Novagold Resources Inc. · AMEX:NG
Novagold Resources — Q3 2026 Earnings Presentation
44 slides from Novagold Resources's earnings presentation, Oct 8, 2026
Slide 1: Donlin Gold: Building the path to America's largest gold mine
DONLIN GOLD: Building the path to America’s largest gold mine OCTOBER 8, 2026 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM
Slide 2: Participants
PARTICIPANTS: Dr. Thomas Kaplan Chairman Greg Lang President and CEO Peter Adamek Vice President and CFO 2 NOVAGOLD | 2026 Third Quarter Report & Donlin Gold Update
Slide 3: Cautionary Statements
Cautionary Statements Cautionary Note Regarding Forward-Looking Statements Participants in the Solicitation This communication includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the NOVAGOLD and certain of its directors
Slide 4: 2026 Third Quarter Highlights
2026 THIRD QUARTER HIGHLIGHTS Greg Lang President and CEO 4 NOVAGOLD | 2026 Third Quarter Report & Donlin Gold Update
Slide 5: NOVAGOLD Enters Into Definitive Agreements to Acquire 100% of Donlin Gold
NOVAGOLD to Acquire Paulson’s Donlin NOVAGOLD Enters Into Gold Holdings interest in Donlin Gold in Definitive Agreements to an all-share transaction increasing its ownership interest in Donlin Gold from Acquire 100% of Donlin Gold 60% to 100% (the Transactions) ▪ NOVAGOLD shareholders to receive 1.0
Slide 6: Substantial Benefits to NOVAGOLD Stakeholders
Substantial Benefits to NOVAGOLD Stakeholders Creates Leading U.S. Gold Developer Enhanced Access to Capital ~US$4.9 billion equity value1 and 100% ownership of Donlin Gold Facilitates and expands access to private and official-sector capital, Expected annual production of 1.3 Moz in the first 10 fu
Slide 7: Best-in-Class Scale and Production Profile
Leading U.S. Gold Developer Best-in-Class Scale and Production Profile Total Mineral Resources vs. Select North Annual Production vs. Select North American Gold Companies (Moz Au) American Gold Companies (Moz Au)2 # of Assets1 Agnico 144.3 17 Agnico 3.3 Equinox 60.8 16 New NG 1.1 New NG 45.8 1 Equin
Slide 8: Merger Enhances Scale, Liquidity & Market Appeal
Enhanced Capital Markets Relevance Merger Enhances Scale, Liquidity & Market Appeal New NG Market Capitalization vs. Select North American Gold Companies (US$B) Agnico $94.8 Alamos $13.7B Equinox $13.2B IAMGOLD $10.6B SSR $7.0B Discovery $6.8B Artemis $6.4B 1 New NG $4.9B Skeena $3.9B Wesdome $3.6B
Slide 9: Immediately Accretive For NOVAGOLD Shareholders
Value Creation Immediately Accretive For NOVAGOLD Shareholders Accretion to NAVPS – Broker Consensus Basis Accretion to Gold Resources per Share ($/Share) (oz Au/Share) 8.2% 8.4% Accretion Accretion 0.066 $16.75 0.061 $15.48 Standalone NAV Pro Forma NAV Standalone Resources Pro Forma Resources per S
Slide 10: Pivotal Transaction Underpinned by Strong Partnership between NOVAGOLD and Paulson
Pivotal Transaction Underpinned by Strong Partnership between NOVAGOLD and Paulson “ The Paulson Advantage ▪ Founded by John Paulson, Paulson is a private global As underscored by last year’s game-changing and operationally seamless joint acquisition by investment advisory firm headquartered in Palm
Slide 11: The Paulson Partnership Has Been Catalytic
The Paulson Partnership Has Been Catalytic Strategic Alignment on the Path Forward Has Reignited Share Price $16.00 NG Reports High-Grade Drill Results And Receives Positive Decision From Alaska Supreme Court $14.00 NG and Paulson’s Alaska $12.00 Site Visit Builds Momentum in Donlin Gold’s Path to D
Slide 12: Donlin Gold 2026 Third Quarter Highlights: Stakeholder Engagement
Donlin Gold 2026 THIRD QUARTER HIGHLIGHTS Government Affairs and Stakeholder Engagement ▪ Sustainability Communications Advisory Committee (SCAC) activities – Meetings to discuss the Subsistence Plan and Barge Communication Plan – Red Dog site tour – Implemented a stakeholder tracking system to mana
Slide 13: Donlin Gold 2026 Third Quarter Highlights: BFS Scope
Donlin Gold Specialist Contractors 2026 THIRD QUARTER HIGHLIGHTS Key Infrastructure Components Integration Fluor continues to integrate major work packages and BFS Scope of Work and Key Components coordinate with Specialist Contractors on key Technical Workstreams infrastructure: ▪ Ongoing geotechni
Slide 14: Appointment of Financial Advisors
DONLIN GOLD Appointment of Financial Advisors Greg Lang, NOVAGOLD’s President and CEO said: “We are pleased to 2026 THIRD QUARTER HIGHLIGHTS appoint Endeavour and Macquarie to support our project financing efforts. Their combined expertise in structuring large-scale, agency-supported financings will
Slide 15: 2026 Third Quarter Financial Results
2026 THIRD QUARTER FINANCIAL RESULTS Peter Adamek Vice President and CFO 15 NOVAGOLD | 2026 Third Quarter Report & Donlin Gold Update
Slide 16: Q3 2026 Operating Performance
Q3 2026 Operating Performance $115.1M (US$ millions) 1 Three months ended August 31, 2026 2025 Cash & Term Deposits General and administrative 1 $12.0 $6.3 Equity loss – Donlin Gold 24.0 7.4 Operating loss 36.0 13.7 Interest expense on promissory note 3.9 3.8 Interest income (3.8) (1.2) Other income
Slide 17: Q3 2026 Cash Flow
Q3 2026 Cash Flow Three months ended August 31, (US$ millions) 2026 2025 $115.1M General and administrative 1 Donlin Gold funding 1 $(9.8) (24.8) $(4.3) (8.1) Cash & Term Deposits Net Proceeds from issuance of equity - 25.5 Investment in Donlin Gold - (210.1) Proceeds from sale of marketable securit
Slide 18: Current Treasury and 2026 Guidance Update
Current Treasury and 2026 Guidance Update Category Year to Date, Revised 2026 Treasury Position (US$ Millions) as of Q3 2026 2026 Guidance Guidance $343.4M 1 Corporate G&A2 $23.2 $19.7 $31.2 Cash & Term Deposits Donlin Gold $56.7 $78.8 $78.8 Funding Total Spending $79.9 $98.5 $110.0 Maintained stron
Slide 19: Why NOVAGOLD?
WHY NOVAGOLD? Greg Lang President and CEO 19 NOVAGOLD | 2026 Third Quarter Report & Donlin Gold Update
Slide 20: Donlin Gold's Path To Production: Funding Strategy & Milestones
Donlin Gold's Path To Production: Funding Strategy & Milestones Timing between completion of BFS and start of construction will depend on development and financing strategy informed by the BFS. Certain engineering, financing and project readiness activities may occur concurrently 2011 2018 2020-2025
Slide 21: Extraordinary Leverage to Gold
Why NOVAGOLD? Extraordinary Leverage to Gold... In a Jurisdiction That Will Allow You to Keep The Leverage1 Net Present Value (US$B) NPV at 5% NPV at 0% Pro Forma NPV at 5% Pro Forma NPV at 0% $80B $71.5B $70B $62.5B $53.5B $28.6B $60B $25.0B $50B $44.6B $21.4B $35.8B $40B $17.8B $27.6B $30B $14.3B
Slide 22: A Differentiated, Strategic Asset: America's Largest Single Gold Mine
Production Profile A Differentiated, Strategic Asset: Donlin Gold Projected To Be America’s Largest Single Gold Mine New NG Annual Production (100% basis) “Donlin Gold is a world class gold Select North and South American investment. I look forward to gold development projects developing this magnif
Slide 23: Donlin Gold vs. Global Average
Gold Advantage Donlin Gold vs. Global Average 2x Global Average Average Gold Grade Donlin Gold possesses a grade more than double the global average, positioning it 2.5 2.22 g/t1 as a premier asset in the sector 2.0 Strategic Value 1.5 1.05 g/t2 ▪ Donlin Gold's high grade provides resilience through
Slide 24: The Next Big Gold Discovery Could Be at Donlin Gold
Exploration Potential The Next Big Gold Discovery Could Be at Donlin Gold Significant potential to expand current resource at depth and along strike ▪ A total of 40 Moz1 (100% basis) have been defined in the ACMA and Lewis pits with approximately 2,100 drillholes Extensive exploration totaling appro
Slide 25: Permitting Stability & Alaska Readiness
Permitting Stability & Alaska Readiness Location, Location, Location De-Risked Path to Production in an Excellent Jurisdiction Alaska: Safe and Stable Mining State Permitting Federal Permitting Jurisdiction Completed Completed ✓ Air Quality ✓ Final Environmental Impact Statement (EIS)5 ✓ Alaska Poll
Slide 26: Getting the Donlin mine to production will be transformative for Alaska
“ Getting the Donlin mine to production will be transformative for Alaska and provide hundreds of great paying jobs.” – Governor Mike Dunleavy (@GovDunleavy) via X, July 23, 2025 26 NOVAGOLD | 2026 Third Quarter Report & Donlin Gold Update
Slide 27: Long-standing Engagement with Alaska Native Corporations
Land Ownership Located on private lands designated by Long-standing Engagement law for mineral potential five decades ago and owned by Alaska Native with Alaska Native Corporations Corporations A generational opportunity Calista Corporation ▪ Calista selected the land — Alaska Native Claims Settleme
Slide 28: Management & Project Development Teams
Management & Project Development Teams Execution Capabilities & Organizational Structure Donlin Gold BFS Team NOVAGOLD Tier One Management Team Frank Arcese Project Director Greg Lang President & CEO Former President of Barrick Gold North America with Fluor extensive experience in mine building and
Slide 29: Strong Institutional Support & Analyst Coverage
Shareholder Support Strong Institutional Support & Analyst Coverage Analyst Coverage Top 10 Shareholders (Pro Forma)1 501.1 71.8% 1. Paulson Advisers 276.8 39.7% BMO Capital Markets 2. Electrum Strategic Resources 95.9 13.7% Scotiabank 3. Lingotto Investment Management 36.8 5.3% RBC Capital Markets
Slide 30: Donlin Gold is Simply Unique
Donlin Gold is Simply Unique – A Long-Life, Federally Permitted U.S. Asset with Scale and Upside Potential Production Profile High-Grade at Scale Blue Sky Slated to produce 1.1 Moz per year 40 Moz gold contained in Exploration upside on strike and over 27-year mine life - 1.3 Moz per measured and in
Slide 31: Q&A
Q&A 31 NOVAGOLD | 2026 Third Quarter Report & Donlin Gold Update
Slide 32: Appendix: Mineral Reserves
Appendix *Figures attributable to NOVAGOLD reflect Mineral Reserves its 60% Donlin interest. Pro forma figures are presented on a 100% Donlin basis. Tonnage Metal Content Pro Donlin Gold approximate cut-off grades Pro Forma (see Mineral Reserves and Resources Endnotes): Attributable to Grade Attribu
Slide 33: Appendix: Mineral Resources
Appendix *Figures attributable to NOVAGOLD reflect Mineral Resources its 60% Donlin interest. Pro forma figures are presented on a 100% Donlin basis. Tonnage Metal Content Pro Donlin Gold approximate cut-off grades Pro Forma (see Mineral Reserves and Resources Endnotes): Attributable to Grade Attrib
Slide 34: Appendix: Donlin Gold (100% Basis)
Appendix Donlin Gold (100% Basis) Capital Costs 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 1.1 Moz G&A 4
Slide 35: Appendix: Risk Management
Appendix Risk Management Infrastructure Component Key Features / Description Mitigation & Management Measures • Optimized through the alternatives analysis in the Final EIS and JROD, including the selection of a more economic LNG-to-pipeline fuel supply over diesel barging. • Both state and federal
Slide 36: Appendix: Permitting and Litigation
Appendix Permitting and Litigation Cautionary Statements State Permitting and Litigation Activities ▪ Alaska Pollutant Discharge Elimination System and Waste Management ▪ Federal Litigation In the Federal lawsuit challenging the 404 permit and BLM ROW, the Permits remain administratively extended un
Slide 37: Pipeline and Barging Logistics
Appendix Pipeline and Barging Logistics Alaska LNG Pipeline ▪ Commercial Discussions Underway: Donlin Gold signed non-binding LOI with Glenfarne to evaluate potential Alaska LNG natural gas supply and related infrastructure to power the mine ▪ Concept: ~316-mile natural gas pipeline to run from the
Slide 38: FAST-41 Acceptance & SEIS Summary
Appendix FAST-41 Acceptance & Supplemental Environmental Impact Statement (SEIS) Summary Cautionary Statements ▪ FAST-41 provides a coordinated federal review process with clear timelines and transparency. Agencies must respond to court rulings while maintaining environmental protections Why is a SE
Slide 39: Capital Structure
Appendix Capital Structure As of October 2, 2026 Security Type Amount Common shares issued and outstanding* 438,815,994 Options* 9,508,267 Warrants* 24,703,125 PSUs* 1,902,400 DSUs* 339,973 *As reported in the Company’s financial statements and regulatory filings. 39 NOVAGOLD | 2026 Third Quarter Re
Slide 40: Board of Directors
Board of Directors Cautionary Statements Dr. Thomas ▪ Chairman, CIO and CEO of The Electrum Group LLC, Hume ▪ Former Executive VP and CFO, Dundee Precious Metals Kaplan a privately held natural resources investment Kyle ▪ Former VP, Finance and CFO of Fort Chicago Energy Partners, Chairman managemen
Slide 41: Appendix - Endnotes
Appendix - Endnotes SLIDE 5 - NOVAGOLD Enters Into Definitive Agreements to Acquire 100% of Donlin Gold SLIDE 21 – Why NOVAGOLD? 1. Donlin Gold estimates as per the 2025 Technical Report and the 2025 Technical Report Summary, except as noted below. 1. As of September 15, 2026. All dollar figures are
Slide 42: Appendix - Endnotes
Appendix - Endnotes SLIDE 25 – Permitting Stability & Alaska Readiness agencies took too narrow a view in analyzing the impact of a theoretical release from the tailings storage facility. Remedy briefing was completed in March 2025 and oral arguments on remedy were held on May 9, 2025. The District
Slide 43: Appendix - Endnotes
Appendix - Endnotes The NSR value for each block is determined using the gold grade, processing and refining recoveries, gold price, selling costs, and royalties. Mineral Resources are reported using a marginal NSR cut-off value of $26.86/t based on a total process cost of $22.15/t processed, G&A op
Slide 44: NOVAGOLD Resources Inc. contact details
NOVAGOLD RESOURCES INC. Mélanie Hennessey Suite 1860 – 400 Burrard Street VP, Corporate Communications Vancouver BC Canada V6C 3A6 melanie.hennessey@novagold.com 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