Novagold Resources Inc. · AMEX:NG
Novagold Resources — Shareholder Meeting (May 2025)
40 slides from Novagold Resources's shareholder meeting presentation, May 15, 2025
Slide 1: 2025 Annual General Meeting of Shareholders
2025 ANNUAL GENERAL MEETING OF SHAREHOLDERS May 15, 2025 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM
Slide 2: Annual General Meeting Agenda
Formal Business 2025 Peter Adamek Vice President and Chief Financial Officer ANNUAL GENERAL MEETING A Transformational Transaction AGENDA Dr. Thomas S. Kaplan Chairman Bringing The Story To Life – Our Path Forward Greg Lang President and CEO Gold Sector & Closing Remarks Dr. Thomas S. Kaplan Chairma
Slide 3: Cautionary 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 4: A Transformational Transaction
A TRANSFORMATIONAL TRANSACTION Dr. Thomas S. Kaplan Chairman, NOVAGOLD 4 NOVAGOLD | 2025 Annual General Meeting
Slide 5: 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 $0 May-15 Apr-16 Apr-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24 May-25 NovaGold NOVAGOLD GDXJ GDXJ Source: FactSet. Mark
Slide 6: The Wait Is Over: The Breakthrough Transaction for Donlin Gold
TRANSACTION OVERVIEW THE WAIT IS OVER: THE BREAKTHROUGH TRANSACTION FOR DONLIN GOLD AND ITS STAKEHOLDERS NOVAGOLD Market Capitalization (US$ 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 7: NOVAGOLD and Paulson Advisers to Acquire 50% of Donlin Gold from Barrick
TRANSACTION OVERVIEW NOVAGOLD AND PAULSON ADVISERS 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 abilit
Slide 8: 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 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 advisory average grade, and an optimal location in the prime jurisdi
Slide 10: 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 11: 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 12: 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) CONCURRENT The company com
Slide 13: 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 14: Bringing the Story to Life – Our Path Forward
BRINGING THE STORY TO LIFE – OUR PATH FORWARD Greg Lang President & Chief Executive Officer 14 NOVAGOLD | 2025 Annual General Meeting
Slide 15: 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 16: Size Matters: Exceptional Opportunity for Value Creation
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 17: High-Grade at Scale
HIGH-GRADE AT SCALE 2 1 3 See endnote for this slide in Appendix 17 NOVAGOLD | 2025 Annual General Meeting
Slide 18: 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 19: 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 20: 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 21: Key Federal Permits for Donlin Gold Are in Hand
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 22: 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 23: 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 24: Maintaining a Strong Treasury
ROBUST TREASURY MAINTAINING A ▪ Upon closing of the transaction, late in Q2 or early Q3 2025 the previously STRONG TREASURY disclosed NOVAGOLD spending amount of $37.5 million will be reviewed and updated Treasury ▪ NOVAGOLD intends to use the net proceeds of $234.1 million from the $350 (US$ millio
Slide 25: 2024 Achievements
2024 ACHIEVEMENTS 25 NOVAGOLD | 2025 Annual General Meeting
Slide 26: 2024 Achievements & Milestones
DONLIN GOLD Extensive technical work, environmental 2024 ACHIEVEMENTS & MILESTONES initiatives, and engagement throughout the Yukon-Kuskokwim region Technical Work: ▪ Substantial completion of metallurgical test work (pilot plant) to confirm flowsheet optimizations ▪ Incorporation of field and geoch
Slide 27: 2025 Activities & Upcoming Catalysts
NOVAGOLD ▪ Once the transaction has closed, the previously disclosed 2025 Donlin Gold expenditure of $43 million (100% basis) will be reviewed and updated, expected in Q3 2025 2025 ▪ 2025 Outlook: o Commencing the various workstreams to update Donlin ACTIVITIES & Gold’s fully bankable Feasibility St
Slide 28: Gold Sector & Closing Remarks
GOLD SECTOR & CLOSING REMARKS Dr. Thomas S. Kaplan Chairman, NOVAGOLD 28 NOVAGOLD | 2025 Annual General Meeting
Slide 29: We Believe Gold Is in a Long-Term Bull Market
WHY GOLD? WE BELIEVE GOLD IS IN A LONG- TERM BULL MARKET “I believe it would be both risk- reducing and return-enhancing to consider adding gold to one’s portfolio” Ray Dalio Source: Reuters Eikon, Incrementum AG 29 NOVAGOLD | 2025 Annual General Meeting
Slide 30: It's All About Gold Now
WHY GOLD ? IT’S ALL ABOUT GOLD NOW…AND THE PARTNERS FIRMLY BELIEVE THAT GOLD SURGES PAST POST-GLOBAL FINANCIAL CRISIS IT WILL REMAIN SO AND COVID RECORDS (US$/oz) DEMAND DRIVERS Historic Inflation/Deflation $3,500 $3,288 Safe-haven Appeal Protection $3,000 Asset Emerging Market Diversification Deman
Slide 31: 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 32: Q&A
Q&A 32 NOVAGOLD | 2025 Annual General Meeting
Slide 33: Appendix
APPENDIX 33 NOVAGOLD | 2025 Annual General Meeting
Slide 34: 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 50% basis. NOVAGOLD and Barrick each GOLD kt g/t Au koz Au koz Au own 50% of the Donlin Gold project. Reserves1 Donlin Gold approxi
Slide 35: 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 50% basis. NOVAGOLD and Barrick each own Resources2, exclusive of Reserves 50% of the Donlin Gold pro
Slide 36: 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 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: Endnotes
APPENDIX ENDNOTES SLIDE 7 – NOVAGOLD and Paulson Advisers to Acquire 50% of Donlin Gold from Barrick Gold in $1B Transaction SLIDE 11 – Strong institutional shareholder base 1. Paulson, Electrum and Kopernik received five-year warrants to purchase an aggregate of 25.5 million common 1. Shareholder p
Slide 39: Endnotes
APPENDIX ENDNOTES SLIDE 19 – Location, location, location Alaska: World-leading mining jurisdiction processed assuming that 45% of mill feed is rehandled; variable metallurgical recoveries by rock type, ranging 1. Per The White House - https://www.whitehouse.gov/presidential-actions/2025/01/unleashi
Slide 40: 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