2024 Year-End Report & Donlin Gold Update January 23, 2025 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM 2024 YEAR-END WEBCAST & CONFERENCE CALL AGENDA Introduction Peter Adamek Vice President & Chief Financial Officer 2 NOVAGOLD | 2024 Year-End Report & Donlin Gold Project Update Mélanie Hennessey Vice President, Corporate Communications 2024 Year-End Update Greg Lang President & Chief Executive Officer 2024 Year-End Financials Generational asset with strong, investor-friendly attributes CAUTIONARY STATEMENTS REGA ...

Donlin Gold Project Development - Donlin Gold project advanced key activities in 2024, including completion of metallurgical test work and submission of preliminary design packages for Dam Safety Certification to ADNR, with comments expected in 2025[47] - Donlin Gold's board approved a 2025 budget of $43 million on a 100% basis, focusing on grid drilling, mine planning, Dam Safety Certificate applications, and community relations[48] - Donlin Gold held public open houses in Anchorage, Bethel, and Crooked Creek, and established three additional Shared Values Statements, totaling 18, to support local communities[49] - The Donlin Gold project is subject to seasonal limitations due to Alaska's northern climate, with surface work often limited to late spring through early fall[58] Environmental and Regulatory Compliance - The company is required to conduct reclamation efforts in accordance with detailed plans approved by regulatory agencies, providing financial assurance for reclamation[51] Market and Financial Conditions - NOVAGOLD competes with other mineral resource companies for financing and technical expertise, facing challenges from competitors with greater financial resources[55] - Gold prices in 2024 ranged from $1,985 to $2,784 per ounce, with an average of $2,387, and reached $2,670 per ounce on January 13, 2025[60] - A 1% change in the U.S. prime rate would result in an approximate $1.5 million change in interest accrued on the promissory note owed to Barrick annually[401] Resource and Workforce Management - The company has historically been able to secure necessary raw materials and skilled employees, with no expected shortages in the foreseeable future[56][57]

Financial Performance and Expenditures - NOVAGOLD held a strong treasury of approximately $101 million in cash and term deposits as of November 30, 2024, with net annual cash expenditures of $24.5 million, below the 2024 expenditure guidance of $31.2 million[3] - NOVAGOLD's 2025 expenditure is anticipated to be approximately $37.5 million, including $21.5 million for Donlin Gold and $16.0 million for corporate general and administrative costs[27] - NOVAGOLD reported earnings of ($45.6) million and earnings per share of ($0.14) for the 2024 fiscal year, reflecting expenditures in line with budget[3] - NOVAGOLD has a robust balance sheet to finance its share of current activities at Donlin Gold[31] Donlin Gold Project Development - Donlin Gold's 2025 budget was approved at $43 million (100% basis), focusing on key areas such as camp operations, grid drilling, and mine planning[5] - Donlin Gold submitted preliminary design packages for Dam Safety Certification to ADNR in 2024, with potential issuance expected in 2026/2027[14] - Donlin Gold received an 18-month extension on its air quality permit through July 2026, with other permits administratively extended until renewal[15] - Donlin Gold's resource model was advanced in 2024, with metallurgical test work completed to confirm optimizations to the flowsheet[6][9] - Current activities at Donlin Gold focus on state permitting, engineering studies, and community engagement in preparation for construction and operation[31] - The 2025 outlook includes potential commencement of a new feasibility study for Donlin Gold[33] - NOVAGOLD anticipates expenditures and goals for 2025, including support for key stakeholders and permitting processes[33] - The company is focused on advancing Donlin Gold safely, responsibly, and sustainably to generate value for stakeholders[33] - NOVAGOLD's strategy includes increasing shareholder and stakeholder wealth through the Donlin Gold project[33] - The success of the Donlin Gold community relations plan and exploration drilling outcomes are key forward-looking statements[33] Donlin Gold Resource and Production Estimates - Donlin Gold possesses Measured Resources of approximately 8 Mt grading 2.52 g/t and Indicated Resources of approximately 534 Mt grading 2.24 g/t, with an anticipated life of mine operating cash cost of $635 per gold ounce[21][22] - Donlin Gold is projected to produce over 1.1 million ounces of gold annually over a 27-year mine life, ranking it among the largest gold assets globally[18][22] - Donlin Gold project has approximately 39 million ounces of gold in Measured and Indicated Mineral Resource categories, with 541 million tonnes at an average grade of 2.24 grams per tonne[31] - Donlin Gold is expected to produce an average of approximately 1 million ounces of gold annually over a 27-year mine life[31] - The Donlin Gold open pit currently covers 3 kilometers of an approximately 8-kilometer-long gold-bearing trend[31] Environmental and Community Engagement - Donlin Gold launched a salmon smolt monitoring program in 2024, partnering with local communities to assess smolt health and migration patterns[10]

Core Viewpoint - NOVAGOLD Resources Inc. reported its fiscal year-end results for 2024, highlighting the progress of its Donlin Gold project, a significant gold development initiative in Alaska, co-owned with Barrick Gold Corporation [1][5]. Financial Performance - As of November 30, 2024, NOVAGOLD held approximately $101 million in cash and term deposits, with net annual cash expenditures of $24.5 million, including $12.4 million for the Donlin Gold project and $17.7 million for corporate costs, which was below the expenditure guidance of $31.2 million [3][19]. - The company reported a net loss of $45.6 million for the fiscal year, translating to an earnings per share of ($0.14) [3]. Project Milestones and Activities - In 2024, significant milestones for the Donlin Gold project included the completion of metallurgical test work, submission of preliminary design packages for Dam Safety Certification, and community engagement initiatives [6][10]. - A budget of $43 million for 2025 was approved, focusing on camp operations, updated mine planning, geotechnical engineering, and community relations [6][16]. Community Engagement and Environmental Initiatives - Donlin Gold intensified efforts in ecological stewardship, including a salmon smolt monitoring program and restoration of historic mining sites [8][9]. - The project maintained strong community relations through public open houses and partnerships with local organizations, establishing a total of 18 Shared Values Statements [9][10]. Resource and Production Potential - The Donlin Gold project is recognized for its substantial resources, with over 39 million ounces of gold in Measured and Indicated Resources at an average grade of 2.24 grams per tonne, which is twice the industry average [14][29]. - The project is projected to produce over one million ounces of gold annually over a 27-year mine life, with anticipated operating cash costs of $635 per ounce, placing it in the lower half of the industry cost curve [30][31]. Legal and Regulatory Developments - Donlin Gold received an 18-month extension on its air quality permit and has ongoing litigation related to its water quality certification and other permits, with decisions expected in 2025 [11][12][13]. - The project continues to receive support from U.S. Senators and local representatives, emphasizing its importance for economic development in Alaska [10].

Core Viewpoint - NOVAGOLD Resources Inc. is set to release its 2024 year-end report on January 23, 2025, before market opening, followed by a conference call and video webcast to discuss the results [1] Group 1: Financial Results and Updates - The conference call will feature NOVAGOLD's President and CEO, Greg Lang, and CFO, Peter Adamek, who will summarize the company's year-end financial results and provide an update on the Donlin Gold project [2] - Questions can be submitted prior to the call, and there will be an opportunity for live questions during the webcast [2] Group 2: Webcast and Call Details - The video webcast can be accessed at www.novagold.com/investors/events, with specific call-in numbers provided for North American and international callers [3] - The webcast will be archived on NOVAGOLD's website for one year, and a transcript of the call will be available for download [3] Group 3: Company Contacts - Key contacts for NOVAGOLD include Mélanie Hennessey, Vice President of Corporate Communications, and Frank Gagnon, Manager of Investor Relations, with provided contact numbers for inquiries [4]

Financial Data and Key Metrics Changes - The company reported a net loss of $10.7 million in Q3 2024, a decrease of $0.4 million from the same quarter last year, primarily due to lower stock-based compensation and reduced Donlin Gold Project costs [14][15] - Cash and term deposits decreased by $7 million in Q3 2024, with cash and cash equivalents totaling $45.6 million and term deposits at $60 million [15][16] - The company expects to spend approximately $31 million for the full year, including about $17 million for corporate G&A and $14 million for Donlin Gold [15][16] Business Line Data and Key Metrics Changes - The Donlin Gold Project is highlighted as a Tier 1 asset with 39 million ounces of gold at an average grade of 2.25 grams per tonne, which is more than double the industry average [3][5] - Significant exploration opportunities exist beyond the defined resources, covering only 3 kilometers of an approximate 8-kilometer gold-bearing trend [8] Market Data and Key Metrics Changes - The global gold production is declining, leading to a shortage of high-quality development stage projects, which increases demand for projects like Donlin Gold characterized by scale, grade, and longevity [5][6] - Alaska is ranked third out of 120 global jurisdictions for mining, with a strong regulatory framework that enhances investor confidence [6][8] Company Strategy and Development Direction - The company views the Donlin Gold Project as a prime investment opportunity in the gold market, focusing on advancing the project to an updated feasibility study [17][18] - The company is committed to executing its strategy with high standards of safety and social responsibility while enhancing shareholder and stakeholder value [18] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of the Dam Safety certification as the last major permit needed for the project, with an anticipated approval timeline of 1 to 1.5 years [20] - The current high gold prices are expected to influence the updated feasibility study and future project plans [21] Other Important Information - The company has made substantial advancements in metallurgical testing and is updating groundwater and surface water models [9][10] - Ongoing collaborations with local communities and partners are essential for project development and maintaining a social license to operate [11][12] Q&A Session Summary Question: Is the Dam Safety certification the only major permit left? - Yes, the tailings dam and related water retention structures are the last remaining major permits needed, with approval expected in 1 to 1.5 years [20] Question: Will current gold prices be reflected in the updated feasibility study? - Yes, the high gold prices are intriguing and will be considered in the 2025 work plan [21] Question: What is the current cash burn rate and CapEx guidance for 2025? - The burn rate is expected to increase next year, with sufficient cash on hand to advance the Donlin project [23]

Core Viewpoint - NOVAGOLD Resources Inc. is focused on advancing the Donlin Gold project, aiming for a fully updated feasibility study while maintaining strong community and government engagement to uphold its social license [1][6][11]. Financial Overview - As of August 31, 2024, NOVAGOLD reported a strong treasury of approximately $105.6 million in cash and term deposits [4][9]. - The company experienced a net loss of $10.7 million for the third quarter of 2024, a slight decrease from a loss of $11.1 million in the same period the previous year [28][29]. Project Development Milestones - Key activities in the third quarter included metallurgical test work at a pilot plant, submission of preliminary design packages for Dam Safety Certification, and updated resource modeling [3][7]. - A workshop was held in Alaska to review progress and discuss next steps for the Donlin Gold project [3][8]. Community Engagement and Social Responsibility - NOVAGOLD, in collaboration with Calista Corporation and The Kuskokwim Corporation, has made significant strides in community engagement, including hosting tours and public open houses [4][13]. - The company supports various local initiatives, including educational programs and environmental stewardship efforts, reinforcing its commitment to social responsibility [14][17]. Legal and Permitting Status - The company is actively defending its permits against legal challenges, with ongoing litigation related to water rights and environmental certifications [20][21][22]. - The permitting process is complex but is supported by a strong commitment to transparency and stakeholder engagement [19][24]. Future Outlook - For fiscal year 2024, anticipated cash expenditures are approximately $31.2 million, with $14.25 million allocated for the Donlin Gold project [32][33]. - The company aims to continue advancing the project towards a construction decision while maintaining a healthy balance sheet and stakeholder support [33][34].

Core Points - NOVAGOLD RESOURCES INC. will release its 2024 third quarter financial results on October 2, 2024, after market close [1] - A conference call and video webcast to discuss these results will occur on October 3, 2024, at 8:00 am PT (11:00 am ET) [1] - The company's President and CEO, Greg Lang, and CFO, Peter Adamek, will summarize the third quarter financial results and provide an update on the Donlin Gold project during the webcast [2] Conference Call Details - Participants can submit questions prior to the call via email at info@novagold.com [2] - The video webcast can be accessed at www.novagold.com/investors/events/ [3] - North American callers can join at 1-844-763-8274, while international callers can dial 1-647-484-8814 [3]

Financial Data and Key Metrics Changes - In the second quarter, the company reported a net loss of $13.7 million, a decrease of $0.9 million from the prior-year quarter, primarily due to lower Donlin Gold project costs and increased general and administrative costs [39][54]. - Cash and cash equivalents stood at nearly $53 million, with term deposits of $60 million, indicating a strong treasury position [54]. Business Line Data and Key Metrics Changes - The Donlin Gold project is highlighted as a Tier 1 asset, boasting almost 40 million ounces of gold at a grade of over 2 grams per tonne, which is more than double the industry average [27][30]. - The projected mine life for Donlin Gold is nearly three decades, with an expected production of around 1 million ounces per year at a low cost [27][30]. Market Data and Key Metrics Changes - Alaska is recognized as a world-leading mining jurisdiction, ranked third out of 120 global jurisdictions, with a strong regulatory environment that supports mining activities [9]. - The current gold price is positioned toward the higher end of the projected value scenarios, indicating a potential value exceeding $25 billion with no discount rate applied [31]. Company Strategy and Development Direction - The company aims to update the feasibility study for Donlin Gold to position it favorably for a construction decision when market conditions align [28]. - Ongoing collaborations with local communities and stakeholders are emphasized to ensure responsible development and community engagement [29][35]. Management's Comments on Operating Environment and Future Outlook - Management views the current gold price as a key driver for investment decisions, with expectations for prices to rise further in the coming years [60]. - The company remains committed to advancing the Donlin Gold project while navigating the complexities of permitting and regulatory processes [17][18]. Other Important Information - The company has secured all federal permits required for the development of Donlin Gold and is in the process of obtaining state permits, including dam safety certification [7][59]. - Significant progress has been made in metallurgical test work and updating resource models, which are crucial for future development [34][41]. Q&A Session Summary Question: What is the current status of state-level permitting and when is a decision expected? - The only significant state permit not yet obtained is the dam safety certificate, with the federal permits already in place [59]. Question: What level of capital spending is expected in 2025? - The company has not yet guided on expenditures for 2025, as it will depend on the decision to initiate the new feasibility study [47]. Question: What key market conditions are required to commence operations? - Key factors include the price of gold, market conditions, and financing options, with expectations that gold prices will be significantly higher when the feasibility study is completed [60].

[NOVAGOLD Q2 2024 Financial Results Report](index=1&type=section&id=NOVAGOLD%20Q2%202024%20Financial%20Results%20Report) [Overview and Key Milestones](index=1&type=section&id=Overview%20and%20Key%20Milestones) NOVAGOLD reports Q2 2024 results, highlighting progress on the Donlin Gold project and a strong financial position - NOVAGOLD ended the second quarter with a robust treasury of **$113 million** in cash and term deposits[1](index=1&type=chunk) - Key technical milestones for the Donlin Gold project include advancing metallurgical testing and resource modeling[5](index=5&type=chunk) - Significant community outreach included finalizing a **17th Shared Values Statement** and holding subsistence committee meetings[5](index=5&type=chunk) [President's Message](index=2&type=section&id=President's%20Message) The President details the company's commitment to advancing the Donlin Gold project through technical, community, and legal progress [Technical Advancement and Project Development](index=2&type=section&id=Technical%20Advancement%20and%20Project%20Development) The company focuses on key technical work, including resource modeling and metallurgical testing, to de-risk the Donlin Gold project - The next critical step is updating the feasibility study to position Donlin Gold favorably for a construction decision[8](index=8&type=chunk) - Metallurgical pilot plant test work is underway to confirm flowsheet optimizations and is expected to be completed in **2024**[6](index=6&type=chunk) - A third-party consultant is updating the resource model, while new field data is enhancing hydrological models[6](index=6&type=chunk) [Community, Government, and Stakeholder Engagement](index=3&type=section&id=Community%2C%20Government%2C%20and%20Stakeholder%20Engagement) NOVAGOLD and its partners maintain deep engagement with local communities, government bodies, and key stakeholders - An additional Shared Values Statement was finalized with a Y-K region community, bringing the total to **17**[10](index=10&type=chunk) - The Crooked Creek Traditional Council traveled to Washington, D.C. to voice their support for the project[12](index=12&type=chunk) - Alaska's Congressional Delegation submitted a joint amicus brief supporting Donlin Gold as a vital economic project[12](index=12&type=chunk) [Environmental and Social Initiatives](index=3&type=section&id=Environmental%20and%20Social%20Initiatives) The company is actively involved in environmental and social programs, focusing on salmon health, community cleanup, and education - In collaboration with local tribes, the company is planning projects to monitor and enhance salmon population health[14](index=14&type=chunk) - Donlin Gold continues to support the annual "Clean-Up Green-Up" program, assisting **47 communities** in the Y-K region[15](index=15&type=chunk) - The company provided financial support for educational initiatives and suicide prevention events in local villages[16](index=16&type=chunk) [Permitting and Legal Status](index=4&type=section&id=Permitting%20and%20Legal%20Status) Donlin Gold actively defends its permits against legal appeals while progressing with remaining state-level certifications - Preliminary design packages for the Dam Safety Certification were submitted to the ADNR on **June 17, 2024**[18](index=18&type=chunk) - In the Federal litigation, oral arguments were held on June 24, 2024, with a decision anticipated by **early 2025**[21](index=21&type=chunk) - Oral argument for the state-level appeal of the 401 Water Quality Certification is scheduled for **August 30, 2024**[20](index=20&type=chunk) [Strategic Vision and Shareholder Value](index=5&type=section&id=Strategic%20Vision%20and%20Shareholder%20Value) NOVAGOLD positions Donlin Gold as a premier, low-risk investment with significant resource size and a long-life potential - Donlin Gold is highlighted as a top development asset with approximately **39 million ounces** of gold in Measured and Indicated Mineral Resources[23](index=23&type=chunk) - The company has maintained its financial strength without requiring additional equity issuances since **2012**[23](index=23&type=chunk) - A key management change was announced: David Ottewell, CFO, will retire and be replaced by Peter Adamek, effective **July 15, 2024**[8](index=8&type=chunk) [Financial Performance](index=5&type=section&id=Financial%20Performance) The company reported a reduced net loss of $13.7 million for Q2 2024, driven by lower project expenses and higher interest income [Financial Results Analysis](index=5&type=section&id=Financial%20Results%20Analysis) The net loss decreased year-over-year due to lower site activity, higher interest income, and gains on securities Financial Results (in thousands of U.S. dollars, except for per share amounts) | | Three months ended May 31, 2024 | Three months ended May 31, 2023 | Six months ended May 31, 2024 | Six months ended May 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net loss** | **(13,700)** | **(14,649)** | **(24,018)** | **(25,308)** | | Loss per share, basic and diluted | (0.04) | (0.04) | (0.07) | (0.08) | | General and administrative expense | 7,603 | 5,535 | 13,862 | 11,142 | | Share of losses – Donlin Gold | 3,990 | 7,543 | 6,951 | 12,018 | | **Balance Sheet** | **At May 31, 2024** | | **At November 30, 2023** | | | Cash and term deposits | 112,568 | | 125,749 | | - Net loss decreased by **$0.9 million** in Q2 2024 and **$1.3 million** in the first six months of 2024 compared to prior year periods[28](index=28&type=chunk) - The reduced net loss was driven by lower Donlin Gold field expenses, partially offset by higher G&A costs[28](index=28&type=chunk) [Liquidity and Capital Resources](index=6&type=section&id=Liquidity%20and%20Capital%20Resources) Cash equivalents increased in the first six months of 2024, as proceeds from term deposits offset project and corporate costs - Cash and term deposits stood at **$112.6 million** at May 31, 2024, compared to $125.7 million at November 30, 2023[27](index=27&type=chunk) - In the first six months of 2024, cash equivalents increased by **$6.8 million**, mainly due to $20 million in net proceeds from term deposits[29](index=29&type=chunk) - Funding requirements for Donlin Gold were substantially lower in the first half of 2024 compared to the prior year[29](index=29&type=chunk) [2024 Outlook](index=7&type=section&id=2024%20Outlook) NOVAGOLD anticipates total expenditures of approximately $31.2 million for fiscal year 2024 to advance the Donlin Gold project 2024 Anticipated Expenditures | Category | Amount (approx.) | | :--- | :--- | | Donlin Gold Project Funding | $14,250,000 | | Corporate G&A Costs | $16,950,000 | | **Total Expenditures** | **$31,200,000** | - Primary goals for 2024 include advancing Donlin Gold, maintaining a strong reputation, and managing the treasury effectively[31](index=31&type=chunk) [Corporate Information and Disclosures](index=7&type=section&id=Corporate%20Information%20and%20Disclosures) This section provides company details, investor event information, and important legal disclaimers regarding future outlook [About NOVAGOLD](index=8&type=section&id=About%20NOVAGOLD) NOVAGOLD is a well-financed company focused on developing its flagship Donlin Gold project in a 50/50 partnership with Barrick - NOVAGOLD is solely focused on the Donlin Gold project in Alaska, held in an equal partnership with Barrick[34](index=34&type=chunk) - The project contains approximately **39 million ounces** of gold in Measured and Indicated Mineral Resources[34](index=34&type=chunk) - Donlin Gold is expected to produce an average of approximately **one million ounces** of gold per year over a 27-year mine life[34](index=34&type=chunk) [Conference Call & Webcast Details](index=7&type=section&id=Conference%20Call%20%26%20Webcast%20Details) NOVAGOLD will host a conference call on June 27, 2024, to discuss Q2 results and has scheduled its Q3 results release - A conference call and webcast to discuss Q2 results is scheduled for **June 27, 2024**, at 8:00 am PT[32](index=32&type=chunk) - Q3 2024 results will be released after market close on Wednesday, **October 2, 2024**[32](index=32&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=9&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section warns investors that the release contains forward-looking statements subject to significant risks and uncertainties - The release contains forward-looking statements concerning judicial decisions, the 2024 outlook, and project development[36](index=36&type=chunk) - Important factors that could cause actual results to differ materially include permitting, financing, and metal price fluctuations[36](index=36&type=chunk) - Investors are directed to the "Risk Factors" sections of NOVAGOLD's recent SEC filings for a comprehensive list of risks[36](index=36&type=chunk)