NOVAGOLD Reports Fiscal Year 2022 Financial Results & More Trending News

 

  • NOVAGOLD’s sturdy money place of $126 million as of November 30, 2022, with further funds of $25 million due in July 2023 from Newmont Corporation, ought to be adequate to advance Donlin Gold via an up to date feasibility research.
  • The 42,331-meter (m) 2022 drill program was accomplished forward of schedule and beneath price range. The Donlin Gold joint launch issued by NOVAGOLD and Barrick on January 19, 2023 reported outcomes that reconcile favorably with the useful resource mannequin in addition to additional help the worldwide useful resource estimate and up to date modelling ideas.
  • With an elevated appreciation of the geology, the skilled workforce will proceed to deal with updating the useful resource mannequin and finishing trade-off research — all of that are shifting Donlin Gold up the worth chain and main towards an up to date feasibility research resolution to place the challenge properly for the subsequent leg in gold’s long-term bull market.

VANCOUVER, British Columbia, Jan. 25, 2023 (GLOBE NEWSWIRE) — NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the Company”) (NYSE American, TSX: NG) right now launched its 2022 fiscal yr monetary outcomes and an replace on Donlin Gold, among the many largest — and envisioned to be within the decrease quartile by way of working price — of the subsequent era of gold working mines, and extra importantly in a jurisdiction that welcomes accountable growth. Donlin Gold LLC is owned equally by NOVAGOLD and Barrick Gold Corporation (“Barrick”).

Details of the monetary outcomes for the fiscal yr ended November 30, 2022 are introduced within the consolidated monetary statements and annual report on Form 10-Okay filed on January 25, 2023 that’s out there on the Company’s web site at www.novagold.com, on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov. All quantities are in U.S. {dollars} except in any other case acknowledged.

In 2022, the next milestones had been achieved at Donlin Gold:

  • The complete 141-hole, 42,331-meter drill program was efficiently accomplished forward of schedule, with a number of high-grade gold intercepts reported from the final set of assays and the development of key challenge efforts.
  • The success of our 2022 drill program is because of the distinctive dedication of the Donlin Gold workforce in Anchorage and at web site, nearly all of that are native hires from 24 totally different communities within the Yukon-Kuskokwim (“Y-K”) area, who all share the aim of defending the well being and security of their colleagues.
  • In partnership with Calista Corporation (“Calista”) and The Kuskokwim Corporation (“TKC”), the Company pursued its stakeholder and authorities engagement efforts within the Y-Okay area, Alaska and Washington, D.C.:
    • Crooked Creek, the closest group to the challenge web site within the Y-Okay area formally expressed its help of Donlin Gold;
    • Four further Shared Value Statements had been signed with Y-Okay villages, for a complete of 12;
    • Five native hires from the 2022 drill program signed on as Donlin Gold Community Liaison representatives of their villages (Marshall, Tuluksak, Nikolai, Napaskiak, and Pilot Station); and
    • Calista and Donlin Gold continued their proactive, bipartisan outreach in Alaska in addition to with the Administration and Congress in Washington, D.C.
  • Environmental and social funding targeted on the Y-Okay area spanned from supporting essential well being and security initiatives in distant communities to cultural preservation efforts and academic programming in collaboration with college districts and different organizations. Key achievements included:
    • Conducted a number of fishery research, reclamation work and different environmental actions.
    • Supported varied search and rescue groups within the area, funded the Healthy Alaska Natives Foundation and Bethel Community Services Foundation, in addition to sponsored and took part within the Alaska Safe Riders initiative, which promotes security for year-round outside sports activities.
    • Fostered training, group wellness and cultural preservation via a wide range of interventions together with a number of river research, supported the native college district and academic organizations, funded and took part in youth sporting actions, and backed initiatives led by Traditional Councils and Native communities.
  • As a federally permitted challenge on non-public Alaska Native Corporation land designated by regulation for mining actions and with key State permits in hand, actions continued to maintain our permits in good standing. Major milestones included:
    • Applied for a brand new air high quality allow from the Alaska Department of Environmental Conservation (ADEC). A draft allow was issued for public remark in December 2022.
    • Submitted utility to ADEC for the frequently scheduled re-issuance of its Alaska Pollutant Discharge Elimination System allow, which is now full and can stay in impact till the State completes the re-issuance.
    • On November 1, 2022, the Alaska Department of Natural Resources (ADNR) finalized the re-location plan for public easements within the mine web site and transportation facility areas — selections which weren’t appealed.

President’s Message

Excellent Results from the 2022 Drill Program Support Next Steps for Donlin Gold

NOVAGOLD’s administration workforce has been collectively for a decade now and is dedicated to the development of the 50%-owned Donlin Gold challenge to be completely located for the subsequent leg within the gold bull market. Many actions have taken place through the years to help Donlin Gold and de-risk the challenge to allow it to learn from a rising gold value setting. These embrace, amongst many others, the receipt of key Federal and State permits, geological and exploration drilling, technical and trade-off research, environmental initiatives, profitable implementation of worker well being and security procedures, and intensive group engagement and authorities affairs efforts. This final yr was no exception as actions considerably ramped-up at the beginning of the yr with the challenge camp reopening to start the biggest drill program in over 15 years at Donlin Gold. This marketing campaign was executed whereas remaining attentive to the well being and security of our workers, challenge contractors and stakeholders, and concurrently with the intensive group relations and authorities affairs efforts performed in collaboration with our Alaska Native Corporation companions, Calista and TKC. The success of this program is because of the distinctive dedication of the Donlin Gold workforce in Anchorage and at web site, nearly all of which had been native hires from 24 totally different communities within the Y-Okay area, who all share the aim of defending the well being and security of their colleagues.

Donlin Gold’s 2022 drill program was accomplished in September with 141 holes drilled for a complete of 42,331 m. The last set of outcomes launched collectively with Barrick on January 19, 2023, embrace assays for 37 full and seven partial holes, encompassing the remaining 12,762 m of size drilled. Drilling in 2022 returned a few of the greatest assay outcomes seen thus far at Donlin Gold, delivering excellent gold intercepts which embrace, amongst others from the newest set of assay outcomes, drill gap DC22-2130 that intersected 17.20 m grading 11.11 g/t gold, with a sub-interval of 4.25 m grading 36.91 g/t gold.

As a part of the important thing focus areas for the drill program, tight-spaced 20m x 20m grid drilling in consultant areas inside the primary structural domains of the deposit (Lewis –additional infilled to 10m x 10m, West ACMA and Divide areas) confirmed latest geological modelling at wider drill-spacing within the quick space surrounding the grids. It additionally recognized further short-scale controls that might be integrated into an replace to refine the geological domains used for international useful resource estimation, which might be utilized for strategic mine planning work. The 14 further geotechnical drill holes offered data wanted to advance the appliance for the Alaska Dam Safety Certifications. In reality, we couldn’t be happier with the result of the 2022 drill program; the assay labs returned a few of the greatest intercepts because the challenge’s inception and certainly amongst open-pit gold initiatives industry-wide. Just to spotlight how encouraging the outcomes had been, what follows are the highest 20 intercepts from the 2022 Donlin Gold drill program:

Hole ID Location Date Reported From (m) To (m) Length (m) Grade
(g/t Au)
DC22-2068 Divide 11/01/2022 117.52 159.80 42.28 30.68
DC22-2077 Divide 11/01/2022 150.11 199.07 48.96 20.61
DC22-2040 ACMA 07/28/2022 232.95 285.22 52.57 14.63
DC22-2063 Divide 11/01/2022 236.22 297.18 60.96 12.35
DC22-2063 Divide 11/01/2022 162.18 181.92 19.74 34.17
DC22-2056 ACMA 07/28/2022 99.82 173.80 73.98 4.21
DC22-2092 Divide 11/01/2022 116.12 157.31 41.19 6.64
DC22-2063 Divide 07/28/2022 130.04 142.14 12.10 22.15
DC22-2086 Divide 11/01/2022 160.87 170.78 9.91 22.24
DC22-2120 Lewis 11/01/2022 41.86 71.73 29.87 6.96
DC22-2040 ACMA 07/28/2022 197.60 216.25 18.65 10.78
DC22-2067 ACMA 07/28/2022 464.06 508.64 44.58 4.50
DC22-2072 Divide 11/01/2022 140.67 148.61 7.94 24.65
DC22-2056 ACMA 07/28/2022 2.44 13.33 10.89 17.55
DC22-2130 Lewis 01/19/2023 902.45 919.65 17.20 11.11
DC22-2110 Lewis 11/01/2022 157.98 164.53 6.55 28.96
DC22-2081 Divide 11/01/2022 179.90 201.10 21.20 8.73
DC22-2183 Lewis 01/19/2023 62.53 86.80 24.27 7.56
DC22-2177 Lewis 01/19/2023 168.51 197.82 29.31 6.01
DC22-2109 Lewis 11/01/2022 94.22 120.70 26.48 6.65
             

With this extremely profitable drill program behind us, to be adopted by the completion of an up to date useful resource mannequin and trade-off research, the house owners look ahead to supporting the Donlin Gold workforce and its companions Calista and TKC in positioning the challenge for the subsequent steps in taking Donlin Gold up the worth chain with an up to date feasibility research resolution for the advantage of all stakeholders.

Developing one of many world’s largest gold mines represents a considerable endeavor that takes the required time and power to make sure a diligent, thorough, clear, and inclusive course of for all concerned, together with stakeholders from the Y-Okay area. But I also can inform you from my very own expertise with a number of Tier-1 property — together with as President of Barrick North America for eight years, which is after I realized simply how spectacular the Donlin challenge actually is — I imagine that the extra intensive work that’s achieved on the entrance finish, the higher the long-term consequence. Richard Williams, our Vice President of Engineering & Development, shares that philosophy. As the person who constructed and introduced the famed Pueblo Viejo mine into manufacturing for Barrick, he too felt that in becoming a member of NOVAGOLD he was aligning himself with the best-in-class for the gold {industry}’s future.

This shared philosophy is especially significant for a challenge that’s by any definition not simply Tier-1 however generational. As dedicated companions to the second largest gold-producing state in one of many world’s premier jurisdictions, we welcome a course of that enhances our social and environmental license for a mine that we totally anticipate to function for many years to return.

A Healthy Workforce to Safely Advance Site Activities and Support Local Communities

Keeping our workforce wholesome and secure has at all times been a high precedence for NOVAGOLD and at Donlin Gold. This additionally extends to well being and security initiatives within the surrounding communities the place we function. The security protocols and conferences on the challenge web site performed a central function in guaranteeing the continued success of Donlin Gold and its drill program in 2022. We are immensely proud that Donlin Gold achieved zero Lost-Time-Incidents as soon as once more in 2022 — a outstanding achievement that we don’t take as a right as we proceed to work and enhance practices to make sure the well being and security of our individuals.

One of the important thing areas through which we spend a substantial period of time and sources on the Donlin Gold challenge is collaborating, funding, and supporting native communities in initiatives related to well being and security, environmental administration, coaching and training, and cultural programming all through the Y-Okay area. This has represented a elementary endeavor by Donlin Gold through the years — for the advantage of all stakeholders. Local recruitment can be an essential a part of our ongoing efforts. During the 2022 area season, 150 workers labored on the Donlin Gold web site representing 24 Y-Okay villages. Local hires from the 2022 drill program will proceed to help Donlin Gold’s engagement efforts via the Community Liaison program in 5 Y-Okay villages.

We immensely respect the significant enter from Calista and TKC concerning their land and the numerous financial wants required to maintain wholesome residing for his or her communities. Our companions’ continued and time-tested collaboration, challenge help, and full engagement are extraordinarily helpful in guaranteeing accountable and sustainable financial growth all through all phases of the Donlin Gold challenge. Crooked Creek, the closest group to the challenge web site within the Y-Okay area, formally expressed their help of Donlin Gold in December 2022. Four further Shared Value Statements had been additionally signed with villages within the Y-Okay area within the final three months, for a complete of 12. These paperwork formalize present engagement with key native communities, develop upon the long-term relationships already established with them, and tackle particular group wants together with water, sewer, and stable waste initiatives; the ice highway that connects distant villages within the Y-Okay area; salmon and different aquatic life research; and suicide prevention and public security applications.

Environmental stewardship, training, group wellness, and cultural preservation represent key focus investments for Donlin Gold within the Y-Okay area. The challenge helps these initiatives via fisheries research and different environmental actions, subsistence and cultural preservation efforts, and academic grants. A variety of actions and initiatives had been carried out in collaboration with Calista and TKC within the fourth quarter. Donlin Gold supported varied search and rescue groups within the area, offered funding to the Healthy Alaska Natives Foundation and Bethel Community Services Foundation, in addition to sponsored and took part within the Alaska Safe Riders initiative, which promotes security for year-round outside sports activities. Donlin Gold fostered training, group wellness and cultural preservation via a wide range of interventions together with a number of river research, supporting the native college district and academic organizations, funding and collaborating in youth sporting actions, and backing initiatives led by Traditional Councils and Native communities.

In 2022, a number of group engagements and significant help initiatives befell throughout the area. Donlin Gold funded the 270-mile-long Kuskokwim ice highway developed to enhance security to close by communities — a big endeavor throughout the winter months to attach many communities alongside the Kuskokwim River and supply highway entry to residents residing in distant places. With help from TKC, Donlin Gold provided secure ingesting water to the village of Red Devil following a flood that was attributable to ice break-up and which briefly contaminated the native water wells. We funded and took part within the fifth annual “In It for the Long Haul” Backhaul Project to gather, take away, and safely eliminate family hazardous and digital waste from some 30 distant villages all through the Y-Okay area that might in any other case have ended up in landfills and waterways. As advocates of coaching and youth academic initiatives, Donlin Gold supported EXCEL Alaska, a non-profit group offering life-changing academic {and professional} alternatives for rural Alaska college students and younger adults, and the Lower Kuskokwim School District annual College and Career truthful. We additionally collaborated with six Y-Okay college districts as a part of the nationwide Yup’ik Dictionary Project. Additionally, Donlin Gold funded group investments via the Bethel Community Services Foundation for the event, progress, and enhancement of community-based applications.

Calista and Donlin Gold continued their proactive, bipartisan outreach in Alaska and with the Administration and Congress in Washington, D.C. to spotlight the thoroughness of the challenge’s environmental assessment and allowing processes, along with the appreciable advantages that the challenge would ship to all Native Alaskans. Alaska U.S. Senators Lisa Murkowski and Dan Sullivan, in addition to Governor Michael Dunleavy, have been long-term supporters of the Donlin Gold challenge. We additionally acknowledge the historic re-election of U.S. Representative Mary Peltola for a full time period as the primary Alaska Native to hitch Congress and look ahead to our continued outreach to her concerning Donlin Gold within the coming yr.

A Diligent, Thorough, and Transparent Permitting Process to Maintain Permits in Good Standing and Complete the Required State Permitting

Donlin Gold is a federally permitted challenge on non-public Alaska Native Corporation land designated, by regulation, for mining actions as a part of the 1971 Alaska Native Claims Settlement Act (ANCSA) — a substantial differentiating issue from most different mining property in Alaska. As non-public landowners, each Calista and TKC are devoted to growing Donlin Gold in a approach that is still per the Elders’ imaginative and prescient of accountable growth, whereas creating jobs and financial advantages for the encompassing communities in addition to defending the native tradition. As somebody who has visited lots of the world’s biggest mining districts, I really feel extraordinarily fortunate to be working within the nice State of Alaska.

In 2022, Donlin Gold utilized for a brand new air high quality allow from the ADEC and a draft allow was issued for public remark in December 2022. Donlin Gold additionally submitted its utility to ADEC for the frequently scheduled re-issuance of its Alaska Pollutant Discharge Elimination System allow. In December 2022, ADEC despatched a letter indicating that the appliance was full, and that the allow would stay in impact till ADEC completes the reissuances course of. On November 1, 2022, the ADNR finalized the re-location plan for public easements within the mine web site and transportation facility areas — selections which weren’t appealed.

We have at all times ready and arranged Donlin Gold for potential challenges to the Federal and State permits as that is the norm within the United States. The Donlin Gold challenge management and litigation groups are intimately accustomed to the permits and the related procedures that have to be adopted. Donlin Gold and its house owners, alongside the steadfast advocacy of Calista and TKC, proceed to help the State and Federal authorities businesses within the protection of what has constituted an exceptionally thorough and diligent allowing course of.

Excellent Treasury to Execute on Activities in 2023

NOVAGOLD’s well-executed technique to take Donlin Gold up the worth chain has allowed the Company to stay in a robust monetary place. The Company has not issued fairness to boost capital since January 2012, and we imagine that we now have adequate funds to cowl anticipated prices to fund our share of the Donlin Gold challenge via an up to date feasibility research. We have roughly $126 million in money and time period deposits as of November 30, 2022 and anticipate a further $25 million due from Newmont in July 2023 from the sale of our 50%-owned Galore Creek challenge in British Columbia. An extra fee of $75 million is contingent upon a building resolution on Galore Creek.

Looking forward to 2023, NOVAGOLD anticipates spending roughly $31 million, with roughly $17 million allotted to fund our share of expenditures on the Donlin Gold challenge. This contains $8 million for exterior affairs, allowing, environmental, land, and authorized actions and $9 million for challenge planning and fieldwork. A complete of $13 million is allotted for NOVAGOLD common company and administrative prices and $1 million for working capital and different objects.

The focus areas at Donlin Gold might be to replace the geologic and useful resource fashions with 2022 information; assessment key challenge assumptions, inputs, and design parts for optimization (mine engineering, metallurgy, hydrology, and infrastructure); full trade-off research; proceed fieldwork to gather geotechnical and hydrological data for finishing design documentation required for the Alaska Dam Safety certificates, in addition to advance permits via the regulatory course of and help the State in sustaining the present permits beneath enchantment; and thru continued engagement, maintain and develop challenge help within the area. As a direct consequence of the success that characterised final yr’s large-scale drill program in attaining its aims, our focus this yr might be on advancing trade-off research and advancing the Donlin Gold challenge towards a choice to begin an up to date feasibility research.

Donlin Gold — An Absolute Gem to Advance Up the Value Chain in a Jurisdiction that Welcomes Responsible Mining Development  

As the premier gold deposit positioned in Alaska, Donlin Gold represents a possible supply of accountable financial growth for the advantage of all stakeholders within the second largest gold-producing state within the United States, with its well-established custom of accountable mining, and a possibility to offer long-term, sustainable financial progress for a lot of many years to return.

Moreover, Donlin Gold actually stands in a league of its personal inside the gold {industry} itself. With roughly 39 million ounces of gold grading 2.24 grams per tonne1 within the Measured and Indicated Mineral Resource classes (100% foundation), Donlin Gold hosts one of many largest and highest-grade undeveloped open-pit gold endowments on this planet. And we imagine it has a unprecedented capability to develop. The most up-to-date 2022 drill program outcomes clearly reveal outstanding further upside potential. The ACMA and Lewis pits, the place the present sources sit, occupy solely three kilometers of an eight-kilometer mineralized belt, which itself is positioned on lower than 5% of Donlin Gold’s land place. As presently envisioned, the challenge would produce a median of 1.1 million ounces per yr over its 27-year mine life.

The gold {industry} on the whole, and distinctive high-quality property reminiscent of Donlin Gold particularly, require persistence — an attribute that we now have demonstrated extensively during the last decade, and which has confirmed useful in permitting us to considerably de-risk the challenge and the Company. Donlin Gold is certainly brilliantly positioned for this subsequent leg within the gold market. As acknowledged by our Chairman, our largest shareholder and a well-seasoned investor with intensive expertise in gold, platinum, silver and hydrocarbons, Dr. Thomas S. Kaplan: “As an investor, I find that the ability to make money is very much a function of developing a thesis, scrubbing that thesis to the point where one enjoys massive conviction, finding the right assets that will allow one to benefit from the underlying theme, increasingly so in a jurisdiction that secures the fruits of that benefit, and then having patience and riding it for as long as it takes. And I came to that conviction with NOVAGOLD.” With such outstanding attributes of scale, high quality, longevity, further progress potential, glorious partnerships and jurisdictional enchantment, Donlin Gold is in the appropriate place on the proper time to fulfill an {industry} want for brand spanking new accountable gold mining growth.

In closing, I want to prolong my honest gratitude to our Board members for his or her steadfast dedication and loyalty to NOVAGOLD — and notably Igor Levental, a long-tenured director who unexpectedly handed away final June. We wish to thank his household for sharing him with us and for his intensive data of the mining {industry} that introduced such a singular and helpful perspective to NOVAGOLD’s Board. I’m additionally grateful for the extremely skilled workforce of execs at NOVAGOLD, Donlin Gold, and Barrick, together with our contractors and drill crew at web site, and for the varied State businesses and representatives for his or her dedication and dedication to the allowing course of. Their ardour and experience, in addition to the long-term help from Calista and TKC, represent the inspiration of Donlin Gold’s imaginative and prescient and the supply of the Company’s current and future accomplishments. To Calista and TKC: your data and steering have been important through the years via allowing, sustainability, and group engagement initiatives — we thanks on your fixed help. It is a definite pleasure and an actual honor to be part of this Company and to work alongside every of you.

Last however definitely not least, to our shareholders: I want to thank each one in every of you on your sturdy backing and for selecting to put money into NOVAGOLD, in addition to on your engagement, persistence, and perception through the years. I look ahead to persevering with to ship on our guarantees and to holding an open line of communication between us whereas we attain much more milestones and achievements collectively in 2023.

Sincerely,

Gregory A. Lang
President & CEO

Financial Results

in hundreds of U.S. {dollars}, aside from per share quantities

  Year ended
November 30, 2022
$
  Year ended
November 30, 2021
$
 
General and administrative expense (1) 20,109   20,210  
Share of losses – Donlin Gold 28,163   16,625  
Total working bills 48,272   36,835  
     
Loss from operations (48,272)   (36,835)  
Interest expense on promissory observe (7,962)   (5,922)  
Accretion of notes receivable 849   2,556  
Other revenue, internet 2,009   (198)  
Income tax restoration (expense) 33   (137)  
Net loss (53,343)   (40,536)  
     
Loss per share, fundamental and diluted (0.16)   (0.12)  
      At
November 30, 2022
$
  At
November 30, 2021
$
 
Cash and time period deposits     125,882   169,124  
Total property     159,189   198,852  
Total liabilities     129,286   120,570  
             

Net loss elevated by $12.8 million in 2022 in comparison with 2021, primarily because of the expanded Donlin Gold drilling and work program, and decrease accretion revenue in 2022 ensuing from the receipt of the $75 million observe from Newmont in July 2021. Increasing rates of interest resulted in greater Barrick promissory observe curiosity expense and was offset by revenue earned on money and time period deposits and favorable overseas change actions.

During the fourth quarter of 2022 we incurred a internet lack of $12.3 million in comparison with a internet lack of $10.3 million in 2021. The improve in internet loss primarily resulted from the expanded exercise at Donlin Gold and elevated curiosity on the promissory observe, partially offset by greater curiosity revenue and decrease remediation expense for the previous New Gold House mineral property.

Liquidity and Capital Resources
In 2022, the web lower in money and money equivalents of $27.2 million primarily resulted from Donlin Gold funding of $28.4 million, company working actions of $12.4 million and withholding tax on share-based compensation of $2.1 million, partially offset by money acquired from time period deposits of $16 million.

Net spending on working actions elevated in 2022 from 2021 primarily because of the timing of company legal responsibility insurance coverage funds; partially offset by greater curiosity acquired on money and time period deposits attributable to greater rates of interest. Donlin Gold funding elevated because of the expanded drilling and work program. In 2021, a $75,000 fee was acquired from Newmont associated to the 2018 sale of Galore Creek.

2023 Outlook

We anticipate spending roughly $31 million in 2023, which incorporates $13 million for company common and administrative prices; $1 million for working capital and different objects; and $17 million to fund our share of expenditures on the Donlin Gold challenge, together with:

  • $8 million for exterior affairs, allowing, environmental, land, and authorized actions
  • $9 million for challenge planning and fieldwork

NOVAGOLD’s main targets in 2023 might be to proceed to advance the Donlin Gold challenge towards a building resolution; preserve or improve help for Donlin Gold among the many challenge’s stakeholders; promote a robust security, sustainability, and environmental tradition; preserve a peer-leading popularity for NOVAGOLD, its governance practices and its challenge amongst shareholders; and handle the Company’s treasury successfully and effectively. Our operations primarily relate to the supply of challenge milestones, together with the achievement of assorted technical, environmental, sustainable growth, financial and authorized aims, acquiring vital permits, graduation of feasibility research, preparation of engineering designs and the financing to fund these aims.

Conference Call & Webcast Details

NOVAGOLD’s convention name and webcast to debate these outcomes will happen on January 26, 2023, at 8:00 am PT (11:00 am ET). The webcast and convention call-in particulars are offered beneath.

About NOVAGOLD

NOVAGOLD is a well-financed valuable metals firm targeted on the event of its 50%-owned Donlin Gold challenge in Alaska, one of many most secure mining jurisdictions on this planet. With roughly 39 million ounces of gold within the Measured and Indicated Mineral Resource classes, inclusive of Proven and Probable Mineral Reserves (541 million tonnes at a median grade of roughly 2.24 grams per tonne within the Measured and Indicated Resource classes on a 100% foundation),2 Donlin Gold is regarded to be one of many largest, highest-grade, and most potential recognized open-pit gold deposits on this planet.

According to the 2021 Technical Report and the S-Okay 1300 Report, as soon as in manufacturing, Donlin Gold is predicted to provide a median of a couple of million ounces per yr over a 27-year mine life on a 100% foundation. The Donlin Gold challenge has substantial exploration potential past the designed footprint which presently covers three kilometers of an roughly eight-kilometer-long gold-bearing pattern. Current actions at Donlin Gold are targeted on State allowing, engineering research, group outreach, and workforce growth in preparation for the eventual building and operation of this challenge. With a robust stability sheet, NOVAGOLD is well-positioned to fund its share of allowing and development efforts on the Donlin Gold challenge.

Scientific and Technical Information

Certain scientific and technical data contained herein with respect to the Donlin Gold challenge is derived from the 2021 Technical Report and the S-Okay 1300 Report3. 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 liable for the preparation of the 2021 Technical Report, and every is an impartial Qualified Person as outlined by National Instrument 43-101 (“NI 43-101”). Wood ready the S-Okay 1300 Report.

Paul Chilson, P.E., who’s the Manager, Mine Engineering for NOVAGOLD and a Qualified Person beneath NI 43-101 and beneath S-Okay 1300, has accredited and verified the scientific and technical data associated to the 2022 Donlin Gold challenge drill program, the 2021 Technical Report and the S-Okay 1300 Report contained on this media launch.

NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Corporate Communications

604-669-6227 or 1-866-669-6227

Cautionary Note Regarding Forward-Looking Statements

This media launch contains sure “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) inside the which means of relevant securities laws, together with the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are incessantly, however not at all times, recognized by phrases reminiscent of “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and related expressions, or statements that occasions, situations, or outcomes “will”, “may”, “could”, “would” or “should” happen or be achieved. Forward-looking statements are essentially based mostly on a number of opinions, estimates and assumptions that administration of NOVAGOLD thought-about applicable and cheap as of the date such statements are made, are topic to recognized and unknown dangers, uncertainties, assumptions, and different elements that will trigger the precise outcomes, exercise, efficiency, or achievements to be materially totally different from these expressed or implied by such forward-looking statements. All statements, aside from statements of historic reality, included herein are forward-looking statements. These forward-looking statements embrace statements concerning the anticipated timing of sure judicial and/or administrative selections; the 2023 Outlook; the timing and potential for an up to date feasibility research on the challenge; our targets and deliberate expenditures for the rest of 2023; ongoing help offered to key stakeholders together with Native Corporation companions; Donlin Gold’s continued help to the State’s thorough allowing course of; the potential growth and building of Donlin Gold; the sufficiency of funds to proceed to advance growth of Donlin Gold, together with to a building resolution; perceived benefit of properties; mineral reserve and mineral useful resource estimates; Donlin Gold’s capability to safe the permits wanted to assemble and function the Donlin Gold challenge in a well timed method, if in any respect; authorized challenges to Donlin Gold’s present permits and the timing of choices in these challenges; the Donlin Gold LLC Board approval to advance Donlin Gold up the worth chain; the success of the strategic mine plan for Donlin Gold; the result of exploration drilling at Donlin Gold and the timing thereof; and the conversion of Galore Creek right into a mine and the receipt of $25 million due in July 2023 from Newmont Corporation and the $75 million contingent fee from Newmont. In addition, any statements that consult with expectations, intentions, projections or different characterizations of future occasions or circumstances are forward-looking statements. Forward-looking statements should not historic information however as a substitute characterize the expectations of NOVAGOLD administration’s estimates and projections concerning future occasions or circumstances on the date the statements are made.

Important elements that might trigger precise outcomes to vary materially from expectations embrace the necessity to get hold of further permits and governmental approvals; the timing and chance of acquiring and sustaining permits essential to assemble and function; the necessity for added financing to discover and develop properties and availability of financing within the debt and capital markets; the coronavirus international pandemic (COVID-19); uncertainties concerned within the interpretation of drill outcomes and geological checks and the estimation of reserves and sources; adjustments in mineral manufacturing efficiency, exploitation and exploration successes; adjustments in nationwide and native authorities laws, taxation, controls or rules and/or adjustments within the administration of legal guidelines, insurance policies and practices, expropriation or nationalization of property and political or financial developments within the United States or Canada; the necessity for continued cooperation between Barrick and NOVAGOLD for the continued exploration, growth and eventual building of the Donlin Gold property; the necessity for cooperation of presidency businesses and Native teams within the growth and operation of properties; dangers of building and mining initiatives reminiscent of accidents, tools breakdowns, unhealthy climate, illness pandemics, non-compliance with environmental and allow necessities, unanticipated variation in geological constructions, ore grades or restoration charges; sudden price will increase, which may embrace vital will increase in estimated capital and working prices; fluctuations in steel costs and foreign money change charges; whether or not a constructive building resolution might be made concerning Donlin Gold; and different dangers and uncertainties disclosed in NOVAGOLD’s most up-to-date reviews on Forms 10-Okay and 10-Q, notably the “Risk Factors” sections of these reviews and different paperwork filed by NOVAGOLD with relevant securities regulatory authorities on occasion. Copies of those filings could also be obtained by visiting NOVAGOLD’s web site at www.novagold.com, or the SEC’s web site at www.sec.gov, or at www.sedar.com. The forward-looking statements contained herein replicate the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to replace the forward-looking statements of beliefs, opinions, projections, or different elements, ought to they alter, besides as required by regulation.


1 Donlin Gold information as per the 2021 Technical Report and S-Okay 1300 Report (each as outlined herein). Donlin Gold possesses Measured Resources of roughly 8 Mt grading 2.52 g/t and Indicated Resources of roughly 534 Mt grading 2.24 g/t, every on a 100% foundation and inclusive of Mineral Reserves, of which roughly 4 Mt of Measured Resources and roughly 267 Mt of Indicated Resources inclusive of Reserves is attributable to NOVAGOLD via its 50% possession curiosity in Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of roughly 1 Mt grading 2.23 g/t and Indicated Resources of roughly 69 Mt grading 2.44 g/t, of which roughly 0.5 Mt of Measured Resources and roughly 35 Mt of Indicated Resources unique of Mineral Reserves is attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of roughly 8 Mt grading 2.32 g/t and Probable Reserves of roughly 497 Mt grading 2.08 g/t, every on a 100% foundation, of which roughly 4 Mt of Proven Reserves and roughly 249 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-Okay 1300.

2 Donlin Gold information as per the 2021 Technical Report and the S-Okay 1300 Report, consult with footnote 3 for the outline.

3 The Company retained Wood Canada Limited (“Wood”) in 2020 to replace content material in its beforehand filed “Donlin Creek Gold Project, Alaska, USA, NI 43-101 Technical Report on the Second Updated Feasibility Study,” efficient November 18, 2011, and amended January 20, 2012. This replace resulted in a report titled “NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA” with an efficient date of June 1, 2021 (the “2021 Technical Report”) and was filed on August 31, 2021. The Company is a registrant with the SEC and is reporting its exploration outcomes, Mineral Resources, and Mineral Reserves in accordance with Subpart 229.1300 of Regulation S-Okay – Disclosure by Registrants Engaged in Mining Operations (“S-K 1300”) as of November 30, 2021. While the S-Okay 1300 guidelines are much like National Instrument 43-101 Standards of Disclosure for Mineral Projects guidelines in Canada, they don’t seem to be equivalent and subsequently two reviews have been produced for the Donlin Gold challenge. The Company requested that Wood put together a Technical Report Summary of the Donlin Gold challenge, Alaska, USA utilizing the requirements of S-Okay 1300 and it’s titled “S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA” (“S-K 1300 Report”), present as of November 30, 2021. Wood integrated 2020 prices and new gold value steering to fulfill the Company’s reporting necessities. The resultant 2021 Technical Report and S-Okay 1300 Report confirmed no materials change to the beforehand reported mineral sources or mineral reserves.

NOVAGOLD Reports Fiscal Year 2022 Financial Results

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NOVAGOLD Reports Fiscal Year 2022 Financial Results

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NOVAGOLD Reports Fiscal Year 2022 Financial Results

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