NOVAGOLD Resources Inc

Description

NOVAGOLD Resources Inc. is a well-financed gold developer focused exclusively on the Donlin Gold Project in southwestern Alaska. NOVAGOLD currently owns 60% of Donlin Gold and, under definitive July 2026 agreements, plans to acquire Paulson's 40% interest in an all-share transaction expected to close in Q4 2026, subject to shareholder, court, regulatory and exchange approvals.

The investment case is based on exceptional scale, grade and gold-price leverage in a Tier 1 jurisdiction. Donlin contains approximately 32.797 Moz of proven and probable reserves at 2.02 g/t gold and around 40 Moz of measured and indicated resources at 2.22 g/t, inclusive of reserves. The 2025 technical study models approximately 1.3 Moz annual gold production during the first 10-full years and approximately 1.1 Moz annually over a 27-year mine life. Fluor is leading the ongoing Bankable Feasibility Study, supported by WSP, Worley and Hatch.

List of Projects:

Project 1: Donlin Gold, Alaska, USA — Flagship Development Asset
Large-scale gold development project. NOVAGOLD currently owns 60%, with a definitive transaction targeting 100% ownership in Q4 2026. Donlin is federally permitted and contains substantial reserves, non-reserve resources and exploration upside across a largely underexplored mineralized trend.

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