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 - Agnico Eagle Mines Limited (AEM) and Kinross Gold Corporation (KGC) are significant players in the gold mining industry, with both companies benefiting from soaring gold prices due to global economic uncertainties and geopolitical tensions [1][2][3] Group 1: Agnico Eagle Mines Limited (AEM) - AEM is focused on growth through key projects such as the Odyssey project, Detour Lake, Hope Bay, Upper Beaver, and San Nicolas, which are expected to enhance production and cash flows [5][6] - The Hope Bay Project has proven and probable mineral reserves of 3.4 million ounces, contributing to future cash flow generation [6] - AEM's third-quarter operating cash flow was approximately $1.8 billion, a 67% increase from the previous year, and free cash flow reached about $1.2 billion, nearly doubling from $620 million [9][10] - AEM has a strong liquidity position with a net cash position of nearly $2.2 billion and returned around $350 million to shareholders in the third quarter [11] - AEM offers a dividend yield of 0.8% with a five-year annualized dividend growth rate of 2.6% and a payout ratio of 23% [12] Group 2: Kinross Gold Corporation (KGC) - KGC has a strong production profile and is advancing several organic growth projects, including Round Mountain Phase X and Bald Mountain Redbird 2, aimed at extending mine life and optimizing costs [13][14] - These projects are expected to contribute significantly to KGC's production, with a combined Internal Rate of Return (IRR) of 55% and a post-tax Net Present Value (NPV) of $4.1 billion [15] - KGC's Tasiast and Paracatu assets are key contributors to cash flow, with Tasiast being the lowest-cost asset in its portfolio [16] - KGC has a robust liquidity position, having reactivated its share buyback program and returned over $750 million to shareholders in 2025 [17] - KGC offers a dividend yield of 0.4% with a payout ratio of 9% [18] Group 3: Comparative Analysis - AEM stock has increased by 131.6% over the past year, while KGC stock has risen by 231.8%, outperforming the Zacks Mining – Gold industry average of 161.4% [19] - AEM trades at a forward earnings multiple of 20.38, representing a 29.6% premium over the industry average, while KGC trades at 14.7, making it more attractively priced [20] - KGC's return on equity (ROE) is 22.3%, higher than AEM's 15.6%, indicating more efficient use of shareholder funds [22] - The Zacks Consensus Estimate for AEM's 2025 sales and EPS implies growth of 38.6% and 87.5%, respectively, while KGC's estimates indicate growth of 34.5% and 157.4% [24][25] - Both companies are well-positioned to benefit from favorable gold prices, but KGC appears to have an edge due to its attractive valuation and higher earnings growth projections [28]

Core Viewpoint - Japan Gold Corp. has announced positive results from its recent drilling at the Mizobe Project, indicating the presence of gold mineralization and the first intercept of a banded chalcedony vein, which may suggest the upper levels of a hydrothermal system [1][8]. Exploration Results - The recent drilling program involved two diamond drill holes totaling 1,156 meters, both of which intersected gold mineralization [1]. - The presence of hydrothermal alteration and associated anomalous metals and pathfinder elements has been identified, encouraging further exploration to delineate the alteration system and evaluate areas for potential mineralization [3][5]. - Historical drilling in 2023 revealed notable gold intercepts, including 10.0 meters at 4.27 g/t Au and 4.0 meters at 1.60 g/t Au [4]. 2025 Drill Program - The 2025 drill program aimed to test for continuity of mineralization beneath previously intersected areas, with current drilling revealing zones of hydrothermal alteration associated with anomalous gold, arsenic, and antimony [5][6]. - Significant assay results include 1.82 g/t Au over 1.50 meters from drill hole MZD25-008 and 1.07 g/t Au over 2.0 meters from drill hole MZD25-009 [8]. Geological Insights - The alteration and geochemical anomalies appear to be controlled by rock type, with the best development observed in the upper portions of the drill holes [6]. - The discovery of a banded chalcedony vein at approximately 190.75 meters in drill hole MZD25-009 represents the first documented intersection of this vein style at the Mizobe Project, indicating potential for further exploration [8]. Company Overview - Japan Gold Corp. is focused on exploring and discovering high-grade epithermal gold deposits across Japan, holding a significant portfolio of tenements in areas with known gold occurrences [21]. - The company is supported by a team with extensive experience in exploration and operations in Japan, and significant shareholders include Equinox Partners Investment Management LLC and Newmont Corporation [21].

Core Viewpoint - Rua Gold Inc. has increased its brokered private placement offering to raise gross proceeds of up to $24,999,920, driven by strong investor demand [1] Group 1: Offering Details - The Upsized Offering will consist of 22,727,200 Common Shares priced at $1.10 each [1] - The net proceeds will be allocated for exploration and development activities on the Reefton and Glamorgan Projects in New Zealand, as well as for working capital and general corporate purposes [2] - The offering is expected to close on or about January 28, 2026, subject to necessary approvals [6] Group 2: Regulatory and Compliance Information - The Common Shares will be issued under the 'listed issuer financing exemption' and will not be subject to resale restrictions under applicable Canadian securities laws [3] - The offering will not be registered under the U.S. Securities Act and cannot be sold to U.S. Persons without registration or an applicable exemption [7] Group 3: Company Overview - Rua Gold Inc. is focused on exploration in New Zealand, controlling over 120,000 hectares in the Reefton Gold District, which has historically produced over 2 million ounces of gold [9] - The Glamorgan Project is located in a region that has produced 15 million ounces of gold and 60 million ounces of silver, adjacent to OceanaGold Corporation's major mining project [9]

Core Viewpoint - Rua Gold Inc. has increased its brokered private placement offering to raise gross proceeds of up to $24,999,920, driven by strong investor demand [1] Group 1: Offering Details - The Upsized Offering will consist of 22,727,200 Common Shares priced at $1.10 each [1] - The net proceeds will be allocated for exploration and development activities on the Reefton and Glamorgan Projects in New Zealand, as well as for working capital and general corporate purposes [2] - The offering is expected to close on or about January 28, 2026, subject to necessary approvals [6] Group 2: Regulatory and Compliance Information - The Common Shares will be issued under the 'listed issuer financing exemption' and will not be subject to resale restrictions under applicable Canadian securities laws [3] - The offering will not be registered under the U.S. Securities Act and cannot be sold to U.S. Persons without registration or an applicable exemption [7] Group 3: Company Overview - Rua Gold Inc. is focused on exploration in New Zealand, controlling over 120,000 hectares in the Reefton Gold District, which has historically produced over 2 million ounces of gold [9] - The Glamorgan Project is located in a region that has produced 15 million ounces of gold and 60 million ounces of silver, adjacent to OceanaGold Corporation's major mining project [9]

Core Viewpoint - Gold Resource Corporation is facing an illegal blockade at its mine in Oaxaca, Mexico, which is expected to impact production [1] Group 1: Company Operations - The company received notice from the CTM union that four contractors operating at the mine site are no longer affiliated with the union [1] - In accordance with the CTM union agreement, the company issued termination notices to the four contractors responsible for camp support, security, and ore haulage [1]

Core Viewpoint - San Lorenzo Gold Corp. will participate in the Metals Investor Forum in Vancouver on January 23 and 24, 2026, where CEO Al Kroontje will present the company's strategic plans and project updates [1][2]. Company Overview - San Lorenzo is advancing its flagship Salvadora property located in Chile's mega-porphyry belt, with prior drilling results indicating the presence of significant gold and copper enriched systems [3]. Presentation Details - Al Kroontje will present on January 23, 2026, at 2:20 PM, as part of a panel selected by newsletter writer Eric Coffin [1]. - The company encourages investors to attend the presentation and engage with Mr. Kroontje to discuss growth strategies and project portfolios [2][3]. Conference Engagement - Mr. Kroontje will be available throughout the two-day conference for direct discussions with investors [2]. - For those unable to attend in person, the presentation will be available via live stream [3].

Core Insights - Bathurst Metals Corp. has entered into an option agreement to acquire a 100% interest in the Gladstone Gold and Northern Gold properties, which are strategically located near its existing Turner Lake/TED Gold Project in Nunavut, Canada [1] Acquisition Details - The acquisition requires a cash payment of $8,000, a minimum of $150,000 in exploration expenditures within 24 months, and the issuance of 4,000,000 common shares and 4,000,000 transferable share purchase warrants to the vendors [1] - The share purchase warrants will allow holders to acquire additional common shares at $0.08 for three years from the date of TSXV acceptance [1] Property Overview - The Gladstone Gold Property spans 1,197.371 hectares and contains three known gold showings with gold values ranging from 2.12 to 143.76 g/t Au, along with associated geochemical values of arsenic, lead, and zinc [2] - The Northern Gold Property covers 1,386.079 hectares and hosts a known gold showing with values up to 6.58 g/t Au, along with arsenic and lead values [4] - Bathurst has also staked the West Gold claim, which is located immediately west of the Gladstone Gold Property and contains two known gold showings with values up to 5.0 g/t Au [3] Strategic Fit - The acquisition of the Gladstone Gold and Northern Gold properties is seen as a logical extension of Bathurst's existing land position, consolidating its district-scale footprint and limiting future land competition [5] - This strategy leverages existing geological knowledge and prior investments, aligning with Bathurst's focused exploration strategy in Nunavut [5] Market Context - There is increasing exploration interest in the Turner Lake area, prompting Bathurst to strengthen its land position through targeted staking and acquisition of adjacent properties [6] - The Turner Lake/TED area is considered strategic due to its geological potential and the limited systematic exploration completed to date [10]

Core Viewpoint - West Red Lake Gold Mines Ltd. has announced the achievement of commercial production at the Madsen Mine as of January 1, 2026, following extensive development and operational efforts [2][3]. Company Overview - West Red Lake Gold Mines Ltd. is a publicly traded gold mining company focused on the high-grade Madsen Gold Mine and a 47 km land package in the Red Lake district of Ontario, which is known for its rich gold deposits [7]. Recent Developments - The company acquired the Madsen Mine in June 2023 and has since conducted extensive drilling, capital projects, and workforce training, resulting in a total workforce of 280 people [2]. - A new Pre Feasibility Study was completed, and a test mining and bulk sample program validated the company's technical approach prior to declaring commercial production [2]. Leadership Commentary - Shane Williams, President and CEO, emphasized the importance of dedicated personnel and a well-defined process in achieving successful mining operations and unlocking value [3].

Core Insights - Sitka Gold Corp. has announced significant results from its 2025 diamond drilling program at the Rhosgobel discovery within its 100% owned RC Gold Project in the Yukon, confirming the presence of a substantial new gold deposit [1][6][7] - The drilling results indicate a mineralized strike length of at least 1.1 kilometers, with mineralization remaining open in all directions, showcasing the potential for further resource expansion [6][11][13] - The company is also encouraged by tungsten assay results, suggesting that tungsten could be a valuable by-product, enhancing the overall economics of the Rhosgobel deposit [2][20] Drilling Results - Drill hole DDRCRG-25-033 intersected 150.3 meters of 1.49 g/t gold, including 1.7 meters of 26.70 g/t gold [3][4] - Drill hole DDRCRG-25-029 returned 99.1 meters of 1.33 g/t gold, including 2.1 meters of 8.44 g/t gold [3][4] - The entire 1.1 km strike length drilled in 2025 is confirmed to be mineralized, with visible gold observed in multiple drill holes [3][6][11] Tungsten Assays - Additional tungsten assays from drill hole DDRCRG-25-004 revealed 85.4 meters of 0.138% WO3 from 94.0 meters, 60.0 meters of 0.134% WO3 from 202.0 meters, and 35.0 meters of 0.121% WO3 from 285.0 meters [2][22] - Tungsten mineralization has been observed in all drill holes completed to date, indicating its potential as an economic by-product [20][22] Future Plans - An initial Mineral Resource Estimate for Rhosgobel is planned for Q1 2026, following the successful completion of the drilling program [6][7] - The company is set to commence a fully funded 60,000-meter diamond drill program to further explore and expand the Rhosgobel, Blackjack, and Eiger deposits, as well as other prospective targets [7][38]