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NOVAGOLD ▸ NYSE AMERICAN , TSX : NG SOLID . SECURE . GOLDEN . MEDIA RELEASE NOVAGOLD Reports Second Quarter 2021 Financial Results Donlin Gold 2021 Drill Program Continues to Advance as Planned Community Support Expanded to Counter the Effects of Global Pandemic Key Permits Secured and Robust Financial Position Maintained A total of 28 holes have been drilled at the Donlin Gold project ( representing approximately 8,650 meters of length drilled ) out of the 64 planned for 2021 ( representing a total of approximately 20,100 meters of length to be drilled ) . Four drill rigs are operating . The owners expect to release assay results to the market in the coming months . Donlin Gold , together with its Alaska Native Corporation partners , Calista Corporation ( " Calista " ) and The Kuskokwim Corporation ( " TKC " ) , expanded their engagement with the local communities . With key Federal and State permits in hand , Donlin Gold continued to advance additional State permits , including water rights and the natural gas pipeline State Right - of - Way ( " ROW " ) . NOVAGOLD continues to maintain a strong treasury amounting to $ 107.6 million in cash and term deposits as of May 31 , 2021 , and it has receivables from Newmont amounting to $ 75 million due in July 2021 and an additional $ 25 million due in July 2023 . June 29 , 2021 - Vancouver , British Columbia - NOVAGOLD RESOURCES INC . ( " NOVAGOLD " or " the Company " ) ( NYSE American , TSX : NG ) today released its 2021 second quarter financial results and an update on its Tier One gold development project Donlin Gold ( " Donlin Gold " or the " project " ) , which NOVAGOLD owns equally with Barrick Gold Corporation ( " Barrick " ) . Details of the financial results for the quarter ended May 31 , 2021 are presented in the consolidated financial statements and quarterly report filed June 29 , 2021 on Form 10 - Q with the SEC that is available on the Company's website at www.novagold.com , on SEDAR at www.sedar.com , and on EDGAR at www.sec.gov . All amounts are in U.S. dollars unless otherwise stated and all mineral resource and mineral reserve estimates are shown on a 100 % project basis . Second Quarter Highlights and Updates : In order to minimize the risk posed by COVID - 19 , NOVAGOLD is continuing to maintain a wide - ranging set of health and safety policies at its offices in Salt Lake City and Vancouver , and , in conjunction with Barrick , at the Donlin Gold office in Anchorage and project site . These measures are designed to ensure the safety and well - being of all employees , contractors , and people associated with the Company . The Donlin Gold project camp has been re - opened safely with four drills currently operating . A total of 28 holes ( representing approximately 8,650 meters of length drilled ) as of June 26 , 2021 , out of the 64 planned for the 2021 program have been drilled to date ( representing a total of approximately 20,100 meters of length to be drilled ) . The program is expected to : Build upon a successful 2020 drill program that produced results supporting updates to recent geologic modeling concepts , validate mineralization continuity , and test for extensions of high - grade zones in both intrusive ( igneous ) and sedimentary rocks . 1 NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years , annual projected production of at least 500,000 ounces of gold , and average projected operating costs over the production life that are in the lower half of the industry cost curve . ▸ www.novagold.com Page | 1