NOVAGOLD and Paulson's Alaska Site Visit Builds Momentum in Donlin Gold's Path to Development

Executive Summary

• NOVAGOLD and Paulson Advisors held a July workshop in Alaska with Alaska Native Corporations, government officials, and other stakeholders to advance the Donlin Gold project toward an updated Bankable Feasibility Study (BFS).
• A contract was awarded to prepare the Request for Proposals (RFP) for engineering services; selection of the qualified firm(s) is expected in Q4 2025.
• The 2025 Donlin Gold 15,000‑meter drill program has been completed; results will be released in the coming months, and an additional 3,000 meters of geotechnical drilling was approved for pit and access‑road development.

Key Details

• Stakeholder Meetings: Engaged with Calista Corporation, The Kuskokwim Corporation (TKC), Alaska Governor Mike Dunleavy, DNR Commissioner John Boyle, former Revenue Commissioner Adam Crum, and natural‑gas pipeline developers to discuss project impacts, infrastructure needs, and community relations.
• RFP Contract: Awarded for preparation of detailed RFP documents and management of the selection process for top‑tier engineering firms capable of delivering the BFS; firm(s) expected to be chosen by Q4 2025.
• Drilling Program: Completed 15,000 m of exploration drilling in 2025; results pending release. Additional 3,000 m of geotechnical drilling approved for pit design and a 30‑mile access road from the planned Jungjuk port to the Donlin site.
• Hiring Initiative: Owners are accelerating hiring; multiple executive search firms engaged to fill critical project development roles.
• Infrastructure Exploration: Constructive discussions with natural‑gas pipeline developers on delivering gas to Southcentral Alaska, potentially benefiting the Donlin Gold project.
• Budget Impact: Some 2025 activities were redirected to support BFS work; no material impact expected on the 2025 budgeted expenditures.

Notable Quotes

• “More than ever before, with a beautifully aligned co‑owner and the backdrop of a gold bull market, the Company remains devoted to responsibly advancing the development of what would be…America’s largest gold mine.” – Dr. Thomas S. Kaplan, Chairman, NOVAGOLD
• “I am committed to the development of this truly magnificent project…These engagements underscore our shared dedication to progressing the project in a responsible, inclusive, and collaborative manner.” – John Paulson, Chairman, Paulson Advisors

Materiality Assessment

• Non‑Material – Neutral – The release provides substantive operational updates but does not contain new financial results, earnings guidance, or definitive transaction terms that would materially affect valuation.