NOVAGOLD Reports Third Quarter 2020 Financial Results and Provides Update on the Advancement of the Donlin Gold Project: Donlin Gold Completes the Planned Drilling for 2020 on Schedule COVID-19 Health and Safety Measures Remain Strictly Enforced

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NOVAGOLD Reports Third Quarter 2020 Financial Results and Provides Update on the

Advancement of the Donlin Gold Project:

Donlin Gold Completes the Planned Drilling for 2020 on Schedule

COVID-19 Health and Safety Measures Remain Strictly Enforced

Prudent Fiscal Management Yields Robust Treasury

 In early August, the Donlin Gold project (“Donlin Gold” or the “project”), co-owned 50/50 with Barrick Gold

(“Barrick”), disclosed encouraging initial assay results from the 2020 drill program.

 By mid-September, Donlin Gold successfully completed the 85-hole program encompassing approximately

23,400 meters of drilling. Additional assay results will be reported once available.

 In order to minimize the risk posed by COVID -19, NOVAGOLD continued to abide by a comprehensive set

of strict policies designed to ensure the safety and well-being of its employees and contractors at its offices

in Salt Lake City and Vancouver, as well as, in conjunction with Barrick, at the Donlin Gold office in Anchorage

and at the project site. These precautions will remain in place for the foreseeable future.

 NOVAGOLD continues to maintain a strong treasury with $1 26.3 million in cash and term deposits at the

end of the third fiscal quarter, plus receivables from Newmont Corp . amounting to $75 million and

$25 million, expected to be paid in July 2021 and July 2023, respectively.

September 30, 2020 - Vancouver, British Columbia – NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the

Company”) (NYSE American, TSX: NG) today released its 2020 third quarter financial results and an update on

its flagship Donlin Gold project , a Tier One1 gold development project located in Alaska, a mining -friendly

jurisdiction, which NOVAGOLD owns equally with Barrick.

Details of the financial results for the quarter ended August 31, 2020 are presented in the consolidated financial

statements and quarterly report filed September 30, 2020 on Form 10-Q with the SEC 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 and all resource and reserve estimates are shown on a 100%

project basis.

Third Quarter Highlights and Updates:

 NOVAGOLD and Barrick are advancing the 2020 drill program at Donlin Gold:

 With appropriate COVID-19 protocols in place, the 2020 Donlin Gold drill program advanced

during the quarter utilizing four drill rigs and drilling was completed in September.

 Initial assay results were reported from 2,246 meters of drilling in a Donlin Gold release issued

jointly by NOVAGOLD and Barrick on August 6, 20202. Significant distinct high-grade intervals

were intercepted in multiple areas, including impressive intervals near surface. Five of the top

intervals identified so far include3:

 DC20-1871 intersected 41.91 m grading 11.61 g/t gold, starting at 30.35 m drilled depth ;

1 Tier One asset is defined by Barrick Gold as a mine with a stated life in excess of 10 years, annual production of at least 500,000 ounces

of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve, as per Barrick Gold’s

Information Circular dated May 5, 2020.

2 See media release dated August 6, 2020, “Donlin Gold Project Provides Update on Recent Drilling and Ongoing Community Support in

Alaska Amid COVID-19 Pandemic”.

3 g/t = grams per tonne; m = meters.

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 DC20-1866 intersected 45.91 m grading 5.03 g/t gold, starting at 35.39 m drilled depth;

23.36 m grading 4.15 g/t gold, starting at 108.30 m drilled depth; and 30.28 m grading

4.20 g/t gold, starting at 226.53 m drilled depth; and,

 DC20-1873 intersected 7.66 m grading 18.40 g/t gold, starting at 60.88 m drilled depth .

 Results from the initial drilling support continued analysis of the updated lithological mod el and

controls of the higher grades. The initial drill assays exceed the modeled grade -thickness with

higher grades observed over thinner intervals. Hole DC20-1871, highlighted above and located in

the ACMA deposit, is a good example of high-grade mineralization near surface in an area of

moderately dense drilling that had seen other high-grade intercepts, but not of the magnitude of

this drill hole. This is an area that has been designated for the early years of mine operation . The

2020 drilling was successfully completed in mid-September, with a total of 85 core holes and

approximately 23,400 meters drilled in the ACMA and Lewis deposit areas, exceeding the planned

program. The Donlin Gold team is wrapping-up site activities with the final drill core being logged,

sampled, and shipped.

 Assays have been reported from approximately 10% of the planned program. Additional assay

results will be reported when they become available. The objective of the program has been to

validate recently developed geologic and resource modeling concepts and to test potential

extensions of high-grade zones. The focus is on early-life mining that has the potential to further

enhance the project economics.

 Enhanced COVID-19 health protocols remain in place at Donlin Gold:

 The objective of protecting the health of Donlin Gold’s employees and contractors has been a top

priority for the owners and dedicated community partners in Alaska and the Yukon-Kuskokwim

(Y-K) region. In that regard, to reduce risk, Donlin Gold employees in Anchorage have been

provided opportunities to work primarily from home, avoid all non-essential travel, adhere to

good hygiene practices, and, when they do go to the office, engage in social distancing.

NOVAGOLD’s Salt Lake City and Vancouver office employees continue to work from home ;

 A wide-ranging set of policies designed to prevent the spread of COVID-19 are in place at the

Anchorage project office and at the site, including:

 Testing of all employees and contractors;

 Utilizing charters to safely deliver employees to and from camp to minimize in-region

travel;

 Screening and social distancing measures;

 More frequent sanitization practices; and,

 Increased communication around hygiene and sanitization practices, as well as

identification of symptoms.

 Community Engagement:

 Donlin Gold continued to work with Calista Corporation (Calista) and The Kuskokwim Corporation

(TKC), the owners of Donlin Gold’s mineral and surface rights, respectively, to respond to urgent

community needs resulting from the COVID-19 pandemic. This work was done in addition to the

ongoing community engagement in environmental management, safety, training, educational,

health, and cultural initiatives;

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 Donlin Gold continued its active engagement in the CleanUp GreenUp effort, an annual initiative

that includes community participation from more than 32 Y-K villages to clean up the outdoor

environment;

 Donlin Gold partnered with the Association of Village Council Presidents (AVCP) and

Orutsararmiut Native Council (ONC) on the Backhaul Project to remove household hazardous and

electronic wastes from ten Y-K villages. In addition, large appliances were removed from two

villages:

 Approximately 45,000 pounds of material, including large appliances, were collected for safe

disposal;

 Volunteers received instruction about proper waste handling and packaging techniques; and,

 Materials were collected from communities along the river, removed by barge and brought to

the closest coastal village to be transported by Ryan Air and Grant Air to proper disposal

facilities.

 Permitting Update:

 Donlin Gold, working with its Native Corporation partners, continues to support the State of

Alaska to advance other permits and certificates needed for the project.

 In April 2020, the Alaska Department of Natural Resources’ (ADNR) Division of Oil and Gas agreed

to consider again its decision on the State Right-of-Way (ROW) agreement and lease

authorization for the buried natural gas pipeline. Under the reconsideration, on September 10,

2020, the ADNR issued for additional public comment a revised Consideration of Comments

document. This document further describes how ADNR is considering previous public input that

was solicited in the ROW review, including how cumulative effects are addressed in the decision.

The comment period on the document ends on November 9, 2020. Donlin Gold supported the

State’s decision to complete this work and we expect the final ROW lease authorization offer to be

reissued by ADNR in early 2021.

President’s Message

A Banner Quarter for Donlin Gold

The third quarter of 2020 may one day be seen as a game-changer in terms of the global recognition of the

Donlin Gold project. From receipt of encouraging early drill results to Donlin Gold’s rising profile within

Barrick’s project pipeline, we are extremely pleased with this series of developments. The recent progress

comes at a time when appreciation of Donlin Gold’s attributes can only be heightened by Berkshire

Hathaway’s investment into Barrick itself — and the increased scrutiny of Barrick’s portfolio that will ensue as

more and more generalists follow its lead —constitutes an additional stroke of good fortune for NOVAGOLD.

Building that Brand from the Ground Up

In August 2020, NOVAGOLD and its Donlin Gold partner, Barrick, reported on the initial set of assays from the

planned 80-hole 22,000-meter 2020 drill program, the largest such program at Donlin Gold in 12 years. The

work was carried out safely despite the COVID-19 pandemic which impacted activities on the ground and

affected communities in which we operate. Nevertheless, the finalization of planned drilling in September,

whereby we completed a total of 85 core holes encompassing approximately 23,400 meters, can only be

viewed as a significant achievement for everyone associated with the project. Since we were ahead of schedule

with equipment and crews available at site, additional holes were completed to increase definition in an area

of interest. As COVID-19 positive cases rose in Alaska over the summer, Donlin Gold’s strict adherence to

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stringent safety measures and on-the-ground support systems allowed us to safely operate four drill rigs

throughout the quarter — making up for the two months of pandemic-related downtime sustained earlier in

the year. I commend the Donlin Gold, NOVAGOLD and Barrick teams for completing this work on schedule

while adhering to extra stringent safety protocols, a truly remarkable operational milestone.

Because of the COVID-19 pandemic, we had to pay particularly close attention to health and safety procedures

for all employees, contractors, partners, as well as members of the community where we operate. To reduce

the risk of exposure to COVID-19, NOVAGOLD implemented policies in its Vancouver and Salt Lake City offices

whereby employees work from home, avoid non-essential business travel, adhere to rigorous hygiene

practices and engage in social distancing. Additionally, NOVAGOLD and its partner Barrick have implemented

health and safety policies aligned with the State of Alaska Department of Health and Social Services

recommendations at Donlin Gold’s Anchorage office and imposed travel restrictions and other COVID-19-

related measures aimed at protecting the health and safety of all project contractors, employees, and

community personnel. This protocol, which remains in place, includes requesting all personnel to monitor their

health and consult health professionals if feeling any symptoms of illness; requir es all personnel to take a

COVID-19 test with a negative result before coming into the camp; implements more frequent sanitization

practices; and requires attendance at safety meetings designed to reinforce sound hygiene and sanitization

practices. Out-of-state contractors and employees require two negative COVID-19 tests prior to going to

camp. Donlin Gold uses charter flights to transport personnel to and from the site. Employees are screened for

symptoms and maintain a minimum of six feet of distance in eating areas and livin g quarters. Should any

individual exhibit symptoms of illness, they would be evaluated and, if needed, isolated, and/or evacuated

from the camp.

Calista and TKC have been Donlin Gold’s Native Corporation partners in the project since the early 1990s and,

like Barrick, share our vision of building value for the future generations of stakeholders through education

and critical skills development. The Company seeks to bring tangible, long-lasting benefits to the community

in the form of training and employment opportunities, service business contracts, and participation

agreements as the project advances toward development. Since approximately 80% of Donlin Gold’s direct

hires are Alaska Natives, prior to re-opening the camp and re-mobilizing the drill rigs in late May, Donlin Gold

held numerous conversations with community and tribal leaders in the Y-K region to ensure strict adherence

to safety protocols at Donlin Gold. With health and safety measures in place, employees were particularly

enthusiastic to return to work at Donlin Gold to mitigate the economic strain caused by the pandemic.

Our initial drill results that were issued by Donlin Gold on August 6, 2020 reflected that enthusiasm. As

featured above in the highlights’ section of the release, these significant distinct high-grade intervals were

intercepted in multiple areas, including excellent intervals near surface4:

 DC20-1871 intersected 41.91 m grading 11.61 g/t gold, starting at 30.35 m drilled depth;

 DC20-1866 intersected 45.91 m grading 5.03 g/t gold, starting at 35.39 m drilled depth; 23.36 m

grading 4.15 g/t gold, starting at 108.30 m drilled depth; and 30.28 m grading 4.20 g/t gold, starting

at 226.53 m drilled depth; and,

 DC20-1873 intersected 7.66 m grading 18.40 g/t gold, starting at 60.88 m drilled depth.

Additional assay results will be reported once available. As more drill results are received, our understanding

of the orebody and potential extensions of high-grade zones will improve. Once core logging and assaying is

complete, the newly obtained data should lead the partners to determine the next steps to update the Donlin

4 See media release dated August 6, 2020, “Donlin Gold Project Provides Update on Recent Drilling and Ongoing Community Support in

Alaska Amid COVID-19 Pandemic”.

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Gold feasibility study and initiate the engineering work necessary to advance the project design before

reaching a construction decision.

Drilling to Validate Geologic and Resource Modeling Concepts with Potential to Improve Underlying

Economics

With more than 1,400 holes drilled historically at the project and a robust and well-established resource, the

2020 drill program, exclusively focused on the ACMA and Lewis deposit areas, could be particularly important

to unlock additional value for Donlin Gold. The current campaign may complement results achieved in the

2017 program which yielded distinct and significant high-grade intercepts within the reserve pit and identified

high-grade areas outside the planned pit boundaries5. This year’s drill results will be combined with those

completed in 2017 to provide additional information for future advancement of the project.

These data points are particularly critical to NOVAGOLD and Barrick as the partners work on establishing

scenarios for staging the project, reducing initial capital outlays, and improving the overall economics for

Donlin Gold. For example, the drill results to-date would support the possibility that key high-grade areas

could improve cash flows early in the life of Donlin Gold. This approach should facilitate project optimization,

which, in turn, could yield tangible value enhancement benefits for the project.

A Tier One Asset in a Tier One Jurisdiction 6

The past decade has seen a huge shift in the size and quality of the few large -scale, long-life development-

stage gold projects on the horizon. Once-great operating mines are depleting at a time when average gold

grades have dropped, and new discoveries of substantial size are almost non-existent. In fact, according to

S&P Global Market Intelligence, no major 5-million-ounce-plus discoveries have been made in the past five

years. Since it now takes at least 15 years7 on average— and often many more years than that — for a gold

asset to go from discovery to production, a large gold producer choosing to increase production or simply

replace reserves and resources will likely find themselves only able to meet the de mands of reserve

replacement through mergers or acquisitions. At the moment, the mantra is “caution” and “capital discipline”.

Shareholders across the gold sector are still traumatized by the capital destruction that the last run in gold

helped trigger through ill-conceived acquisitions and ill-conceived projects. In fact, this mantra is also

accentuated by the fact that it is an easier narrative for the miners to present to investors. The reality is that

the pipeline of new projects that “move the needle” is growing thin. Seen in this context, the Donlin Gold

project opportunity is extraordinary, as we believe there is no true comparable.

We believe that Donlin Gold is unique in its combination of attributes, starting with size. At approximately

39,000,000 ounces of gold in measured and indicated mineral resources8, it dwarfs most comparable

development projects today.9 Importantly, Donlin Gold is Federally permitted to advance toward construction,

a particularly notable factor considering that today’s producers are mining out their existing gold inventories

much faster than they can organically replace them. The size of the Donlin Gold endowment should allow a

5 See media release dated February 20, 2018 “NOVAGOLD’s Do nlin Gold Project Reports Excellent Results from 2017 Drill Program,” for

significant intervals and additional information.

6 Tier One jurisdictions are deemed “low risk” by the Investment Attractiveness Index in the Fraser Institute Annual Survey of Mining

Companies, 2019.

7 S&P Global Market Intelligence research article “Top mines average time from discovery to production: 16.9 years,” April, 7, 2020.

8 Donlin Gold data as per the Second Updated Feasibility Study (as defined herein). 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.

Mineral resources have been estimated in accordance with National Instrument 43 -101 – Standards of Disclosure for Mineral Projects

(“NI 43-101”).

9 Peer group data based on company documents, public filings a nd websites as of September 10, 2020. Comparison group of 13 projects

based on large (2Moz P roven and Probable Reserves cut off), North/South American gold -focused development projects with >75%

projected revenues from gold.

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future mine to operate for decades — a mine life that is rare in today’s world. And, just as critically, with stated

resources contained in three kilometers of an eight-kilometer mineralized belt, which itself is located on less

than 5% of Donlin Gold’s land position, Donlin Gold could well emerge as a district-scale, multi-generational

gold mine.

No discussion about a gold deposit is complete without a reference to grade, a c entral characteristic of any

endowment. With an average measured and indicated resource grade of 2.24 grams per tonne8, the Donlin

Gold project has more than twice the industry average grade 10. That fact alone is a critical positive

differentiator for the project’s economic viability as it provides extraordinary resilience thr ough multiple

commodity cycles — a key attribute to ensure the successful development and survivability of any great

mining operation, especially one blessed with the degree of longevity expected at Donlin Gold.

Then there is the issue of heightened geo-political risk that now dominates any discussion related to mine

development in the current environment. In an uncertain world, jurisdictional risk is becoming even more

prominent and represents a crucial investment metric in evaluating mining projects and investment in mining

equities. Alaska continues to be a top mining jurisdiction where the rule of law is well -established, while the

list of high-risk mining jurisdictions elsewhere grows. Military action, civil unrest, nationalization — both

stealth and brazen — and designation of gold as a national strategic resource to be exchanged for local

currency are substantially impacting mining companies large and small in these higher -risk jurisdictions.

Political and economic instability will only exacerbate growing discrepancies regarding jurisdictional risk in the

mining industry. Tremendous value — we believe, a premium value — will be attached to NOVAGOLD for

having an asset in a mining-friendly jurisdiction like Alaska, where the rule of law is well-established and where

socially responsible and environmentally sound mine development is welcome. Donlin Gold is proud of its

track record of time-tested partnerships with the Native Corporations and engagement with Federal and State

agencies. Our hard-earned record of securing respect and support of all key stakeholders in a Tier One

jurisdiction is an important foundation for the successful advancement of Donlin Gold up the value chain.

Strong Stakeholder Partnerships Weather the Pandemic

Among the many elements needed to move a mining project successfully up the value chain are long -term

dedication, patience, technical expertise and strong partnerships. The Donlin Gold project has the good

fortune of enjoying these attributes and more. Our multi-decade partnership with our Native Corporation

partners for the project — Calista and TKC — is mutually beneficial, especially when faced with a crisis such as

the COVID-19 pandemic. All of these parties came together to provide urgent support and much-needed help

with supplies and goods in the Y-K communities.

The COVID-19 pandemic created significant concern in the Y-K region. Many villages implemented their own

travel restrictions in addition to mandated State restrictions, causing additional difficulties in delivering aid to

the local communities and moving supplies between villages. When concerns emerged about the spread of

COVID-19 to Alaska, our Native Corporation partners immediately engaged with the communities to

determine urgent needs of small villages in the region. In response, Donlin Gold coordinated with Calista, TKC,

and Tribal councils to offer help by delivering food and supplies to communities now without regular air

carrier service after the regional airline went into bankruptcy. Furthermore, we have partnered with key

community organizations in environmental management, safety, training, educational, health, and cultural

initiatives.

10 Donlin Gold grade represents average grade of measured and indicated mineral resources, inclusive of mineral reserves, see note re:

“Scientific and Technical Information” below, compared to 2019 average grade of open-pit and underground deposits with gold as primary

commodity and over 1Moz in measured and indicated resources, sourced from S&P Global Market Intelligence.

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In addition, Donlin Gold partnered with the A VCP, ONC and the Native Village of Napaimute for the Backhaul

Hazardous Waste Removal in the third quarter. A total of approximately 45,000 pounds of household hazardous

materials, such as large appliances, fluorescent tubes, lead acid batteries, and electronic waste was collected and

shipped out of the area for proper disposal.

Involving the local communities in all aspects of the project is core to both NOVAGOLD’s and Barrick’s

philosophy. Donlin Gold also supported ongoing education and health initiatives, including awarding Donlin

Gold Scholarships to students selected by Calista and TKC; conducting the Campfire Alaska Summer Program

with support staff in 23 Y-K communities to provide distanced activities and meal programs for youth and

elders; and working with TKC, the State of Alaska and Alaska Native Tribal Health Consortium on initiatives

aimed at upgrading and improving the health and safety standards of water and sewer services in the Middle

Kuskokwim area communities. An ongoing environmental commitment in the Y-K region included the Clean

Up Green Up initiative, funded in part by Donlin Gold, which took place in 32 villages.

Permitting Update

During the third quarter, Donlin Gold and its Native Corporation partners continued to support the State of

Alaska to advance permits and certificates needed for the project. While the field work related to the issuance

of the Alaska Dam Safety certificates was temporarily paused to concentrate on the 2020 drill program, the

overall critical path for securing much of the state permitting for Donlin Gold has not been affected by the

pandemic. Key federal permitting milestones completed include the Final Environmental Impact Statement

(EIS) and the first-ever Joint Record of Decision (ROD) by the U.S. Army Corps of Engineers and Bureau of Land

Management. Notable State permits and approvals received to-date include the Air Quality permit, the Alaska

State Pollution Discharge Elimination System permit, and the Reclamation Plan and Waste Management

permit. State Land Leases, Easements, and Land Use permits, and material site authorizations for the proposed

transportation facilities including the access road, airstrip, and upriver Jungjuk port as well as the easement for

the fiber optic cable on State lands were issued in early 2020.

ADNR’s Division of Oil and Gas issued the final ROW lease for the buried natural gas pipeline on January 17,

2020. On March 19, 2020, Earthjustice, representing ONC, Chevak Native Village, Chuloonawick Native Village,

Native Village of Eek, and Cook Inletkeeper, filed an appeal of the denial of the ROW lease issuance

reconsideration request in the Superior Court of the State of Alaska at Anchorage (“Alaska Superior Court”).

On April 30, 2020, ADNR agreed to reconsider the decision to issue the ROW lease in accordance with the

February 6, 2020 request made by Cook Inletkeeper. The reconsideration is specifically addressing additional

analysis of cumulative effects. In response, the appeal filed in the Alaska Superior Court was dismissed without

prejudice on May 20, 2020. ADNR issued a revised Consideration of Comments document for further public

comment on September 10, 2020. This document specifically addresses in detail how cumulative effects are

considered in the ROW decision. The comment period ends on November 9, 2020. Donlin Gold supported the

State’s decision to complete this work and we expect that the final ROW lease authorization offer will be

reissued by ADNR in early 2021.

A Strong Balance Sheet is a Foundation for Advancement of Donlin Gold Up the Value Chain without

Dilution of Shareholder Value

In 2020, the Company continues to expect annual expenditures totaling $31 million. As of August 31, 2020,

NOVAGOLD had cash and term deposits of $126.3 million with another $100 million of receivables from

Newmont Corp. within the next three years. With a strong treasury, NOVAGOLD can focus on moving Donlin

Gold up the value chain through permitting and optimization without the need to access additional capital

until a construction decision is made.

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The challenges we have all experienced in 2020 have brought out the best in our experienced team

of professionals at Donlin Gold, NOVAGOLD, Barrick, as well as our top-performing drill crews and support

teams at the project site. I would like to thank them for their unwavering dedication to the task at hand and

for their prompt and effective response to the COVID-19 pandemic.

Our relationships and interdependencies form the backbone that provides support and stability in the Y -K

region. We are thankful for our partners, Calista, TKC and Barrick, for their long-term commitment to the

project. The Company extends its gratitude to Federal and Alaska State officials for their thoroughness in

advancing permitting for the project. I wish to thank NOVAGOLD’s Board of Directors for their continued wise

counsel and their dedication to best practices in governance.

Our shareholders clearly understand and support NOVAGOLD’s investment thesis and have shown remarkable

steadfastness as we continue to deliver on our strategy. Through the many challenges the year has brought,

we have kept the lines of communication open, even if only virtually, and truly value every engagement

opportunity with our stakeholders. You continue to stand beside us and support the Company while holding

us to those high standards of transparency that we not only share, but that also characterize everything we are

working to accomplish. The entire management team extends its thanks to you all for your encouragement,

engagement and dedication to the Company’s long-term vision.

We pledge to remain true to our promise by continuing with our partner Barrick to steadily advance Donlin

Gold, further enhance the project’s unique value proposition, adhere to our principles of doing what is right

and with the highest degree of professionalism, and to make our shareholders and stakeholders proud. We

wish you all good health and safety.

Sincerely,

Gregory A. Lang

President & CEO