Novagold Resources Inc. · AMEX:NG
Novagold Resources — Investor Presentation (June 2025)
34 slides from Novagold Resources's investor presentation, June 2025
Slide 1: A New Partnership with Paulson Advisers Marks a Pivotal Catalyst to Advance Donlin Gold
A NEW PARTNERSHIP WITH PAULSON ADVISERS MARKS A PIVOTAL CATALYST TO ADVANCE DONLIN GOLD June 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: A Transformational Transaction
A TRANSFORMATIONAL TRANSACTION 3 NOVAGOLD | June 2025
Slide 4: Aligning Partner Priorities
TRANSACTION OVERVIEW ALIGNING PARTNER PRIORITIES NOVAGOLD Share Price v. Junior Gold Miners ETF (GDXJ) (US$/share, GDXJ Rebased to NG Share Price) $14 $12 $10 $8 $6 $4 $2 $0 May-15 Apr-16 Apr-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24 May-25 NovaGold NOVAGOLD GDXJ GDXJ Source: FactSet. Mark
Slide 5: The Wait Is Over: The Breakthrough Transaction for Donlin Gold and Its Stakeholders
TRANSACTION OVERVIEW THE WAIT IS OVER: THE BREAKTHROUGH TRANSACTION FOR DONLIN GOLD AND ITS STAKEHOLDERS NOVAGOLD Market Capitalization (US$ billion) Peak: $4.0 $4.0 $3.0 $2.0 Purchase Price for Barrick's 50% Interest in Donlin $1.3 $1.0 $1.0 Low: $0.8 -- Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 So
Slide 6: NOVAGOLD and Paulson Advisers Acquired 50% of Donlin Gold from Barrick in a $1 Billion Transaction
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 7: 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 8: 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 advisory average grade, and an optimal location in the prime jurisdi
Slide 9: 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 10: Strong Institutional Shareholder Base
SHAREHOLDER SUPPORT STRONG INSTITUTIONAL SHAREHOLDER BASE 66.9% The 10 largest shareholders hold nearly 70% of shares 3 issued and outstanding1 TOP 10 SHAREHOLDERS 25.4% Electrum Strategic Resources LP & affiliates 8.1% Paulson Advisers LLC 33.1% 6.2% Lingotto Investment Management LLP 5.4% First Ea
Slide 11: Oversubscribed Offering Upsized to $244M with Majority Participation from New, High-Quality Investors
OFFERING SUMMARY OVERSUBSCRIBED OFFERING UPSIZED TO $244M WITH MAJORITY PARTICIPATION FROM NEW, HIGH-QUALITY INVESTORS ISSUER NOVAGOLD Resources Inc. TSX: NG LISTING / TICKER NYSE American: NG OFFERING SIZE 47.9 million shares (100% Primary) OVERALLOTMENT 15% (100% Primary) CONCURRENT The company co
Slide 12: A Catalytic Transaction Returning NOVAGOLD to Escape Velocity with the Perfectly Aligned Partner
TRANSACTION OVERVIEW A CATALYTIC TRANSACTION RETURNING NOVAGOLD TO ESCAPE VELOCITY WITH THE PERFECTLY ALIGNED PARTNER Backdrop Underlying gold price fundamentals are stronger than ever Catalysts Under the direction of the new co-owners, investors can look forward to a dynamic and sustained narrative
Slide 13: Long-Term, Strategically Aligned Partners Can Enhance Value
TRANSACTION OVERVIEW LONG-TERM, STRATEGICALLY ALIGNED PARTNERS CAN ENHANCE VALUE1 Case Study: Antofagasta’s 18.9% stake in Buenaventura (US$/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 $9
Slide 14: Case Study: Turnaround of Detour Gold
TRANSACTION OVERVIEW CASE STUDY: TURNAROUND OF DETOUR GOLD1 In 2018, Paulson led an immensely successful turnaround campaign of Detour Gold DETOUR GOLD – IMPLIED SHARE VALUE OVER TIME(2)(3) (C$/share) ▪ Paulson invested over $500 million in Detour Gold Multiple LOM plan edits Value derived from Valu
Slide 15: Bringing the Story to Life – Our Path Forward
BRINGING THE STORY TO LIFE – OUR PATH FORWARD 15 NOVAGOLD | June 2025
Slide 16: Positioned to Become a Million-Ounce Gold Producer
PRODUCTION PROFILE POSITIONED TO BECOME A MILLION-OUNCE GOLD PRODUCER Anticipated to be one of the highest 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 17: 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 1 first five full years (average) 1.1Moz/year 1 life of mine (27 years average) ~2 yrs 4-5 yrs 27 yrs See endnote for this
Slide 18: High-Grade at Scale
HIGH-GRADE AT SCALE See endnote for this slide in Appendix 18 NOVAGOLD | June 2025
Slide 19: 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 20: 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 21: 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 22: 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 23: Steadfast Commitment to the Environment and Community
COMMITMENT TO ESG STEADFAST COMMITMENT TO THE ENVIRONMENT AND COMMUNITY CALISTA CORPORATION ENVIRONMENT Commitment to responsible “This land has been stewarded by the mining, ecological stewardship, Alaska Native people of the Yukon- and minimizing environmental Kuskokwim region since time impacts i
Slide 24: 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 25: Maintaining a Strong Treasury
ROBUST TREASURY MAINTAINING A ▪ Pro forma proceeds represents the remaining balance of the public STRONG TREASURY offering and concurrent private placement after funding NOVAGOLD’s previously announced acquisition3 of an additional 10% ownership interest Treasury in Donlin Gold LLC $150 (US$ million
Slide 26: Activities & Upcoming Catalysts
NOVAGOLD ▪ In coordination with Paulson, a strategic review of the Donlin Gold 2025 budget ($43 million on a 100% basis) will be completed while advancing the following activities: 2025 o Commencing the workstream to update the Feasibility Study1, including assembling a specially dedicated team to a
Slide 27: Appendix
APPENDIX 27 NOVAGOLD | June 2025
Slide 28: 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 29: 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 30: 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 31: 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 32: Appendix Endnotes
APPENDIX ENDNOTES SLIDE 7 – Donlin Gold is simply unique in the global gold space in its rare combination of key attributes: SLIDE 11 – Oversubscribed Offering Upsized To $244M with Majority Participation from New, High-Quality Investors 1. Anticipated average annual gold production during full life
Slide 33: Appendix Endnotes
APPENDIX ENDNOTES SLIDE 19– More to come: Excellent exploration potential to add value – and valuation – by expanding current resources SLIDES 28 & 29 Mineral Reserves and Mineral Resources 1. Represents 100% of measured and indicated resources, inclusive of mineral reserves, of which 50% is attribu
Slide 34: 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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