Novagold Resources Inc. · AMEX:NG
Novagold Resources — 2024 BMO Global Metals, Mining & Critical Minerals Conference
29 slides from Novagold Resources's conference presentation, February 2024
Slide 1: 2024 BMO Global Metals, Mining & Critical Minerals Conference
2024 BMO GLOBAL METALS, MINING & CRITICAL MINERALS CONFERENCE February 25 – 28, 2024 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM
Slide 2: Cautionary Statements Regarding Forward-Looking Statements
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS Forward-looking statements are based on a number of material assumptions, including but not limited to the following, which could prove to be This presentation includes certain “forward-looking information” and “forward-looking statements” (
Slide 3: Investment Thesis
INVESTMENT THESIS 3 NOVAGOLD | 2024 BMO Global Metals, Mining & Critical Minerals Conference
Slide 4: Donlin Gold: A Tier-One Asset in a World-Leading Jurisdiction
SIZE GRADE 39Moz gold contained in 2.24 g/t Au2, more measured and indicated than double the world a mineral resources1 verage open-pit grade3 DONLIN GOLD: JURISDICTION PARTNERSHIPS A TIER-ONE ASSET IN Alaska is a world- Longstanding partnerships with A WORLD-LEADING leading mining jurisdiction4 wit
Slide 5: Advancing the Donlin Gold Project Up the Value Chain
NOVAGOLD Unlocking value from a pure play on what we and many of our largest shareholders regard as the most exciting ADVANCING THE DONLIN GOLD development project in the gold industry globally PROJECT UP THE VALUE CHAIN Successful strategic repositioning as a pure gold play ▪ 2012: Spin-out of 100%
Slide 6: Alaska: World-Leading Mining Jurisdiction
DONLIN GOLD ALASKA: WORLD-LEADING MINING JURISDICTION ▪ 2nd largest gold-producing state in the U.S.¹ ▪ Well-defined state permitting process ▪ $4.5B value of non-fuel mineral production in Alaska (6th highest in U.S.)² ▪ $1.0B in wages for careers in mining3 6 NOVAGOLD | 2023 Year-End Financial Res
Slide 7: Positioned to Become a Million-Ounce Gold Producer
DONLIN GOLD POSITIONED TO BECOME A MILLION-OUNCE GOLD PRODUCER Anticipated to be one of the highest annual gold producers in the Americas Projected annual gold production (millions of ounces) 1.20 Donlin Gold’s 1.13 27-year mine life 1.03 1.00 1.13 Moz/yr1 0.80 0.60 0.40 0.42 0.36 0.38 0.40 0.34 0.5
Slide 8: Double the Global Average Gold Grade
DONLIN GOLD DOUBLE THE GLOBAL AVERAGE GOLD GRADE Among the world’s highest-grade known open-pit gold deposits 2.24 g/t While global average gold grades are declining, Donlin Gold’s grade 1.04 provides resilience through commodity price cycles g/t Global average grade1 Donlin Gold average grade2 See
Slide 9: The Next Big Gold Discovery Could Be at Donlin Gold
DONLIN GOLD THE NEXT BIG GOLD DISCOVERY COULD BE AT DONLIN GOLD Significant potential to expand current resource at depth and along strike 8km Far Side Queen Snow Quartz Ophir ▪ Since inception, a total ACMA Pit Dome of 39Moz1 (100% basis) Lewis Pit have been defined in 3km the ACMA and Lewis pits w
Slide 10: Alaska Native Corporation Partnerships Elevate the Project
DONLIN GOLD The Donlin Gold Project is important to Calista because of the potential it has not only for Calista and our Shareholders but for the communities in our region. We need to provide hope for our young people. The jobs Donlin will provide at the ALASKA NATIVE project site and other location
Slide 11: 2023 Year-End Highlights
2023 YEAR-END HIGHLIGHTS 11 NOVAGOLD | 2024 BMO Global Metals, Mining & Critical Minerals Conference
Slide 12: Year-End Highlights
DONLIN GOLD Donlin Gold 2023 field program ▪ Completion of comprehensive fieldwork and geotechnical drilling required to complete the Alaska Dam Safety certification applications ▪ Fieldwork to further define groundwater at the site, YEAR-END including 1,279 m of hydrogeologic drilling with instrume
Slide 13: Year-End Highlights (Continued)
DONLIN GOLD Considerable outreach and engagement YEAR-END HIGHLIGHTS activities throughout the Y-K region (CONTINUED) Community Investment & Engagement ▪ Helped place local elders in Y-K region schools and participated in key events like the Elders and Youth statewide conference and the Alaska ▪ Pro
Slide 14: Permitting Update
DONLIN GOLD Key Federal permits for the project have been received and State permitting is well-advanced PERMITTING UPDATE Federal Permitting Completed State Permitting Completed ✓ Final Environmental Impact Statement (EIS)* ✓ Air Quality ✓ Joint Record of Decision (ROD) by the U.S. Army ✓ Alaska Po
Slide 15: Current Activities
DONLIN GOLD Providing support in permitting process and efficient issuance of remaining State-level permits and defending Federal and State permits in litigation CURRENT ACTIVITIES State permitting and litigation activities Federal litigation activities and bipartisan outreach ▪ Air quality permit w
Slide 16: ESG Performance
NOVAGOLD (Scope 1) ESG PERFORMANCE (Fiscal Year 2022) Committed to Responsible Mining and Economic Development in Alaska’s Y-K Region 16 NOVAGOLD | 2024 BMO Global Metals, Mining & Critical Minerals Conference
Slide 17: Maintaining a Strong Treasury
NOVAGOLD MAINTAINING A STRONG TREASURY $126M cash and term deposits balance on November 30, 20231 Treasury $126M $0 $50 $100 $150 $200 US$ (millions) 2024 Forecast Spending Donlin Gold project expenditures $14M Corporate G&A $17M Total $31M See endnotes for this slide in Appendix 17 NOVAGOLD | 2024
Slide 18: Extraordinary Leverage to Gold in a Place Where You Can Keep It
DONLIN GOLD “Gold will emerge as the asset class with the most potential this decade, no matter the EXTRAORDINARY LEVERAGE TO GOLD financial or geopolitical backdrop.” IN A PLACE WHERE YOU CAN KEEP IT – “The Upcoming Gold Bull Market: How High Will Gold Prices Go?” Goehring & Rozencwajg (August 31,
Slide 19: Strong Institutional Shareholder and Management Support
NOVAGOLD STRONG INSTITUTIONAL SHAREHOLDER AND MANAGEMENT SUPPORT The10 largest shareholders represent almost 70% of shares issued and outstanding1. Named Executive Officers’ ownership has increased to ~2.82 million shares since joining the company 32.5% 67.5% TOP 10 SHAREHOLDERS ALL OTHER SHAREHOLDE
Slide 20: Upcoming Catalysts
NOVAGOLD ▪ At the December 2023 Donlin Gold LLC Board meeting, NOVAGOLD proposed proceeding to an updated feasibility study while Barrick proposed continued drilling campaigns. Even though the owners did not agree to either proposal at that meeting, they found common ground on value-adding activitie
Slide 21: Appendix
APPENDIX 21 NOVAGOLD | 2024 BMO Global Metals, Mining & Critical Minerals Conference
Slide 22: Mineral Reserves
APPENDIX MINERAL RESERVES Attributable to Donlin Gold Tonnage Grade Metal content NOVAGOLD *Mineral resources reported on a 100% basis GOLD kt g/t Au koz Au koz Au and on a 50% basis. NOVAGOLD and Barrick Reserves1 each own 50% of the Donlin Gold project. Proven 7,683 2.32 573 287 Donlin Gold approx
Slide 23: 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% Resources2, exclusive of Reserves basis. NOVAGOLD and Barrick each own 50% of the Donlin Gold pro
Slide 24: 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 25: Management
APPENDIX MANAGEMENT Gregory Lang ▪ Former President of Barrick Gold North America Mélanie Hennessey ▪ 20 years of experience in financial markets, President ▪ 40+ years of experience building & operating VP, Corporate corporate governance, indigenous relations, and CEO major open-pit and underground
Slide 26: Board of Directors
APPENDIX BOARD OF DIRECTORS Dr. Thomas ▪ Chairman and CEO of The Electrum Group LLC, a privately ▪ President of Azteca Consulting LLC, and director of Glencore plc and held natural resources investment management company Kalidas Dundee Precious Metals Kaplan Former CEO of China Moly Corp and former
Slide 27: Endnotes
APPENDIX ENDNOTES SLIDE 4 – Donlin Gold: A tier-one asset in a world-leading jurisdiction SLIDE 9 – The next big gold discovery could be at Donlin Gold 1. Represents 100% of measured and indicated resources, inclusive of mineral reserves, of which 50% is 1. Represents 100% of M&I resources, inclusiv
Slide 28: Endnotes
APPENDIX ENDNOTES SLIDE 19 – Strong institutional shareholder and management support marketing (selling costs) of $1.85/oz recovered; stockpile rehandle costs of $0.20/t processed assuming that 45% of mill feed is rehandled; variable royalty rate, based on royalty of 4.5% * (Au price – selling cost)
Slide 29: 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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