Novagold Resources Inc. · AMEX:NG
Novagold Resources — BMO Global Metals, Mining & Critical Minerals Conference 2026
35 slides from Novagold Resources's conference presentation, February 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. FEBRUARY 2026 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM
Slide 2: 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 3: Why NOVAGOLD?
Why NOVAGOLD? 3 NOVAGOLD | BMO Global Metals, Mining & Critical Minerals Conference, February 2026
Slide 4: Donlin Gold is Simply Unique
Donlin Gold is Simply Unique – A Long-Life, Federally Permitted U.S. Asset with Unmatched Scale and Upside Potential Production Profile High-Grade at Scale Blue Sky Slated to produce 1.1 Moz per 40 Moz gold contained in Obvious exploration upside on annum over 27-year mine life- measured and indicat
Slide 5: The Catalytic Transaction: Share Price Has Risen ~260%
The Catalytic Transaction: Strategic Alignment on the Path Forward Has Reignited Share Price 14.00 NG Reports High-Grade Drill Results And Receives Positive Decision From Alaska Supreme Court 12.00 NG and Paulson’s Alaska 10.00 Site Visit Builds Momentum in Donlin Gold’s Path to NG’s share NG and Pa
Slide 6: Price Performance (Indexed to 100)
Outperformance from a steady Our New Partnership Unlocked a Golden stream of developments and Opportunity for Upward Revaluation exceptional leverage to gold in a place where one can keep its fruits 350.00 NG Announces Closing of $310M Private Placement and Donlin Gold receives key Selects Fluor as
Slide 7: The Paulson Advantage
The Paulson Advantage ▪ Founded by John Paulson, Paulson Advisers is a private “Donlin Gold is one of the most attractive global investment advisory firm headquartered in Palm undeveloped gold projects in the world. With 39 Beach, Florida million ounces of gold at double the industry average grade,
Slide 8: Why Gold?
Why Gold? Gold Surges Past Post-global Financial It’s all about gold now…and the partners Crisis And Covid Records firmly believe that it will remain so Gold Price (US$/Oz) Demand Drivers Supply Pressures $6,000 Historic Dwindling $5,000 Safe-haven Appeal Discovery Rates $4,000 Asset Decreasing Dive
Slide 9: What a Real Secular Bull Market Looks Like
What a Real Secular Bull Market Looks Like DOW JONES – 50 Year Historical Chart 60000 50000 “As a curiosity, I want you to go back and look toward the mid-1980s. The blip, which 40000 barely is noticeable, is the crash of 1987 that a lot of us thought was going to be the harbinger of the Four Horsem
Slide 10: Why NOVAGOLD? Extraordinary Leverage to Gold
Why NOVAGOLD? Extraordinary Leverage to Gold... In a Jurisdiction That Will Allow You to Keep The Leverage1 Net Present Value (US$ 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 11: A Strategic Asset: America's Largest Gold Mine
Production Profile A Strategic Asset: Donlin Positioned To Be America’s Largest Gold Mine Annual Production “Then comes the project’s production profile. Size and grade Select North and South American gold development projects matter. Anticipated to start with a 27- year mine, Donlin Gold is positio
Slide 12: 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 ▪ Ranks among the world's highest-grade known open- 1.04 g/
Slide 13: The Next Big Gold Discovery Could Be at Donlin Gold
Exploration Potential The Next Big Gold Discovery Could Be at Donlin Gold Significant 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 totaling Extensive exploration appro
Slide 14: Permitting Stability & Alaska Readiness
Permitting Stability & Alaska Readiness Location, Location, Location De-Risked Path to Production in a Top-Tier Jurisdiction Alaska: World-Leading Mining Jurisdiction State Permitting Federal Permitting Completed Completed 2nd Largest ✓ Air Quality ✓ Final Environmental Impact Gold-producing state i
Slide 15: 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 15 NOVAGOLD | BMO Global Metals, Mining & Critical Minerals Conference, February 2026
Slide 16: Long-standing Engagement with Alaska Native Corporations
Land Ownership Located on private lands selected for Long-standing Engagement mineral potential five decades ago and with Alaska Native Corporations owned by Alaska Native Corporations. A generational opportunity Calista Corporation ▪ Calista selected the land — Alaska Native Claims Settlement Act o
Slide 17: Management Team & Project Development
Management Team & Project Development Execution Capabilities & Organizational Structure NOVAGOLD Tier One Management Team Todd Dahlman Frank Arcese General Manager Greg Lang Project Director President & CEO Former President of Barrick Gold North America with extensive experience in mine building and
Slide 18: Donlin Gold's Path To Production: Funding Strategy & Milestones
Donlin Gold's Path To Production: Funding Strategy & Milestones Q1 2026 2011 2018 2020-2025 Q1 2026 ~2027 Key State Fluor Selected BFS Work 2027 ~2027-2031 Updated Received Commence Feasibility Study Federal Permits Permits & Updated As BFS Lead Underway Complete BFS Engineering & FID* Construction*
Slide 19: Financial Results Snapshot and Capital Position
Financial Results Snapshot and Capital Position Treasury Position $115.1M1 Cash & Term Deposits Category 2026 Guidance (US$ Millions) $294.5M2 Corporate G&A3 $19.7 Private Placement (completed post Donlin Gold Funding $78.8 year-end) Total Spending $98.5 Maintained strong treasury position through p
Slide 20: Strong Institutional Support & Analyst Coverage
Shareholder Support Strong Institutional Support & Analyst Coverage Top 10 Shareholders1 63.1% Analyst Coverage 1. Electrum Strategic Resources 24.1% BMO Capital Markets 2. Lingotto Investment Management 8.6% Scotiabank 3. Paulson Advisers LLC 6.7% RBC Capital Markets 4. Fidelity Management & Resear
Slide 21: Appendix
Appendix 21 NOVAGOLD | BMO Global Metals, Mining & Critical Minerals Conference, February 2026
Slide 22: Mineral Reserves
Appendix *Mineral reserves and mineral resources are Mineral Reserves reported on a 100% basis and on a 60% basis. Donlin Gold approximate cut-off grades Grade Metal content Attributable (see Mineral Reserves and Resources Endnotes): Donlin Gold Tonnage (kt) (g/t Au) (koz Au) to NOVAGOLD (koz Au) Re
Slide 23: Mineral Resources
Appendix *Mineral reserves and mineral resources are Mineral Resources reported on a 100% basis and on a 60% basis. Grade Metal content Attributable Donlin Gold approximate cut-off grades Donlin Gold Tonnage (kt) (see Mineral Reserves and Resources Endnotes): (g/t Au) (koz Au) to NOVAGOLD (koz Au) R
Slide 24: Donlin Gold Economics and Operating Costs
Appendix Donlin Gold Average annual gold production 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
Slide 25: BFS Scope of Work and Key Components
BFS Scope of Work Specialist Contractors and Key Components Key Infrastructure Components Integration Fluor’s Role & Responsibilities Fluor will integrate major work packages and coordinate with Specialist Contractors on key infrastructure: Fluor has commenced work on the BFS and will be responsible
Slide 26: Risk Management
Risk Management Infrastructure Mitigation & Component Key Features / Description 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 ROWs have
Slide 27: Pipeline & Barging Logistics
Pipeline & Barging Logistics Alaska LNG Pipeline • Concept: ~316-mile natural gas pipeline to run from the existing 20-inch pipeline from the Anchorage area to site • Permitting Status: Key federal and State permits1 for the pipeline route have been issued, establishing a clear regulatory pathway fo
Slide 28: Permitting And Litigation
Permitting And Litigation Cautionary Statements 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 Permits remain administratively extended until renew
Slide 29: FAST-41 Acceptance & SEIS Summary
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 a SEIS is requir
Slide 30: Capital Structure
Capital Structure Detailed Share Structure Overview As of January 16, 2026 Security Type Amount Commons shares issued and outstanding* 406,994,531 Common shares issued post Jan 16, 2026 for Private Placement financing 31,020,000 Options* 9,504,633 Warrants* 25,500,000 PSUs* 1,578,800 DSUs* 315,953 *
Slide 31: Board of Directors
Board of Directors Experienced Team 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
Slide 32: Appendix - Endnotes
Appendix - Endnotes SLIDE 4 – Donlin Gold is simply unique – a long-life, federally permitted U.S. asset with unmatched scale and upside 2. Anticipated average annual gold production during full life of mine if put into production as contemplated in the potential 2025 Technical Report and the 2025 T
Slide 33: Appendix - Endnotes
Appendix - Endnotes Cautionary Statements 3. Per the Bureau of Land Management- https://www.blm.gov/sites/default/files/docs/2021-06/BLM-AK-Minerals- The NSR value for each block is determined using the gold grade, processing and refining recoveries, gold Critical-Renewable-Future-Infographic.pdf. p
Slide 34: 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 35: 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
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