NOVAGOLD closes $1B acquisition; increases Donlin Gold stake to 60%

NOVAGOLD RESOURCES INC

NOVAGOLD paid $200M for additional 10% in Donlin Gold, now owns 60%; Paulson acquired 40% for $800M.
New LLC agreement gives equal governance rights despite NOVAGOLD's 60% ownership; voting adjusted to 50%.
Amended promissory note to Barrick: $158.9M debt, secured by proceeds; prepayable for $100M within 18 months.
NOVAGOLD had $327M pro forma cash as of Mar 1, 2025 to fund acquisition and ongoing Donlin Gold activities.
2025 Donlin Gold budget set at $43M; workstream to update Feasibility Study has commenced.

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