During the webcast, NOVAGOLD's President and Chief Executive Officer, Greg Lang; and Vice President and Chief Financial Officer, David Ottewell, will provide a summary of the company's second quarter financial results and an update on the Donlin Gold project. | --- | --- | |-------------------------|------------------------------------| | | | | Video Webcast: | www.novagold.com/investors/events/ | | North American callers: | 1-844-763-8274 | | International callers: | 1-647-484-8814 | Mélanie Hennessey Vice ...

During the webcast, NOVAGOLD's President and Chief Executive Officer, Greg Lang; and Vice President and Chief Financial Officer, David Ottewell, will provide a summary of the company's second quarter financial results and an update on the Donlin Gold project. The video webcast and conference call-in details are provided below. The webcast will be archived on NOVAGOLD's website for one year. For a transcript of the call, please see https://www.novagold.com/investors/presentations/ to download or email info@n ...

VANCOUVER, British Columbia, May 21, 2024 (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 16, 2024 (the "Meeting"). All proposals were approved and all ten director nominees were elected. A total of 270,432,207or 80.87% of the Company's issued and outstanding shares were represented at the Meeting. Shareholder Enga ...

NOVAGOLD's Annual General Meeting of Shareholders (the "Meeting") will be held virtually on May 16, 2024 at 1:00 p.m. PSTShareholders may vote on matters before the Meeting by proxy, join the virtual Meeting and vote, and submit questions either during the webcast or in advance by emailFollowing the Meeting, Chairman Dr. Thomas S. Kaplan and President and CEO Greg Lang will host a virtual presentation centered on the Donlin Gold project, a premier Tier 1 gold development project1 VANCOUVER, British Columbia ...

April 4, 2024 Generational asset with strong, investor-friendly attributes First Quarter Update David Ottewell Vice President & Chief Financial Officer CAUTIONARY STATEMENTS 3 NOVAGOLD | 2024 First Quarter Financial Results & Project Update 2024 FIRST QUARTER FINANCIAL RESULTS 2024 FIRST QUARTER WEBCAST & CONFERENCE CALL AGENDA Mélanie Hennessey Vice President, Corporate Communications First Quarter Financials 2 NOVAGOLD | 2024 First Quarter Financial Results & Project Update | --- | --- | --- | --- ...

Financial Performance - For the three months ended February 29, 2024, the net loss was $10.318 million, a decrease of $0.3 million compared to a net loss of $10.659 million for the same period in 2023[31]. - Total operating expenses for Q1 2024 were $9.220 million, down from $10.082 million in Q1 2023, reflecting lower costs at Donlin Gold[31]. - Cash and cash equivalents decreased by $8.2 million in Q1 2024, primarily due to funding for Donlin Gold and corporate administrative expenses[32]. - General and administrative expenses increased to $6.259 million in Q1 2024 from $5.607 million in Q1 2023, primarily due to corporate staff additions[31]. - Interest expense on promissory notes rose to $3.597 million in Q1 2024 from $2.944 million in Q1 2023[30]. - Total assets as of February 29, 2024, were $126.884 million, down from $133.290 million as of November 30, 2023[30]. - Total liabilities increased to $143.001 million as of February 29, 2024, compared to $141.513 million as of November 30, 2023[30]. Project Development - The Donlin Gold project boasts approximately 39 million ounces of gold with a grade of 2.24 grams per tonne, which is twice the gold industry average[25]. - Donlin Gold is committed to advancing a full bankable Feasibility Study to optimally position the project for a potential positive construction decision[6]. - The project has a projected production life of at least 10 years and annual projected production of at least 500,000 ounces of gold[4]. - The Donlin Gold project has approximately 39 million ounces of gold in the Measured and Indicated Mineral Resource categories, with a mine life expected to produce over one million ounces per year[36]. Community Engagement and Environmental Initiatives - In the first quarter of 2024, Donlin Gold finalized another Shared Values Statement, bringing the total count to 16, highlighting community engagement efforts[9]. - The company is actively engaged in environmental and social initiatives, including monitoring salmon populations in the Kuskokwim and Yukon River watersheds[11]. - Donlin Gold's activities include extensive outreach efforts to support community engagement and permitting processes[5]. Financial Outlook - Anticipated expenditures for fiscal year 2024 are approximately $31.2 million, including $14.3 million for the Donlin Gold project and $16.9 million for corporate general and administrative costs[33]. - NOVAGOLD aims to advance the Donlin Gold project toward a construction decision and maintain support among stakeholders in 2024[34]. Permitting and Regulatory Status - NOVAGOLD is focused on maintaining existing permits and advancing outstanding requirements for the Donlin Gold project[5]. - The project is located on private land designated for mining under the Alaska Native Claims Settlement Act, with key state permits secured[7]. Ongoing Operations - The ongoing metallurgical test work with a pilot plant in Ontario, Canada, is expected to conclude later in 2024[5].

Financial Performance - The net loss for NOVAGOLD decreased by $341 in Q1 2024 compared to the same period in 2023, attributed to lower costs at Donlin Gold and increased interest income[80]. - Cash and cash equivalents decreased by $8,246 in Q1 2024, primarily due to funding for Donlin Gold and corporate administrative expenses[83]. - The company maintains sufficient working capital to cover anticipated funding for the Donlin Gold project and corporate costs for at least the next three years[81]. - The Company holds cash and cash equivalents of $37,503,000 and term deposits of $80,000,000, primarily with high-rated Canadian banks[85]. - The promissory note payable to Barrick amounts to $140,345,000, with interest tied to the U.S. prime rate, indicating a potential annual interest fluctuation of approximately $1.4 million for a 1% change in the prime rate[88]. Project Funding and Budget - In Q1 2024, NOVAGOLD's share of funding for the Donlin Gold project was $3,623, with an expected total funding of $14,250 for the year[63]. - The Donlin Gold LLC board approved a budget of $28,500 for 2024, focusing on resource modeling, mine planning, and metallurgical test work[62]. - Anticipated expenditures for fiscal year 2024 are approximately $31,200, including $14,250 for the Donlin Gold project and $16,950 for corporate general and administrative costs[82]. - The company recognizes the importance of obtaining additional financing to support future operations and project development[81]. Regulatory and Permitting Status - The Alaska Pollutant Discharge Elimination System permit and Waste Management Permit are administratively extended pending renewal, with the Reclamation Plan approval extended to January 2025[71]. - NOVAGOLD's financial position is impacted by the ongoing litigation and permitting processes related to the Donlin Gold project[74]. Risk Management and Internal Controls - Management confirmed the effectiveness of disclosure controls and procedures as of February 29, 2024, ensuring timely and accurate reporting[89]. - There have been no material changes to the risk factors affecting the Company since the last annual report filed on January 24, 2024[94]. - The Company has not experienced any material current, pending, or threatened litigation[93]. - No changes in internal control over financial reporting have occurred that could materially affect the Company's financial reporting[90]. - The Company maintains a concentration of credit risk with cash and cash equivalents held at high investment-grade Canadian banks[87]. - The interest rate risk associated with the promissory note is variable, impacting the Company's financial obligations based on fluctuations in the U.S. prime rate[88]. Corporate Governance - As of March 27, 2024, the Company had 334,371,223 common shares issued and outstanding, along with 9,805,100 stock options and 2,173,000 PSUs[84]. - During Q1 2024, no directors or executive officers adopted or terminated any trading arrangements[102].

Financial Data and Key Metrics Changes - The company's treasury remained strong with cash and term deposits totaling $125.7 million as of November 30, 2023, with anticipated expenditures for 2024 around $31 million, including $14 million for Donlin and $17 million for corporate G&A [8][35] - The net loss for the year decreased by $6.5 million from 2022, primarily due to lower field expenses at Donlin Gold and increased interest income [78] Business Line Data and Key Metrics Changes - Donlin Gold holds approximately 39 million ounces of gold at an impressive grade of 2.25 grams, which is more than twice the industry average, and has a projected mine life of almost 30 years [30][74] - Donlin Gold's expenses were lower in 2023 due to the completion of geotechnical drilling compared to the larger exploration drilling program in 2022 [7][35] Market Data and Key Metrics Changes - The gold industry is experiencing a decline in reserves, with the company positioned to capitalize on this trend due to its high-grade assets in a safe jurisdiction [15][74] - The equities market in the gold space is considered highly undervalued, with the company emphasizing the importance of holding Tier 1 assets in Tier 1 jurisdictions [14][74] Company Strategy and Development Direction - The company is focused on advancing the Donlin Gold project through a feasibility study before moving into production, emphasizing that the economics must justify any production decisions [20][104] - The management team believes that Donlin Gold has the potential to be a significant and cost-effective producer, with plans to continue drilling to expand resources [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the permitting process for Donlin Gold, noting that all appeals against the project have been unsuccessful to date [6] - The company is prepared for potential litigation as part of the permitting process, viewing it as a normal aspect of the mining industry [68] Other Important Information - The company has maintained a strong commitment to environmental stewardship, community engagement, and cultural preservation throughout its operations [5][31] - The management team highlighted the importance of their relationships with Alaska Native Corporations, which are crucial for the project's success [4][73] Q&A Session Summary Question: What is the extent of testing along the eight-kilometer mineralized trend? - The company indicated that ore-grade intercepts are present along the trend, with potential for expansion at depth and along strike [108] Question: How does the drilling impact mine life and development approach? - The company noted that increased resources could extend mine life and may lead to discussions about building a larger facility [109] Question: How does the company handle strategic differences with its partner? - The management described their partnership as a 50-50 relationship, emphasizing ongoing dialogue and collaboration to resolve differences [110]

Donlin Gold Project Highlights - Donlin Gold is positioned to become a million-ounce gold producer in the Americas[6], with an anticipated 1.13 million ounces per year over a 27-year mine life[6] - The project boasts 39 million ounces of gold contained in measured and indicated mineral resources[25], with an average grade of 2.24 g/t Au, more than double the global average[25] - From 2006 to 2011, measured and indicated resources increased by 135% from 16.6 million ounces to 39 million ounces[8] - The 2024 budget for Donlin Gold LLC is approved at $28.5 million for mine planning, metallurgical test work, regional infrastructure support, resource modeling, geoscience hydrology, closure planning, dam certificates, litigation support, government affairs, community engagement, and sponsorships[39] Financial Performance - NOVAGOLD's cash and term deposits balance was $125.7 million as of November 30, 2023[36] - The company forecasts spending $14.25 million on the Donlin Gold project and $16.95 million on corporate G&A, totaling $31.2 million[37] - The net loss for the year ended November 30, 2023, was $46.8 million, compared to $53.3 million in 2022[32] Market and Investment Thesis - Gold equities have underperformed the price of gold, creating an opportunistic entry point for investors[42] - Central banks are robustly acquiring gold, with purchases at 2.58 times the preceding decade's quarterly average since the Russia-Ukraine war[43], acquiring 337 tonnes[43] - Top 10 mining companies' reserves dropped by 33% in the past 15 years[45]

Donlin Gold Project Updates - In 2023, the Donlin Gold project completed a field program that included 1,840 meters of geotechnical drilling, 74 test pits, and 25 kilometers of seismic survey[53]. - The Donlin Gold LLC board approved a budget of $28.5 million for 2024, focusing on resource modeling, mine planning, and dam safety certificate applications[55]. - The 2023 field program included hydrogeologic drilling with instrumentation and pump tests, providing essential information for mine planning[53]. - The company is focused on advancing the Donlin Gold project for the benefit of all shareholders and stakeholders[55]. Financial Performance - The average daily afternoon LBMA gold price for 2023 was $1,941 per ounce, with a high of $2,078 and a low of $1,811[66]. - A 1% change in the U.S. prime rate would result in an increase or decrease of approximately $1.4 million in interest accrued on the promissory note owed to Barrick per annum[361]. Safety and Compliance - The Donlin Gold project has worked over 3.4 million hours without a lost time incident, reflecting a strong safety record[53]. - The company is in compliance with all material respects of applicable mining, health, safety, and environmental regulations in the United States[58]. Operational Capability - The competition for financing and technical expertise in mineral resource exploration is significant, with competitors having greater resources[59]. - The company has successfully secured the necessary equipment and supplies for its operations, indicating no foreseeable shortages[63].