Novagold Resources Inc. · AMEX:NG
Novagold Resources — Merger or Acquisition (April 2025)
30 slides from Novagold Resources's merger presentation, Apr 22, 2025
Slide 1: NOVAGOLD and Paulson Advisers Announce New Partnership to Advance Donlin Gold
NOVAGOLD AND PAULSON ADVISERS ANNOUNCE NEW PARTNERSHIP TO ADVANCE DONLIN GOLD April 22, 2025 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM
Slide 2: Cautionary Statements Regarding Forward-Looking Statements
“The announcement of our new partner, Paulson Advisers, marks the watershed moment in our company’s ambition to unlock conscientiously the full value of Donlin Gold. For such a prescient and illustrious gold investor as John Paulson to share our belief that Donlin Gold constitutes one of the best an
Slide 3: NOVAGOLD and Paulson to Acquire 50% of Donlin Gold from Barrick in $1 Billion Transaction
NOVAGOLD AND PAULSON TO ACQUIRE 50% OF DONLIN GOLD FROM BARRICK GOLD IN $1 BILLION TRANSACTION “For myriad reasons, Paulson is quite literally the finest partner we could have hoped for. The embodiment of ‘smart money’, John has been recognized as having a unique ability to identify the right vehicl
Slide 4: Why NOVAGOLD? Donlin Gold Is Simply Unique in the Global Gold Space
WHY NOVAGOLD ? DONLIN GOLD IS SIMPLY UNIQUE IN THE GLOBAL GOLD SPACE IN ITS RARE COMBINATION OF KEY ATTRIBUTES: Production Profile Potential to produce 1.1 Moz annually over 27 years1 at cash costs in the lower half of the industry’s cost range High-Grade at Scale 39 Moz gold contained in measured a
Slide 5: Aligning Partner Priorities and Seeking to Restore NOVAGOLD's Traditional Position
TRANSACTION OVERVIEW ALIGNING PARTNER PRIORITIES AND SEEKING TO RESTORE NOVAGOLD’S TRADITIONAL POSITION AS ONE OF THE PREMIER “GO-TO” GOLD DEVELOPMENT EQUITIES NOVAGOLD Share Price v. Junior Gold Miners ETF (GDXJ) (US$/share, GDXJ Rebased to NG Share Price) $14 $12 $10 $8 $6 $4 $2 $0 Apr-15 Apr-16 A
Slide 6: The Wait Is Over: The Breakthrough Transaction for Donlin Gold and Its Stakeholders
TRANSACTION OVERVIEW THE WAIT IS OVER: THE BREAKTHROUGH TRANSACTION FOR DONLIN GOLD AND ITS STAKEHOLDERS NOVAGOLD Market Capitalization (US$bn) Peak: $4.0 $4.0 $3.0 $2.0 Purchase Price for Barrick's 50% Interest in Donlin $1.0 $1.0 $1.0 Low: $0.8 -- Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 6 Source
Slide 7: A Catalytic Transaction Returning NOVAGOLD to Escape Velocity
TRANSACTION OVERVIEW A CATALYTIC TRANSACTION RETURNING NOVAGOLD TO ESCAPE VELOCITY WITH THE PERFECTLY ALIGNED PARTNER Backdrop Underlying gold price fundamentals are stronger than ever Catalysts Post transaction close, under the direction of the new co-owners, investors can look forward to a dynamic
Slide 8: Long-Term, Strategically Aligned Partners Can Enhance Value
TRANSACTION OVERVIEW LONG-TERM, STRATEGICALLY ALIGNED PARTNERS CAN ENHANCE VALUE1 Case Study: Antofagasta’s 18.9% stake in Buenaventura (US$/Share) $18.67 $18.00 $16.00 Market re-rated Buenaventura’s share price >100% $14.00 after Antofagasta announced its 18.9% stake in the $12.00 company $10.00 $9
Slide 9: About Paulson
TRANSACTION OVERVIEW ABOUT PAULSON “Donlin Gold is one of the most attractive undeveloped gold projects in the world. With 39 million ounces of gold at double the industry ▪ Founded by John Paulson, it’s a private global investment average grade, and an optimal location in the prime jurisdiction of
Slide 10: Case Study: Turnaround of Detour Gold
TRANSACTION OVERVIEW CASE STUDY: TURNAROUND OF DETOUR GOLD1 In 2018, Paulson led an immensely successful turnaround campaign of Detour Gold DETOUR GOLD – IMPLIED SHARE VALUE OVER TIME(2)(3) (C$/share) ▪ Paulson invested over $500 million in Detour Gold Multiple LOM plan edits Value derived from Valu
Slide 11: It's All About Gold Now and the Partners Believe It Will Remain So
WHY GOLD ? IT’S ALL ABOUT GOLD NOW…AND GOLD SURGES PAST POST-GLOBAL FINANCIAL CRISIS THE PARTNERS FIRMLY BELIEVE AND COVID RECORDS THAT IT WILL REMAIN SO (US$/oz) DEMAND DRIVERS $3,500 $3,327 Historic Inflation/Deflation Safe-haven Appeal Protection $3,000 Asset Emerging Market Diversification Deman
Slide 12: Extraordinary Leverage to Gold in a Jurisdiction Where One Can Keep the Fruits
WHY NOVAGOLD ? EXTRAORDINARY LEVERAGE TO GOLD IN A JURISDICTION WHERE ONE CAN KEEP THE FRUITS OF THAT LEVERAGE NPV at 5% NPV at 0% $35 31.6B $30 Net Present Value (NPV) (US$ in billions) $25 22.5B $20 17.5B $15 13.1B 11.2B 8.8B $10 7.2B 4.9B $5 3.0B 1.2B $0 $1,300 $1,500 $1,700 $2,000 $2,500 Operati
Slide 13: Size Matters: Exceptional Opportunity for Value Creation for Decades to Come
PROJECT TIMELINE SIZE MATTERS: EXCEPTIONAL OPPORTUNITY FOR VALUE CREATION FOR DECADES TO COME Today UPDATED FEASIBILITY STUDY ENGININEERING & CONSTRUCTION OPERATION 1.5Moz/year first five full years 1 1.1Moz/year life of mine (27 years) 1 ~2 yrs 4-5 yrs 27 yrs 13 See endnote for this slide in Append
Slide 14: High-Grade at Scale
HIGH-GRADE AT SCALE 2 1 3 14 See endnote for this slide in Appendix 14
Slide 15: More to Come: Excellent Exploration Potential to Add Value
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 16: Location, Location, Location: Alaska, World-Leading Mining Jurisdiction
JURISDICTIONAL SAFETY LOCATION, LOCATION, LOCATION ALASKA: WORLD-LEADING MINING JURISDICTION ▪ Unleashing Alaska’s Extraordinary Resource Potential (President’s Executive Order No. 14153)1 ▪ 2nd largest gold-producing state in the U.S.2 ▪ $4.5B value of annual non-fuel mineral production in Alaska M
Slide 17: Long-Standing Partnerships with Alaska Native Corporations
PARTNERSHIPS Donlin Gold is located on private land LONG-STANDING PARTNERSHIPS WITH which was designated by law for mining activities five decades ago, and owned ALASKA NATIVE CORPORATIONS by Native Corporations A generational opportunity Calista Corporation: The Kuskokwim Corporation: ▪ Calista boa
Slide 18: Steadfast Commitment to the Environment and Community
COMMITMENT TO ESG STEADFAST COMMITMENT TO THE ENVIRONMENT AND COMMUNITY CALISTA CORPORATION THE KUSKOKWIM CORPORATION ENVIRONMENT “This land has been stewarded by the Alaska Native Commitment to responsible mining, “TKC’s priorities have always been clear: support our people of the Yukon-Kuskokwim r
Slide 19: Key Federal Permits for Donlin Gold 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 20: 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 21: Board of Directors
EXPERIENCED TEAM BOARD OF DIRECTORS Dr. Thomas ▪ 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 that
Slide 22: Strong Institutional Shareholder Base
SHAREHOLDER SUPPORT STRONG INSTITUTIONAL SHAREHOLDER BASE 70.2% The 10 largest shareholders hold 70% of shares issued and outstanding1 TOP 10 SHAREHOLDERS 25.4% Electrum Strategic Resources LP & affiliates 8.1% Paulson Advisers LLC 29.8% 7.8% First Eagle Investment Management, LLC 6.1% BlackRock, In
Slide 23: Appendix
APPENDIX NOVAGOLD
Slide 24: 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. This assumes completion of the GOLD kt g/t Au koz Au koz Au acquisition of additional 10% interest in Donlin Gold from B
Slide 25: 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. This assumes completion of the Resources2, exclusive of Reserves acquisition of additional
Slide 26: 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 27: Project History
APPENDIX PROJECT HISTORY 1909 1995 2006-2007 2012 2018 2021 • Placer gold • Calista and The • Barrick acquires • Permit application • Received Federal permits • Updated NI 43-101 discovered at Kuskokwim Placer Dome submitted to U.S. Army - Corps published final EIS Technical Report and Snow Gulch Co
Slide 28: Endnotes
APPENDIX ENDNOTES SLIDE 4 – Donlin Gold is simply unique in the global gold space in its rare combination of key attributes: SLIDE 12 – Extraordinary leverage to gold in a jurisdiction where one can keep the fruits of that leverage 1. Anticipated annual gold production during full life of mine if pu
Slide 29: Endnotes
APPENDIX ENDNOTES SLIDE 16 – Location, location, location Alaska: World-leading mining jurisdiction – G&A cost reported in $/t. Assuming an average gold recovery of 89.5% the marginal gold cut-off grade 1. Per The White House - https://www.whitehouse.gov/presidential-actions/2025/01/unleashing-alask
Slide 30: 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