NOVAGOLD Reports First Quarter 2024 Financial Results

Committed to Advancing Donlin Gold to Full Feasibility Study

Extensive Engagement Reinforcing and Deepening Donlin Gold's Social License

Strong Treasury of $118 Million in Cash and Term Deposits in the First Quarter of 2024

VANCOUVER, British Columbia, April 03, 2024 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. (NOVAGOLD or the Company (NYSE American, TSX: NG) today released its 2024 first quarter financial results and an update on its Tier One1 gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick Gold (NYSE:GOLD) Corporation (Barrick).

Details of the financial results for the quarter ended February 29, 2024, are presented in the consolidated financial statements and quarterly report filed on Form 10-Q on April 3, 2024, that is available on the Company's website at www.novagold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov , or at www.sedarplus.ca. The forward-looking statements contained herein reflect the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

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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.

2 NOVAGOLD defines Tier One jurisdictions as those ranked in the top threshold by the Investment Attractiveness Index in the Fraser Institute Annual Survey of Mining Companies, 2022.

3 Donlin Gold data as per the report entitled NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA with an effective date of June 1, 2021 (the 2021 Technical Report) and the report titled S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA (the S-K 1300 Report), dated November 30, 2021. Donlin Gold possesses Measured Resources of approximately 8 Mt grading 2.52 g/t and Indicated Resources of approximately 534 Mt grading 2.24 g/t, each on a 100% basis and inclusive of Mineral Reserves, of which approximately 4 Mt of Measured Resources and approximately 267 Mt of Indicated Resources inclusive of Reserves is attributable to NOVAGOLD through its 50% ownership interest in Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1 Mt grading 2.23 g/t and Indicated Resources of approximately 69 Mt grading 2.44 g/t, of which approximately 0.5 Mt of Measured Resources and approximately 35 Mt of Indicated Resources exclusive of Mineral Reserves is attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 8 Mt grading 2.32 g/t and Probable Reserves of approximately 497 Mt grading 2.08 g/t, each on a 100% basis, of which approximately 4 Mt of Proven Reserves and approximately 249 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300

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