Radisson Provides 2025 Outlook and Exploration & Development Plans for the

As detailed in the above filings, NOVAGOLD held a strong treasury of approximately $101 million in cash and term deposits as of November 30, 2024, and reported net annual cash expenditures of $24.5 million — including $12.4 million to fund NOVAGOLD’s share of the Donlin Gold project and $17.7 million in corporate general and administrative costs, below its 2024 expenditure guidance of $31.2 million. As NOVAGOLD is a development-stage company with no production, the Company reported earnings of ($45.6) million and earnings per share of ($0.14) for the 2024 fiscal year, reflecting expenditures in line with budget.

In 2024, the following milestones were achieved at NOVAGOLD and Donlin Gold:

• Donlin Gold undertook the following key activities in 2024 to advance technical work to position the project for an updated cost estimate:
  • Substantially completed metallurgical test work at a pilot plant in Ontario, Canada to confirm proposed optimizations to the flowsheet; advanced an updated resource model; and collected field and geochemical data for operational and closure planning;
  • Submitted the preliminary design packages for the Dam Safety Certification to the Alaska Department of Natural Resources (ADNR) in the second half of 2024;
  • Collaborated with Donlin Gold, Calista Corporation (“Calista”), and The Kuskokwim Corporation (TKC) on substantial ecological, educational and cultural awareness initiatives, including community outreach in the project’s region — hosted public open houses in three locations, participated in two Subsistence Community Advisory Committee meetings, and established three additional Shared Values Statements with local villages.
• NOVAGOLD and Barrick held a Donlin Gold workshop in Alaska in September 2024 to review the important work completed to date and to agree on the next steps for the Donlin Gold project and related 2025 activities.

• Donlin Gold board approved a budget of $43 million (100% basis) for 2025, comprising the following key areas:
  • Camp operations with grid drilling to refine mine planning assumptions;
  • Updated mine planning;
  • Geotechnical engineering and geosciences closure planning;
  • Project planning;
  • Advancement of Dam Safety Certificate applications; and
  • Community relations, government affairs, and maintaining permits in good standing.

President’s Message

This last year was characterized by extensive efforts to increase Donlin Gold’s visibility and advance activities for long-term sustainable value creation — strengthening the project’s position as a unique opportunity to gain direct exposure to gold through one of the largest undeveloped gold assets globally ² , located in a stable, tier one, mining-friendly jurisdiction, Alaska ³ . With this strong foundation, we are nearing critical milestones that we believe will allow us to unlock NOVAGOLD’s full potential.

Key activities in 2024 included the substantial completion of metallurgical test work at a pilot plant in Ontario, Canada to confirm…