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美国
\n证券交易委员会
\n华盛顿特区 20549

表 10-Q

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

☒

\n\t\t\t

根据 1934 年证券交易法第 13 或 15(d) 条提交的季度报告

\n\t\t\t

截至 2026 年 8 月 31 日的季度
\n
\n或

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

☐

\n\t\t\t

根据 1934 年证券交易法第 13 或 15(d) 条提交的过渡报告

\n\t\t\t

从至
\n
\n委员会文件编号：001-31913

$\"logo.jpg\"$

NOVAGOLD 资源公司

(注册人章程中规定的准确名称)

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

不列颠哥伦比亚省

\n\t\t\t

N/A

\n\t\t\t

(州或其他司法管辖区)

\n\n\t\t\t

注册或组织)

\n\t\t\t

(美国国税局雇主

\n\n\t\t\t

识别号码)

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

201 South Main Street, Suite 400

\n\n\t\t\t

盐湖城，犹他州，美国

\n\t\t\t

84111

\n\t\t\t

(主要执行办公室地址)

\n\t\t\t

(邮政编码)

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

(801) 639-0511

\n\n\t\t\t

(注册人的电话号码，包括区号)

\n\t\t\t

根据 1934 年证券交易法第 12(b) 条注册的证券：

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

每类证券的名称

交易代码

每种证券注册的交易所名称

无面值普通股

\n\t\t\t

NYSE American

\n\n\t\t\t

多伦多证券交易所

\n\t\t\t

通过复选框表明注册人（1）是否已提交根据 1934 年证券交易法第 13 或 15(d) 条在前 12 个月内（或注册人需提交此类报告的较短期间）要求提交的所有报告，以及（2）是否在过去 90 天内受此类提交要求约束。是 ☒ 否 ☐

通过复选框表明注册人是否在前 12 个月内（或注册人需提交此类文件的较短期间）根据第 405 条（第 232.405 条）提交了所有要求提交的交互式数据文件。是 ☒ 否 ☐

通过复选框表明注册人是否为大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第 12b-2 条中“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。（选择一个）：

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

大型加速提交者 ☒	非加速提交者 ☐	较小报告公司 ☐
加速提交者 ☐		新兴成长公司 ☐

如果为新兴成长公司，请通过复选框表明注册人是否已选择不使用根据《交易法》第 13(a) 条提供的任何新修订的财务会计标准的延长过渡期。 ☐

通过复选框表明注册人是否为壳公司（根据《交易法》第 12b-2 条定义）。是 ☐ 否 ☒

截至 2026 年 10 月 2 日，公司有 438,815,994 股无面值普通股流通。

NOVAGOLD 资源公司

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

			\n\t\t\t 页码 \n\t\t\t
\n\t\t\t 第一部分 - 财务信息 \n\t\t\t	\n\t\t\t 1 \n\t\t\t
	\n\t\t\t 第 1 项 \n\t\t\t	\n\t\t\t 财务报表 \n\t\t\t	\n\t\t\t 1 \n\t\t\t
	\n\t\t\t 第 2 项 \n\t\t\t	\n\t\t\t 管理层讨论与分析财务状况和经营成果 \n\t\t\t	\n\t\t\t 15 \n\t\t\t
	\n\t\t\t 第 3 项 \n\t\t\t	\n\t\t\t 关于市场风险的定量和定性披露 \n\t\t\t	\n\t\t\t 24 \n\t\t\t
	\n\t\t\t 第 4 项 \n\t\t\t	\n\t\t\t 控制和程序 \n\t\t\t	\n\t\t\t 24 \n\t\t\t

\n\t\t\t 第二部分 - 其他信息 \n\t\t\t	\n\t\t\t 25 \n\t\t\t
	\n\t\t\t 第 1 项 \n\t\t\t	\n\t\t\t 法律诉讼 \n\t\t\t	\n\t\t\t 25 \n\t\t\t
	\n\t\t\t 第 1A 项 \n\t\t\t	\n\t\t\t 风险因素 \n\t\t\t	\n\t\t\t 25 \n\t\t\t
	\n\t\t\t 第 2 项 \n\t\t\t	\n\t\t\t 未注册证券的销售和资金使用 \n\t\t\t	\n\t\t\t 25 \n\t\t\t
	\n\t\t\t 第3项。 \n\t\t\t	\n\t\t\t 高级证券违约 \n\t\t\t	\n\t\t\t 25 \n\t\t\t
	\n\t\t\t 第4项。 \n\t\t\t	\n\t\t\t 矿山安全披露 \n\t\t\t	\n\t\t\t 25 \n\t\t\t
	\n\t\t\t 第5项。 \n\t\t\t	\n\t\t\t 其他信息。 \n\t\t\t	\n\t\t\t 25 \n\t\t\t
	\n\t\t\t 第6项。 \n\t\t\t	\n\t\t\t 附件 \n\t\t\t	\n\t\t\t 25 \n\t\t\t

关于前瞻性声明的警示说明

本季度10-Q表格报告包含根据加拿大证券法和美国1995年私人证券诉讼改革法案定义的前瞻性声明或信息，涉及我们未来期间的预期结果和运营发展、交易（如下文所定义）完成的预期时间、计划的勘探活动、财务资源的充足性以及其他可能在未来发生的事件或条件。这些前瞻性声明可能包括关于物业的潜在价值的声明；勘探结果和预算；矿产储量和资源估算；工作计划；更新报告和/或研究（包括下文所定义的Donlin Gold的可贷可行性研究和草案补充环境影响声明）的预期时间；交易的预期影响，包括其会计影响；资本支出、运营成本、现金流估算、生产估算以及与项目经济可行性相关的类似声明；某些司法和/或行政决定的预期时间和影响；对州和联邦许可程序的持续支持；未来融资活动及其相关的稀释效应；之前发行的净收益的预期用途；营运资金的充足性；Barrick Mining Corporation的期票偿还及其时间；时间表和战略计划，包括我们关于Donlin Gold项目开发、勘探、建设和运营的计划和预期；许可及其时间，包括大坝安全设计文件的预期时间和大坝安全证书的颁发；基础设施开发，包括但不限于潜在的天然气管道开发；采用ASU 2025-11对公司合并财务报表的预期影响；公司的市场价格；贵金属的市场价格；或其他非事实陈述的声明。这些声明涉及基于对未来结果的预测、尚未确定的金额估算和管理层的假设的分析和其他信息。涉及矿产资源估算的声明也可能被视为“前瞻性声明”，只要它们涉及如果开发该物业将遇到的矿化程度的估算。

任何涉及预测、期望、信念、计划、预测、目标、假设或未来事件或表现的陈述（通常但不总是通过诸如“预期”、“预计”、“预期”、“相信”、“计划”、“项目”、“估计”、“假设”、“意图”、“策略”、“目标”、“目的”、“潜力”、“可能”或这些词的变体，或说明某些行动、事件、条件或结果“可能”、“可能”、“将”、“应该”、“可能”或“将”采取、发生或实现，或这些词的否定形式以及类似表达）都不是对历史事实的陈述，可能是前瞻性陈述。

前瞻性陈述基于若干重大假设，包括以下列出的假设，这些假设可能被证明是严重错误的：

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

●

\n\t\t\t

我们在Donlin Gold项目中实现生产的可能性；

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

●

\n\t\t\t

获得完成交易所需的批准；

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

●

\n\t\t\t

依赖于我们在Donlin Gold项目勘探和开发中与共同所有者的合作；

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

●

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对未来黄金价格和需求的预期；

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

●

\n\t\t\t

估算的资本成本、运营成本、产量和经济回报；

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

●

\n\t\t\t

估算的金属价格、选矿、可开采性、市场性和运营及资本成本，以及我们矿产资源和矿石储量估算所依据的其他假设；

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

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我们预计能够开发足够的基础设施，且此类开发的成本将是合理的；

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

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\n\t\t\t

假设所有必要的许可和政府批准都将获得并保持，以及此类批准的时间；

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

●

\n\t\t\t

对钻探结果、地质情况、矿石品位和连续性的解释所作的假设；

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

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我们对Donlin Gold项目所需设备、熟练劳动力和服务需求的预期；

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

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我们的活动不会因开发、运营或监管风险而受到不利干扰或阻碍；

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\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

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我们对某些司法和/或行政决定的时间和结果的预期，包括但不限于对：(i) 联邦联合决策记录和由美国陆军工程兵团和美国土地管理局颁发的许可的上诉，以及(ii) 州清洁水法案第401认证（如下所述）；以及

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我们资助可行性研究更新的能力。

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前瞻性陈述受各种已知和未知的风险、不确定性和其他因素的影响，这些因素可能导致实际事件或结果与前瞻性陈述中反映的有所不同，包括但不限于：

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Donlin Gold项目最终是否会有生产存在不确定性；

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与我们依赖其进行Donlin Gold项目活动的共同所有者合作的相关风险；

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\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

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●

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与Calista Corporation和The Kuskokwim Corporation合作的相关风险，以及我们继续遵守与各自Donlin Gold项目地下矿产和地表权利的采矿租赁和地表使用协议的合规性；

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

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所有权权益被合同性减少；

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\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

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未能维持有效的披露控制体系的相关风险；

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我们过去亏损的历史及对未来亏损的预期；

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我们集中的财产组合；

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我们通过外部融资、战略联盟、出售财产权益或其他方式开发Donlin Gold项目的融资能力的相关风险；

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\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

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\n\t\t\t

估算资本成本、运营成本、产量和经济回报的不确定性，包括通货膨胀的影响以及由于地缘政治紧张局势导致的能源价格上涨；

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\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

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商品价格波动；

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与市场事件和总体经济状况相关的风险；

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由于非政府组织或民间社会对我们的矿产勘探和开发物业运营的反对而产生的风险；

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未能及时获得开发和运营Donlin Gold项目所需的许可和政府批准，或在合理条件下甚至根本无法获得的风险；

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与我们矿产储量和矿产资源估算所依据的假设相关的不确定性，例如金属价格、选矿工艺、可采性、市场销售性和运营及资本成本；

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无法开发或获取建设及运营Donlin Gold项目所需基础设施的风险；

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与Donlin Gold项目产权相关的不确定性；

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与我们最大股东相关的风险；

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公司部分董事和高管存在利益冲突的风险；

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需要对我们的物业进行复垦活动，以及与之相关的成本估算不确定性的风险；

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信用、流动性、利率和货币风险；

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采矿和开发风险，包括与基础设施、事故、设备故障、劳资纠纷或其他开发、建设或生产中的意外困难或中断相关的风险；

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与政府监管变化相关的风险，以及由于当前美国联邦政府实施的变化而产生的不确定性，包括但不限于既有税收制度和关税的稳定性；

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与环境法律法规相关的风险；

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与我们的保险相关的风险；

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与我们矿产物业的产权和其他权利相关的风险；

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由于需要用于Donlin Gold项目勘探和开发的设备、熟练劳动力和服务需求增加，以及相关成本增加的风险；

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我们需要吸引和留住合格的管理人员和技术人员；

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潜在诉讼结果的不确定性；

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全球气候变化对Donlin Gold项目影响相关的风险；

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与信息系统相关的风险；

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与网络攻击和数据泄露相关的风险；以及

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公司在美国被认定为“被动外国投资公司”的风险。

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此列表并未涵盖可能影响我们任何前瞻性声明的所有因素。前瞻性声明是关于未来的声明，本质上具有不确定性，由于各种风险、不确定性和其他因素，我们的实际业绩或其他未来事件或条件可能与前瞻性声明中反映的内容有重大差异，包括但不限于在截至2025年11月30日的年度报告10-K表中所述，该报告已于2026年1月22日提交给美国证券交易委员会（“10-K表年度报告”），以及本季度报告10-Q表中“风险因素”标题下及其他地方所述。

本季度报告10-Q中的前瞻性声明基于本报告日期管理层的信念、预期和观点。如果情况或管理层的信念、预期或观点发生变化，我们不承担更新前瞻性声明的义务，除非法律要求。鉴于上述原因，投资者不应过分依赖前瞻性声明。

第一部分 - 财务信息

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第1项。

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财务报表

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NOVAGOLD RESOURCES INC.

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合并中期资产负债表（简要）

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（未经审计，金额以千美元计）

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	\n\t\t\t 截至 \n\n\t\t\t 2026年8月31日 \n\t\t\t			\n\t\t\t 截至 \n\n\t\t\t 2025年11月30日 \n\t\t\t
\n\t\t\t 资产 \n\t\t\t
\n\t\t\t 现金及现金等价物 \n\t\t\t	$	146,386			$	110,143
\n\t\t\t 定期存款 \n\t\t\t		197,000				5,000
\n\t\t\t 其他资产（注7） \n\t\t\t		6,384				2,344
\n\t\t\t 流动资产 \n\t\t\t		349,770				117,487
\n\t\t\t 对Donlin Gold的投资（注5） \n\t\t\t		222,853				213,202
\n\t\t\t 其他资产（注7） \n\t\t\t		663				5,224
	$	573,286			$	335,913

\n\t\t\t 负债 \n\t\t\t
\n\t\t\t 应付款项及应计负债 \n\t\t\t	$	5,264			$	1,981
应计工资及相关福利		2,316				2,656
\n\t\t\t 其他负债（注9） \n\t\t\t		279				301
\n\t\t\t 流动负债 \n\t\t\t		7,859				4,938
\n\t\t\t 本票（注8） \n\t\t\t		177,506				166,296
\n\t\t\t 其他负债（注9） \n\t\t\t		666				885
		186,031				172,119

\n\t\t\t 权益（赤字） \n\t\t\t
\n\t\t\t 普通股 \n\t\t\t		2,548,762				2,251,741
\n\t\t\t 资本公积 \n\t\t\t		140,097				136,690
\n\t\t\t 累计赤字 \n\t\t\t		(2,276,558	)			(2,199,591	)
\n\t\t\t 累计其他综合损失 \n\t\t\t		(25,046	)			(25,046	)
		387,255				163,794
	$	573,286			$	335,913

承诺与或有事项（注7和8）

附注是这些简要合并中期财务报表的组成部分。

这些简要合并中期财务报表经董事会于2026年10月5日批准发布。由公司代表签署：

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/s/ Gregory A. Lang

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/s/ Hume Kyle

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NOVAGOLD RESOURCES INC.

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合并中期损益及综合损益表

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（未经审计，金额以千美元计，每股金额除外）

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	截至2026年8月31日的三个月			\n\t\t\t 截至2026年8月31日的九个月 \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t
\n\t\t\t 运营费用： \n\t\t\t
\n\t\t\t 一般及行政费用（注12） \n\t\t\t	$	12,041			$	6,279		$	29,659		$	16,900
\n\t\t\t 对Donlin Gold的权益损失（注5） \n\t\t\t		23,965				7,450			47,049			16,212
		36,006				13,729			76,708			33,112

\n\t\t\t 运营亏损 \n\t\t\t		(36,006	)			(13,729	)		(76,708	)		(33,112	)

\n\t\t\t 其他（费用）收入： \n\t\t\t
\n\t\t\t 认股权证费用（注10） \n\t\t\t		—				—			—			(39,607	)
\n\t\t\t 本票利息费用（注8） \n\t\t\t		(3,857	)			(3,827	)		(11,210	)		(11,100	)
\n\t\t\t 利息收入 \n\t\t\t		3,803				1,240			9,495			3,860
\n\t\t\t 其他（费用）收入，净额（注13） \n\t\t\t		21				670			1,456			922
\n\t\t\t 净亏损 \n\t\t\t		(36,039	)			(15,646	)		(76,967	)		(79,037	)

\n\t\t\t 其他综合收益（损失）： \n\t\t\t
\n\t\t\t 外币折算调整 \n\t\t\t		—				—			—			60

\n\t\t\t 综合亏损 \n\t\t\t	$	(36,039	)		$	(15,646	)	$	(76,967	)	$	(78,977	)

\n\t\t\t 每股净亏损 – 基本和稀释 \n\t\t\t	$	(0.08	)		$	(0.04	)	$	(0.18	)	$	(0.22	)

\n\t\t\t 加权平均股份数 \n\t\t\t
\n\t\t\t 基本和稀释（千股） \n\t\t\t		438,786				406,508			431,011			364,000

附注是这些简要合并中期财务报表的组成部分。

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NOVAGOLD RESOURCES INC.

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合并中期现金流量表

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（未经审计，金额以千美元计）

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 截至2026年8月31日的三个月 \n\t\t\t			\n\t\t\t 截至2026年8月31日的九个月 \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t
\n\t\t\t 经营活动： \n\t\t\t
\n\t\t\t 净亏损 \n\t\t\t	$	(36,039	)		$	(15,646	)	$	(76,967	)	$	(79,037	)
\n\t\t\t 调整项目： \n\t\t\t
\n\t\t\t 对Donlin Gold的权益损失（注5） \n\t\t\t		23,965				7,450			47,049			16,212
\n\t\t\t 股权激励费用（注14） \n\t\t\t		2,277				2,000			6,428			4,393
\n\t\t\t 认股权证费用（注10） \n\t\t\t		—				—			—			39,607
\n\t\t\t 本票利息费用（注8） \n\t\t\t		3,857				3,827			11,210			11,100
\n\t\t\t 可供出售证券公允价值变动（注13） \n\t\t\t		(27	)			(662	)		(1,373	)		(945	)
\n\t\t\t 外币折算损失（收益）（注13） \n\t\t\t		6				(8	)		(80	)		41
\n\t\t\t 其他运营调整 \n\t\t\t		(1	)			3			10			18
\n\t\t\t 运营资产和负债变动 \n\t\t\t
\n\t\t\t 其他资产 \n\t\t\t		(1,796	)			1,668			(4,034	)		502
\n\t\t\t 应付款项及应计负债 \n\t\t\t		3,883				(196	)		3,285			854
\n\t\t\t 应计工资及相关福利 \n\t\t\t		707				703			(340	)		(357	)
\n\t\t\t 应交税款 \n\t\t\t		—				(6	)		—			(220	)
\n\t\t\t 修复负债 \n\t\t\t		(93	)			(36	)		(112	)		(160	)
\n\t\t\t 经营活动产生的净现金（使用） \n\t\t\t		(3,261	)			(903	)		(14,924	)		(7,992	)

\n\t\t\t 投资活动： \n\t\t\t
\n\t\t\t 定期存款收益 \n\t\t\t		125,000				92,000			130,000			185,000
\n\t\t\t 定期存款购买 \n\t\t\t		(30,000	)			(134,000	)		(322,000	)		(193,000	)
\n\t\t\t 对Donlin Gold的资助 \n\t\t\t		(24,828	)			(8,100	)		(56,700	)		(18,513	)
\n\t\t\t 对Donlin Gold的投资（注5） \n\t\t\t		—				(210,050	)		—			(210,050	)
\n\t\t\t 可供出售证券出售收益 \n\t\t\t		1,248				—			5,865			952
\n\t\t\t 投资活动产生的净现金（使用） \n\t\t\t		71,420				(260,150	)		(242,835	)		(235,611	)

\n\t\t\t 融资活动： \n\t\t\t
\n\t\t\t 股权发行收益（注10） \n\t\t\t		—				26,915			310,200			270,754
\n\t\t\t 与股权发行相关的费用支付（注10） \n\t\t\t		—				(1,434	)		(16,200	)		(11,168	)
\n\t\t\t 股权激励费用的预提税支付 \n\t\t\t		—				—			—			(82	)
\n\t\t\t 经营活动中产生的净现金 \n\t\t\t		—				25,481			294,000			259,504

\n\t\t\t 汇率变动对现金及现金等价物的影响 \n\t\t\t		11				5			2			44
\n\t\t\t 现金及现金等价物的净变动 \n\t\t\t		68,170				(235,567	)		36,243			15,945
\n\t\t\t 期初现金及现金等价物 \n\t\t\t		78,216				293,736			110,143			42,224
\n\t\t\t 期末现金及现金等价物 \n\t\t\t	$	146,386			$	58,169		$	146,386		$	58,169

\n\t\t\t 现金流量信息的补充披露： \n\t\t\t
\n\t\t\t 收到的利息和股息 \n\t\t\t	$	2,477			$	1,956		$	4,725		$	3,871
\n\t\t\t 支付的所得税 \n\t\t\t	$	—			$	—		$	—		$	223

附注是这些简要合并中期财务报表的组成部分。

\n\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\n

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NOVAGOLD 资源公司

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简要合并中期权益（赤字）报表

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（未经审计，金额以千美元和千股计）

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\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 截至2026年8月31日的九个月 \n\t\t\t
	\n\t\t\t 普通股 \n\t\t\t		\n\t\t\t 资本 \n\t\t\t			\n\t\t\t 累计 \n\t\t\t					\n\t\t\t 总额 \n\t\t\t
	\n\t\t\t 股数 \n\t\t\t		\n\t\t\t 金额 \n\t\t\t			\n\t\t\t 盈余 \n\t\t\t		\n\t\t\t 赤字 \n\t\t\t		\n\t\t\t 其他综合收益* \n\t\t\t			\n\t\t\t 权益 \n\t\t\t

\n\t\t\t 2025年11月30日 \n\t\t\t		406,932		$	2,251,741		$	136,690		$	(2,199,591	)		$	(25,046	)	$	163,794
\n\t\t\t 股权激励 \n\t\t\t		—			—			1,883			—				—			1,883
\n\t\t\t 私募发行，净额（注10） \n\t\t\t		31,020			294,000			—			—				—			294,000
\n\t\t\t 股票期权行权 \n\t\t\t		217			1,408			(1,408	)		—				—			—
\n\t\t\t 认股权证行权（注10） \n\t\t\t		569			1,235			(1,235	)		—				—			—
\n\t\t\t 净亏损 \n\t\t\t		—			—			—			(15,435	)			—			(15,435	)
\n\t\t\t 2026年2月28日 \n\t\t\t		438,738		$	2,548,384		$	135,930		$	(2,215,026	)		$	(25,046	)	$	444,242
\n\t\t\t 股权激励 \n\t\t\t		—			—			2,268			—				—			2,268
\n\t\t\t 股票期权行权 \n\t\t\t		42			109			(109	)		—				—			—
\n\t\t\t 净亏损 \n\t\t\t		—			—			—			(25,493	)			—			(25,493	)
\n\t\t\t 2026年5月31日 \n\t\t\t		438,780		$	2,548,493		$	138,089		$	(2,240,519	)		$	(25,046	)	$	421,017
\n\t\t\t 股权激励 \n\t\t\t		—			—			2,277			—				—			2,277
\n\t\t\t 股票期权行权 \n\t\t\t		35			269			(269	)		—				—			—
\n\t\t\t 净亏损 \n\t\t\t		—			—			—			(36,039	)			—			(36,039	)
\n\t\t\t 2026年8月31日 \n\t\t\t		438,815		$	2,548,762		$	140,097		$	(2,276,558	)		$	(25,046	)	$	387,255

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 截至2026年8月31日的九个月 \n\t\t\t
																	\n\t\t\t 总额 \n\t\t\t
	\n\t\t\t 普通股 \n\t\t\t		\n\t\t\t 资本 \n\t\t\t			\n\t\t\t 累计 \n\t\t\t					\n\t\t\t （赤字） \n\t\t\t
	\n\t\t\t 股数 \n\t\t\t		\n\t\t\t 金额 \n\t\t\t			\n\t\t\t 盈余 \n\t\t\t		\n\t\t\t 赤字 \n\t\t\t		\n\t\t\t 其他综合收益* \n\t\t\t			\n\t\t\t 权益 \n\t\t\t

\n\t\t\t 2024年11月30日 \n\t\t\t		334,567		$	1,989,245		$	93,377		$	(2,104,932	)		$	(25,106	)	$	(47,416	)
\n\t\t\t 股权激励 \n\t\t\t		—			—			983			—				—			983
\n\t\t\t 按业绩计算的股份单位（“PSUs”）以股份结算 \n\t\t\t		79			2,130			(2,130	)		—				—			—
\n\t\t\t PSUs的预扣税 \n\t\t\t		—			—			(81	)		—				—			(81	)
\n\t\t\t 净亏损 \n\t\t\t		—			—			—			(9,116	)			—			(9,116	)
\n\t\t\t 其他综合收益 \n\t\t\t		—			—			—			—				(496	)		(496	)
\n\t\t\t 2025年2月28日 \n\t\t\t		334,646		$	1,991,375		$	92,149		$	(2,114,048	)		$	(25,602	)	$	(56,126	)
\n\t\t\t 股权激励 \n\t\t\t		—			—			1,410			—				—			1,410
\n\t\t\t 股权发行（注10） \n\t\t\t		65,024			234,105			—			—				—			234,105
\n\t\t\t 递延股份单位（“DSUs”）以股份结算 \n\t\t\t		50			225			(225	)		—				—			—
\n\t\t\t 认股权证（注10） \n\t\t\t		—			—			39,607			—				—			39,607
\n\t\t\t 净亏损 \n\t\t\t		—			—			—			(54,275	)			—			(54,275	)
\n\t\t\t 其他综合损失 \n\t\t\t		—			—			—			—				556			556
\n\t\t\t 2025年5月31日 \n\t\t\t		399,720		$	2,225,705		$	132,941		$	(2,168,323	)		$	(25,046	)	$	165,277
\n\t\t\t 股权激励 \n\t\t\t		—			—			2,000			—				—			2,000
\n\t\t\t 股权发行（注10） \n\t\t\t		7,178			25,481			—			—				—			25,481
\n\t\t\t 净亏损 \n\t\t\t		—			—			—			(15,646	)			—			(15,646	)
\n\t\t\t 2025年8月31日 \n\t\t\t		406,898		$	2,251,186		$	134,941		$	(2,183,969	)		$	(25,046	)	$	177,112

* 累计其他综合损失

附注是这些简要合并中期财务报表的组成部分。

NOVAGOLD 资源公司

简要合并中期财务报表的附注

（未经审计，金额以千美元计，除非每股金额另有说明）

注1 – 业务性质及列报基础

NOVAGOLD 资源公司及其附属公司和子公司（统称为“NOVAGOLD”或“公司”）从事矿业行业，专注于金矿资源的勘探和开发。公司的主要资产是美国阿拉斯加Donlin Gold项目的60%权益。公司从其主要资产中没有实现收入。Donlin Gold项目由一家特拉华州有限责任公司“Donlin Gold”拥有和运营。NOVAGOLD通过一家阿拉斯加公司“NGRA”拥有Donlin Gold 60%的股权权益。Paulson Advisers LLC，一家特拉华州有限责任公司及其某些附属公司（统称为“Paulson”）通过一家特拉华州有限责任公司“DGH”拥有Donlin Gold剩余40%的股权权益。DGH的成员权益由一家特拉华州有限责任公司“DGH II”和某些其他Paulson附属公司持有。在2025年6月3日之前，Donlin Gold由NGRA，NOVAGOLD的全资子公司和Barrick Mining Corporation（“Barrick”）共同拥有。有关2025年6月3日Donlin Gold所有权变更的详情，请参见注释5。

2026年7月21日，公司、Paulson和新成立的特拉华州公司NovaGold Corporation（“New NOVAGOLD”）签订了一系列具有约束力的交易协议，根据该协议，在满足某些交割条件后，交易完成后，New NOVAGOLD将直接和间接拥有Donlin Gold的100%股权。有关拟议交易的更多信息，请参见注释6。

NOVAGOLD的合并中期财务报表（“中期报表”）未经审计。在管理层看来，为公允列报这些中期报表，已包括所有必要的调整和披露。这些中期报表中报告的结果不一定反映全年可能报告的结果。应结合NOVAGOLD截至2025年11月30日止年度的合并财务报表阅读这些中期报表。年末资产负债表数据来源于经审计的财务报表，以及根据美国通用会计准则（“U.S. GAAP”）要求的某些信息和脚注披露已进行压缩或省略。

公司的功能货币为美元。在2025年4月22日之前，NOVAGOLD（母公司）的功能货币为加元。管理层重新评估了母公司的功能货币NOVAGOLD，并确定自2025年4月22日起，由于美元计价活动和融资交易的日益普遍，其功能货币从加元变更为美元。在2025年4月22日之前，公司将加拿大业务从加元转换为美元的汇兑影响记录在其他综合收益（损失）和其他综合损失累计额中。功能货币的变更自2025年4月22日起按未来适用法处理，以前期间的合并财务报表未重新表述。以前记录的累计汇兑调整未被冲销。

这些合并中期财务报表和附注中的$表示美国（“U.S.”）美元，C$表示加元。金额以千为单位，每股金额除外。

注释2 – 重要会计政策摘要

或有应收款

公司2018年将Galore Creek出售给Newmont Corporation（“Newmont”）的子公司所获得的对价中包含一张75,000美元的或有应收款，该应收款取决于业主批准Galore Creek项目施工计划。由于管理层认为在Galore Creek出售交割时或之后的期间内，Galore Creek项目施工计划的批准可能性不大，因此公司未对该或有应收款确定价值。在管理层判断支付很可能发生且后续期间不会逆转时，将确认该或有应收款。

对联营公司的投资

公司对其具有重大影响但不控制的未合并合资企业的投资，按权益法进行核算，包括公司对Donlin Gold项目的投资。公司认定Donlin Gold为可变利益实体（\"VIE\"），因为它依赖于所有者的资金支持。在2025年6月3日之前，VIE的所有者在资金、所有权、投票权和控制权方面均等（50/50）分享。2025年6月3日，公司将其在Donlin Gold的股权增加至60%（注释5），导致公司与Paulson之间的资金和所有权按60/40的比例分享。然而，公司与Paulson在行使控制权和指导Donlin Gold活动方面的权力仍按50/50的比例均等分享。因此，公司确定其仍不是该VIE的主要受益人。公司的最大损失敞口为其在Donlin Gold的股权投资。

NOVAGOLD RESOURCES INC。

合并中期财务报表附注

（未经审计，美元金额以千为单位，除非另有说明）

权益法是一种投资会计基础，其中初始投资和任何后续投资均按成本记录，之后根据合并法计算的被投资方的后续收益或损失的按比例份额调整账面价值。现金出资会增加投资的账面价值。从被投资方收到或应收的利润分配会减少投资的账面价值。

Donlin Gold是一个非公开交易的股权投资对象，拥有勘探和开发项目。因此，公司通过评估该股权投资对象的底层资产的可回收性，以及评估该项目的开发计划或战略是否发生变化，来判断是否存在可能导致永久性减值的潜在触发事件。如果底层资产不可回收，公司将记录一项减值费用，金额等于被投资对象的账面金额与其公允价值之间的差额。

以股份为基础的支付

公司将在授予日按公允价值记录以股份为基础的薪酬奖励，并在合并损益表中按要求的员工服务期分摊这些奖励。股票期权的公允价值使用Black-Scholes期权定价模型确定。PSU的公允价值使用蒙特卡洛估值模型确定。公司的估计可能受到某些变量的影响，包括但不限于股票价格波动、员工股票期权行权行为、额外的股票期权和PSU授予、对放弃的估计、公司的业绩以及公司与其同行的业绩相比。

最近发布的会计准则和证券交易委员会规则

2023年12月，财务会计准则委员会（“FASB”）发布了会计准则更新（“ASU”）2023-09 “所得税（主题740）：改进所得税披露。” ASU 2023-09通过调整税率调节和已支付所得税信息，提高了所得税披露的透明度和决策有用性。该准则自公司2026年11月30日止财年年度报告10-K表格起生效，并适用于随后的中期期间，允许提前采用。公司目前正在评估该指引对合并财务报表的影响。

2024年11月，FASB发布了ASU 2024-03 “利润表 – 报告综合收益 – 费用分解披露（子主题220-40）：利润表费用的分解。” ASU 2024-03要求分解披露相关利润表费用，以通过增强财务报表附注中的透明度来改善财务报告，特别是关于费用类别的透明度。该准则自公司2028年11月30日止财年年度报告10-K表格起生效，并适用于随后的中期期间，允许提前采用。公司目前正在评估采用该准则的影响。

2025年12月，FASB发布了ASU 2025-11，“中期报告（主题270）：范围有限的改进。” 该ASU澄清并重新组织了中期报告指引，包括自最近一个年度报告期结束以来发生事件的披露要求，并改进了中期财务报表披露的呈现和可用性。该ASU适用于2027年12月15日之后开始的财年中的中期报告期间，允许提前采用。公司目前正在评估该ASU对其中期财务报告的影响，并不认为采用该ASU会对合并财务报表产生重大影响。

NOVAGOLD RESOURCES INC。

合并中期财务报表的附注

(未审计，金额以千美元计，除非另有说明每股金额)

第3号注释 – 分部信息

运营分部的报告方式与提供给首席运营决策者（“CODM”）的内部报告一致。目前，公司运营一个报告分部。负责分配资源并评估运营分部绩效的CODM已被确定为首席执行官。首席执行官根据公司的整体业绩，包括其在Donlin Gold项目（注释5）中的表现来评估公司的业绩。公司使用一个与美国通用会计准则一致的分部利润或亏损的衡量标准，没有调整项目或计量差异。管理层认为合并净收入（亏损）是衡量分部利润或亏损的适当指标。CODM并不定期接收或审查与合并损益表中所列项目分开的单独分部费用类别。因此，没有重大分部费用单独披露，因为所有费用均包含在合并损益表中。

第4号注释 – 应收票据

Galore Creek

2018年7月27日，公司将其在Galore Creek项目的权益出售给Newmont的子公司，交易获得现金对价10万美元，在交割时支付，一张7.5万美元的票据，该票据在Galore Creek初步可行性研究完成或2021年7月27日较早者到期，一张2.5万美元的票据，该票据在Galore Creek可行性研究完成或2023年7月27日较早者到期，以及一张7.5万美元的或有票据，该票据在业主批准Galore Creek项目施工计划后到期。公司于2021年7月27日收到Newmont支付的7.5万美元，于2023年7月27日收到2.5万美元。

未对最后的7.5万美元或有票据进行估值。公司确定，在Galore Creek项目出售交割时，Galore Creek项目施工批准的可能性不大。截至2026年8月31日，公司的评估结果未发生变化。当管理层判断支付很可能发生时，将确认该或有票据，并且记录的金额在后续期间不会逆转。

注5 – DONLIN GOLD 投资

2025年6月3日，公司完成了Paulson、Barrick Gold U.S. Inc.、Barrick（统称为“Barrick方”）、DGH和NGRA（公司的子公司）之间的会员权益购买协议，根据该协议，Barrick方将其在Donlin Gold的50%权益出售给DGH和NGRA，售价为100万美元（“Donlin Gold交易”）。根据协议，NGRA以20万美元额外收购了Donlin Gold的10%权益，DGH以80万美元收购了Donlin Gold的40%权益。

作为对额外10%权益支付对价的一部分，NGRA向Barrick方支付了额外的营运资金调整款980美元，并产生了9,070美元的交易成本。该对价、营运资金调整和交易成本被资本化，并计入公司的Donlin Gold投资。

Donlin Gold项目由Donlin Gold运营，Donlin Gold是一家有限责任公司，自2025年6月3日起，NGRA（NOVAGOLD的全资子公司）和DGH分别拥有60%和40%的权益。尽管公司在Donlin Gold交易后拥有60%的经济权益，但公司和Paulson拥有平等的治理权。Donlin Gold有一个由四名代表组成的董事会，其中两名代表由Paulson选定，两名代表由公司选定。与Donlin Gold相关的所有重大决策均需获得Donlin Gold董事会至少多数成员的批准。

NOVAGOLD RESOURCES INC.

简要合并中期财务报表的附注

(未经审计，美元金额以千为单位，除非另有说明)

公司Donlin Gold投资的变化如下所示：

	\n\t\t\t 截至8月31日的三个月 \n\t\t\t			\n\t\t\t 截至8月31日的九个月 \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t
\n\t\t\t 期初余额 \n\t\t\t	$	221,990			$	4,248		$	213,202		$	2,597
\n\t\t\t 收购Donlin Gold额外10%的权益 \n\t\t\t		—				210,050			—			210,050
\n\t\t\t 损失份额： \n\t\t\t
\n\t\t\t 矿产财产支出 \n\t\t\t		(23,840	)			(7,301	)		(46,667	)		(15,806	)
\n\t\t\t 折旧 \n\t\t\t		(111	)			(137	)		(344	)		(374	)
\n\t\t\t 溢价 \n\t\t\t		(14	)			(12	)		(38	)		(32	)
		(23,965	)			202,600			(47,049	)		193,838
\n\t\t\t 资金 \n\t\t\t		24,828				8,100			56,700			18,513
\n\t\t\t 期末余额 \n\t\t\t	$	222,853			$	214,948		$	222,853		$	214,948

以下金额代表公司在2025年6月3日完成Donlin Gold交易后对Donlin Gold资产和负债的60%份额。在完成Donlin Gold交易后，公司对Donlin Gold的投资账面价值超过了Donlin Gold的净资产，这是由于对公司额外10%的Donlin Gold权益的对价资本化以及9,070美元的交易成本。在2025年6月3日之前，公司持有Donlin Gold的50%经济权益，由于Donlin Gold在成立时将Barrick的初始投入作为非流动资产：矿产财产以64,000美元的成本基础进行资本化，而公司对Donlin Gold的初始投入包括历史勘探，NOVAGOLD此前已将其费用化，因此公司对Donlin Gold的投资账面价值低于Donlin Gold的净资产。

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 截至 \n\n\t\t\t 2026年8月31日 \n\t\t\t			\n\t\t\t 截至 \n\n\t\t\t 2026年11月30日 \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t
\n\t\t\t Donlin Gold的经济权益 \n\t\t\t		60	%			60	%
\n\t\t\t 公司持有的Donlin Gold资产和负债份额 \n\t\t\t
\n\t\t\t 流动资产：现金、预付费用和其他应收款 \n\t\t\t	$	26,208			$	5,591
\n\t\t\t 非流动资产：使用权资产、财产和设备 \n\t\t\t		2,343				1,295
\n\t\t\t 非流动资产：矿产财产 \n\t\t\t		39,185				39,185
\n\t\t\t 流动负债：应付账款、应计负债和租赁义务 \n\t\t\t		(13,537	)			(2,688	)
\n\t\t\t 非流动负债：复垦和租赁义务 \n\t\t\t		(2,146	)			(1,032	)
\n\t\t\t 净资产 \n\t\t\t	$	52,053			$	42,351

注6 – 提议的交易

2026年7月21日，公司、Paulson和New NOVAGOLD签订了一份安排协议（“安排协议”），根据该协议，New NOVAGOLD同意通过根据《不列颠哥伦比亚省公司法》第5部分第9章规定的法定安排方式收购公司全部已发行和流通的普通股（“安排”），根据该安排，公司每一份普通股（New NOVAGOLD持有的任何普通股以及任何已有效行使异议权的公司股东持有的普通股除外）将被兑换为New NOVAGOLD的一股有表决权普通股，面值0.001美元。

作为安排的一部分，2026年7月21日，New NOVAGOLD和Paulson Advisers签订了一份贡献协议（“贡献协议”）。根据贡献协议的条款，Paulson Advisers将在安排完成前立即，但与安排同时进行，使其相关附属公司向New NOVAGOLD转让其在DGH和DGH II中的全部股权利益（这些股权直接和间接持有NOVAGOLD在该转让前未持有的Donlin Gold剩余40%的权益），以换取New NOVAGOLD的有表决权普通股和无表决权普通股，New NOVAGOLD的股份数量将根据Paulson在Donlin Gold中40%权益的10%折扣率确定，该折扣率由NOVAGOLD基于2026年7月21日NOVAGOLD普通股10日成交量加权平均价格所暗示的权益价值确定。

NOVAGOLD RESOURCES INC。

简要合并中期财务报表的附注

（未经审计，除每股金额外，以千美元为单位）

New NOVAGOLD 和 Paulson 于 2026 年 7 月 21 日签署了《投资者权利协议》（“投资者权利协议”），该协议规定了 Paulson 在交易完成之后对 New NOVAGOLD 的权利和义务，以及与 NOVAGOLD 和 NGRA 签署的《主实施协议》（“主实施协议”，以及与《交易协议》、《贡献协议》和《投资者权利协议》一起，统称为“交易协议”），该协议规定了各方在交易协议所设想的交易中的权利和义务，以及交易的顺序（统称为“交易”）。

New NOVAGOLD 于 2026 年 7 月 21 日根据特拉华州法律注册成立，注册名称为“NovaGold Corporation”。在注册时，New NOVAGOLD 被授权发行两股普通股，每股面值为 0.001 美元。NOVAGOLD 和 Paulson Advisers LLC 各认购并获得一股 New NOVAGOLD 普通股。New NOVAGOLD 注册成立的目的是完成交易。

根据交易协议，交易完成后，New NOVAGOLD 将成为 NOVAGOLD 及其子公司的母公司，并将直接和间接拥有 100% 的 Donlin Gold。交易预计将在 2026 年第四季度完成，交易完成后，New NOVAGOLD 将实质上是公司的延续。交易的完成还需满足其他条件，包括公司股东的批准、法院批准、监管和证券交易所的批准以及满足常规的交割条件。

公司评估了其对 New NOVAGOLD 的兴趣，并确定 New NOVAGOLD 是为促进拟议交易而设立的 VIE，其主要交易步骤在成立时已基本确定，目前没有实质性运营或员工（除与交易相关外）。因此，尽管 NOVAGOLD 和 Paulson Advisers LLC 对 New NOVAGOLD 拥有平等的治理权，公司自成立之日起就将 New NOVAGOLD 合并到其合并的中期财务报表中，并在合并时消除了与 New NOVAGOLD 的所有内部交易和余额。

截至 2026 年 8 月 31 日，交易尚未完成。因此，公司继续按照第 5 号注释中所述，以权益法核算其对 Donlin Gold 的 60% 股权。截至 2026 年 8 月 31 日，公司合并的中期财务报表中未确认与 Paulson 可能收购其在 Donlin Gold 中 40% 股权相关的任何会计影响。

第 7 号注释 – 其他资产

	\n\t\t\t 截至 \n\n\t\t\t 8 月 31 日 \n\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 截至 \n\n\t\t\t 11 月 \n\n\t\t\t 30, 2025 \n\t\t\t
\n\t\t\t 其他流动资产： \n\t\t\t
\n\t\t\t 应收账款 \n\t\t\t	$	48		$	62
\n\t\t\t 利息应收款 \n\t\t\t		4,972			201
\n\t\t\t 来自 Donlin Gold 的应收款 \n\t\t\t		139			1,044
\n\t\t\t 预付费用 \n\t\t\t		1,225			1,037
	$	6,384		$	2,344

\n\t\t\t 其他长期资产： \n\t\t\t
\n\t\t\t 可出售的权益证券 \n\t\t\t	$	—		$	4,406
\n\t\t\t 使用权资产 \n\t\t\t		584			722
\n\t\t\t 办公设备 \n\t\t\t		79			96
	$	663		$	5,224

在 2026 年前九个月中，公司所有的可出售权益证券均被出售。

NOVAGOLD 资源公司

合并中期财务报表附注

（未经审计，美元金额以千为单位，除非另有说明）

第 8 号注释 – 本票

公司有一张面值为177,506美元的应付票据，其中本金为158,916美元，累计利息为18,590美元，利率为美国基准利率加2%，每半年复利一次。这张原始应付票据源于促成Donlin Gold成立的协议，公司同意赔偿Barrick在2006年4月1日至2007年11月30日期间支出的部分费用。该应付票据及累计利息将从Donlin Gold分发的加工产品、现金及其他资产中支付，以及从应付票据中规定的某些净收益的5%支付。该应付票据的账面价值基于美国基准利率加2%的累计利息。该应付票据的公允价值近似于其提前还款金额100,000美元（第11号注释）。

在2025年6月3日Donlin Gold交易完成后，公司与Barrick签订了一份修订和重述的担保应付票据，该票据赋予公司于2026年12月3日或之前以100,000美元全额提前还款的权利。此外，为了排除Donlin Gold持有的任何财产或NGRA持有的Donlin Gold会员权益，担保包进行了修改；然而，它仍由NGRA对Donlin Gold收益的权利、所有权和利益担保。该应付票据的其他所有条款保持不变。

公司应付票据的变化如下：

	\n\t\t\t 九个月结束于 \n\n\t\t\t 2026年8月31日 \n\t\t\t		\n\t\t\t 十二个月结束于 \n\n\t\t\t 2025年11月30日 \n\t\t\t
\n\t\t\t 期初余额 \n\t\t\t	$	166,296		$	151,522
\n\t\t\t 应付票据利息费用 \n\t\t\t		11,210			14,774
\n\t\t\t 期末余额 \n\t\t\t	$	177,506		$	166,296

第9号注释 – 其他负债

	\n\t\t\t 截至 \n\n\t\t\t 2026年8月31日 \n\t\t\t		\n\t\t\t 截至 \n\n\t\t\t 2025年11月30日 \n\t\t\t
\n\t\t\t 其他流动负债： \n\t\t\t
\n\t\t\t 清理负债 \n\t\t\t	$	87		$	124
\n\t\t\t 租赁义务 \n\t\t\t		192			177
	$	279		$	301

\n\t\t\t 其他长期负债： \n\t\t\t
\n\t\t\t 清理负债 \n\t\t\t	$	225		$	300
\n\t\t\t 租赁义务 \n\t\t\t		441			585
	$	666		$	885

第10号注释 – 股权交易

2026年私募发行

2026年2月5日，公司完成了NOVAGOLD 31,020,000股普通股的私募发行，每股价格为10.00美元，其中包括部分行使超额配售选择权。在交割时，公司收到的总毛收益为310,200美元，扣除约16,200美元的费用和其他发行费用后。

2025年公开股权发行和私募发行

2025年5月9日，公司完成了NOVAGOLD 47,850,000股普通股的公开股权发行，每股价格为3.75美元。作为公开股权发行的一部分，公司授予承销商30天的超额配售选择权，可按每股3.75美元减去承销折扣和佣金的价格购买最多额外7,177,500股普通股。在公开发行的同时，公司于2025年5月9日完成了NOVAGOLD 17,173,853股普通股的私募发行，每股价格为3.75美元。2025年6月5日，公司根据承销商全额行使超额配售选择权，发行了额外的7,177,500股NOVAGOLD普通股。公开股权发行和同时进行的私募发行在此文中统称为“2025年5月发行”。

NOVAGOLD资源公司

简要合并中期财务报表的注释

(未经审计，美元金额以千为单位，除非每股金额另有说明)

在2025年5月发行结束时，公司在扣除费用和其他发行费用约9,734美元后，共收到总计243,839美元的毛收益。在超额配售选择权行权结束后，公司又收到约26,915美元的额外毛收益，在扣除费用和其他发行费用约1,434美元后。

认股权证

在2025年4月22日宣布的Donlin Gold交易同时，公司与某些机构投资者签订了备用承诺协议，根据该协议，投资者承诺最多购买公司170,000美元的普通股，以部分资助根据第5号注释中讨论的Donlin Gold交易向Barrick各方支付的200,000美元。作为提供此承诺的对价，并且无论备用承诺最终是否被行使，公司向投资者发行了25,500,000份认股权证，使他们能够以每股3.00美元的行权价格购买NOVAGOLD的普通股（“备用认股权证”）。备用认股权证包含“无现金行权”功能，即在行权备用认股权证时，认股权证持有人可以选择不向NOVAGOLD支付现金，而是根据备用认股权证中规定的公式确定的内在价值，获得相应数量的普通股（全部或部分）。备用认股权证将于2030年4月到期，并包含常规的反稀释条款。

如上所述，公司随后完成了2025年5月的发行，备用承诺在2025年5月到期未被行使。公司确定备用认股权证符合美国通用会计准则下的权益分类条件，并作为股东权益（赤字）的一部分。

公司使用Black-Scholes期权定价模型在授予日估计了备用认股权证的公允价值。关键输入包括5年期限、每股3.00美元的行权价格、无风险利率3.97%以及根据公司5年历史股价计算的预期波动率51.20%。根据这些假设，估计的公允价值为每份认股权证1.55美元，总公允价值为39,607美元。由于备用认股权证不是与2025年5月发行直接相关的发行成本，因此39,607美元在2025年第二季度作为非现金费用记录。

公司已发行的备用认股权证的变化如下：

	\n\t\t\t 九个月结束于 \n\n\t\t\t 2026年8月31日 \n\t\t\t			\n\t\t\t 十二个月结束于 \n\n\t\t\t 2025年11月30日 \n\t\t\t
\n\t\t\t 年初余额 \n\t\t\t		25,500,000			—
\n\t\t\t 期间发行 \n\t\t\t		—			25,500,000
\n\t\t\t 行权 – 发行的股份 \n\t\t\t		(569,333	)		—
\n\t\t\t 无现金行权 – 取消的认股权证 \n\t\t\t		(227,542	)		—
\n\t\t\t 期末余额 \n\t\t\t		24,703,125			25,500,000

第11号注释 – 公允价值会计

以公允价值计量的金融工具根据用于计量的输入值的重要性被分类为公允价值层级中的三个级别之一。公允价值层级的三个级别如下：

级别1 — 在计量日对于相同、无限制的资产或负债，可获得的活跃市场中未经调整的报价；

级别2 — 非活跃市场中的报价，或对于资产或负债的大部分期限可观察的输入值，无论是直接还是间接的；以及

Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

NOVAGOLD RESOURCES INC.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited, US dollars in thousands except per share amounts)

The Company’s financial instruments consist of cash and cash equivalents, term deposits, accounts receivable, including from Donlin Gold, marketable equity securities, accounts payable and accrued liabilities, and a promissory note. The fair value of the promissory note approximates its prepayment option amount of $100,000 (Note 8). The promissory note’s carrying value is based on accrued interest at U.S. prime plus 2%. The fair values of the Company’s other financial instruments approximate their carrying value due to the short‐term nature of their maturity. The Company’s financial instruments initially measured at fair value and then held at amortized cost include cash and cash equivalents, term deposits, accounts receivable, including from Donlin Gold, accounts payable and accrued liabilities, and a promissory note. The Company’s marketable equity securities are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the marketable equity securities was nil as of August 31, 2026 ($4,406 as of November 30, 2025), calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company.

NOTE 12 – GENERAL AND ADMINISTRATIVE EXPENSE

	\n\t\t\t Three months ended August 31, \n\t\t\t		\n\t\t\t Nine months ended August 31, \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t
\n\t\t\t Share-based compensation (Note 14) \n\t\t\t	$	2,277		$	2,000		$	6,428	$	4,393
\n\t\t\t Salaries and benefits \n\t\t\t		1,855			2,038			5,842		5,831
\n\t\t\t Professional fees \n\t\t\t		6,309			1,006			13,187		3,227
\n\t\t\t Office expense \n\t\t\t		1,091			876			2,730		2,417
\n\t\t\t Corporate communications and regulatory \n\t\t\t		503			353			1,455		1,015
\n\t\t\t Depreciation \n\t\t\t		6			6			17		17
	$	12,041		$	6,279		$	29,659	$	16,900

NOTE 13 – OTHER (EXPENSE) INCOME, NET

	\n\t\t\t Three months ended August 31, \n\t\t\t			\n\t\t\t Nine months ended August 31, \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t
\n\t\t\t Change in fair market value of marketable securities \n\t\t\t	$	27			$	662		$	1,373	$	945
\n\t\t\t Fuel tax credit \n\t\t\t		—				—			—		18
\n\t\t\t Foreign exchange gain (loss) \n\t\t\t		(6	)			8			80		(41	)
\n\t\t\t Other \n\t\t\t		—				—			3		—
	$	21			$	670		$	1,456	$	922

NOVAGOLD RESOURCES INC.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited, US dollars in thousands except per share amounts)

NOTE 14 – SHARE-BASED COMPENSATION

The following table shows the recognized share-based compensation expense by award type:

	\n\t\t\t Three months ended August 31, \n\t\t\t		\n\t\t\t Nine months ended August 31, \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t
\n\t\t\t Stock options \n\t\t\t	$	1,338		$	1,200		$	4,147	$	2,440
\n\t\t\t Performance share unit plan \n\t\t\t		859			730			2,051		1,745
\n\t\t\t Deferred share unit plan \n\t\t\t		80			70			230		209
	$	2,277		$	2,000		$	6,428	$	4,394

Stock options

A summary of stock options outstanding and activity during the nine months ended August 31, 2026 are as follows:

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t Number of stock options \n\t\t\t			\n\t\t\t Weighted- average exercise price per share \n\t\t\t			\n\t\t\t Weighted- average \n\n\t\t\t remaining \n\n\t\t\t contractual term \n\n\t\t\t (years) \n\t\t\t	\n\t\t\t Aggregate \n\n\t\t\t intrinsic \n\n\t\t\t value \n\t\t\t
\n\t\t\t November 30, 2025 \n\t\t\t		9,663,767			$	5.32
\n\t\t\t Granted \n\t\t\t		1,312,200				8.53
\n\t\t\t Exercised – shares issued \n\t\t\t		(293,886	)			6.27
\n\t\t\t Cashless exercise – options cancelled \n\t\t\t		(418,315	)			6.27
\n\t\t\t Expired \n\t\t\t		(674,300	)			9.90
\n\t\t\t Forfeited \n\t\t\t		(78,699	)			4.20
\n\t\t\t August 31, 2026 \n\t\t\t		9,510,767			$	5.39		2.60	$	30,706
\n\t\t\t Vested and exercisable as of August 31, 2026 \n\t\t\t		5,419,615			$	5.18		1.81	$	18,540

The following table summarizes key stock option valuation inputs and other information regarding the option grants:

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t Nine months ended August 31, \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t
\n\t\t\t Weighted-average assumptions used to value stock option awards: \n\t\t\t
\n\t\t\t Expected volatility \n\t\t\t		57.4	%			52.9	%
\n\t\t\t Risk-free interest rate \n\t\t\t		3.62	%			3.64	%
\n\t\t\t Expected forfeiture rate \n\t\t\t		3.2	%			3.3	%
\n\t\t\t Expected dividend rate \n\t\t\t		—	%			—	%
\n\t\t\t Expected term of options (years) \n\t\t\t		4				4

\n\t\t\t Weighted-average grant-date fair value \n\t\t\t	$	4.06			$	1.96
\n\t\t\t Intrinsic value of options exercised \n\t\t\t	$	3,352			$	—
\n\t\t\t Cash received from options exercised \n\t\t\t	$	—			$	—

截至2026年8月31日，公司有5,385美元未确认的薪酬成本，与预计在未来约2.92年内确认并行权的4,091,152份未行权股票期权相关。

NOVAGOLD RESOURCES INC。

合并中期财务报表附注

（未审计，美元金额以千为单位，除非另有说明）

业绩股份单位

公司根据2009年5月26日的业绩股份单位计划向所有员工授予了业绩股份单位，这些单位代表未来可能发行的股份。根据业绩股份单位计划授予的业绩股份单位在授予日和到期日之间有三年的业绩期，在此期间会做出行权决定。行权的业绩股份单位数量取决于公司普通股价格相对于业绩股份单位授予日和到期日之间标普/多伦多证券交易所全球黄金指数的表现。这种相对表现转换为百分比，该百分比转换为用于确定在到期日或到期日后不久行权的业绩股份单位数量的调整因子。根据相对股价表现，业绩股份单位的行权比例可能从0%到150%不等。

截至2026年8月31日的九个月内未行权业绩股份单位的总结及变动情况如下：

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 业绩股份单位数量 \n\t\t\t			\n\t\t\t 每单位加权平均行权价 \n\t\t\t			\n\t\t\t 合计 \n\n\t\t\t 内在 \n\n\t\t\t 价值 \n\t\t\t
\n\t\t\t 2025年11月30日 \n\t\t\t		2,074,300			$	4.65
\n\t\t\t 到期 \n\t\t\t		(495,500	)			5.78
\n\t\t\t 放弃 \n\t\t\t		(102,300	)			4.14
\n\t\t\t 授予 \n\t\t\t		425,900				9.11
\n\t\t\t 2026年8月31日 \n\t\t\t		1,902,400			$	5.38		$	9,762

下表总结了业绩股份单位估值的关键输入和其他相关信息：

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 截至 \n\t\t\t
	\n\t\t\t 8月31日的九个月 \n\t\t\t			\n\t\t\t 8月31日 \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t
\n\t\t\t 授予业绩股份单位所使用的加权平均假设： \n\t\t\t
\n\t\t\t 公司股份的预期波动率 \n\t\t\t		59.3	%			54.8	%
\n\t\t\t 多伦多证券交易所指数的预期波动率 \n\t\t\t		31.4	%			29.7	%
\n\t\t\t 公司股份与多伦多证券交易所之间的预期相关性 \n\t\t\t		59.0	%			63.2	%
\n\t\t\t 无风险利率 \n\t\t\t		2.47	%			2.60	%
\n\t\t\t 业绩股份单位的预期期限（年） \n\t\t\t		3				3

\n\t\t\t 授予的业绩股份单位数量 \n\t\t\t		425,900				849,200
\n\t\t\t 加权平均授予日公允价值 \n\t\t\t	$	9.11			$	4.41

截至2026年8月31日，公司有5,417美元未确认的薪酬成本，与预计在未来约2.43年内确认并行权的1,902,400份未行权业绩股份单位相关。

第15号注释 – 关联方交易

公司在截至2026年8月31日的三个月和九个月内向Donlin Gold提供了管理及行政服务，费用分别为471美元和1,362美元（截至2025年8月31日的三个月和九个月分别为201美元和533美元）。截至2026年8月31日，公司对Donlin Gold的应收账款为139美元（2025年11月30日：1,044美元），包含在其他流动资产中。

作为对公司2025年4月22日提供备用承诺的补偿，NOVAGOLD向三家机构投资者发行了备用认股权证（注释10），其中一家是Electrum Strategic Resources L.P.（“Electrum”）。备用认股权证在授予时的估计总公允价值为39,607美元。Electrum获得了6,375,000份备用认股权证，其公允价值约为9,902美元。NOVAGOLD的董事会主席Thomas Kaplan博士是The Electrum Group LLC的董事长兼首席执行官，The Electrum Group LLC是Electrum的关联公司。Electrum是NOVAGOLD的最大股东。

此外，Electrum是注释10中所述2025年5月发行计划的私募部分的两家机构投资者之一。Electrum在2025年5月的发行中购买了13,333,334股NOVAGOLD股份，价格为50,000美元。

在与交易相关的情况下，公司的全资子公司NovaGold USA, Inc.（“NOVAGOLD USA”）于2026年7月21日与New NOVAGOLD签订了一份贷款协议，根据该协议，NOVAGOLD USA已承诺在收到要求时向New NOVAGOLD提供垫款（“应收票据”）。New NOVAGOLD由NOVAGOLD和Paulson Advisers LLC各持有50%的股份。由于New NOVAGOLD由公司合并（注释6），因此在合并时，NOVAGOLD USA与New NOVAGOLD之间的应收票据垫款及相关利息将被抵消。

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

项目2。

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管理层对财务状况和经营成果的讨论与分析

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在管理层对财务状况和经营成果的讨论与分析中，“NOVAGOLD”、“公司”、“我们”、“我们”和“我们的”指NOVAGOLD RESOURCES INC.及其合并的子公司。以下讨论和分析我们的财务状况和经营成果构成了管理层对我们截至2026年8月31日的三个月和九个月期间以及2025年8月31日的财务和运营表现所受影响因素的审查。本讨论应结合本报告中包含的合并中期财务报表和相关附注以及我们的10-K年度报告，以及我们在EDGAR上向证券交易委员会提交的文件（www.sec.gov）和在SEDAR+上向加拿大证券监管机构提交的文件（www.sedarplus.ca）一起阅读。本文中对$的引用指美国美元，C$指加拿大美元， 除非另有说明。

Paulson是由Paulson Advisers LLC（“Paulson Advisers”）管理的投资基金。

Paul Chilson, P.E.，他是NOVAGOLD的矿山工程经理，也是根据《国家法规43-101–矿产项目披露标准》和证券交易委员会（“SEC”）现行采矿披露规则的“合格人员”，已批准本文中包含的科学技术信息。

亮点

2026年7月21日，NOVAGOLD、Paulson和NovaGold Corporation（一家新成立的特拉华州公司（“New NOVAGOLD”））签订了一系列最终交易协议（如下文进一步描述），根据该协议，在满足某些交割条件后，交易完成后，New NOVAGOLD将成为NOVAGOLD及其子公司的母公司，并将直接和间接拥有Donlin Gold的100%股份。

在第三季度，Donlin Gold LLC（“Donlin Gold”）任命Endeavour Financial和Macquarie Capital为其在阿拉斯加的Donlin Gold项目开发提供财务顾问服务，并支持项目和基础设施融资的安排。

公司概况

我们从事黄金矿业，主要专注于阿拉斯加的Donlin Gold项目。Donlin Gold项目由Donlin Gold公司持有，这是一家有限责任公司，在2025年6月3日完成Donlin Gold交易（如下所述）后，该公司60%的股份由NOVAGOLD的全资子公司持有，40%由Paulson通过Donlin Gold Holdings LLC（“DGH”）持有。DGH的成员权益由特拉华州有限责任公司DGH II以及某些其他Paulson附属公司持有。尽管NOVAGOLD在Donlin Gold中拥有60%的经济利益，但Donlin Gold的管理由NOVAGOLD和Paulson共同平等进行。我们采用权益法核算对Donlin Gold项目的投资，这导致我们对Donlin Gold支出的60%作为损益表中的一项运营损失单独列示。

我们的公司目标包括完成可融资可行性研究（“BFS”）并推进到后续的建设决策；在股东和利益相关者中保持NOVAGOLD和Donlin Gold项目的良好声誉；促进强大的社区参与和可持续发展文化；保持强大的安全和环境表现；以及有效且高效地管理公司的资金。我们的运营主要涉及项目里程碑的实现，包括达成各种技术、环境、可持续发展、经济和法律目标，获得必要的许可并保持这些许可的良好状态，推进BFS，准备工程设计，并保持足够的资本资源以资助这些目标。

NOVAGOLD – Paulson战略交易概览

On July 21, 2026, the Company, Paulson and New NOVAGOLD entered into an arrangement agreement (the “Arrangement Agreement”), pursuant to which New NOVAGOLD agreed to acquire all issued and outstanding common shares of the Company by way of a statutory plan of arrangement under Division 5 Part 9 of the Business Corporations Act (British Columbia) (the “Arrangement”), whereby each common share of the Company (other than any common share held by New NOVAGOLD and any common shares in respect of which a Company shareholder has validly exercised its dissent rights) will be exchanged for one share of voting common stock of New NOVAGOLD, par value $0.001. The Arrangement Agreement was filed as Exhibit 2.1 to the Current Report on Form 8-K filed on July 22, 2026 and is incorporated here by reference.

In connection with the Arrangement, on July 21, 2026, New NOVAGOLD and Paulson Advisers entered into a Contribution Agreement (the “Contribution Agreement”). Under the terms of the Contribution Agreement, substantially concurrently with, but immediately prior to, the consummation of the Arrangement, Paulson Advisers will cause its applicable affiliates to contribute all of their equity interests in DGH and DGH II (which hold, directly and indirectly, the remaining 40% ownership interest in Donlin Gold not held by NOVAGOLD prior to such contribution) to New NOVAGOLD in exchange for shares of voting common stock and non-voting common stock of New NOVAGOLD, which number of New NOVAGOLD shares will be determined based on a 10% discount to the equity value of Paulson’s 40% ownership interest in Donlin Gold, implied by the equity value of NOVAGOLD based on the 10-day volume weighted average price of the NOVAGOLD common shares as of July 21, 2026. The Contribution Agreement was filed as Exhibit 10.1 to the Current Report on Form 8-K filed on July 22, 2026 and is incorporated herein by reference.

New NOVAGOLD and Paulson also entered into an Investor Rights Agreement (the “Investor Rights Agreement”) on July 21, 2026, which sets forth, among other things, Paulson’s rights and obligations with respect to New NOVAGOLD following the consummation of the Arrangement, and a Master Implementation Agreement with NOVAGOLD and NGRA (the “Master Implementation Agreement” and, together with the Arrangement Agreement, the Contribution Agreement and the Investor Rights Agreement, the “Transaction Agreements”), which sets forth, among other things, certain of the parties’ rights and obligations with respect to, and the sequencing of, the transactions contemplated by the Transaction Agreements (collectively, the “Transactions”). The Investor Rights Agreement and Master Implementation Agreement were filed as Exhibit 10.2 and Exhibit 2.2, respectively, to the Current Report on Form 8-K filed on July 22, 2026 and are incorporated herein by reference.

In connection with the execution of the Arrangement Agreement, New NovaGold entered into (i) Voting Agreements with each of the directors and certain executive officers of the Company (the “D&O Voting Agreements”) and (ii) Voting Agreements with each of Paulson Advisers and Electrum Strategic Resources L.P. (“Electrum”), each a shareholder of the Company (the “Investor Voting Agreements”). The forms of the D&O Voting Agreements and the Investor Voting Agreements were filed as Exhibit 99.1 and Exhibit 99.2, respectively, to the Current Report on Form 8-K filed on July 22, 2026 and are incorporated herein by reference.

The NovaGold Board of Directors received a fairness opinion from Citigroup Global Markets Inc. (“Citi”), to the effect that, as of the date of such opinion, and based upon and subject to the assumptions made, procedures followed, matters considered and limitations and qualifications set forth therein, the consideration to be received in the Arrangement by Company shareholders under the Arrangement Agreement, taking into account the transactions contemplated by the Transaction Agreements, is fair, from a financial point of view, to Company shareholders (other than Paulson Advisers).

New NOVAGOLD was incorporated on July 21, 2026 under the laws of the State of Delaware under the name “NovaGold Corporation”. Upon its incorporation, New NOVAGOLD was authorized to issue two shares of common stock, each having a par value of $0.001. Each of NOVAGOLD and Paulson Advisers subscribed for and received one common share of New NOVAGOLD. New NOVAGOLD was incorporated for the purpose of engaging in the Transactions. New NOVAGOLD will not carry on any active business prior to the consummation of the Transactions, other than in connection with the Transactions.

NOVAGOLD currently owns 60% of the equity interests of Donlin Gold, the entity that holds the Donlin Gold project in Alaska, through NOVAGOLD Resources Alaska, Inc. Paulson currently owns the remaining 40% of the equity interests of Donlin Gold through DGH. The membership interests of DGH are held by DGH II and certain other Paulson affiliates.

Pursuant to the Transaction Agreements, upon the consummation of the Transactions, New NOVAGOLD will become the parent company of NOVAGOLD and its subsidiaries and will own, directly and indirectly, 100% of Donlin Gold and together with its subsidiaries, will carry on the business currently conducted by the Company. Upon completion of the Transactions, the Company’s existing shareholders, inclusive of Paulson’s existing interest in the Company, are expected to own approximately 65% of New NOVAGOLD on a fully diluted basis, and Paulson is expected to indirectly receive approximately 35% of New NOVAGOLD on a fully diluted basis in exchange for its ownership interest in Donlin Gold. Upon and immediately following the consummation of the Transactions, inclusive of its existing ownership interest in the Company, Paulson is expected to hold approximately 40% of the economic interest in New NOVAGOLD, with its voting interest capped at 19.99%.

Following the consummation of the Transactions, New NOVAGOLD will consolidate NOVAGOLD and Donlin Gold into its financial statements and, as a result of acquiring control of Donlin Gold, New NOVAGOLD expects to record a non-cash, non-recurring gain on revaluation of Donlin Gold to fair market value in its financial statements in the quarter the Transactions are completed. During the transitional period, from the date of formation until the consummation of the Transactions, despite NOVAGOLD and Paulson Advisers having equal governance rights over New NOVAGOLD, the Company will consolidate New NOVAGOLD into its Condensed Consolidated Interim Financial Statements.

Completion of the Transactions is subject to, among other things, approval by the Company’s shareholders, court approval, regulatory and stock exchange approvals and the satisfaction of customary closing conditions. The Transactions are expected to close in the fourth calendar quarter of 2026 and upon closing, New NOVAGOLD will effectively be a continuation of the Company. The accounting impact of the Transactions is expected to be finalized in a future quarter, once the Transactions are completed.

Donlin Gold Project

During the third quarter, in coordination with Calista Corporation (“Calista”), the Company conducted a series of community visits to six villages, alongside a dedicated community meeting in Crooked Creek, the village closest to the Donlin Gold project. These efforts, focused specifically on the Subsistence Plan, a project update and fostered ongoing dialogue on subsistence-related matters and project activities. This commitment to regional partnership was further reinforced through participation in Calista’s Annual Meeting in Bethel, The Kuskokwim Corporation (“TKC”)’s Annual Meeting in Crooked Creek, and the Calista Shareholder Relations Committee meeting in Anchorage, ensuring sustained engagement with Alaska Native Corporation leadership and shareholders.

Donlin Gold also facilitated several key initiatives for the Subsistence Community Advisory Committee (“SCAC”), including in-person and virtual meetings to gather feedback on the Subsistence Plan and Barge Communication Plan. SCAC members also toured the Red Dog Mine, providing an opportunity to observe a large-scale mining operation firsthand and discuss considerations relevant to communities in the region. At Donlin Gold, site tours provided Alaska Native Corporation landowners Calista and TKC with insight into ongoing fieldwork and project activities. Additional tours were hosted for representatives of the Alaska Native Village Corporation Association, Congressman Begich’s resource staff, and trade association leaders from the Alaska Chamber, the Alliance, the Alaska Oil and Gas Association, the Resource Development Council, and the Alaska Miners Association.

The Company is also advancing its infrastructure planning through targeted stakeholder engagement along the proposed pipeline corridor. Having developed a comprehensive stakeholder tracking system, Donlin Gold has initiated outreach to over 190 individuals and entities in the region. This is complemented by ongoing coordination with legislators and the Matanuska-Susitna Borough via site tours and project updates to ensure a clear understanding of regional interests and proposed field activities.

In addition, Donlin Gold continues to engage with key government representatives and decision-makers at the state and federal levels. Recent activities include project briefings with Senator Dan Sullivan, Alaska State Senator Matt Claman, and U.S. Senate candidate Mary Peltola. Donlin Gold also continues to engage with senior leadership at the U.S. Department of Energy and recently participated in a roundtable with the Pipeline and Hazardous Materials Safety Administration to discuss critical Donlin Gold permitting considerations and infrastructure associated with the project.

Our share of funding for the Donlin Gold project in the third quarter and first nine months of 2026 was $24.8 million and $56.7 million, respectively. The Donlin Gold funding in respect of 2026 expenditures is expected to remain in line with previous guidance of $78.8 million, however, due to the pre-funding of December 2026 Donlin Gold activities (first fiscal month of 2027) in November 2026, a portion of 2026 funding will relate to Donlin Gold’s 2027 budget.

BFS Engineering Integration Advances & Appointment of Financial Advisors

The Company continues to advance the Donlin Gold BFS, which remains on schedule for completion in 2027. A team led by Fluor Corporation (“Fluor”) continues to integrate major work packages and coordinate technical workstreams with specialist contractors WSP USA, Inc. (“WSP”), Worley Alaska, Inc. (“Worley”), and Hatch Ltd. (“Hatch”). This season’s geotechnical work for the BFS will conclude this fall with drill holes and test pits at Jungjuk Port and access corridor, borrow sites and plant site, and for Engineering, Procurement, and Construction Management (“EPCM”) infrastructure. Resource modelling, mine planning, and Front-End Engineering Design (“FEED”) activities are progressing as planned, while EPCM coordination on a Class 3 estimate is well under way. This disciplined approach to key infrastructure and unit operations is designed to support a high-quality BFS.

Permitting activities in the third quarter of 2026 advanced as expected. Work continues on the dam safety permitting process for the project’s seven dams with submission of Detailed Design Packages anticipated by end of 2026/early 2027 as previously expected with potential issuance of the Dam Safety Certificates expected in 2028.

Additionally, the Company has appointed Endeavour Financial and Macquarie Capital as Financial Advisors to provide advisory services for the development of the project in Alaska. Under this mandate, the advisors will assist Donlin Gold in evaluating funding alternatives — including conventional project finance, infrastructure financing, and potential support from governmental agencies and/or sovereign wealth funds — and executing a structured project financing strategy. By coordinating engagement with financiers and advancing due diligence in tandem with the BFS, NOVAGOLD aims to optimize its funding mix while preserving long-term shareholder value. The advisors will provide tailored guidance as the project progresses toward a final investment decision following the completion of the BFS and related workstreams.

To further support the BFS and prepare for subsequent phases of development and eventual commercial operation, Donlin Gold has continued to build its team across key technical, operational, workforce development, and support functions. Since the beginning of 2026, the team has grown from approximately 35 to 77 employees, is currently based in Anchorage and Vancouver, and is supporting ongoing site, BFS, and contractor activities. Management continues to assess organizational requirements and recruit for critical positions as project activities advance.

Upholding Current Permits

Donlin Gold is a federally permitted project. The permitting framework in Alaska involves extensive review and coordination among federal and state agencies, regional stakeholders, and communities throughout the Yukon-Kuskokwim (“Y-K”) region. Donlin Gold continued to support the state and federal agencies defending their permits in the litigation described below.

NOVAGOLD continues to support the State of Alaska in defending the Department of Environmental Conservation’s (“ADEC”) Clean Water Act Section 401 Water Quality Certification (the “401 Certification”), which is the only remaining challenge to Donlin Gold’s permits in state court. On May 6, 2025, the Alaska Superior Court upheld ADEC’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 were filed on November 25, 2025, and Earthjustice’s reply brief was filed on January 9, 2026. Oral argument was held on June 3, 2026. A decision from the Court is currently pending.

On April 5, 2023, Earthjustice representing the Orutsararmiut Traditional Native Council and six Y-K villages filed suit against the U.S. government in the U.S. District Court for Alaska (the “Federal District Court”) asking the Federal District Court to invalidate the Donlin Gold Joint Record of Decision (“JROD”), which included the U.S. Army Corps of Engineer’s (“Corps”) issuance of the 404 permit and the Bureau of Land Management’s (“BLM”) issuance of the ROW lease for the portions of the pipeline on Federal lands. The U.S. Department of Justice (“DOJ”) is defending the issuance of the permits by those Federal agencies. The State of Alaska, Donlin Gold, and Calista were granted intervenor status in this case. The DOJ filed their brief supporting the issuance of the JROD and the sufficiency of the environmental analysis in the Final Environmental Impact Statement on April 2, 2024. Amicus briefs supporting the project were filed by the village of Crooked Creek and the Alaska federal Congressional delegation. Oral arguments were held on June 24, 2024, and the Federal District Court issued a decision on September 30, 2024. The decision rejected the plaintiffs’ arguments on two of the three issues raised in the litigation but agreed with plaintiffs that the federal agencies took too narrow of a view in analyzing the impact of a theoretical release from the tailings’ storage facility. The Federal District Court requested supplemental briefing on the appropriate remedy for addressing this issue. On October 7, 2024, the plaintiffs filed a request for reconsideration on one of the issues on which the Federal District Court had ruled against the plaintiffs and, at DOJ’s request, the Federal District Court suspended the schedule for briefing on the appropriate remedy until after the Federal District Court ruled on plaintiffs’ motion for reconsideration. On December 23, 2024, the Federal District Court denied plaintiffs’ request for reconsideration. Remedy briefing was completed in March 2025 and oral argument on remedy was held May 9, 2025. On June 10, 2025, the Federal District Court issued an order denying Earthjustice’s request to vacate the permits and remanding the case to the agencies to supplement the National Environmental Policy Act analysis on the narrow issue regarding the analysis of a potential larger release from the tailings storage facility. The Court retained jurisdiction over the case during the remand and ordered the agencies to file periodic status updates with the court. The Corps, in consultation with BLM and other federal agencies, will be the lead agency for this Supplemental Environmental Impact Statement (“SEIS”) process to ensure a transparent, science-based review that provides the public and decision-makers with complete and accurate information. On October 27, 2025, Donlin Gold was also formally accepted into the Fixing America’s Transportation Act (“FAST-41”) program and coordinated by the Federal Permitting Improvement Steering Council. The FAST-41 is a federal initiative that increases transparency, accountability, and predictability in permitting. A Notice of Intent to prepare a SEIS was issued in January 2026, and the public comment period for the scoping process closed in February 2026. The draft SEIS was published on September 23, 2026. Public hearings are scheduled during October 2026, and publication of the final SEIS is anticipated in April 2027.

To date, all permits and approvals granted to Donlin Gold by federal and state agencies remain in place while the legal challenges described above proceed. We recognize the importance of preparedness and organization on these matters. Donlin Gold and its owners continue their unwavering support of the state and federal agencies in defending their thorough and diligent permitting processes, including working with the federal agencies and all stakeholders on an appropriate remedy to address the Federal District Court’s remand decision.

Financing Activities During 2026

The Company completed a private placement offering on February 5, 2026 of 31,020,000 common shares at a price of $10.00 per share for aggregate gross proceeds of $310.2 million less $16.2 million of issuance costs. The Company intends to use the net proceeds of the private placement for expenditures associated with Donlin Gold activities, exercise of the Company’s prepayment option on the promissory note with Barrick Mining Corporation (“Barrick”), and general corporate purposes.

Overview of Donlin Gold Transaction and Financing Activities During 2025

On June 3, 2025, NOVAGOLD and Paulson, through wholly-owned subsidiaries, completed a $1 billion acquisition of Barrick’s 50% interest in Donlin Gold (the “Donlin Gold Transaction”) pursuant to the terms of a membership interest purchase agreement dated April 22, 2025 (the “MIPA”) among Barrick Gold U.S. Inc. (“Barrick Gold”), Barrick, Paulson, DGH, a subsidiary of Paulson, and NGRA, a subsidiary of the Company. NOVAGOLD, through NGRA, acquired an additional 10% interest in Donlin Gold for $200 million, increasing its stake to 60% of Donlin Gold, while Paulson, through DGH, acquired the remaining 40% interest for $800 million. Both owners have equal governance rights in Donlin Gold. The Donlin Gold Transaction marks a significant milestone in a long-term strategy to advance the Donlin Gold project. NOVAGOLD’s portion of the acquisition was funded through a combination of a public equity offering and a concurrent private placement.

Amended and Restated Limited Liability Company Agreement for Donlin Gold LLC

In connection with the closing of the Donlin Gold Transaction, NGRA, DGH and Donlin Gold entered into an amended and restated limited liability company agreement (the “A&R LLC Agreement”) governing Donlin Gold, pursuant to which the Company and Paulson have equal governance rights. NGRA had previously entered into a limited liability company agreement with Barrick Gold and Donlin Gold (the “Prior LLC Agreement”) dated December 1, 2007, as amended from time to time. Pursuant to the terms of the A&R LLC Agreement, the primary amendments to the Prior LLC Agreement consist of the following:

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The deadlock provision contained in Article XVI of the Prior LLC Agreement has been replaced with a provision for non-binding mediation for dispute resolution.

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Consistent with the Prior LLC Agreement, the funding for Donlin Gold will be shared by both parties based on their percentage ownership. For example, since NGRA holds 60% of the membership interests of Donlin Gold, it will have the responsibility to fund 60% of the Donlin Gold expenses. However, regardless of the fact that DGH holds 40% of Donlin Gold, DGH and NGRA have equal governance rights. This adjustment to the parties’ voting interests, as set forth in the A&R LLC Agreement means that (i) NGRA’s voting percentage interests are defined as its membership interest from time to time less an absolute 10% and (ii) DGH’s voting percentage interests are defined as its membership interest from time to time plus an absolute 10%. For this reason, although NGRA holds 60% of the membership interests of Donlin Gold, it only has a 50% voting interest.

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The parties agree to manage the operations of Donlin Gold in a manner to avoid adverse tax consequences to the parties, including pursuant to Section 4943 of the Internal Revenue Code.

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Certain provisions in the Prior LLC Agreement have been deleted or amended as a result of such provisions being outdated or no longer relevant due to the current development and permitting status of Donlin Gold.

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Amended and Restated Promissory Note

Pursuant to the Prior LLC Agreement for Donlin Gold, the Company issued a promissory note to Barrick Gold to repay Barrick out of future mine production cash flow for a portion of Barrick’s prior expenditures on the Donlin Gold project. Concurrent with the Donlin Gold Transaction announcement on April 22, 2025, NOVAGOLD entered into a prepayment option agreement with Barrick, which provided the Company with an option to prepay the promissory note in full for $90 million prior to the closing of the Donlin Gold Transaction. The $90 million prepayment option was not exercised prior to closing. In connection with the closing of the Donlin Gold Transaction, on June 3, 2025 NGRA and Barrick Gold amended and restated the promissory note primarily to (i) modify the security package in order to exclude any property held by Donlin Gold or membership interest in Donlin Gold held by NGRA, but ensure it remains secured by NGRA’s right, title and interest to proceeds from Donlin Gold and (ii) provide the ability for NGRA to prepay and retire the promissory note for an aggregate of $100 million until December 3, 2026. In connection with the amended and restated promissory note, NGRA has made an irrevocable direction to Donlin Gold whereby Donlin Gold shall distribute to Barrick Gold, until the promissory note is fully repaid, 85% of distributed processed products, cash and other assets, and payments of 5% of certain net proceeds specified in the promissory note. As per the amended and restated promissory note, the principal amount owed is $158.9 million. The Company currently anticipates exercising its prepayment option in the fourth quarter of 2026.

Backstop Agreement

In order to ensure available financing for the Company’s $200 million obligation under the MIPA, funding commitments of up to $170 million were obtained from Electrum, Paulson, and Kopernik Global Investors, LLC, on behalf of investment funds and accounts managed by them (“Kopernik”, together with Electrum and Paulson, the “Investors”) pursuant to a backstop agreement dated April 22, 2025 (“Backstop Agreement”). Pursuant to the Backstop Agreement, the Investors agreed to purchase, on a non-brokered, private placement basis, up to $170 million in the Company’s common shares at $3.00 per share, representing up to 56,666,667 common shares in the aggregate.

While the Company did not exercise its rights provided by the Backstop Agreement, in consideration for entering into the Backstop Agreement, the Company issued an aggregate of 25,500,000 warrants to purchase the Company’s common shares (the “Warrants”), with each Warrant entitling the holder thereof to purchase one common share (a “Warrant Share”) at an exercise price of $3.00 per Warrant Share for a period of five years from the date of issuance. The Warrants contain a “cashless exercise” feature, such that, in lieu of making the cash payment otherwise contemplated to be made upon such exercise of the Warrant, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number of common shares determined according to a formula set forth in the Warrants. The Warrants were issued in the following amounts: (i) 12,750,000 Warrants to Paulson; (ii) 6,375,000 Warrants to Electrum; and (iii) 6,375,000 Warrants to Kopernik. During the nine months ended August 31, 2026, 796,875 Warrants were exercised by way of the cashless exercise feature, resulting in the issuance of 569,333 NOVAGOLD shares and the cancellation of 227,542 Warrants to cover the exercise price. As at August 31, 2026, 24,703,125 Warrants remained outstanding.

The Backstop Agreement further provided the Investors with registration rights, pursuant to which the Company had agreed to, among other things, file a registration statement with the SEC registering the resale of the Warrant Shares and to cause such registration statement to remain effective until the earlier of (a) three years from the issuance of the Subscribed Shares (which were not issued), (b) the date on which all of the Subscribed Shares and Warrant Shares shall have been sold, or (c) on the first date on which each Investor can sell all of its Subscribed Shares and/or Warrant Shares (or shares received in exchange therefor) under Rule 144 of the Securities Act without limitation as to the manner of sale or the amount of such securities that may be sold. The Backstop Agreement also contained customary indemnification and other provisions customary for registration rights of this type. Pursuant to discussions with the Investors and the Placement Investors (as defined below), the Company may file a resale registration statement in the future upon request of such investors with respect to the Warrant Shares or common shares issued pursuant to the Subscription Agreement (as defined below).

Public Offering and Concurrent Private Placement

On May 7, 2025, the Company entered into an underwriting agreement related to a public offering of 47,850,000 of the Company’s common shares at a public offering price of $3.75 per share (the “Underwriting Agreement”). In addition, the Company granted the underwriters an option exercisable for 30 days from the date of the Underwriting Agreement to purchase up to 7,177,500 of additional common shares of the Company (the “Overallotment Option”). The net proceeds from the public offering were approximately $169.7 million. The Overallotment Option was exercised in full on June 5, 2025, bringing the total net proceeds to the Company for the public offering and the Overallotment Option to approximately $195.2 million after deducting the underwriting discount and offering expenses. The Company made certain customary representations, warranties and covenants concerning the Company and the registration statement in the Underwriting Agreement and also agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).

Concurrently with the public offering announced in May 2025, the Company completed a private placement offering on May 9, 2025 of 17,173,853 common shares at a price equal to the public offering price for aggregate gross proceeds of approximately $64.4 million with Electrum and investment funds and accounts managed by Kopernik Global Investors, LLC (each a “Placement Investor”). The Company entered into a Subscription Agreement dated May 7, 2025 (the “Subscription Agreement”) with each of the Placement Investors setting out the terms of the concurrent private placement, which included similar resale registration rights as contained in the Backstop Agreement. The concurrent private placement closed on May 9, 2025.

Third Quarter 2026 Financial Results

Net loss and loss per share in the third quarter of 2026 were $36.0 million and $0.08, respectively, compared to net loss and loss per share of $15.6 million and $0.04, respectively, in the third quarter of 2025. NOVAGOLD’s net loss during the third quarter of 2026 increased by $20.4 million from the comparable prior year period primarily due to higher expenditures at Donlin Gold due to an acceleration of BFS activities and higher general and administrative expenses at NOVAGOLD primarily driven by ongoing professional fees related to the pending Transactions announced on July 22, 2026, partially offset by higher interest income in 2026.

The Company’s share of Donlin Gold expenses in the third quarter of 2026 was $16.5 million higher than the comparative prior year period due to ongoing 2026 activities by Fluor, WSP, Worley and Hatch to advance Donlin Gold’s BFS. General and administrative expenses increased in the third quarter of 2026 by $5.8 million from the comparable prior year period primarily due to higher professional fees, share-based compensation and corporate communication and regulatory fees. Professional fees increased by $5.3 million during the third quarter of 2026. The increase in professional fees was primarily due to legal fees in support of the pending Transactions announced on July 22, 2026. Share-based compensation expense in the third quarter increased by $0.3 million versus the comparative 2025 period primarily due to irregular timing of option and PSU grants over the previous 24-month period due to extended blackout periods and the associated vesting and expensing thereof. Corporate communication and regulatory fees in the third quarter increased by $0.2 million versus the comparative 2025 period primarily due to expenses related to the pending Transactions.

Net loss and loss per share for the nine months ended August 31, 2026 were $77.0 million and $0.18, respectively, compared to net loss and loss per share of $79.0 million and $0.22, respectively, for the first nine months of 2025. NOVAGOLD’s net loss during the first nine months of 2026 decreased by $2.1 million from the comparable prior year period primarily due to a $39.6 million non-cash charge recognized in the prior year related to warrants issued under the Backstop Agreement and higher interest income in 2026 partially offset by $30.8 million of incremental expenditures at Donlin Gold due to ongoing BFS activities and $12.8 million higher general and administrative expenses at NOVAGOLD. General and administrative expenses increased during the first nine months of 2026 from the comparable prior year period primarily due to higher professional fees for the same reasons discussed above. Professional fees are expected to remain elevated for the remainder of fiscal 2026 and into the early part of fiscal 2027 as we work toward the completion of the Transactions, currently expected to occur in the fourth calendar quarter of 2026.

Liquidity and Capital Resources

Liquidity Overview

The Company monitors its liquidity and capital resources on a regular basis to ensure it has sufficient liquidity and capital resources to meet its current operating and capital requirements. As of August 31, 2026, the Company had cash resources comprising cash and cash equivalents and term deposits totaling approximately $343.4 million, which management believes are sufficient to complete the Donlin Gold BFS, exercise the Company’s option to prepay the Barrick promissory note in the fourth calendar quarter of 2026, and cover corporate general and administrative costs for at least the next twelve months.

With the acceleration of Donlin Gold BFS activities since commencing in early-2026, NOVAGOLD’s share of Donlin Gold expenditures is expected to remain elevated over the next 12 to 18 months compared to historical levels and will increase further assuming the closing of the Transactions occurs in the fourth calendar quarter of 2026. Even if the Transactions are completed in 2026, the Company is fully funded to complete the Donlin Gold BFS and intends to exercise its option to prepay the Barrick promissory note in the fourth quarter of 2026. The Company expects to raise additional capital at some point to support additional future activities, including the commencement of detailed engineering.

Future funding to support developing the Donlin Gold project is anticipated to include, among other things, a combination of corporate debt and equity, project specific debt, infrastructure financing, royalty, stream, and government agency and/or sovereign wealth fund support. NOVAGOLD’s continued operations, in the longer term, are dependent on its ability to generate future cash flows and maintain sufficient capital resources. There is no assurance that the Company will be successful in its efforts to raise additional capital on favorable terms, or at all. For further information, refer to the section titled Item 1A. Risk Factors – Our ability to continue the exploration, permitting and development of the Donlin Gold project, to complete the Bankable Feasibility Study for the Donlin Gold project, to fund construction of the Donlin Gold project, and to continue as a going concern, will depend in part on our ability to obtain suitable financing in our Annual Report on Form 10-K.

NOVAGOLD is increasing its fiscal 2026 operating expenditure guidance by $11.5 million to approximately $110.0 million, reflecting higher corporate general and administrative costs of approximately $31.2 million, excluding share based compensation, and unchanged Donlin Gold funding guidance of approximately $78.8 million reflecting the Company’s 60% share of the Donlin Gold project expenditures for 2026. The $11.5 million increase in 2026 corporate general and administrative guidance reflects additional legal and other professional fees of $7.7 million incurred during the nine months ended August 31, 2026 and $3.8 million of anticipated expenses in the fourth quarter in support of the pending Transactions announced on July 22, 2026. The increase in 2026 corporate general and administrative guidance does not reflect anticipated fiscal 2027 professional fees and closing costs expected to be incurred through the closing of the Transactions.

The Donlin Gold funding in respect of 2026 expenditures is expected to remain in line with previous guidance, however, due to the pre-funding of December 2026 Donlin Gold activities (first fiscal month of 2027) in November 2026, a portion of 2026 funding will relate to Donlin Gold’s 2027 budget.

The Company’s financial position includes the following as of August 31, 2026:

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Cash and cash equivalents of $146.4 million, primarily held at three Canadian chartered banks with investment grade credit ratings.

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Term deposits of $197.0 million held at two Canadian chartered banks and one large U.S. bank with investment grade credit ratings and maturities of less than one year.

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Promissory note payable to Barrick of $177.5 million, including accrued interest at U.S. prime plus 2%, compounded semi-annually. The promissory note and accrued interest are payable from 85% of distributed processed products, cash and other assets, and payments of 5% of certain net proceeds specified in the promissory note. On June 3, 2025, the Company entered into an amended and restated secured promissory note with Barrick that provides the Company with an option to prepay the promissory note in full for $100 million on or before December 3, 2026. The Company intends to exercise the Barrick promissory note prepayment option during the fourth quarter of 2026.

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Cash Flows

In the third quarter of 2026, cash and cash equivalents increased by $68.2 million due to $95.0 million in net proceeds from maturing term deposits and $1.2 million in proceeds from the sale of marketable securities offset by $24.8 million in Donlin Gold funding and $3.3 million in corporate general and administrative costs.

Cash used in operating activities during the third quarter of 2026 was $2.4 million higher than the comparative prior year period. Cash provided by investing activities during the third quarter of 2026 increased by $331.6 million from the comparative prior year period primarily due to NOVAGOLD’s prior year payment of $210.1 million to complete the Donlin Gold Transaction, $137.0 million in net proceeds from maturing term deposits and $1.2 million in net proceeds from the sale of marketable securities, partially offset by $16.7 million of incremental Donlin Gold funding. Funding of Donlin Gold was higher in the third quarter of 2026 compared to the same period in 2025 due to the commencement of the Donlin Gold BFS in early-2026.

Cash provided by financing activities during the third quarter of 2026 decreased by $25.5 million from the comparative prior year period primarily due to $25.5 million in net proceeds from the exercise of an underwriter’s overallotment option related to the May 2025 equity offering received last year versus no financing activity during the third quarter of 2026.

Outstanding Share Data

As of October 2, 2026, the Company had 438,815,994 common shares issued and outstanding. Also, as of October 2, 2026, the Company had: i) a total of 24,703,125 warrants outstanding with an exercise price of $3.00 per share; ii) a total of 9,508,267 stock options outstanding; 8,153,267 with a weighted-average exercise price of $5.41 per share and the remaining 1,355,000 of those stock options with a weighted-average exercise price of C$7.23 per share; and iii) 1,902,400 PSUs; and iv) 339,973 deferred share units outstanding. Upon exercise or pay out, as applicable, of the foregoing convertible securities, the Company would be required to issue a maximum of 37,404,965 common shares.

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Item 3.

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Quantitative and Qualitative Disclosures about Market Risk

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Our financial instruments are exposed to certain financial risks, including credit and interest rate risks.

Credit Risk

Concentration of credit risk exists with respect to our cash and cash equivalents, and term deposit investments. Cash and cash equivalents are primarily held at three Canadian chartered banks with investment grade credit ratings. All term deposits are held at two Canadian chartered banks and one large U.S. bank with investment grade credit ratings and have maturities of less than one year.

Interest Rate Risk

The interest rate on the promissory note owed to Barrick is variable with the U.S. prime rate. Based on the amount owing on the promissory note as of August 31, 2026, and assuming all other variables remain constant, a 1% change in the U.S. prime rate would result in an increase/decrease of approximately $1.8 million in the interest accrued on the promissory note per annum.

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Item 4.

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Controls and Procedures

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Management, with the participation of our President and Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of August 31, 2026. On the basis of this review, our President and Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that the information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and to ensure that information required to be disclosed in the reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our President and Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

There have not been any changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) promulgated by the SEC under the Exchange Act) during the Company’s most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company’s internal controls over financial reporting are based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

PART II - OTHER INFORMATION

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Item 1.

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Legal Proceedings

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From time to time, the Company may be a party to litigation or legal proceedings that are considered ordinary routine litigation incidental to our business or not material. Notwithstanding the foregoing, please refer to the sections titled Litigation in Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K and Upholding current permits and working to secure key state approvals in Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Quarterly Report on Form 10-Q.

Lawsuits arising out of the Arrangement and the Transactions may be filed in the future. In addition, the Company has received demand letters on behalf of purported shareholders alleging that the Company’s preliminary proxy statement, filed on September 11, 2026, misrepresents and/or omits certain purportedly material information relating to the Company’s financial projections, the financial analyses performed by the Company’s financial advisors, potential conflicts of interest involving such financial advisors and the Company insiders and the negotiation process in connection with the Arrangement. The Company cannot predict the outcome of the demand letters or any lawsuits or other demand letters it may receive. The Company believes the claims asserted in the demand letters are without merit.

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Item 1A.

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Risk Factors

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Except as set forth below, there have been no material changes to the risk factors set forth in our Annual Report on Form 10-K. For risk factors related to the Transactions, please see the definitive proxy statement and management information circular filed with the SEC on October 5, 2026. The risk factors in our Annual Report on Form 10-K, in addition to the other information set forth in this quarterly report, could materially affect our business, financial condition or results of operations. Additional risks and uncertainties not currently known to us or that we deem to be immaterial could also materially adversely affect our business, financial condition or results of operations.

Increases in energy prices and inflationary pressures could materially increase our capital and operating costs and adversely affect the economic viability of our projects.

Global energy markets have experienced significant volatility, including increases in oil and fuel prices associated with geopolitical developments involving Iran and disruptions to shipping through the Strait of Hormuz. Prolonged disruptions in global energy supply or transportation routes may lead to sustained increases in oil and other energy prices.

Energy costs are a significant component of the cost of developing and operating mining projects. Sustained increases in the price of oil, fuel, power and other energy inputs may increase the cost of construction, transportation, equipment operation and the production and delivery of consumables used in mining operations. Higher energy prices may also contribute to broader inflationary pressures affecting the costs of labor, materials, equipment, reagents, contractors and other services required for the development and operation of our projects.

Estimated capital costs, operating costs, production levels and economic returns for the Donlin Gold project are based on assumptions regarding, among other things, input costs, energy prices, supply chains and inflation. If energy prices remain elevated or inflation persists, actual costs may be significantly higher than our current estimates. Higher costs or increased uncertainty regarding future costs could adversely affect project development decisions, reduce projected economic returns, require additional financing or result in delays in development or construction. Any of these factors could materially and adversely affect our business, financial condition, results of operations and the economic viability of our projects.

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Item 2.

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Unregistered Sales of Equity Securities and Use of Proceeds

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None.

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Item 3.

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Defaults Upon Senior Securities

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None.

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Item 4.

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Mine Safety Disclosures

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These disclosures are not applicable to us.

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Item 5.

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Other Information.

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None.

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Item 6.

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Exhibits

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See Exhibit Index.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t Date: October 8, 2026 \n\t\t\t	\n\t\t\t NOVAGOLD RESOURCES INC. \n\t\t\t



	\n\t\t\t By: \n\t\t\t	\n\t\t\t /s/ Gregory A. Lang \n\t\t\t
		\n\t\t\t Gregory A. Lang \n\t\t\t
		\n\t\t\t President and Chief Executive Officer \n\n\t\t\t (principal executive officer) \n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t By: \n\t\t\t	\n\t\t\t /s/ Peter Adamek \n\t\t\t
		\n\t\t\t Peter Adamek \n\t\t\t
		\n\t\t\t Vice President and Chief Financial Officer (principal financial and accounting officer) \n\t\t\t

EXHIBIT INDEX

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t Exhibit No. \n\t\t\t		\n\t\t\t Description \n\t\t\t

\n\t\t\t 2.1 \n\t\t\t		\n\t\t\t Arrangement Agreement, dated as of July 21, 2026, by and among NovaGold Corporation, NovaGold Resources Inc. and Paulson Advisers LLC (incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 22, 2026) \n\t\t\t
\n\t\t\t 2.2 \n\t\t\t		\n\t\t\t Master Implementation Agreement, dated as of July 21, 2026, by and among NovaGold Corporation, NovaGold Resources Inc., NovaGold Resources Alaska, Inc., Paulson Advisers LLC and Donlin Gold Holdings LLC (incorporated by reference to Exhibit 2.2 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 22, 2026) \n\t\t\t
\n\t\t\t 10.1 \n\t\t\t		\n\t\t\t Contribution Agreement, dated as of July 21, 2026, by and between NovaGold Corporation and Paulson Advisers LLC (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 22, 2026) \n\t\t\t
\n\t\t\t 10.2 \n\t\t\t		\n\t\t\t Investor Rights Agreement, dated as of July 21, 2026, by and between NovaGold Corporation and Paulson Advisers LLC (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 22, 2026) \n\t\t\t
23.1		Consent of Paul Chilson
\n\t\t\t 31.1 \n\t\t\t		\n\t\t\t Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a) \n\t\t\t
\n\t\t\t 31.2 \n\t\t\t		\n\t\t\t Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) \n\t\t\t
\n\t\t\t 32.1 \n\t\t\t		\n\t\t\t Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350 \n\t\t\t
\n\t\t\t 32.2 \n\t\t\t		\n\t\t\t Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350 \n\t\t\t
\n\t\t\t 99.1 \n\t\t\t		\n\t\t\t Form of D&O Voting Agreement (incorporated by reference to Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 22, 2026) \n\t\t\t
\n\t\t\t 99.2 \n\t\t\t		\n\t\t\t Form of Investor Voting Agreement (incorporated by reference to Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 22, 2026) \n\t\t\t
\n\t\t\t 101 \n\t\t\t		\n\t\t\t The following materials are filed herewith: (i) Inline XBRL Instance, (ii) Inline XBRL Taxonomy Extension Schema, (iii) Inline XBRL Taxonomy Extension Calculation, (iv) XBRL Taxonomy Extension Labels, (v) XBRL Taxonomy Extension Presentation, and (vi) Inline XBRL Taxonomy Extension Definition. \n\t\t\t
\n\t\t\t 104 \n\t\t\t		\n\t\t\t Cover Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. \n\t\t\t

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