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TSX, NYSE AMERICAN: NG | NOVAGOLD.COM NOVAGOLD AND PAULSON ADVISERS ANNOUNCE NEW PARTNERSHIP TO ADVANCE DONLIN GOLD April 22, 2025
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CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS This presentation includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding the benefits of the announced transaction with Paulson, NOVAGOLD’s anticipated expenditures and anticipated plans for the new partnership and Donlin following the completion of the transaction, statements regarding the permitting, potential development, exploration, construction and operation of Donlin Gold and statements relating to NOVAGOLD’s future operating and financial performance and production estimates. Such information is intended to assist readers in understanding NOVAGOLD’s current expectations and plans relating to the future. Such information may not be appropriate for other purposes. Forward- looking statements are frequently, but not always, identified by words such as “expects”, “continue”, “ongoing”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, “would” or “should” occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding the anticipated consummation and timing of the transaction; the expected timing of closing of the transaction; the satisfaction of the conditions precedent; the anticipated benefits of the transaction; timing of certain judicial and/or administrative decisions; the timing and potential for commencing a new feasibility study on the Donlin Gold project; the results of future feasibility studies; ongoing support provided to key stakeholders including Native Corporation partners; Donlin Gold’s continued support for the state and federal permitting process; sufficiency of working capital; the potential development and construction of the Donlin Gold project; the timing and ability for the Donlin Gold project to hit critical milestones; the ability for the Tier One gold development project to hit the anticipated projections; the sufficiency of funds to continue to advance development of Donlin Gold, including to a construction decision; perceived merit of properties; mineral reserve and mineral resource estimates; Donlin Gold’s ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; legal challenges to Donlin Gold’s existing permits and the timing of decisions in those challenges; whether the Donlin Gold LLC board will continue to advance the Donlin Gold project safely, socially responsibly and to sustainably generate value for our stakeholders; continued cooperation between the owners of Donlin Gold LLC to advance the project; the Company’s ability to deliver on its strategy with the Donlin Gold project, increasing shareholder and stakeholder wealth; the success of the strategic mine plan for the Donlin Gold project; the success of the Donlin Gold community relations plan; the outcome of exploration drilling at the Donlin Gold project and the timing thereof; and the completion of test work and modeling and the timing thereof. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the expectations of NOVAGOLD management’s estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include failure to satisfy or waive the closing conditions to the transaction; the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to complete an updated feasibility study and to explore and develop properties; availability of financing in the debt and capital markets; disease pandemics; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; development and eventual construction of the Donlin Gold property; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non- compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties disclosed in NOVAGOLD’s most recent reports on Forms 10-K and 10-Q, particularly the “Risk Factors” sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD’s website at www.novagold.com, or the SEC’s website at www.sec.gov, or on SEDAR+ at www.sedarplus.ca. The forward- looking statements contained herein reflect the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. Forward-looking statements contained in this presentation are based on a number of material assumptions, including but not limited to the following, which could prove to be significantly incorrect: our ability to achieve production at any of our mineral exploration and development properties; estimated capital costs, operating costs, production and economic returns; estimated metal pricing, metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying our resource and reserve estimates; our expected ability to develop adequate infrastructure and that the cost of doing so will be reasonable; assumptions that all necessary permits and governmental approvals will be obtained and the timing of such approvals; assumptions made in the interpretation of drill results, the geology, grade and continuity of our mineral deposits; our expectations regarding demand for equipment, skilled labor and services needed for exploration and development of mineral properties; and that our activities will not be adversely disrupted or impeded by development, operating or regulatory risks. CAUTIONARY NOTE CONCERNING RESERVE & RESOURCE ESTIMATES This presentation uses the terms “mineral resources”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. Mineral resources that are not mineral reserves do not have demonstrated economic viability. You should not assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. Further, inferred mineral resources have a lower level of confidence than that applying to indicated mineral resources and may not be converted to mineral reserves. The SEC’s current mining disclosure rules (“S-K 1300”) are more closely aligned with current industry and global regulatory practices and standards, including National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. While S-K 1300 is more closely aligned with NI 43-101 than the prior SEC mining disclosure rules, there are some differences. Notably, unlike NI 43-101, S-K 1300 requires that resources be disclosed exclusive of mineral reserves, and that mineral resources and reserves be disclosed on the basis of our interest in them. The resource and reserve estimates included in the 2021 Technical Report (as defined below) and the S-K 1300 Technical Report Summary (as defined below) have been prepared in accordance with NI 43-101 and S-K 1300, respectively. Paul Chilson,P.E., who is the Manager, Mine Engineering for NOVAGOLDand a “qualifiedperson” under NI 43-101 and S-K 1300, has approved the scientificand technical information contained in this presentation. ALL DOLLAR AMOUNTS QUOTED IN THIS REPORT ARE IN U.S. CURRENCY UNLESS OTHERWISE NOTED. Project Donlin Gold Qualified Person(s) Kirk Hanson, MBA, P.E. Michael Woloschuk, P.Eng. Henry Kim, P.Geo. Wood Canada Limited Most Recent Disclosure “NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA” (“2021 Technical Report”) prepared by Wood Canada Limited (“Wood”), effective June 1, 2021. “S-K 1300 Technical Report Summary on the Donlin Gold project, Alaska USA” (“S-K 1300 Technical Report Summary”) prepared by Wood, dated November 30, 2021. 2 “The announcement of our new partner, Paulson Advisers, marks the watershed moment in our company’s ambition to unlock conscientiously the full value of Donlin Gold. For such a prescient and illustrious gold investor as John Paulson to share our belief that Donlin Gold constitutes one of the best and most jurisdictionally attractive gold development projects in the world — and indeed worthy of such an extraordinary investment — is truly catalytic for NOVAGOLD.” Dr. Thomas S. Kaplan, NOVAGOLD’S CHAIRMAN
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3 NOVAGOLD AND PAULSON TO ACQUIRE 50% OF DONLIN GOLD FROM BARRICK GOLD IN $1 BILLION TRANSACTION PROPOSED TRANSACTION ▪ NOVAGOLD (50%) and Paulson Advisers LLC (“Paulson”) to jointly acquire Barrick Gold’s 50% interest in Donlin Gold LLC ▪ Pro Forma Donlin Gold LLC ownership: NOVAGOLD (60%) and Paulson (40%) with joint operational management CONSIDERATION ▪ US$1.0 billion in cash to Barrick Gold ▪ Paulson to pay US$800 million and NOVAGOLD to pay US$200 million NOVAGOLD FINANCING ▪ Paulson, The Electrum Group (“Electrum”), and Kopernik Global Investors to provide backstop guarantee for up to US$170 million of shares at US$3.00/share1 ▪ NOVAGOLD to fund US$30 million directly from treasury2 ▪ NOVAGOLD to evaluate range of financing options to replace all or part of its backstop and enhance financial flexibility PROMISSORY NOTE ▪ NOVAGOLD has the option to purchase the promissory note to Barrick for US$90 million if purchased prior to closing, or US$100 million if purchased within 18 months from closing APPROVALS ▪ Subject to customary closing conditions and regulatory approvals TIMING ▪ Expected to close late in Q2 or early Q3 2025 “For myriad reasons, Paulson is quite literally the finest partner we could have hoped for. The embodiment of ‘smart money’, John has been recognized as having a unique ability to identify the right vehicle to execute legendary trades. John and his team’s exp ertise and counsel will be invaluable as we work to advance Donlin Gold through feasibility, financing, and production.” Dr. Thomas S. Kaplan, NOVAGOLD’S CHAIRMAN 1. Paulson, Electrum and Kopernik to receive five-year warrants to purchase an aggregate of 25.5 million common shares at US$3.00 per share. 2. The Company may, but is not required to, raise capital to reduce the amount of common shares issued under the commitment agreements. Any amounts raised by NOVAGOLD would first reduce the Company’s US$30 million cash commitment. All amounts raised under the commitment agreement must be used for the acquisition of the membership interests from Barrick.
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WHY NOVAGOLD ? DONLIN GOLD IS SIMPLY UNIQUE IN THE GLOBAL GOLD SPACE IN ITS RARE COMBINATION OF KEY ATTRIBUTES: Production Profile Potential to produce 1.1 Moz annually over 27 years1 at cash costs in the lower half of the industry’s cost range Exploration Upside Exploration potential on strike, at depth, and within the district Jurisdictional Safety High-Grade at Scale Partnerships 39 Moz gold contained in measured and indicated mineral resources2 at 2.24 g/t gold3 Alaska is a world-leading mining jurisdiction4 with a well-established tradition of responsible mining Project located on private land owned by two Native Corporation partners Commitment to ESG Ecological stewardship, the well-being of our people and communities, and good governance Federal permits are in hand5 and outstanding state permitting is on-trackPermitting Experienced Team New partnership leverages Paulson’s gold expertise with NOVAGOLD’s mine building capabilities Shareholder Support Strong support from dedicated, long-term institutional investors 4 See endnote for this slide in Appendix See Mineral Reserves & Mineral Resources table in Appendix
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TRANSACTION OVERVIEW 5 NOVAGOLD Share Price v. Junior Gold Miners ETF (GDXJ) (US$/share, GDXJ Rebased to NG Share Price) Source: FactSet. Market data as of 4/18/2025. ALIGNING PARTNER PRIORITIES AND SEEKING TO RESTORE NOVAGOLD’S TRADITIONAL POSITION AS ONE OF THE PREMIER “GO-TO” GOLD DEVELOPMENT EQUITIES $0 $2 $4 $6 $8 $10 $12 $14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 NovaGold GDXJ
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Peak: $4.0 Low: $0.8 $1.0 $1.0 -- $1.0 $2.0 $3.0 $4.0 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Purchase Price for Barrick's 50% Interest in Donlin TRANSACTION OVERVIEW 6 NOVAGOLD Market Capitalization (US$bn) Source: FactSet. Market data as of 4/18/2025. THE WAIT IS OVER: THE BREAKTHROUGH TRANSACTION FOR DONLIN GOLD AND ITS STAKEHOLDERS
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TRANSACTION OVERVIEW Backdrop Underlying gold price fundamentals are stronger than ever Catalysts Post transaction close, under the direction of the new co-owners, investors can look forward to a dynamic and sustained narrative of progress, with the following action items expected: ✓ Commencing workstreams to update the Feasibility Study, including assembling a specially dedicated team to advance the efforts ✓ Shifting the drill program to the conversion and future expansion of reserves and resources ✓ Enhance the social license and community outreach initiatives with partners and landowners, Calista Corporation (“Calista”) and The Kuskokwim Corporation (TKC) ✓ Advance technical work and engineering designs ✓ Obtaining remaining state permits ✓ Maintain existing federal and state permits in good standing 7 A CATALYTIC TRANSACTION RETURNING NOVAGOLD TO ESCAPE VELOCITY WITH THE PERFECTLY ALIGNED PARTNER
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TRANSACTION OVERVIEW 8 Case Study: Antofagasta’s 18.9% stake in Buenaventura (US$/Share) Source: FactSet. $9.27 $18.67 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 Dec-22 Feb-23 May-23 Aug-23 Oct-23 Jan-24 Apr-24 Jun-24 LONG-TERM, STRATEGICALLY ALIGNED PARTNERS CAN ENHANCE VALUE1 Market re-rated Buenaventura’s share price >100% after Antofagasta announced its 18.9% stake in the company See endnote for this slide in Appendix
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TRANSACTION OVERVIEW ABOUT PAULSON Select Gold Mining Investments ▪ Founded by John Paulson, it’s a private global investment advisory firm headquartered in Palm Beach, Florida ▪ Proven talent in seeing the “Big Trade” and identifying the right vehicles with which to leverage those convictions ▪ One of NOVAGOLD’s longest-standing and most engaged investors – as well as second largest shareholder (8.1% shares I/O) ▪ A successful track record of investments in the gold space – ranging from gold mine developers to major gold producers 9 “Donlin Gold is one of the most attractive undeveloped gold projects in the world. With 39 million ounces of gold at double the industry average grade, and an optimal location in the prime jurisdiction of Alaska — already the second largest gold-producing state in the United States — we believe that the project could create value for decades to come. Enjoying excellent social license and formidable exploration upside potential to significantly expand its resources and production profile, Donlin Gold constitutes a superb opportunity for us to gain leverage to gold in the United States. Together with Donlin Gold’s partners, Calista and TKC, we are dedicated to responsibly advance the Donlin Gold project.” John Paulson April 22, 2025
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10 TRANSACTION OVERVIEW CASE STUDY: TURNAROUND OF DETOUR GOLD1 In 2018, Paulson led an immensely successful turnaround campaign of Detour Gold DETOUR GOLD – IMPLIED SHARE VALUE OVER TIME(2)(3) (C$/share) December 2018: Paulson appoints five directors to Detour’s board Value derived from Kirkland share price following its acquisition of Detour in Jan-2020 Source: FactSet. See endnote for this slide in Appendix ▪ Paulson invested over $500 million in Detour Gold ▪ In December 2018, Paulson’s five nominated directors were approved ▪ After key changes, the company successfully optimized the mine plan, improving recoveries and reduced AISC by ~$250/oz in less than one year ▪ In 2019, one year after key company changes, Kirkland Lake acquired Detour for $3.7 billion ▪ Investing alongside Paulson would have returned: ▪ 132% in just over 1 year (upon Kirkland acquisition closing)1 ▪ 450%+ over 6 years (investment to-date)3 Value derived from Agnico share price following its acquisition of Kirkland in Feb-2022 Multiple LOM plan edits with cost increases and permitting delays -- C$10 C$20 C$30 C$40 C$50 C$60 2016 2017 2018 2019 2020 2021 2022 2023 2024
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IT’S ALL ABOUT GOLD NOW…AND THE PARTNERS FIRMLY BELIEVE THAT IT WILL REMAIN SO “In an environment where gold is hitting new highs, yet gold equities remain deeply undervalued, astute investors should take note. The current opportunity is as compelling as any we’ve seen in the history of the gold market” “ – “What Is The Cost Of Being Early?” Goehring & Rozencwajg (August 2024) DEMAND DRIVERS SUPPLY PRESSURES Historic Safe-haven Appeal Asset Diversification Inflation/Deflation Protection Emerging Market Demand Dwindling Discovery Rates Decreasing Ore Grades Central Banks (Record) Buyers, Not Sellers Jurisdictional Risk Source: FactSet. Market data as of 4/18/2025. WHY GOLD ? GOLD SURGES PAST POST-GLOBAL FINANCIAL CRISIS AND COVID RECORDS (US$/oz) 11 $1,884 $2,035 $3,327 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 Apr-08 Feb-11 Dec-13 Oct-16 Aug-19 Jun-22 Apr-25
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$1,300 $1,500 $1,700 $2,000 $2,500 8.8B 13.1B 17.5B 22.5B 31.6B 1.2B 3.0B 4.9B 7.2B 11.2B Net Present Value (NPV) (US$ in billions) $0 $10 $20 $30 $35 $25 $15 $5 NPV at 0%NPV at 5% Operating and capital costs per Donlin Gold 2021 Technical Report and S-K 1300 Technical Report Summary not adjusted for inflation WHY NOVAGOLD ? 12 See endnote for this slide in Appendix EXTRAORDINARY LEVERAGE TO GOLD IN A JURISDICTION WHERE ONE CAN KEEP THE FRUITS OF THAT LEVERAGE
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13 13 OPERATION Today 1.5Moz/year1 first five full years 1.1Moz/year1 life of mine (27 years) UPDATED FEASIBILITY STUDY ENGININEERING & CONSTRUCTION ~2 yrs 4-5 yrs 27 yrs SIZE MATTERS: EXCEPTIONAL OPPORTUNITY FOR VALUE CREATION FOR DECADES TO COME PROJECT TIMELINE 13 See endnote for this slide in Appendix
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14 HIGH-GRADE AT SCALE 14 See endnote for this slide in Appendix 1 2 3
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MORE TO COME: EXCELLENT EXPLORATION POTENTIAL TO ADD VALUE – AND VALUATION – BY EXPANDING CURRENT RESOURCES The next big gold discovery could be at Donlin Gold Extensive exploration potential remains at depth in the pits and along strike from Queen to Ophir ▪ A total of 39 Moz1 (100% basis) have been defined in the ACMA and Lewis pits with approximately 1,400 drillholes totaling more than 339 km ▪ Mineral Reserves and Mineral Resources are contained in the ACMA and Lewis pits occupying only 3 km of an 8 km mineralized belt, which itself is located on less than 5% of Donlin Gold’s total mineral land package Queen Ophir ACMA Pit Lewis Pit Snow Quartz Dome Far Side See endnote for this slide in Appendix See Mineral Reserves & Mineral Resources table in Appendix EXPLORATION UPSIDE 15
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LOCATION, LOCATION, LOCATION ALASKA: WORLD-LEADING MINING JURISDICTION ▪ Unleashing Alaska’s Extraordinary Resource Potential (President’s Executive Order No. 14153)1 ▪ 2nd largest gold-producing state in the U.S.2 ▪ $4.5B value of annual non-fuel mineral production in Alaska (6th highest in U.S.)3 ▪ $1.1B spend on goods and services by the mining industry with 450+ Alaska businesses4 ▪ 11,800 total direct and indirect jobs attributed to Alaska mining industry4 ▪ Alaska ranks 13th best out of 117 mining jurisdictions on the Global Investment Risk Index. One of only 13 mining jurisdictions to receive a AA rating in 2024 (No AAA ratings awarded)5 Manh Choh JURISDICTIONAL SAFETY Donlin Gold is one of Alaksa’s “most important and necessary economic development projects.” “ 2024 joint amicus brief Filed by U.S. Senators Lisa Murkowski and Dan Sullivan and then U.S. Representative Mary Peltola See endnote for this slide in Appendix 16
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LONG-STANDING PARTNERSHIPS WITH ALASKA NATIVE CORPORATIONS A generational opportunity Calista Corporation: ▪ Calista board selected the land for resource development through the Alaska Native Claims Settlement Act of 1971 ▪ Generate employment opportunities and economic benefits for Calista shareholders ▪ Leased the property to Donlin Gold for development to benefit shareholders ▪ Exploration and mining lease ▪ Hiring preference: shareholders, spouses, and descendants ▪ Bidder’s preference for subsidiaries ▪ Contributions to scholarship program Donlin Gold is located on private land which was designated by law for mining activities five decades ago, and owned by Native Corporations The Kuskokwim Corporation: ▪ Surface Use Agreement ▪ Contributions to Kuskokwim Educational Foundation scholarship ▪ Hiring preference: shareholders, spouses, and descendants ▪ Bidder’s preference for subsidiaries ▪ Agreement on construction and operation of Jungjuk port ▪ Oversight during mine closure and reclamation ANDREW GUY, PRESIDENT & CEO ANDREA GUSTY, PRESIDENT & CEO 17 PARTNERSHIPS 17
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ENVIRONMENT Commitment to responsible mining, ecological stewardship, and minimizing environmental impacts COMMUNITIES Protection of community health, traditions, and fostering positive relationships CORPORATE GOVERNANCE Strong corporate governance, ethical conduct, and accountability at all levels CALISTA CORPORATION “This land has been stewarded by the Alaska Native people of the Yukon-Kuskokwim region since time immemorial and Calista continues to be engaged in all aspects of the Donlin Gold project. Donlin Gold represents a most valuable resource and a commitment to responsible development that honors the land and the legacy of our Elders and ancestors. We strongly welcome Paulson as a new partner — together we can create a future that respects our heritage while embracing economic opportunities.” Andrew Guy, Calista’s President and CEO THE KUSKOKWIM CORPORATION “TKC’s priorities have always been clear: support our Shareholders and protect our land. We support resource development when it can be done responsibly — aligned with our values of sustainability, community investment, and respect for traditional ways of life. The advancement of the Donlin Gold project represents a once-in-a- generation opportunity. Like all development, it must be guided by our obligation to steward the land — ensuring today’s opportunities do not compromise tomorrow’s. We trust our project partners—and TKC’s direct involvement—to help ensure the project moves forward with environmental protection as a top priority. We remain focused on approaching the Donlin Gold project with care and foresight—so that economic progress is balanced with our subsistence way of life and the integrity of our homeland.” Andrea Gusty, TKC’s President and CEO 18 STEADFAST COMMITMENT TO THE ENVIRONMENT AND COMMUNITY COMMITMENT TO ESG HEALTH & SAFETY Prioritizing the safety and well-being of employees at all times
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State Permitting Completed ✓ Air Quality ✓ Alaska Pollutant Discharge Elimination System ✓ Clean Water Act Section 401 Certification1 ✓ Reclamation Plan ✓ Title 16 Fish Habitat ✓ Waste Management ✓ Pipeline Right-of-Way1 ✓ Land leases, easements, and use agreements (non-pipeline) ✓ Water Rights1 ✓ Public Right-of-Way re-locations in mine area and along access road KEY FEDERAL PERMITS FOR DONLIN GOLD ARE IN HAND, FINAL STATE PERMITTING IS ON-TRACK FOR COMPLETION Federal Permitting Completed ✓ Final Environmental Impact Statement (EIS)1 ✓ Joint Record of Decision (ROD) by the U.S. Army Corps of Engineers and Bureau of Land Management (BLM)1 ✓ Section 10/404 (wetlands) permit and BLM Offer to Lease for pipeline1 ✓ Pipeline and Hazardous Materials Safety Administration See endnote for this slide in Appendix State Permitting on-track ✓ Dam safety (multi-year commitment) ✓ Submitted preliminary design packages as next step in State approval process 19 Permitting is a thorough, extensive and inclusive undertaking with the Federal and State agencies, Native Corporation partners and the local communities, and that includes broad outreach in Alaska and Washington, D.C. PERMITTING 19 See endnote for this slide in Appendix
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Greg Lang President & CEO ▪ Former President of Barrick Gold North America ▪ 40+ years of experience building & operating major open-pit and underground mines (Goldstrike, Cortez, Turquoise Ridge, Bald Mountain) ▪ Diverse experience in mine operations,project development and evaluations Richard Williams VP & Chief Operating Officer ▪ Led the design and construction of the Pueblo Viejo project in the Dominican Republic ▪ 40+ years of experience developing and operating major mines (Goldstrike and Mercur) ▪ Experienced leader in autoclave technology ▪ Member of the American Institute of Mining, Metallurgical, and Petroleum Engineers; CIM Peter Adamek VP & Chief Financial Officer ▪ Former VP, Finance of Hudbay Minerals Inc. ▪ 20+ years of expertise in corporate finance, capital markets, financial reporting, tax, and information technology in the mining sector Mélanie Hennessey VP, Corporate Communications ▪ 20 years of experience in financial markets, corporate governance, Indigenous relations, sustainability, M&A, compensation, risk management, crisis preparedness and response ▪ Previously held executive, senior IR & corporate communications positions with Goldcorp, New Gold, and Hecla Mining Company Ben Machlis VP & General Counsel ▪ Former Dorsey & Whitney LLP Partner ▪ 15+ years of experience advising clients in mining transactions, permitting, environmental compliance and closure ▪ Previously served as Chair of Regulatory Affairs Practice Group and Co-chair of Mining Industry Group at Dorsey & Whitney LLP 20 TIER ONE MANAGEMENT TEAM EXPERIENCED TEAM
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Dr. Thomas Kaplan Chairman ▪ Chairman, CIO and CEO of The Electrum Group LLC, a privately held natural resources investment management company that controls a focused portfolio of precious and base metals assets Hume Kyle ▪ Former Executive VP and CFO, Dundee Precious Metals ▪ Former VP, Finance and CFO of Fort Chicago Energy Partners, L.P. Dr. Elaine Dorward-King ▪ Former Executive VP of Sustainability and External Relations at Newmont Corporation ▪ Serves as a director of Sibanye-Stillwater, Kenmare Resources plc, and Nevada Copper Kalidas Madhavpeddi ▪ Chair, Glencore plc ▪ Former SVP, Phelps Dodge for Global Business Development ▪ President of Azteca Consulting and director of Dundee Precious Metals Daniel Muñiz Quintanilla ▪ Former Managing Director (CEO) & Executive Chair of Americas Mining, the mining division of Grupo Mexico ▪ Serves as director of Brookfield Infrastructure Partners LP, and First Majestic Silver Corp. Kevin McArthur ▪ Former CEO, Goldcorp, Glamis Gold, and Tahoe Resources ▪ Non-executive director, Royal Gold and First Quantum Minerals Dr. Diane Garrett ▪ President, CEO and director of Hycroft Mining Holding Corporation ▪ Former President and CEO of Nickel Creek Platinum and Romarco Minerals Dawn Whittaker ▪ Board Chair, Triple Flag Precious Metals Corp ▪ Former director, Sierra Metals, Detour Gold, and Kirkland Lake Gold Greg Lang President & CEO ▪ Former President of Barrick Gold North America ▪ Serves as director of Trilogy Metals Ethan Schutt ▪ Executive VP & General Counsel, Bristol Bay Native Corporation; Board Trustee, Alaska Permanent Fund ▪ Former CEO, Alaska Native Resource Development LLC, Former SVP, Land and Energy Development, Cook Inlet Region Inc. 21 BOARD OF DIRECTORS EXPERIENCED TEAM
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Common shares issued & outstanding2 : 334,646,571 Options2: 8,258,700 PSUs2 : 1,225,100 DSUs2 : 307,555 Warrants2 : 25,500,000 TOP 10 SHAREHOLDERS 8.1% Paulson Advisers LLC 7.8% First Eagle Investment Management, LLC 6.1% BlackRock, Inc. 6.0% Lingotto Investment Management LLP 5.4% Kopernik Global Investors 3.7% Fidelity Management & Research 3.2% The Vanguard Group, Inc. 2.4% Pictet & Cie (Europe) 2.1% Van Eck Associates Corporation 29.8% STRONG INSTITUTIONAL SHAREHOLDER BASE The 10 largest shareholders hold 70% of shares issued and outstanding1 70.2% ALL OTHER SHAREHOLDERS 25.4% Electrum Strategic Resources LP & affiliates SHAREHOLDER SUPPORT 22 See endnote for this slide in Appendix
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APPENDIX 23
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Donlin Gold Tonnage Grade Metal content Attributable to NOVAGOLD GOLD kt g/t Au koz Au koz Au Reserves1 Proven 7,683 2.32 573 344 Probable 497,128 2.08 33,276 19,966 P&P 504,811 2.09 33,849 20,309 MINERAL RESERVES *Mineral reserves and mineral resources are reported on a 100% basis and on a 60% basis. This assumes completion of the acquisition of additional 10% interest in Donlin Gold from Barrick. Donlin Gold approximate cut-off grades (see Mineral Reserves and Resources Endnotes): Reserves 1 : 0.57 g/t gold Resources2 : 0.47 g/t gold t = metric tonne g/t = grams/tonne oz = troy ounce k = thousand a) These Mineral Reserve estimates have been prepared in accordance with NI 43-101 and the 2014 CIM Definition Standard and S-K 1300. b) Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and contained metal content. c) Tonnage and grade measurements are in metric units. Contained gold is reported as troy ounces. APPENDIX 24 See endnote for this slide in Appendix
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*Mineral reserves and mineral resources are reported on a 100% basis and on a 60% basis. This assumes completion of the acquisition of additional 10% interest in Donlin Gold from Barrick. Donlin Gold approximate cut-off grades (see Mineral Reserves and Resources Endnotes): Reserves1 : 0.57 g/t gold Resources2 : 0.47 g/t gold t = metric tonne g/t = grams/tonne oz = troy ounce k = thousand MINERAL RESOURCES a) These Mineral Resource estimates have been prepared in accordance with NI 43-101 and the 2014 CIM Definition Standard and S-K 1300. b) Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and contained metal content. c) Tonnage and grade measurements are in metric units. Contained gold is reported as troy ounces. Donlin Gold Tonnage Grade Metal content Attributable to NOVAGOLD GOLD kt g/t Au koz Au koz Au Resources2, exclusive of Reserves Measured 869 2.23 62 37 Indicated 69,402 2.44 5,435 3,261 M&I 70,271 2.43 5,497 3,298 Inferred 92,216 2.02 5,993 3,596 Resources2, inclusive of Reserves Measured 7,731 2.52 626 376 Indicated 533,607 2.24 38,380 23,028 M&I 541,337 2.24 39,007 23,404 Inferred 92,216 2.02 5,993 3,596 APPENDIX 25 See endnote for this slide in Appendix
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DONLIN GOLD Key financial economic & production data Initial capital costs $7.4B Sustaining capital costs over LOM (27 years) $1.7B Average annual gold production LOM 1.1 Moz First 5 years 1.5 Moz Economic outcomes at $1,500/oz gold After tax cash flow $13.1B After tax NPV (5%) $3.0B After tax IRR 9.2% After tax payback 7.3 years LOM operating costs Area $/t Processed $/t Mined $/oz Au Mine operations 16.70 2.59 278 Processing operations 13.70 2.12 228 Administration 3.49 0.54 58 Land & royalty payments 4.32 0.67 72 Total (differences due to rounding) 38.21 5.90 635 Full technical reports available on NOVAGOLD’s website here: https://www.novagold.com/properties/donlin_gold/technical_report/ APPENDIX 26 Source: 2021 Technical Report and S-K 1300 Technical Report Summary (100% basis)
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PROJECT HISTORY • Placer gold discovered at Snow Gulch • Alaska Native Claims Settlement Act • Calista Corporation founded by Yukon- Kuskokwim region village leaders • Calista identified Donlin Creek area • Calista and The Kuskokwim Corporation (TKC) reached an agreement for mining rights with Placer Dome • Donlin Creek Joint Venture, between Placer Dome and NOVAGOLD formed • Barrick acquires Placer Dome • Donlin Creek LLC (now Donlin Gold LLC) formed • Second Feasibility Study completed • Donlin Gold LLC Board gave authorization to commence permitting • Permit application submitted to U.S. Army Corps of Engineers • Activities focused on Environmental Impact Statement preparation through 2018 • Successful drill campaigns completed at Donlin Gold through 2022 • Received Federal permits - Corps published final EIS and with the BLM issued a joint Federal Record of Decision, Section 404/10 permits, and pipeline right-of-way (ROW) • Received final State ROW authorization for natural gas pipeline • Received final state land use authorizations for project infrastructure • Updated NI 43-101 Technical Report and S-K 1300 Technical Report Summary on Donlin Gold (2020 cost update) • Extensive trade-off studies, advancing the resource model, supporting permitting activities and maintaining social license in good standing 1909 1995 2006-2007 2012 2018 2021 2001 2011-2012 2017 2020 2022-20241971-1972 APPENDIX 27
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ENDNOTES APPENDIX SLIDE 4 – Donlin Gold is simply unique in the global gold space in its rare combination of key attributes: 1. Anticipated annual gold production during full life of mine if put into production as contemplated in the 2021 Technical Report and the S-K 1300 Technical Report Summary. See “Cautionary note concerning Reserve & Resource Estimates” and “Mineral Reserves & Mineral Resources” tables on slides 2, 24 and 25. 2. Represents 100% of measured and indicated resources, inclusive of mineral reserves, of which 50% is attributable to NOVAGOLD. Donlin Gold is not in production and a construction decision has not been made. For more information see “Cautionary Note Concerning Reserve and Resource Estimates” and “Mineral Reserves & Mineral Resources” tables on slides 2, 24 and 25. 3. Represents average grade of measured and indicated mineral resources, inclusive of mineral reserves. See “Cautionary Note Concerning Reserve and Resource Estimates” and “Mineral Reserves & Mineral Resources” tables on slides 2, 24 and 25. 4. Per Mining Journal intelligence – World Risk Report 2024 Alaska received an AA rating, ranks number 13th globally on the Investment Risk index. 5. Under appeal. Appeals challenging permits in State courts have been unsuccessful to date and the Biden Administration fully defended the Federal permitting decisions. In the Federal litigation challenging the Donlin Gold Joint Record of Decision, including the 404 permit and ROW for portions of the pipeline crossing federal lands, the Court issued a decision on September 30, 2024. The decision upheld the federal agencies’ analysis on two of the three issues raised in the litigation, but agreed with plaintiffs that the federal agencies took too narrow 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 has been scheduled for May 9, 2025. SLIDE 8 – Long-term, strategically aligned partners can enhance value 1. The slide regarding Antofagasta’s investment in Buenaventura is presented solely to demonstrate NovaGold’s belief in the value of having long-term investors. It is not intended, nor should it be read, as a predictor of results of investing in NOVAGOLD. SLIDE 10 – Case Study: Turnaround of Detour Gold 1. The slide regarding Paulson’s investment in Detour Gold is presented solely to demonstrate Paulson’s past experience investing in gold companies. It is not intended, nor should it be read, as a predictor of results of investing in NOVAGOLD. 2. Assumes entry at Detour’s closing price of C$10.18/share on November 15, 2018, when Paulson Advisers announced its purchase of additional shares and called for the immediate resignation of CEO Michael Kenyon and Chairman Alex Morrison. Assumes exit upon January 31, 2020 close of Kirkland Lake acquisition and receipt of 0.4343 shares at its C$54.27/share closing price. Figures exclude the value of any dividends paid. 3. Assumes exit at Agnico Eagle’s closing share price of C$168.38 on April 18, 2025, considering subsequent receipt of 0.7935 Agnico shares for each Kirkland share. Figures exclude the value of any dividends paid. SLIDE 12 – Extraordinary leverage to gold in a jurisdiction where one can keep the fruits of that leverage 1. Donlin Gold estimates as per the 2021 Technical Report and the S-K 1300 Technical Report Summary, except as noted below. All dollar figures are in USD, represent 100% of the project of which NOVAGOLD’s share is 50%, and reflect after-tax net present value (at 0% and 5% discount rates) of the Donlin Gold project using the reference date of start of Year -06 as the first year of discounting. Estimated owner’s initial capital project development costs of approximately $348M to be spent prior to the reference date are treated as sunk costs. At a 5% discount rate, the net present value is: ($1,832M) @ $1,000 gold; $202M @ $1,200 gold; $1,161M @ $1,300 gold; $3,040M @ $1,500 gold; $4,887M @ $1,700gold; $7,229M @ $2,000 gold; and $11,199M @ $2,500 gold. Gold price sensitivity was evaluated to a maximum of $2,500 per troy ounce as part of the 2021 Technical Report and the S-K 1300 Technical Report Summary. Additional sensitivity analysis at higher gold prices was performed by the Company, calculated on the same basis as the 2021 Technical Report and the SK-1300 Technical Report Summary. The project requires a gold price of approximately $930 per ounce to break even on an undiscounted cash flow basis and a gold price of approximately $1,180 per ounce to break even on a 5% discounted basis. SLIDE 13 – Size Matters: exceptional opportunity for value creation for decades to come 1. Donlin Gold data as per the report titled “NI 43-101 Technical Report on the Donlin Gold project, Alaska, USA” with an effective date of June 1, 2021 (the “2021 Technical Report”) and the report titled “S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA” (the “S-K 1300 Technical Report Summary”), dated November 30, 2021. SLIDE 14 – Grade is king: Donlin Gold has more than double the global average gold grade 1. Donlin Gold data as per the NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA with an effective date of June 1, 2021 and the S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA, November 30, 2021. 39 Moz refers to measured and indicated mineral resources inclusive of mineral resources on a 100% basis, 50% attributable to NOVAGOLD (19.503 Moz). Donlin Gold proven and probable reserves of approximately 16.925 Moz grading 2.09 g/t attributable to NOVAGOLD (33.849 Moz on 100% basis) and measured and indicated resources, exclusive of reserves, of approximately 2.749 Moz grading 2.43 g/t attributable to NOVAGOLD (5.497 Moz on 100% basis). 2. March 2025 average grade of open pit and underground deposits with gold as primary commodity and over 1Moz in measured and indicated mineral resources, inclusive of mineral reserves, sourced from S&P Global Market Intelligence. 3. Represents average grade of measured and indicated mineral resources, inclusive of mineral reserves. See “Cautionary Note Concerning Reserve and Resource Estimates” and “Mineral Reserves and Mineral Resources” tables on slides 2, 24, & 25. SLIDE 15 – More to come: Excellent exploration potential to add value – and valuation – by expanding current resources 1. Represents 100% of Measured and Indicated resources, inclusive of mineral reserves, of which 50% is attributable to NOVAGOLD. Donlin Gold is not in production and a construction decision has not been made. For more information see “Cautionary Note Concerning Reserve and Resource Estimates” and “Mineral Reserves & Mineral Resources” tables on slides 2, 24 & 25. 28
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SLIDE 16 – Location, location, location Alaska: World-leading mining jurisdiction 1. Per The White House - https://www.whitehouse.gov/presidential-actions/2025/01/unleashing-alaskas- extraordinary-resource-potential/ 2. Per the Bureau of Land Management- https://www.blm.gov/sites/default/files/docs/2021-06/BLM-AK-Minerals- Critical-Renewable-Future-Infographic.pdf. 3. Per the USGS Mineral Commodity Summaries report – Table 3- Value of Nonfuel Mineral Production in the United States and Principal Nonfuel Mineral Commodities Produced in 2022 4. Per Alaska Miners Association August 2024 report titled “Alaska’s Mining Industry”. 5. Per Mining Journal intelligence – World Risk Report 2024 Alaska received an AA rating, ranks number 13th globally on the Investment Risk index. SLIDE 19 – Key federal permits for Donlin Gold are in hand, final state permitting is on-track for completion 1. Under appeal. Appeals challenging permits in State courts have been unsuccessful to date and Biden Administration is fully defending the Federal permitting decisions. In the Federal litigation challenging the Donlin Gold Joint Record of Decision, including the 404 permit and ROW for portions of the pipeline crossing federal lands, the Court issued a decision on September 30, 2024. The decision upheld the federal agencies’ analysis on two of the three issues raised in the litigation, but agreed with plaintiffs that the federal agencies took too narrow 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 has been scheduled for May 9, 2025. SLIDE 22 – Strong institutional shareholder base 1. Shareholder positions are based on the latest 13-D, 13-F, 13-G or Form 4 filings. 2. Common shares issued and outstanding, options, PSUs, and DSUs effective January 13, 2025. See SEC Form 10-K filing dated January 23, 2025 for additional information. SLIDES 24 & 25 Mineral Reserves and Mineral Resources 1. Mineral Reserves are reported within the pre-feasibility pit designs, and supported by a mine schedule, featuring variable throughput rates, stockpiling and cut-off optimization. The pit designs are contained within an optimized pit shell based on the following economic and technical parameters: Metal price for gold of $1,200/oz; reference mining cost of $2.16/t incremented $0.0033/t/m with depth from the 220 m elevation (equates to an average mining cost of $2.64/t), fixed processing cost $13.78/t processed; sustaining capital of $1.54/t processed; general and administrative cost of $3.66/t processed; stockpile rehandle costs of $0.24/t processed assuming that 45% of mill feed is rehandled; variable metallurgical recoveries by rock type, ranging from 86.7% in shale to 94.2% in intrusive rocks in the Akivik domain; refining and freight charges of $1.21/oz gold; royalty considerations of 4.5% NSR and $0.50/t processed; and variable pit slope angles, ranging from 23° to 43°. Mineral Reserves are reported using an optimized block value (BV) based on the following equation: BV = Au grade * Recovery * $1,200/oz – royalties & refining costs – process operating costs – G&A cost reported in $/t. Assuming an average gold recovery of 89.5% the marginal gold cut-off grade would be approximately 0.57 g/t, or the gold grade that would equate to a $0.001 BV cut-off at these same values. The life-of-mine (LOM) strip ratio is 5.48:1. The assumed LOM throughput rate is 53,500 t/d. The technical parameters referenced herein are based on the specifications utilized in the Donlin Creek Gold Project Alaska, USA, NI 43-101 Technical Report on Second Updated Feasibility, effective November 18, 2011 (as amended January 20, 2012). The economic parameters are derived from the NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA, effective June 1, 2021, and the S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA, November 30, 2021. 2. Except as noted, Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred Resources are in addition to Measured and Indicated Resources. Inferred Resources have great uncertainty as to their existence and whether they can be mined legally or economically. The cut-off date for the sample database used in the Mineral Resource estimate is 1 November 2009. However, more recent drilling data were used to validate the resource model as remaining current. Mineral Resources are constrained within a conceptual Measured, Indicated and Inferred optimized pit shell using the following assumptions: gold price of $1,200/oz; variable process cost based on 2.1874 * (sulphur grade) + 10.6485; administration cost of $2.29/t; refining, freight & marketing (selling costs) of $1.85/oz recovered; stockpile rehandle costs of $0.20/t processed assuming that 45% of mill feed is rehandled; variable royalty rate, based on royalty of 4.5% * (Au price – selling cost); and a variable metallurgical recovery depending on the host rock type ranging from 86 to 94%. Assuming an average recovery of 89.5% and average S% grade of 1.07, the marginal gold cut-off grade is 0.47 g/t. These technical and economic parameters are those that were used in the Donlin Creek Gold Project Alaska, USA, NI 43-101 Technical Report on Second Updated Feasibility Study, effective November 18, 2011 (as amended January 20, 2012) to establish reasonable prospects of eventual economic extraction. Based on the QP’s review of the estimate, there would be no material change to the Mineral Resources if the gold price were updated to $1,500/oz and other economic parameters were updated to the 2020 parameters used in the Mineral Reserve estimate. As a result, the Mineral Reserve and Mineral Resource estimates shown above remain unchanged from the 2011 estimates contained in the prior technical report. See “Cautionary Note Concerning Reserve & Resource Estimates” on slide 2. Technical Reports and Qualified Persons The documents referenced below provide supporting technical information for the Donlin Gold project. Project Qualified Person(s) Most Recent Disclosure Donlin Gold Kirk Hanson, MBA, P.E. “NI 43-101 Technical Report on the Donlin Gold Project, Michael Woloschuk, P.Eng. Alaska, USA” prepared by Wood Canada Limited, Henry Kim, P.Geo. effective June 1, 2021. Wood Canada Limited “S-K 1300 Technical Report Summary on the Donlin Gold project, Alaska, USA” dated November 30, 2021. Paul Chilson, P.E., who is the Manager, Mine Engineering for NOVAGOLD and a “qualified person” under NI 43-101 and S-K 1300, has approved the scientific and technical information contained in this presentation. 29 ENDNOTES APPENDIX
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NOVAGOLD RESOURCES INC. Suite 1860 – 400 Burrard Street Vancouver BC Canada V6C 3A6 T: 604 669 6227 TF: 1 866 669 6227 F: 604 669 6272 E: info@novagold.com Mélanie Hennessey VP, Corporate Communications melanie.hennessey@novagold.com Frank Gagnon Manager, Investor Relations frank.gagnon@novagold.com TSX, NYSE AMERICAN: NG | NOVAGOLD.COM 30