Slide 1: 2025 Year-End Report & Donlin Gold Update
2025 Year-End Report & Donlin Gold Update January 22, 2026 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM
Slide 2: 2025 Year-End Webcast & Conference Call Agenda
Introduction Mélanie Hennessey Vice President, Corporate Communications 2025 YEAR-END WEBCAST Building The Path To America’s & CONFERENCE CALL Largest Gold Mine AGENDA Dr. Thomas S. Kaplan Chairman Year-End Financials Peter Adamek Vice President & Chief Financial Officer Current Activities and Outlo
Slide 3: Cautionary Statements
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties disclosed in
Slide 4: Building the Path to America's Largest Gold Mine
BUILDING THE PATH TO AMERICA’S LARGEST GOLD MINE Dr. Thomas S. Kaplan Chairman 4 NOVAGOLD | Year-End Report & Donlin Gold Update
Slide 5: 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 ~225% 12.00 NG Reports High-Grade Drill Results And Receives Positive Decision From Alaska Supreme Court 10.00 NG a
Slide 6: 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 developments 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 Gol
Slide 7: The Paulson Advantage
TRANSACTION OVERVIEW THE PAULSON ADVANTAGE “I am committed to the development of this truly magnificent project. I ▪ Founded by John Paulson, Paulson Advisers is a private global was pleased to visit the site, spend time in Aniak, a middle Kuskokwim investment advisory firm headquartered in Palm Bea
Slide 8: Accurate Historical Gold Price Predictions
ACCURATE HISTORICAL GOLD PRICE PREDICTIONS 8 NOVAGOLD | Year-End Report and Donlin Gold Update
Slide 9: 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 $5,000 $4,763 Historic Inflation/Deflation Safe-haven Appeal Protection $4,500 Asset Emerging Market $4,000 Diversificatio
Slide 10: What a Real Secular Bull Market Looks Like
BULL MARKET WHAT A REAL SECULAR BULL MARKET LOOKS LIKE DOW JONES – 50 Year Historical Chart 50000 45000 40000 35000 Dow Jones Price 30000 25000 20000 15000 10000 5000 0 1/31/1975 1/31/1985 1/31/1995 1/31/2005 1/31/2015 1/31/2025 Source: Macro Trends - Dow Jones - 50 Year Historical Chart 10 NOVAGOLD
Slide 11: Gold Takes a Place on the Podium in 2025
GOLD GOLD TAKES A PLACE ON THE PODIUM IN 2025 — A TOP PERFORMER IN 2025 AND OVER THE PAST 25 YEARS 2025 returns for gold and key asset classes in USD* 25-Year Cumulative Returns of Gold vs. Other Asset Classes** Source: World Gold Council – Gold Outlook 2026, Bloomberg *Data as of 28 November 2025.
Slide 12: Why NOVAGOLD? Extraordinary Leverage to Gold
WHY NOVAGOLD? EXTRAORDINARY LEVERAGE TO GOLD… IN A JURISDICTION THAT WILL ALLOW YOU TO KEEP THE FRUITS OF THAT LEVERAGE1 80 NPV at 5% NPV at 0% 71.5B 70 62.5B Net Present Value (NPV) (US$ in billions) 60 53.5B 50 44.6B 40 35.8B 27.6B 27.6B 30 23.8B 19.6B 19.9B 20 16.1B 12.3B 8.5B 10 5.1B 0 $2,100 $2
Slide 13: 2025 Financial Results
2025 FINANCIAL RESULTS Peter Adamek Vice President & Chief Financial Officer 13 NOVAGOLD | Year-End Report and Donlin Gold Update
Slide 14: 2025 Operating Performance
NOVAGOLD 2025 OPERATING PERFORMANCE Three months ended Twelve months ended (US$ millions) November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 General and administrative 1 $8.5 $5.9 $25.4 $25.0 Equity loss – Donlin Gold 5.7 3.2 21.9 12.9 Operating loss 14.2 9.1 47.3 37.9 Warrant e
Slide 15: 2025 Cash Flow
NOVAGOLD 2025 CASH FLOW Three months ended Twelve months ended (US$ millions) November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 General and administrative 1 $(6.2) $(4.0) $(18.7) $(17.7) Donlin Gold Funding (4.0) (2.2) (22.5) (12.4) Net Proceeds from Equity Raise ― ― 259.6 ― In
Slide 16: Maintaining a Strong Treasury
NOVAGOLD MAINTAINING A STRONG TREASURY Treasury 1 $150 (US$ millions) $100 Actual 2025 2026 Budget/ 2025 Spending (US$ millions) Year-to-date Guidance Guidance $115.1 Corporate G&A 2 $18.7 $18.0 $19.7 $50 Donlin Gold Funding 22.5 24.0 78.8 Total $41.2 $42.0 $98.5 $0 See endnotes for this slide in Ap
Slide 17: 2025 Highlights
2025 HIGHLIGHTS Greg Lang President & Chief Executive Officer 17 NOVAGOLD | Year-End Report and Donlin Gold Update
Slide 18: 2025 Highlights
DONLIN GOLD 2025 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 geological modell
Slide 19: Key Federal Permits 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 20: 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 21: FAST-41 Acceptance & SEIS Summary
NOVAGOLD FAST-41 ACCEPTANCE & SUPPLEMENTAL ENVIRONMENTAL IMPACT STATEMENT (SEIS) SUMMARY ▪ FAST-41 provides a coordinated federal review process with clear timelines and transparency. Agencies must respond to court rulings while maintaining environmental protections ▪ Helps guide how the required SE
Slide 22: Why NOVAGOLD?
WHY NOVAGOLD? 22 NOVAGOLD | Year-End Report and Donlin Gold Update
Slide 23: 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 40 Moz gold cont
Slide 24: A Strategic Asset: 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 25: High-Grade at Scale
HIGH-GRADE AT SCALE See endnote for this slide in Appendix 25 NOVAGOLD | Year-End Report and Donlin Gold Update
Slide 26: Embarking on a New Exploration Program
EXPLORATION UPSIDE EMBARKING ON AN EXCITING NEW PROGRAM TO ADD Far Side Ophir VALUE AND VALUATION Dome THROUGH EXPLORATION Quartz The next Donlin could be at Donlin...and we Queen Snow have started looking for it. Lewis Pit ▪ A total of 40 Moz1 (100% basis) have been defined in the ACMA and Lewis pi
Slide 27: 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 28: 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 29: Pipeline & Barging Logistics
DONLIN GOLD PIPELINE & BARGING LOGISTICS • Concept: A buried, ~316-mile natural gas pipeline to run from the existing 20-inch pipeline near Beluga (Southcentral Alaska) to the Donlin Gold project in Southwest Alaska, supplying gas to an on-site power plant for mine operations • Permitting Status: Ke
Slide 30: Strong Institutional Shareholder Base
SHAREHOLDER SUPPORT STRONG INSTITUTIONAL SHAREHOLDER BASE $4.1B $115.1M 64.5% MARKET CAP1 CASH BALANCE2 $78.6M $19.7M 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 4.3% Capital Worl
Slide 31: Donlin Gold's Path to Production: Funding Strategy & Milestones
NOVAGOLD DONLIN GOLD'S PATH TO PRODUCTION: FUNDING STRATEGY & MILESTONES ACHIEVED NEXT STEPS 2025 Q1 2026 ~2027 ~2027-2030 ~2031 NOVAGOLD/ Paulson Select Prime Contractor Complete BFS and Construction* Commercial Operation* Acquired Barrick’s Donlin for Bankable Feasibility Commence Engineering Gold
Slide 32: Appendix
APPENDIX 32 NOVAGOLD | Year-End Report and Donlin Gold Update
Slide 33: 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 9,487 2.29 698 419 Donlin Gold approximate cut-off grades (see Mineral Res
Slide 34: 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 1,432 1.18 54 33 Donlin Gold approximate cut-of
Slide 35: Donlin Gold
APPENDIX DONLIN GOLD Key financial economic & production data 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
Slide 36: 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 37: 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 38: 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 39: Appendix - Endnotes
APPENDIX - ENDNOTES SLIDE 7 – The Paulson Advantage were held on May 9, 2025. The District Court issued its remand order on June 10, 2025, rejecting Plaintiff's 1. As of January 19, 2026. request that the permits be vacated and ordering the Federal Agencies to supplement the EIS with an analysis of
Slide 40: Appendix - Endnotes
APPENDIX - ENDNOTES SLIDE 25 – Grade is king: Donlin Gold has more than double the global average gold grade 1. Represents 100% of measured and indicated resources, inclusive of mineral reserves, of which 60% is attributable to NOVAGOLD. Donlin Gold is not in production and a construction decision h
Slide 41: Appendix - Endnotes
APPENDIX - ENDNOTES SLIDES 33 & 34 Mineral Reserves and Mineral Resources 1. Mineral Reserves are reported on a 100% ownership basis and a 60% ownership basis. The 60% basis is attributable Tonnage and grade measurements are in metric units. Contained gold ounces are reported as troy to NOVAGOLD thr
Slide 42: NOVAGOLD Resources Inc. Contact
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