Novagold Reports High-Grade Drill Results and Receives Positive Decision From Alaska Supreme Court

The November 25, 2025, news release announces two key developments for the Donlin Gold project. First, it reports the final, high-grade assay results from the completed 2025 drill program. Highlights include significant intercepts such as 4.38 meters grading 26.22 g/t gold and 13.89 meters grading 7.08 g/t gold. CEO Greg Lang stated the program continues to exceed expectations and provides key data for the Bankable Feasibility Study (BFS), which is set to commence by Q1 2026.

Second, the company announced significant permitting milestones, including a positive decision from the Alaska Supreme Court which affirmed the project's water rights and State Right-of-Way lease. Additionally, the Donlin Gold project has been accepted into the federal FAST-41 permitting program, designed to streamline the federal review process.

This news is materially positive and represents a significant step forward for Novagold. The two components of the release address the two primary risks for a development-stage mining asset: geological confidence and permitting.

• Drill Results: The final assay results are strong, with very high-grade intercepts that confirm the quality and consistency of the Donlin deposit. These results build upon the positive initial results released on September 8, 2025, and provide crucial data that will underpin the upcoming Bankable Feasibility Study (BFS). The CEO's comment that the results "exceed expectations" reinforces the geological strength of the project. This is consistent with the progress outlined in the Q3 report.

• Permitting & Legal Victory: The positive decision from the Alaska Supreme Court is a major de-risking event. Legal challenges from opposition groups are a constant threat to large-scale mining projects, creating uncertainty and delays. The October 1 conference call noted that the company was awaiting this decision. Securing this affirmation removes a significant overhang and clears a major state-level hurdle. Furthermore, acceptance into the FAST-41 program provides a more predictable and transparent path for the remaining federal permitting processes.

Historically, the Donlin project was stalled due to a lack of alignment with former partner Barrick. Since the "catalytic transaction" in April/June 2025, where Barrick was replaced by the aligned Paulson Advisers, the project has seen a steady stream of positive news and progress. This latest release is the culmination of the year's work, delivering on the drill program and achieving a critical legal victory. It solidifies the project's path toward the BFS, which the company has guided will commence by Q1 2026. The stock price has already appreciated significantly on the change in ownership and renewed project momentum, but this news validates that optimism and materially improves the project's risk profile.

Novagold is a development-stage mining company focused on advancing its 60% owned flagship asset, the Donlin Gold project in Alaska. Donlin Gold is one of the largest and highest-grade known undeveloped open-pit gold deposits in the world. The project is located on private land owned by two Alaska Native Corporations, Calista Corporation and The Kuskokwim Corporation.

Based on previous technical reports, the project boasts Measured & Indicated resources of approximately 39 million ounces of gold at an average grade of 2.24 g/t. It is envisioned to be a large-scale, long-life mine, with projected average annual production of over one million ounces for 27 years. The project is currently advancing towards an updated Bankable Feasibility Study.