B2Gold Provides Construction Update for the Goose Project in Nunavut, Canada; Construction on Budget and on Track to Pour First Gold in Q1 2025

B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the "Company") is pleased to provide a construction update on the Goose Project, located in the 100% owned Back River Gold District in Nunavut, Canada. B2Gold acquired the Back River Gold District as part of the acquisition of Sabina Gold & Silver ("Sabina") in April 2023.

Goose Project Update Highlights

  • Goose Project on schedule for first gold pour in Q1 2025: All long lead items for the 2024 construction season have been received at B2Gold's freight consolidation points, prepped for ship transport and currently the 2023 sealift is underway, which includes delivery of 24 million litres of diesel fuel.
  • Construction capital expenditures remain in line with June 2023 estimate of C$800 million: The updated construction capital expenditure by B2Gold of C$800 million, plus an additional C$90 million for accelerating underground development, remains in line with B2Gold's last estimate as of June 2023. To date, capital expenditures are in line with the Company's expectations, with approximately C$530 million total cash spent on the project to date (by B2Gold and Sabina).
  • Accelerated underground mining plan adopted to increase average gold production in the first five years to over 300,000 ounces per year: Underground development at the Umwelt deposit and open pit mining at the Echo deposit is progressing. The Echo open pit is scheduled to be mined out and stockpiled prior to process plant commissioning in order to provide tailings storage capacity.
  • Concrete and steel work in the mill area progressing ahead of schedule: Erection of structural steel has commenced, with building cladding to begin shortly. The Company expects the ball mill to be set in place in December 2023, ahead of schedule, which significantly de-risks the construction schedule for mill completion and first gold pour in Q1 2025.
  • Phase 1 of the accommodation complex opened in July 2023: Phase 1 of the accommodation complex includes 310 beds at the permanent site location, which together with the 160 beds located at the existing exploration camp, provide the necessary accommodation to support accelerated construction, mining and exploration activities.
  • Earthworks necessary to extend airstrip to be completed in September 2023: Planned extension of the airstrip to 5,000 feet will allow large capacity, fully loaded passenger planes to land at the Goose Project during the 2024 construction campaign.
  • Winter ice road preparations are well underway: The Request for Proposal process has closed for the selection of the winter ice road constructor and a decision is expected to be made before the end of September. The contractor will be managed by B2Gold's experienced ice road construction team. The execution strategy for the 2024 ice road season involves an earlier start to the road construction than previous years, which contributes to de-risking the trucking season. In addition, the ice road construction will begin from the middle and work outwards in each direction, which should enable the ice road to be completed earlier than in prior seasons.
  • 11,000 meters of drilling over 44 drill holes has been completed to date in 2023 at Back River: The drill program at the Goose Project has focused on testing the Umwelt and Llama deposits down-plunge for resource confirmation and resource expansion, as well as various regional targets. The drill program is anticipated to run through December 2023.

Goose Project Capital Expenditures

On June 23, 2023, the Company announced an initial construction capital expenditure estimate of C$800 million, which was in line with B2Gold expectations since the Sabina acquisition announcement and reflects scope changes to further optimize the Goose Project as well as industry inflation. B2Gold has updated the construction budget to de-risk the project and construct a reliable and low operating cost mine for the arctic. In addition, the Company has made the decision to accelerate underground mining development to increase annual gold production over the first five years of the mine plan, which entails mining of the complete Umwelt crown pillar. The cost to accelerate underground mining is estimated at an additional C$90 million for a total project expenditure of C$890 million.

Goose Project Infrastructure

B2Gold NR 09-18-2023 Figure 1

Goose Project Site Overview – September 2023

Marine Laydown Area

The purchasing of materials and supplies needed to support the 2024 construction campaign has been completed and all materials have been provided to the ports for the 2023 sealift. Following the acquisition of Sabina, the Marine Laydown Area ("MLA") located on Bathurst Inlet, Nunavut was reorganized to maximize space for the 2023 sealift that is currently underway. Additionally, the fuel tank containment area at the MLA was enlarged to facilitiate increased storage. The MLA has an approximately 70 person camp, a 3,000 foot gravel airstrip and heliport, and over 65,000 meters 2 of outdoor storage area.

The 2023 sealift is currently underway with an expected shipping volume of 70,000 meters cubed of dry cargo and 24,000,000 liters of arctic grade diesel fuel. As at August 31, 2023, the MLA has received its first two ships and three barges for off-load as part of the 2023 sealift, with four additional ships en-route carrying materials to the MLA from ports located globally.

B2Gold NR 09-18-2023 Figure 2

B2Gold NR 09-18-2023 Figure 3
Marine Laydown Area offloads – September 2023

Accommodation Complex

Phase 1 of the accommodation complex opened in July 2023, including sleeping quarters, office area, medical center, gymnasium, kitchens, and water treatment. Phase 1 of the accommodation complex includes 310 beds at the permanent site location, which together with the 160 beds located at the existing exploration camp, provide the necessary accommodations to support accelerated construction, mining and exploration activities to ensure an on-time project completion. Phase 2 of the accommodation complex will further expand the permanent camp. Phase 2 materials have already started to arrive at the MLA and are ready for transport to the Goose Project site and will be integrated into the complex prior to the 2024 summer construction season.

B2Gold NR 09-18-2023 Figure 4

Goose Project accommodation complex overview – August 2023

B2Gold NR 09-18-2023 Figure 5

Goose Project accommodation complex – September 2023

Concrete and Steel Work

Concrete and steel work in the mill area are progressing ahead of schedule. The first concrete pour was completed in July 2023, with approximately 30% of the 2023 concrete foundations and pads complete within the mill area, power house and truck shop as of August 31, 2023. Over 2,000,000 kilograms of structural steel and approximately 500,000 kilograms of plate steel has arrived at site. Erection of the structural steel has commenced for the mill area, power house and truck shop, and cladding will begin in the near term. Enclosure of these buildings will allow for work to continue through the colder months and remain on schedule. Additionally, it is expected that the ball mill will be set in place in December 2023, ahead of schedule, allowing the focus for the start of 2024 to shift to piping.

B2Gold NR 09-18-2023 Figure 6
Goose Project mill building structural steel – August 2023

B2Gold NR 09-18-2023 Figure 7
Goose Project truck shop structural steel – September 2023

B2Gold NR 09-18-2023 Figure 8
Goose Project mill building structural steel – September 2023

Winter Ice Road

The 163 kilometer winter ice road between MLA and the Goose Project will operate between February and end of-April, depending on temperatures. In 2023, over 800 loads were completed along the ice road. Work on the ice road is expected to start in December 2023. Ice road construction will begin from the middle and work outwards in each direction, allowing for completion of the majority of the road before the sea ice freezes, as the sea ice freezes last. This construction strategy should enable the ice road to be completed earlier than in prior seasons.

Airstrip

Earthworks necessary to extend the airstrip are expected to be completed in September 2023. Planned extension of the airstrip to 5,000 feet will allow large capacity, fully loaded passenger planes to land at the Goose Project during the 2024 construction campaign. B2Gold expects that this will make employee and contractor rotations and supplying the project site from Edmonton significantly easier and will further de-risk the project.

Goose Project Mine Development

B2Gold made the decision to accelerate underground mining development to increase average gold production in the first five years to over 300,000 ounces per year. Mining development is progressing at the Echo open pit, which will be mined out prior to process plant commissioning in order to provide tailings storage capacity. Underground mining has exceeded 1,300 meters of horizontal development and the initial ventilation raise is expected to be completed in October 2023.

Underground mining is scheduled to mine and backfill the full Umwelt pillar earlier in the mine life than in prior mine plans, which is expected to contribute over 150,000 ounces of gold production to the life of mine plan. Geotechnical and mine design and engineering continues and is expected to be finalized in the fourth quarter of 2023. The underground development is currently less than 500 meters away from commencing ore production at the Umwelt crown pillar.

Goose Project Update Life of Mine Plan

The B2Gold technical team continues to analyze ways to optimize the Goose Project life of mine plan. Areas of optimization currently being studied include:

  • Mining of the Umwelt crown pillar
    • The crown pillar between the Umwelt open pit and underground mining areas contains over 150,000 ounces of gold and was only partially included in prior production schedules.
    • Geotechnical and mine design and engineering is underway with the goal of mining and backfilling the crown pillar prior to completion of the Umwelt open pit.
  • Underground mining method
    • The B2Gold engineering team has determined that most of the Umwelt underground mine can be mined effectively with long-hole stoping, which is expected to reduce costs and increase ore production rates.
  • Renewable power generation
    • The Sabina team previously identified the potential for wind power generation, and studies are in progress by B2Gold to identify the best solution and to quantify the potential operational and cost impact to the Goose Project.

B2Gold expects to complete an updated Goose Project life of mine plan in the second half of 2023.

Back River Exploration Update

In the second quarter of 2023, a significant exploration program was approved at the Back River Gold District for 2023. B2Gold has approved a US$20 million exploration budget for the balance of 2023 to complete approximately 27,000 meters of drilling. Drilling will be focused in proximity to existing deposits at the Goose Project, as well as following up on regional targets identified at the George, Boulder, Boot and Del projects.

Drilling at the Goose Project began in early August with two drill rigs. By the end of August 2023, 5,000 meters of drilling had been completed over 18 drill holes, with 5 drill rigs currently operating. The objectives for the drilling program at Goose include:

  • Select drill holes for a reagent optimization metallurgic sample;
  • Test the Umwelt and Llama deposits down-plunge for resource confirmation and resource expansion; and
  • Test regional targets at the Goose Project that were developed based on structural modeling and geophysical re-processing.

The drill program at the Goose Project is expected to last until December 2023.

26 drill holes and 6,009 meters of drilling was completed at the George Project. The program was designed to test several targets at George over a strike length of 10 kilometers. Assay results are still pending for some holes due to wildfire related issues in Yellowknife, which affected logistics and access to the prep lab.

About B2Gold

B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, a mine under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between 1,000,000 and 1,080,000 ounces in 2023.

Qualified Persons

Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.

ON BEHALF OF B2GOLD CORP.

"Clive T. Johnson"
President and Chief Executive Officer

The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.

Production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 16, 2023 for a discussion of our ownership interest in the mines B2Gold operates.

This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statement") within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, and including, without limitation: total consolidated gold production of between 1,000,000 and 1,080,000 ounces in 2023; the completion of mill construction at the Goose Project being completed in the first quarter of 2025; the capital cost estimate for the Goose Project being approximately C$890 million; the underground mining now scheduled to include 150,000 ounces from the Umwelt crown pillar; the Umwelt underground mine being mined with long-hole stoping, which could reduce costs and increase ore production rates; the identification of various items that will be added to the original Sabina scope in order to de-risk the construction phase and maximize the long-term value of the asset; the setting of the ball mill in December 2023; the 2024 winter ice road commencing operation in February 2024; the earthworks necessary to extend the airstrip being completed in September 2023. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedar.com and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements

B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

Photos accompanying this announcement are available at
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For more information on B2Gold please visit the Company website at www.b2gold.com or contact: Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.com Cherry DeGeer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com 

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NOVAGOLD Reports Third Quarter 2023 Financial Results

Successful Completion of 2023 Field Program, Positioning the
Donlin Gold Project for the Next Phase of Development

Increased Cash and Term Deposits to $130 Million With the Receipt of $25 Million

  • The 2023 field program at the Donlin Gold project was completed safely and successfully on schedule in July, with 63% of its direct hires originating from the Yukon-Kuskokwim ("Y-K") region.
  • Our ongoing focus at Donlin Gold is on finalizing the geologic and resource models using data obtained from the extensive drill programs, as well as the recently completed fieldwork at the project site to advance the Alaska Dam Safety certification applications.
  • On September 21, 2023, both Barrick Gold Corporation ("Barrick") and NOVAGOLD (collectively referred to as the "Owners") attended a workshop in Alaska to review the substantial amount of work completed to date and discuss the next steps for the Donlin Gold project and workplan for the coming years.
  • NOVAGOLD's treasury remains strong with $130 million in cash and term deposits as of August 31, 2023, which includes a $25 million note payment received from Newmont Mining Corporation ("Newmont") in July 2023 — a healthy financial position to advance the Donlin Gold project up the value chain.

NOVAGOLD RESOURCES INC. ("NOVAGOLD" or "the Company") (NYSE American, TSX: NG) today released its 2023 third quarter financial results and an update on its Tier One 1 gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick.

Details of the financial results for the quarter ended August 31, 2023, are presented in the consolidated financial statements and quarterly report filed on Form 10-Q on October 3, 2023 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. All amounts are in U.S. dollars unless otherwise stated.

Third Quarter 2023 Donlin Gold Highlights:

  • The field program was successfully completed in July and encompassed:
    • The completion of comprehensive fieldwork and geotechnical drilling required to complete the Alaska Dam Safety certification applications;
    • Fieldwork to further define groundwater at the site, including 1,279 m of hydrogeologic drilling with instrumentation and pump tests, providing essential information for mine planning and design;
    • Lyman family's historic placer site stream restoration, with stream and pond habitat creation advanced in 2023, and final work including anticipated aquatic life access and use planned for the 2024 field season.
  • State permitting activities were successful, including the following:
    • The Air Quality permit was reissued;
    • The second of the two Right-of-Way ("ROW") permit appeals by a local lodge owner was denied in Alaska Superior Court, and not further appealed. The first appeal by Earthjustice that was denied by the Superior Court was appealed to the Alaska Supreme Court and the briefing process is underway;
    • The Alaska Pollutant Discharge Elimination System permit was extended and is expected to be re-issued in 2024;
    • The Alaska Water Rights permits were upheld in Alaska Superior Court;
    • The Alaska Department of Environmental Conservation ("ADEC") Commissioner upheld the Clean Water Act Section 401 certification of the U.S. Army Corps of Engineers (the "Corps") permit.
  • The State of Alaska was granted intervenor status along with Donlin Gold and Calista Corporation ("Calista") with respect to the Federal litigation on the Donlin Gold Joint Record of Decision and 404 permit. Donlin Gold will continue to support the agencies in defending their thorough and diligent permitting process.
  • Trade-off studies and extensive analysis on project assumptions, inputs, design components for optimization (mine engineering, metallurgy, hydrology, power, and infrastructure) were completed to inform the next steps in taking the project further up the value chain.
  • In collaboration with Calista and The Kuskokwim Corporation ("TKC"), Donlin Gold achieved the following milestones in areas spanning education, health and safety, cultural traditions, and environmental initiatives:
    • Added a new community liaison representative from the local village of Nunapitchuk, bringing the total to six team members;
    • Participated and provided support to the annual "In It For The Long Haul" waste backhaul program for the sixth year in a row;
    • Supported the Alaska EXCEL initiative, a non-profit organization providing supplemental academic, career and technical education programming for rural youth and young adults across the Y-K region.
  • Held numerous stakeholder engagement meetings in Alaska with State officials and the Corps, in partnership with Calista and the village of Crooked Creek. These sessions emphasized the project's comprehensive environmental review and permitting processes, as well as our close collaboration with Native Alaskan landowners.

President's Message

An Exceptional Asset Paving the Way for Further Value Creation

Donlin Gold's steadfast commitment to advancing its extraordinary project up the value chain is reflected in our increased investments and expanded partnerships with the communities of the Y-K region. The extensive work done on the project to date has added considerable value in a responsible manner for all stakeholders, including Alaska residents and NOVAGOLD shareholders. Donlin Gold is a truly remarkable open-pit gold development project — characterized by its unique combination of rarity, sheer size, and development status. Located on private land designated by law for mining in Alaska, the second-largest gold-producing state in the United States, Donlin Gold aligns perfectly with the State's commitment to environmentally and socially responsible resource development, making it an extremely appealing investment for those seeking peace of mind. This project holds the esteemed status of a true "Tier 1 Asset" in a world-leading jurisdiction and is anticipated to provide exceptional gold leverage and economic benefits for all stakeholders. As the leading gold development project in Alaska, a state renowned for its responsible mining practices, Donlin Gold, when built, is expected to serve as a cornerstone for genuine and sustainable economic growth in the Y-K region for years to come.

Boasting approximately 39 million ounces of gold with an impressive grade for an open pit project of 2.24 grams per tonne in Measured and Indicated Mineral Resources including Proven and Probable Mineral Reserves, and a projected mine life over 27 years, Donlin Gold possesses the potential to emerge as a sizeable low-cost gold producer with a solid foundation and significant growth opportunities. 2 Exploration opportunities extend well beyond the current resource areas which cover only a fraction of the extensive land package. These factors collectively position Donlin Gold as a captivating story in gold development, underscored by NOVAGOLD's unwavering commitment to responsible mining, trust-building, and continual project improvement.

Dedication, Discipline, and Preparation for the Next Phase in the Donlin Gold Project

In the third quarter, the Donlin Gold team safely wrapped-up site activities on schedule. These included comprehensive fieldwork and geotechnical drilling required for the Alaska Dam Safety certificate applications, which involved data collection at the locations earmarked for water retention structures with 74 geotechnical test pits, including for the proposed tailings storage facility, 1,840 meters of geotechnical drilling, 25 kilometers of seismic survey, and tailings storage facility test plot liner installation. Donlin Gold will now assemble the data for the next step in advancing the Alaska Dam Safety certificates, submittal of the Preliminary Design Packages to the State of Alaska. Issuance of the certificates based on detailed engineering design is expected in 2026. Additional fieldwork also took place to further define groundwater at the site, which included 1,279 meters of hydrogeologic drilling with instrumentation and pump tests, providing essential information for mine planning and design. At the historic Lyman placer site, restoration work encompassed significant stream and pond habitat creation. Final work including anticipated aquatic life access and use is planned for the 2024 field season.

During this past quarter, the Owners were doing work to validate the update geologic and resource model which is also being utilized for mine planning work. Donlin Gold, with support from the Owners and third-party consultants, also completed the trade-off studies and extensive analysis on project assumptions, inputs, design components for optimization such as mine engineering, metallurgy, hydrology, power and infrastructure.

The recently completed comprehensive work provided valuable information for the Donlin Gold LLC board and its Owners. These were further discussed during the most recent workshop in Alaska and are helping us define the next steps in the advancement of the Donlin Gold project and workplan for the coming years. The Owners are committed to advancing the Donlin Gold project in a financially disciplined manner, with a strong focus on engineering excellence, environmental stewardship, a robust health and safety culture, and continued community engagement.

Fostering Partnerships with Regional Stakeholders, with Consistent Support from Alaska's U.S. Representatives

A crucial differentiating factor which sets Donlin Gold apart from many other mining assets in the United States is its location on private land designated for mining activities under the Alaska Native Claims Settlement Act of 1971. Donlin Gold's enduring partnerships with Calista and TKC have been pivotal in facilitating broad and inclusive local stakeholder outreach throughout the Y-K region. Our dedication to fostering genuine tribal involvement throughout the project's development and permitting phases follows from our decades-long and consistent engagement with the communities in the project's vicinity. In June 2023, Donlin Gold reaffirmed this commitment by appointing an additional community liaison representative from the local village of Nunapitchuk, thereby increasing the total number of team members to six. These collaborative efforts are reinforced by the establishment of 14 Shared Values Statements with key villages in the Y-K region. These statements formalize Donlin Gold's consistent engagement with local communities, build upon existing long-term relationships, and address specific community needs.

During the third quarter, Donlin Gold collaborated with Calista and the village of Crooked Creek to conduct additional meetings in Alaska to engage State officials and the Corps. Additional gatherings were held in Washington, D.C. with members of the Congressional delegation and with senior leadership from the U.S. Department of Interior, as part of an ongoing bipartisan outreach campaign directed at the Biden Administration and the U.S. Congress. Notable participants included Senators Lisa Murkowski and Dan Sullivan, along with Representative Mary Peltola from the Y-K region. In all of these interactions, Calista, Donlin Gold and Crooked Creek placed great emphasis on the thoroughness of the project's environmental review and permitting procedures, as well as on our strong partnerships with Native Alaskans who own the land.

In August, Donlin Gold received special recognition from U.S. Representative Mary Peltola during the 2023 Alaska Oil and Gas Association Annual Conference for its exceptional project outreach and community engagement efforts. This acknowledgment underscores Donlin Gold's commitment to fostering positive relationships and actively involving local communities in the Y-K region and reflects the importance of responsible and sustainable resource development in Alaska.

Steadfast Commitment to Community Wellness, Social Responsibility, and Education in the Y-K Region

NOVAGOLD places a strong emphasis on community and social responsibility — a commitment to shared values that is fulfilled at both the Donlin Gold project site and within the communities of the Y-K region. Our efforts are concentrated on education, community well-being, cultural preservation, and environmental stewardship. Donlin Gold reinforces these goals through fisheries studies, conservation initiatives, cultural preservation activities, and targeted grants. During the third quarter, a diverse array of projects and activities took place that built on our longstanding engagement.

In collaboration with the village of Napaimute, Donlin Gold actively participated in and provided principal support for the "In It for The Long Haul" backhaul program for the sixth year in a row. This vital project is dedicated to the collection, removal, and safe disposal of household hazardous and electronic waste from villages across the Y-K region, preventing its adverse impact on landfills and waterways. This year's program achieved significant milestones, including the removal of waste from fish camps in the Middle Kuskokwim. In addition, Donlin Gold employees from three villages (Marshall, Pilot Station, and Pitka's Point) played a pivotal role in initiating waste backhaul operations along the Yukon River, culminating in the collection and proper disposal of some 17,000 pounds of hazardous and electronic waste. Used appliances were collected and removed from Kuskokwim villages and assembled in Bethel where the annual event with our partners took place. Moreover, Donlin Gold supported the Chevak Search and Rescue team and provided funding to various health and safety initiatives throughout the Y-K and Cook Inlet regions, such as Skwentna and Nikolai.

Education lies at the heart of Donlin Gold's community engagement efforts, with a high priority placed on advancing educational opportunities in Alaska. In June 2023, Donlin Gold provided support to the Alaska EXCEL program, a nonprofit organization offering supplemental academic, career development, and technical education initiatives for rural youth and young adults across the Y-K region. This program allows students to earn high school credits toward graduation while simultaneously acquiring college credits. Furthermore, Donlin Gold continues to offer financial support to the Alaska School Activities Association, a statewide nonprofit organization dedicated to overseeing and promoting Alaska's high school interscholastic athletic, academic, and fine arts activities. NOVAGOLD also affirms its commitment to education by funding an annual scholarship at the University of Alaska, designed to benefit underrepresented students pursuing majors in Mine Engineering and Geology, hence contributing to the development of future talent in these critical professional fields.

Providing Support in Permitting Process and Efficient Issuance of Remaining State Level Permits

Permitting in the United States and Alaska represents a significant and rigorous endeavor, where success hinges on years of dedicated efforts to ensure a diligent, thorough, transparent, and inclusive process that engages all stakeholders, including those from the Y-K region. Donlin Gold, its Owners, and partners Calista and TKC possess an intimate understanding of the project's permitting and regulatory procedures and remain committed to supporting the Federal and State agencies in defending such a rigorous permitting process.

The new air quality permit based on updated air quality modeling and emissions controls information was issued on July 1, 2023, and was not appealed. The regularly scheduled re-issuance of the project's Alaska Pollutant Discharge Elimination System permit from ADEC is underway and was extended indefinitely through reissuance, which is expected to occur in 2024. On August 18, 2023, the Commissioner reaffirmed ADEC's issuance of the 401 Certification (Alaska water quality certification), following an appeal by Earthjustice and ONC.

On September 1, 2023, the Alaska Superior Court affirmed the State of Alaska Department of Natural Resources' ("ADNR") decision on Donlin Gold's water rights permits. This followed an unsuccessful appeal to the ADNR Commissioner.

On April 12 and July 3, 2023, the Alaska Superior Court affirmed the ADNR's issuance of the State ROW lease in the Earthjustice and Robert Fithian cases, respectively. The decision in the Earthjustice case has been appealed to the Alaska Supreme Court. The briefing process is underway. Mr. Fithian did not appeal to the Alaska Supreme Court.

In the third quarter, the State of Alaska was granted intervenor status along with Donlin Gold and Calista with respect to the Federal litigation challenging the Donlin Gold Joint Record of Decision, including the 404 permit issued by the Corps and ROW lease for the portions of the pipeline on Federal lands issued by the Bureau of Land Management of the U.S. Department of Interior. The U.S. Department of Justice (DOJ) is currently compiling the Administrative Record for the court, and the briefing process is expected to be scheduled in 2024. The DOJ is defending the issuance of the permits by those Federal agencies.

Despite multiple challenges, all appeals against Donlin Gold permits have been unsuccessful to date, underscoring our ongoing confidence in the process. We recognize the importance of preparedness and organization in these matters. With the unwavering support of Donlin Gold and its Owners, we will continue to back the agencies in defending their thorough and diligent permitting process.

A Strong Treasury

With $130 million in cash and term deposits as of August 31, 2023, including the receipt of a $25 million note payment from Newmont in July 2023, NOVAGOLD is confident in our financial ability to cover projected expenses for our contribution to the Donlin Gold project through an updated feasibility study. Over the past decade, NOVAGOLD's leadership team has managed the project with characteristic diligence and a strong focus on responsible stewardship of capital, while fulfilling commitments made to shareholders since taking over the company in 2012. Led by an experienced management team, we have prioritized risk reduction and value enhancement, notably avoiding the need for further equity issuance for more than 10 years in order to execute on our strategy.

These considerable achievements are the product of an incredible amount of work, only made possible by the dedication of our entire team: from the programs at the Donlin Gold site to the permitting efforts with the State and Federal agencies, the studies and workshops conducted with third parties, the community outreach spanning a region that covers tens of thousands of square miles, to the environmental, educational and social initiatives which we hold so dear. I am deeply thankful to all our colleagues and partners at Donlin Gold, Calista, TKC, and NOVAGOLD for their constant collaboration, and indeed to our esteemed Board of Directors members for their determination and guidance.

Sincerely,

Gregory A. Lang
President and CEO

Financial Results
in thousands of U.S. dollars, except for per share amounts

Three months
ended

August 31,
2023
$
Three months
ended

August 31,
2022
$
Nine months
ended
August 31,
2023
$
Nine months
ended
August 31,
2022
$
General and administrative expense (1) 5,243 4,872 16,385 15,420
Share of losses – Donlin Gold 3,978 9,412 15,996 21,893
Total operating expenses 9,221 14,284 32,381 37,313
Loss from operations (9,221) (14,284) (32,381) (37,313)
Interest expense on promissory note (3,433) (2,198) (9,589) (5,394)
Accretion of notes receivable 145 212 579 631
Other income, net 1,435 147 5,084 988
Income tax expense (75)
Net loss (11,074) (16,123) (36,382) (41,088)
Net Loss per share, basic and diluted (0.03) (0.05) (0.11) (0.12)
At At
August 31,
2023
$
November 30,
2022

$
Cash and term deposits 130,079 125,882
Total assets 138,133 159,189
Total liabilities 138,092 129,286

In the third quarter of 2023, Net loss decreased by $5,049 from 2022, primarily due to lower field expenses at Donlin Gold compared to the same period in 2022, and increased interest income on cash and term deposits, partially offset by an increase in interest expense on the promissory note as well as higher corporate travel and legal expenses. Donlin Gold expenses were lower in the third quarter of 2023 compared to costs associated with the large exploration drilling program that took place in the third quarter of 2022, because expenses for the fieldwork and geotechnical drilling for the Alaska Dam Safety certificates applications and hydrological drilling to support mine planning and design that were completed in July were lower.

In the first nine months of 2023, Net loss decreased by $4,706 from 2022, primarily due to lower field expenses at Donlin Gold, increased interest income on cash and term deposits, and other income related to the 2021 sale of the Company's interest in the San Roque mineral property, partially offset by an increase in interest expense on the promissory note and higher corporate travel and legal expenses. Donlin Gold expenses were lower in 2023 compared to costs associated with the large exploration drilling program that took place in 2022 because expenses for the fieldwork and geotechnical drilling for the Alaska Dam Safety certificates applications and hydrological drilling to support mine planning and design that were completed in July were lower.

Liquidity and Capital Resources

In the third quarter of 2023, cash and cash equivalents decreased by $2,875, mainly to fund our share of Donlin Gold and for corporate administrative expenses. The decrease in cash used in operating activities in the third quarter of 2023 compared to 2022 was primarily due to interest proceeds received on cash and term deposits. The decrease in cash used in investing activities was primarily due to lower Donlin Gold funding requirements. The Newmont note payment of $25,000 was received in July 2023 and $24,000 of that payment was invested in term deposits.

In the first nine months of 2023 cash and cash equivalents decreased by $19,803, mainly to fund our share of Donlin Gold and for corporate administrative expenses, offset by the note proceeds received from Newmont. The decrease in cash used in operating activities in the first nine months of 2023 compared to 2022 was primarily due to increased interest proceeds received on cash and term deposits in 2023, the timing of corporate liability insurance payments, and withholding tax paid on share-based compensation in 2022 (no PSUs vested in 2023). The decrease in cash used in investing activities was primarily due to the note proceeds received from Newmont, lower Donlin Gold funding requirements, partially offset by net proceeds from term deposits in 2022.

2023 Outlook

Our anticipated expenditures in fiscal year 2023 are approximately $32,000, including $18,000 to fund our share of the Donlin Gold project, $13,000 for corporate general and administrative costs, and $1,000 for working capital and other items, representing an increase of $1,000 to fund additional mining studies at the Donlin Gold project.

NOVAGOLD's main objectives include continuing to advance the Donlin Gold project toward a construction decision; maintaining support for Donlin Gold among the project's stakeholders; promoting a strong health and safety, sustainability, and environmental culture; maintaining a favorable reputation of NOVAGOLD; and preserving a healthy balance sheet. Our operations primarily relate to the delivery of project milestones, including the achievement of various technical, environmental, sustainable development, economic and legal objectives, obtaining necessary permits, completion of an updated feasibility study, preparation of engineering designs, and the financing to fund these objectives.

Conference Call & Webcast Details

NOVAGOLD's conference call and webcast to discuss these results will take place on October 4, 2023, at 8:00 am PT (11:00 am ET). The webcast and conference call-in details are provided below.

The video webcast and conference call-in details are provided below.

Video Webcast: www.novagold.com/investors/events/
North American callers: 1-800-319-4610
International callers: 1-604-638-5340

About NOVAGOLD

NOVAGOLD is a well-financed precious metals company focused on the development of its 50%-owned Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 39 million ounces of gold in the Measured and Indicated Mineral Resource categories, inclusive of Proven and Probable Mineral Reserves (541 million tonnes at an average grade of approximately 2.24 grams per tonne, in the Measured and Indicated Resource categories on a 100% basis) 3 , the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world. According to the 2021 Technical Report and the S-K 1300 Report, once in production, the Donlin Gold project is expected to produce an average of more than one million ounces per year over a 27-year mine life on a 100% basis. The Donlin Gold project has substantial exploration potential beyond the designed footprint of the open pit which currently covers three kilometers of an approximately eight-kilometer-long gold-bearing trend. Current activities at the Donlin Gold project are focused on state permitting, engineering studies, community outreach, and workforce development in preparation for the eventual construction and operation of this project. With a strong balance sheet, NOVAGOLD is well-positioned to fund its share of permitting and advancement efforts at the Donlin Gold project.

NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Corporate Communications
604-669-6227 or 1-866-669-6227

Cautionary Note Regarding Forward-Looking Statements

This media release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", "would" or "should" occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding the implementation of the corporate climate change policy and the biodiversity policy; the anticipated timing of certain judicial and/or administrative decisions; the 2023 outlook; the timing and potential for a new feasibility study on the Donlin Gold project; our goals and planned expenditures for the remainder of 2023; ongoing support provided to key stakeholders including Native Corporation partners; Donlin Gold's continued support for the state and federal permitting process and the Alaska Dam Safety certification; the potential development and construction of the Donlin Gold project; the sufficiency of funds to continue to advance development of Donlin Gold, including to a construction decision; perceived merit of properties; mineral reserve and mineral resource estimates; Donlin Gold's ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; legal challenges to Donlin Gold's existing permits and the timing of decisions in those challenges; whether the Donlin Gold LLC Board will continue to advance the Donlin Gold project up the value chain; the success of the strategic mine plan for the Donlin Gold project; the success of the Donlin Gold community relations plan; the outcome of exploration drilling at the Donlin Gold project and the timing thereof; and the conversion of Galore Creek into a mine and the $75 million contingent payment from Newmont. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the expectations of NOVAGOLD management's estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; COVID-19; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between Barrick and NOVAGOLD for the continued exploration, development and eventual construction of the Donlin Gold property; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties disclosed in NOVAGOLD's most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD's website at www.novagold.com, or the SEC's website at www.sec.gov, or at www.sedar.com. 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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