Slides
Page 1
TSX, NYSE AMERICAN: NG | NOVAGOLD.COM Precious Metals Summit, Beaver Creek September 9-12, 2025
Page 2
NOVAGOLD |Precious Metals Summit, Beaver Creek2 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 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 benefits of the June 2025 transaction with Paulson; timing of certain judicial and/or administrative decisions; plans for and the estimated timing of a new feasibility study on the Donlin Gold project; our goals and planned activities for 2025; ongoing support provided to key stakeholders including Native Corporation landowners; 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 Donlin Gold 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; future gold price performance; 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; plans to continue to advance the Donlin Gold project safely, socially responsibly and to sustainably generate value for stakeholders; continued cooperation between the owners of Donlin Gold LLC to advance the project; NOVAGOLD’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 anticipated 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 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; the need for continued cooperation between the owners of Donlin Gold LLC to advance the project; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether 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. This presentation shall not constitute an offer to sell, nor the solicitation of an offer to purchase referenced herein. CAUTIONARY NOTE CONCERNING RESERVE & RESOURCE ESTIMATES This presentation uses the terms “mineral resources”, “measured mineral resources”, “indicated mineral resources” and “inferr ed mineral resources”. Mineral resources that are not mineral reserves do not have demonstrated economic viability. You should not assume that all o r any part of measured or indicated mineral resources will ever be converted into mineral reserves. Further, inferred mineral resources have a lower le vel 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 NOVAGOLD and 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 Canada Limited, dated November 30, 2021.
Page 3
BRINGING THE STORY TO LIFE – OUR PATH FORWARD NOVAGOLD | Precious Metals Summit, Beaver Creek3
Page 4
DONLIN GOLD PATH TO PRODUCTION FUNDING STRATEGY & MILESTONES NOVAGOLD CAPITAL NEEDS POTENTIAL SOURCES OF FUNDING 2018 2020-PRESENT 2011 2025 • BFS & Engineering • Construction • Project Financing • Equity/Debt Mix • Strategic Partners • Ongoing project costs (community relations, health and safety, external affairs, permitting, environment) • Sovereign Wealth Funds • Offtake Agreements and Government Incentives (if applicable) Received Federal Permits Received Key State Permits / Authorization FSU2 Study Completed (39 Moz Au M+I Resource) NOVAGOLD/ Paulson Acquired Barrick’s Donlin Gold Stake NEXT STEPSACHIEVED Q4 2025 ~2027-2030~2027 ~2031 Engage Top-Tier Firm for Bankable Feasibility Study (BFS) Construction*Complete BFS and Commence Engineering Commercial Operation* NOVAGOLD | Precious Metals Summit, Beaver Creek4 *Assuming a positive construction decision in 2027
Page 5
NOVAGOLD AND PAULSON ADVISERS ACQUIRED 50% OF DONLIN GOLD FROM BARRICK MINING IN A $1 BILLION TRANSACTION TRANSACTION ▪ NOVAGOLD (50%) and funds managed by Paulson Advisers LLC (“Paulson”) jointly acquired Barrick Mining’s 50% interest in Donlin Gold LLC for US$1 billion on June 3, 2025 (US$800 million paid by Paulson and US$200 million paid by NOVAGOLD) ▪ Donlin Gold LLC ownership: owned 60% by NOVAGOLD and 40% by Paulson with joint operational management NOVAGOLD FINANCING ▪ On May 9, 2025, NOVAGOLD closed its upsized public offering (and on June 3, 2025, the underwriters exercised the overallotment option in full for a total of approximately $221.2 million (55,027,400 common shares at a price of $3.75 per share)), and a private placement of $64.4 million (17,173,853 shares at the public offering price) for a grand total of $285.6 million, to fund the purchase of an additional 10% interest in Donlin Gold LLC, its share of expenses for advancing the updated Donlin Gold Feasibility Study, and for general corporate purposes PROMISSORY NOTE ▪ NOVAGOLD has the option to purchase the promissory note to Barrick for US$100 million if purchased within 18 months of June 3, 2025 ▪ If that option is not exercised, the debt, currently valued at $158.9 million as of June 3, 2025, will remain outstanding, substantially in accordance with its existing terms (U.S. prime plus 2% compounded semi-annually) WARRANTS ▪ NOVAGOLD entered into a backstop commitment agreement with certain institutional investors, pursuant to which the investors committed to purchase up to $170 million of the Company’s common shares at $3.00 per share to partially fund the $200 million payment to Barrick under the transaction ▪ As consideration for providing the backstop commitment, which was not exercised, the Company issued 25,500,000 warrants to the investors. Each warrant entitles the holder to purchase one common share of the Company at an exercise price of $3.00 per share, with an expiration date of April 2030. “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 expertise and counsel will be invaluable as we work to advance Donlin Gold through feasibility, financing, and production.” Dr. Thomas S. Kaplan, NOVAGOLD’S Chairman NOVAGOLD | Precious Metals Summit, Beaver Creek TRANSACTION OVERVIEW 5
Page 6
TRANSACTION OVERVIEW ABOUT PAULSON Select Gold Mining Investments ▪ Founded by John Paulson, Paulson Advisers 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 largest, longest-standing and most engaged investors ▪ A successful track record of investments in the gold space – ranging from gold mine developers to major gold producers 6 “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 NOVAGOLD | Precious Metals Summit, Beaver Creek
Page 7
7 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 ▪ 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 NOVAGOLD | Precious Metals Summit, Beaver Creek Source: FactSet. See endnote for this slide in Appendix
Page 8
-- $4.0 $8.0 $12.0 $16.0 $20.0 Jan-24 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 8 CASE STUDY: PAULSON’S CONTINUED SUPPORT OF PERPETUA RESOURCES1 Perpetua, with the support of Paulson has successfully secured financing to advance the Stibnite Gold project through construction PERPETUA RESOURCES – SHARE PRICE SINCE JANUARY 2024 (US$/share) ▪ Paulson has supported Perpetua and its predecessor company Midas Gold, since 2016 ▪ As the project has progressed up the development ladder, Paulson has continued its support for Perpetua ▪ Since the start of 2024, Perpetua has raised over $2.2bn in financing with the backing of Paulson ▪ Following the private placement in June 2025, Paulson’s total stake in Perpetua increased to ~30% of the company ▪ The funding provides Perpetua with the capital to meet EXIM’s debt equity requirements, which will fund the construction of Stibnite ▪ Investing alongside Paulson would have returned: ▪ ~42% in just under 3 months (upon public offering closing)2 ▪ ~350% over 5 years (investment to-date)3 NOVAGOLD | Precious Metals Summit, Beaver Creek Source: FactSet. Market data as of 09/05/2025. Announced US$1.8bn LoI with US EXIM US$35mm Equity Financing Feasibility Study complete US$474mm Equity Financing Awarded up to US$6.9mm from DoD TRANSACTION OVERVIEW See endnote for this slide in Appendix
Page 9
THE WAIT IS OVER: THE BREAKTHROUGH TRANSACTION FOR DONLIN GOLD AND ITS STAKEHOLDERS NOVAGOLD | Precious Metals Summit, Beaver Creek9 NOVAGOLD 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 1/3/2012 1/3/2013 1/3/2014 1/3/2015 1/3/2016 1/3/2017 1/3/2018 1/3/2019 1/3/2020 1/3/2021 1/3/2022 1/3/2023 1/3/2024 1/3/2025 Donlin Gold Final Environmental Impact Statement published Galore Creek sale to Newmont Corp. for $200M Raised $251M through bought deal Donlin Gold Feasibility Study published Donlin Gold received Record of Decision and major federal permits Donlin Gold receives key Alaska state permits and approvals Donlin Gold reports 2022 drill assay results yielding high- grade intercepts NG and Paulson announce $1B acquisition of Barrick’s stake in Donlin Gold with 60/40 ownership structure Raised $286M through upsized public offering and concurrent private placement - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - NG Share Price --- NG Share price on Donlin Gold Announcement with Paulson
Page 10
PATH TO VALUE: RE-RATING ACROSS DEVELOPMENT PHASES 10 NOVAGOLD NOVAGOLD | Precious Metals Summit, Beaver Creek *Note: The information presented on this slide is derived from publicly available sources, including press releases and related public disclosures. Percent changes represent the stock price appreciation from project financing announcement to current price. Share price performance may not be comparable due to various factors, including but not limited to, market conditions, project-specific factors and financing strategies. NOVAGOLD is an earlier development stage than the companies shown. NOVAGOLD has not yet completed a Bankable Feasibility Study, made a construction decision or secured project financing. There is no assurance that, if a positive construction decision is made, that project financing will be obtained on terms favorable to Donlin or NOVAGOLD or at all. Source: Perpetua Resources – Investor Presentation – July 2025
Page 11
DONLIN GOLD AMERICA'S LARGEST GOLD PROJECT NOVAGOLD | Precious Metals Summit, Beaver Creek11
Page 12
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 Local Engagement 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 Corporations 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 See endnote for this slide in Appendix See Mineral Reserves & Mineral Resources table in Appendix NOVAGOLD | Precious Metals Summit, Beaver Creek12
Page 13
NOVAGOLD | Precious Metals Summit, Beaver Creek13 $1,300 $1,500 $1,700 $2,000 $2,500 $3,000 $3,500 8.8B 13.1B 17.5B 22.5B 31.6B 40.8B 50.0B 1.2B 3.0B 4.9B 7.2B 11.2B 15.2B 19.1B Net Present Value (NPV) (US$ in billions) $0 $10 $20 $30 $40 $50 $45 $35 $25 $15 $5 NPV at 0%NPV at 5% EXTRAORDINARY LEVERAGE TO GOLD IN A PLACE WHERE ONE CAN KEEP IT1 WHY NOVAGOLD? Operating and capital costs per Donlin Gold 2021 Technical Report and S-K 1300 Technical Report Summary not adjusted for inflation See endnote for this slide in Appendix
Page 14
POSITIONED TO BECOME A MILLION-OUNCE GOLD PRODUCER Anticipated to be one of the largest annual gold producers in the Americas NOVAGOLD | Precious Metals Summit, Beaver Creek Select gold-focused development projects in the Americas as shown in the accompanying chart Donlin Gold See endnote for this slide in Appendix See Mineral Reserves & Mineral Resources table in Appendix Moz/yr 1.13 Moz/yr 0.43 2 1Moz/yr PRODUCTION PROFILE 14
Page 15
HIGH-GRADE AT SCALE 15 See endnote for this slide in Appendix NOVAGOLD | Precious Metals Summit, Beaver Creek 2 3
Page 16
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 16 NOVAGOLD | Precious Metals Summit, Beaver Creek
Page 17
NOVAGOLD | Precious Metals Summit, Beaver Creek17 2025 DRILL PROGRAM Hole ID Location From (m) To (m) Length (m) Grade (g/t Au) DC25-2252 Divide 305.60 357.50 51.90 3.77 DC25-2258 Lewis 525.34 532.69 7.35 23.49 DC25-2253 ACMA 330.91 347.24 16.33 6.57 DC25-2257 Divide 393.34 402.46 9.12 8.32 DC25-2253 ACMA 315.01 321.38 6.37 10.29 Donlin Gold Drill Program - Three Focus Areas1: ▪ Grid drilling to further develop the modifying factors, input parameters, and assumptions for future mine planning; ▪ In-pit exploration drilling focused on enhancing geological modelling and supporting resource conversion; and ▪ In-pit Geotechnical drilling to improve modelling for long-term stability and mine design, and material sites for construction of the access road from the upriver port to Donlin Gold. Results indicate consistent mineralization across multiple zones, including standout intervals up to 23.49 g/t gold – providing critical data for engineering, mine planning, and resource modelling TOP FIVE INTERVALS FROM IN-PIT EXPLORATION DRILLING1 See endnote for this slide in Appendix
Page 18
JURISDICTIONAL SAFETY 18 NOVAGOLD | Precious Metals Summit, Beaver Creek See endnote for this slide in Appendix “ Governor Mike Dunleavey (@GovDunleavy) via X July 23, 2025- https://x.com/GovDunleavy/status/1948161364675248568 Getting the Donlin mine to production will be transformative for Alaska and provide hundreds of great paying jobs.” 2nd largest gold-producing state in the U.S. 2 $4.5Bvalue of annual non-fuel mineral production in Alaska (6th highest in U.S.)3 $1.1B spend on goods and services by the mining industrywith 450+ Alaska businesses4 11,800 jobs total direct and indirect, attributed to Alaska mining industry4 Alaska ranks 3rd globally out of 82 mining jurisdictionson the Fraser Institute Investment Attractiveness Index.5 Unleashing Alaska’s Extraordinary Resource Potential (President’s Executive Order No. 14153)1 LOCATION, LOCATION, LOCATION ALASKA: WORLD-LEADING MINING JURISDICTION
Page 19
LONG-STANDING ENGAGEMENT WITH ALASKA NATIVE CORPORATIONS A generational opportunity ▪ 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 ▪ 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 LOCAL ENGAGEMENT 19 NOVAGOLD | Precious Metals Summit, Beaver Creek
Page 20
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 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 20 See endnote for this slide in Appendix NOVAGOLD | Precious Metals Summit, Beaver Creek
Page 21
NOVAGOLD | Precious Metals Summit, Beaver Creek21 PERMITTING AND LITIGATION ▪ In the Federal lawsuit challenging the 404 permit and BLM ROW, the Court issued a decision on September 30, 2024, upholding the federal agencies’ analysis on two of the three issues raised ▪ The Court agreed with the plaintiffs that the federal agencies took too narrow a view in analyzing the impact of a theoretical release from the TSF. The Court ordered supplemental briefing on the appropriate remedy, which was completed in March 2025, and oral arguments were held on May 9, 2025 ▪ On June 10, 2025 the court issued its Order on remedy, rejecting Earthjustice's request for the permits to be revoked, and remanded to the federal agencies to conduct a narrow supplemental analysis of the potential environmental impacts of a larger hypothetical release from the TSF PERMITTING AND LITIGATION UPDATE State permitting and litigation activities ▪ Alaska Pollutant Discharge Elimination System and Waste Management Permits remain administratively extended until renewed ▪ The Reclamation Plan approval remains administratively extended until 2027 ▪ Oral arguments were held in 2024, and decisions are anticipated on the water rights permits, and State pipeline (ROW) cases from the Alaska Supreme Court in 2025 ▪ The Alaska Superior Court upheld the 401 Certification on May 6, 2025, and Earthjustice filed an appeal in the Alaska Supreme Court on May 28, 2025. Briefing before the Supreme Court is scheduled to be complete in late 2025 or early 2026. Federal Litigation
Page 22
NOVAGOLD | Precious Metals Summit, Beaver Creek22 COMMITMENT TO ESG NOVAGOLD | Precious Metals Summit, Beaver Creek22
Page 23
STRONG INSTITUTIONAL SHAREHOLDER BASE CAPITAL STRUCTURE AS OF JUNE 20, 2025 $2.7B MARKET CAP1 $319M CASH BALANCE2 $21.5M DONLIN GOLD PROJECT EXPENDITURES3 Commons shares issued and outstanding4 406,897,647 Options4 9,867,200 Warrants4 25,500,000 PSUs4 2,074,300 DSUs4 327,032 SHAREHOLDER SUPPORT 24.1% Electrum Strategic Resources 8.6% Lingotto Investment Management 6.7% Paulson Advisers LLC 4.7% Kopernik Global Investors LLC 3.9% Capital World Investors 3.1% BlackRock Institutional Trust Co. 3.0% Fidelity Management & Research Co. 3.0% First Eagle Investment Management 2.9% The Vanguard Group, Inc. 2.8% UBS Financial Services, Inc. 62.8% TOP 10 SHAREHOLDERS: 37.2% ALL OTHER SHAREHOLDERS $16M CORPORATE G&A3 See endnote for this slide in Appendix NOVAGOLD | Precious Metals Summit, Beaver Creek23
Page 24
NOVAGOLD | Precious Metals Summit, Beaver Creek NOVAGOLD A CATALYTIC TRANSACTION RETURNING NOVAGOLD TO ESCAPE VELOCITY WITH THE PERFECTLY ALIGNED PARTNER Under the direction of the new owners, a dynamic and sustained narrative of progress is underway, with the following key actions initiated or in progress: ✓ The BFS Request for Proposal was sent out to top-tier qualified engineering firms and is expected to be selected in the fourth quarter of 2025 ✓ Collaborative meetings with Alaska government leaders, including Governor Dunleavy, to introduce new owners and discuss priorities ✓ Engaging with gas pipeline developers on options to supply gas to Southcentral Alaska and Donlin Gold ✓ Donlin Gold 18,000-meter drill program underway with initial assay results published ▪ Successfully intersected high-grade gold mineralization across multiple zones ▪ Results provide critical data for engineering, mine planning, and resource modelling, marking a pivotal milestone in the Company’s path toward delivering a BFS1 ✓ Supporting and maintaining existing federal and state permitting efforts ✓ Continued stakeholder outreach and investment initiatives in Alaska NOVAGOLD 24 See endnotes for this slide in Appendix
Page 25
APPENDIX NOVAGOLD | Precious Metals Summit, Beaver Creek25
Page 26
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. 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 See endnote for this slide in Appendix NOVAGOLD | Precious Metals Summit, Beaver Creek26
Page 27
*Mineral reserves and mineral resources are reported on a 100% basis and on a 60% basis. 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 See endnote for this slide in Appendix NOVAGOLD | Precious Metals Summit, Beaver Creek27
Page 28
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 Source: 2021 Technical Report and S-K 1300 Technical Report Summary (100% basis) NOVAGOLD | Precious Metals Summit, Beaver Creek28
Page 29
NOVAGOLD | Precious Metals Summit, Beaver Creek OVERSUBSCRIBED OFFERING UPSIZED TO $244M WITH MAJORITY PARTICIPATION FROM NEW, HIGH-QUALITY INVESTORS OFFERING SUMMARY 29 ISSUER NOVAGOLD Resources Inc. LISTING / TICKER TSX: NG NYSE American: NG OFFERING SIZE 47.9 million shares (100% Primary) OVERALLOTMENT 15% (100% Primary) fully exercised in early June CONCURRENT PRIVATE PLACEMENT The company completed a private placement of 17.2 million common shares to certain of its major shareholders at the public offering price USE OF PROCEEDS M&A and General Corporate Purposes (including updating the Feasibility Study) LOCK UP PERIOD 90 Days for NG, Officers and Directors, The Electrum Group, Paulson Advisers LLC, and Kopernik Global Investors CLOSING DATE May 9, 20251 ACTIVE BOOKRUNNERS Citi, RBC, BMO, Canaccord PASSIVE BOOKRUNNERS NBF, Scotiabank, Morgan Stanley See endnote for this slide in Appendix
Page 30
RISK MANAGEMENT NOVAGOLD | Precious Metals Summit, Beaver Creek30 DONLIN GOLD Infrastructure Component Key Features / Description Mitigation & Management Measures Pipeline (natural gas) 316-mile buried pipeline route. • Optimized through the alternatives analysis in the Final EIS and JROD, including the selection of a more economic LNG-to-pipeline fuel supply over diesel barging. • Both state and federal ROWs have been permitted, supporting the project's infrastructure and access requirements. • The Compensatory Mitigation Plan offsets wetlands and stream impacts through targeted restoration and preservation efforts. Gas Supply Cook Inlet, LNG imports and the North Slope via the potential Alaska LNG Pipeline • Opportunities for gas to be imported into Cook Inlet or potentially to be supplied from the North Slope via the Alaska LNG Pipeline. An anchor customer like Donlin Gold is needed to bring in more gas supply to Alaska. • Donlin Gold can be a large in-state off taker of gas from that project, which would drive down the price of delivered gas to Southcentral. • The development of the in-state infrastructure necessary to move gas from the North Slope could provide a cost-effective reliable source of energy from the Donlin Gold project. Tailings Dams (TSF) A cross-valley, downstream-constructed design with a lined facility and a proposed dry closure. • Rock fill downstream construction method to industry and Alaska guidelines. • ITRB established. • Seismic and PMP design inputs. • Involvement of Alaska Native Corporations. Logistics Barge Transportation; Port Facilities; Mine Access Road • Donlin Advisory Technical Review and Oversight Committee (DATROC) provides oversight and coordination among stakeholders to ensure safe and environmentally responsible barge operations. • The Barge Communication Plan facilitates real-time coordination with local communities and river users to enhance safety and minimize conflicts. • Bathymetric and river hydraulic studies completed inform safe navigation, equipment design, and operational planning for changing river conditions. • Marine engineers support the design of port facilities and marine equipment to ensure safety, efficiency, and minimal environmental impact. General Environmental & Community Measures Comprehensive baseline studies, social and environmental planning. • Based on 25+ years of baseline data and includes measures for wetland restoration, cultural resource protection, erosion control, and water quality management. • Monitoring programs for air and water help identify and address impacts, with long -standing engagement with Alaska Native Corporations involved to guide ongoing environmental stewardship.
Page 31
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 TIER ONE MANAGEMENT TEAM EXPERIENCED TEAM NOVAGOLD | Precious Metals Summit, Beaver Creek31
Page 32
Dr. Thomas S. 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 ▪ Board Chair, First Quantum Minerals Ali Erfan ▪ Vice-Chairman of The Electrum Group LLC and Investment Adviser to Electrum Strategic Resources ▪ Former director, Leor Energy and Gatos Silver ▪ Former senior partner at 3i Group plc 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. BOARD OF DIRECTORS EXPERIENCED TEAM NOVAGOLD | Precious Metals Summit, Beaver Creek32
Page 33
NOVAGOLD | Precious Metals Summit, Beaver Creek APPENDIX SLIDE 7 – 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 8 – Case Study: Paulson’s continued support of Perpetua Resources 1. The slide regarding Paulson’s investment in Perpetua Resources is presented solely to demonstrate Paulson’s past experience investing in mining companies. It is not intended, nor should it be read, as a predictor of results of investing in NOVAGOLD. 2. Public offering closing on 06/16/2025. 3. Since announcement of conversion of convertible note into common equity on 08/26/2020. SLIDE 10 – Donlin Gold is simply unique in the global gold space in its rare combination of key attributes 1. Anticipated average 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, 26 and 27. 2. Represents 100% of measured and indicated resources, inclusive of mineral reserves, of which 60% 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, 26 and 27. 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, 26 and 27. 4. Per Fraser Institutes 2024 Annual Survey of Mining Companies, Alaska ranks number 3rd globally on the Investment Attractiveness 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 arguments on remedy were held on May 9, 2025. The District Court issued its remand order on June 10, 2025, rejecting Plaintiff's request that the permits be vacated and ordering the Federal Agencies to supplement the EIS with an analysis of a larger hypothetical release from the tailings storage facility. SLIDE 11 – Extraordinary leverage to gold in a jurisdiction where one can keep it 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 60%, 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 @ $1,700 gold; $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 $3,000 gold and $3,500 gold was performed by the Company, calculated on the same basis as the 2021 Technical Report and the S-K-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 12 – Positioned to become a million-ounce gold producer 1. Average of comparison group data of 11 projects shown on slide 12 based on large (3Moz proven and probable mineral reserves cut off), North/South American gold-focused development projects with >75% projected revenues from gold, as per latest company public filings and websites as of September 2025. 2. Anticipated average 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, 26 and 27. SLIDE 13 – Grade is king: Donlin Gold has more than double the global average gold grade 1. Represents 100% of measured and indicated resources, inclusive of mineral reserves, of which 60% 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, 26 and 27. 2. September 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, 26 and 27. SLIDE 14– 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 60% 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, 25 and 25. SLIDE 15 - Top Five intervals from in-pit exploration drilling 1. See media release dated September 8, 2025 titled “NOVAGOLD’s 2025 Donlin Gold d rill program returns high- grade gold intercepts, strengthens resource conversion, and supports bankable feasibility study progression” 33
Page 34
NOVAGOLD | Precious Metals Summit, Beaver Creek 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 Fraser Institutes 2024 Annual Survey of Mining Companies, Alaska ranks number 3rd globally on the Investment Attractiveness index. SLIDE 18 – 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 were held on May 9, 2025. SLIDE 21 – Strong institutional shareholder base 1. Market Capitalization based on 406.8 million shares issued and outstanding as of June 20, 2025. NOVAGOLD share price of $6.70 as of September 3, 2025. 2. NOVAGOLD cash and cash equivalents of $293.7 million, primarily held at three large Canadian chartered banks with investment grade credit ratings, and term deposits of $25.0 million held at one large Canadian chartered bank with an investment grade credit rating and maturities of less than one year 3. Expenditures represent NOVAGOLD’s historical 50% share of Donlin Gold LLC and the 2025 budget, which NOVAGOLD will review and update on or before the release of NOVAGOLD’s Q3 2025 financial results. 4. Common shares issued and outstanding, options, PSUs, DSUs and warrants effective June 20, 2025. See SEC Form 10-Qfiling dated June 25, 2025 for additional information SLIDE 22 – A catalytic transaction returning NOVAGOLD to escape velocity with the perfectly aligned partner 1. The updated Bankable Feasibility Study/Technical Report will be compliant with NI 43-101 and S-K 1300. SLIDES 26 & 27 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. SLIDE 29 – Oversubscribed offering upsized to $244M with majority participation from new, high-quality investors 1. On May 9, 2025, NOVAGOLD closed its previously announced upsized public offering of 47,850,000 common shares of NOVAGOLD at a price to the public of $3.75 per share. NOVAGOLD granted the underwriters a 30- day option to purchase up to 7,177,500 additional commons shares at the public offering price, which was fully exercised in early June 2025, less underwriting discounts and commissions. APPENDIX 34 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.
Page 35
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 NOVAGOLD | Precious Metals Summit, Beaver Creek35