NG

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes the simplified ownership structure and locked-in value to the acquisition of Barrick's interest, noting that the company returned to the capital markets for the first time in 13 years to fund the transaction. The Donlin Gold project is positioned as a globally significant asset with a projected output of over one million ounces annually over a 27-year mine life. Performance is driven by the project's high-grade profile, with resources averaging 2.25 grams per ton, which is more than double the industry average. Strategic integration is being led by Fluor, coordinating specialized contractors under a single framework to improve schedule efficiency and cost accuracy for the feasibility study. Management views the current 8-kilometer gold-bearing trend as having substantial exploration potential, as current resources cover only 3 kilometers of the land package. The project benefits from a stable regulatory environment in Alaska, supported by constructive collaboration with state agencies and local landowners Calista and TKC. The Bankable Feasibility Study (BFS) is on a disciplined engineering trajectory with a targeted completion date in the first half of 2027. Management plans to exercise the option to prepay the Barrick promissory note later this year, utilizing the company's robust $370.2 million treasury. The U.S. Army Corps of Engineers is expected to publish a draft supplemental Environmental Impact Statement (EIS) in September 2026 to analyze a larger hypothetical tailings release. A final ruling from the Alaska Supreme Court regarding the Clean Water Act Section 401 certification is anticipated within approximately one year. Financial advisory engagement is underway to evaluate financing options for the project, with further updates expected in the coming weeks. The net loss for the quarter decreased significantly due to the absence of a $39.6 million non-cash warrant charge recognized in the prior year. Professional fees were elevated in the first half of 2026 due to transaction-related activities but are expected to taper off starting in the third quarter. All existing permits remain in force despite ongoing federal and state litigation, providing operational continuity during the supplemental EIS process. G&A expenses increased by $3.1 million primarily due to higher professional fees, share-based compensation, and employee compensation. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed that elevated fees related to the 10% interest acquisition are expected to begin tapering off in the third quarter of 2026. The study is progressing as expected with multiple specialist contractors, and management is targeting a completion date in the first half of 2027. NovaGold and partner Paulson are currently selecting financial advisors and anticipate making a formal announcement regarding the financing path in the coming weeks. Management noted that while a ruling is expected in about a year, permits remain in force, and they do not expect the litigation to delay the feasibility study or a future construction decision.

NovaGold Resources Inc. NG used its second-quarter fiscal 2026 earnings call to emphasize the steady advancement of the Donlin Gold project, with management centering investor attention on feasibility study execution and long-term development visibility. The company reported results broadly in line with expectations while continuing to prioritize project advancement over near-term earnings performance. Executives underscored improving technical momentum at Donlin Gold and reaffirmed confidence in funding capacity to support near-term milestones. At the same time, rising project spending and equity dilution effects continue to shape the financial profile as the asset moves deeper into development. President and CEO Greg Lang highlighted continued progress on the Donlin Gold bankable feasibility study, noting coordinated work across Fluor, WSP, Worley and Hatch. Management described advancing integration of major engineering packages across power, pipeline and processing infrastructure. Lang emphasized that the study remains on track for completion in the first half of 2027, reinforcing the multi-year development timeline. The focus remains on disciplined engineering execution rather than near-term production decisions. The company also pointed to ongoing geotechnical drilling and materials analysis supporting infrastructure planning. These activities are aimed at de-risking design elements ahead of final study completion. Chief financial officer Peter Adamek stated that NovaGold ended the quarter with approximately $370.2 million in cash and term deposits. Management reiterated that liquidity is sufficient to complete the feasibility study and support general corporate needs for at least the next 12 months. The company also expects to retain flexibility to prepay its Barrick promissory note later in 2026. That obligation remains a key balance sheet consideration, though management highlighted optionality under amended terms. Capital deployment continues to be directed primarily toward Donlin funding requirements, which totaled $16.3 million in the quarter. The increase reflects both expanded ownership exposure and intensified study activity. NovaGold reported a second-quarter 2026 net loss of $25.5 million, or $0.06 per share, in line with the Zacks Consensus Estimate. Results reflected higher operating costs tied to project advancement rather than operational revenue generation. Novagold Resources Inc. price-consensus-eps-surprise-chart | Novagold Resources Inc. Quote Management attributed year-over-year changes primarily to the absence of a prior-year noncash warrant charge and higher interest income. These benefits were partially offset by increased Donlin-related expenditures and higher general and administrative expenses. G&A costs rose due to elevated professional fees, compensation, and share-based expenses. Executives noted that professional fees are expected to moderate in subsequent quarters as earlier transaction-related work phases out. A key structural change remains NovaGold’s increased 60% ownership in Donlin Gold following the 2025 transaction. Management reiterated that this shift significantly increases exposure to project economics and funding obligations. The Donlin investment balance stood at approximately $222 million at the quarter’s end, reflecting ongoing capitalization of project funding and equity losses. This marks a materially larger consolidated commitment compared with prior periods. Executives stressed that despite higher ownership exposure, governance of Donlin remains jointly controlled with Paulson at the board level. This dual-control structure continues to influence decision-making across development milestones. Management reiterated that all major federal and state permits remain in place despite ongoing litigation. Greg Lang highlighted that permitting risk, while still present, has not altered development planning assumptions. Key legal proceedings include challenges to Alaska’s Section 401 water quality certification and federal environmental review processes. Management noted that oral arguments have been completed, with decisions pending. Executives emphasized that the feasibility study execution is proceeding independently of litigation timelines. However, permitting clarity remains a prerequisite for any future construction decision. Morgan Stanley’s Carlos de Alba focused on timing expectations for feasibility study completion and project progression. Management reaffirmed a target completion window in the first half of 2027, citing continued steady execution across engineering partners. BMO Capital Markets’ Frederic Bolton pressed for updates on the financing strategy. CEO Greg Lang indicated the company is actively working with advisors to evaluate funding options and expects further updates in the coming weeks. Management did not commit to a specific financing structure but reinforced that capital planning is being aligned with long-term development stages. The emphasis remained on sequencing feasibility completion before major funding decisions. Management closed the call by reiterating a disciplined approach to advancing Donlin Gold while maintaining liquidity flexibility. The company continues to prioritize feasibility study completion as the next major value catalyst. Executives also highlighted ongoing stakeholder engagement across Alaska and federal agencies as part of maintaining permitting progress. Community and infrastructure coordination remain embedded in project planning. Overall tone reflected steady execution with a long-duration development outlook, with capital allocation tightly linked to Donlin advancement milestones rather than near-term production metrics. NovaGold currently carries a Zacks Rank #3 (Hold), reflecting a neutral positioning in the Zacks framework following the latest reporting period. The Style Score scenario remains mixed, with Value Score F, Growth Score D, Momentum Score C and VGM Score F. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Under the Zacks methodology, the combination of a mid-tier Zacks Rank and a weaker aggregate Style Score indicates limited near-term directional bias until estimate revisions and fundamentals stabilize. The Zacks Rank remains highly sensitive to earnings estimate changes following results such as those reported this quarter. Investors typically monitor whether post-earnings revisions trend higher or lower, as these adjustments often drive subsequent changes in the Zacks Rank over time. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Novagold Resources Inc. (NG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Net Loss: $25.5 million or $0.06 per share for the second quarter of fiscal 2026. Decrease in Net Loss: $28.8 million decrease from the prior year, primarily due to a $39.6 million noncash charge in the previous year and higher interest income in 2026. Donlin Gold Expenses: $10.4 million increase in the second quarter of 2026 compared to the prior year due to ongoing feasibility study activities. G&A Expenses: Increased by $3.1 million in the second quarter of 2026 due to higher professional fees, share-based compensation, and employee compensation. Treasury: Decreased by $22.3 million to $370.2 million during the second quarter. Interest Income: $4 million in the second quarter. Cash Expenditures: In line with the 2026 budget, supporting the completion of the Donlin Gold feasibility study and other financial commitments. Warning! GuruFocus has detected 2 Warning Signs with NG. Is NG fairly valued? Test your thesis with our free DCF calculator. Release Date: June 24, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. NovaGold Resources Inc (NG) has significantly expanded Donlin's reserves and resources over the past two decades through extensive drill programs. The company successfully simplified the ownership structure of the Donlin Gold project, unlocking meaningful value for shareholders. Donlin Gold is projected to become one of the largest annual gold producers globally, with an average output of over 1 million ounces per year over a 27-year mine life. The project boasts approximately 40 million ounces of measured and indicated resources at an average grade of 2.25 grams per tonne, more than double the industry average. NovaGold Resources Inc (NG) is well-funded with a robust treasury of $370.2 million, enabling the completion of the Donlin Gold bankable feasibility study and covering corporate costs for at least the next 12 months. NovaGold Resources Inc (NG) reported a net loss of $25.5 million for the second quarter of 2026, primarily due to higher expenditures at Donlin Gold and increased G&A expenses. The company's share of Donlin Gold expenses increased by $10.4 million compared to the prior period, reflecting ongoing feasibility study activities. Professional fees and G&A expenses were elevated in the second quarter, although they are expected to decline in the latter half of the year. The company is still awaiting a decision from the Alaska Supreme Court regarding the Clean Water Act Section 401 certification, which could impact project timelines. The completion of the bankable feasibility study for Donlin Gold is not expected until the first half of 2027, indicating a lengthy timeline before potential project execution. Q: Can you provide more details on the increase in professional fees and when they might decrease? A: The increase in professional fees was related to the transaction at the end of last year, specifically our 10% stake increase. We expect these fees to taper off starting in the third quarter of this year. - Gregory Lang, President, CEO Q: When do you expect to complete the Donlin Gold bankable feasibility study? A: We anticipate completing the bankable feasibility study in the first half of 2027. The work is progressing well with contributions from Fluor, Worley, WSP, and Hatch. - Gregory Lang, President, CEO Q: Can you provide an update on the financing decisions for the Donlin project? A: We are in the process of selecting financial advisers with our partner, Paulson, and expect to make an announcement soon. The process is moving ahead as we explore financing options. - Gregory Lang, President, CEO Q: What is the current estimate for the development timeline of the Donlin mine? A: Our main focus is completing the bankable feasibility study, which will include an execution plan. We will provide more details on the development timeline once the study is complete. - Gregory Lang, President, CEO Q: What is the expected timeline for the Alaska Supreme Court decision on the water quality certification? A: The Alaska Supreme Court typically takes about a year to issue a ruling. Our permits remain in force during this time, and we expect the decision to coincide with the completion of the feasibility study. - Gregory Lang, President, CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Bankable Feasibility Study (BFS) engineering integration advances: Fluor Corporation (“Fluor”), as lead engineering firm, continues to integrate major work packages and coordinate technical workstreams with specialist contractors WSP USA, Inc. (“WSP”), Worley Alaska, Inc. (“Worley”), and Hatch Ltd. (“Hatch”) supporting the Donlin Gold project’s ongoing BFS update. Robust treasury: Ended quarter with approximately $370.2 million in cash and term deposits — a strong financial position to advance the Donlin Gold project. VANCOUVER, British Columbia, June 24, 2026 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the “Company”) (NYSE American, TSX: NG) today filed its 2026 second quarter report and provided an update on its Tier One1 gold development project, Donlin Gold, which is owned 60% by NOVAGOLD and 40% by Donlin Gold Holdings (DGH), 100% wholly-owned by Paulson Advisers LLC (“Paulson”) and its affiliates. Details of the financial results for the quarter ended May 31, 2026 are presented in the consolidated financial statements and quarterly report on Form 10-Q filed on June 24, 2026, that is available on the Company’s website at www.novagold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov. All amounts are in thousands of U.S. dollars unless otherwise stated. As detailed in the above-mentioned filings, NOVAGOLD held approximately $370.2 million in cash and term deposits as of May 31, 2026, and reported net second quarter operational cash expenditures of $22.7 million — corresponding to $16.3 million to fund NOVAGOLD’s share of the Donlin Gold project and $6.4 million in corporate general and administrative costs. As NOVAGOLD is a development-stage company with no production, the Company reported earnings of ($25.5) million and earnings per share of ($0.06) for the second fiscal quarter of 2026. NOVAGOLD’s results for this quarter reflect higher expenditures at Donlin Gold due to ongoing 2026 activities by Fluor, WSP, Worley and Hatch to advance Donlin Gold’s BFS update, as well as the Company’s share of Donlin Gold expenditures increasing by 10% to 60% starting in the third quarter of 2025. General and administrative expenses increased in the second quarter of 2026 primarily due to higher professional fees, share-based compensation and employee compensation. President’s Message Integrated Engineering and Strategic Recruitment Advance BFS Development Donlin Gold’s momentum has accelerated throughout the second quarter of 2026, marked by significant progress across all primary workstreams. Under Fluor’s leadership, the integration of major work packages and technical workstreams with specialist contractors WSP, Worley, and Hatch supporting the Donlin Gold project’s ongoing BFS update is progressing as expected. Work continues to advance on key infrastructure and unit operations — including the on-site power plant by WSP, the natural gas pipeline by Worley, pressure oxidation circuit and oxygen plant by Hatch. This disciplined engineering approach is bringing critical components closer to completion and is foundational to delivering a high-quality BFS. Complementing such progress and the advancement of the BFS, the Company remains focused on attracting top-tier talent for critical positions, ensuring the project is strategically positioned for its next phases of development. Building on this momentum, Donlin Gold remains exceptionally well positioned for the future as one of the world’s premier undeveloped gold assets. The project hosts approximately 40 million ounces of Measured and Indicated Mineral Resources (inclusive of Mineral Reserves), comprising 560 million tonnes grading 2.22 grams per tonne2 — more than twice the global industry average grade3 — and combines large scale, high-grade open-pit mineralization, a long mine life, low estimated operating costs, and significant exploration upside4. With expected average annual gold production exceeding one million ounces and less than 5% of the broader land package systematically explored, the project offers substantial potential for future resource growth and new discoveries. Building on Decades of Stakeholder Engagement as Donlin Gold Progresses Toward Its Next Development Milestone Donlin Gold remains committed to proactive engagement with local communities, stakeholders and government representatives as the project advances through development and permitting. Decades of sustained dialogue with over 60 regional communities have strengthened relationships, supported the exchange of information and perspectives, and reinforced community support for the project. Through consistent, transparent, and respectful communication, the Donlin Gold team continues to ensure that local voices remain an important part of the project's advancement. The project is located on private lands selected by Calista Corporation (“Calista”) under the 1971 Alaska Native Claims Settlement Act for their mineral potential, setting it apart from most other mining assets in Alaska, and guiding outreach efforts. The Native Corporation landowners, Calista, who own the mineral rights, and The Kuskokwim Corporation (TKC), who own the surface estate, are pivotal for the future of the project — including continued local engagement and economic benefits to the region, the State of Alaska, and its stakeholders. In the second quarter of 2026, regional presentations made to key associations provided an opportunity to share a comprehensive project update and overview of Donlin Gold’s community relations efforts. It also included a Calista panel discussion on local revenue sharing provisions between the Alaska Native Corporations to support constructive dialogue regarding the project. In May, Donlin Gold conducted regional community and shareholder outreach to villages along the Kuskokwim River — with visits to 11 Yukon-Kuskokwim (Y-K) communities, alongside Calista and TKC, to support continued dialogue and relationship building. Another Subsistence Community Advisory Committee meeting was held and focused on the introduction of the Subsistence Plan and the Barge Communication Plan, strengthening communication and coordination with subsistence users and regional stakeholders. In government relations and external affairs, Donlin Gold participated in multiple legislative and advocacy events, including the Alaska Chamber of Commerce and Resource Development Council legislative fly-in, Alaska Day on the Hill in Washington, D.C., the Alaska Mining Forum, and the Women in Resources reception, alongside 16 trade associations, that also featured Donlin-focused stakeholder meetings. In addition, NOVAGOLD and Donlin Gold engaged with elected officials and regulatory agencies during the second quarter through meetings with senators and representatives, along with federal and state agencies including the Alaska Department of Natural Resources, Department of Labor and Workforce Development, Congressional delegation state directors, the Bureau of Land Management, and the Department of the Interior, focusing on pipeline corridor updates, geotechnical fieldwork, permitting, workforce, infrastructure, and regional logistics. Further engagement during the second quarter included participation in the U.S. Department of the Interior Secretary Burgum’s Alaska Miners Association roundtable in Alaska, along with additional briefings to U.S. Senate candidates and the Y-K Health Corporation Board to support ongoing awareness of project activities and regional engagement. Collectively, these efforts reflect constant relationship-building and consistent communication with stakeholders at all levels as project development progresses. Regional Commitment to Social, Cultural, and Environmental Wellbeing NOVAGOLD is committed to supporting education, community wellness, cultural preservation, ecological stewardship, and practices that contribute to the economic, health, and social well-being of employees, residents of the Y-K region, and surrounding communities. Through Donlin Gold, this commitment is reflected in a range of activities, including fisheries studies, environmental initiatives, subsistence-related programs, and community contributions, while recognizing the central importance of the region’s traditions and subsistence way of life, where environmental health remains fundamental. In the second quarter of 2026, a range of activities and projects were carried out around regional sporting and cultural events, including Donlin Gold’s participation in the Iditarod, the Native Youth Olympics State Tournament, Bethel Wrestling Club events, and the Donlin Gold Classic Invitational Basketball Tournament. These events celebrate local talent, cultural traditions, and healthy competition while strengthening connections across communities throughout the region. Donlin Gold also supported education, cultural, health, and safety-focused initiatives across the Y-K region, including outreach to regional communities through the “Clean Up Green Up” program, which encourages community-led seasonal cleanup efforts and environmental stewardship. Additional support was provided for programs such as Camp Fire Alaska, the Lower Yukon School District Career Fair, the Kuspuk School District Academic Decathlon, and the University of Alaska Rural Alaska Honors Institute, which provides academically advanced rural students with exposure to college-level coursework and leadership development opportunities. In addition, Donlin Gold contributed to community and youth-focused activities that promote inclusion, wellness, and support literacy and access to educational resources, including the Special Olympics Alaska Yukon-Kuskokwim Delta event, environmental education programs within the Kuspuk School District, and the Bethel Community Services Foundation Library program. Together, these efforts demonstrate Donlin Gold’s ongoing commitment to partnering with regional organizations to support community priorities, cultural initiatives, and sustainable development throughout the Y-K region. Maintaining Regulatory Approvals and Continuing to Support and Defend Donlin Gold’s Permitting Position Donlin Gold is a federally permitted project. Permitting in Alaska is a complex and comprehensive process that is conducted through a rigorous, transparent, and inclusive framework involving federal, state, and regional stakeholders, including communities across the Y-K region. All permitting workstreams continued to advance as planned during the second quarter of 2026. Notably, in June, oral arguments were held in the Alaska Supreme Court regarding Donlin Gold’s Clean Water Act Section 401 Water Quality Certification, which represents the sole remaining legal challenge to the project’s state permits. A decision from the Court is currently pending. To date, all permits and approvals granted to Donlin Gold by federal and state agencies remain in effect while the legal challenges described above run their course. Donlin Gold and its owners uphold their unwavering support of the state and federal agencies in defending their thorough and diligent permitting processes, including working with the federal agencies and all stakeholders on an appropriate remedy to address the Federal District Court’s remand decision. NOVAGOLD Outlook Donlin Gold continues to build momentum under the joint ownership of NOVAGOLD and Paulson and is well positioned to responsibly advance into the next phase of development, further enhancing the project’s value proposition and its strong leverage to gold prices. Donlin Gold’s key priorities for the remainder of 2026 are the advancement of the BFS — with Fluor leading the engineering work and integrating scope, engineering, cost, and schedule with Worley, WSP, and Hatch, assembling the project team, supporting permitting efforts, and continuing all engagement efforts and community investment activities. Together, these efforts underpin the delivery of a high-quality BFS (targeted for completion in 2027) as well as continued progress toward project development. NOVAGOLD remains committed to responsibly advancing the Donlin Gold project and achieving key milestones while fulfilling its commitments. We sincerely thank our shareholders, stakeholders, and Board of Directors for their steadfast support and trust, and express our deep appreciation to the Donlin Gold team for their dedication and hard work. We look forward to even further progress and more exciting opportunities in the year ahead. Sincerely, Gregory A. Lang President and CEO Liquidity and Capital Resources As of May 31, 2026, the Company had cash resources comprising cash and cash equivalents and term deposits totaling approximately $370.2 million, which we believe are sufficient to complete the Donlin Gold BFS, exercise our option to prepay the Barrick Mining Corporation (“Barrick”) promissory note later in 2026 and cover corporate general and administrative costs for at least the next twelve months. Cash used in operating activities during the second quarter of 2026 was $4.8 million higher than the comparative prior year period. Cash used in investing activities during the second quarter of 2026 increased by $60.0 million from the comparative prior year period primarily due to $51.0 million lower net redemption of term deposits and $9.5 million in incremental Donlin Gold funding, partially offset by $0.5 million in proceeds from the sale of marketable securities. Funding of Donlin Gold was higher in the second quarter of 2026 compared to the same period in 2025 due to the commencement of the Donlin Gold BFS in early-2026 and due to the Company’s share of Donlin Gold funding increasing by 10% to 60% starting in the third quarter of 2025. Cash provided by financing activities during the second quarter of 2026 decreased by $234.1 million from the comparative prior year period, primarily due to a $243.8 million public equity offering and concurrent private placement in the prior year period less $9.7 million of issuance costs. 2026 Outlook NOVAGOLD’s anticipated operating expenditures during fiscal year 2026 are unchanged from previously issued guidance of approximately $98.5 million, including $78.8 million to fund the Donlin Gold project, and $19.7 million for corporate general and administrative costs. With the commencement of the Donlin Gold BFS in early-2026, NOVAGOLD’s share of Donlin Gold expenditures is expected to increase over the next 15 to 21 months compared to historical levels. The Company believes it is fully funded to complete the Donlin Gold BFS and to exercise its option to prepay the Barrick promissory note later in 2026. The Company expects to raise additional capital at some point to support future activities, including the commencement of detailed engineering. NOVAGOLD’s catalysts in the coming year include completing the BFS and moving to a subsequent construction decision; maintaining a favorable reputation of NOVAGOLD and the Donlin Gold project among shareholders and stakeholders; promoting strong community outreach and a sustainability culture; upholding robust safety and environmental performance; and managing the Company’s treasury effectively and efficiently. Conference Call & Webcast Details NOVAGOLD’s conference call and webcast to discuss these results will take place June 24, 2026, at 8:00 am PT (11:00 am ET). The webcast and conference call-in details are provided below. 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 40 million ounces of gold in the Measured and Indicated Mineral Resource categories (approximately 560 million tonnes at an average grade of 2.22 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)5 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 2025 Technical Report and the 2025 Technical Report Summary (as defined below), 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 production6. About Donlin Gold Holdings Donlin Gold Holdings, 100% wholly-owned by Paulson Advisers LLC and its affiliates, is the 40% owner of the Donlin Gold project. Donlin Gold Holdings, together with NOVAGOLD, owns 100% of Donlin Gold and shares equal voting and operating control with NOVAGOLD through its operating agreement. NOVAGOLD Contacts Mélanie HennesseyVice President, Corporate Communications Frank GagnonManager, Investor Relations 604-669-6227 or [email protected] Cautionary Note Regarding Forward-Looking Statements This media release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding NOVAGOLD’s anticipated expenditures. Such information is intended to assist readers in understanding NOVAGOLD’s current expectations and plans relating to the future. Such information may not be appropriate for other purposes. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, “would” or “should” occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding the anticipated timing of certain judicial and/or administrative decisions; statements regarding potential infrastructure development, including but not limited to the natural gas pipeline; timing of the completion of the detailed design package, if at all; plans for and the estimated timing of aspects of an updated Bankable Feasibility Study on the Donlin Gold project; our goals and planned activities for 2026; the 2026 Outlook, including anticipated operating expenditures and plans to raise additional capital; our future exploration plans at Donlin Gold; ongoing support provided to key stakeholders including Alaska Native Corporation landowners; Donlin Gold’s continued support for the state and federal permitting process; sufficiency of working capital; the potential development and construction of the Donlin Gold project; the timing and ability for the Donlin Gold project to achieve critical milestones; the ability for the Donlin Gold development project to achieve the anticipated projections; the sufficiency of funds to continue to advance development of Donlin Gold; the anticipated use of net proceeds from previous offerings; perceived merit of properties; mineral reserve and mineral resource estimates; Donlin Gold’s ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; legal challenges to Donlin Gold’s existing permits and the timing of decisions in those challenges; plans to continue to advance the Donlin Gold project safely, socially and environmentally 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 Donlin Gold community relations plan; the anticipated timing and 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. 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 estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include the need to obtain additional 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 Bankable Feasibility Study and to explore and develop properties; availability of financing in the debt and capital markets; the disparity between the economic and governance level at Donlin Gold and the Company; 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 and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued 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, 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. _______________________________________ 1 NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years, annual projected production of at least 500,000 ounces of gold, and average projected cash costs over the production life that are in the lower half of the industry cost curve.2 Donlin Gold possesses Measured Resources of approximately 9 Mt grading 2.67 g/t and Indicated Resources of approximately 551 Mt grading 2.21 g/t, each on a 100% basis and inclusive of Mineral Reserves, of which approximately 6 Mt of Measured Resources and approximately 330 Mt of Indicated Resources inclusive of Mineral Reserves is currently attributable to NOVAGOLD through its 60% ownership interest in Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1.4 Mt grading 1.18 g/t and Indicated Resources of approximately 175 Mt grading 1.32 g/t, of which approximately 0.9 Mt of Measured Resources and approximately 105 Mt of Indicated Resources exclusive of Mineral Reserves is currently attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 9 Mt grading 2.29 g/t and Probable Reserves of approximately 495 Mt grading 2.02 g/t, each on a 100% basis, of which approximately 6 Mt of Proven Reserves and approximately 297 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300.3 As of June 2026, S&P Global Market Intelligence reports that the global industry average grade for open-pit and underground gold deposits with over 1 million ounces in Measured and Indicated Mineral Resources, inclusive of Mineral Reserves, is 1.04 g/t. In comparison, Donlin Gold’s grade is 2.22 g/t, more than double the industry average.4 Donlin Gold data as per the report titled “NI 43-101 Technical Report on the Donlin Gold project, Alaska, USA” with an effective date of November 30, 2025 (the “2025 Technical Report”) and the report titled “S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA” (the “2025 Technical Report Summary”), dated November 30, 2025.5 Donlin Gold data as per the 2025 Technical Report and the 2025 Technical Report Summary. Donlin Gold possesses Measured Resources of approximately 9 Mt grading 2.67 g/t and Indicated Resources of approximately 551 Mt grading 2.21 g/t, each on a 100% basis and inclusive of Mineral Reserves, of which approximately 6 Mt of Measured Resources and approximately 330 Mt of Indicated Resources inclusive of Mineral Reserves is currently attributable to NOVAGOLD through its 60% ownership interest in Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1.4 Mt grading 1.18 g/t and Indicated Resources of approximately 175 Mt grading 1.32 g/t, of which approximately 0.9 Mt of Measured Resources and approximately 105 Mt of Indicated Resources exclusive of Mineral Reserves is currently attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 9 Mt grading 2.29 g/t and Probable Reserves of approximately 495 Mt grading 2.02 g/t, each on a 100% basis, of which approximately 6 Mt of Proven Reserves and approximately 297 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300.6Anticipated average annual gold production during full life of mine if put into production as contemplated in the 2025 Technical Report and the 2025 Technical Report Summary.

A total of 326,713,666 or 74.45% of the Company’s issued and outstanding shares were represented at the Meeting All seven proposals to shareholders were approved, including the election of all director nominees During the 2026 proxy season, NOVAGOLD placed outreach calls to shareholders holding approximately 96% of the Company’s issued and outstanding common shares entitled to vote VANCOUVER, British Columbia, May 19, 2026 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the “Company”) (NYSE American, TSX: NG) is pleased to announce the detailed voting results on the items of business considered at its Annual General Meeting of Shareholders held on May 14, 2026 (the “Meeting”). All proposals were approved and all director nominees were elected. A total of 326,713,666 or 74.45% of the Company’s issued and outstanding shares were represented at the Meeting. Shareholder Engagement During this year’s proxy outreach, NOVAGOLD placed calls to shareholders owning at least 45,000 shares each, who collectively hold approximately 96% of the Company’s issued and outstanding common shares entitled to vote at the Meeting. Additionally, a digital broadcast message was sent out to shareholders holding at least 5,000 shares, enabling efficient outreach in addition to phone calls. Year-over-year the input received from shareholders has helped shape and improve the Company’s governance and compensation practices. The Company will again be conducting post-proxy outreach in the Fall to gather additional insight from its shareholders to continue to improve upon its disclosure, governance, and compensation practices. Shareholder Voting Results The shareholders voted on the following matters at this year’s Meeting: Proposal 1 – Election of Directors The nominees listed in NOVAGOLD’s Management Information Circular were elected as Directors of the Company. Detailed results of the votes are set out below: Proposal 2 – Appointment of Auditors The vote was carried for the Appointment of the Auditors, PricewaterhouseCoopers LLP. The votes received by ballot were as follows: Proposal 3 – Approve amendment to the Stock Award Plan and all unallocated entitlements thereunder The vote was carried for the Stock Award Plan. The votes received by ballot were as follows: Proposal 4 – Approve all unallocated entitlements under the Performance Share Unit Plan The vote was carried for the Performance Share Unit Plan. The votes received by ballot were as follows: Proposal 5 – Approve all unallocated entitlements under the Deferred Share Unit Plan The vote was carried for the Deferred Share Unit Plan. The votes received by ballot were as follows: Proposal 6 – Advisory Approval of Executive Compensation (“Say-on-Pay”) The vote was carried on the Say-On-Pay Advisory Vote. The votes received by ballot were as follows: Proposal 7 – Advisory Approval on Frequency of Seeking Non-Binding Approval of Executive Compensation The vote was carried on the annual submission of the non-binding vote on compensation of the Company’s Named Executive Officers. The votes received by ballot were as follows: Full details of all proposals are fully described in the Company’s Management Information Circular dated March 24, 2026 available on the Company’s website at www.novagold.com/investors/mic/, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov, and the detailed results of voting on each proposal are included in the Report of Voting Results filed on SEDAR+ and in the 8-K filed on EDGAR. The Annual General Meeting of Shareholders webcast and corporate presentation are available on NOVAGOLD’s website under Annual Meeting Materials and Presentations. NOVAGOLD Contacts: Mélanie HennesseyVice President, Corporate Communications Frank GagnonManager, Investor Relations 604-669-6227 or [email protected]

This article first appeared on GuruFocus. Net Loss: $15.4 million for fiscal Q1 2026, an increase of $6.3 million from the prior year period. Donlin Gold Expenses: Increased by $3.9 million compared to the prior year period. G&A Expenses: Increased by $3.9 million in Q1 2026 due to higher professional fees and share-based compensation. Treasury: Increased by $277.4 million to $392.5 million at the end of Q1 2026. Private Placement: Contributed to the treasury increase, intended for Donlin Gold activities and other corporate purposes. Operating Cash Expenditures: Remained in line with the 2026 budget and guidance. Warning! GuruFocus has detected 2 Warning Signs with NG. Is NG fairly valued? Test your thesis with our free DCF calculator. Release Date: April 01, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. The Donlin Gold project boasts approximately 40 million ounces of reserves and resources with a grade of 2.25 grams, which is more than twice the industry average. The project has a significant net present value of almost $24 billion at current gold prices, highlighting its economic potential. Donlin Gold is expected to produce over 1 million ounces annually during its 30-year mine life, with an average of 1.3 million ounces in the first 10 years. The company has completed federal permitting and is nearing completion of state permitting, with only the dam safety certificates pending. Novagold Resources Inc (NG) has strong financial backing with a treasury of $392.5 million, enabling it to complete the bankable feasibility study and prepay the Barrick promissory note. Novagold Resources Inc (NG) reported a net loss of $15.4 million for the first quarter of fiscal 2026, an increase from the previous year due to higher expenditures. General and administrative expenses increased by $3.9 million compared to the prior year, primarily due to higher professional fees and share-based compensation. The company's share of Donlin Gold expenses increased by $3.9 million due to ongoing project activities and the camp remaining open during winter. The exploration program is currently limited to general reconnaissance work, with more extensive exploration planned post-bankable feasibility study. The state permitting process is still ongoing, with the tailings dam and water retention structures requiring final engineering approval. Q: Can we consider that the clock on the 12- to 18-month timeline to complete the Bankable Feasibility Study (BFS) has now started? A: Gregory Lang, President and CEO, confirmed that with all firms in place, including Fluor as the key driver, the BFS timeline has indeed started, and they expect to wrap it up in about a year. Q: Do you see any read-throughs on potential debt financing availability for a project like Donlin, given recent financing approvals for other projects? A: Thomas Kaplan, Chairman, noted that building the biggest gold mine in the US will attract multiple financing sources, including potential government interest due to the project's domestic significance. He also mentioned interest from Asia Pacific countries like Japan and South Korea. Q: Have you planned any 2026 exploration drill programs or budgets to test further targets beyond the current resource? A: Gregory Lang stated that they are starting a general reconnaissance program throughout their land holdings, focusing on the area around Donlin. However, significant exploration will likely follow the completion of the BFS. Q: What remains outstanding in the state permitting process, and how do you expect the receipt of those permits? A: Gregory Lang explained that the only outstanding state permit is for the tailings dam and water retention structures. The design packages have been submitted, and approval is expected around the time the BFS is completed. All other state and federal permits are in good standing. Q: Will the BFS include a closure and reclamation estimate, including long-term water treatment and post-closure monitoring assumptions? A: Gregory Lang confirmed that the BFS will include these estimates, as they are part of the commitments in existing permits. Once operational, the mine will cash fund these commitments through a trust. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Strengthened balance sheet: Completed upsized bought deal private placement for net proceeds of approximately $294 million Robust treasury: Ended quarter with ~$393 million in cash and term deposits Bankable Feasibility Study (BFS) launched: Appointed Fluor Corporation (“Fluor”) as lead engineering firm; technical workstreams underway Strategic engineering contracts awarded: Retained WSP USA, Inc. (“WSP”), Worley Alaska, Inc. (“Worley”), and Hatch Ltd. (“Hatch” and together with WSP and Worley, the “Specialist Contractors”) for the on-site power plant, the natural gas pipeline, and the pressure oxidation circuit and oxygen plant respectively — all advancing work toward completion of BFS expected in 2027 and supporting progression of financing and development workstreams Energy infrastructure strategy under consideration: Donlin Gold signed a non-binding Letter of Intent (LOI) with Glenfarne Alaska LNG, LLC (“Glenfarne”) to jointly evaluate natural gas supply from the Alaska LNG pipeline and related infrastructure to power the proposed mine, potentially enhancing cost efficiencies and project economics VANCOUVER, British Columbia, April 01, 2026 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the “Company”) (NYSE American, TSX: NG) today filed its 2026 first quarter report and provided an update on its Tier One1 gold development project, Donlin Gold, which is owned 60% by NOVAGOLD and 40% by Donlin Gold Holdings, 100% wholly-owned by Paulson Advisers LLC (“Paulson”) and its affiliates. Details of the financial results for the quarter ended February 28, 2026 are presented in the consolidated financial statements and quarterly report on Form 10-Q filed on April 1, 2026, that is available on the Company’s website at www.novagold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless otherwise stated. As detailed in the above-mentioned filings, NOVAGOLD held approximately $392.5 million in cash and term deposits as of February 28, 2026, and reported net first quarter operational cash expenditures of $20.8 million — reflecting $15.5 million to fund NOVAGOLD’s share of the Donlin Gold project and $5.3 million in corporate general and administrative costs. As NOVAGOLD is a development-stage company with no production, the Company reported earnings of ($15.4) million and earnings per share of ($0.04) for the first fiscal quarter of 2026. NOVAGOLD’s results for the first quarter of 2026 reflect higher expenditures at Donlin Gold due to the commencement of BFS related activities including hiring for key roles on the Donlin Gold project team and higher general and administrative expenses at NOVAGOLD, while remaining in line with our 2026 guidance. New Technical Partnerships and Key Workstreams Propel Donlin Gold Forward Following a transformational year for the Company and the Donlin Gold project, the first quarter of 2026 has delivered growing momentum and meaningful progress across key workstreams. Donlin Gold is increasingly well-positioned for the next phase of development, supported by several important milestones. These milestones include the selection of Fluor as the lead engineering firm to direct and integrate all specialist workstreams for the BFS, expected to be completed in 2027, to support project financing and development. Specialized contracts were also awarded to WSP, Worley, and Hatch to advance critical infrastructure and processing components, including the on-site power plant, natural gas pipeline, and the pressure oxidation circuit and oxygen plant. Fluor and the Specialist Contractors have commenced work on the BFS under the leadership of the newly appointed Project Director Frank Arcese — who has extensive experience in delivering large-scale mining projects. With major contractors now on board and ongoing progress on the BFS workstreams, the Company expects to review the schedule and budget for the next phase of development by mid-2026 and provide any update to guidance as required. Furthermore, with the successful completion of an upsized bought deal private placement in February, the Company is well positioned to support critical activities, including expenditures related to Donlin Gold, settlement of the prepayment option on the promissory note with Barrick Mining Corporation (“Barrick”), and general corporate purposes. During the first quarter, as part of Donlin Gold’s infrastructure and energy strategy, Donlin Gold signed a non-binding LOI with Glenfarne, majority owner and developer of the Alaska LNG project, to explore the potential supply of natural gas for Donlin Gold’s on-site power generation. Donlin Gold’s exceptional scale, high-grade open-pit mineralization, long mine life, competitive estimated operating costs, significant exploration upside2, and location in an excellent mining jurisdiction, place it among a rare class of global gold assets. The project hosts approximately 40 million ounces of Measured and Indicated Mineral Resources, inclusive of Mineral Reserves, at an average grade of 2.22 grams per tonne3 —more than twice the industry average4. Importantly, these resources represent only a portion of an eight-kilometer mineralized trend that covers less than 5% of the broader land package, highlighting substantial exploration potential. Donlin Gold continues to advance district-wide exploration aimed at expanding existing resources and identifying new discoveries across the largely underexplored property. Sustaining Strategic Engagement with Local Communities, Government and Regional Stakeholders as Donlin Gold Enters Its Next Phase of Development Donlin Gold LLC continues to prioritize meaningful engagement with local communities, stakeholders, and government representatives in the Yukon-Kuskokwim (Y-K) region, Alaska, and Washington, D.C., in support of project development and permitting. Decades of consistent outreach across 62 Y-K communities have fostered strong relationships, facilitated knowledge exchange, and reinforced the project’s social license while building lasting trust. The Donlin Gold team remains dedicated to advancing the project responsibly through open, respectful, and transparent communication at every stage. In that spirit, Donlin Gold participated in important strategic government activities in the first quarter to increase its presence and broaden our reach, including the Alaska Chamber of Commerce and Resource Development Council Legislative fly-in, providing project updates, meetings with Congressional delegation state directors, and holding discussions with the Alaska Department of Natural Resources Commissioner and Deputy Commissioner. Donlin Gold also conducted two multi-day visits to Juneau, Alaska, during the State Legislature’s session to hold 11 legislative meetings and engage with numerous state representatives and senators. In addition, during the first quarter, Donlin Gold and NOVAGOLD staff participated in the 4th annual Juneau Mining Forum and a joint legislative reception for the Alaska Miners Association, Trucking Association and Alaska General Contractors Association. Donlin Gold staff also attended Senator Lisa Murkowski’s holiday luncheon and co-sponsored an event for Speaker Bryce Edgmon, Senator Cathy Giessel, and Representative Louise Stutes. As part of an ongoing commitment between Donlin Gold, Calista Corporation (“Calista”), and The Kuskokwim Corporation (TKC) to seek input and share knowledge on subsistence matters, Donlin Gold hosted its bi-annual Subsistence Community Advisory Committee (SCAC) meeting in Anchorage. The SCAC members represent a range of perspectives on the project that are important to consider as we advance development. Donlin Gold also held its first virtual SCAC session, which included participation from both SCAC and Donlin Gold Project Community Advisory Committees. The meetings focused on the Barge Communications Plan, providing SCAC members with an opportunity to review the project approach, ask questions, and provide feedback that informs ongoing planning. Donlin Gold also provided a project update at a town hall meeting in Bethel, the largest city downriver from the project. Supporting Social, Cultural, and Environmental Priorities in the Y-K Region NOVAGOLD and Donlin Gold actively contributed to a wide range of programs and community events across the Y-K region, supporting cultural preservation, strengthening stakeholder relationships, advancing economic and social well-being, and promoting youth engagement. These efforts included collaborating with Calista’s Shareholder Relations Committee and traveling to four Y-K communities to engage directly with Calista shareholders on topics including the Donlin Gold project. In the first quarter of 2026, Donlin Gold continued its support of local stakeholders across education, sports, and cultural initiatives. Key programs included the Cook Inlet Tribal Council’s Native Youth Olympics, the Alaska School Activities Association/First National Bank Alaska Wrestling State Championships, the Girl Scouts of Alaska, the Lower Yukon School District Career Fair, the Kusilvak Career Academy, and the University of Alaska Foundation’s Rural Alaska Honors Institute — a six-week, tuition-free program helping rural and Alaska Native students earn college credits and develop academic skills. Donlin Gold also hosted and supported the “Donlin Gold Classic” Invitational Basketball Tournament at Bethel Regional High School, bringing together varsity teams and community members from across the Y-K region. Donlin Gold also engaged with municipal leaders and community stakeholders across Alaska by participating in and supporting the Alaska Municipal League Conference, discussing regional priorities and development opportunities. In addition, Donlin Gold pursued its support for the Alaska Safe Riders winter safety program, promoting the safe use of snowmachines, all-terrain vehicles, and other recreational off-road vehicles. These various efforts are also aligned with Donlin Gold’s long-term objectives to support workforce development and regional economic participation as the project advances. Regulatory Approvals in Hand, Safeguarding Donlin Gold’s Permitting Position Donlin Gold continues to support the State of Alaska in defending the Department of Environmental Conservation’s Clean Water Act (CWA) Section 401 Water Quality Certification, which is the only remaining challenge to Donlin Gold’s permits in State court. Briefing before the Alaska Supreme Court is complete and oral argument is scheduled for April 8, 2026. 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. The USACE, in consultation with BLM, will lead the Supplemental Environmental Impact Statement (SEIS) process to conduct this analysis. The CWA permits and BLM ROW remain in place during this supplementation, which is being undertaken under the Fixing America’s Transportation Act (“FAST-41”) program and coordinated by the Federal Permitting Improvement Steering Council (the “Permitting Council”). The USACE has submitted a schedule for completing the SEIS by mid-2027 to the Permitting Council. A Notice of Intent to prepare a SEIS was issued in January 2026, and the public comment period for the scoping process closed in February 2026. The USACE and cooperating agencies will now review and consider comments received and proceed with preparation of the draft SEIS which is anticipated to be published in September 2026, in accordance with the coordinated FAST-41 permitting schedule. These milestones demonstrate the project’s solid regulatory foundation, the successful defense to date of its permits by Federal and State agencies, and the ongoing progress being made toward future development. NOVAGOLD Outlook With a pivotal year behind us — which, among other achievements, included the acquisition of Barrick’s 50% interest in Donlin Gold together with Paulson, as well as key financings — the Company enters 2026 with strong momentum and is well positioned to responsibly advance into the next phase of development, maximizing the project’s value proposition and its exceptional leverage to gold prices. In 2026, Donlin Gold’s primary focus remains on progressing the BFS and enhancing the project’s long-term potential. Core priorities include advancing engineering and technical workstreams, pursuing exploration to identify district-wide opportunities, and evaluating potential financing options. Engineering efforts, led by Fluor, are advancing workstreams and integrating inputs from Specialist Contractors into a comprehensive framework for engineering, cost, and schedule, targeted for completion in 2027. In parallel, Donlin Gold is building a project team and advancing critical site and technical activities to support the BFS, including geotechnical drilling and materials assessments along the planned upriver port and access road. Donlin Gold will continue to support permitting activities and maintain deep engagement with Alaska Native Corporation landowners, local communities, and government stakeholders as it moves toward BFS completion and the project’s next stage of development. NOVAGOLD remains focused on delivering on every single commitment made, advancing the Donlin Gold project responsibly, and achieving critical milestones. We extend our sincere appreciation to our shareholders, stakeholders, and Board of Directors for their ongoing support and trust. We are also grateful to the Donlin Gold team for their hard work and commitment, and we look forward to a year of continued progress and opportunity. Sincerely, Gregory A. Lang President and CEO Liquidity and Capital Resources As of February 28, 2026, the Company had cash resources comprising cash and cash equivalents and term deposits totaling approximately $392.5 million, which are sufficient to cover the anticipated funding costs to complete the Donlin Gold BFS and to exercise its option to prepay the Barrick promissory note. Cash used in operating activities during the first quarter of 2026 was $5.3 million, $0.2 million lower than the comparative prior year period. Cash used in investing activities during the first quarter of 2026 increased by $278.7 million from the comparative prior year period primarily due to $270.0 million in net purchases of term deposits and $11.9 million in incremental Donlin Gold funding partially offset by $3.2 million in proceeds from the sale of marketable securities. Funding of Donlin Gold was higher in the first quarter of 2026 compared to the same period in 2025 due to increased activity following the commencement of the Donlin Gold BFS in early February 2026 and due to the Company’s share of Donlin Gold funding increasing by 10% from 50% to 60% starting in the third quarter of 2025. Cash provided by financing activities during the first quarter of 2026 increased by $294.1 million from the comparative prior year period primarily due to $310.2 million in proceeds from a private placement offering less $16.2 million of issuance costs. 2026 Outlook NOVAGOLD’s anticipated operating expenditures during fiscal year 2026 are unchanged from previously issued guidance at approximately $98.5 million, including $78.8 million to fund the Donlin Gold project and to continue to advance the BFS, and $19.7 million for corporate general and administrative costs. With the commencement of the Donlin Gold BFS during the first quarter of 2026, NOVAGOLD’s pro-rata share of Donlin Gold expenditures is expected to increase over the next 18 to 24 months from fiscal 2025 levels. NOVAGOLD’s catalysts in the coming year include completing the BFS and moving to a subsequent Final Investment Decision; maintaining a favorable reputation of NOVAGOLD and the Donlin Gold project among shareholders and stakeholders; promoting strong community outreach and a sustainability culture; upholding strong safety and environmental performance; and managing the Company’s treasury effectively and efficiently. Conference Call & Webcast Details NOVAGOLD’s conference call and webcast to discuss these results will take place April 1, 2026, at 8:00 am PT (11:00 am ET). The webcast and conference call-in details are provided below. 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 40 million ounces of gold in the Measured and Indicated Mineral Resource categories (560 million tonnes at an average grade of approximately 2.22 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)5, 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 2025 Technical Report and the 2025 Technical Report Summary (as defined below), 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.6 About Donlin Gold Holdings Donlin Gold Holdings, 100% wholly-owned by Paulson Advisers LLC and its affiliates, is the 40% owner of the Donlin Gold project. Donlin Gold Holdings, together with NOVAGOLD, owns 100% of Donlin Gold and shares equal voting and operating control with NOVAGOLD through its operating agreement. NOVAGOLD Contacts: Mélanie Hennessey Vice President, Corporate Communications Frank Gagnon Manager, Investor Relations 604-669-6227 or 1-866-669-6227 [email protected] 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 Litigation Reform Act of 1995. Forward-looking statements include future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding NOVAGOLD’s anticipated expenditures. Such information is intended to assist readers in understanding NOVAGOLD’s current expectations and plans relating to the future. Such information may not be appropriate for other purposes. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, “would” or “should” occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding the anticipated timing of certain judicial and/or administrative decisions; statements regarding potential infrastructure development, including but not limited to the natural gas pipeline; timing of the completion of the detailed design package, if at all; plans for and the estimated timing of aspects of an updated Bankable Feasibility Study on the Donlin Gold project; our goals and planned activities for 2026; our future exploration plans at Donlin Gold; ongoing support provided to key stakeholders including Alaska Native Corporation landowners; Donlin Gold’s continued support for the state and federal permitting process; sufficiency of working capital; the potential development and construction of the Donlin Gold project; the timing and ability for the Donlin Gold project to achieve critical milestones; the ability for the Donlin Gold development project to achieve the anticipated projections; the sufficiency of funds to continue to advance development of Donlin Gold; the anticipated use of net proceeds from previous offerings; perceived merit of properties; mineral reserve and mineral resource estimates; Donlin Gold’s ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; legal challenges to Donlin Gold’s existing permits and the timing of decisions in those challenges; plans to continue to advance the Donlin Gold project safely, socially and environmentally 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 Donlin Gold community relations plan; the anticipated timing and 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. 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 estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include the need to obtain additional 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 Bankable Feasibility Study and to explore and develop properties; availability of financing in the debt and capital markets; the disparity between the economic and governance level at Donlin Gold and the Company; 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 and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued 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, 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. 1 NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years, annual projected production of at least 500,000 ounces of gold, and average projected cash costs over the production life that are in the lower half of the industry cost curve. 2 Donlin Gold data as per the report titled “NI 43-101 Technical Report on the Donlin Gold project, Alaska, USA” with an effective date of November 30, 2025 (the “2025 Technical Report”) and the report titled “S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA” (the “2025 Technical Report Summary”), dated November 30, 2025. 3 Donlin Gold possesses Measured Resources of approximately 9 Mt grading 2.67 g/t and Indicated Resources of approximately 551 Mt grading 2.21 g/t, each on a 100% basis and inclusive of Mineral Reserves, of which approximately 6 Mt of Measured Resources and approximately 330 Mt of Indicated Resources inclusive of Mineral Reserves is currently attributable to NOVAGOLD through its 60% ownership interest in Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1.4 Mt grading 1.18 g/t and Indicated Resources of approximately 175 Mt grading 1.32 g/t, of which approximately 0.9 Mt of Measured Resources and approximately 105 Mt of Indicated Resources exclusive of Mineral Reserves is currently attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 9 Mt grading 2.29 g/t and Probable Reserves of approximately 495 Mt grading 2.02 g/t, each on a 100% basis, of which approximately 6 Mt of Proven Reserves and approximately 297 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300. 4 As of March 2026, S&P Global Market Intelligence reports that the global industry average grade for open-pit and underground gold deposits with over 1 million ounces in Measured and Indicated Mineral Resources, inclusive of Mineral Reserves, is 1.04 g/t. In comparison, Donlin Gold’s grade is 2.22 g/t, more than double the industry average. 5 Donlin Gold data as per the 2025 Technical Report and the 2025 Technical Report Summary. Donlin Gold possesses Measured Resources of approximately 9 Mt grading 2.67 g/t and Indicated Resources of approximately 551 Mt grading 2.21 g/t, each on a 100% basis and inclusive of Mineral Reserves, of which approximately 6 Mt of Measured Resources and approximately 330 Mt of Indicated Resources inclusive of Mineral Reserves is currently attributable to NOVAGOLD through its 60% ownership interest in Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1.4 Mt grading 1.18 g/t and Indicated Resources of approximately 175 Mt grading 1.32 g/t, of which approximately 0.9 Mt of Measured Resources and approximately 105 Mt of Indicated Resources exclusive of Mineral Reserves is currently attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 9 Mt grading 2.29 g/t and Probable Reserves of approximately 495 Mt grading 2.02 g/t, each on a 100% basis, of which approximately 6 Mt of Proven Reserves and approximately 297 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserve and Resources have been estimated in accordance with NI 43-101 and S-K 1300. 6 Anticipated average annual gold production during full life of mine if put into production as contemplated in the 2025 Technical Report and the 2025 Technical Report Summary.