NOVAGOLD Reports First Quarter 2022 Financial Results Final Results from 2021 Donlin Gold Drilling Program Continued to Deliver High-Grade Intercepts as expected, Supporting the Modelled Resource Estimate 2022 Donlin Gold Drill Program is Largest in more than a Decade, Focused on
NYSE AMERICAN, TSX: NG
NEWS RELEASE
www.novagold.com
Page | 1
NOVAGOLD Reports First Quarter 2022 Financial Results
Final Results from 2021 Donlin Gold Drilling Program Continued to
Deliver High-Grade Intercepts as expected, Supporting the Modelled Resource
Estimate
2022 Donlin Gold Drill Program is Largest in more than a Decade, Focused on
Advancing Preparation for Feasibility Work
Robust $155-Million Treasury with 2023 Receivable of $25 Million
The success of the expanded 2021 Donlin Gold drill program delivered on its objectives to validate recent
geologic modelling concepts to support future feasibility work and test for extensions of high-grade
zones. The results support the existing global resource estimate, the recent modelling concepts, and
strategic mine planning work.
With the largest project budget in more than a decade, a plan is in place to advance Donlin Gold up the
value chain in 2022 and position the project to be able to proceed with the preparation of an updated
feasibility study, subject to Donlin Gold LLC Board approval.
NOVAGOLD’s treasury remained strong with $155 million in cash and term deposits as of February 28, 2022,
with another $25 million due in July 2023 from Newmont, the total being more than sufficient to advance
Donlin Gold up the value chain.
April 5, 2022 - Vancouver, British Columbia – NOVAGOLD RESOU RCES INC. (“NOVAGOLD” or “the
Company”) (NYSE American, TSX: NG) today released its 2022 first 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 February 28, 2022 are presented in the consolidated
financial statements and quarterly report filed on Form 10-Q on April 5, 2022 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.
In the first quarter 2022, the following milestones were achieved at Donlin Gold:
Reopened the camp in January 2022, the first quarter ended with three drill rigs operating and
approximately 70 people on site, with a majority of Donlin Gold direct hire employees who are Alaska
Native from the Yukon-Kuskokwim (Y-K) region. For the health and safety of our workforce and members
of the community, strict COVID-19 mitigation protocols remain in effect.
Received the final set of assay results (21 complete holes and 22 partial holes, encompassing the
remaining 8,500 meters of length drilled) from the 2021 drill program, which were reported to the market
jointly by Donlin Gold, Barrick, and NOVAGOLD on February 28, 2022.
A great outcome for the year: “The 2021 drill campaign finished strongly with high-grade
intercepts and some of the best drill results for an open-pit project industry wide.” (Barrick Gold
Corporation, 2021 Annual Report).
1 NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years, annual projected
production of at least 500,000 ounces of gold, and average projected cash costs over the production life that are in the lower half of the
industry cost curve.
NYSE AMERICAN, TSX: NG
NEWS RELEASE
www.novagold.com
Page | 2
Continued to provide critical assistance to local communities through funding and participation in
initiatives related to health and safety, infrastructure, environmental management, training and education,
and support of the indigenous culture in the Y-K region. The latter has represented a core undertaking of
the Donlin Gold team, our Alaska Native partners, Calista Corporation (“Calista”) and The Kuskokwim
Corporation (TKC), and other key representatives of Y-K communities. Over the last quarter, Donlin Gold:
Worked with six school districts in the region as part of the national Dictionary Project to provide
a personal Yu’pik dictionary to all 3rd graders, supplying nearly 5,000 dictionaries over the last
decade.
In a new partnership with Alaska Safe Riders, sponsored Iron Dog Days where the community
participated in safety briefings and vintage snowmobile races.
Partnered with TKC to support an end of year program in December 2021 to deliver food to Elders
in the Yukon. Additionally, we worked with TKC to provide smoke detectors to stakeholders.
Provided financial support for the 2022 Kuskokwim ice road, a 270-mile long plowed and marked
ice road that significantly improved safety and access to 17 communities in the Y-K region for
residents in remote locations.
Calista and Donlin Gold, with support from NOVAGOLD and Barrick, continued their proactive bipartisan
government outreach in Alaska and Washington, D.C. to highlight the thoroughness of the project’s
environmental review and permitting processes, as well as future opportunity for responsible economic
development, including the significant benefits that will realized by all Alaska Natives.
President’s Message
Most Significant Donlin Gold Investment in Over a Decade: Advancing the Project in
Preparation for Feasibility and Potential Identification of Further Upside
In the first quarter 2022, activities commenced early in the year with the camp opening in January to prepare
the site for the largest drilling program in ten years, with three drill rigs operating and approximately 70
people on the property. Winter drilling was key to access areas that would otherwise be challenging in milder
conditions. As always, the health and safety of Donlin Gold’s workforce and members of the surrounding
communities remained a top priority as Donlin Gold continued to adhere to strict safety protocols, including
COVID-19 mitigation.
The proposed budget for Donlin Gold LLC (100 percent) in 2022 is anticipated to be $60 million (of which
NOVAGOLD’s portion is 50 percent) as previously reported. The focus will be to update geologic modelling
and interpretation work for an updated resource model and engineering activities for use in an updated
project feasibility study; undertake approximately 34,000 meters of planned tight spaced grid drilling and in-
pit and below-pit exploration drilling; support fieldwork and permitting for the Alaska Dam Safety
Certifications; advance environmental activities; and support community and external affairs efforts.
The balance of the Donlin Gold assay results for the 2021 drill program were jointly released by Donlin Gold,
NOVAGOLD and Barrick on February 28, 2022. The drill program was completed in September with 79 holes
drilled for a total of 24,264 meters. The final set of results released included assays for 21 complete holes and
22 partial holes, encompassing the remaining approximate 8,500 meters of length drilled. I fully agree with
Mark that the 2021 drill campaign finished strongly with high-grade intercepts and some of the best drill
results for an open-pit project industry wide. Full details of the results for the 2021 drill program can be
accessed here: “Donlin Gold Announces Final Assay Results for 2021 Drill Program”. The primary objective of
the 2021 drill program was achieved by validating recent geologic modelling concepts to support future
NYSE AMERICAN, TSX: NG
NEWS RELEASE
www.novagold.com
Page | 3
feasibility work, data collection for geotechnical and geometallurgical purposes, test for extensions of high-
grade zones, and identify 2022 drill targets. As a result of the success in 2021, the drilling program was
expanded upon in 2022.
Once the 2021 drill data has been incorporated into an updated resource model, it is anticipated that the
owners will determine updated mining schedules and life of mine business plans prior to shifting to an
updated feasibility study, subject to a formal decision by the Donlin Gold LLC Board to proceed.
External Affairs and Native Corporation Leadership Role
Calista and Donlin Gold, in close coordination with NOVAGOLD and Barrick, co-lead our government relations
efforts, an important part of advancing the Donlin Gold project through permitting and beyond. During the
first quarter, Calista and Donlin Gold continued their proactive bipartisan outreach in Alaska and Washington
DC to highlight the thoroughness of the project’s environmental review and permitting processes, including
the importance of responsible and much-needed economic development in the Y-K region and throughout
Alaska. Together we emphasized that the project is located on Alaska Native Corporation lands, and Calista
owns the minerals that they selected under the Alaska Native Claims Settlement Act (ANSCA) of 1971. We
described the various benefits that the project would deliver to the residents of the Y-K region and all Native
Alaskans.
Consistent Engagement with Stakeholders
One of the key areas in which we spend a considerable amount of time and resources at the Donlin Gold
project is in supporting local communities by funding and participating in initiatives related to health and
safety, environmental management, training and education, and cultural initiatives in the Y-K region. The
Donlin Gold team, Calista and TKC, as well as other key representatives of Y-K communities, work together to
achieve these goals with the ultimate objective of ensuring sustainable and profitable project development.
Several examples of these first quarter initiatives included Donlin Gold partnering with TKC to provide smoke
detectors in stakeholder homes and delivering food to Elders; working with the six school districts in the Y-K
region as part of the national Dictionary Project to provide a personal Yu’pik dictionary to all 3rd graders,
supplying nearly 5,000 dictionaries over the last decade; and sponsoring Iron Dog Days, as part of a new
partnership with Alaska Safe Riders, where the community participated in safety briefings and vintage
snowmobile races.
A more significant undertaking by Donlin Gold and numerous communities along the Kuskokwim River was
the funding of the 2022 Kuskokwim ice road, a 270-mile long plowed and marked ice road that has
significantly improved safety and access to 17 nearby Y-K region communities for residents in remote
locations.
Substantial, High-Quality Resource with Exploration Upside in a Safe Place
We believe Donlin Gold to be one of the industry’s rarest, largest, and most advanced open-pit gold
development projects. It is located on private land specifically designated for mining in Alaska – the United
States’ second largest gold producing state. Environmentally and socially responsible resource development is
welcome in Alaska as one of the world’s safest places to operate – in other words, a jurisdiction where an
investor can sleep well at night.
NOVAGOLD and its community of stakeholders are blessed to have a share of this special project and honored
to have that hard-earned Federal Record of Decision for development. They can benefit from the incredible
leverage that Donlin Gold offers in an environment of escalating precious metals prices… and keep the fruits
of that leverage. At a time when companies, desperate to replace their depleting endowments, have to
NYSE AMERICAN, TSX: NG
NEWS RELEASE
www.novagold.com
Page | 4
venture into increasingly risky geo-political frontiers with uncertain physical and financial security for their
investment, Donlin Gold, with approximately 39 million ounces of gold in Measured and Indicated
Mineral Resources, inclusive of Proven and Probable Mineral Reserves (100 percent, approximately 19.5 million
ounces attributable to NOVAGOLD) grading 2.24 grams per tonne2 (twice the industry average for an open-pit
project3), is ideally positioned to deliver long-term benefits with a mine life that, already measured in decades,
has potential to grow. Donlin Gold’s extraordinary exploration potential is manifested by the fact that the
existing deposit is not only open laterally as well as at depth, but that its Mineral Resources are contained
within only three kilometers of an eight-kilometer mineralized belt – itself located on less than 5 percent of
Donlin Gold’s total land package. We believe NOVAGOLD’s 50 percent ownership in this unique asset clearly
constitutes a special investment opportunity for our broad community of stakeholders, including our
shareholders.
Solid Treasury to Advance Donlin Gold
Over the last decade, we have been diligent stewards of our balance sheet. NOVAGOLD’s treasury remained
strong with $155 million in cash and term deposits as of February 28, 2022, with another $25 million due in
July 2023 from Newmont and an additional payment of $75 million contingent upon the owners of Galore
Creek making a construction decision.
I was pleased when Don Lindsay, CEO of Teck Corporation, recently said how much he likes Galore Creek as an
asset, its spectacular grades, and his conviction that it will be a mine. We share his enthusiasm for the project
and wish Teck and Newmont well on their journey to developing this exceptional deposit.
As always, I would like to extend my sincere gratitude to the experienced team of professionals at
NOVAGOLD, Donlin Gold and Barrick – as well as the excellent drilling contractor teams. We pride ourselves in
our commitment to health and safety and recognize the importance of the great mutual support we have
been experiencing with our Native Corporation partners, Calista and TKC.
I have the pleasure of working with an incredible Board whose members provide exceptional strategic
guidance and are committed to best governance practices. Their unwavering commitment and engagement
are greatly appreciated. Working in Alaska has been a true pleasure and we are thankful for the State
agencies’ diligent approach and adherence to established regulatory procedures.
NOVAGOLD has been blessed with long-term institutional and retail shareholders, some of whom have been
invested in the Company for well over a decade. High quality investment groups like Paulson & Co., Fidelity
Investments, BlackRock, the Saudi Public Investment Fund, First Eagle, and EXOR have been long-term
investors in NOVAGOLD. We are grateful that they chose to invest in our Company, as well as for their
continued interest and engagement. As stewards of the Company, we are committed to deliver on our
strategy that was set forth a decade ago to increase shareholder and stakeholder wealth in a safe and socially
responsible manner.
2 Donlin Gold data as per the 2021 Technical Report (as defined herein). 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 50% are attributable to NOVAGOLD through their 50% owner ship interest in the joint venture that owns the mineral rights and
manages the Donlin property. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1 Mt grading
2.23 g/t and Indicated Resources of approximately 69 Mt grading 2.44 g/t, each of which 50% are 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 50% are attributable to NOVAGOLD. Mineral Resources and Reserves have been estimated in accordance with NI
43-101 and S-K 1300.
3 2020 average grade of open pit and underground deposits with gold as primary commodity and over 1 Moz in measured and indicat ed
resources is 1.12 g/t, sourced from S&P Global Market Intelligence.
NYSE AMERICAN, TSX: NG
NEWS RELEASE
www.novagold.com
Page | 5
We are very enthusiastic about the year ahead with all the activities and the progress towards advancing
Donlin Gold up the value chain and launching the updated feasibility study. I wish you all good health and
safety.
Sincerely,
Gregory A. Lang
President & CEO
Financial Results
in thousands of U.S. dollars, except for per share amounts
Three months ended
February 28, 2022
$
Three months ended
February 28, 2021
$
General and administrative expense (1) 5,177 5,329
Share of losses – Donlin Gold 4,040 1,968
Total operating expenses 9,217 7,297
Loss from operations (9,217) (7,297)
Interest expense on promissory note (1,512) (1,434)
Accretion of notes receivable 210 854
Other income (expense), net 524 (79)
Net loss (9,995) (7,956)
Net loss per common share, basic and diluted (0.03) (0.02)
At
February 28, 2022
$
At
November 30, 2021
$
Cash and term deposits 155,133 169,124
Total assets 188,411 198,852
Total liabilities 119,977 120,570
(1) Includes share-based compensation expense of $2,091 and $2,042 for the first quarter-ended February 28, 2022 and quarter-ended
February 28, 2021, respectively.
During the first quarter of 2022, we incurred a net loss of $10.0 million compared to a net loss of $8.0 million
for the comparable period in 2021. The increase in net loss is primarily due to the earlier commencement of
the Donlin Gold drilling program in 2022, and reduced accretion income due to the maturity of the $75 million
Newmont note in July 2021, partially offset by lower legal expenses, an increase in the value of marketable
securities, and favorable foreign exchange movements.
Liquidity and Capital Resources
In the first quarter of 2022 cash and cash equivalents decreased by $14.0 million, primarily to fund our share of
Donlin Gold, for corporate administrative expenses, and for withholding taxes on share-based payments. The
increase in cash used in the first quarter of 2022 compared to 2021 was due to the earlier commencement of
the Donlin Gold drilling program in 2022, the timing of corporate liability insurance payments, increased
NYSE AMERICAN, TSX: NG
NEWS RELEASE
www.novagold.com
Page | 6
withholding tax on share-based compensation in 2022 (no cash was used for CEO and CFO withholdings in
2021), and no proceeds received from term deposits in 2022 compared to $10,000 received in 2021.
At the end of the first quarter, cash and term deposits were $155.1 million (Cash $77.1 million, term deposits
$78.0 million). An additional payment from Newmont of $25 million comes due in 2023 related to the sale of
NOVAGOLD’s 50 percent interest in the Galore Creek project in 2018, along with a note for $75 million
contingent upon approval of a Galore Creek project construction plan by the owner(s). At present, we believe
we have sufficient working capital available to cover anticipated funding of the Donlin Gold project and
corporate general and administrative costs until a decision to commence engineering and construction is
reached by the Donlin Gold board for the Donlin Gold project, at which point substantial additional capital will
be required.
2022 Outlook
We anticipate spending approximately $46 million in 2022, which includes $13 million for corporate general
and administrative costs; $3 million for withholding taxes on PSUs and other working capital; and $30 million
to fund our share of expenditures at the Donlin Gold project, including:
• $17 million for the 2022 drill program (approximately 34,000 meters of core drilling)
o Grid drilling (mineralization continuity and geologic structural controls in three areas of the
deposit)
o In-pit and below-pit exploration
o Platform mapping to confirm mineralization continuity and key geological controls in
representative areas of the deposit
• $9 million for external affairs, permitting, environmental, land and legal activities, and
• $4 million for project planning and fieldwork (dam and water structures, metallurgical testing, mining
studies, hydrogeology and geochemistry, and infrastructure planning).
NOVAGOLD’s primary goals in 2022 are to continue to advance the Donlin Gold project toward a construction
decision; maintain or increase support for Donlin Gold among the project’s stakeholders; promote a strong
safety, sustainability, and environmental culture; maintain a favorable reputation for NOVAGOLD, its
governance practices and its project among shareholders; and manage the Company treasury effectively and
efficiently. Our operations primarily relate to the delivery of project milestones, including the achievement of
various technical, environmental, sustainable development, economic and legal objectives, obtaining necessary
permits, completion of feasibility studies, preparation of engineering designs and the financing to fund these
objectives.
NYSE AMERICAN, TSX: NG
NEWS RELEASE
www.novagold.com
Page | 7
Conference Call & Webcast Details
NOVAGOLD’s conference call and webcast to discuss these results will take place on April 6, 2022 at
8:00 am PT (11:00 am ET). The webcast and conference call-in details are provided below.
Video Webcast: www.novagold.com/investors/events
North American callers: 1-800-319-4610
International callers: 1-604-638-5340
NOVAGOLD’s quarterly reporting schedule for the remainder of 2022 will be as
follows:
Q1 2022 – A conference call and webcast will be held on Wednesday, April 6, 2022 at 11 a.m. ET to discuss
Q1 2022 financial results.
Annual Meeting of Shareholders – Wednesday, May 18, 2022; the meeting will be held at 1 p.m. PT.
Q2 2022 – Tuesday, June 28, 2022; financial statements will be released after market close and a Donlin
Gold project update will be released on Tuesday, July 5. A conference call and webcast will be held on
Wednesday, July 6, 2022 at 11 a.m. ET.
Q3 2022 – Tuesday, October 4, 2022; financial statements and a Donlin Gold project update will be
released after market close. A conference call and webcast will be held on Wednesday, October 5, 2022 at
11 a.m. ET.
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company focused on the development of its 50 percent-owned
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, 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 Resource categories on a 100 percent basis),4 Donlin Gold 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 Report, once in production, Donlin Gold is expected
to produce an average of more than one million ounces per year over a 27-year mine life on a 100 percent
basis. The Donlin Gold project has substantial exploration potential beyond the designed footprint which
currently covers three kilometers of an approximately eight-kilometer-long gold-bearing trend. Current
activities at Donlin Gold are focused on State permitting, optimization work, community outreach, and
workforce development in preparation for the eventual construction and operation of this project. With a
strong balance sheet, NOVAGOLD is well-positioned to fund its share of permitting and optimization
advancement efforts at the Donlin Gold project.
4 Donlin Gold data as per the 2021 Technical Report and the S-K 1300 Report, as defined below. Donlin Gold 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, 50% of which are attributable to NOVAGOLD . Mineral Resources have been estimated in accordance with NI 43 -
101.ADD SK 1300 Of the foregoing, 50% is attributable to NOVAGOLD.
NYSE AMERICAN, TSX: NG
NEWS RELEASE
www.novagold.com
Page | 8
Scientific and Technical Information
Certain scientific and technical information contained herein with respect to the Donlin Gold project is derived
from the 2021 Technical Report and the S-K 1300 Report5. Henry Kim, P.Geo., Senior Resource Geologist,
Wood Canada Limited; Mike Woloschuk, P.Eng., VP Global Business Development & Consulting, Wood Group
USA, Inc.; and Kirk Hanson, MBA, P.E., Technical Director, Open Pit Mining, Wood Group USA, Inc. are the
Qualified Persons responsible for the preparation of the 2021 Technical Report, and each is an independent
Qualified Person as defined by National Instrument 43-101 (“NI 43-101”). Wood prepared the S-K 1300
Report.
Paul Chilson, P.E., who is the Manager, Mine Engineering for NOVAGOLD and a Qualified Person under
NI 43-101, has approved and verified the scientific and technical information related to the 2021 Donlin Gold
project drill program, the 2021 Technical Report and the S-K 1300 Report contained in this media release.
NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Corporate Communications
604-669-6227 or 1-866-669-6227
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 Litigation Reform Act of
1995. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”,
“estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, “would” or
“should” occur or be achieved. 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 are 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
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 the anticipated results
for the 2022 drill programs; the anticipated timing of certain judicial and/or administrative decisions; the 2022 Outlook; the timing and
potential for an updated feasibility on the project; our goals for the remainder of 2022; anticipated benefits from the 2017, 2020, 2021, and
2022 drill programs including an improved geological model for Donlin Gold; ongoing support provided to key stakeholders including Native
Corporation partners; the potential impact of the COVID-19 pandemic on the development of Donlin Gold; the potential development and
construction of Donlin Gold; the sufficiency of funds to continue to advance development of Donlin Gold; perceived merit of properties;
mineral reserve and mineral resource estimates; 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; the Donlin Gold LLC Board approval to advance Donlin
Gold up the value chain; the success of the strategic mine plan for Donlin Gold; the outcome of the planned tight spaced and exploration
drilling; and the conversion of Galore Creek into a mine and the receipt of the $75 million contingent payment from Newmont. In addition,
any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-
5 The Company retained Wood Canada Limited (“Wood”) in 2021 to update content in its previously filed “Donlin Creek Gold Project, Alaska,
USA, NI 43 -101 Technical Report on the Second Updated Feasibility Study ,” effective November 1 8, 2011, and amended January 20, 2012.
This update resulted in a 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 was filed on August 31, 2021. The C ompany is a registrant with the SEC and is reporting its
exploration results, Mineral Resources, and Mineral Reserves in accordance with Subpart 229.1300 of Regulation S -K – Disclosure by
Registrants Engaged in Mining Operations (“S-K 1300”) as of November 30, 2021. While the S-K 1300 rules are similar to National Instrument
43-101 Standards of Disclosure for Mineral Projects rules in Canada, they are not identical and therefore two reports have been produced
for the Donlin Gold project. The Company request ed that Wood prepare a Technical Report Summary of the Donlin Gold project, Alaska,
USA using the standards of S-K 1300 and it is titled “S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA” (“S-K 1300
Report”), current as of November 30, 2021. Wood incorporated 2020 costs and new gold price guidance to meet the Company’s reporting
requirements. The resultant 2021 Technical Report and S -K 1300 Report showed no material change to the previously reported mineral
resources or mineral reserves.