Novagold Resources Inc. · AMEX:NG
Novagold Resources — Mining Forum Americas 2026
38 slides from Novagold Resources's conference presentation, September 2026
Slide 1: Mining Forum Americas
MINING FORUM AMERICAS September 27-30, 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: A Differentiated, Strategic Asset: Donlin Gold
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 4: 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 5: 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 6: Substantial Benefits to NOVAGOLD Stakeholders
Substantial Benefits to NOVAGOLD Stakeholders Creates Leading U.S. Gold Developer Enhanced Access to Capital ~US$5.9 billion equity value1 and 100% ownership of Donlin Gold Facilitates and expands access to private and official-sector capital, Expected annual production of 1.3 Moz in the first 10 fu
Slide 7: Best-in-Class Scale and Production Profile
Leading U.S. Gold Developer Best-in-Class Scale and Production Profile Total Mineral Resources vs. Select North Annual Production vs. Select North American Gold Companies (Moz Au) American Gold Companies (Moz Au)2 # of Assets1 Agnico 144.3 17 Agnico 3.3 Equinox 60.8 16 New NG 1.1 New NG 45.8 1 Equin
Slide 8: Merger Enhances Scale, Liquidity & Market Appeal
Enhanced Capital Markets Relevance Merger Enhances Scale, Liquidity & Market Appeal New NG Market Capitalization vs. Select North American Gold Companies (US$B) Agnico $102.8B Alamos $15.0B Equinox $14.3B IAMGOLD $11.5B SSR $7.4B Discovery $7.1B Artemis $6.9B 1 New NG $5.9B Skeena $3.9B 1 NOVAGOLD $
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 $12.00 Site Visit Builds Momentum in Donlin Gold’s Path to D
Slide 12: Why NOVAGOLD?
Why NOVAGOLD? 12 12 NOVAGOLD | Mining Forum Americas
Slide 13: Extraordinary Leverage to Gold
Why NOVAGOLD? Extraordinary Leverage to Gold... In a Jurisdiction That Will Allow You to Keep The Leverage1 Net Present Value (US$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 $14.3B
Slide 14: Why Gold?
Why Gold? Gold Surges Past Post-Global Financial It’s all about gold now…and the partners Crisis And Covid Records firmly believe that it will remain so Gold Price (US$/Oz) $6,000 Demand Drivers Supply Pressures $5,000 Historic Dwindling Safe-haven Appeal Discovery Rates $4,000 Asset Decreasing $3,0
Slide 15: 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 16: 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 17: 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 18: 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 19: 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 19 NOVAGOLD | Mining Forum Americas
Slide 20: 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 21: 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 22: 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 23: 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 24: 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 25: Appendix
Appendix 25 NOVAGOLD | Mining Forum Americas
Slide 26: 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 27: 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 28: 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 29: Specialist Contractors and BFS Scope of Work
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 30: 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 31: 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 32: 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 33: 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 34: 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. 34 NOVAGOLD | Mining Forum Americas
Slide 35: 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 36: Appendix - Endnotes
Appendix - Endnotes SLIDE 3 – A Differentiated, Strategic Asset: Donlin Gold Projected to be America’s Largest Single Gold Mine SLIDE 16 – Donlin Gold vs. Global Average 1. Average of comparison group data of 13 projects based on large (3Moz proven and probable mineral reserves 1. Represents average
Slide 37: Appendix - Endnotes
Appendix - Endnotes SLIDE 22 – Financial Results Snapshot And Capital Position incremented $0.0041/t mined/m with depth from the 220 m elevation (equates to an average mining cost of $3.23/t mined); mining sustaining cost of $0.41/t mined; variable metallurgical recoveries by rock type and 1. NOVAGO
Slide 38: Appendix - Endnotes: Technical Reports and Qualified Persons
Appendix - Endnotes SLIDE 30 – Pipeline and Barging Logistics 1. See footnote 4 under Slide 24. 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