Mr. Greg Lang reports

NOVAGOLD & PAULSON SELECT FLUOR AS DONLIN GOLD'S PARTNER TO LEAD BANKABLE FEASIBILITY STUDY

Novagold Resources Inc. and Donlin Gold Holdings, 100 per cent wholly owned by Paulson Advisers LLC and its affiliates, have selected Fluor Corp. to lead the bankable feasibility study as the engineering firm for the Donlin gold project in Alaska as it advances toward financing and development.

Donlin Gold is advancing the BFS using a disciplined, execution-focused approach informed by long-standing experience in delivering large, multidisciplinary projects. The emphasis is on fully integrating scope, engineering, cost and schedule to support a high-quality, investment-grade study while continuing to make steady and deliberate progress toward development. The BFS is expected to be completed in 2027. A more detailed schedule and budget for the BFS are expected to be released in the coming months following full-scope alignment with other contractors selected to work on discreet portions of the overall project scope.

Fluor is a global leader in engineering, mining, processing and large-scale infrastructure delivery. The company portfolio includes extensive experience executing complex, large-scale gold and copper projects across North America and internationally in challenging environments including cold weather and remote locations.

The bidding process for the Donlin gold BFS was thorough and competitive, with participation from top-tier engineering firms. Fluor will integrate the other major work packages into the overall project and co-ordinate with other specialist contractors on key pieces of infrastructure and process unit operations. These include the power plant, the natural gas pipeline, and the pressure oxidation circuit and oxygen plant. Fluor will also bring substantial technical, engineering and execution capabilities, supporting the design of what is anticipated to become the largest single operating gold mine in the United States. The BFS work will be primarily conducted at Fluor's offices in Canada and utilize high-value centres, with co-ordination from the Donlin Gold office and project site in Alaska.

"Fluor is pleased to be appointed as Donlin Gold's partner to lead the BFS," said Harish Jammula, Fluor's president, mining and metal business. "Our focus is on delivering an integrated, high-quality study, with an emphasis on safety, sustainability, quality, cost accuracy, constructability, and execution readiness as the project advances."

"The selection of Fluor marks an important step in advancing the Donlin gold project," said Greg Lang, Novagold's president and chief executive officer. "They bring a proven track record of delivering complex projects on schedule and within budget, which is critical at this stage, as we position Donlin gold for development," added John Paulson.

Scope of work

Fluor has commenced work on the BFS and will be responsible for integrating work streams from specialist contractors, advancing value and cost optimization, and delivering an integrated engineering, cost and schedule framework.

Next steps

Requests for proposals were issued in the fourth quarter of 2025 for specialist contractors to cover the power plant, pipeline, and pressure oxidation and oxygen plant scopes of work, which will be incorporated into the BFS.

In parallel, management has identified key project requirements and has begun recruiting critical roles to build the owner's project team while site activities continue to advance the next phase of development. This includes continuing evaluation of geotechnical drilling, as well as material assessments along the planned upriver port and access road to support detailed design and the BFS.

The company intends to advance these work streams concurrently to support an integrated BFS and position the project for the next phase of development following completion of the study and project financing. The company will continue to provide market updates as these activities progress.

About Novagold Resources Inc.

Novagold is a well-financed precious metal 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.

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