Ms. Melanie Hennessey reports

NOVAGOLD INCREASES PREVIOUSLY ANNOUNCED BOUGHT DEAL FINANCING TO US$300 MILLION

Novagold Resources Inc. has entered into an agreement with BMO Capital Markets, RBC Capital Markets and Scotiabank as bookrunners, under which the underwriters have agreed to increase the size of the previously announced bought deal private placement, 30 million common shares of the company at a price of $10.00 (U.S.) per common share for gross proceeds of approximately $300-million (U.S.), with a cornerstone order of $140-million (U.S.) from a leading European institution, before deducting underwriter fees and other expenses. In addition, the company has also granted the underwriters an overallotment option, exercisable up to 48 hours prior to the closing of the offering, to purchase up to an additional 15 per cent of the number of common shares purchased pursuant to the offering for additional gross proceeds of up to approximately $45-million (U.S.), before deducting underwriter fees and other expenses (resulting in aggregate gross proceeds of up to approximately $345-million (U.S.), before deducting underwriter fees and other expenses).

The company intends to use the net proceeds of the offering for expenditures associated with Donlin gold activities, settlement of the company's prepayment option on the promissory note with Barrick Mining Corp. and general corporate purposes.

The offering is expected to close on or about Feb. 5, 2026, and is subject to the company receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange and authorization of the NYSE American, subject to customary conditions.

The common shares will be offered: (i) in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws; (ii) in the United States and elsewhere, pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and the applicable securities laws of any state of the United States; and (iii) in jurisdictions outside of Canada and the United States pursuant to prospectus, registration and other exemptions under applicable securities laws. The common shares will be subject to a minimum six-month hold period from the closing of the offering under applicable securities laws.

About Novagold Resources Inc.

Novagold is a well-financed precious metals company focused on the development of the Donlin gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 40 million ounces of gold in the measured and indicated mineral resource categories (560 million tonnes at an average grade of approximately 2.22 grams per tonne, in the measured and indicated mineral resource categories on a 100-per-cent basis), inclusive of proven and probable mineral reserves, 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. 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-per-cent basis once in production.

We seek Safe Harbor.