Mr. Greg Lang reports

NOVAGOLD & PAULSON ANNOUNCE THE APPOINTMENT OF ENDEAVOUR FINANCIAL AND MACQUARIE CAPITAL AS FINANCIAL ADVISORS TO THE DONLIN GOLD PROJECT

Novagold Resources Inc. and Donlin Gold Holdings LLC (DGH), 100 per cent wholly owned by Paulson Advisers LLC and its affiliates, have appointed Endeavour Financial and Macquarie Capital to provide financial advisory services for the development of the Donlin gold project in Alaska and to support the arrangement of project and infrastructure financing.

Strategy and mandate

As part of the mandate, the financial advisers will assist Donlin Gold in evaluating financing alternatives and executing a structured project financing strategy. They will co-ordinate engagement with potential financiers, advance select financing avenues and assist with due diligence processes. The financial advisers will also provide tailored advice as the Donlin gold project progresses toward a final investment decision following completion of the bankable feasibility study (BFS) and related work streams.

The process will consider a range of financing sources, including conventional project and infrastructure finance, as well as complementary forms of capital, with the objective of optimizing the overall financing mix, while preserving long-term shareholder value and maintaining exposure to the project's upside potential. Advancing financing initiatives in tandem with the BFS is expected to provide enhanced flexibility and streamline readiness as the Donlin gold project advances toward construction.

Leveraging their expertise in agency-supported and large-scale mining finance, the financial advisers bring experience in structuring complex financings -- including transactions involving export credit agencies. Novagold and DGH will also evaluate potential support from agencies, alongside project debt, infrastructure financing and alternative financing options.

Financial advisers

Endeavour is a leading specialist independent advisory firm focused on mining and natural resources financing. Its services span across project and structured finance, capital markets, debt and equity solutions, and strategic advisory. The firm works with a broad array of financing sources, including export/import credit agencies, commercial banks, specialist credit funds, development banks and other structured capital partners.

Macquarie Group is a global diversified financial services organization operating across banking, asset management, capital markets, commodities and global markets, and specialist finance. Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group -- bringing deep expertise in critical minerals, infrastructure, energy and other sectors.

Greg Lang, Novagold's president and chief executive officer, said: "We are pleased to appoint Endeavour and Macquarie to support our project financing efforts. Their combined expertise in structuring large-scale, agency-supported financings will be instrumental as we evaluate funding alternatives and advance a disciplined financing strategy for Donlin gold. As we progress toward completion of the BFS, this work will support our readiness for a final investment decision and position the project to advance in a thoughtful and value-focused manner through the next phase of development."

Daniel Hill, director of Endeavour Financial, commented, "Endeavour is delighted to be able to work with the Novagold and Paulson teams to evaluate and execute financing for the development of this world-class asset in Alaska."

Lance Rishor, head, Macquarie Capital Canada, commented: "We are pleased to support Novagold and Paulson as they advance the Donlin gold project. Macquarie Capital brings deep experience advising on complex mining and infrastructure financings, and we look forward to helping evaluate a broad range of capital solutions to support the project's next phase of development."

Transaction

As per the release titled "Novagold Enters Into Definitive Agreements to Acquire 100% of Donlin Gold," announced on July 22, 2026, the proposed transaction and consolidation between Novagold and Paulson's DGH interest in Donlin gold is expected to streamline corporate decision-making and increase operational and capital efficiency. It is also expected to facilitate and expand access to private and official sector capital, including governmental agencies and sovereign wealth funds, to support Donlin gold's next phase of project development.

About Novagold Resources Inc.

Novagold is a well-financed gold development company focused on advancing the Donlin gold project in Alaska, one of the world's safest and most stable mining jurisdictions. The Donlin gold project contains approximately 40 million ounces of gold in the measured and indicated mineral resource categories (560 million tonnes at an average grade of 2.22 grams per tonne, inclusive of proven and probable mineral reserves, on a 100-per-cent basis) (1). Considered one of the largest and highest grade known open-pit gold deposits, the Donlin gold project is expected to produce more than one million ounces of gold annually over an estimated 27-year mine life once in production (2). The Donlin gold project is being advanced with its Alaska native landowners -- Calista and TKC.

About Donlin Gold Holdings LLC

DGH, 100 per cent wholly owned by Paulson Advisers and its affiliates, is the 40-per-cent owner of the Donlin gold project. DGH, together with Novagold, owns 100 per cent of Donlin gold and shares equal voting and operating control with Novagold through its operating agreement.

(1) Donlin Gold data as per the report titled "NI 43-101 Technical Report on the Donlin Gold project, Alaska, USA," dated as of Nov. 30, 2025, and the report titled "S-K 1300 Technical Report Summary on the Donlin Gold project, Alaska, USA," dated Nov. 30, 2025. Donlin gold possesses measured resources of approximately nine million tonnes (t) grading 2.67 grams per tonne (g/t) and indicated resources of approximately 551 million t grading 2.21 g/t, each on a 100-per-cent basis and inclusive of mineral reserves, of which approximately six million t of measured resources and approximately 330 million t of indicated resources inclusive of mineral reserves is currently attributable to Novagold through its 60-per-cent ownership interest in Donlin gold. Exclusive of mineral reserves, Donlin gold possesses measured resources of approximately 1.4 million t grading 1.18 g/t and indicated resources of approximately 175 million t grading 1.32 g/t, of which approximately 900,000 t of measured resources and approximately 105 million t of indicated resources exclusive of mineral reserves is currently attributable to Novagold. Donlin gold possesses proven reserves of approximately nine million t grading 2.29 g/t and probable reserves of approximately 495 million t grading 2.02 g/t, each on a 100-per-cent basis, of which approximately six million t of proven reserves and approximately 297 million t of probable reserves is attributable to Novagold. Mineral reserve and resources have been estimated in accordance with National Instrument 43-101 and S-K 1300.

(2) Anticipated average annual gold production during full life of mine if put into production as contemplated in the 2025 technical report and the 2025 technical report summary.

We seek Safe Harbor.