Published: December 3, 2025 |

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NOVAGOLD released the final assay results from the 2025 Donlin Gold drill program, marking a significant milestone in the advancement of what is anticipated to be America’s largest gold mine.

Additionally, NOVAGOLD achieved two significant permitting milestones with the acceptance of Donlin Gold into the Federal Permitting Improvement Steering Council’s FAST-41 program — an important step to ensure a transparent, accountable, and predictable process for conducting the supplemental environmental analysis requested by the U.S. District Court for the District of Alaska — and a favorable ruling from the Alaska Supreme Court affirming both the project’s water rights and the Department of Natural Resources’ approval of the state ROW lease for the proposed 316-mile natural gas pipeline.

“To date, the drilling at Donlin has yielded terrific results. The 2025 drill program continues to exceed expectations and provide key data points for the bankable feasibility study (BFS), which is expected to commence by the first quarter of 2026. With consistent high-grade intercepts, acceptance into the FAST-41 program, and a decisive legal win in Alaska, Donlin Gold is advancing with remarkable determination,” said Greg Lang, NOVAGOLD’s president and CEO.

“These milestones not only validate the extraordinary quality of the asset and demonstrate the strength of our team, but also provide the momentum needed to support the next phase of development. The progress we have made — both technically and on the permitting front — positions Donlin Gold as a standout project in the global gold sector,” added Lang.

MOST RECENT DRILL PROGRAM SOLIDIFIED DONLIN GOLD’S PATH TO BFS

The 2025 Donlin Gold drill program was expanded to support the updated resource model and advance the BFS, reinforcing the project’s long-term development strategy. Work centered on three key areas: grid drilling to refine mine-planning inputs; in-pit exploration drilling to strengthen geological modelling and resource conversion; and geotechnical drilling, including pit wall and material site assessments for the planned access road — all essential to the BFS.

Supported by a team of about 80 locally hired staff and external contractors, the 2025 drill program intersected multiple zones of high-grade gold mineralization. The findings contribute vital inputs for engineering work, mine planning, and resource modelling — marking an important milestone on the company’s path to a BFS.

FEDERAL FAST-41 DESIGNATION

On October 27, 2025, Donlin Gold was formally accepted into the FAST-41 program, a federal initiative that enhances transparency, accountability, and predictability in the federal permitting process. FAST-41 ensures that permitting timelines are clearly defined, publicly available and coordinated among federal agencies, while maintaining every existing environmental safeguard and regulatory requirement. This designation is expected to result in a more efficient permitting timeline and reflects the strategic importance of Donlin Gold as a responsible and key economic development project in Alaska.

“We’re grateful to the Permitting Council for including Donlin Gold in the FAST-41 program. This milestone brings us one step closer to responsibly advancing the project through this improved federal coordination program, with its predictable permitting timelines and improved public transparency,” said Todd Dahlman, Donlin Gold’s general manager.

As part of the acceptance, Donlin Gold is now listed on the Federal Permitting Dashboard in connection with the project’s supplemental environmental impact statement (SEIS). In 2025, the U.S. Alaska District Court directed the U.S. Army Corps of Engineers (USACE) and the Bureau of Land Management (BLM) to supplement the current environmental impact statement with an analysis of a larger theoretical tailings dam release, while leaving Donlin Gold’s federal permits in place.

As part of the ongoing federal review, the USACE, in consultation with BLM, will lead the SEIS process to conduct this analysis. This transparent, science-based review is designed to provide both the public and decision-makers with complete and accurate information. While most projects that are accepted into FAST-41 program are at the initial stages of permitting, Donlin Gold has been deeply engaged in permitting for over a decade and has received most of its state and federal permits. Donlin’s inclusion in the FAST-41 program is focused on ensuring a transparent, accountable, and predictable process for the federal agencies’ supplemental environmental analysis requested by the court.

ALASKA SUPREME COURT DECISION

On November 14, 2025, Donlin Gold welcomed the Alaska Supreme Court’s decision affirming both the project’s water rights permits for the mine and the Department of Natural Resources’ approval of the state’s ROW for the state-owned lands portion of the proposed 316-mile natural gas pipeline. The ruling validates the state of Alaska’s thorough review process and reinforces that the project can move forward in a manner that safeguards the lands, waters, and communities of the Yukon-Kuskokwim and southcentral regions.

On May 6, 2025, the Alaska Superior Court upheld Department of Environmental Conservation’s issuance of the 401 Certification. Earthjustice filed an appeal in the Alaska Supreme Court and filed their opening brief on September 16, 2025. Donlin Gold’s and the state of Alaska’s briefs are due before year-end.

BANKABLE FEASIBILITY STUDY UPDATE

The request for proposals for the BFS work was issued in the third quarter to engineering firms with the expertise to deliver a project of this scale. Proposals were received last month, and Donlin Gold remains on track to select a top-tier engineering firm to lead the BFS in the coming months. The comprehensive data generated from this year’s drill program will further strengthen the foundation to be used for mine planning, engineering, and resource modelling.

NOVAGOLD is a precious metals company focused on the development of the Donlin Gold project. Located in Alaska, one of the safest mining jurisdictions in the world, the Donlin Gold project is regarded as one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world.

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