Novagold Resources Inc. · AMEX:NG
Novagold Resources — Non-Deal Roadshow (November 2025)
41 slides from Novagold Resources's roadshow presentation, November 2025
Slide 1: BMO European Roadshow
BMO European Roadshow November 5-7, 2025 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS 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
Slide 3: Building the Path to America's Largest Gold Mine
BUILDING THE PATH TO AMERICA’S LARGEST GOLD MINE 3 NOVAGOLD | BMO European Roadshow
Slide 4: The Catalytic Transaction: Strategic Alignment Has Reignited Share Price
NOVAGOLD THE CATALYTIC TRANSACTION: STRATEGIC ALIGNMENT ON THE PATH FORWARD HAS REIGNITED SHARE PRICE Following the transaction announcement (April 22, 2025) NG’s share price has risen 174% 12.00 1-Year Share Price Performance 10.00 NG and Paulson announce $1B acquisition 8.00 of Barrick’s stake in
Slide 5: Our New Partnership Unlocked a Golden Opportunity for Upward Revaluation
NOVAGOLD OUR NEW PARTNERSHIP UNLOCKED A GOLDEN OPPORTUNITY FOR UPWARD REVALUATION Seeking outperformance from a steady stream of news and exceptional leverage to gold in a place where one can keep its fruits 700.00 Donlin Gold receives key Alaska State permits and approvals 600.00 Donlin Gold report
Slide 6: Path to Value: Re-rating Across Development Phases
NOVAGOLD PATH TO VALUE: RE-RATING ACROSS DEVELOPMENT PHASES Source: Perpetua Resources – Investor Presentation – July 2025 *Note: The information presented on this slide is derived from publicly available sources, including press releases and related public disclosures. Percent changes represent the
Slide 7: The Paulson Advantage
TRANSACTION OVERVIEW THE PAULSON ADVANTAGE “Donlin Gold is one of the most attractive undeveloped gold projects in the world. With 39 million ounces of gold at double the industry average grade, and an optimal location in the prime jurisdiction of Alaska — already the second largest gold-producing s
Slide 8: Case Study: Turnaround of Detour Gold
TRANSACTION OVERVIEW CASE STUDY: TURNAROUND OF DETOUR GOLD1 In 2018, Paulson led an immensely successful turnaround campaign of Detour Gold DETOUR GOLD – IMPLIED SHARE VALUE OVER TIME(2)(3) (C$/share) ▪ Paulson invested over $500 million in Detour Gold Multiple LOM plan edits Value derived from Valu
Slide 9: Case Study: Paulson's Continued Support of Perpetua Resources
TRANSACTION OVERVIEW CASE STUDY: PAULSON’S CONTINUED SUPPORT OF PERPETUA RESOURCES1 Perpetua, with the support of Paulson has successfully secured financing to advance the Stibnite Gold project through construction PERPETUA RESOURCES – SHARE PRICE SINCE JANUARY 2024 (US$/share) ▪ Paulson has support
Slide 10: Accurate Historical Gold Price Predictions
ACCURATE HISTORICAL GOLD PRICE PREDICTIONS 10 NOVAGOLD | BMO European Roadshow
Slide 11: Why Gold? 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 $4,500 $3,982 Historic Inflation/Deflation Safe-haven Appeal Protection $4,000 Asset Emerging Market Diversification Deman
Slide 12: What a Real Secular Bull Market Looks Like
BULL MARKET WHAT A REAL SECULAR BULL MARKET LOOKS LIKE Just as the Dow ‘broke out of a 30-year trading range’ to begin ‘one of the great generational trades in world history,’ gold—now ‘the second largest global reserve asset’—may be entering a similarly ‘very, very long wave’ bull market. DOW JONES
Slide 13: Why NOVAGOLD? Extraordinary Leverage to Gold
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: Donlin Gold's Path to Production: Funding Strategy & Milestones
NOVAGOLD DONLIN GOLD'S PATH TO PRODUCTION: FUNDING STRATEGY & MILESTONES ACHIEVED NEXT STEPS 2025 NOVAGOLD/ Paulson Acquired Barrick’s Donlin Gold Stake Q4 2025 ~2027 ~2027-2030 ~2031 Engage Top-Tier Firm for Complete BFS and Construction* Commercial Operation* Bankable Feasibility Commence Engineer
Slide 15: Donlin Gold: America's Largest Gold Project
DONLIN GOLD AMERICA’S LARGEST GOLD PROJECT 15 NOVAGOLD | BMO European Roadshow
Slide 16: Donlin Gold Is Simply Unique
WHY NOVAGOLD? DONLIN GOLD IS SIMPLY UNIQUE – A LONG-LIFE, FEDERALLY PERMITTED U.S. ASSET WITH UNMATCHED SCALE AND UPSIDE POTENTIAL 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 cont
Slide 17: A Strategic Asset: Donlin Positioned to Be America's Largest Gold Mine
PRODUCTION PROFILE “Then comes the project’s A STRATEGIC ASSET: DONLIN POSITIONED production profile. Size and TO BE AMERICA’S LARGEST GOLD MINE grade matter. Anticipated to start with a 27-year mine, Donlin Gold is positioned to ANNUAL PRODUCTION become one of the only Select North and South millio
Slide 18: High-Grade at Scale
HIGH-GRADE AT SCALE 2 3 See endnote for this slide in Appendix 18 NOVAGOLD | BMO European Roadshow
Slide 19: Embarking on an Exciting New Program to Add Value Through Exploration
EXPLORATION UPSIDE EMBARKING ON AN EXCITING Far Side Ophir NEW PROGRAM TO ADD Dome VALUE AND VALUATION Quartz THROUGH EXPLORATION Queen Snow The next Donlin could be at Donlin...and we Lewis Pit have started looking for it. ACMA Pit ▪ A total of 39 Moz1 (100% basis) have been defined in the ACMA and
Slide 20: 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 – DC25-2258
Slide 21: 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 22: Long-Standing Engagement with Alaska Native Corporations
LOCAL ENGAGEMENT LONG-STANDING ENGAGEMENT WITH Donlin Gold is located on private land which was ALASKA NATIVE CORPORATIONS designated by law for mining activities five A generational opportunity decades ago, and owned by Native Corporations ▪ Calista board selected the land for resource development
Slide 23: 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 24: 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 Federal Permits remain administratively extended until
Slide 25: Commitment to ESG
COMMITMENT TO ESG 25 25 NOVAGOLD | BMO European Roadshow
Slide 26: Strong Institutional Shareholder Base
SHAREHOLDER SUPPORT STRONG INSTITUTIONAL SHAREHOLDER BASE $3.3B $125.2M 62.8% MARKET CAP1 CASH BALANCE2 $24M $18M TOP 10 SHAREHOLDERS: 24.1% Electrum Strategic Resources DONLIN GOLD PROJECT CORPORATE 8.6% Lingotto Investment Management EXPENDITURES G&A 6.7% Paulson Advisers LLC 4.7% Kopernik Global
Slide 27: 2025 Third Quarter Highlights
DONLIN GOLD 2025 THIRD QUARTER HIGHLIGHTS Extensive technical work, environmental initiatives, and engagement throughout Technical Work: the Yukon-Kuskokwim region ▪ Completed 18,454-meter drill program including; ▪ Grid drilling for future mine planning; ▪ In-pit exploration drilling to support geo
Slide 28: Activities & Upcoming Catalysts
NOVAGOLD ▪ We believe 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, 2025 including the following key action items: ▪ Issued a Request for Proposal (RFP) for the Donlin
Slide 29: Appendix
APPENDIX 29 NOVAGOLD | BMO European Roadshow
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: 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 33: Risk Management
DONLIN GOLD RISK MANAGEMENT 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
Slide 34: Pipeline & Barging Logistics
DONLIN GOLD PIPELINE & BARGING LOGISTICS *Data and information contained in this slide are derived from the 2021 Technical Report and the S-K 1300 Technical Report Summary 34 NOVAGOLD | BMO European Roadshow
Slide 35: 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 36: 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 37: 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 38: Appendix - Endnotes
APPENDIX - ENDNOTES SLIDE 7 – The Paulson Advantage 3. Represents average grade of measured and indicated mineral resources, inclusive of mineral reserves. See 1. As of June 30, 2025. “Cautionary Note Concerning Reserve and Resource Estimates” and “Mineral Reserves & Mineral Resources” tables on sli
Slide 39: Appendix - Endnotes
APPENDIX - ENDNOTES SLIDE 19 –Embarking on an exciting new program to add value and valuation through exploration 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 h
Slide 40: Appendix - Endnotes: 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 Gold Kirk Hanson, MBA, P.E. “NI 43-101 Technical Report on the Donlin Gold Projec
Slide 41: 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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