Novagold Resources Inc. · AMEX:NG
Novagold Resources — Shareholder Meeting (May 2026)
40 slides from Novagold Resources's shareholder meeting presentation, May 14, 2026
Slide 1: 2026 Annual General Meeting of Shareholders
2026 ANNUAL GENERAL MEETING OF SHAREHOLDERS MAY 14, 2026 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM
Slide 2: Agenda
AGENDA: Formal Business Peter Adamek Vice President and CFO Why NOVAGOLD? Greg Lang President and CEO Gold Sector Dr. Thomas S. Kaplan Chairman 2 NOVAGOLD | 2026 Annual General Meeting
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? Greg Lang President and CEO 4 NOVAGOLD | 2026 Annual General Meeting
Slide 5: Long-Term Value Creation Anchored by Donlin Gold
NOVAGOLD Long-Term Value Creation Anchored by Donlin Gold 2006-2011 2008-2010 2017-2018 2018-2024 2025+ Resource Definition Anchor Permitting Success Donlin Gold Technical Ownership 135% resource growth Institutional Entry Donlin receives Federal Optimization, Permitting Restructuring and during act
Slide 6: Strategic Asset: Donlin Positioned To Be America's Largest Gold Mine
Production Profile AAStrategic Strategic Asset: Asset: DonlinDonlin Positioned Positioned To ToBeBe America’s America’sLargest Gold Mine Largest Gold Mine Annual Production “Then comes the project’s production profile. Size and grade Select North and South American gold development projects matter.
Slide 7: Donlin Gold vs. Global Average Grade
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 8: The Next Big Gold Discovery Could Be at Donlin Gold
Exploration Potential The Next Big Gold Discovery Could Be at Donlin Gold 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 Exploration potential totaling approximately 494
Slide 9: De-Risked Path to Production in an Excellent Jurisdiction
Permitting Stability & Alaska Readiness De-Risked Path to Production in an Location, Location, Location Excellent Jurisdiction Alaska: Safe and Stable Mining Jurisdiction State Permitting Federal Permitting Completed Completed ✓ Air Quality ✓ Final Environmental Impact ✓ Alaska Pollutant Discharge S
Slide 10: 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 10 NOVAGOLD | 2026 Annual General Meeting
Slide 11: Long-standing Engagement with Alaska Native Corporations
Land Ownership Located on private lands selected for Long-standing Engagement with mineral potential five decades ago and Alaska Native Corporations owned by Alaska Native Corporations A generational opportunity Calista Corporation (“Calista”) ▪ Calista selected the land — Alaska Native Claims Settl
Slide 12: NOVAGOLD 2025 Sustainability Performance
Sustainability Focused NOVAGOLD 2025 Sustainability Performance1 See endnotes for this slide in Appendix 12 NOVAGOLD | 2026 Annual General Meeting
Slide 13: Strong Institutional Support & Analyst Coverage
Shareholder Support Strong Institutional Support & Analyst Coverage Top 10 Shareholders1 57.4% Analyst Coverage 1. Electrum Strategic Resources 22.4% BMO Capital Markets 2. Lingotto Investment Management LLP 8.0% Scotiabank 3. Paulson & Co. Inc. 6.2% RBC Capital Markets 4. Fidelity Management & Rese
Slide 14: Execution Capabilities & Organizational Structure
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 15: 2025 Achievements
2025 ACHIEVEMENTS 15 NOVAGOLD | 2026 Annual General Meeting
Slide 16: 2025 Highlights
Donlin Gold 2025 Highlights Key Activities ▪ Completed a $1B transaction to acquire Barrick’s 50% interest in Donlin Gold LLC, increasing NOVAGOLD’s ownership to 60% (additional 10% for $200M), with Donlin Gold Holdings1 acquiring 40% for $800M ▪ Issued RFPs for the Bankable Feasibility Study and ke
Slide 17: 2026 Highlights
Donlin Gold 2026 Highlights Specialist Contractors Key Infrastructure Components Integration Fluor will integrate major work packages and coordinate BFS Scope of Work and Key Components with Specialist Contractors on key infrastructure: Technical Workstreams ▪ Appointed Fluor Corporation as lead eng
Slide 18: 2026 Highlights: Alaska LNG Pipeline
Donlin Gold 2026 Highlights Alaska LNG Pipeline ▪ Commercial Discussions Underway: Donlin Gold signed non-binding LOI with Glenfarne to evaluate potential Alaska LNG natural gas supply and related infrastructure to power the mine ▪ Concept: ~316-mile natural gas pipeline to run from the existing 20-
Slide 19: Financial Results Snapshot and Capital Position
Robust Treasury Financial Results Snapshot and Capital Position Category Treasury Position (US$ 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 ▪ NOVAGOLD intends to fully p
Slide 20: Donlin Gold's Path To Production: Funding Strategy & Milestones
Donlin Gold's Path To Production: Funding Strategy & Milestones 2026 2011 2018 2020-2025 Q1 2026 2027 ~2027 ~2027-2031 Key State Fluor Selected BFS Work Commence Construction* Updated Received Complete BFS Feasibility Study Federal Permits Permits & Updated As BFS Lead; Specialist Underway Engineeri
Slide 21: Gold Sector
GOLD SECTOR Dr. Thomas S. Kaplan Chairman 21 NOVAGOLD | 2026 Annual General Meeting
Slide 22: In the Foothills of a Generational Bull Market
GOLD VS US DOLLAR: 12/31/2019 TO 5/7/2026 Gold Sector In the Foothills of a 0.8 Ounces of Gold for US$1,000 $6,000 Price of Gold in US$ Generational Bull Market 0.7 $5,000 Demand Drivers Supply Pressures 0.6 $4,000 0.5 Historic Dwindling Safe-haven Appeal Discovery Rates 0.4 $3,000 Asset Decreasing
Slide 23: Extraordinary Leverage to Gold
Donlin Gold Extraordinary Leverage to Gold... In a Jurisdiction That Will Allow You to Keep The Leverage1 Net Present Value (US$ 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 24: What a Real Secular Bull Market Looks Like
Gold Sector 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
Slide 25: Gold Equities Poised for Continued Re-Rating and Outperformance
Gold Sector Gold Equities Poised for Continued Re-Rating and Outperformance Strong macro and demand backdrop supports higher gold price outlook and re-rating potential ▪ Inflation, fiscal deficits, rate cuts, and geopolitical uncertainty reinforce gold’s strategic role, with central bank accumulatio
Slide 26: Superlative-Rich and Differentiated: Donlin Gold is a Unique Asset
NOVAGOLD Superlative-Rich and Differentiated: Donlin Gold is Simply a Unique Asset in its Combination of Attributes Production Profile High-Grade…Low Blue Sky Slated to produce 1.1 Moz per year Operating Cost Exploration upside on strike and over 27-year mine life- 1.3 Moz per year 40 Moz gold conta
Slide 27: Q&A
Q&A 27 NOVAGOLD | 2026 Annual General Meeting
Slide 28: Appendix
Appendix 28 NOVAGOLD | 2026 Annual General Meeting
Slide 29: 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 30: 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 31: Donlin Gold Capital Costs and Operating Costs
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 32: 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 33: 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 34: FAST-41 Acceptance & Supplemental Environmental Impact Statement 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 35: Capital Structure
Appendix Capital Structure As of March 27, 2026 Security Type Amount Commons shares issued and outstanding* 438,780,614 Options* 9,606,600 Warrants* 24,703,125 PSUs* 1,979,800 DSUs* 321,573 *As reported in the Company’s financial statements and regulatory filings. 35 NOVAGOLD | 2026 Annual General M
Slide 36: 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 37: Appendix - Endnotes
Appendix - Endnotes SLIDE 5 - Long-Term Value Creation Anchored by Donlin Gold SLIDE 9 –De-Risked Path to Production in an Excellent Jurisdiction 1. Donlin Gold’s Alaska Pollutant Discharge Elimination System (APDES) is administratively extended by the Alaska 1. Donlin Gold data as per the NOVAGOLD
Slide 38: Appendix - Endnotes
Appendix - Endnotes SLIDE 23 – Extraordinary Leverage to Gold... In a Jurisdiction That Will Allow You to Keep The Leverage recovery for the Mineral Reserves is 90.0%. Tonnage and grade measurements are in metric units. Contained 1. Donlin Gold estimates as per the 2025 Technical Report and the 2025
Slide 39: Appendix - Endnotes: Technical Reports and Qualified Persons
Appendix - Endnotes Technical Reports and Qualified Persons The documents referenced below provide supporting technical information for the Donlin Gold project. Project Qualified Person(s) Most Recent Disclosure Donlin Edwin Peralta, P.E. “NI 43-101 Technical Report on the Donlin Gold Project, Gold
Slide 40: NOVAGOLD Resources Inc. Contact
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