NOVAGOLD REPORTS HIGH-GRADE DRILL RESULTS AND RECEIVES POSITIVE DECISION FROM ALASKA SUPREME COURT Final Assay Results Yield Additional High-Grade Gold Intercepts: The 2025 Donlin Gold drill program delivered high-grade intercepts, across multiple zones, including standout intervals up to
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NOVAGOLD REPORTS HIGH-GRADE DRILL RESULTS AND RECEIVES
POSITIVE DECISION FROM ALASKA SUPREME COURT
Final Assay Results Yield Additional High-Grade Gold Intercepts: The 2025 Donlin Gold drill
program delivered high-grade intercepts, across multiple zones, including standout intervals up to
26.22 g/t gold, further supporting its position as one of the largest and highest-quality gold projects
globally.
Alaska Supreme Court Upholds Key State Permits: The Court affirmed Donlin Gold’s water rights
for the mine and State Right-Of-Way (“State ROW”) lease for its proposed natural gas pipeline,
validating the State of Alaska’s rigorous review and enabling the project to move forward responsibly.
Federal Permits in Hand with Acceptance into the Fixing America’s Surface Transportation Act
(FAST-41): The FAST-41 enhances transparency, accountability, and predictability in Donlin Gold’s
supplemental federal permitting process.
November 25, 2025 – Vancouver, British Columbia – NOVAGOLD RESOURCES INC. (“NOVAGOLD” or
the “Company”) (NYSE American, TSX: NG) is pleased to announce the final assay results from the 2025
Donlin Gold drill program, marking a significant milestone in the advancement of what is anticipated to
be America’s largest gold mine. Additionally, NOVAGOLD achieved two significant permitting milestones
with the acceptance of Donlin Gold into the Federal Permitting Improvement Steering Council’s FAST-41
program — an important step to ensure a transparent, accountable, and predictable process for
conducting the supplemental environmental analysis requested by the U.S. District Court for the District of
Alaska — and a favorable ruling from the Alaska Supreme Court affirming both the project’s water rights
and the Department of Natural Resources’ approval of the State ROW lease for the proposed 316-mile
natural gas pipeline.
“To date, the drilling at Donlin has yielded terrific results,” said Greg Lang, NOVAGOLD’s President and
CEO. “The 2025 drill program continues to exceed expectations and provide key data points for the
Bankable Feasibility Study (BFS), which is expected to commence by the first quarter of 2026. With
consistent high-grade intercepts, acceptance into the FAST-41 program, and a decisive legal win in Alaska,
Donlin Gold is advancing with remarkable determination. These milestones not only validate the
extraordinary quality of the asset and demonstrate the strength of our team, but also provide the
momentum needed to support the next phase of development. The progress we have made — both
technically and on the permitting front — positions Donlin Gold as a standout project in the global gold
sector.”
Most Recent Drill Program Solidifies Donlin Gold’s Path to BFS
The 2025 Donlin Gold drill program was expanded to support the updated resource model and advance
the BFS, reinforcing the project’s long-term development strategy. Work centered on three key areas: grid
drilling to refine mine-planning inputs; in-pit exploration drilling to strengthen geological modelling and
resource conversion; and geotechnical drilling, including pit wall and material site assessments for the
planned access road — all essential to the BFS.
Supported by a team of about 80 locally hired staff and external contractors, the 2025 drill program
intersected multiple zones of high-grade gold mineralization. The findings contribute vital inputs for
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engineering work, mine planning, and resource modelling — marking an important milestone on the
Company’s path to a BFS.
The top five intervals from the final set of 2025 assays include:
DC25-2262 intersected 41.09 m grading 3.06 g/t gold starting at 387.96 m drilled depth. The true
width of mineralization across this interval is estimated to be 35.87 m.1
DC25-2262 intersected 21.03 m grading 4.51 g/t gold starting at 354.09 m drilled depth. The true
width of mineralization across this interval is estimated to be 18.16 m.
DC25-2275 intersected 4.38 m grading 26.22 g/t gold starting at 165.95 m drilled depth. The true
width of mineralization across this interval is estimated to be 3.15 m.
DC25-2263 intersected 27.43 m grading 4.14 gold starting at 381.17 m drilled depth. The true width
of mineralization across this interval is estimated to be 17.72 m.
DC25-2267 intersected 13.89 m grading 7.08 g/t gold starting at 442.67 m drilled depth. The true
width of mineralization across this interval is estimated to be 12.87 m.
Figure 1 — Donlin Gold Drill Hole Collar Locations
The figure shows the drill hole collar locations of the 2025 program. The drill hole orientations, depths
and significant intervals are shown at the end of this release in Tables 1 and 2 of the Appendix.
1 True width of intercepts has been estimated based on the latest geological model and it is subject to refinement as additional data becomes available. Except where specifically
disclosed, the true width of intercepts is unknown at this stage.
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The program included 19 infill holes in the previously drilled East ACMA grid (2021) totaling 5,079 meters,
aimed at verifying short scale continuity of mineralization and improving resource confidence and key
inputs for mine planning.
In-pit exploration comprised 24 holes totaling 10,370 meters, targeting areas of the pit containing
Inferred Resources with the potential to be converted to Indicated Resources.
Geotechnical drilling comprised four holes totaling 2,607 meters for pit wall stability analysis and mine
design, and an additional 26 holes totaling 399 meters of drilling on the material sites for construction of
the access road from the Jungjuk port on the Kuskokwim River to Donlin Gold. All drilling was conducted
using core methods to ensure precision and high-quality geological data.
Federal FAST-41 Designation
On October 27, 2025, Donlin Gold was formally accepted into the FAST-41 program, a federal initiative
that enhances transparency, accountability, and predictability in the federal permitting process.
Established in 2015, FAST-41 ensures that permitting timelines are clearly defined, publicly available and
coordinated among federal agencies, while maintaining every existing environmental safeguard and
regulatory requirement. This designation is expected to result in a more efficient permitting timeline and
reflects the strategic importance of Donlin Gold as a responsible and key economic development project
in Alaska.
“We’re grateful to the Permitting Council for including Donlin Gold in the FAST-41 program,” said Todd
Dahlman, Donlin Gold’s General Manager. “This milestone brings us one step closer to responsibly
advancing the project through this improved federal coordination program, with its predictable
permitting timelines and improved public transparency.”
As part of the acceptance, Donlin Gold is now listed on the Federal Permitting Dashboard in connection
with the project’s Supplemental Environmental Impact Statement (SEIS). In 2025, the U.S. Alaska District
Court directed the U.S. Army Corps of Engineers (USACE) and the Bureau of Land Management (BLM) to
supplement the current Environmental Impact Statement with an analysis of a larger theoretical tailings
dam release, while leaving Donlin Gold’s federal permits in place. As part of the ongoing federal review,
the USACE, in consultation with BLM, will lead the SEIS process to conduct this analysis. This transparent,
science-based review is designed to provide both the public and decision-makers with complete and
accurate information. While most projects that are accepted into FAST-41 program are at the initial stages
of permitting, Donlin Gold has been deeply engaged in permitting for over a decade and has received
most of its state and federal permits. Donlin’s inclusion in the FAST-41 program is focused on ensuring a
transparent, accountable, and predictable process for the federal agencies’ supplemental environmental
analysis requested by the Court.
Alaska Supreme Court Decision
On November 14, 2025, Donlin Gold welcomed the Alaska Supreme Court’s decision affirming both the
project’s water rights permits for the mine and the Department of Natural Resources’ approval of the
State’s ROW for the state-owned lands portion of the proposed 316-mile natural gas pipeline. The ruling
validates the State of Alaska’s thorough review process and reinforces that the project can move forward
in a manner that safeguards the lands, waters, and communities of the Yukon-Kuskokwim and
southcentral regions.
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We continue to support the State of Alaska in defending the Department of Environmental Conservation’s
(ADEC) Clean Water Act Section 401 Water Quality Certification (“401 Certification”), which is the only
remaining challenge to Donlin Gold’s permits in state court. On May 6, 2025, the Alaska Superior Court
upheld ADEC’s issuance of the 401 Certification. Earthjustice filed an appeal in the Alaska Supreme Court
and filed their opening brief on September 16, 2025. Donlin Gold’s and the State of Alaska’s briefs are due
before year-end.
Bankable Feasibility Study Update
The Request for Proposals for the BFS work was issued in the third quarter to engineering firms with the
expertise to deliver a project of this scale. Proposals were received last month, and Donlin Gold remains
on track to select a top-tier engineering firm to lead the BFS in the coming months. The comprehensive
data generated from this year’s drill program will further strengthen the foundation to be used for mine
planning, engineering, and resource modelling.
Alaska’s Regional Energy Synergies
As evidenced by the recent announcement in Washington, D.C. of a strategic alliance between Glenfarne
Alaska LNG, LLC (“Glenfarne”) and Baker Hughes to advance the Alaska LNG Project, momentum is
steadily growing for the development of Alaska’s energy infrastructure.2 These advancements will
strengthen Alaska’s energy independence and offer potential long-term benefits that would improve
access to locally sourced, affordable fuel for energy for Donlin Gold.
QA/QC Procedures
The QA/QC procedures for the 2025 Donlin Gold project drill program and sampling protocol were
developed and managed by Donlin Gold and overseen by NOVAGOLD. The chain of custody from the drill
site to the sample preparation facility was continuously monitored. All samples are HQ-diameter core.
Approximately 98% core recovery was achieved during the 2025 drill program. Core was logged, cut, and
sampled at site by Donlin Gold employees. Samples were primarily collected on one- to two-meter
lengths. Sampled half-core was crushed and pulverized in Bureau Veritas’ sample preparation facilities in
Fairbanks, Alaska. Pulps were sent to Bureau Veritas’ lab in Vancouver, British Columbia for gold assays
and multi-element analysis. The pulps were then sent to an ALS Limited lab in Vancouver, British Columbia
for CNL/LECO analysis. Quality control samples were inserted (standards at 5% of primary samples, blanks
at 5% of primary samples and duplicates at 2.5% of primary samples) into each batch of samples. The
review of the quality control samples did not indicate any bias or error. Out of bounds quality control
samples were handled with appropriate reruns and investigations. There are no known factors that would
materially affect the accuracy or reliability of the drill program data referred to in this release.
Downhole directional surveys were completed on all reported holes by Boart Longyear drill operators, and
collar surveys were completed by Donlin Gold staff under the supervision of Professional Licensed
Surveyors from Brice Engineering LLC.
Each of Bureau Veritas, ALS Limited, Boart Longyear, and Brice Engineering LLC are independent of Donlin
Gold and NOVAGOLD.
2 See media release dated November 10, 2025, titled “Glenfarne, Baker Hughes Announce Definitive Agreements to Advance Alaska LNG”.
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Scientific and Technical Information
Certain scientific and technical information contained herein with respect to the Donlin Gold project is
derived from 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”). The
Company has retained Wood to prepare interim updates to these technical reports by the first quarter of
2026, which will satisfy regulatory requirements while the BFS is in progress.
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 NI
43-101 and S-K 1300.
Paul Chilson, P.E., Manager of Mine Engineering for NOVAGOLD and a Qualified Person under NI 43-101
and S-K 1300, has approved the scientific and technical information related to the 2025 Donlin Gold
project drill programs, the 2021 Technical Report and the S-K 1300 Technical Report Summary contained
in this media release and has verified the data disclosed regarding the 2025 Donlin Gold project drill
programs. To verify the information related to the drilling programs, he has visited the property in the
past year; discussed logging, sampling, and sample shipping processes with responsible site staff;
discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting
documentation, including drill hole location and orientation and significant assay interval calculations.
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)3, 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, 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 once in production.
NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Corporate Communications
3 Donlin Gold data as per the 2021 Technical Report and 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 an d inclusive of Mineral Reserves, of which
approximately 5 Mt of Measured Resources and approximately 320 Mt of Indicated Resources inclusive of Reserves is currently a ttributable 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 Indic ated 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 approx imately 5 Mt of Proven Reserves and approximately 298 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves a nd
Resources have been estimated in accordance with NI 43-101 and S-K 1300.
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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 following, 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 propertie s; our ability to improve our ESG initiatives and goals; 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 appropriate and reasonable as of the date such statements are made, are sub ject
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 the anticipated use and benefits of the results of the
2025 Donlin Gold drill program ; plans for and the estimated timing of the Donlin Gold BFS; our goals and planned activities for 2025; the potential
development and construction of the Donlin Gold project; the timing and ability for the Donlin Gold project to hit critical milestones; Donlin Gold’s continued
support for the state and federal permitting process and the expected benefits of the FAST-41 program; expected alignment with the Alaska LNG Project; the
ability for the Donlin Gold development project to hit the anticipated projections; perceived merit of properties; mineral re serve and mineral resource
estimates; plans to continue to advance the Donlin Gold project safely, 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 D onlin Gold community relations
plan; the anticipated outcome of exploration drilling at the Donlin Gold project and the timing thereof; and the completion of test work and modeling and
the timing thereof , including expected production and mine life . In addition, any statement that refers 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 estim ates and projections regarding future event s 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 additiona l permits and governmental
approvals; the timing and likelihood of obtaining and 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 national and local government legislation, taxation, controls or regulations an d/or changes in the
administration of laws, policies and practices, expropriation or nationalization of property and political or e conomic developments 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 Forms 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 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.
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APPENDIX
TABLE 1
Drill Hole Orientations* and Depths
Hole ID Azimuth (°) Inclination (°) Depth (m)
DC25-2231 333 62 252.14
DC25-2232 335 60 263.22
DC25-2234 332 62 247.16
DC25-2235 333 62 248.68
DC25-2236 332 61 239.32
DC25-2237
332 61 250.40
DC25-2238
332 59 230.05
DC25-2239
334 56 239.09
DC25-2241
333 59 88.25
DC25-2242
332 61 246.88
DC25-2243
333 60 254.57
DC25-2244
334 60 260.13
DC25-2245
333 61 248.30
DC25-2246
333 62 251.14
DC25-2247
334 59 236.65
DC25-2248
332 61 239.13
DC25-2249
333 61 236.88
DC25-2250
335 56 550.39
DC25-2251
330 62 244.48
DC25-2252
318 62 427.32
DC25-2253
333 71 521.51
DC25-2254
312 60 424.80
DC25-2255
313 70 423.98
DC25-2256
332 76 548.84
DC25-2257
315 75 437.13
DC25-2258
308 60 538.04
DC25-2259
318 74 462.47
DC25-2260
313 71 427.84
DC25-2261
307 61 594.56
DC25-2262
316 69 440.75
DC25-2263
304 71 416.34
DC25-2264
317 73 457.77
DC25-2265
310 65 548.35
DC25-2266
314 68 496.09
DC25-2267
312 64 498.46
DC25-2268
300 66 226.99
DC25-2269
318 64 368.20
DC25-2270
304 61 168.76
DC25-2271
305 60 546.62
DC25-2272
314 70 137.38
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Hole ID Azimuth (°) Inclination (°) Depth (m)
DC25-2273
316 64 325.20
DC25-2274
303 57 257.70
DC25-2275
214 59 656.68
DC25-2276
314 74 479.13
DC25-2277
224 53 643.01
DC25-2278
214 55 649.58
DC25-2279
236 67 646.20
* Note that azimuth and inclination values vary as each hole progresses. The stated values are hole
averages, rounded to the nearest degree.
TABLE 2
2025 Donlin Gold Significant Assay Intervals
Hole ID Area
From
(Meters)
To
(Meters)
Length
(Meters)
Au Grade
(g/t)
DC25-2231 ACMA 26.06 35.30 9.24 2.12 Reported 9/8
DC25-2231 97.88 103.99 6.11 5.12 Reported 9/8
DC25-2231 118.60 145.69 27.09 3.21 Reported 9/8
DC25-2231 155.87 181.71 25.84 3.88 Reported 9/8
DC25-2231 197.01 213.07 16.06 3.87 Reported 9/8
DC25-2231 TOTAL 84.34 3.56
DC25-2232 ACMA 73.52 78.73 5.21 5.63 Reported 9/8
DC25-2232 138.99 149.70 10.71 4.61 Reported 9/8
DC25-2232 154.22 164.50 10.28 2.01 Reported 9/8
DC25-2232 179.90 199.36 19.46 6.80 Reported 9/8
Including 189.62 197.44 7.82 11.62 Reported 9/8
DC25-2232 203.83 207.46 3.63 1.43 Reported 9/8
DC25-2232 239.67 243.43 3.76 1.71 Reported 9/8
DC25-2232 247.70 252.93 5.23 5.91 Reported 9/8
DC25-2232 TOTAL 58.28 4.70
DC25-2234 ACMA 70.46 77.90 7.44 4.75 Reported 9/8
DC25-2234 117.13 120.45 3.32 6.05 Reported 9/8
DC25-2234 132.09 166.60 34.51 5.14 Reported 9/8
Including 144.85 148.93 4.08 10.18 Reported 9/8
DC25-2234 180.92 184.33 3.41 2.36 Reported 9/8
DC25-2234 232.05 241.86 9.81 4.15 Reported 9/8
DC25-2234 TOTAL 58.49 4.82
DC25-2235 ACMA 17.05 21.13 4.08 2.20 Reported 9/8