Novagold Resources Inc. · AMEX:NG
Novagold Resources — Merger or Acquisition (July 2026)
41 slides from Novagold Resources's merger presentation, Jul 22, 2026
Slide 1: NOVAGOLD Enters into Definitive Agreements to Acquire 100% of Donlin Gold
NOVAGOLD ENTERS INTO DEFINITIVE AGREEMENTS TO ACQUIRE 100% OF DONLIN GOLD July 22, 2026 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Note Regarding Forward-Looking Statements This communication includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the other document that NOVAGOLD may file in connection with the proposed T
Slide 3: Transaction Summary
Transaction Summary 3 NOVAGOLD Enters into Definitive Agreements to Acquire 100% of Donlin Gold
Slide 4: NOVAGOLD Enters into Definitive Agreements to Acquire 100% of Donlin Gold
NOVAGOLD ENTERS INTO DEFINITIVE AGREEMENTS TO ACQUIRE 100% OF DONLIN GOLD ▪ Donlin Gold Holdings (DGH) currently owns 40% ▪ NOVAGOLD to acquire Paulson’s Donlin Gold Holdings interests in Donlin Gold in an all-share transaction, increasing NOVAGOLD’s ownership interest in Donlin Gold from 60% to 100
Slide 5: NOVAGOLD and Paulson Combination: Pro Forma Entity Structure
NOVAGOLD and Paulson Combination: Pro Forma Entity Structure Current Pro Forma Pro Forma Ownership in New NG NOVAGOLD Pro Forma NOVAGOLD Shareholders Paulson & Co Shareholders Former DGH Shareholders New NG 35% 65% NOVAGOLD NOVAGOLD NOVAGOLD RESOURCES INC. RESOURCES INC. Shareholders NOVAGOLD Donlin
Slide 6: Substantial Benefits to NOVAGOLD Stakeholders
Substantial Benefits to NOVAGOLD Stakeholders Creates Leading U.S. Gold Developer Enhanced Access to Capital ~US$4.2 billion equity value and 100% ownership of Donlin Gold Facilitates and expands access to private and official-sector capital, Expected annual production of 1.3 Moz in the first 10 ful
Slide 7: A Strategic Asset: Donlin Gold Positioned To Be One of America's Largest Gold Mines
Production Profile A Strategic Asset: Donlin Gold Positioned To Be One of America’s Largest Gold Mine New NG Annual Production “Donlin Gold is a world class gold investment. I look forward to Select North and South American gold development projects developing this magnificent project as Co-Chair, w
Slide 8: Best-in-Class Scale and Production Profile
Leading U.S. Gold Developer Best-in-Class Scale and Production Profile Total Mineral Resources vs. Select North Annual Production vs. Select North American Gold Companies (Moz Au) American Gold Companies (Moz Au)2 # of Assets1 New NG 45.8 1 New NG 1.1 IAMGOLD 35.9 4 Alamos 0.8 NOVAGOLD 27.5 1 IAMGOL
Slide 9: Merger Enhances Scale, Liquidity & Market Appeal
Enhanced Capital Markets Relevance Merger Enhances Scale, Liquidity & Market Appeal New NG Market Capitalization vs. Select North American Gold Companies (US$B) Alamos $12.4B IAMGOLD $8.6B Artemis $5.7B SSR $5.6B Discovery $4.9B New NG $4.2B Skeena $3.3B Wesdome $2.8B NOVAGOLD $2.5B Perpetua $2.3B O
Slide 10: Immediately Accretive For NOVAGOLD Shareholders
Value Creation Immediately Accretive For NOVAGOLD Shareholders Accretion to NAVPS – Broker Consensus Basis Accretion to Gold Resources per Share ($/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 11: 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 12: 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 $12.00 NG and Paulson’s Alaska Site Visit Builds Momentum in Donlin Gold’s Path to N
Slide 13: Why NOVAGOLD?
Why NOVAGOLD? 13 NOVAGOLD Enters into Definitive Agreements to Acquire 100% of Donlin Gold
Slide 14: Donlin Gold is Simply Unique – A Long-Life, Federally Permitted U.S. Asset
Donlin Gold is Simply Unique – A Long-Life, Federally Permitted U.S. Asset with Scale and Upside Potential Production Profile High-Grade at Scale Blue Sky Slated to produce 1.1 Moz per year 40 Moz gold contained in Exploration upside on strike and over 27-year mine life - 1.3 Moz per measured and in
Slide 15: Why Gold?
Why Gold? Gold Surges Past Post-Global Financial It’s all about gold now…and the partners Crisis And Covid Records firmly believe that it will remain so Gold Price (US$/Oz) $6,000 Demand Drivers Supply Pressures $5,000 Historic Dwindling Safe-haven Appeal Discovery Rates $4,000 Asset Decreasing $3,0
Slide 16: What a Real Secular Bull Market Looks Like
What a Real Secular Bull Market Looks Like DOW JONES – 50 Year Historical Chart 60,000 “As a curiosity, I want you to go back and 50,000 look toward the mid-1980s. The blip, which barely is noticeable, is the crash of 1987 40,000 that a lot of us thought was going to be the harbinger of the Four Hor
Slide 17: Why NOVAGOLD? Extraordinary Leverage to Gold
Why NOVAGOLD? Extraordinary Leverage to Gold... In a Jurisdiction That Will Allow You to Keep The Leverage1 Net Present Value (US$B) NPV at 5% NPV at 0% Pro Forma NPV at 5% Pro Forma NPV at 0% $80B $71.3B $70B $62.3B $53.4B $28.5B $60B $47.4B $24.9B $50B $21.4B $35.7B $19.0B $40B $27.5B $30B $14.3B
Slide 18: 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 19: 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 20: 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 21: 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 21 NOVAGOLD Enters into Definitive Agreements to Acquire 100% of Donlin Gold
Slide 22: 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) ▪ Calista selected the land — Alaska Native Claim
Slide 23: 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 24: 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 25: Financial Results Snapshot and Capital Position
Financial Results Snapshot and Capital Position Category Year to Date, as of Treasury Position (US$ Millions) Q2 2026 2026 Guidance $370.2M 1 Corporate G&A2 $13.5 $19.7 Cash & Term Deposits Donlin Gold Funding $31.9 $78.8 Total Spending $45.4 $98.5 Maintained strong treasury position through prudent
Slide 26: 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 27: Appendix
Appendix 27 NOVAGOLD Enters into Definitive Agreements to Acquire 100% of Donlin Gold
Slide 28: 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 29: 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 30: 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 31: Specialist Contractors and Key Infrastructure Components
Appendix 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 engineering firm; tech
Slide 32: Alaska LNG Pipeline
Appendix Alaska LNG Pipeline Pipeline and Barging Logistics ▪ Commercial Discussions Underway: 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 33: 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 34: 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 35: 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 36: Capital Structure
Appendix Capital Structure As of June 19, 2026 Security Type Amount Common shares issued and outstanding* 438,780,614 Options* 9,547,034 Warrants* 24,703,125 PSUs* 1,902,400 DSUs* 331,338 *As reported in the Company’s financial statements and regulatory filings. 36 NOVAGOLD Enters into Definitive Ag
Slide 37: Board of Directors
Board of Directors Experienced Team 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, C
Slide 38: Appendix - Endnotes
Appendix - Endnotes SLIDE 6 - Substantial Benefits to NOVAGOLD Stakeholders 4. In the Federal litigation challenging the Donlin Gold Joint Record of Decision, including the 404 permit and ROW for portions of the pipeline crossing federal lands, the Court issued a decision on September 30, 2024. The
Slide 39: Appendix - Endnotes
Appendix - Endnotes SLIDE 20 – Permitting Stability & Alaska Readiness $3.23/t mined); mining sustaining cost of $0.41/t mined; variable metallurgical recoveries by rock type and geological domain, ranging from 29.4% in oxide to 94.2% in intrusive rocks in the Akivik domain; process 1. Donlin Gold’s
Slide 40: Appendix - Endnotes
Appendix - Endnotes SLIDE 32 – Pipeline & Barging Logistics 1. See footnote 4 under Slide 14 on previous page. Technical Reports and Qualified Persons The documents referenced below provide supporting technical information for the Donlin Gold project. Project Qualified Person(s) Most Recent Disclosu
Slide 41: 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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