Donlin Gold Commenced Fieldwork, Advanced Resource Modelling and Trade-Off
Studies in Preparation for Updated Feasibility Study
Strong $116-Million Treasury with $25-Million Receivable due in July 2023
? The 2023 field program commenced early in the year to complete the necessary fieldwork and
geotechnical drilling for the Alaska Dam Safety certificates applications.
? With the successful completion of the largest drill program in over 15 years, the owners are focused on
finalizing the resource model and trade-off studies capping off the preparatory work toward proceeding
with an updated feasibility study.
? NOVAGOLD’s treasury remained strong with $116 million in cash and term deposits as of February 28,
2023, with an additional $25 million due in July 2023 from Newmont Corporation (“Newmont”),
keeping NOVAGOLD in a healthy financial position to advance the Donlin Gold project up the value
chain.
April 4, 2023 – Vancouver, British Columbia – NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the
Company” (NYSE American, TSX: NG) today released its 2023 first quarter financial results and an update on its
Tier One1 gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick Gold
Corporation (“Barrick”).
Details of the financial results for the quarter ended February 28, 2023 are presented in the consolidated
financial statements and quarterly report filed on Form 10-Q on April 4, 2023 that is available on the Company’s
website at www.novagold.com, on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov. All amounts are in
U.S. dollars unless otherwise stated.
In the first quarter of 2023, the following milestones were achieved at Donlin Gold:
? The Donlin Gold project camp re-opened in February 2023 to prepare for the field program with a
total workforce of 44 direct hire employees, 63% being from the Yukon-Kuskokwim (Y-K) region.
? To support mine planning and mine design, Donlin Gold also advanced onsite hydrological drilling to
further define the depth and flow of groundwater in the areas of the planned Donlin Gold project pit
and surrounding infrastructure.
? As a federally permitted project on private Alaska Native Corporation land designated by law for
mining and with key State permits in hand, several activities continued to keep our current permits in
good standing and to advance the remaining permits needed, including the following highlights:
? Commencement of additional fieldwork and geotechnical drilling to collect data required to
advance the Alaska Dam Safety certificates for water diversion and water retention structures
including the proposed tailings storage facility. All necessary fieldwork for the certificates is
planned to be completed this year;
? Application for a new air quality permit from the Alaska Department of Environmental
Conservation (ADEC). A draft permit was issued for public comment in December 2022;
1 NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years, annual projected production of at least 500,000 ounces of gold,
and average projected cash costs over the production life that are in the lower half of the industry cost curve.
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? Submission to ADEC of the application for the regularly scheduled re-issuance of the project’s
Alaska Pollutant Discharge Elimination System permit (APDES); ADEC extended the permit to
remain in effect until the State completes the re-issuance.
? Following the easing of COVID-19 restrictions, community engagement efforts increased significantly,
which allowed the project team to participate in more in-person events. Critical assistance was provided
to local communities through the funding of, and participation in, initiatives related to health and safety,
infrastructure development, environmental management, training and education, and support of the
indigenous culture in the Y-K region. Notable outcomes include:
? Supported intensive academic, career and educational workshops for rural youth and young
adults of the Y-K region in partnership with Alaska EXCEL;
? Partnered with Covenant House Alaska and Bethel Community Services to address chronic
food insecurity and homelessness in the Y-K region;
? Collaborated with the Bethel Community Services Foundation and the Aruqutet Project to
address ongoing food distribution challenges throughout Bethel;
? Provided continued financial assistance to construct and maintain the 300-mile-long ice road
that connects remote Kuskokwim River communities;
? Supported Alaska Safe Riders program by sponsoring the McGrath Iron Dog Race, in which
residents participated in All-Terrain Vehicle and Off-Road Vehicle safety presentations.
? Calista Corporation (“Calista”) and Donlin Gold continued their proactive, bipartisan outreach to Alaska
Governor Dunleavy’s Administration and the new legislature in Alaska, as well as with the Biden
Administration and United States Congress in Washington, D.C., to highlight the thoroughness of the
project’s environmental review and permitting processes, in addition to the considerable benefits it
would deliver to all Alaska Natives.
President’s Message
Steadily and Surely Advancing Up the Value Chain the Donlin Gold Project – the leading
Tier 1 Gold Development Project in Alaska, One of the Only Remaining Tier 1
Jurisdictions
All of us at NOVAGOLD take great pride in the fact that we have been laser-focused – as well as highly
successful – in executing the explicit strategy that was set forth by our Chairman and me more than a decade
ago: namely, to unlock the value of NOVAGOLD’s high-quality assets for our shareholders and to dedicate our
entire energy toward creating the maximum leverage from a pure play on the singularly brilliant endowment
that is the Donlin Gold project. And to accomplish all this while safeguarding the Company’s robust treasury to
allow us to accomplish our work without needing to go back to the financial markets.
As we have stated on numerous occasions, our Board and management believe that the Donlin Gold project is
truly best-in-class in its combination of attributes and hence that NOVAGOLD constitutes the most perfectly
suited “go-to” equity to benefit from the next wave in the bull market in gold. Possessing the unique
combination of industry-leading size, grade, and excellent exploration upside with which to move the needle in
the gold industry, our project’s location in Alaska – a safe and time-tested jurisdiction in which to develop, build
and operate a mine for generations to come – makes it the ultimate company-maker. For our part, we believe to
have been responsible stewards of this remarkable asset in its progression up the value chain. Yet our greatest
accomplishments have been reached by providing wide-ranging support to the Donlin Gold project team in
advancing its various activities in the areas of permitting, engineering, as well as environmental, social and
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governmental engagement, in addition to our pivotal collaboration with Calista and The Kuskokwim Corporation
(TKC) – the Alaska Native Corporation partners and landowners.
The value enhancement work continues apace. The Donlin Gold project camp re-opened in the first quarter of
2023 to continue fieldwork to collect geotechnical and hydrological information needed to advance the design
documentation required for the Alaska Dam Safety certificates applications, with formal issuance of the
certificates of approval to construct expected in 2026.
The safety program currently in effect at the Donlin Gold project site is well advanced for a project at this stage
of development – with experienced safety coordinators on-site 24/7, an established and widely shared culture of
awareness, and team spirit characterized by employees looking out for one another. With the latest field
program, Donlin Gold’s project site seasoned environmental team, including field staff, ensures that all permit
requirements are met and daily procedures are followed. All project staff are properly trained to ensure they
recognize that the protection of water, land, and biological resources is of the highest priority in Donlin Gold’s
operations.
Off-site, our current focus at Donlin Gold lies in updating the geologic and resource models with the data
derived from the extensive drill programs that took place over the last three years; reviewing key project
assumptions, inputs, and design components for optimization (mine engineering, metallurgy, hydrology, and
infrastructure); advancing remaining permits through the regulatory process and supporting the State in
maintaining the existing permits; and, through continued engagement, sustaining and expanding project
support in the Y-K region.
Ultimately, subject to a formal decision by the Donlin Gold LLC board, the comprehensive work we are
completing should lead to the update of the Donlin Gold project feasibility study which, in turn, would initiate
the detailed engineering work necessary to advance the project design before reaching a construction decision.
Diligently Maintaining Permits in Good Standing and Working to Secure the
Remaining State-Level Permits
Donlin Gold, its owners, and its partners Calista and TKC are intimately familiar with the permitting and
regulatory processes applicable to the project and will continue to support the State in this important work.
Together, we pursue our efforts to secure the various remaining state-level permits and certificates required for
the project. This includes the current fieldwork related to the issuance of the Alaska Dam Safety certificates –
which is targeted for completion in 2023, with formal issuance of the certificates of approval to construct
expected in 2026.
In 2022, Donlin Gold applied for a new air quality permit based on updated air quality modeling and emissions
controls information, and the regularly scheduled re-issuance of its APDES permit from ADEC. The new air
quality permit is expected to be issued by June 30, 2023, which corresponds to the expiration date of the current
permit. ADEC has extended the existing APDES permit indefinitely until a new permit is finalized. Donlin Gold
continues to support ADEC in its due diligence regarding the State’s Clean Water Act (CWA) Section 401
certification (the “401 Certification”) of the Federal CWA Section 404 permit. On July 14, 2022, the ADEC
Commissioner granted the request for an adjudicatory hearing review related to potential water temperature
effects in Crooked Creek. The briefing process in this administrative appeal of the 401 Certification has now
been completed and a decision is expected in the first half of 2023.
Owning a federally permitted project on private land already designated by law for mining has tremendous
inherent value in today’s world. We have always prepared and organized ourselves for potential challenges to
the Federal and State permitting processes. Our project leadership and litigation teams bring longstanding
experience with the processes that need to be followed. Donlin Gold and its owners, alongside the steadfast
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advocacy of Calista and TKC, continue to support the State and Federal government in the defense of these
permits which reflect a diligent, thorough, transparent, and inclusive process for all involved – including
stakeholders from the Y-K region.
It is also worth noting that all appeals challenging Donlin Gold’s permits to date have proved unsuccessful, often
multiple times. Nevertheless, objections to mining activity are common. The Alaska Superior Court briefings on
the Right-of-Way (ROW) lease for the portions of the natural gas pipeline on State lands were completed with
oral arguments held in January 2023. We anticipate decisions to be issued by the end of 2023. The State of
Alaska’s issuance of water rights for the mine and transportation facilities was appealed to the Commissioner of
the Alaska Department of Natural Resources (ADNR). ADNR and Donlin Gold submitted their response briefs on March 8, 2023, and the appellants are preparing their final brief. A decision is expected within the next year.

Actively Engaging with Community Stakeholders and Government.
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