Minning – International World Of Business

Global Carbon Pricing Revenues Top a Record $100 Billion

Press Room Team — Tue, 28 May 2024 00:43:28 +0000

Emissions trading schemes generate majority of this revenue, over half of which funds climate and nature programs

WASHINGTON, May 27, 2024 — In 2023, carbon pricing revenues reached a record $104 billion, according to the World Bank’s annual “State and Trends of Carbon Pricing 2024” report released today. There are now 75 carbon pricing instruments in operation worldwide. Over half of the collected revenue was used to fund climate and nature-related programs.

“Carbon pricing can be one of the most powerful tools to help countries reduce emissions. That’s why it is good to see these instruments expand to new sectors, become more adaptable and complement other measures,” said Axel van Trotsenburg, World Bank Senior Managing Director. “This report can help expand the knowledge base for policymakers to understand what is working and why both coverage and pricing need to go up for emissions to go down.”

The World Bank has been tracking carbon markets for around two decades and this is it’s eleventh annual carbon pricing report. When the first report was released, carbon taxes and Emission Trading Systems (ETS) covered only 7% of the world’s emissions. According to the 2024 report, 24% of global emissions are now covered.

Report findings show large middle-income countries including Brazil, India, Chile, Colombia, and Türkiye are making strides in carbon pricing implementation. While traditional sectors like power and industry continue to dominate, carbon pricing is increasingly being considered in new sectors such as aviation, shipping and waste. The EU’s Carbon Border Adjustment Mechanism, currently in a transitional phase, is also encouraging governments to consider carbon pricing for sectors such iron and steel, aluminum, cement, fertilizers, and electricity.

Governments are also increasingly using carbon crediting frameworks to attract more finance through voluntary carbon markets and facilitate participation in international compliance markets.

Despite record revenues and growth, global carbon price coverage and levels remain too low to meet the Paris Agreement goals. Currently, less than 1% of global greenhouse emissions are covered by a direct carbon price at or above the range recommended by the High-level Commission on Carbon Prices to limit temperature rise to well below 2ºC. The report notes that closing the implementation gap between countries’ climate commitments and policies will require much greater political commitment.

Declining coal prices reflect a reshaping of global energy trade

Press Room Team — Sun, 11 Jun 2023 18:41:15 +0000

Coal prices have been retreating from their highs in 2022 but they remain well above the 2017-2021 average. Global coal consumption levels reached an all-time high in 2022, led by India and China. On the supply side, increased exports by countries such as South Africa and Colombia—whose combined share in total European imports has been 35% since August 2022—have partially offset the reduction of Russian exports to Europe. Prices are expected to be lower in 2023 (on average) compared to 2022 but remain high by historical standards. Possible supply redirection from the ongoing Russian invasion of Ukraine and a faster-than-expected pace of China’s reopening could impact the outlook of falling prices.

Coal prices started to decline in the second half of 2022, although they remain much higher than their 5-year average. The Australian and South African benchmark prices have fallen by about 50% from their peaks in September and April 2022, respectively, due to increased production and warmer weather. The gap between the two benchmarks, which had been caused by supply disruptions in Australia due to the tropical cyclone season and the limited ability of Asian utilities to switch away from high-grade Australian coal to low-grade alternatives, has almost disappeared.

Global demand reached an all-time high in 2022. Consumption rose strongly in India (10%) and in Europe (5%) in response to electricity generating facilities substituting away from natural gas and filling the supply gap created by weaker production from other sources, including nuclear and hydro. Consumption in China rose modestly, as economic growth remained sluggish due to COVID-19 restrictions. On the other hand, coal consumption in the United States decreased by 8% in 2022Q4 due to less significant natural gas price increases compared to Europe. This limited the substitution between coal and gas for electricity generation in the U.S.

Global production reached an all-time high in 2022. China increased output by 11% compared to 2021, while production in India rose by 16%. In the United States, coal production increased by 3% in 2022, despite the decrease in domestic consumption and logistic constraints. In Indonesia, production has increased to 4% above its annual target. On the other hand, production in South Africa has decreased due to labor and rail transport constraints.

Reduced Russian coal exports to Europe were balanced by increases from Colombia and South Africa. Exports from South Africa to Europe experienced an almost six-fold increase, while exports from the U.S. have remained broadly stable in 2022 (although some were redirected to Europe). Russian exports, which increased overall, have been redirected to China and India, following the EU ban of Russian coal in 2022Q3. Indonesian exports rose 14% in 2022 and reached an all-time high despite two temporary export bans.

Both coal prices and demand are expected to decline in the medium term. Average annual coal prices are forecast to decrease in 2023 compared to 2022 but remain well above their five-year average. Coal futures prices are also considerably lower in 2023 compared to 2022. Declining coal prices could, however, be hindered by further trade diversions, which would increase transport costs, and by gas price increases that could affect the price of coal due to the substitution between the two fuels, especially in the power sector. Expected short-term increases in coal demand could be compromised by economic takeoff in China failing to materialize and slower-than-expected global growth. In the longer term, the geopolitical risks from the invasion of Ukraine have increased governments’ determination to facilitate energy transition away from fossil fuels. This translates into expectations that global coal demand will peak in 2023 and plateau thereafter.

Barrick Board Visits NGM to View Growth Pipeline

Press Room Team — Mon, 08 Aug 2022 22:34:57 +0000

ELKO, NEVADA – Three years after the formation of the joint venture that created the world’s largest gold mining complex, Nevada Gold Mines (NGM) is stepping out on its next growth phase by identifying new opportunities for discoveries and additions, Barrick president and chief executive Mark Bristow said here today. Nevada Gold Mines is 61.5% owned and operated by Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) with Newmont Corporation owning the rest.

Speaking during a visit by Barrick’s board of directors to view developments at the complex firsthand, Bristow said NGM stood out from the rest of the industry not only for its size but because a wealth of projects and prospects secure its future as a high-quality, long-life operation for decades to come.

Over the past three years, NGM has worked relentlessly to unlock synergies by consolidating mines, teams, processing facilities and landholdings. In its short life, NGM has produced 10 million ounces of gold and substantial free cash flow (on a 100 % basis). Greatly improved knowledge of the orebodies has supported robust 10-year plans and has increased the pre-merger life of mine substantially.

At the existing operations, brownfields exploration is replacing reserves depleted by mining and identifying new targets while the greenfields team is hunting further afield for a new Tier One1 discovery. NGM’s future flagship development will be the Goldrush project adjacent to Cortez, which is subject to an environmental review by the Bureau of Land Management and other cooperating agencies, including public comment and input. It is a world-class underground deposit with a life of mine plan2 in excess of 20 years and is expected to employ 500 people during construction and 570 during operation.

NGM and Barrick have positioned themselves as a key partner to the state of Nevada with NGM’s workforce of 7,000 making it one of the state’s largest employers. When the Covid-19 pandemic struck in 2020, NGM offered to prepay net proceeds from mineral tax and, more recently, it has worked with the state to create the mining excise tax, with the funds earmarked for education starting in 2023. To date, NGM has paid close to $60 million towards this new excise tax.

NGM continues to invest in people, both current and future employees, through education partnerships and training programs. It supports the College of Southern Nevada and the Clark County School District where high school students can obtain certificates in industrial maintenance or diesel technology and has renewed its partnership with Discovery Education for the Nevada Department of Education’s outreach program. The company is also working with the University of Nevada and the Great Basin College in Elko to develop mining-centred programs.

Internally, NGM has been developing a unique talent development program called ‘training mines’ for underground and surface mining as well as process operations with the aim of providing the company with well-rounded, safety-focused employees and maintaining quality control through structured, comprehensive, competency-based training. In addition to the training mines, leadership development programs have been rolled out with a focus on safety.

“We are also continuing our investment in community infrastructure, including the Elko broadband initiative which has delivered high-speed internet access to more than 635 homes. We have also established daycare facilities in Elko County to enable more women to join our workforce,” said Bristow, noting that women now comprise 16% of Barrick’s staff complement in North America.

New Nevada Gold Mines Solar Power Plant Advances Barrick’s Clean Energy Drive

Press Room Team — Mon, 18 Apr 2022 13:56:46 +0000

Elko, Nevada – Nevada Gold Mines (NGM) is investing in a 200-megawatt (MW) solar power plant designed to accelerate its decarbonization program in line with the Barrick Gold Corporation’s Greenhouse Gas Reduction Roadmap. NGM is majority owned and operated by Barrick (NYSE:GOLD)(TSX:ABX).

NGM today announced they are partnering with First Solar (Nasdaq:FSLR) to manufacture all modules required to support the 200MW construction, entirely in the United States.

NGM has commenced detailed engineering and expects to begin construction in the third quarter of 2022. The modules supplied by First Solar are expected to be delivered in the beginning of the second quarter of 2023 and will power both phases of the power plant.

Ensuring that the selected contract partner for this project fully supported NGM’s values was a top priority for the company. NGM chose to contract with a supplier who is committed to fair labor practices, investing in American manufacturing and American jobs, and is one which will deliver high performance solar panels with the lowest carbon footprint and the best environmental profile available today. Although this process has been time-consuming, it has allowed the company to optimize the project schedule to commission both phase I and phase II by early 2024.

NGM has committed to a 20% carbon reduction by 2025. This will be achieved through the 200MW solar array construction and the conversion of NGM’s coal fired power plant to cleaner burning natural gas.

“The project is the latest in a series of carbon-reducing initiatives across the group’s global operations,” says Barrick group sustainability executive Grant Beringer. “The solar power plant will complement the transition of NGM’s coal power plant to a dual fuel process, which will enable it to generate electricity from natural gas, reducing carbon emissions by as much as 50 percent.”

NGM has a strong focus on environmental management practices and is a committed custodian of the unique lands, waters, flora, and fauna within the state of Nevada. Barrick is targeting an overall 30 percent reduction in emissions by 2030 against its 2018 baseline with the goal of achieving net-zero by 2050.

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “advance”, “drive”, “invest”, “expect”, “ensure”, “allow”, “optimize”, “target”, “goal”, “commit”, “vision”, “develop”, “maintain”, “will”, and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s and NGM’s climate change strategy and associated greenhouse gas emission reduction targets, including Barrick’s ultimate vision to achieve net zero emissions by 2050; the anticipated environmental benefits of the new solar power plant at NGM and partnership with First Solar; and NGM’s focus on environmental management in the State of Nevada.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the company as at the date of this press release in light of Barrick’s and NGM’s management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; non-renewal of key licences by governmental authorities; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in the United States and other jurisdictions in which the company or its affiliates do or may carry on business in the future; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or targeted investments and projects will meet the company’s capital allocation objectives and internal hurdle rate; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; damage to the company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the company’s expectations; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect the company’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.

We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Pueblo Viejo Moves Forward with Life of Mine Extension Project

Press Room Team — Mon, 11 Apr 2022 21:17:19 +0000

Toronto – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) announced today that the Dominican Government had completed its strategic review of the location of the new Tailings Storage Facility (TSF) for the Pueblo Viejo mine. The new TSF forms part of the expansion project that is designed to extend the Tier One1 mine’s life to beyond 2040 and support annual production in excess of 800,000 ounces2.

The Government, through their process, have identified a select number of alternatives for further assessment. At the same time, Barrick conducted its own alternatives assessment, completed by a multi-disciplinary team of external subject matter experts from various independent consulting companies. Several sites were initially identified and after various screening phases, which considered environmental, social, and technical factors, potentially feasible sites were identified for further evaluation.

The two separate assessments independently identified four alternative sites, of which two sites, located in the Sanchez Ramirez Province, would be put forward for further investigation.

Barrick president and chief executive Mark Bristow said that although these alternative sites existed as determined by the reviews, the final location and construction of the facility would be subject to the completion of an Environmental and Social Impact Assessment (ESIA) in accordance with Dominican Republic legislation and international standards. Once completed, the ESIA would be submitted to the Government for evaluation and final decision.

The ESIA will identify and implement mechanisms to mitigate potential environmental impacts as well as initiatives to improve the livelihoods of the communities. Barrick is committed to following international standards and will adhere to the Global Industry Standard on Tailings Management in terms of design, construction, operation, and closure of the tailings facility.

The new TSF would enable operations at Pueblo Viejo to continue beyond 2040. As a major creator of value for the Dominican Republic, the project will stop the decline in production, and will facilitate the continued payment of taxes, exportation, jobs, national and local purchases, and social benefits the mine brings to the country.

In 2021 the Tier One mine paid $527 million in direct and indirect taxes which brings total tax payments since 2013 to more than $3 billion.

“Our goal in the Dominican Republic, as elsewhere in the world, is to create long-term value for all our stakeholders through our strategy of sustainable development. Pueblo Viejo’s expansion project is expected to increase total direct and indirect taxes to over $9 billion from the beginning of commercial production in 2013 through to the extended life of mine beyond 20403,” Bristow said.

About Pueblo Viejo
Pueblo Viejo is located in the Dominican Republic, approximately 100 kilometres northwest of the capital city of Santo Domingo and is operated by the Pueblo Viejo Dominicana Jersey 2 Limited – a joint venture between Barrick (60%) and Newmont (40%). Development of the Pueblo Viejo project started in 2009, with first production in 2012. The company’s workforce is 97% Dominican. In 2020, the conversion of the mine’s Quisqueya 1 power plant to natural gas was successfully completed. This conversion from fuel oil to natural gas is expected to reduce greenhouse gas emissions by 30% and nitrogen oxide by 85%, further reducing Pueblo Viejo’s impact on the environment. An agribusiness project is also under development to further contribute to the local communities.

Barrick, Pakistan and Balochistan Agree in Principle to Restart Reko Diq Project

Press Room Team — Mon, 21 Mar 2022 15:16:45 +0000

Islamabad – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and the governments of Pakistan and Balochistan have reached agreement on a framework that provides for the reconstitution of the Reko Diq project in the country’s Balochistan province. The project, which was suspended in 2011 due to a dispute over the legality of its licensing process, hosts one of the world’s largest undeveloped open pit copper-gold porphyry deposits.

The reconstituted project will be held 50% by Barrick and 50% by Pakistan stakeholders, comprising a 10% free-carried, non-contributing share held by the government of Balochistan, an additional 15% held by a special purpose company owned by the government of Balochistan and 25% owned by other federal state-owned enterprises. A separate agreement provides for Barrick’s partner Antofagasta PLC to be replaced in the project by the Pakistani parties.

Barrick will be the operator of the project which will be granted a mining lease, exploration licence, surface rights and a mineral agreement stabilizing the fiscal regime applicable to the project for a specified period. The process to finalize and approve definitive agreements, including the stabilization of the fiscal regime pursuant to the mineral agreement, will be fully transparent and involve the federal and provincial governments, as well as the Supreme Court of Pakistan. If the definitive agreements are executed and the conditions to closing are satisfied, the project will be reconstituted including the resolution of the damages originally awarded by the International Centre for the Settlement of Investment Disputes and disputed in the International Chamber of Commerce.

Barrick’s president and chief executive officer Mark Bristow hailed the agreement as an important step towards the development and operation of Reko Diq and a tribute to the decisions of all parties to work towards a mutually beneficial outcome in a spirit of partnership.

“Barrick has successfully partnered with host countries worldwide and our philosophy of sharing the economic benefits our mines generate equitably with core stakeholders is also evident in the ownership structure of the new Reko Diq. This is a unique opportunity for substantial foreign investment in the Balochistan province and will bring enormous direct and indirect benefits not only to this region but also to Pakistan for decades to come. In addition to local employment and skills development, local procurement, infrastructure upgrades and improved medical and education systems, Reko Diq could also be the springboard for further exploration and other mineral discoveries along the highly prospective Tethyan Metallogenic Belt,” he said.

On closing, Barrick will start a full update of the project’s 2010 feasibility and 2011 expansion prefeasibility studies, which envisaged a conventional truck-and-shovel open pit operation with comminution and flotation processing facilities producing a high-quality copper-gold concentrate. Bristow said that if all went according to plan, Reko Diq could be in production within five to six years.

Donlin Gold Announces Final Assay Results for 2021 Drill Program

Press Room Team — Mon, 28 Feb 2022 18:02:25 +0000

Highlights Include Numerous High-Grade Gold Intercepts Coupled With Important Grade Continuity

2022 Project Budget is Largest in Over a Decade

ANCHORAGE, Alaska – Donlin Gold LLC (“Donlin Gold”), owned 50:50 by Barrick Gold Corporation (“Barrick”) (TSX: ABX) (NYSE: GOLD) and NOVAGOLD RESOURCES INC. (“NOVAGOLD”) (TSX, NYSE American: NG), is pleased to report the release of the final set of assay results from the 2021 drill program. The remaining assay results for the 22 partial drill holes reported in previous releases and complete assay results for the final 21 drill holes of the 2021 drill program are reported below.

Comprehensive 79-hole, 24,264-meter 2021 drill program produced multiple high-grade gold intercepts. The results support the existing global resource estimate, the recent modelling concepts, and strategic mine planning work
With extensive communication and the application of health and safety protocols, COVID-19 cases at site during 2021 were minimal and there were no lost-time incidents
With the largest project budget in more than a decade, the owners have a plan in place to advance the Donlin Gold project up the value chain in 2022 and position the project to be able to proceed with the preparation of an updated feasibility study, subject to Donlin Gold LLC Board approval
Donlin Gold partnered with local communities in 2021 to provide support and resources in health and safety, environmental management, training and education, as well as cultural initiatives in the Yukon-Kuskokwim (Y-K) region
Additional State permits for the project were received at the end of 2021 – the Alaska Department of Fish and Game issued two Special Area Permits required for pipeline facilities. In December 2021, the Alaska Department of Environmental Conservation approved a third extension of the air quality permit

Statements by the Owners

Barrick President and Chief Executive Mark Bristow said, “It is encouraging to see a significant drill program for 2022 to further increase our understanding of the ore body, driven by our knowledge gained from the 2021 drill program. This year’s drilling campaign will focus on the potential upside of the Acma pit at depth, where there is still limited drilling, focusing on the upside for the pit. We will also focus on grid drilling on Lewis and Divide as we also look to un constrain the pit with additional at depth targets. This significant program for 2022 will help guide us on future drill targets and the path forward with the project.”

Greg Lang, NOVAGOLD’s President and CEO, said, “The 2021 drill campaign finished strong with some high-grade intercepts and some of the best drill results for an open-pit gold project industrywide. The increased level of activity, with approximately 65 people on site for the 2022 field season and three of four drill rigs operating at Donlin Gold, continues to build momentum and excitement for the future of the project. It is invigorating to have drills turning for the first winter program in years. We are grateful to our Native Corporation partners at Calista Corporation (“Calista”) and The Kuskokwim Corporation (TKC), as well as to our contractors, suppliers, local and State partners, who have supported the project and worked with us to reach these important milestones. With activities well laid out for the year ahead, our combined experienced team will continue to advance Donlin Gold up the value chain.”

Dan Graham, General Manager of Donlin Gold added, “The expanded 2021 drill program was a success because of the incredible work by the Donlin Gold team, Calista and TKC, and our collective dedication to the highest standards of safety, social responsibility, and environmental stewardship. We are grateful that, even while expanding the 2021 drill program mid-summer, COVID-19 cases at site were minimal and there were no lost-time incidents. Once built, the Donlin Gold project is expected to provide significant benefits for the Y-K region and the State of Alaska for generations to come.”

2021 Drill Program Advances Project Knowledge and Lays Foundation for Larger 2022 Program

The 2021 drill program was completed in September with 79 holes drilled for a total of 24,264 meters. The final set of assay results released today includes assays for 21 complete holes and 22 partial holes, encompassing the remaining approximate 8,500 meters of length drilled. The primary objective of the 2021 drill program was to validate recent geologic modeling concepts to support future feasibility work and test for extensions of high-grade zones.

The original 2021 drill program was expanded by 13 drill holes to improve our understanding of the structural controls on mineralization. This additional drilling has been instrumental in supporting our updated ore domaining approach and will be expanded in 2022. The drill program included confirmation and extension drilling that focused on further testing of orebody continuity and structural controls, as well as data collection for geotechnical and geometallurgical purposes.

The success of the expanded 2021 drill program delivered excellent drill results facilitated by our efficient and effective onsite team with great attention to the health and safety of our workforce. During the 2021 drill program season, 70 percent of Donlin Gold direct hires were Alaska Natives from 20 Y-K communities. Out of approximately 171,310 hours worked, we recorded four cases of COVID-19 at the Donlin Gold project site. The affected individuals fully recovered. Credit must go to all our dedicated partners, in particular Calista and TKC, as well as other Tribal groups in the Y-K region who share the objective of protecting community health and safety. Donlin Gold continues to implement strict COVID-19 mitigation protocols to keep employees, their families, contractors, and members of the community safe and healthy.

Once the 2021 drill data has been incorporated into an updated resource model, it is anticipated that the owners will determine updated mining schedules and life of mine business plans prior to shifting to an updated feasibility study, subject to a formal decision by the Donlin Gold LLC Board to proceed.

Five of the top intervals received from the final set of 2021 assay results released today include:

DC21-2017 intersected 19.00 m grading 18.23 g/t gold starting at 144.53 m drilled depth, including a sub interval of 14.31 m grading 23.49 g/t gold starting at 144.53 m drilled depth;
DC21-1994 intersected 77.56 m grading 3.51 g/t gold starting at 262.56 m drilled depth, including a sub interval of 7.91 m grading 12.39 g/t gold starting at 322.94 m drilled depth;
DC21-2015 intersected 43.01 m grading 5.04 g/t gold starting at 27.16 m drilled depth, including a sub interval of 5.99 m grading 11.81 g/t gold starting at 29.22 m drilled depth;
DC21-2019 intersected 28.23 m grading 4.40 g/t gold starting at 156.26 m drilled depth; and,
DC21-1998 intersected 45.83 m grading 3.04 g/t gold starting at 103.55 m drilled depth.
Earlier assay results from the 2021 drill program were disclosed in media releases on September 2 and December 1, 2021
Drill-hole collar locations and five of the top intervals since December 1, 2021 are shown in Figure 1; and a longitudinal section view of the ACMA and Lewis Deposits is shown in Figure 2
Drill-hole orientations, depths and significant intervals are shown in the Appendix at the end of this release, in Tables 1, 2, and 3

In Partnership with Local Communities, Donlin Gold Provided Extensive Support to the Y-K Region

Donlin Gold worked with its Alaska Native partners, Calista and TKC, as well as other key representatives of Y-K communities, to support health and safety, environmental management, training and education, and cultural initiatives in the Y-K region.

Some of these initiatives included: i) the sponsorship of the Calricaraq (“to practice good health”) team from the Yukon-Kuskokwim Health Corporation to travel to area villages to support residents and families who have lost loved ones to suicide – a heightened challenge in remote villages, especially during the COVID-19 pandemic; ii) sponsoring and participating in the Lower Kuskokwim School District’s annual College and Career fair, held virtually this year due to Covid, with 42 vendors and 100 students in attendance; iii) partnering with KSKO Radio to purchase and distribute hand-held radios for five middle Kuskokwim villages, expanding the reach of public radio to communities where internet connectivity is lacking; and iv) collaborating with 26 villages throughout the Y-K region in the fourth annual “In It For The Long Haul” backhaul project last summer to remove 180,000 pounds of hazardous and electronic waste – the most waste ever removed in a single season since the project inception.

Donlin Gold 2022 Project Budget is Largest in Over a Decade

The 2022 budget for Donlin Gold LLC (on a 100% basis) is set at $60 million, split equally by the two owners. It is the largest project budget in more than a decade and is designed to update geologic modelling and interpretation work for an updated resource model and includes engineering activities for use in an updated project feasibility study. Approximately 34,000 meters of in-pit, and below-pit drilling is planned under the current scope, as well as support for fieldwork and permitting for the Alaska Dam Safety Certifications, environmental studies, and external affairs efforts.

The owners will continue to advance the Donlin Gold project as they have done for many years in a financially disciplined manner with a strong focus on engineering excellence, environmental stewardship, a strong safety culture, and active community engagement.

About Donlin Gold

The Donlin Gold project is located in Alaska, the second largest gold-producing state in the U.S. With approximately 39 million ounces of gold grading 2.24 grams per tonne in the measured and indicated mineral resource categories (100 percent basis)¹, Donlin Gold hosts one of the largest and highest-grade undeveloped open-pit gold endowments in the world. The planned pits in which the existing resources are sited occupy only three kilometers of an eight-kilometer mineralized belt, which itself is located on less than five percent of Donlin Gold’s land position. Current activities at Donlin Gold are focused on the drill program, optimization efforts, community outreach, and advancing the remaining State permitting actions.

Donlin Gold supports the Alaska Native communities both surrounding the project and within the State as a whole. This commitment underpins Donlin Gold’s approach to developing the project and is also reflected in the way in which the asset itself is held. An important factor that distinguishes Donlin Gold from most other mining assets in Alaska is that the project is located on private land designated for mining activities five decades ago. Donlin Gold has entered into life-of-mine agreements with Calista, which owns the subsurface mineral rights and some of the surface land rights, and TKC, a collection of 10 village corporations, which owns most of the surface land rights, and is committed to providing employment opportunities, scholarships to Calista and TKC Shareholders, and preferential contract considerations to Calista and TKC. These agreements also include royalties which are subject to a revenue-sharing structure established in the Alaska Native Claims Settlement Act of 1971, which resolved Alaska Native land claims and allotted 44 million acres of land for use by Alaska Native Corporations. Additionally, our long-term commitment to economic development in the Yukon-Kuskokwim region is exemplified by Donlin Gold’s support of TKC’s initiative to launch energy and infrastructure projects in middle Kuskokwim villages. These partnerships, activities, and programs are illustrative of the commitment to sustainable and responsible development of the Donlin Gold project for the benefit of all stakeholders.

Endnote 1

Donlin Gold data as per the 2021 Technical Report (as defined herein). Donlin Gold measured resources of approximately 8 Mt grading 2.52 g/t and indicated resources of approximately 534 Mt grading 2.24 g/t, each on a 100% basis, of which Barrick and NOVAGOLD each own 50%. Exclusive of mineral reserves, Donlin Gold possesses measured resources of approximately 1 Mt grading 2.23 g/t and indicated resources of approximately 69 Mt grading 2.44 g/t. Mineral resources have been estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

PDAC 2022 Convention Rescheduled from March to June

Press Room Team — Tue, 01 Feb 2022 14:43:59 +0000

Toronto, Canada, 2022.- The PDAC 2022—world’s premier mineral exploration and mining convention—has been rescheduled to June because of restrictions currently in effect in Ontario which made planning for the March event highly uncertain, announced the Prospectors & Developers Association of Canada (PDAC) today.

The PDAC 2022 Convention will take place in person at the Metro Toronto Convention Centre from June 13-15 and online from June 28-29.

“The PDAC Convention provides an exciting meeting place for the world’s mineral exploration and mining industry to network, collaborate, learn, have fun and do business in an environment that is open and safe,” says Lisa McDonald, PDAC’s Executive Director. “We understand the importance of being able to offer the complete convention experience to attendees, and moving it from March to June is the best opportunity for us to do that.”

Capacity limits for indoor gatherings and large events were imposed by the Government of Ontario until at least January 26, with uncertainty as to the timing of their removal.

“We could not confidently continue with plans for an in person event in March with so much uncertainty around capacity limits, as it’s just not realistic for us or attendees, especially those travelling from abroad,” adds Ms. McDonald.

The PDAC Convention was originally scheduled in person and online from March 7-11, following a fully online event in 2021.

“The PDAC Convention is a historic and high-profile event for our industry, and moving away from its winter roots was not an easy decision for our board of directors,” says Alex Christopher, PDAC President. “By moving PDAC 2022 to June, we believe we are offering the best chance of success for all of our stakeholders.”

“We look forward to welcoming the world’s mineral exploration and mining industry back to Toronto in a new and warmer season,” adds Mr. Christopher.

The health and safety of attendees remains the top priority for PDAC and directives by government and public health agencies will be followed in all stages of planning for PDAC 2022 in June.

Further details will be shared at pdac.ca/convention as they become available.

Barrick’s Tanzania Mines Advancing to Tier One Status

Press Room Team — Tue, 25 Jan 2022 14:49:48 +0000

Bulyanhulu Gold Mine – North Mara and Bulyanhulu, which were moribund gold mines when Barrick took over their management two years ago, delivered a combined production of more than 500,000 ounces1 in 2021, meeting a key criterion for membership of the company’s elite Tier One2 portfolio.

The within-guidance performance was achieved with both mines retaining their ISO 45001 safety and ISO 14001 environmental accreditations, in common with Barrick’s other operations.

North Mara is on track to become a fully integrated mine with the planned commissioning of the Nyabirama pit during the current quarter and the scheduled commencement of the Nyabigena pit in the third quarter of 2022. This is expected to add substantial resources and increased flexibility to its plan.

Bulyanhulu has been re-established as a world-class, low-cost, long-life underground mine as it achieved steady state production on the successful ramp-up of its mining and metallurgical operations in December 2021.

Both mines are expected to report a significant growth of their mineral reserves, net of depletion, for 2021.

Barrick has increased its footprint around Bulyanhulu through the acquisition of six highly prospective licences bordering the mine, and its exploration teams are also looking elsewhere in Tanzania for new opportunities.

Speaking to local media here today, Barrick president and chief executive Mark Bristow said the mines’ performance had been supported by reinforced Covid-19 protocols and the roll-out of vaccines to its workforce, 26.45% of whom have already been partially vaccinated and 20.25% fully vaccinated. Barrick is working closely with the country’s health authorities to supply four PCR machines to hospitals around the mines.

The mines also continued to recruit and upskill local people. Tanzanian nationals now account for 96% of their workforce, with 41% drawn from the surrounding villages. They are also strengthening their partnerships with local suppliers. Since Barrick re-entered Tanzania in 2019, it has spent more than $1.8 billion in taxes, salaries and payments to local businesses. It has also invested $6.7 million in community education, health and infrastructure projects.

Referring to Barrick’s recently published Human Rights Report, Bristow said the environmental and other issues it had inherited from the mines’ previous operators had been or were being settled.

The company’s significant progress on this front was exemplified by last month’s landmark completion of the restoration of North Mara’s tailings facility pond to within its permitted design capacity, Bristow said. The rehabilitated facility has been complemented by a new high recovery water treatment plant.

Agree Barrick and NOVAGOLD on Next Steps Toward Advancement of Donlin Gold

Press Room Team — Fri, 03 Dec 2021 13:30:29 +0000

Drill Assay Results Continue to Yield High-Grade Intercepts and Demonstrate Important Grade Continuity

With Clear Improvement in Definition of Controls and Mineralization, the Project is Advancing Towards Feasibility Study Update

Anchorage, Alaska – Donlin Gold LLC (“Donlin Gold”), owned 50/50 by Barrick Gold Corporation (“Barrick”) (TSX: ABX) (NYSE: GOLD) and NOVAGOLD RESOURCES INC. (“NOVAGOLD”) (TSX, NYSE American: NG), is pleased to report progress made during the executive management workshop and site visit in early September between senior representatives from Barrick and NOVAGOLD, as well as the Donlin Gold management team. Additional assay results for 18 completed drill holes, plus partial results for 22 holes from the 2021 drill program are reported below.

During the September 2021 executive management meetings in Alaska, the combined team reaffirmed its confidence in the deposit and charted a course toward advancing the project up the value chain
In addition, senior executives, including Barrick and NOVAGOLD CEOs Mark Bristow and Greg Lang, met with local stakeholders as well as senior Alaska Federal and State government officials who expressed their continued strong support for the project
Assay results from approximately 65% or 15,700 meters of drilling continue to support the global resource estimate, recent modelling concepts, and strategic mine planning work
With a progression plan in place, subject to results from the upcoming drill program the partners are well positioned to be able to proceed with a feasibility study update in 2022

2021 Drill Program Delivers Consistent Results

The 2021 drill program was completed in September with 79 holes drilled for a total of 24,264 meters. To date, Donlin Gold has reported assays for 36 complete holes and 22 partial holes, encompassing 15,700 meters of length drilled. The last core was logged in mid-October with final samples sent off site to laboratories for further processing. The camp was closed at the end of October and is expected to reopen in January 2022 for a winter drill program. Final results from the 2021 drill program are expected to be disclosed in 2022.

The primary objective of the 2021 drill program was to complete the work necessary to validate and increase confidence in recent geologic modeling concepts to support future feasibility work.

The logging and assay results will be incorporated into a geologic model update, followed by a shift in focus to feasibility study work, subject to a formal decision by the Donlin Gold Board. Initial assay results from the 2021 drill program were disclosed in a media release on September 2, 2021, five of the top intervals received since this release include:

DC21-1976 intersected 57.25 m grading 6.87 g/t gold starting at 270.35 m drilled depth, including a sub interval of 4.05 m grading 18.13 g/t gold, starting at 288.95 m drilled depth;
DC21-1970 intersected 19.15 m grading 12.57 g/t gold starting at 173.19 m drilled depth, including a sub interval of 12.15 m grading 17.28 g/t of gold, starting at 179.19 m drilled depth;
DC21-1964 intersected 37.85 m grading 6.28 g/t gold starting at 110.65 m drilled depth, including sub intervals of 7.95 m grading 15.99 g/t gold starting at 110.65 m drilled depth and 3.13 m grading 10.21 g/t gold starting at 143.37 m drilled depth;
DC21-1980 intersected 12.18 m grading 19.02 g/t gold starting at 293.40 drilled depth; including a sub interval of 4.65 m grading 36.53 g/t gold starting at 300.29 m drilled depth;
DC21-1994 intersected 33.53 m grading 5.89 g/t gold starting at the surface; including a sub interval of 6.06 m grading 15.22 g/t gold starting at 9.24 m drilled depth.

Drill-hole collar locations and five of the top intervals are shown in Figure 1
Drill-hole orientations, depths and significant intervals are shown in the Appendix at the end of this release, in Tables 1 and 2, respectively. Those holes, designated as being in the Divide area, are on the eastern side of the ACMA pit area, transitioning into the Lewis pit area, as shown in Figure 2. These new and significant high-grade drill hole intercepts point toward the potential feeder zones of this large system. Part of the objective of the 2022 exploration and drill program will be to confirm mineralization continuity and key geologic controls in representative areas of the deposit.

Statements by the Owners

Barrick President and Chief Executive Mark Bristow said, “Getting together in Alaska, visiting the Donlin project site and sitting down with stakeholders drove home the significance and importance of Donlin to both partners. We have a unique opportunity to progress a world-class project in both a jurisdiction and with local partners that recognize the contribution such an asset can bring to the lives of future generations of Alaskans. Our priority is to do that responsibly and sustainably and it is an illustration of Barrick’s and NOVAGOLD’s strong partnership that we were able to have such a productive workshop and come away with next steps to move the project forward.”

Greg Lang, NOVAGOLD’s President and CEO, said, “The successfully concluded site visit and the meetings that followed with our Alaskan constituencies provided an excellent lead-in to Barrick’s and NOVAGOLD’s onward progression for the Donlin Gold project. The identification of key work plans represents a most welcome and important achievement in taking Donlin Gold up the value chain and is the natural extension of confirmation work carried out with our partners at Barrick, which includes the recently completed drill campaign. This campaign is not only yielding high-grade intercepts in the future open-pit areas; Donlin Gold’s 2021 drill program is producing some of the best drill results seen lately in the gold mining industry, from juniors to majors. I’m sure I speak for both Barrick and NOVAGOLD when I say we are grateful to our local and state partners, who have worked with us to reach these important milestones.”

Dan Graham, General Manager of Donlin Gold added, “We enjoyed hosting the senior management teams from both Barrick and NOVAGOLD here in person in Alaska. We are also energized with the interest and resources the owners are dedicating to the Donlin Gold project. It is a great economic opportunity for the region and the State.”

About Donlin Gold

The Donlin Gold project is located in Alaska, the second largest gold-producing state in the U.S. With approximately 39 million ounces of gold grading 2.24 grams per tonne in the measured and indicated mineral resource categories (100 percent basis)¹, Donlin Gold hosts one of the largest and highest-grade undeveloped open-pit gold endowments in the world. The planned pits in which the existing resources are sited occupy only three kilometers of an eight-kilometer mineralized belt, which itself is located on less than 5% of Donlin Gold’s land position. Current activities at Donlin Gold are focused on the drill program, optimization efforts, community outreach, and advancing the remaining State permitting actions.

Donlin Gold is a committed partner to the Alaska Native communities both surrounding the project and within the State as a whole. This commitment underpins Donlin Gold’s approach and is also reflected in the way in which the asset itself is structured. An important factor that distinguishes Donlin Gold from most other mining assets in Alaska is that the project is located on private land designated for mining activities five decades ago. Donlin Gold has entered into life-of-mine agreements with Calista, which owns the subsurface mineral rights and some surface land rights, and The Kuskokwim Corporation (TKC), a collection of ten village corporations, which owns the majority of surface land rights, and is committed to providing employment opportunities, scholarships to Calista and TKC Shareholders, and preferential contract considerations to Calista and TKC. These agreements also include royalties which are subject to a revenue-sharing structure established in the Alaska Native Claims Settlement Act of 1971, which resolved Alaska Native land claims and allotted 44 million acres of land for use by Alaska Native Corporations. Additionally, our long-term commitment to economic development in the Yukon-Kuskokwim region is exemplified by Donlin Gold’s support of TKC’s initiative to launch energy and infrastructure projects in middle Kuskokwim villages. These partnerships, activities, and programs are illustrative of the commitment to sustainable and responsible development of the Donlin Gold project for the benefit of all stakeholders.

Endnote 1

Donlin Gold data as per the 2021 Technical Report (as defined below). Donlin Gold measured resources of approximately 8 Mt grading 2.52 g/t and indicated resources of approximately 534 Mt grading 2.24 g/t, each on a 100% basis, of which Barrick and NOVAGOLD each own 50%. Mineral resources have been estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

FIGURE 1 Drill Hole Collar Locations

Depicted grid system is based on NAD83 UTM zone 4N coordinates. Longitudinal Section View orientation below taken at A – A’ orientation depicted above.

FIGURE 2 Longitudinal Section View of the ACMA and Lewis Deposits

QA/QC Procedures

The QA/QC procedures for the 2021 Donlin Gold project drill program and sampling protocol were developed and managed by Donlin Gold and overseen by Barrick and NOVAGOLD. The chain of custody from the drill site to the sample preparation facility was continuously monitored. All samples are HQ-diameter core. Approximately 94% core recovery was achieved during the 2021 drill program. Core was logged, cut, and sampled at site by Donlin Gold employees. Samples were primarily collected on one- to two-meter lengths. Sampled half-core was crushed in Bureau Veritas’ Fairbanks, Alaska sample preparation facility. Crushed samples were sent to the Bureau Veritas lab in Vancouver, British Columbia for pulverizing and gold assays and pulverized splits to an ALS Limited lab in Vancouver, British Columbia for multi-element analysis. At least 14 quality control samples (four standards, four coarse blanks, two pulp blanks, two coarse duplicates, and two pulp duplicates) were inserted into each batch of 80 samples. The review of the quality control samples did not indicate any bias or error. There are no known factors that would materially affect the accuracy or reliability of the drill program data referred to in this media release.

Downhole directional surveys were completed on all reported completed holes by Boart Longyear drill operators, and collar surveys were completed on all holes by Professional Licensed Surveyors from Brice Engineering LLC.

Each of Bureau Veritas, ALS Limited, Boart Longyear, and Brice Engineering LLC are independent of Donlin Gold, Barrick, and NOVAGOLD.

Scientific and Technical Information

Certain scientific and technical information contained herein with respect to the Donlin Gold project is derived from the “NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA” prepared by Wood Canada Limited with an effective date of June 1, 2021 (the “2021 Technical Report”). Henry Kim, P.Geo., Senior Resource Geologist, Wood Canada Limited; Mike Woloschuk, P.Eng., VP Global Business Development & Consulting, Wood Group USA, Inc.; and Kirk Hanson, MBA, P.E., Technical Director, Open Pit Mining, Wood Group USA, Inc. are the Qualified Persons responsible for the preparation of the independent technical report, and each is an independent Qualified Person as defined by National Instrument 43-101 (“NI 43-101”).

Paul Chilson, P.E., who is the Mine Engineering Manager for NOVAGOLD and a Qualified Person under NI 43 101, has approved and verified the scientific and technical information related to the 2021 Donlin Gold project drill program and 2021 Technical Report contained in this media release. To verify the information related to the drilling program, he has visited the property in the past year; discussed logging, sampling, and sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation and significant assay interval calculations.

Octavia Bath, P.Geo., who is a Barrick Mineral Resource Manager and a Qualified Person under NI 43 101 has reviewed and approved the assay results for the Donlin Gold project contained in this media release.

Barrick Contacts:

Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
Email: barrick@dpapr.com

Catherine Raw
COO, North America
Tel: +1 416-307-5157
www.barrick.com

NOVAGOLD Contacts:

Mélanie Hennessey
Vice President, Corporate Communications

Jason Mercier
Manager, Investor Relations

Tel: +1 604-669-6227 or 1-866-669-6227
www.novagold.com

Cautionary Note Regarding Forward-Looking Statements

This media release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, “would” or “should” occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of Barrick and NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding timing of final assay results; the anticipated timing of a decision by Barrick and NOVAGOLD to prepare a feasibility study update; anticipated benefits from the recent drill programs including an improved geological model for Donlin Gold; the work program for the 2022 field season; ongoing support provided to key stakeholders including Native Corporation partners; the potential impact of the coronavirus global pandemic (COVID-19) on the development of Donlin Gold; the potential development and construction of Donlin Gold; the sufficiency of funds to continue to advance development of Donlin Gold; perceived merit of properties; mineral reserve and resource estimates; Donlin Gold’s ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; and legal challenges to Donlin Gold’s existing permits. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the management expectations of Donlin Gold’s, Barrick’s and NOVAGOLD’s estimates and projections regarding future events or circumstances on the date the statements are made.

Important factors that could cause actual results to differ materially from expectations include the need to obtain additional permits and governmental approvals; the timing and likelihood of permits; the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; the COVID-19; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between Barrick and NOVAGOLD for the continued exploration, development and eventual construction of the Donlin Gold project; the need for cooperation of government agencies and native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether a positive construction decision will be made regarding Donlin Gold; and other risks and uncertainties disclosed in Barrick’s most recent Form 40-F/Annual Information Form on file with the United States Securities and Exchange Commission (SEC) and Canadian provincial securities and NOVAGOLD’s most recent reports on Forms 10-K and 10-Q, particularly the “Risk Factors” sections of those reports and other documents filed by Barrick and NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD’s website at www.novagold.com, Barrick’s website at www.barrick.com, or the SEC’s website at www.sec.gov, or at www.sedar.com. The forward-looking statements contained herein reflect the beliefs, opinions, and projections of Donlin Gold, NOVAGOLD, and Barrick on the date the statements are made. Donlin Gold, NOVAGOLD and Barrick assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Cautionary Note to NOVAGOLD’s United States Investors

NOVAGOLD cautions that this media release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this media release have been prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)—CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (“CIM Definition Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (SEC) Industry Guide 7 (“SEC Industry Guide 7”), and resource and reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. NOVAGOLD’s disclosure concerning Reserve & Resources Estimates remains consistent with NI 43-101. Under SEC Industry Guide 7, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. SEC Industry Guide 7 normally does not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” under SEC Industry Guide 7 in documents filed with the SEC. Investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” under SEC Industry Guide 7 as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of “reserves” are also not the same as those of SEC Industry Guide 7, and reserves reported by NOVAGOLD in compliance with NI 43-101 may not qualify as “reserves” under SEC Industry Guide 7. Donlin Gold does not have known reserves, as defined under SEC Industry Guide 7. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with SEC Industry Guide 7.

On October 31, 2018, the SEC adopted a final rule (“New Final Rule”) that will replace SEC Industry Guide 7 with new disclosure requirements that are more closely aligned with current industry and global regulatory practices and standards, including NI 43-101. Companies must comply with the New Final Rule for the Company’s first fiscal year beginning on or after January 1, 2021, which for NOVAGOLD would be the fiscal year beginning December 1, 2021. The New Final Rule provides that SEC Industry Guide 7 will remain effective until all registrants are required to comply with the New Final Rule, at which time SEC Industry Guide 7 will be rescinded. While early voluntary compliance with the New Final Rule is permitted, NOVAGOLD has not elected to comply with the New Final Rule at this time.