Mr. Greg Lang of Novagold reports

DONLIN GOLD ANNOUNCES ASSAY RESULTS FROM REMAINING 30 PERCENT OF THE 2020 DRILL PROGRAM, CONSISTENT WITH PREVIOUSLY REPORTED RESULTS OF HIGHER THAN PREDICTED GRADE-THICKNESS

Donlin Gold LLC, owned 50/50 by Barrick Gold Corp. and Novagold Resources Inc., has shared the last set of assay results from the successful 2020 85-hole, 23,361-metre drill program.

• Assay results for all 85 completed holes now reported, representing a final total of 23,361 metres drilled;
  • Assay results demonstrate higher drilled grade thickness than predicted by previous modelling;
  • Data collected have resulted in an improved appreciation of the controls on mineralization;
  • Drill program results will be integrated into the geologic model.

The board of Donlin Gold is considering additional confirmation and extension drilling to expand upon recent successes and fresh insights into the continuity and structural controls of the higher-grade mineralization.

Exceeding expectations, safely

The primary objective of the 2020 drill program, the largest such campaign at Donlin Gold since 2008, was to validate and increase the confidence in recent geologic modelling concepts.

Results in both the ACMA and Lewis deposit areas exceeded grade thickness predicted by previous modelling, with higher grades observed over narrower intervals, particularly in sedimentary rocks.

Additional confirmation and extension drilling are being planned for the 2021 field season with a focus on further testing, orebody continuity, structural control, and geotechnical and geometallurgical data collection and analysis. The drilling program specifics will be finalized once all assay results have been integrated into an interim model update. It is anticipated that on the completion of the 2021 drilling program and a final geologic model update, the focus will then shift to updating the feasibility study subject to a formal decision by the board.

Five of the top intervals received or updated since the Jan. 19, 2021, media release include:

• DC20-1930 intersected 51.15 m grading 4.6 grams per tonne gold, starting at 148.85 m drilled depth, including a subinterval of 7.60 m grading 12.4 g/t gold, starting at 182.40 m drilled depth;
• DC20-1932 intersected 47.66 m grading 4.8 g/t gold, starting at 101.62 m drilled depth, including a subinterval of 4.00 m grading 19.5 g/t gold, starting at 143.28 m drilled depth;
• DC20-1948 intersected 22.61 m grading 8.7 g/t gold, starting at 161.50 m drilled depth, including a subinterval of 10.08 m grading 15.5 g/t gold, starting at 167.50 m drilled depth;
• DC20-1938 intersected 17.96 m grading 10.5 g/t gold, starting at 1.83 m drilled depth, including a subinterval of 3.96 m grading 28.0 g/t gold, starting at 1.83 m drilled depth;
• DC20-1946 intersected 35.80 m grading 4.5 g/t gold, starting at 96.20 m drilled depth.

These results were accomplished between March and October, 2020, with zero COVID-19 cases on site and no lost-time incidents.

Statements by the owners

Barrick president and chief executive Mark Bristow said, "The highly successful and COVID-free conclusion of the 2020 drill program, and in particular the strong results Barrick and Novagold have been sharing over the past eight months, represent a major step forward in improving the geological confidence in the Donlin project, a necessary step to advancing Donlin up the value chain." He extended his thanks to the Donlin Gold team.

Greg Lang, Novagold's president and CEO, said: "On every level, the results of the largest drill program at Donlin Gold in 12 years have been incredibly rewarding for the partnership and all stakeholders. Since we released the initial results in August last year, the assays have consistently revealed higher-grade gold intersections. These have only served to elevate Donlin Gold's confidence in the recent geologic modelling concepts developed by the Barrick and Novagold teams, while confirming multiple high-grade extensions in both the intrusive (igneous) and sedimentary rocks, including near surface. One such near-surface hit in drill hole DC20-1938, revealed today in this final set of results, intersected 17.96 m grading 10.5 g/t gold including 3.96 m grading 28.0 g/t gold starting at 1.83 m drilled depth. Needless to say, the assay results from the 2020 drill program further strengthen our resolve and belief in the extraordinary nature of Donlin Gold and provide us with a wealth of new knowledge to integrate into an updated geologic model."

Dan Graham, general manager of the Donlin Gold JV, added: "By far, our most important objective in 2020 was to protect the health and safety of our work force, contractors and the residents of the Yukon-Kuskokwim (Y-K) region. Despite the added challenge of navigating a pandemic, all 2020 drill program objectives were transcended and accomplished with zero COVID-19 cases on site and no lost-time incidents. This is a testament to the professionalism and teamwork of all involved. It is an honour to work directly with our Alaska Native Corp. partners, Calista Corp. and The Kuskokwim Corp. (TKC), as well as the communities in the Y-K region. Thanks to the Donlin Gold team, as well as to Calista and TKC for their dedication to the highest standards of safety, social responsibility and environmental stewardship. We are all proud to be bringing a federally permitted project up the value chain in one of the world's most stable jurisdictions, the great state of Alaska, where there are numerous examples of socially and environmentally responsible mining projects, we as an industry can be proud of, and which can provide long-lasting benefits to future generations."

About Donlin Gold LLC

Donlin Gold 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.

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) (1), Donlin Gold hosts one of the largest and highest-grade undeveloped open-pit gold endowments in the world. The planned pits in which the existing resources are sited 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, community outreach and advancing the remaining state-permitting actions.

Donlin Gold is a committed partner to the Alaska native communities both surrounding the project and within the state as a whole. This commitment underpins the company's approach and is also reflected in the way in which the asset itself is structured. An important factor that distinguishes Donlin Gold from most other mining assets in Alaska is that the project is located on private land designated for mining activities five decades ago. Donlin Gold has entered into life-of-mine agreements with Calista, which owns the subsurface mineral rights, and TKC, a collection of 10 village corporations, which owns the surface land rights, and is committed to providing employment opportunities, scholarships, and preferential contract considerations to Calista and TKC shareholders. These agreements include a revenue-sharing structure, established by the Alaska Native Claims Settlement Act (ANSCA) of 1971, which resolved Alaska native land claims, allotting 44 million acres of land for use by Alaska native corporations. Additionally, the company's long-term commitment to economic development is exemplified by Donlin Gold's support of TKC's initiative to launch energy and infrastructure projects in middle Kuskokwim villages. These partnerships, activities and programs are illustrative of the commitment to the sustainable and responsible development of the Donlin Gold project for the benefit of all stakeholders.

(1) Donlin Gold data as per the second updated feasibility study (as defined below). Donlin Gold measured resources of approximately eight million tonnes (Mt) grading 2.52 g/t and indicated resources of approximately 534 Mt grading 2.24 g/t, each on a 100-per-cent basis, of which Barrick and Novagold each own 50 per cent. Mineral resources have been estimated in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

Quality assurance/quality control (QA/QC) procedures

The QA/QC procedures for the 2020 Donlin Gold drill program and sampling protocol were developed and managed by Donlin Gold 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-diametre core. Approximately 93-per-cent core recovery was achieved. 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 maximum length of approximately 3.5 metres. Sampled half-core was crushed and pulverized in ALS Ltd.'s Fairbanks, Alaska; Whitehorse, Yukon; or Vancouver, B.C., sample preparation facilities. Pulp samples were sent to the ALS labs in Vancouver, B.C.; Lima, Peru; or Reno, Nev., for gold assays and to labs in Vancouver, B.C., or Lima, Peru, for 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. There are no known factors that would materially affect the accuracy or reliability of the drill program data referred to in this media release.

Downhole directional surveys were completed on all reported completed holes by both Boart Longyear drill operators and on 96 per cent of reported completed holes by DGI Geoscience Inc. technicians, and collar surveys were completed on all holes by professional licensed surveyors from either Rowland Engineering Consultants or Brice Engineering LLC.

Each of ALS, Boart Longyear, DGI Geoscience Inc., Rowland Engineering Consultants and Brice Engineering LLC are independent of Donlin Gold, Barrick and Novagold.

Scientific and technical information

Certain 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 (the second updated feasibility study). Kirk Hanson, PE, technical director, open pit mining, North America (AMEC, Reno), is the qualified person responsible for the preparation of the independent technical report, and an independent qualified person as defined by NI 43-101. Wood Canada Ltd. (Wood formerly AMEC Americas Ltd.) is currently updating all sections of the second updated feasibility study with updated costs, economic assessment, permitting information and technical information related to permitting, generated on the Donlin Gold project since 2011, which is anticipated to be finalized and filed during 2021. Based on that cost review, Wood determined that updating the second updated feasibility study using 2020 costs and new gold price guidance results in no material change to the mineral resources or mineral reserves. The economic assessment in the updated study may be materially different than in the 2011 study.

Clifford Krall, PE, who is the mine engineering manager for Novagold and a qualified person under NI 43-101, has approved and verified the scientific and technical information related to the 2020 Donlin Gold drill program contained in this media release. To verify the information related to the drilling program, he visited the project site twice during the 2020 field season; discussed and observed logging, sampling and sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation and significant assay interval calculations.

Octavia Bath, PGeo, 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.

An appendix with a full table of Donlin's 2020 drilling results is available in the company's original news release (can be found on the company website or by clicking "view original document" at the top of this page).

We seek Safe Harbor.