Novagold Resources Inc. · AMEX:NG
Novagold Resources — Q2 2025 Earnings Presentation
38 slides from Novagold Resources's earnings presentation, Jun 25, 2025
Slide 1: 2025 Second Quarter Report & Donlin Gold Update
2025 Second Quarter Report & Donlin Gold Update June 25, 2025 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM
Slide 2: 2025 Second Quarter Webcast & Conference Call Agenda
Introduction Mélanie Hennessey Vice President, Corporate Communications 2025 SECOND QUARTER The Breakthrough Transaction for WEBCAST & CONFERENCE Donlin Gold CALL AGENDA Dr. Thomas S. Kaplan Chairman Second Quarter Financials Peter Adamek Vice President & Chief Financial Officer Second Quarter Updat
Slide 3: Cautionary Statements
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS 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
Slide 4: The Breakthrough Transaction for Donlin Gold
THE BREAKTHROUGH TRANSACTION FOR DONLIN GOLD Dr. Thomas S. Kaplan Chairman
Slide 5: Aligning Partner Priorities
WHY NOVAGOLD? ALIGNING PARTNER PRIORITIES NOVAGOLD Share Price v. Junior Gold Miners ETF (GDXJ) (US$/share, GDXJ Rebased to NG Share Price) $14 $12 $10 $8 $6 $4 $2 $0 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Source: FactSet. Market data as of 6/24/2025. NovaGold G
Slide 6: Donlin Gold Is Simply Unique In The Global Gold Space
WHY NOVAGOLD? DONLIN GOLD IS SIMPLY UNIQUE IN THE GLOBAL GOLD SPACE IN ITS RARE COMBINATION OF KEY ATTRIBUTES: Production Profile Potential to produce 1.1 Moz annually over 27 years1 at cash costs in the lower half of the industry’s cost range High-Grade at Scale 39 Moz gold contained in measured an
Slide 7: Tier One Management Team
EXPERIENCED TEAM TIER ONE MANAGEMENT TEAM Greg Lang ▪ Former President of Barrick Gold North America Mélanie Hennessey ▪ 20 years of experience in financial markets, President ▪ 40+ years of experience building & operating major VP, Corporate corporate governance, Indigenous relations, & CEO open-pi
Slide 8: The Paulson Advantage
ABOUT PAULSON THE PAULSON ADVANTAGE “Donlin Gold is one of the most attractive undeveloped gold projects in the world. With 39 million ounces of gold at double the industry ▪ Founded by John Paulson, it’s a private global investment advisory average grade, and an optimal location in the prime jurisd
Slide 9: It's All About Gold Now
WHY GOLD? IT’S ALL ABOUT GOLD NOW…AND GOLD SURGES PAST POST-GLOBAL FINANCIAL CRISIS THE PARTNERS FIRMLY BELIEVE AND COVID RECORDS THAT IT WILL REMAIN SO (US$/oz) DEMAND DRIVERS $4,000 Historic Inflation/Deflation Safe-haven Appeal Protection $3,322 $3,500 Asset Emerging Market Diversification Demand
Slide 10: Extraordinary Leverage To Gold: Net Present Value
WHY NOVAGOLD? EXTRAORDINARY LEVERAGE TO GOLD IN A PLACE WHERE ONE CAN KEEP IT1 NPV at 5% NPV at 0% 50.0B $50 $45 40.8B $40 Net Present Value (NPV) (US$ in billions) $35 31.6B $30 $25 22.5B 19.1B $20 17.5B 15.2B $15 13.1B 11.2B 8.8B 7.2B $10 4.9B 3.0B $5 1.2B $0 $1,300 $1,500 $1,700 $2,000 $2,500 $3,
Slide 11: Case Study: Turnaround Of Detour Gold
PAULSON'S TRACK RECORD CASE STUDY: TURNAROUND OF DETOUR GOLD1 In 2018, Paulson led an immensely successful turnaround campaign of Detour Gold DETOUR GOLD – IMPLIED SHARE VALUE OVER TIME(2)(3) (C$/share) ▪ Paulson invested over $500 million in Detour Gold Multiple LOM plan edits Value derived from Va
Slide 12: Activities & Upcoming Catalysts
NOVAGOLD ▪ Underlying gold price fundamentals are stronger than ever ▪ Under the direction of the new co-owners, investors can look forward to a dynamic and sustained narrative of progress, with 2025 the following action items expected: o Commencing the Feasibility Study update; ACTIVITIES & o Execu
Slide 13: 2025 Second Quarter Financial Results
2025 SECOND QUARTER FINANCIAL RESULTS Peter Adamek Vice President & Chief Financial Officer 13 NOVAGOLD | 2025 Second Quarter Report & Donlin Gold Update
Slide 14: Q2 2025 Operating Performance
NOVAGOLD Q2 2025 OPERATING PERFORMANCE Three months ended Six months ended (US$ millions) May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 General and administrative1 $5.8 $7.6 $10.6 $13.9 Equity loss – Donlin Gold 6.5 4.0 8.8 6.9 Operating loss 12.3 11.6 19.4 20.8 Warrant expense 39.6 — 39.6 — I
Slide 15: Q2 2025 Cash Flow
NOVAGOLD Q2 2025 CASH FLOW Three months ended Six months ended (US$ millions) May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 General and administrative1 $(4.4) $(5.2) $(8.2) $(9.1) Donlin Gold funding (6.8) (3.7) (10.4) (7.3) Net Proceeds from Equity Raise 234.1 — 234.1 — Interest income 1.6 1.
Slide 16: Maintaining A Strong Treasury
2025 SECOND QUARTER FINANCIAL RESULTS MAINTAINING A • Following the completion of the public offering, NOVAGOLD’s treasury increased STRONG TREASURY to approximately $319 million in cash and term deposits as of May 31, 2025 • Pro-forma the June 3, 2025 closing of the Donlin Gold transaction, includi
Slide 17: 2025 Second Quarter Highlights
2025 SECOND QUARTER HIGHLIGHTS Greg Lang President & Chief Executive Officer 17 NOVAGOLD | 2025 Second Quarter Report & Donlin Gold Update
Slide 18: 2025 Second Quarter Highlights
DONLIN GOLD Extensive technical work, environmental 2025 SECOND QUARTER HIGHLIGHTS initiatives, and engagement throughout the Yukon-Kuskokwim region Technical Work: ▪ Commenced drilling in February with a total of 8,401 meters completed out of 15,000 planned meters now focused on resource conversion
Slide 19: Permitting And Litigation Update
DONLIN GOLD PERMITTING AND LITIGATION UPDATE State permitting and litigation activities Federal Litigation ▪ Alaska Pollutant Discharge Elimination System and Waste Management ▪ In the Federal lawsuit challenging the 404 permit and BLM ROW, the Court issued Permits remain administratively extended u
Slide 20: Why NOVAGOLD?
WHY NOVAGOLD? 20 NOVAGOLD | 2025 Second Quarter Report & Donlin Gold Update
Slide 21: Positioned To Become A Million-Ounce Gold Producer
PRODUCTION PROFILE POSITIONED TO BECOME A MILLION-OUNCE GOLD PRODUCER Anticipated to be one of the highest annual gold producers in the Americas with the first ten years averaging 1.4 million ounces of production1 Select gold-focused development projects in the Americas as shown in the accompanying
Slide 22: High-Grade At Scale
HIGH-GRADE AT SCALE See endnote for this slide in Appendix 22 NOVAGOLD | 2025 Second Quarter Report & Donlin Gold Update
Slide 23: Excellent Exploration Potential To Add Value By Expanding Resources
EXPLORATION UPSIDE EXCELLENT EXPLORATION Far Side POTENTIAL TO ADD VALUE – Ophir AND VALUATION – BY Dome EXPANDING CURRENT Quartz RESOURCES Queen Snow The next big gold discovery could be at Lewis Pit Donlin Gold ACMA Pit ▪ A total of 39 Moz1 (100% basis) have been defined in the ACMA and Lewis pits
Slide 24: Alaska: World-Leading Mining Jurisdiction
JURISDICTIONAL SAFETY LOCATION, LOCATION, LOCATION ALASKA: WORLD-LEADING MINING JURISDICTION Unleashing Alaska’s 2nd largest Extraordinary Resource gold-producing state in Potential the U.S. 2 (President’s Executive Order No. 14153)1 $4.5B value $1.1B spend on goods and of annual non-fuel mineral se
Slide 25: Long-Standing Engagement With Alaska Native Corporations
LOCAL ENGAGEMENT Donlin Gold is located on private land which was LONG-STANDING ENGAGEMENT WITH designated by law for mining activities five ALASKA NATIVE CORPORATIONS decades ago, and owned by Native Corporations A generational opportunity ▪ Calista board selected the land for resource development
Slide 26: Key Federal Permits Are In Hand, Final State Permitting On-Track
PERMITTING KEY FEDERAL PERMITS FOR DONLIN GOLD ARE IN HAND, FINAL STATE PERMITTING IS ON-TRACK FOR COMPLETION Federal Permitting Completed State Permitting Completed ✓ Final Environmental Impact Statement (EIS)1 ✓ Air Quality Joint Record of Decision (ROD) by the U.S. Army Corps of ✓ Engineers and B
Slide 27: Committed To Sustainable Practices For A Thriving Environment, People And Communities
COMMITMENT TO ESG COMMITTED TO SUSTAINABLE PRACTICES FOR A THRIVING ENVIRONMENT, PEOPLE AND COMMUNITIES 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
Slide 28: Strong Institutional Shareholder Base
SHAREHOLDER SUPPORT STRONG INSTITUTIONAL SHAREHOLDER BASE TOP 10 SHAREHOLDERS $1.7B2 Common shares issued Electrum Strategic Resources LP & affiliates & outstanding1 : 406,897,647 Paulson Advisers LLC Options1: 9,867,200 MARKET CAP Lingotto Investment Management LLP PSUs1: 2,074,300 Kopernik Global
Slide 29: Appendix
APPENDIX 29 NOVAGOLD | 2025 Second Quarter Report & Donlin Gold Update
Slide 30: Mineral Reserves
APPENDIX MINERAL RESERVES Attributable to Donlin Gold Tonnage Grade Metal content NOVAGOLD *Mineral reserves and mineral resources are GOLD kt g/t Au koz Au koz Au reported on a 100% basis and on a Reserves1 60% basis. Proven 7,683 2.32 573 344 Donlin Gold approximate cut-off grades (see Mineral Res
Slide 31: Mineral Resources
APPENDIX MINERAL RESOURCES Attributable to Donlin Gold Tonnage Grade Metal content NOVAGOLD *Mineral reserves and mineral resources are GOLD kt g/t Au koz Au koz Au reported on a 100% basis and on a 60% Resources2, exclusive of Reserves basis. Measured 869 2.23 62 37 Donlin Gold approximate cut-off
Slide 32: NOVAGOLD And Paulson Acquired 50% Of Donlin Gold From Barrick In A $1 Billion Transaction
TRANSACTION OVERVIEW NOVAGOLD AND PAULSON ADVISERS ACQUIRED 50% OF DONLIN GOLD FROM BARRICK MINING IN A $1 BILLION TRANSACTION ▪ NOVAGOLD and funds managed by Paulson Advisers LLC ("Paulson") jointly acquired Barrick Mining’s 50% interest in Donlin Gold LLC for US$1 TRANSACTION billion on June 3, 20
Slide 33: Donlin Gold
APPENDIX DONLIN GOLD Key financial economic & production data LOM operating costs Initial capital costs $7.4B Area $/t Processed $/t Mined $/oz Au Sustaining capital costs over LOM (27 years) $1.7B Mine operations 16.70 2.59 278 Average annual gold production Processing operations 13.70 2.12 228 LOM
Slide 34: Board Of Directors
NOVAGOLD BOARD OF DIRECTORS Dr. Thomas Hume ▪ Chairman and CEO of The Electrum Group LLC, a privately held Kaplan natural resources investment management company that Kyle ▪ Former Executive VP and CFO of Dundee Precious Metals Serves as director of Plum Acquisition Corp. III Chairman controls a div
Slide 35: Appendix - Endnotes
APPENDIX - ENDNOTES SLIDE 11 – Case Study: Turnaround of Detour Gold SLIDE 6 – 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 1. Assum
Slide 36: Appendix - Endnotes
APPENDIX - ENDNOTES SLIDE 22 – Grade is king: Donlin Gold has more than double the global average grade SLIDE 28 – Strong institutional shareholder and management support 1. Represents 100% of measured and indicated resources, inclusive of mineral reserves, of which 50% is 1. Common shares issued an
Slide 37: Appendix - Endnotes: Mineral Reserves and Resources
APPENDIX - ENDNOTES SLIDES 30 & 31 Mineral Reserves and Mineral Resources 1. Mineral Reserves are reported within the pre-feasibility pit designs, and supported by a mine schedule, featuring Technical Reports and Qualified Persons variable throughput rates, stockpiling and cut-off optimization. The
Slide 38: Novagold Resources Inc.
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