Letter to Shareholders

Dear Shareholders,

In the first half of 2025, we took giant leaps forward in what is proving to be a transformative year for NOVAGOLD. After a decade and a half of rejected offers from NOVAGOLD, following a monumental $1 billion transaction with Barrick, our company increased its ownership interest in Donlin Gold LLC from 50% to 60% — with Paulson Advisers (“Paulson”) taking a direct 40% interest in the project and sharing responsibility as a full and equal partner in the management of Donlin Gold. Soon thereafter, we completed our first public and private equity offerings since 2012, raising a total of $234.1 million to complete our share of the deal and augment our balance sheet as we advance the project. The participation of existing shareholders in these joint exercises — not to mention the addition of some outstanding new investors — was tremendously rewarding.

Both the sale and purchase are gifts to all stakeholders, as we also wish the very best to Barrick Mining in their endeavors to transform their own company. To say that we are excited is a massive understatement. For the announcement of our new partnership marks the defining moment of the last 5 years’ efforts to unlock conscientiously the truly exceptional value of Donlin Gold — and to unleash what we firmly believe could be a substantial revaluation of NOVAGOLD in the marketplace.

For myriad reasons, we simply could not have asked for a more desirable, fitting, mutually reinforcing, and force-multiplying partner than Paulson in accomplishing these goals….

Read the complete Letter to Shareholders