Novagold Resources Inc. · AMEX:NG
Novagold Resources — Precious Metals Summit, Beaver Creek 2025
35 slides from Novagold Resources's conference presentation, September 2025
Slide 1: Precious Metals Summit, Beaver Creek
Precious Metals Summit, Beaver Creek September 9-12, 2025 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS 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
Slide 3: Bringing the Story to Life – Our Path Forward
BRINGING THE STORY TO LIFE – OUR PATH FORWARD 3 NOVAGOLD | Precious Metals Summit, Beaver Creek
Slide 4: Donlin Gold Path to Production Funding Strategy & Milestones
NOVAGOLD DONLIN GOLD PATH TO PRODUCTION FUNDING STRATEGY & MILESTONES ACHIEVED NEXT STEPS 2025 Q4 2025 ~2027 ~2027-2030 ~2031 NOVAGOLD/ Paulson Engage Top-Tier Firm for Complete BFS and Construction* Commercial Operation* Acquired Barrick’s Donlin Bankable Feasibility Commence Engineering Gold Stake
Slide 5: NOVAGOLD and Paulson Advisers Acquired 50% of Donlin Gold from Barrick
TRANSACTION OVERVIEW NOVAGOLD AND PAULSON ADVISERS ACQUIRED 50% OF DONLIN GOLD FROM BARRICK MINING IN A $1 BILLION TRANSACTION “For myriad reasons, Paulson is quite literally the finest partner we could have hoped for. The embodiment of ‘smart money’, John has been recognized as having a unique abil
Slide 6: About Paulson
TRANSACTION OVERVIEW ABOUT PAULSON “Donlin Gold is one of the most attractive undeveloped gold projects in the world. With 39 million ounces of gold at double the industry ▪ Founded by John Paulson, Paulson Advisers a private global average grade, and an optimal location in the prime jurisdiction of
Slide 7: Case Study: Turnaround of Detour Gold
TRANSACTION OVERVIEW CASE STUDY: TURNAROUND OF DETOUR GOLD1 In 2018, Paulson led an immensely successful turnaround campaign of Detour Gold DETOUR GOLD – IMPLIED SHARE VALUE OVER TIME(2)(3) (C$/share) ▪ Paulson invested over $500 million in Detour Gold Multiple LOM plan edits Value derived from Valu
Slide 8: Case Study: Paulson's Continued Support of Perpetua Resources
TRANSACTION OVERVIEW 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 ▪ Paulson has supported Perpetua
Slide 9: The Wait Is Over: The Breakthrough Transaction for Donlin Gold
NOVAGOLD THE WAIT IS OVER: THE BREAKTHROUGH TRANSACTION FOR DONLIN GOLD AND ITS STAKEHOLDERS Donlin Gold receives 14.00 key Alaska state permits and approvals Donlin Gold Feasibility Study 12.00 published Donlin Gold reports 2022 drill assay 10.00 results yielding high- grade intercepts NG and Pauls
Slide 10: Path to Value: Re-rating Across Development Phases
NOVAGOLD PATH TO VALUE: RE-RATING ACROSS DEVELOPMENT PHASES Source: Perpetua Resources – Investor Presentation – July 2025 *Note: The information presented on this slide is derived from publicly available sources, including press releases and related public disclosures. Percent changes represent the
Slide 11: Donlin Gold: America's Largest Gold Project
DONLIN GOLD AMERICA'S LARGEST GOLD PROJECT 11 NOVAGOLD | Precious Metals Summit, Beaver Creek
Slide 12: Why NOVAGOLD?
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 13: Extraordinary Leverage to Gold in a Place Where One Can Keep It
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 14: Positioned to Become a Million-Ounce Gold Producer
PRODUCTION PROFILE POSITIONED TO BECOME A MILLION-OUNCE GOLD PRODUCER Anticipated to be one of the largest annual gold producers in the Americas Select gold-focused development projects in the Americas as shown in the accompanying chart 0.43Moz/yr 1 Donlin Gold Moz/yr 1.13 Moz/yr 2 See endnote for t
Slide 15: High-Grade at Scale
HIGH-GRADE AT SCALE 2 3 See endnote for this slide in Appendix 15 NOVAGOLD | Precious Metals Summit, Beaver Creek
Slide 16: More to Come: Excellent Exploration Potential
EXPLORATION UPSIDE MORE TO COME: EXCELLENT Far Side EXPLORATION POTENTIAL TO Ophir ADD VALUE – AND Dome VALUATION – BY EXPANDING Quartz CURRENT 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
Slide 17: Top Five Intervals from In-Pit Exploration Drilling
2025 DRILL PROGRAM TOP FIVE INTERVALS FROM IN-PIT EXPLORATION DRILLING1 Hole ID Location From (m) To (m) Length Grade (m) (g/t Au) Results indicate consistent mineralization across multiple DC25-2252 Divide 305.60 357.50 51.90 3.77 zones, including standout intervals up to 23.49 g/t gold – providing
Slide 18: Location, Location, Location: 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 19: 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 20: 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 21: Permitting and Litigation Update
PERMITTING AND LITIGATION PERMITTING AND LITIGATION UPDATE State permitting and litigation activities Federal Litigation ▪ Alaska Pollutant Discharge Elimination System and Waste Management Permits ▪ In the Federal lawsuit challenging the 404 permit and BLM ROW, the Court issued remain administrativ
Slide 22: Commitment to ESG
COMMITMENT TO ESG 22 NOVAGOLD | Precious Metals Summit, Beaver Creek 22 NOVAGOLD | Precious Metals Summit, Beaver Creek
Slide 23: Strong Institutional Shareholder Base
SHAREHOLDER SUPPORT STRONG INSTITUTIONAL SHAREHOLDER BASE $2.7B $319M 62.8% MARKET CAP1 CASH BALANCE2 $21.5M $16M TOP 10 SHAREHOLDERS: 24.1% Electrum Strategic Resources DONLIN GOLD PROJECT CORPORATE 8.6% Lingotto Investment Management EXPENDITURES3 G&A3 6.7% Paulson Advisers LLC 4.7% Kopernik Globa
Slide 24: A Catalytic Transaction Returning NOVAGOLD to Escape Velocity
NOVAGOLD 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 A CATAL
Slide 25: Appendix
APPENDIX 25 NOVAGOLD | Precious Metals Summit, Beaver Creek
Slide 26: Mineral Reserves
APPENDIX MINERAL RESERVES Attributable to Donlin Gold Tonnage Grade Metal content NOVAGOLD *Mineral reserves and mineral resources are reported on a 100% basis and on a 60% basis. GOLD kt g/t Au koz Au koz Au Donlin Gold approximate cut-off grades (see Mineral Reserves and Resources Endnotes): Reser
Slide 27: 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% basis. Resources2, exclusive of Reserves Measured 869 2.23 62 37 Donlin Gold approximate cut-off
Slide 28: 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 29: Oversubscribed Offering Upsized to $244M
OFFERING SUMMARY OVERSUBSCRIBED OFFERING UPSIZED TO $244M WITH MAJORITY PARTICIPATION FROM NEW, HIGH-QUALITY INVESTORS ISSUER NOVAGOLD Resources Inc. TSX: NG LISTING / TICKER NYSE American: NG OFFERING SIZE 47.9 million shares (100% Primary) OVERALLOTMENT 15% (100% Primary) fully exercised in early
Slide 30: Risk Management
DONLIN GOLD 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 feder
Slide 31: 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 32: Board of Directors
EXPERIENCED TEAM BOARD OF DIRECTORS Dr. Thomas S. ▪ Chairman, CIO and CEO of The Electrum Group Hume ▪ Former Executive VP and CFO, Dundee Precious Metals Kaplan LLC, a privately held natural resources investment Kyle ▪ Former VP, Finance and CFO of Fort Chicago Energy Chairman management company th
Slide 33: Appendix
APPENDIX SLIDE 7 – Case Study: Turnaround of Detour Gold SLIDE 11 – Extraordinary leverage to gold in a jurisdiction where one can keep it 1. The slide regarding Paulson’s investment in Detour Gold is presented solely to demonstrate Paulson’s past 1. Donlin Gold estimates as per the 2021 Technical R
Slide 34: Appendix
APPENDIX SLIDE 16 – Location, location, location Alaska: World-leading mining jurisdiction Assuming an average gold recovery of 89.5% the marginal gold cut-off grade would be approximately 0.57 g/t, 1. Per The White House - https://www.whitehouse.gov/presidential-actions/2025/01/unleashing-alaskas-
Slide 35: 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
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