Vertex Minerals: Australia’s Next High-grade, Green Gold Producer

Strong Treasury of Approximately $106 Million in Cash and Term Deposits

NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the “Company”) (NYSE American, TSX: NG) today released its 2024 third quarter financial results and provided an update on its Tier One 1 gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick Gold Corporation (“Barrick”).

Details of the financial results for the quarter ended August 31, 2024, are presented in the consolidated financial statements and quarterly report filed on Form 10-Q on October 2, 2024, 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.

In the third quarter of 2024, the following milestones were achieved:

• Donlin Gold activities included:
  • Metallurgical test work (pilot plant) to confirm flowsheet optimizations advanced with completion expected by year-end.
  • Submission of the majority of the Dam Safety Certification preliminary design packages to the Alaska Department of Natural Resources (ADNR) on June 17, 2024, with the final documents expected to be submitted by year-end. Comments from ADNR are anticipated to be received in 2025.
  • Updated resource modelling by the Donlin Gold team and a third-party consultant nearing completion.
  • Incorporation of field and geochemical data to update groundwater and surface water models for operational and closure planning.
  • Subsequent to the third quarter, NOVAGOLD and Barrick held a Donlin Gold workshop in Alaska to review the substantial work completed to date and to discuss next steps for the Donlin Gold project and related activities for 2025.

• In collaboration with Calista Corporation (“Calista”) and The Kuskokwim Corporation (TKC), Donlin Gold achieved significant milestones in education, health and safety, cultural preservation, and environmental initiatives that include:
  • Hosted Crooked Creek and Georgetown residents on a tour of the Donlin Gold project.
  • Participated in a public Open House in Anchorage, providing Alaskans with the opportunity to learn more about the project and engage in open and transparent discussions.
  • Sponsored the RurAL CAP Elder Mentor Program, connecting youth with Elders in Alaska and fostering the sharing of values and knowledge between generations.
  • Increased collaboration with the Alaska School Activities Association, a statewide nonprofit organization dedicated to the development of high school-level athletic, academic, and fine arts programs across the State.
• NOVAGOLD reported the following:
  • Appointment of Peter Adamek, a seasoned financial executive with over 20 years of experience, as the Company’s new Vice President and Chief Financial Officer.
  • NOVAGOLD maintains a strong financial position to continue to advance the Donlin Gold project up the value chain, with a healthy treasury of $105.6 million in cash and term deposits as of August 31, 2024.

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