Novagold Announces Appointment of New Director
NEWS RELEASE
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NOVAGOLD ANNOUNCES APPOINTMENT OF NEW DIRECTOR
July 21, 202 5 – Vancouver, British Columbia – NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the
“Company”) (NYSE American, TSX: NG) is pleased to announce that the Company’s Board of Directors (the
“Board”) has approved the appointment of Ali Erfan to serve on the Board effective immediately. Mr. Erfan’s
ascension will fill the vacancy left by the departure of director Diane Garrett.
“I am very pleased to welcome Ali Erfan to NOVAGOLD’s Board”, said Dr. Thomas S. Kaplan, NOVAGOLD’s
Chairman. “Mr. Erfan brings a wealth of knowledge and experience as a long -standing Vice-Chairman of
The Electrum Group , investment adviser to Electrum Strategic Resources, which is the Company’s largest
shareholder and a global leader in precious metals mining, with multi -billion-dollar investments and
operations in North America. I also wish to extend my deepest appreciation to Diane Garrett for her valued
guidance and significant contributions to the Company over her seven years of committed service.”
Mr. Erfan has extensive capital markets and industry experience as one of the key executives at Electrum,
which he joined in 2007, and as a founding board member of Leor Energy, a privately held North American
natural gas producer that went from a start-up in 2003 to being sold to Encana in 2007 for $2.6 billion. He
later served on the board of Gatos Silver from IPO through to its merger with First Majestic and presently
sits on the boards of Gabriel Resources Ltd. (TSX-V: GBU.V), and Electrum’s two privately-held silver vehicles
— Sunshine Silver Mining & Refining and Sinda.
Prior to joining Electrum, Mr. Erfan was a senior partner at 3i Group plc’s London headquarters, one of the
world’s most prominent listed private equity and venture capital investment companies. Earlier in his career,
Mr. Erfan was invested in several early -stage technology companies that achieved IPOs and M&A exits
internationally. These included , among others, HTE (acquired by BASF), Insensys (acquired by Moog Inc .),
Smart Fuel Cells (IPO Frankfurt), and CSR (IPO London, then acquired by Qualcomm) . Mr. Erfan graduated
from the University of Oxford with a BA and an MA in Philosophy, Politics and Economics. He holds an MBA
from the London Business School and is a member of Kauffman Fellows Class 10.
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 Res ource categories, inclusive of Proven and
Probable Mineral Reserves (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, 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
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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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 doi ng 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 goa ls; and that our activities will not
be adversely disrupted or impeded by development, operating or regulatory risks. Forward-looking statements are necessarily based on several opinions,
estimates and assumptions that management of NOVAGOLD considered app ropriate and reasonable as of the date such statements are made, are subject
to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, perfor mance, or achievements to be
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 perceived merit of prope rties; mineral reserve and
mineral resource estimates; and the success of the strategic mine plan for the Donlin Gold project , including expected production and mine life . 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 f rom expectations
include the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining a nd maintaining permits necessary to
construct and operate; the need for additional financing to complete an updated feasibility study and to explore and develop properties ; availability 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 nati onal and local government
legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property
and political or economic developments in the United States or Canada; the need for continued cooperat ion 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 envir onmental and permit
requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, whic h 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 recen t reports on Forms 10 -K and 10-Q,
particularly the “Risk Factors” sections of those reports and other documents filed by NOVAGOLD with applicable securities re gulatory authorities from time
to time. Copies of these filings may be obtained by visiting 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.