**Strong Treasury of Approximately $106 Million in Cash and Term Deposits**
NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the “Company”) (NYSE American, TSX: NG) released its 2024 third quarter financial results, showcasing a robust treasury of $106 million in cash and term deposits. The company also provided an update on its Tier One gold development project, Donlin Gold, which is jointly owned with Barrick Gold Corporation.
The financial results for the quarter ended August 31, 2024, are detailed in the consolidated financial statements and quarterly report filed on Form 10-Q on October 2, 2024. These documents are available on the Company’s website at [www.novagold.com](www.novagold.com), on SEDAR+ at [www.sedarplus.ca](www.sedarplus.ca), and on EDGAR at [www.sec.gov](www.sec.gov). All amounts are in U.S. dollars unless otherwise stated.
**Milestones Achieved in the Third Quarter of 2024**
– Progress in Donlin Gold activities, including metallurgical test work and Dam Safety Certification preliminary design packages submission.
– Updated resource modeling and incorporation of field data for operational and closure planning.
– A recent workshop held in Alaska to review project progress and discuss next steps for 2025.
**Community and Environmental Initiatives**
– Collaboration with Calista Corporation and The Kuskokwim Corporation to support education, health, safety, and cultural preservation initiatives.
– Engagements with local communities, open houses, and sponsorship of educational programs.
**Appointment and Financial Position**
– Appointment of Peter Adamek as the new Vice President and Chief Financial Officer.
– NOVAGOLD maintains a strong financial position with $105.6 million in cash and term deposits as of August 31, 2024.
**President’s Message**
NOVAGOLD remains dedicated to driving the Donlin Gold project forward with a focus on technical advancements and cost estimates. The company emphasizes a collaborative and inclusive approach to benefit all stakeholders and uphold its commitment to safety, sustainability, and environmental responsibility.
**Stakeholder Engagement and Community Support**
Collaboration with Native Corporations, government agencies, and stakeholders to enhance social license and community engagement in the Y-K region, Alaska, and Washington, D.C. The company remains committed to fostering relationships built on trust, transparency, and partnership.
**Environmental Initiatives**
NOVAGOLD’s commitment to community and social responsibility includes support for environmental activities, educational programs, cultural preservation efforts, and community wellness initiatives in the Y-K region. The company actively engages in sustainability initiatives to promote long-term benefits for communities.
**Permitting and Regulatory Challenges**
Donlin Gold continues to work with stakeholders to secure permits and navigate regulatory challenges. Legal proceedings and environmental assessments are ongoing to ensure compliance and responsible development of the project.
**Financial Results and Outlook**
Detailed financial results for the third quarter and first nine months of 2024 are provided, highlighting a decrease in net loss and a focus on cost management. The company anticipates continued financial prudence and strategic growth in 2024 to advance the Donlin Gold project responsibly.
**Conference Call & Webcast**
NOVAGOLD will host a conference call and webcast on October 3, 2024, to discuss the financial results and project updates. Details for participation are provided on the company’s website.
**About NOVAGOLD**
NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, in partnership with Barrick. With a significant resource base and exploration potential, Donlin Gold is positioned as one of the world’s largest gold mines, offering long-term value and growth opportunities.
**Cautionary Note Regarding Forward-Looking Statements**
The company emphasizes the importance of forward-looking statements, highlighting the potential risks and uncertainties that may impact future results. Investors are advised to consider the company’s ongoing efforts, regulatory challenges, and financial outlook when evaluating investment opportunities.
*For more information or inquiries, please contact Mélanie Hennessey, Vice President of Corporate Communications at 604-669-6227 or 1-866-669-6227.*