Mr. Mark Bristow of Barrick reports

DONLIN GOLD PROJECT PROVIDES UPDATE ON RECENT DRILLING AND ONGOING COMMUNITY SUPPORT IN ALASKA AMID COVID-19 PANDEMIC

Barrick Gold Corp. and Novagold Resources Inc. have provided an update on their co-owned (50/50) Donlin Gold project and the 2020 drill program currently advancing with four drills turning at the site. All are operating within the framework of stringent safety measures, which include protocols to prevent the spread of COVID-19.

The Donlin Gold drill program, which commenced in February, 2020, was temporarily paused in early April due to travel restrictions and other COVID-19 prevention measures in the region. Drilling activities resumed at Donlin Gold in late May, following the reopening of certain aspects of the state's economy by Alaska's governor and after consultation with employees, contractors and regional villages regarding safety measures. To minimize the risk posed by COVID-19, Donlin Gold implemented a broad set of policies at the project site and the administrative office in Anchorage. Almost 60 per cent of the drilling has been completed to date, with assays reported from approximately 10 per cent of the planned drilling.

Of equal importance to this positive development and consistent with the companies' commitment to their decades-long partnership with Calista Corp. and The Kuskokwim Corp. (TKC), Donlin Gold's native corporation partners and owners of the project's subsurface and surface rights respectively, Barrick and Novagold responded with urgently needed community support during the pandemic. This support includes food and supplies and partnering in continuing community engagement in environmental management, safety, training, educational, health and cultural initiatives. Involving the local communities in all aspects of the project is core to both Barrick and Novagold's philosophy as illustrated by the fact that approximately 80 per cent of Donlin Gold direct hires are Alaska natives.

Objectives of the 2020 drill program

The primary objective of the 2020 drill program, the largest such campaign at Donlin Gold since 2008, is to validate recent geological and resource modelling controls developed by the owners, Barrick and Novagold. The other objective is to test potential extensions of high-grade zones, most of which would be expected to be mined early in the life of a future mine. The newly obtained data should also enhance the understanding of the mineralized zones and lead the partners to determine the next steps.

Statements by the owners

The first set of results from this year's drill program continue to substantiate the unique value proposition that Donlin Gold represents for both owners.

"Diligent exploration and detailed geological modelling are essential in establishing a strong foundation on which to deliver optimal value from an asset the size of Donlin," said Mark Bristow, president and chief executive officer of Barrick.

"These early drill results have improved our understanding of the orebody, supporting the more recent geologic modelling. They also underscore Donlin Gold's significant potential as well as extraordinary optionality to the gold price over multiple cycles and in a mining friendly jurisdiction," Mr. Bristow said. "We have ensured that our operations are working as safely and responsibly as possible alongside our native corporation partners, Calista and TKC, providing extensive resources and support in Alaska, particularly in the remote Yukon-Kuskokwim region closest to the project."

Greg Lang, Novagold's president and chief executive officer, said: "These are great early results and I'm particularly encouraged by the high-grade mineralization encountered near surface. This is an exciting time for Donlin Gold. I would like to express my sincere gratitude to the Donlin Gold team, who, despite the COVID interruption, is on track to complete the drill program in the fourth quarter. Once the program is completed, the results will be incorporated in an updated geological model that should form the basis for the owners to provide information on the approach to the next steps."

Mr. Lang added: "We are delighted that, consistent with our long-term strategy, all this activity is taking place in an environment when the gold price is setting new all-time highs and few, if any, other projects of the size and quality of Donlin Gold are in a position to be developed anywhere in the world. With key federal and state permits in hand, we believe that the timeline for this uniquely attractive project in a top-tier jurisdiction is in the owners' control."

2020 drill results highlights:

• A total of 47 core holes have been drilled or are in progress (13,795 metres) as of Aug. 4, 2020, with assays reported from 2,246 metres of drilling.
• Significant distinct high-grade intervals were intercepted in multiple areas, including good intervals near surface.
• Five of the top intervals so far include:
  • DC20-1871 intersected 41.91 metres grading 11.61 grams per tonne gold, starting at 30.35-metre drilled depth.
  • DC20-1866 intersected 45.91 metres grading 5.03 grams per tonne gold, starting at 35.39-metre drilled depth; 23.36 metres grading 4.15 grams per tonne gold, starting at 108.30-metre drilled depth; and 30.28 metres grading 4.20 grams per tonne gold, starting at 226.53-metre drilled depth.
  • DC20-1873 intersected 7.66 metres grading 18.40 grams per tonne gold, starting at 60.88-metre drilled depth.
• Additional significant intervals are shown in the attached table.

Results from the initial drilling support continued analysis of the updated lithological model and controls of the higher grades. The initial drill assays exceed the modelled grade-thickness, with higher grade observed over thinner intervals. Hole DC20-1871, highlighted herein and located in the ACMA deposit, is a good example of high-grade mineralization near surface in an area of moderately dense drilling that had seen other high-grade intercepts but not of the magnitude of this drill hole. This is an area that has been designated for the early years of mine operation.

COVID-19 response and community engagement

To date, no employees or contractors at Donlin Gold have tested positive for COVID-19. Donlin Gold is fortunate to work with strong and dedicated community partners in Alaska and in the Yukon-Kuskokwim region that share the objective of protecting the health of Donlin Gold's employees and contractors. Donlin Gold has implemented a wide-ranging set of policies at its office in Anchorage and at the project site this year designed to prevent the spread of COVID-19, including:

• Testing of all employees and contractors (in-state personnel -- one negative test prior to going to camp; village personnel -- two negative tests upon arrival and prior to returning to their village; and out-of-state personnel -- two negative tests prior to going to camp) visiting the Donlin Gold project site;
• Utilizing charters to safely deliver employees to and from camp to minimize in-region travel;
• Screening and social distancing measures while at camp;
• More frequent sanitization practices;
• Increased communication around hygiene and sanitization practices as well as identification of symptoms.

In addition, Donlin Gold worked with Calista, TKC and other key representatives in the region to respond to urgent community needs resulting from the COVID-19 pandemic. This was in addition to continuing community engagement in environmental management, safety, training, educational, health and cultural initiatives. These included:

• Chartered food deliveries to remote Middle Kuskokwim villages that are without a regular air carrier service; many communities had been cut off from primary winter transportation when the regional airline declared bankruptcy; every home in eight middle Kuskokwim villages closest to the project received a box of food and buckets for any homes without running water;
• Established a food distribution centre/food bank to deliver supplies to residents homebound due to medical/health issues, quarantine requirements or other reasons;
• When the Donlin Gold project camp temporarily closed in early April, thousands of pounds of food were delivered to food banks and homeless shelters;
• Assembled and shipped 1,400 face-mask-making kits to 56 Yukon-Kuskokwim villages; co-ordinated with tribal administrators to identify individuals who need masks for elders and COVID-susceptible people;
• Working with Bethel Community Services Foundation and other parties on the COVID-19 Resiliency Fund to provide support and on potential partnerships to help homeless youth.

Other continuing initiatives include:

• CleanUp GreenUp, an annual initiative that includes community participation from more than 32 villages to clean up their outdoor environment;
• Campfire Alaska summer program with support staff in 23 Yukon-Kuskokwim communities to provide distanced activities and meal programs for youth and elders;
• Donlin Gold worked with TKC, the State of Alaska and Alaska Native Tribal Health Consortium in an initiative to upgrade as well as improve health and safety standards of water and sewer services in Middle Kuskokwim area communities;
• In a partnership with TKC, the Village of Crooked Creek and the Napaimute Tribe, Donlin Gold financed and provided technical data to extend and maintain the ice road on the Kuskokwim River, greatly improving safety and access to nearby remote communities.

Permitting update

Donlin Gold, working with its native corporation partners, continues to support the State of Alaska to advance other permits and certificates needed for the project. While the fieldwork related to the issuance of the Alaska Dam Safety certificates has been temporarily paused to concentrate on the continuing drill program, the Alaska Department of Natural Resources' (ADNR) Division of Oil and Gas is strengthening the cumulative effects analysis for the state right-of-way (ROW) agreement and lease authorization for the buried natural gas pipeline. Donlin Gold supported the state's decision to complete this work and expects that the ROW lease offer will be upheld and reissued by ADNR in approximately five months.

About the Donlin Gold project

Donlin Gold is located in Alaska, the second-largest gold-producing state in the United States, with approximately 39 million ounces of gold grading 2.24 grams per tonne in the measured and indicated resource categories (100-per-cent basis), and it hosts one of the largest and highest-grade undeveloped open-pit gold endowments in the world. The planned pits occupy only three kilometres of an eight-kilometre mineralized belt, which itself is located on less than 5 per cent of Donlin Gold's land position. Current activities at Donlin Gold are focused on the drill program, optimization efforts and community outreach.

Donlin Gold LLC is an Alaska-based company owned equally by Barrick Gold U.S. Inc. and Novagold Resources Alaska Inc., which are wholly owned subsidiaries of Barrick and Novagold, respectively.

Quality assurance/quality control procedures

The quality assurance/quality procedures for the 2020 Donlin Gold drill program and sampling protocol were developed and managed by Donlin Gold LLC and overseen by Barrick and Novagold. The chain of custody from the drill site to the sample preparation facility was continuously monitored. All samples are HQ-diameter core. Approximately 97-per-cent core recovery has been achieved to date. Core was logged, cut and sampled at site by Donlin Gold employees. Samples were primarily collected on two-metre lengths, with a minimum length of 0.3 metre and a maximum length of approximately 3.5 metres. Sampled half core was crushed and pulverized in either ALS Ltd.'s Fairbanks, Alaska, or Whitehorse, Yukon, sample preparation facilities. Pulp samples were sent to the ALS lab in Vancouver, B.C., for gold assays and multielement analysis. At least 14 quality control samples (four standards, four coarse blanks, two pulp blanks, two coarse duplicates and two pulp duplicates) were inserted into each batch of 80 samples. The review of the quality control samples did not indicate any bias or error.

Downhole directional surveys were completed on all holes by both Boart Longyear drill operators and on all but one hole by DGI Geoscience Inc. technicians, and collar surveys were completed on all holes by Rowland Engineering Consultants.

Each of ALS, Boart Longyear, DGI Geoscience and Rowland Engineering Consultants is independent of Donlin Gold, Barrick and Novagold.

Scientific and technical information

Some scientific and technical information contained herein with respect to the Donlin Gold project is derived from the "Donlin Creek Gold Project Alaska, USA NI 43-101 Technical Report on Second Updated Feasibility Study" prepared by AMEC with an effective date of Nov. 18, 2011, as amended Jan. 20, 2012. Kirk Hanson, PE, technical director, open-pit mining, North America, of AMEC Reno and Gordon Seibel, a registered member of SME, principal geologist of AMEC Reno are the qualified persons responsible for the preparation of the independent technical report, each of whom is an independent qualified person as defined by National Instrument 43-101.

Clifford Krall, PE, who is the mine engineering manager for Novagold and a qualified person under NI 43-101, has reviewed and approved the information contained related to the Donlin Gold drilling program and other scientific and technical information related to the Donlin Gold project contained in this media release.

Jay Olcott, a registered member of SME, who is a Barrick project manager and a qualified person under NI 43-101, has reviewed and approved the assay results for the Donlin Gold project contained in this media release.

We seek Safe Harbor.