager, Investor Relations
604-669-6227 or 1-866-669-6227
www.novagold.com
Cautionary Note Regarding Forward-Looking Statements
This media release includes certain “forward -looking information” and “forward -looking statements” (collectively “forward -looking statements”) within the
meaning of applicable securities legislation, including the United States Private Securities Litigatio n Reform Act of 1995. Forward- looking statements are
frequently, but not always, identified by words such as “expects”, “continue”, “ongoing”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”,
and similar expressions, or statemen ts that events, conditions, or results “will”, “may”, “could”, “would” or “should” occur or be achieved. Forward-looking
statements contained in this media release are based on a number of material assumptions, including but not limited to the fo llowing, which could prove to
be significantly incorrect: our ability to achieve production at Donlin Gold; the cost estimates and assumptions contained in the 2021 Technical Report and
the S-K 1300 Technical Report Summary; estimated metal pricing, metallurgy, mineability, marketability and operating and capital costs, together with other
assumptions underlying our resource and reserve estimates; our expected ability to develop adequate infrastructure and that t he cost of doing so will be
reasonable; assumptions that all necessary permits and governmental approvals will be obtained and the timing of such approvals; assumptions made in the
interpretation of drill results, the geology, grade and continuity of our mineral deposits; our expectations regarding demand for equipment, skilled labor and
services needed for exploration and development of mineral properties; our ability to improve our ESG initiatives and goals; and that our activities will not
be adversely disrupted or impeded by development, operating or regula tory risks. Forward-looking statements are necessarily based on several opinions,
estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements ar e made, are subject
to known and unknown risks, uncertainties , assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be
1 Donlin Gold data as per the report titled “NI 43-101 Technical Report on the Donlin Gold project, Alaska, USA” with an effective date of June 1, 2021 (the “2021 Technical
Report”) and the report titled “S-K 1300 Technical Report Summary on the Donlin Gold project, Alaska, USA” (the “S-K 1300 Technical Report Summary”), dated November 30,
2021. Donlin Gold possesses Measured Resources of approximately 8 Mt grading 2.52 g/t and Indicated Resources of approximately 534 Mt grading 2.24 g/t, each on a 100%
basis and inclusive of Mineral Reserves, of which approximately 5 Mt of Measured Resources and approximately 320 Mt of Indicated Resources inclusive of Reserves is
currently attributable to NOVAGOLD through its 60% ownership interest in Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of
approximately 0.9 Mt grading 2.23 g/t and Indicated Resources of approximately 69 Mt grading 2.44 g/t, of which approximately 0.5 Mt of Measured Resources and
approximately 42 Mt of Indicated Resources exclusive of Mineral Reserves is currently attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 8
Mt grading 2.32 g/t and Probable Reserves of approximately 497 Mt grading 2.08 g/t, each on a 100% basis, of which approximately 5 Mt of Proven Reserves and
approximately 298 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300.
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materially different from those expressed or implied by such forward -looking statements. All statements, other than statements of historical fact, included
herein are forward-looking statements. These forward -looking statements include statements regarding plans for and the estimate d timing of an updated
Bankable Feasibility Study (BFS) on the Donlin Gold project; our goals and planned activities for 2025; ongoing support provided to key stakeholders including
Native Corporation landowners; Donlin Gold’s continued support for the state and federal permitting process; the potential development and construction of
the Donlin Gold project; the timing and ability for the Donlin Gold project to hit critical milestones; the ability for the D onlin Gold development project to hit
the anticipated projects; the sufficiency of funds to continue to advance development of Donlin Gold, including to a constructi on decision; perceived merit of
properties; mineral reserve and mineral resource estimates; and Donlin Gold’s ability to secure the permits needed to construct and operate the Donlin Gold
project in a timely manner, if at all; legal challenges to Donlin Gold’s existing permits and the timing of decisions in those challenges; plans to continue to
advance the Donlin Gold project safely, socially responsibly and to sustainably generate value for our stakeholders; continued cooperation between the
Owners of Donlin Gold LLC to advance the project; the Company’s ability to deliver on its strategy with the Donlin Gold project, increasing the value of the
project; the success of the strategic mine plan for the Donlin Gold project, the success of the Donlin Gold community relations plan; the anticipated outcome
of exploration drilling at the Donlin Gold project and the timing thereof ; the completion of the test work and modeling and the timing thereof, including
expected production and mine life , the ability and merit of delivering natural gas to South Central Alaska , the timing to select the firms for the feasibility
study, and the timing of drill result updates. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future
events or circumstances are forward -looking statements. Forward -looking statements are not historical facts but instead represent the expectations of
NOVAGOLD management’s estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that
could cause actual results to differ materially from expectations include the need to obtain additional permits and governmen tal approvals; the timing and
likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to complete an updated BFS and to
explore and develop properties; availability and limitations on methods of financing in the debt and capital markets; disease pandemics; uncertainties involved
in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation
and exploration successes; changes in national and local government legislation, taxation, trade policies, controls or regulations and/or changes in the
administration of laws, policies and practices, expropriation or nationalization of property and political or economic develo pments in the United States or
Canada; the need for continued cooperation between the owners of Donlin Gold LLC to advance the project; the need for cooperation of government agencies
and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents , equipment breakdowns, bad
weather, disease pandemics, non -compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or
recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and
currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties
disclosed in NOVAGOLD’s most recent reports on Fo rms 10-K and 10-Q, particularly the “Risk Factors” sections of those reports and other documents filed
by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by v isiting NOVAGOLD’s website
at www.novagold.com, or the SEC’s website at www.sec.gov, or on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained herein reflect
the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to update the forward-looking
statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.