PART I - FINANCIAL INFORMATION [Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated interim financial statements for the period ended May 31, 2024, detailing a net loss of $24.0 million, total assets of $121.6 million, and an equity deficit of $27.5 million [Condensed Consolidated Interim Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Interim%20Balance%20Sheets) As of May 31, 2024, total assets decreased to $121.6 million, total liabilities increased to $149.0 million, and the equity deficit widened to $27.5 million Balance Sheet Highlights (in thousands) | Balance Sheet Highlights (in thousands) | May 31, 2024 | Nov 30, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $52,568 | $45,749 | | Term deposits | $60,000 | $80,000 | | Total current assets | $113,945 | $127,219 | | Total assets | $121,577 | $133,290 | | **Liabilities & Equity** | | | | Total current liabilities | $3,891 | $3,906 | | Promissory note | $144,047 | $136,748 | | Total liabilities | $149,049 | $141,513 | | Total equity (deficit) | ($27,472) | ($8,223) | [Condensed Consolidated Interim Statements of Loss and Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) For the six months ended May 31, 2024, the company reported a net loss of $24.0 million, a decrease from $25.3 million in the prior year, primarily due to lower equity losses from the Donlin Gold project Statement of Loss Highlights (in thousands) | Statement of Loss Highlights (in thousands) | Six Months Ended May 31, 2024 | Six Months Ended May 31, 2023 | | :--- | :--- | :--- | | General and administrative | $13,862 | $11,142 | | Equity loss – Donlin Gold | $6,951 | $12,018 | | Loss from operations | ($20,813) | ($23,160) | | Interest expense on promissory note | ($7,299) | ($6,156) | | Interest and dividend income | $3,071 | $2,679 | | **Net loss** | **($24,018)** | **($25,308)** | | **Net loss per share** | **($0.07)** | **($0.08)** | [Condensed Consolidated Interim Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Cash%20Flows) For the six months ended May 31, 2024, net cash used in operating activities was $6.6 million, while investing activities provided $13.4 million, leading to a $6.8 million increase in cash and cash equivalents Cash Flow Highlights (in thousands) | Cash Flow Highlights (in thousands) | Six Months Ended May 31, 2024 | Six Months Ended May 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($6,570) | ($4,662) | | Funding of Donlin Gold | ($7,334) | ($12,772) | | Net proceeds from term deposits | $20,000 | $0 | | Net cash provided from (used in) investing activities | $13,409 | ($12,230) | | **Increase (decrease) in cash and cash equivalents** | **$6,819** | **($16,928)** | [Notes to Condensed Consolidated Interim Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section clarifies that NOVAGOLD's principal asset is a 50% interest in the Donlin Gold project, detailing its equity method investment, a significant promissory note to Barrick, and share-based compensation - The company's principal asset is a **50% interest** in the Donlin Gold project in Alaska, a joint venture with Barrick Gold Corporation[29](index=29&type=chunk) Change in Investment in Donlin Gold (in thousands) | Change in Investment in Donlin Gold (in thousands) | Six Months Ended May 31, 2024 | | :--- | :--- | | Balance – beginning of period | $3,071 | | Share of losses | ($6,951) | | Funding | $7,334 | | **Balance – end of period** | **$3,454** | - A promissory note payable to Barrick totals **$144.0 million** as of May 31, 2024, accruing interest at U.S. prime plus 2% and repayable from **85%** of future mine production revenue[42](index=42&type=chunk)[47](index=47&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Donlin Gold project's advancement, including Q2 2024 activities and stakeholder engagement, noting a lower net loss due to reduced field expenses and sufficient liquidity for at least three years [Donlin Gold Project Update](index=17&type=section&id=Donlin%20Gold%20Project%20Update) Key activities at the Donlin Gold project in Q2 2024 included resource modeling, metallurgical testing, water model updates, and infrastructure planning, with the company's funding share at $7.3 million for the first six months - Key activities in Q2 2024 included ongoing resource modeling, metallurgical test work for flowsheet optimization, updating water models, and advancing regional infrastructure planning[65](index=65&type=chunk) - NOVAGOLD's funding share for the Donlin Gold project was **$7.334 million** for the first six months of 2024, with a full-year budget of **$14.250 million**[68](index=68&type=chunk) [Stakeholder Engagement and Permitting](index=18&type=section&id=Stakeholder%20Engagement%20and%20Permitting) The company maintained strong stakeholder relations, finalizing a 17th Shared Values Statement, while actively defending its permits against ongoing legal challenges in Alaska and Federal courts with oral arguments scheduled for mid-to-late 2024 - A **17th Shared Values Statement** was finalized with a Y-K region community, formalizing engagement on local issues[73](index=73&type=chunk) - The company is actively defending its permits in multiple legal proceedings, including appeals of the Clean Water Act certification, state water rights, and the Federal Joint Record of Decision, with oral arguments scheduled for July and August 2024[79](index=79&type=chunk)[80](index=80&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Financial Results and Liquidity](index=19&type=section&id=Financial%20Results%20and%20Liquidity) The net loss for Q2 2024 decreased by $0.9 million due to lower field expenses, and the company maintains a strong liquidity position of $112.6 million, sufficient for at least the next three years - The decrease in net loss for Q2 and the first six months of 2024 was primarily due to lower field expenses at Donlin Gold, increased interest income, and gains on marketable securities[89](index=89&type=chunk) Financial Position Highlights (in thousands) | Financial Position Highlights | As of May 31, 2024 | | :--- | :--- | | Cash and cash equivalents | $52,568 thousand | | Term deposits | $60,000 thousand | | Promissory note payable to Barrick | $144,047 thousand | - Anticipated expenditures for fiscal year 2024 are approximately **$31.2 million**, including **$14.25 million** for Donlin Gold funding and **$16.95 million** for general and administrative costs[92](index=92&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=21&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's financial instruments are exposed to credit risk, concentrated in cash and term deposits, and interest rate risk from its variable-rate promissory note tied to the U.S. prime rate - A **1% change** in the U.S. prime rate would result in an approximate **$1.44 million** change in the annual interest accrued on the promissory note payable to Barrick[101](index=101&type=chunk) [Controls and Procedures](index=21&type=section&id=Item%204.%20Controls%20and%20Procedures) As of May 31, 2024, management concluded that the company's disclosure controls and procedures are effective, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures are effective for timely and accurate SEC reporting[102](index=102&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings & Risk Factors](index=22&type=section&id=Item%201.%20Legal%20Proceedings%20%26%20Item%201A.%20Risk%20Factors) The company reports no material current, pending, or threatened litigation and no material changes to previously disclosed risk factors from its Annual Report on Form 10-K - The company is not aware of any material current, pending, or threatened litigation[106](index=106&type=chunk) - There have been no material changes to the risk factors disclosed in the Annual Report on Form 10-K for the year ended November 30, 2023[106](index=106&type=chunk) [Other Information](index=22&type=section&id=Items%202,%203,%204,%205,%20and%206) This section confirms no unregistered sales of equity securities, no defaults upon senior securities, and no applicable mine safety disclosures, with no other material information reported - The company reports no activity under Item 2 (Unregistered Sales of Equity Securities), Item 3 (Defaults Upon Senior Securities), Item 4 (Mine Safety Disclosures), or Item 5 (Other Information)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)

Company Overview - NOVAGOLD RESOURCES INC. is focused on the development of the Donlin Gold project in Alaska, which is one of the largest and highest-grade open-pit gold deposits globally, with approximately 39 million ounces of gold in the Measured and Indicated Mineral Resource categories [7] - The Donlin Gold project has Proven Reserves of approximately 8 million tonnes grading 2.32 g/t and Probable Reserves of approximately 497 million tonnes grading 2.08 g/t [1] Management Changes - Peter Adamek has been appointed as Vice President and Chief Financial Officer (CFO) effective July 15, 2024, following the retirement of long-serving CFO David Ottewell [2][6] - David Ottewell will assist in the transition until his retirement date, having contributed significantly to the company's finance strategy and team development over the past 12 years [6] Project Development - The Donlin Gold project is expected to produce over one million ounces of gold annually over a 27-year mine life once in production [7] - Current activities at the Donlin Gold project include state permitting, engineering studies, community outreach, and workforce development in preparation for construction and operation [7] Financial Position - NOVAGOLD is well-financed and positioned to fund its share of permitting and advancement efforts at the Donlin Gold project [7]

VANCOUVER, British Columbia, June 20, 2024 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. ("NOVAGOLD" or the "Company") (NYSE American, TSX: NG) is pleased to announce the appointment of Peter Adamek as Vice President and Chief Financial Officer (CFO) of the Company effective July 15, 2024. The appointment of Mr. Adamek comes following the retirement of NOVAGOLD's long-serving CFO, David Ottewell, capping off a successful career in the mining sector. Mr. Ottewell will stay on until July 15, 2024 to ensure a se ...

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].