Novagold Resources Inc. · AMEX:NG
Novagold Resources — Q2 2026 Earnings Presentation
47 slides from Novagold Resources's earnings presentation, Jun 24, 2026
Slide 1: Donlin Gold: Building the path to America's largest gold mine
DONLIN GOLD: Building the path to America’s largest gold mine JUNE 24, 2026 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM
Slide 2: Participants
PARTICIPANTS: Greg Lang President and CEO Peter Adamek Vice President and CFO 2 NOVAGOLD | 2026 Second Quarter Report & Donlin Gold Update
Slide 3: Cautionary Statements
Cautionary Statements Cautionary Statements Regarding forward-looking statements REGARDING FORWARD-LOOKING STATEMENTS CAUTIONARY NOTE CONCERNING RESERVE & RESOURCE ESTIMATES This presentation includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looki
Slide 4: Why NOVAGOLD?
WHY NOVAGOLD? Greg Lang President and CEO 4 NOVAGOLD | 2026 Second Quarter Report & Donlin Gold Update
Slide 5: Long-Term Value Creation Anchored by Donlin Gold
NOVAGOLD Long-Term Value Creation Anchored by Donlin Gold 2006-2011 2008-2010 2017-2018 2018-2024 2025+ Resource Definition Anchor Permitting Success Donlin Gold Technical Ownership 135% resource growth Institutional Entry Donlin receives Federal Optimization, Permitting Restructuring and during act
Slide 6: Extraordinary Leverage to Gold in a Jurisdiction That Will Allow You to Keep the Leverage
Donlin Gold Extraordinary Leverage to Gold... In a Jurisdiction That Will Allow You to Keep The Leverage1 Net Present Value (US$ Billions) NPV at 5% NPV at 0% $80B 71.5B $70B 62.5B $60B 53.5B $50B 44.6B 27.6B $40B 35.8B 23.8B $30B 27.6B 19.9B 16.1B 12.3B $20B 8.5B 19.6B $10B 5.1B $0B $2,100 $2,500 $
Slide 7: Strategic Asset: Donlin Positioned To Be America's Largest Gold Mine
Production Profile AAStrategic Strategic Asset: Asset: DonlinDonlin Positioned Positioned To ToBeBe America’s America’sLargest Gold Mine Largest Gold Mine Annual Production “Then comes the project’s production profile. Size and grade Select North and South American gold development projects matter.
Slide 8: Donlin Gold vs. Global Average
Gold Advantage Donlin Gold vs. Global Average 2x Global Average Average Gold Grade Donlin Gold possesses a grade more than 3.0 double the global average, positioning it 2.5 2.22 g/t1 as a premier asset in the sector 2.0 Strategic Value 1.5 1.04 g/t2 ▪ Donlin Gold's high grade provides resilience thr
Slide 9: The Next Big Gold Discovery Could Be at Donlin Gold
Exploration Potential The Next Big Gold Discovery Could Be at Donlin Gold Potential to expand current resource at depth and along strike ▪ A total of 40 Moz1 (100% basis) have been defined in the ACMA and Lewis pits with approximately 2,100 drillholes Exploration potential totaling approximately 494
Slide 10: De-Risked Path to Production in an Excellent Jurisdiction
Permitting Stability & Alaska Readiness De-Risked Path to Production in an Location, Location, Location Excellent Jurisdiction Alaska: Safe and Stable Mining Jurisdiction State Permitting Federal Permitting Completed Completed ✓ Air Quality ✓ Final Environmental Impact ✓ Alaska Pollutant Discharge S
Slide 11: Getting the Donlin mine to production will be transformative for Alaska
“Getting the Donlin mine to production will be transformative for Alaska and provide hundreds of great paying jobs.” – Governor Mike Dunleavy (@GovDunleavy) via X July 23, 2025 11 NOVAGOLD | 2026 Second Quarter Report & Donlin Gold Update
Slide 12: Long-standing Engagement with Alaska Native Corporations
Land Ownership Located on private lands designated by Long-standing Engagement with law for mineral potential five decades ago and owned by Alaska Native Alaska Native Corporations Corporations A generational opportunity Calista Corporation (“Calista”) ▪ Calista selected the land — Alaska Native Cla
Slide 13: NOVAGOLD 2025 Sustainability Performance
Sustainability Focused NOVAGOLD 2025 Sustainability Performance1 Strengthening sustainability reporting aligned with the following frameworks: See endnotes for this slide in Appendix 13 NOVAGOLD | 2026 Second Quarter Report & Donlin Gold Update
Slide 14: Execution Capabilities & Organizational Structure
Management & Project Development Teams Execution Capabilities & Organizational Structure Donlin Gold BFS Team NOVAGOLD Tier One Management Team Frank Arcese Project Director Greg Lang President & CEO Former President of Barrick Gold North America with Fluor extensive experience in mine building and
Slide 15: 2026 Second Quarter Financial Results
2026 SECOND QUARTER FINANCIAL RESULTS Peter Adamek Vice President and CFO 15 NOVAGOLD | 2026 Second Quarter Report & Donlin Gold Update
Slide 16: Q2 2026 Operating Performance
Q2 2026 Operating Performance Treasury Position $115.1M1 Three months ended May 31, (US$ millions) 2026 2025 Cash & Term Deposits General and administrative 1 $8.9 $5.8 Equity loss – Donlin Gold 16.9 6.5 Operating loss 25.8 12.3 Warrant expense - 39.6 Interest expense on promissory note 3.7 3.7 Inte
Slide 17: Q2 2026 Cash Flow
Q2 2026 Cash Flow Treasury Position Three months ended May 31, (US$ millions)lions) 2026 2025 General and administrative 1 $(6.7) $(4.4) Donlin Gold funding (16.3) (6.8) Net Proceeds from issuance of equity - 234.1 Proceeds from sale of marketable securities / property 0.5 - Interest income 4.0 1.6
Slide 18: Financial Results Snapshot and Capital Position
Robust Treasury Financial Results Snapshot and Capital Position Category Treasury Position (US$ Millions) Year to Date 2026 Guidance $370.2M 1 Corporate G&A2 $13.5 $19.7 Cash & Term Deposits Donlin Gold Funding $31.9 $78.8 Total Spending $45.4 $98.5 Maintained strong treasury ▪ NOVAGOLD intends to e
Slide 19: 2026 Second Quarter Highlights
2026 SECOND QUARTER HIGHLIGHTS Greg Lang President and CEO 19 NOVAGOLD | 2026 Second Quarter Report & Donlin Gold Update
Slide 20: 2026 Second Quarter Highlights
Donlin Gold 2026 SECOND QUARTER HIGHLIGHTS Government Affairs and Stakeholder Engagement ▪ Presented project updates and community engagement efforts at key industry and regional forums ▪ Conducted regional community and shareholder outreach to Y-K villages alongside Calista and TKC to support conti
Slide 21: 2026 Second Quarter Activities
Donlin Gold 2026 SECOND QUARTER ACTIVITIES Specialist Contractors Key Infrastructure Components Integration Fluor integrating major work packages and coordinating BFS Scope of Work and Key Components with Specialist Contractors on key infrastructure: Technical Workstreams ▪ Appointed Fluor Corporati
Slide 22: Donlin Gold's Path to Production: Funding Strategy & Milestones
Donlin Gold's Path To Production: Funding Strategy & Milestones 2020-2025 Q1 2026 2026 2027 ~2027 ~2027-2031 2011 2018 Updated Received Key State Fluor Selected BFS Work Complete BFS Commence Construction* Permits & Updated As BFS Lead; Specialist Engineering & FID* Feasibility Study Federal Permits
Slide 23: Strong Institutional Support & Analyst Coverage
Shareholder Support Strong Institutional Support & Analyst Coverage Top 10 Shareholders1 54.6% Analyst Coverage 1. Electrum Strategic Resources 21.2% BMO Capital Markets 2. Lingotto Investment Management LLP 8.4% Scotiabank 3. Paulson & Co. Inc. 6.2% RBC Capital Markets 4. Fidelity Management & Rese
Slide 24: Donlin Gold is Simply a Unique Asset in its Combination of Attributes
NOVAGOLD Superlative-Rich and Differentiated: Donlin Gold is Simply a Unique Asset in its Combination of Attributes Production Profile High-Grade…Low Blue Sky Slated to produce 1.1 Moz per year Operating Cost Exploration upside on strike and over 27-year mine life- 1.3 Moz per year 40 Moz gold conta
Slide 25: Q&A
Q&A 25 NOVAGOLD | 2026 Second Quarter Report & Donlin Gold Update
Slide 26: Appendix
Appendix 26 NOVAGOLD | 2026 Second Quarter Report & Donlin Gold Update
Slide 27: Mineral Reserves
Appendix *Mineral reserves and mineral resources are Mineral Reserves reported on a 100% basis and on a 60% basis. Attributable Donlin Gold approximate cut-off grades Tonnage Grade Metal content (see Mineral Reserves and Resources Endnotes): Donlin Gold to NOVAGOLD (kt) (g/t Au) (koz Au) Reserves1 :
Slide 28: Mineral Resources
Appendix *Mineral reserves and mineral resources are Mineral Resources reported on a 100% basis and on a 60% basis. Attributable Donlin Gold approximate cut-off grades Tonnage Grade Metal content (see Mineral Reserves and Resources Endnotes): Donlin Gold to NOVAGOLD (kt) (g/t Au) (koz Au) Reserves1
Slide 29: Donlin Gold Capital Costs and Operating Costs
Appendix Donlin Gold Capital Costs LOM operating costs Initial capital costs $9.2B Area $/t Processed $/t Mined $/oz Au Sustaining capital costs over LOM (27 years) $2.3B Mine operations 23.67 3.14 405 Average annual gold production Processing operations 15.29 2.03 262 LOM 1.1 Moz G&A 4.10 0.54 70 F
Slide 30: Risk Management
Appendix Risk Management Infrastructure Component Key Features / Description Mitigation & Management Measures • 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
Slide 31: Permitting and Litigation
Appendix Permitting and Litigation Cautionary Statements State Permitting and Litigation Activities ▪ Alaska Pollutant Discharge Elimination System and Waste Management ▪ Federal Litigation In the Federal lawsuit challenging the 404 permit and BLM ROW, the Permits remain administratively extended un
Slide 32: FAST-41 Acceptance & SEIS Summary
Appendix FAST-41 Acceptance & Supplemental Environmental Impact Statement (SEIS) Summary Cautionary Statements ▪ FAST-41 provides a coordinated federal review process with clear timelines and transparency. Agencies must respond to court rulings while maintaining environmental protections Why is a SE
Slide 33: Pipeline and Barging Logistics; Alaska LNG Pipeline
Appendix Pipeline and Barging Logistics Alaska LNG Pipeline ▪ Commercial Discussions Underway: Donlin Gold signed non-binding LOI with Glenfarne to evaluate potential Alaska LNG natural gas supply and related infrastructure to power the mine ▪ Concept: ~316-mile natural gas pipeline to run from the
Slide 34: Capital Structure
Appendix Capital Structure As of June 19, 2026 Security Type Amount Commons shares issued and outstanding* 438,780,614 Options* 9,547,034 Warrants* 24,703,125 PSUs* 1,902,400 DSUs* 331,338 *As reported in the Company’s financial statements and regulatory filings. 34 NOVAGOLD | 2026 Second Quarter Re
Slide 35: Board of Directors
Appendix Board of Directors Cautionary Statements Dr. Thomas ▪ Chairman, CIO and CEO of The Electrum Group LLC, Hume ▪ Former Executive VP and CFO, Dundee Precious Metals S. Kaplan a privately held natural resources investment Kyle ▪ Former VP, Finance and CFO of Fort Chicago Energy Partners, Chairm
Slide 36: Appendix - Endnotes
Appendix - Endnotes SLIDE 5 - Long-Term Value Creation Anchored by Donlin Gold SLIDE 8 – Donlin Gold vs. global average 1. Represents average grade of measured and indicated mineral resources, inclusive of mineral reserves. See 1. Donlin Gold data as per the NOVAGOLD 2008, 2009, 2011, and 2021 Techn
Slide 37: Appendix - Endnotes
Appendix - Endnotes SLIDE 16 – Q2 2026 Operating Performance mined/m with depth from the 220 m elevation (equates to an average mining cost of $3.23/t mined); mining 1. Includes non-cash share-based compensation expense of $2.0 million and $1.8 million in the second quarter of 2026 sustaining cost o
Slide 38: Technical Reports and Qualified Persons
Appendix - Endnotes 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 Edwin Peralta, P.E. “NI 43-101 Technical Report on the Donlin Gold Project, Gold
Slide 39: NOVAGOLD Resources Inc. contact details
NOVAGOLD RESOURCES INC. Mélanie Hennessey Suite 1860 – 400 Burrard Street VP, Corporate Communications Vancouver BC Canada V6C melanie.hennessey@novagold.com 3A6 T: 604 669 6227 TF: 1 866 669 6227 Frank Gagnon F: 604 669 6272 Manager, Investor Relations E: info@novagold.com frank.gagnon@novagold.com
Slide 40: Gold Sector
GOLD SECTOR Dr. Thomas S. Kaplan Chairman 40 NOVAGOLD | 2026 Second Quarter Report & Donlin Gold Update
Slide 41: In the Foothills of a Generational Bull Market
GOLD VS US DOLLAR: 12/31/2019 TO 5/7/2026 Gold Sector In the Foothills of a 0.8 Ounces of Gold for US$1,000 $6,000 Price of Gold in US$ Generational Bull Market 0.7 $5,000 Demand Drivers Supply Pressures 0.6 $4,000 0.5 Historic Dwindling Safe-haven Appeal Discovery Rates 0.4 $3,000 Asset Decreasing
Slide 42: Gold Equities Poised for Continued Re-Rating and Outperformance
Gold Sector Gold Equities Poised for Continued Re-Rating and Outperformance Strong macro and demand backdrop supports higher gold price outlook and re-rating potential ▪ Inflation, fiscal deficits, rate cuts, and geopolitical uncertainty reinforce gold’s strategic role, with central bank accumulatio
Slide 43: What a Real Secular Bull Market Looks Like
Gold Sector What a Real Secular Bull Market Looks Like DOW JONES – 50 Year Historical Chart 60,000 50,000 “As a curiosity, I want you to go back and look toward the mid-1980s. The blip, which barely is noticeable, is the crash of 1987 40,000 that a lot of us thought was going to be the harbinger of
Slide 44: World Gold Council: Gold 247
Gold Sector World Gold Council: Gold 247 Digital Market Equity Upside Modernization Expansion CONCEPT IMPACT ON GOLD IMPACT ON GOLD EQUITIES ▪ The World Gold Council ▪ Digitalization has the potential ▪ A larger and more accessible envisions a future in which gold to increase transparency, gold mark
Slide 45: Consensus P/NAV Benchmarking
NOVAGOLD Consensus P/NAV Benchmarking STREET MEDIAN P/NAV (RATIO) 1.09x 0.82x 0.69x 0.46x 0.26x Gold Developers NOVAGOLD Junior Gold Producers Intermediate Gold Producers Senior Gold Producers Source: CapIQ, company filings, FactSet 45 Note: NOVAGOLD excluded from the gold developer median. Note: Pe
Slide 46: Consensus P/NAV Benchmarking (Cont'd)
NOVAGOLD Consensus P/NAV Benchmarking (Cont’d) (1) 2026E Production (koz Au Eq.) GOLD DEVELOPERS (RATIO) Grade (Au Eq. g/t) 273 100 135 397 1,093 190 335 345 1.07 1.50 0.28 0.44 2.21 2.21 3.83 1.26 0.83x 0.90x 0.46x 0.51x 0.26x 0.26x Median: 0.26x 0.10x 0.15x STLLR NexGold Liberty Seabridge NOVAGOLD
Slide 47: LOM Cash Cost & AISC
Donlin Gold LOM Cash Cost & AISC LOM Co-Product Cash Cost – Gold (US$ / oz Au Eq.) LOM Co-Product AISC (US$ / oz Au Eq.) $1,537 $1,380 $1,279 $1,157 $1,280 $1,249 $1,147 $924 $849 $947 $687 $663 $831 $773 $602 $568 Skeena Perpetua NexGold NOVAGOLD Osisko Dev. Seabridge Liberty STLLR Eskay Creek Stib