NOVAGOLD Files Year-End 2024 Report with Strong Treasury to Fund Key Activities for Long-Term Value Creation

NOVAGOLD RESOURCES INC. (NYSE American, TSX: NG) recently filed its 2024 fiscal year-end report, highlighting a strong treasury position and outlining key activities for long-term value creation. The company, which owns a 50% stake in the Tier One Donlin Gold project in Alaska, reported a treasury of approximately $101 million in cash and term deposits as of November 30, 2024. This financial strength enables NOVAGOLD to fund critical projects and initiatives that advance the Donlin Gold project and maintain its Tier One status.

Throughout 2024, Donlin Gold achieved several key milestones that contribute to its Tier One status and potential for long-term value creation. These advancements include:

1. Substantial Completion of Metallurgical Test Work: Donlin Gold substantially completed metallurgical test work at a pilot plant in Ontario, Canada, confirming proposed optimizations to the flowsheet. This work is crucial for refining the project's processing methods and enhancing its overall efficiency, contributing to its Tier One status as a large-scale, high-quality gold development project.
2. Advancement of the Resource Model: The Donlin Gold team and a third-party consultant advanced an updated resource model, which is essential for accurately estimating the project's mineral reserves and resources. This advancement helps to validate the project's potential for long-term value creation by providing a more precise understanding of the gold deposits.
3. Field and Geochemical Data Collection: Donlin Gold collected field and geochemical data to update groundwater and surface water models for both operational and closure planning. This data collection is vital for ensuring the project's environmental sustainability and responsible management of water resources, further enhancing its Tier One status.
4. Submission of Dam Safety Certification Packages: Donlin Gold submitted the preliminary design packages for the Dam Safety Certification to the Alaska Department of Natural Resources (ADNR) in the second half of 2024. This submission is a critical step in obtaining the necessary permits for the project's construction and operation, contributing to its potential for long-term value creation.
5. Community Engagement and Partnerships: Donlin Gold collaborated with Calista Corporation ("Calista") and The Kuskokwim Corporation (TKC) on substantial ecological, educational, and cultural awareness initiatives. These partnerships and community engagement efforts are essential for maintaining the project's social license to operate and fostering long-term relationships with local stakeholders, further enhancing its Tier One status.

NOVAGOLD's strong treasury position allows the company to prioritize and invest in various projects and initiatives that advance the Donlin Gold project and maintain its Tier One status. Some specific projects and initiatives that are prioritized with this funding include:

1. Metallurgical test work and flowsheet optimizations: NOVAGOLD is investing in metallurgical test work at a pilot plant in Ontario, Canada, to confirm proposed optimizations to the flowsheet. This work is expected to be completed by the end of 2024 and will serve as inputs into updated feasibility work.
2. Resource model advancement: The company is advancing an updated resource model for the Donlin Gold project, which will help refine the project's economics and potential mine life.
3. Geotechnical engineering and geosciences closure planning: NOVAGOLD is investing in geotechnical engineering and geosciences closure planning to ensure the project's long-term sustainability and environmental responsibility.
4. Dam Safety Certificate applications: The company is advancing the Dam Safety Certificate applications, which are crucial for the project's permitting and development.
5. Community relations, government affairs, and maintaining permits in good standing: NOVAGOLD is allocating funds to maintain strong relationships with local communities, government agencies, and other stakeholders, ensuring the project's social license to operate and the preservation of its permits.
6. Camp operations with grid drilling: The Donlin Gold board approved a budget of $43 million (100% basis) for 2025, which includes funding for camp operations with grid drilling to refine mine planning assumptions.
7. Updated mine planning: The budget also allocates funds for updated mine planning, which will help optimize the project's mine design and improve its overall economics.

By investing in these key activities, NOVAGOLD aims to strengthen the Donlin Gold project's position as a unique opportunity for direct exposure to gold through one of the largest undeveloped gold assets globally, located in a stable, tier one, mining-friendly jurisdiction, Alaska. This strategic allocation of funds is expected to unlock NOVAGOLD's full potential and create long-term sustainable value for shareholders.



In conclusion, NOVAGOLD's strong treasury position and the key milestones achieved by Donlin Gold in 2024 demonstrate the company's commitment to advancing the Donlin Gold project and maintaining its Tier One status. By prioritizing and investing in critical projects and initiatives, NOVAGOLD is well-positioned to unlock its full potential and create long-term sustainable value for shareholders.