Dr. Thomas S. Kaplan Chairman Year-End Financials Peter Adamek Vice President & Chief Financial Officer Current Activities and Outlook 2025 Year-End Report & Donlin Gold Update January 22, 2026 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM 2025 YEAR-END WEBCAST & CONFERENCE CALL AGENDA Introduction Mélanie Hennessey Vice President, Corporate Communications Building The Path To America's Largest Gold Mine Greg Lang President & Chief Executive Officer 2 NOVAGOLD | Year-End Report and Donlin Gold Update Generational a ...

Core Insights - The VanEck Gold Miners ETF (GDX) and the SPDR Gold MiniShares Trust (GLDM) respond differently to gold prices, catering to distinct investment strategies [2][9] Cost and Size Comparison - GDX has an expense ratio of 0.51% and GLDM has a lower expense ratio of 0.10%, making GLDM more attractive for cost-conscious investors [3][4] - As of January 20, 2026, GDX has a one-year return of 181.64% compared to GLDM's 75.86% [3] - GDX has assets under management (AUM) of $25.8 billion, while GLDM has AUM of $25.29 billion [3] Performance and Risk Analysis - Over five years, GDX experienced a maximum drawdown of -46.52%, while GLDM had a maximum drawdown of -20.92% [5] - An investment of $1,000 in GDX would grow to $2,587 over five years, compared to $2,427 for GLDM [5] Portfolio Composition - GLDM is structured to reflect the price of physical gold, providing pure-play gold exposure without the volatility associated with mining companies [6] - GDX invests exclusively in gold mining companies, which introduces additional risks related to company performance and management [7] Investment Implications - GLDM is suitable for investors seeking direct exposure to gold prices with less volatility, while GDX offers potential for higher returns through mining company performance [10][12] - The performance of GDX can diverge from gold prices due to operational risks and market sentiment, making it more volatile [11]

Group 1 - Gold stocks are performing well, with spot gold reaching new records as of Martin Luther King Jr. Day [1] - Gold Fields (GFI) was identified as a favorable investment opportunity due to its attractive valuation [1] Group 2 - The article emphasizes the importance of evidence-based narratives and the use of empirical data to support investment insights [1]

Core Viewpoint - The gold prices have surged significantly, reaching new highs, driven by various market dynamics including increased investment demand and macroeconomic factors [1][5]. Group 1: Gold Price Trends - As of January 19, the spot gold price exceeded $4690 per ounce, while silver reached $94.12 per ounce, both hitting record highs [1]. - Since 2026, the spot gold price has increased by over 7%, with 2025 witnessing more than 50 historical highs and an annual increase of over 70%, marking the highest annual growth in 46 years [1]. Group 2: Consumer Behavior and Sales Impact - Despite rising gold prices, consumer demand has cooled, with a reported 7.95% decline in gold consumption in China for the first three quarters of 2025, and a 32.50% drop in gold jewelry consumption [2]. - Retailers are facing challenges as consumers prefer to buy during price increases, leading to a decrease in sales for non-essential purchases [2]. Group 3: Market Adaptations - Jewelry brands are adapting by offering lightweight, high-value products and implementing trade-in policies, which have increased trade-in business by 20% [4]. - The focus on enhancing the gross profit contribution per gram of gold jewelry is seen as crucial for retailers to navigate the current market conditions [4]. Group 4: Investment Demand - Investment demand for gold has outpaced consumption for the first time in 30 years, with gold bars and coins sales increasing by 24.55% year-on-year [5]. - The global ETF inflow for gold reached $89 billion in 2025, indicating strong international interest in gold as an investment [5]. Group 5: Factors Driving Gold Prices - The ongoing global monetary easing policies and concerns over currency devaluation are primary drivers of rising gold prices, as investors seek gold as a hedge against inflation [6]. - Geopolitical uncertainties and increased central bank purchases of gold further support the demand and price stability for gold [6].

Group 1: Gold Price Movement - Gold futures opened at $4,767.50 per troy ounce, nearly even with Tuesday's closing price of $4,765.80, and rose more than 2% to surpass $4,800 per ounce for the first time [1][2] - Gold's one-year gain was reported at 74.5% as of December 29, with a weekly increase of 3.4% and a monthly increase of 9.6% [4][7] Group 2: Geopolitical Influences - Ongoing tensions between the U.S. and several European countries regarding President Trump's bid to purchase Greenland are driving gold prices higher, with threats of 10% tariffs on multiple countries effective February 1, increasing to 25% on June 1 [2] - The potential for a revived trade war with Europe has led to a decline in the S&P 500, which fell more than 2% to 6,796.86 at the end of trading on Tuesday, indicating lower risk appetites among stock investors [3] Group 3: Investment Options in Gold - Various ways to invest in gold include physical gold, gold mining stocks, gold ETFs, and gold futures, each with its own advantages and disadvantages [5][8] - Physical gold is tangible and easy to purchase, while gold mining stocks can be volatile due to their profits being tied to gold prices and exposure to geopolitical risks [11][12] - Gold ETFs track the price of gold and can invest in physical gold, gold mining stocks, or futures, with the largest being SPDR Gold Shares (GLD) [18][21] - Gold futures are standardized contracts to purchase gold at a future date, carrying the highest risk and best suited for professional traders [20][22]

Core Viewpoint - Gold prices are reaching record levels, drawing significant attention from investors and analysts, with futures trading around $4,600 after a strong performance in late 2025 and early 2026 [1] Group 1: Market Dynamics - Central banks are consistently increasing their gold reserves, with major banks discussing potential price scenarios that could reach $5,000, indicating a bullish outlook for gold in 2026 [2] - The broader precious metals sector has shown the strongest performance across the commodities complex last year, highlighting a favorable market environment for gold [1] Group 2: Investment Vehicles - SPDR Gold Shares (GLD) is an established ETF that holds physical gold bullion and aims to mirror the LBMA Gold PM Price, providing a straightforward investment option for exposure to gold [5] - The GLD ETF structure is designed to be long-only and not leveraged, ensuring that share prices move in line with gold prices, which simplifies the investment process [6] - This ETF is positioned within the ETFs, Metals, and Precious Metals segments, distinguishing it from mining stocks and broad materials funds, making it easier for investors to understand its purpose [7] Group 3: Practical Considerations - The GLD ETF serves as a tactical holding during inflationary periods, currency weakness, or equity market downturns, as it directly reflects the spot market prices of gold [8] - By linking the investment strategy to physical gold bars, the GLD ETF avoids common issues associated with holding gold directly, such as storage, insurance, and logistics [9]

Core Insights - Gold prices have surged from under $2,000 per ounce in 2021 to $4,647 today, more than doubling in value [1] - Newmont (NYSE: NEM) has outperformed gold with a 182% increase over the last 12 months, while Wheaton Precious Metals (NYSE: WPM) has achieved a 132% gain, making it a compelling alternative for investors seeking gold exposure [2][6] Company Analysis - Newmont operates in a capital-intensive gold mining industry, requiring significant investment for projects, typically ranging from $100 million to $150 million to start [4][5] - Newmont's current financials show a net income margin of 33% and a three-year revenue compound annual growth rate (CAGR) of 21%, with debt at $5.65 billion, nearly equal to its cash reserves of $5.97 billion [7] - Wheaton Precious Metals employs a streaming model, purchasing gold and silver from other mining operations at set prices, allowing it to benefit from rising gold prices without the associated risks of mining [8]

Core Insights - One Bullion Ltd. is advancing its gold exploration projects in Botswana, focusing on the Kraaipan and Vumba Greenstone Belts, which show significant potential for gold production [1][4][17] - The company has reported strong initial exploration results, confirming a continuous gold system with expansion potential [1][10] Industry Overview - Gold prices have reached all-time highs, exceeding $4,600 per ounce, driven by safe-haven demand amid geopolitical and macroeconomic uncertainties [2] - Central bank buying and concerns over currency debasement continue to support gold as a resilient investment asset [3][4] Company Developments - One Bullion controls approximately 65 kilometers of strike along the Kraaipan Greenstone Belt, which includes the Kalgold Mine with proven reserves of 610,864 ounces of gold [5][6] - The company has identified 26 high-sulphide priority targets through an extensive Induced Polarization survey, indicating strong potential for systematic follow-up [7] - The Vumba Greenstone Belt has shown evidence of a large, structurally controlled gold system, with extensive exploration work confirming its mineralization potential [9][10] - The Maitengwe Greenstone Belt is emerging as a new discovery opportunity, with initial sampling returning gold values up to 4.7 g/t [11] Future Plans - One Bullion plans to conduct a detailed magnetic survey and additional drilling in 2026 to further delineate mineralized zones and test undrilled targets [10][12] - The company is focused on disciplined execution and capital efficiency, with multiple projects advancing toward drill-ready status [12]

Group 1 - Economic uncertainty has led investors to increasingly favor gold over traditional investments, with significant gains in gold prices observed in 2025 and continuing into 2026, benefiting Agnico Eagle Mines [1] - Agnico Eagle has a comprehensive growth strategy focusing on optimizing existing assets and exploring new opportunities, with short-term goals aimed at increasing production from current mines [4] - The company has extensive mineral reserves at potential new projects, including 2.8 million ounces of gold at Upper Beaver and an expected annual output of 400,000 ounces from the Hope Bay property [5] Group 2 - The Canadian Malartic region is a key asset for Agnico Eagle, with potential annual production reaching 1 million ounces of gold, supported by ongoing expansions and the transition to underground mining [6] - The company is well-positioned to increase production at reasonable costs, despite market assumptions that gold prices may decline [7]

Group 1 - The article provides a market analysis focusing on various gold-related investment vehicles, including SPDR® Gold Shares, VanEck Gold Miners ETF, and VanEck Junior Gold Miners ETF [1] - It highlights the performance and trends in the gold market, indicating potential investment opportunities in gold and precious metals [1] - The analysis includes insights into ASA Gold and Precious Metals Ltd., emphasizing its relevance in the current market landscape [1]