Slide 1: Donlin Gold: Building the path to America's largest gold mine
DONLIN GOLD: Building the path to America’s largest gold mine. APRIL 2026 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM
Slide 2: Participants
PARTICIPANTS: Dr. Thomas S. Kaplan Chairman Greg Lang President and CEO Peter Adamek Vice President and CFO 2 NOVAGOLD | 2026 First Quarter Report & Donlin Gold Update
Slide 3: Cautionary Statements
Cautionary Statements Cautionary Statements Regarding forward-looking statements REGARDING FORWARD-LOOKING STATEMENTS CAUTIONARY NOTE CONCERNING RESERVE & RESOURCE ESTIMATES This presentation includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looki
Slide 4: Why NOVAGOLD?
Why NOVAGOLD? 4 NOVAGOLD | 2026 First Quarter Report & Donlin Gold Update
Slide 5: Donlin Gold is Simply Unique – A Long-Life, Federally Permitted U.S. Asset with Scale
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 year measured an
Slide 6: 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$ Billions) NPV at 5% NPV at 0% $80B 71.5B $70B 62.5B $60B 53.5B $50B 44.6B 27.6B $40B 35.8B 23.8B $30B 27.6B 19.9B 16.1B 12.3B $20B 8.5B 19.6B $10B 5.1B $0B $2,100 $2,500
Slide 7: A Strategic Asset: Donlin Positioned To Be America's Largest Gold Mine
Production Profile A Strategic Asset: Donlin Positioned To Be America’s Largest Gold Mine Annual Production “Then comes the project’s production profile. Size and grade Select North and South American gold development projects matter. Anticipated to start with a 27- year mine, Donlin Gold is positio
Slide 8: Donlin Gold vs. Global Average: 2x Gold Advantage
Gold Advantage Donlin Gold vs. Global Average 2x Global Average Average Gold Grade Donlin Gold possesses a grade more than 3.0 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 1.04 g/t2 ▪ Donlin Gold's high grade provides resilience thr
Slide 9: 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 10: 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 11: 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 11 NOVAGOLD | 2026 First Quarter Report & Donlin Gold Update
Slide 12: Long-standing Engagement with Alaska Native Corporations
Land Ownership Located on private lands selected for Long-standing Engagement mineral potential five decades ago and with Alaska Native Corporations owned by Alaska Native Corporations A generational opportunity Calista Corporation (“Calista”) ▪ Calista selected the land — Alaska Native Claims Settl
Slide 13: 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 14: 2026 First Quarter Financial Results
2026 FIRST QUARTER FINANCIAL RESULTS 14 NOVAGOLD | 2026 First Quarter Report & Donlin Gold Update
Slide 15: Q1 2026 Operating Performance
Q1 2026 Operating Performance Treasury Position $115.1M1 Three months ended February 28, (US$ millions) 2026 2025 Cash General & Term and Deposits administrative 1 $8.7 $4.8 Equity loss – Donlin Gold 6.2 2.3 Operating loss 14.9 7.1 Interest expense on promissory note 3.6 3.5 Interest income (1.6) (1
Slide 16: Q1 2026 Cash Flow
Q1 2026 Cash Flow Treasury Position Three months ended February 28, $115.1M1 (US$ millions) 2026 2025 General and administrative 1 $(6.8) $(3.8) Donlin Cash & TermGold funding Deposits (15.5) (3.6) Net Proceeds from issuance of equity 294.0 ― Proceeds from sale of marketable securities / property 4.
Slide 17: Financial Results Snapshot and Capital Position
Financial Results Snapshot and Capital Position Category Treasury Position (US$ Millions) Q1 2026 2026 Guidance $392.5M 1 Corporate G&A2 $6.8 $19.7 Cash & Term Deposits Donlin Gold Funding $15.5 $78.8 Total Spending $22.3 $98.5 Maintained strong treasury position through prudent financial management
Slide 18: 2026 First Quarter Highlights
2026 FIRST QUARTER HIGHLIGHTS Government Affairs ▪ Participated in Alaska Chamber of Commerce and RDC fly-ins and board meetings ▪ Held discussions with ADNR Commissioner and Deputy Commissioner ▪ Met with U.S. Senator Murkowski and attended event for State House Speaker Edgmon, State Senator Cathy
Slide 19: 2026 First Quarter Highlights
2026 FIRST QUARTER HIGHLIGHTS Specialist Contractors Key Infrastructure Components Integration Fluor will integrate major work packages and coordinate BFS Scope of Work and Key Components with Specialist Contractors on key infrastructure: Technical Workstreams ▪ Appointed Fluor Corporation as lead e
Slide 20: 2026 First Quarter Highlights
2026 FIRST QUARTER HIGHLIGHTS 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 existing 2
Slide 21: Donlin Gold's Path To Production: Funding Strategy & Milestones
Donlin Gold's Path To Production: Funding Strategy & Milestones Q1 2026 2011 2018 2020-2025 Q1 2026 ~2027 Key State Fluor Selected BFS Work 2027 ~2027-2031 Updated Received Commence Feasibility Study Federal Permits Permits & Updated As BFS Lead; Specialist Underway Complete BFS Engineering & FID* C
Slide 22: Strong Institutional Support & Analyst Coverage
Shareholder Support Strong Institutional Support & Analyst Coverage Top 10 Shareholders1 57.6% Analyst Coverage 1. Electrum Strategic Resources 22.4% BMO Capital Markets 2. Lingotto Investment Management 8.0% Scotiabank 3. Paulson Advisers LLC 6.2% RBC Capital Markets 4. Fidelity Management & Resear
Slide 23: Appendix
Appendix 23 NOVAGOLD | 2026 First Quarter Report & Donlin Gold Update
Slide 24: What a Real Secular Bull Market Looks Like
What a Real Secular Bull Market Looks Like DOW JONES – 50 Year Historical Chart 60,000 50,000 “As a curiosity, I want you to go back and look toward the mid-1980s. The blip, which barely is noticeable, is the crash of 1987 40,000 that a lot of us thought was going to be the harbinger of the Four Hor
Slide 25: Why Gold?
Why Gold? Gold Surges Past Post-global Financial It’s all about gold now…and the partners Crisis And Covid Records firmly believe that it will remain so Gold Price (US$/Oz) $6,000 Demand Drivers Supply Pressures Historic $5,000 Dwindling Safe-haven Appeal Discovery Rates $4,000 Asset Decreasing Dive
Slide 26: Mineral Reserves
Appendix *Mineral reserves and mineral resources are Mineral Reserves reported on a 100% basis and on a 60% basis. Attributable Donlin Gold approximate cut-off grades Tonnage Grade Metal content (see Mineral Reserves and Resources Endnotes): Donlin Gold to NOVAGOLD (kt) (g/t Au) (koz Au) Reserves1 :
Slide 27: Mineral Resources
Appendix *Mineral reserves and mineral resources are Mineral Resources reported on a 100% basis and on a 60% basis. Attributable Donlin Gold approximate cut-off grades Tonnage Grade Metal content (see Mineral Reserves and Resources Endnotes): Donlin Gold to NOVAGOLD (kt) (g/t Au) (koz Au) Reserves1
Slide 28: Donlin Gold
Appendix Donlin Gold 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 4.10 0.54 70 F
Slide 29: 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 30: 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 31: FAST-41 Acceptance & Supplemental Environmental Impact Statement (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 32: Capital Structure
Appendix Capital Structure As of March 5, 2026 Security Type Amount Commons shares issued and outstanding* 438,780,614 Options* 9,606,600 Warrants* 25,500,000 PSUs* 1,979,800 DSUs* 321,573 *As reported in the Company’s financial statements and regulatory filings. 32 NOVAGOLD | 2026 First Quarter Rep
Slide 33: Board of Directors
Appendix 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 S. Kaplan a privately held natural resources investment Kyle ▪ Former VP, Finance and CFO of Fort Chicago Energy Partners, Chairm
Slide 34: Appendix - Endnotes
Appendix - Endnotes SLIDE 5– Donlin Gold is simply unique – a long-life, federally permitted U.S. asset with unmatched scale and upside 2. Anticipated average annual gold production during full life of mine if put into production as contemplated in the potential 2025 Technical Report and the 2025 Te
Slide 35: Appendix - Endnotes
5. Appendix - Endnotes In the Federal litigation challenging the Donlin Gold Joint Record of Decision, including the 404 permit and ROW SLIDE 20 - Strong Institutional Support & Analyst Coverage for portions of the pipeline crossing federal lands, the Court issued a decision on September 30, 2024. T
Slide 36: Appendix - Endnotes
Appendix - Endnotes The long term forecast gold price for Mineral Resources is based on industry consensus and is 15% higher than the price used for the Mineral Reserves to ensure the Mineral Reserves are a subset of the Mineral Resources. The NSR value for each block is determined using the gold gr
Slide 37: 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