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NovaGold Resources — RBC Global Mining & Materials Conference (company IR deck)
NovaGold Resources (NG) · 28 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All NG deck slides
Slide 1 — 2024 RBC
2024 RBC CAPITAL MARKETS GLOBAL MINING & MATERIALS CONFERENCE June 12 – 14, 2024 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM
Slide 2 — CAUTIONARY STATEMENTS
CAUTIONARY STATEMENTS NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 2 ALL DOLLAR AMOUNTS QUOTED IN THIS REPORT ARE IN U.S. CURRENCY UNLESS OTHERWISE NOTED. Project Donlin Gold Qualified Person(s) Kirk Hanson, MBA, P.E. Michael Woloschuk, P.Eng. Henry Kim, P.Geo. Wood Canada Limited Most Recent Disclosure “NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA” (“2021 Technical Report”) prepared by Wood Canada Limited (“Wood”), effective June 1, 2021. “S-K 1300 Technical Report Summary on the Donlin Gold project, Alaska, USA” (“S-K 1300 Technical Report Summary”) prepared by Wood, dated November 30, 2021. Paul Chilson, P.E., who is the Manager, Mine Engineering for NOVAGOLD and a “qualified person” under NI 43-101 and S-K 1300, has approved the scientific and technical information contained in this presentation. REGARDING FORWARD-LOOKING STATEMENTS This presentation includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward- looking statements are frequently, but not always, identified by words such as “expects”, “continue”, “ongoing”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, “would” or “should” occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding the anticipated timing of certain judicial and/or administrative decisions; becoming one of the highest annual gold producers in the Americas; the 2024 forecast spending; the timing and potential for a new feasibility study on the Donlin Gold project; our goals, planned activities and planned expenditures for 2024; ongoing support provided to key stakeholders including Alaska Native Corporation partners; Donlin Gold’s continued support for the state and federal permitting process; the potential development and construction of the Donlin Gold project; the sufficiency of funds to continue to advance development of Donlin Gold, including to a construction decision; perceived merit of properties; mineral reserve and mineral resource estimates; Donlin Gold’s ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; legal challenges to Donlin Gold’s existing permits and the timing of decisions in those challenges; whether the Donlin Gold LLC board will continue to advance the Donlin Gold project up the value chain; the success of the strategic mine plan for the Donlin Gold project; the success of the Donlin Gold community relations plan; uncertainties related to fluctuations in gold prices and demand, and other risks and uncertainties. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the expectations of NOVAGOLD management’s estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between Barrick Gold Corporation and NOVAGOLD, the need for additional capital if NOVAGOLD determines to proceed with an updated feasibility study on its own; development and eventual construction of the Donlin Gold property; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks related to construction of mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties disclosed in NOVAGOLD’s most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD’s website at www.novagold.com, the SEC's website at www.sec.gov, or at the SEDAR+’s website at www.sedarplus.ca. The forward-looking statements contained herein reflect the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. Forward-looking statements contained in this presentation are based on a number of material assumptions, including but not limited to the following, which could prove to be significantly incorrect: our ability to achieve production at any of our mineral exploration and development properties; estimated capital costs, operating costs, production and economic returns; estimated metal pricing, metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying our resource and reserve estimates; our expected ability to develop adequate infrastructure and that the cost of doing so will be reasonable; assumptions that all necessary permits and governmental approvals will be obtained and the timing of such approvals; assumptions made in the interpretation of drill results, the geology, grade and continuity of our mineral deposits; our expectations regarding demand for equipment, skilled labor and services needed for exploration and development of mineral properties; and that our activities will not be adversely disrupted or impeded by development, operating or regulatory risks. CAUTIONARY NOTE CONCERNING RESERVE & RESOURCE ESTIMATES This presentation uses the terms “mineral resources”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. Mineral resources that are not mineral reserves do not have demonstrated economic viability. You should not assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. Further, inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. The SEC's current mining disclosure rules (“S-K 1300”) are more closely aligned with current industry and global regulatory practices and standards, including National Instrument 43- 101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. While S-K 1300 is more closely aligned with NI 43-101 than the prior SEC mining disclosure rules, there are some differences. Notably, unlike NI 43-101, S-K 1300 requires that resources be disclosed exclusive of mineral reserves, and that mineral resources and reserves be disclosed on the basis of our interest in them. Unless otherwise indicated, all resource estimates contained in this presentation have been prepared in accordance with NI 43- 101 and the CIM Definition Standards, as well as S-K 1300.
Slide 3 — WHY
WHY NOVAGOLD? NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 3
Slide 4 — DONLIN GOLD IS ONE OF THE MOST
4 DONLIN GOLD DONLIN GOLD IS ONE OF THE MOST ATTRACTIVE TIER 1 GOLD DEVELOPMENT ASSETS IN THE WORLD TODAY1… Production Profile 1 Potential to produce 1.1Moz ounces per annum at second quartile cash cost over a 27-year life Jurisdictional Safety Alaska is a world-leading mining jurisdiction4 with a well-established tradition of responsible mining Partnerships First-rate management team with excellent mine building expertise in the Americas Experienced Team High-Grade at Scale Permitting 39Moz gold contained in measured and indicated mineral resources2 at 2.24 g/t Au3 Superb social license with a project located on private land owned by two Native Corporation partners Federal permitting completed and State permitting on-track 2 3 4 5 6 Exploration Potential Extraordinary exploration upside on strike, at depth, and within the district 7 And is simply unique in the North American gold space in its rare combination of key attributes: 4 NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference See endnotes for this slide in Appendix See Mineral Reserves & Mineral Resources table in Appendix
Slide 5 — $118M
$0 $50 $100 $150 MAINTAINING A STRONG TREASURY NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 5 $118M Treasury US$ (millions) 2024 Forecast Spending Donlin Gold project expenditures $14M Corporate G&A $17M Total $31M See endnotes for this slide in Appendix Cash and term deposits balance on February 29, 20241
Slide 6 — PROJECT HISTORY
6 2012 • Permit application submitted to U.S. Army Corps of Engineers • Activities focused on Environmental Impact Statement preparation through 2018 DONLIN GOLD PROJECT HISTORY • Successful drill campaigns completed at Donlin Gold through 2022 • Received Federal permits - Corps published final EIS and with the BLM issued a joint Federal Record of Decision, Section 404/10 permits, and pipeline right of way (ROW) • Received final State ROW authorization for natural gas pipeline • Received final state land use authorizations for project infrastructure • Updated NI 43-101 Technical Report and S-K 1300 Technical Summary Report on Donlin Gold (2020 cost update) • Extensive trade-off studies, advancing the resource model, supporting permitting activities and maintaining social license in good standing • Placer gold discovered at Snow Gulch • Alaska Native Claims Settlement Act • Calista Corporation founded by Yukon- Kuskokwim region village leaders • Calista identified Donlin Creek area • Calista and The Kuskokwim Corporation (TKC) reached an agreement for mining rights with Placer Dome • Donlin Creek Joint Venture, between Placer Dome and NOVAGOLD formed • Barrick acquires Placer Dome • Donlin Creek LLC (now Donlin Gold LLC) formed • Second Feasibility Study completed • Donlin Gold LLC Board gave authorization to commence permitting 2017 2018 2020 2021 2022-2024 1909 1971-1972 1995 2001 2006-2007 2011-2012 NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference
Slide 7 — ALASKA:
7 ALASKA: WORLD-LEADING MINING JURISDICTION DONLIN GOLD ▪ 2nd largest gold-producing state in the U.S.1 ▪ $4.5B value of non-fuel mineral production in Alaska (6th highest in U.S.)2 ▪ 11,400 total direct and indirect jobs attributed to Alaska mining industry3 ▪ $1.0B in wages for careers in mining3 ▪ Alaska ranks 3rd out of 120 mining jurisdictions on the Global Investment Risk Index4 ▪ One of only 12 mining jurisdictions to receive a AA rating in 2023, all of which are in the U.S. and Canada (No AAA ratings awarded)4 NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference See endnotes for this slide in Appendix
Slide 8 — ALASKA NATIVE CORPORATION
A GENERATIONAL OPPORTUNITY 8 A GENERATIONAL OPPORTUNITY DONLIN GOLD ALASKA NATIVE CORPORATION PARTNERSHIPS ELEVATE THE PROJECT Calista Corporation: ▪Calista board selected the land for resource development through the Alaska Native Claims Settlement Act of 1971 ▪Generate employment opportunities and economic benefits for Calista Shareholders ▪Invited Donlin Gold to develop property for benefit of shareholders ▪Exploration and mining lease ▪Hiring preference: shareholders, spouses, and descendants ▪Bidder’s preference for subsidiaries ▪Contributions to scholarship program Donlin Gold is located on private land owned by Native Corporations, which was designated by law for mining activities five decades ago The Kuskokwim Corporation: ▪Surface Use Agreement ▪Contributions to Kuskokwim Educational Foundation scholarship ▪Hiring preference: shareholders, spouses, and descendants ▪Bidder’s preference for subsidiaries ▪Agreement on construction and operation of Angyaruaq port ▪Oversight during mine closure and reclamation ANDREW GUY, PRESIDENT & CEO ANDREA GUSTY, PRESIDENT & CEO NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference
Slide 9 — 1.13 Moz/yr1
POSITIONED TO BECOME A MILLION-OUNCE GOLD PRODUCER Anticipated to be one of the highest annual gold producers in the Americas NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 9 DONLIN GOLD Select gold-focused development projects in the Americas as shown in the accompanying chart 1.13 Moz/yr1 Donlin Gold’s 27-year mine life See endnotes for this slide in Appendix * See Mineral Reserves & Mineral Resources table in Appendix 0.51Moz/yr2 Projected annual gold production (millions of ounces) 0.22 0.24 0.27 0.29 0.29 0.30 0.31 0.32 0.38 0.42 0.44 1.03 1.13 0 0.2 0.4 0.6 0.8 1 1.2
Slide 10 — 2.24 g/t
DOUBLE THE GLOBAL AVERAGE GOLD GRADE Among the world’s highest-grade known open-pit gold deposits NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 10 DONLIN GOLD See endnotes for this slide in Appendix Donlin Gold average grade2 Global average grade1 2.24 g/t While global average gold grades are declining, Donlin Gold’s grade provides resilience through commodity price cycles 0.96 g/t * See Mineral Reserves & Mineral Resources table in Appendix
Slide 11 — EXTRAORDINARY LEVERAGE TO GOLD
EXTRAORDINARY LEVERAGE TO GOLD IN A PLACE WHERE ONE CAN KEEP IT Operating and capital costs per 2021 Technical Report and S-K 1300 Technical Report Summary not adjusted for inflation See endnote for this slide in Appendix NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 11 DONLIN GOLD “Gold will emerge as the asset class with the most potential this decade, no matter the financial or geopolitical backdrop.” – “The Upcoming Gold Bull Market: How High Will Gold Prices Go?” Goehring & Rozencwajg (August 31, 2023) NPV at 0% NPV at 5% $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $1,300 $1,500 $2,000 $2,500 Net Present Value (NPV) (US$ in Billions) 31.6B 8.8B 13.1B 17.5B 22.5B ▪ Project return increases substantially with higher gold prices1 ▪ Good payback at a broad range of gold prices ▪ Long mine life offers high likelihood of enjoying one or more cyclical bull markets $1,700
Slide 12 — THE NEXT BIG GOLD DISCOVERY
ACMA Pit Lewis Pit Queen Snow Quartz Dome Ophir Far Side 3km 8km 8km THE NEXT BIG GOLD DISCOVERY COULD BE AT DONLIN GOLD Significant potential to expand current resource at depth and along strike NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 12 DONLIN GOLD Extensive exploration potential remains at depth in the pits and along strike from Queen to Ophir See endnotes for this slide in Appendix * See Mineral Reserves & Mineral Resources table in Appendix ▪ A total of 39Moz1 (100% basis) have been defined in the ACMA and Lewis pits with approximately 1,400 drillholes totaling more than 339,000 meters ▪ Mineral Reserves and Mineral Resources are contained in the ACMA and Lewis pits occupying only 3km of an 8km mineralized belt, which itself is located on less than 5% of Donlin Gold’s total mineral land package
Slide 13 — NOVAGOLD’S 2023 SUSTAINABILITY REPORT
NOVAGOLD’S 2023 SUSTAINABILITY REPORT Featuring GRI alignment and climate change disclosure 13 NOVAGOLD To view the full report, visit https://www.novagold.com/sustainability/ NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference
Slide 14 — 2024 FIRST QUARTER
2024 FIRST QUARTER HIGHLIGHTS DONLIN GOLD Donlin Gold First Quarter Activities ▪Completion of the scope of work for resource model update by a third-party consultant ▪Advancement of metallurgical test work with a pilot plant in Ontario, Canada, to confirm proposed optimizations to the flowsheet ▪Incorporated recent field data in geoscience hydrology to update the groundwater and surface water models ▪Continued planning for regional infrastructure support to narrow the scope of work and identify the best path forward NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 14
Slide 15 — FIRST QUARTER HIGHLIGHTS
FIRST QUARTER HIGHLIGHTS (CONTINUED) NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 15 DONLIN GOLD Considerable outreach and engagement activities throughout the Y-K region Community Investments & Engagement Donlin Gold conducted over 1,700 direct engagements with key stakeholders from 62 Y-K communities ▪ Finalized an additional Shared Values Statement with a local village, bringing the total to 16 ▪ Held the first informational meeting for the Subsistence Community Advisory Committee in Anchorage ▪ Reviewed project opportunities with local stakeholders aimed at monitoring, evaluating, and enhancing the health of salmon populations in the Y-K region ▪ Supported the Lower Kuskokwim School District’s annual college and career fair, the Rural Alaska Honors Institute, a University of Alaska Fairbanks program preparing Native Alaskan high school students for college, and CampFire Alaska for summer programs in rural Alaskan communities ▪ Supported and participated in key local winter events: – The Iron Dog in which Kristina Woolston, Donlin Gold’s External Affairs Manager, successfully completed – Continued sponsorship of Pete Kaiser who had his eight consecutive win in the Kuskokwim 300 ▪ Provided funding and participated in various search and rescue teams in Chevak, Kipnuk, and Bethel ▪ Maintained sponsorships with local Alaska radio stations vital for delivering weather updates and safety messages to remote rural communities with limited internet access ▪ Funded cultural wellness programs and the maintenance for the Kuskokwim River Ice Road with the Native Village of Napaimute
Slide 16 — PERMITTING IS LARGELY COMPLETE
State Permitting Completed ✓ Air Quality ✓ Alaska Pollutant Discharge Elimination System ✓ Clean Water Act Section 401 Certification1 ✓ Reclamation Plan ✓ Title 16 Fish Habitat ✓ Waste Management ✓ Pipeline Right-of-Way1 ✓ Land leases, easements, and use agreements (non-pipeline) ✓ Water Rights1 ✓ Public Right-of-Way re-locations in mine area and along access road 16 Key Federal permits for the project have been received and State permitting is on-track Federal Permitting Completed ✓ Final Environmental Impact Statement (EIS)(1) ✓ Joint Record of Decision (ROD) by the U.S. Army Corps of Engineers and Bureau of Land Management (BLM)(1) ✓ Section 10/404 (wetlands) permit and BLM Offer to Lease for pipeline(1) ✓ Pipeline and Hazardous Materials Safety Administration State Permitting Pending Dam safety (multi-year commitment) Preparing preliminary design packages using field data for submittal as next step in State approval process DONLIN GOLD PERMITTING IS LARGELY COMPLETE ▪ Permitting is a thorough, extensive and inclusive undertaking with the Federal and State agencies, Native Corporation partners and the local communities that includes broad outreach in Alaska and Washington, D.C. NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference See endnotes for this slide in Appendix
Slide 17 — CURRENT PERMITTING AND
CURRENT PERMITTING AND LITIGATION ACTIVITIES NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 17 DONLIN GOLD Providing support in permitting process and efficient issuance of remaining State-level permits and defending Federal and State permits in litigation State permitting and litigation activities ▪ Ongoing work to advance the Alaska Dam Safety Certification preliminary design packages which are expected to be submitted to the Alaska Department of Natural Resources later this year after review by the Independent Technical Review Board ▪ Alaska Pollutant Discharge Elimination System and Waste Management Permits and Reclamation Plan Approval were extended pending reissuance – expected in 2025 ▪ Appeals of pipeline Right-of-Way and water rights permits to Alaska Supreme Court underway, both were upheld in Alaska Superior Court ▪ Appeal of Clean Water Act Section 401 certification of the U.S. Army Corps of Engineers 404 permit in Alaska Superior Court, briefing process ongoing Federal litigation activities and bipartisan outreach campaign ▪In a federal lawsuit, the U.S. Department of Justice is continuing to defend the Joint Record of Decision and 404 permit ▪The State of Alaska, Donlin Gold and Calista have submitted amicus briefs as intervenors and Crooked Creek will submit an amicus brief supporting the federal permitting ▪Calista and Donlin Gold continue to emphasize the project’s importance to the region and comprehensive permitting process undertaken during key meetings with State and Federal agencies
Slide 18 — 2024
2024 ACTIVITIES & UPCOMING CATALYSTS NOVAGOLD Taking the Donlin Gold project up the value chain ▪ The Donlin Gold LLC board approved a budget of $28.5 million (100% basis) for 2024 comprising: – Mine planning work – Metallurgical test work (pilot plant) – Regional infrastructure support planning – Resource modelling – Geoscience hydrology and closure planning – Advance dam safety certificates and support litigation activities – Government affairs, community engagement and sponsorships ▪ Discussions with Barrick are ongoing to continue to advance Donlin Gold up the value chain. ▪ NOVAGOLD remains committed to commencing a full bankable Feasibility Study to optimally position the Donlin Gold project for the benefit of all stakeholders and shareholders. NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 18 NOVAGOLD
Slide 19 — $1.35B3
Common shares issued & outstanding: 334,371,2233 Options4: 9,805,100 PSUs: 2,173,000 DSUs: 325,849 Warrants: None TOP 10 SHAREHOLDERS1 8.2% Paulson & Co. Inc. 5.5% First Eagle Investment Management, LLC 5.3% Lingotto Investment Management 5.1% Fidelity Management & Research 4.2% Kopernik Global Investors 3.6% BlackRock Institutional Trust 3.1% The Vanguard Group, Inc. 2.9% Van Eck Associates Corporation 2.4% Pictet & Cie (Europe) 34.3% STRONG INSTITUTIONAL SHAREHOLDER AND MANAGEMENT SUPPORT The 10 largest shareholders represent almost 70% of shares issued and outstanding1. The Company’s Named Executive Officers collectively held 3.1M2 NG shares as of March 31, 2024 19 NOVAGOLD 65.7% ALL OTHER SHAREHOLDERS $1.35B3 MARKET CAP 25.4% Electrum Strategic Resources LP & affiliates See endnotes for this slide in Appendix NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference
Slide 20 — APPENDIX
APPENDIX NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 20
Slide 21 — MINERAL RESERVES
Donlin Gold Tonnage Grade Metal content Attributable to NOVAGOLD GOLD kt g/t Au koz Au koz Au Reserves1 Proven 7,683 2.32 573 287 Probable 497,128 2.08 33,276 16,638 P&P 504,811 2.09 33,849 16,925 MINERAL RESERVES a) These Mineral Reserve estimates have been prepared in accordance with NI 43-101 and the 2014 CIM Definition Standard and S-K 1300. b) Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and contained metal content. c) Tonnage and grade measurements are in metric units. Contained gold is reported as troy ounces. NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 21 APPENDIX *Mineral resources reported on a 100% basis and on a 50% basis. NOVAGOLD and Barrick each own 50% of the Donlin Gold project. Donlin Gold approximate cut-off grades (see Mineral Reserves and Resources Endnotes): Reserves 1 : 0.57 g/t gold Resources 2 : 0.47 g/t gold t = metric tonne g/t = grams/tonne oz = troy ounce k = thousand See endnotes for this slide in Appendix
Slide 22 — MINERAL RESOURCES
MINERAL RESOURCES a) These Mineral Resource estimates have been prepared in accordance with NI 43-101 and the 2014 CIM Definition Standard and S-K 1300, unless otherwise noted. b) Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and contained metal content. c) Tonnage and grade measurements are in metric units. Contained gold is reported as troy ounces. NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 22 APPENDIX Donlin Gold Tonnage Grade Metal content Attributable to NOVAGOLD GOLD kt g/t Au koz Au koz Au Resources2, exclusive of Reserves Measured 869 2.23 62 31 Indicated 69,402 2.44 5,435 2,718 M&I 70,271 2.43 5,497 2,749 Inferred 92,216 2.02 5,993 2,997 Resources2, inclusive of Reserves Measured 7,731 2.52 626 313 Indicated 533,607 2.24 38,380 19,190 M&I 541,337 2.24 39,007 19,503 Inferred 92,216 2.02 5,993 2,997 *Mineral reserves and mineral resources are reported on a 100% basis and on a 50% basis. NOVAGOLD and Barrick each own 50% of the Donlin Gold project. Donlin Gold approximate cut-off grades (see Mineral Resources and Reserves Endnotes): Reserves1 : 0.57 g/t gold Resources2 : 0.47 g/t gold t = metric tonne g/t = grams/tonne oz = troy ounce k = thousand See endnotes for this slide in Appendix
Slide 23 — DONLIN GOLD
DONLIN GOLD Source: 2021 Technical Report and S-K 1300 Technical Report Summary (100% basis) NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 23 APPENDIX Key financial economic & production data Initial capital costs $7.4B Sustaining capital costs over LOM (27 years) $1.7B Average annual gold production LOM 1.1Moz First 5 years 1.5Moz Economic outcomes at $1,500/oz gold After tax cash flow $13.1B After tax NPV (5%) $3.0B After tax IRR 9.2% After tax payback 7.3 years LOM operating costs Area $/t Processed $/t Mined $/oz Au Mine operations 16.70 2.59 278 Processing operations 13.70 2.12 228 Administration 3.49 0.54 58 Land & royalty payments 4.32 0.67 72 Total (differences due to rounding) 38.21 5.90 635 Full technical reports available on NOVAGOLD’s website here: https://www.novagold.com/properties/donlin_gold/technical_report/
Slide 24 — MANAGEMENT
Greg Lang President &CEO ▪ Former President of Barrick Gold North America ▪ 40+ years of experience building & operating major open-pit and underground mines (Goldstrike, Cortez, Turquoise Ridge, Bald Mountain) ▪ Diverse experience in mine operations, project development and evaluations David Ottewell VP & Chief Financial Officer ▪ Former VP and Corporate Controller of Newmont Mining Corporation ▪ 35+ years of mining industry experience ▪ Diverse experience in all facets of financial management, from mine operations to executive corporate financial management of premier gold producers Richard Williams VP & Chief Operating Officer ▪ Led the design and construction of the Pueblo Viejo project in the Dominican Republic ▪ 40+ years of experience developing and operating major mines (Goldstrike and Mercur) ▪ Experienced leader in autoclave technology ▪ Member of the American Institute of Mining, Metallurgical, and Petroleum Engineers; CIM MANAGEMENT NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 24 APPENDIX Mélanie Hennessey VP, Corporate Communications ▪ 20 years of experience in financial markets, corporate governance, indigenous relations, sustainability, M&A, compensation, risk management, crisis preparedness and response ▪ Previously held executive, senior IR & corporate communications positions with Goldcorp, New Gold, and Hecla Mining Company Ron Rimelman VP, Environment, Health, Safety & Sustainability ▪ 35+ years of environmental experience, managing environmental impact assessments and permitting activities world-wide ▪ Leadership role on mine permitting and NEPA evaluations for mine projects in Alaska since 1993 ▪ President of the American Exploration and Mining Association, 2022 Ben Machlis VP & General Counsel ▪ Former Dorsey & Whitney LLP Partner ▪ Chair, Regulatory Affairs Practice Group ▪ Previously served as Chair of Regulatory Affairs Practice Group and Co-chair of Mining Industry Group at Dorsey & Whitney LLP
Slide 25 — BOARD OF DIRECTORS
Dr. Thomas Kaplan Chairman ▪ Chairman and CEO of The Electrum Group LLC, a privately held natural resources investment management company that controls a diversified portfolio of precious and base metals assets Kalidas Madhavpeddi ▪ President of Azteca Consulting LLC, and director of Glencore plc and Dundee Precious Metals ▪ Former CEO of China Moly Corp and former Executive with Phelps Dodge Dr. Elaine Dorward-King ▪ Former Executive VP of Sustainability and External Relations at Newmont Corporation ▪ Serves as a director of Sibanye-Stillwater, Kenmare Resources plc, and Nevada Copper Kevin McArthur ▪ Former CEO of Goldcorp, Glamis Gold, and Tahoe Resources ▪ Serves as non-executive director of Royal Gold and First Quantum Minerals Daniel Muñiz Quintanilla ▪ Founding partner of Whetsone Resources ▪ Serves as director of Brookfield Infrastructure Partners LP, Hudbay Minerals Inc., and Gatos Silver Inc. Dawn Whittaker ▪ Board Chair of Triple Flag Precious Metals Corp ▪ Former director of Sierra Metals, Detour Gold, and Kirkland Lake Gold Dr. Diane Garrett ▪ President, CEO and director of Hycroft Mining Holding Corporation ▪ Former President and CEO of Nickel Creek Platinum and Romarco Minerals; and former director of OceanaGold and Revival Gold Ethan Schutt ▪ Executive VP and General Counsel of Bristol Bay Native Corporation; and a Board Trustee of the Alaska Permanent Fund Corporation ▪ Former CEO of Alaska Native Resource Development LLC, an Alaska Native Tribal Health Consortium company (ANTHC), former Chief of Staff to ANTHC, and former Senior Vice President, Land and Energy Development for Cook Inlet Region Inc. (CIRI) Greg Lang President and CEO ▪ Former President of Barrick Gold North America ▪ Serves as director of Trilogy Metals Hume Kyle ▪ Former Executive VP and CFO of Dundee Precious Metals BOARD OF DIRECTORS NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 25 APPENDIX
Slide 26 — ENDNOTES
ENDNOTES NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 26 APPENDIX SLIDE 4 – Donlin Gold is the most attractive tier 1 gold development story in the world today… 1. NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years, annual projected production of at least 500,000 ounces of gold, and average projected cash costs over the production life that are in the lower half of the industry cost curve. 2. Represents 100% of measured and indicated resources, inclusive of mineral reserves, of which 50% is attributable to NOVAGOLD. Donlin Gold is not in production and a construction decision has not been made. For more information see “Cautionary Note Concerning Reserve and Resource Estimates” and “Mineral Reserves & Mineral Resources” tables on slides 2, 21 & 22. 3. Represents average grade of measured and indicated mineral resources, inclusive of mineral reserves. See “Cautionary Note Concerning Reserve and Resource Estimates” and “Mineral Reserves & Mineral Resources” tables on slides 2, 21 & 22. 4. Alaska ranks number 11 globally in the Fraser Institute Annual Survey of Mining Companies 2023, Investment Attractiveness Index. SLIDE 5 – Maintaining a strong treasury 1. Information as of February 29, 2024, as set forth in our Annual Report on Form 10-Q. NOVAGOLD cash and cash equivalents of $37.5, primarily held at three large Canadian domestic chartered banks with high credit ratings. Term deposits of $80 million denominated in U.S. dollars and held at two large Canadian domestic chartered banks with high credit ratings and maturities of less than one year. SLIDE 7 – Alaska: World-leading mining jurisdiction 1. Per the 2024 Mineral Commodity Summaries Report - https://pubs.usgs.gov/periodicals/mcs2024/mcs2024- gold.pdf 2. Per the USGS Mineral Commodity Summaries report – Table 3- Value of Nonfuel Mineral Production in the United States and Principal Nonfuel Mineral Commodities Produced in 2022. 3. Per Alaska Miners Association March 2023 report titled “Alaska’s Mining Industry”. 4. Per Mining Journal intelligence – World Risk Report 2023 Alaska received an AA rating, ranks number 3 globally on the Investment Risk index and is in the top quartile for low-risk in each category (Legal, Governance, Social, Fiscal and Infrastructure). SLIDE 9 – Positioned to become a million-ounce gold producer 1. Anticipated annual gold production during full life of mine if put into production as contemplated in the 2021 Technical Report and the S-K 1300 Technical Report Summary. See “Cautionary note concerning Reserve & Resource Estimates” and “Mineral Reserves & Mineral Resources” tables on slides 2, 21 & 22. 2. Average of comparison group data of 12 projects shown on slide 9 based on large (3Moz proven and probable mineral reserves cut off), North/South American gold-focused development projects with >75% projected revenues from gold, as per latest company public filings and websites as of June 2024 SLIDE 10 – Double the global average gold grade 1. 2024 average grade of open pit and underground deposits with gold as primary commodity and over 1Moz in measured and indicated mineral resources, sourced from S&P Global Market Intelligence. 2. Represents average grade of measured and indicated mineral resources, inclusive of mineral reserves. See “Cautionary Note Concerning Reserve and Resource Estimates” and “Mineral Reserves and Mineral Resources” tables on slides 2, 21 & 22. SLIDE 11 – Extraordinary leverage to gold in a place where one can keep it 1. Donlin Gold estimates as per the 2021 Technical Report and the S-K 1300 Technical Report Summary. All dollar figures are in USD, represent 100% of the project of which NOVAGOLD’s share is 50%, and reflect after-tax net present value (at 0% and 5% discount rates) of the Donlin Gold project using the reference date of start of Year -06 as the first year of discounting. Estimated owner’s initial capital project development costs of approximately $348M to be spent prior to the reference date are treated as sunk costs. At a 5% discount rate, the net present value is: ($1,832M) @ $1,000 gold; $202M @ $1,200 gold; $1,161M @ $1,300 gold; $3,040M @ $1,500 gold; $4,887M @ $1,700 gold; $7,229M @ $2,000 gold; and $11,199M @ $2,500 gold. The project requires a gold price of approximately $930 per ounce to break even on an undiscounted cash flow basis and a gold price of approximately $1,180 per ounce to break even on a 5% discounted basis. SLIDE 12 – The next big gold discovery could be at Donlin Gold 1. Represents 100% of measured and indicated resources, inclusive of mineral reserves, of which 50% is attributable to NOVAGOLD. Donlin Gold is not in production and a construction decision has not been made. For more information see “Cautionary Note Concerning Reserve and Resource Estimates” and “Mineral Reserves & Mineral Resources” tables on slides 2, 21 & 22. SLIDE 16 – Permitting is largely in place 1. Under appeal. Appeals challenging permits in State courts have been unsuccessful to date and the Department of Justice is fully defending the Federal permitting decisions – USDOJ recently filed its brief supporting the Federal permits. SLIDE 19 – Strong institutional shareholder and management support 1. Shareholder positions are based on the latest 13-D, 13-F or 13-G filings as of March 31, 2024. 2. Per SEC Form 4 filings as of March 31, 2024 for NOVAGOLD’s CEO, CFO and COO under the NOVAGOLD Resources Inc. profile at https://www.sec.gov/edgar/search/ and https://www.novagold.com/investors/financials/. 3. Market Capitalization based on 334.3 million shares issued and outstanding as of March 27, 2024. NOVAGOLD share price of $4.04 as of June 6, 2024. 4. Common shares issued and outstanding, options, PSUs, and DSUs effective March 27, 2024. See SEC Form 10-Q filing dated April 3, 2024 for additional information.
Slide 27 — ENDNOTES
ENDNOTES NOVAGOLD | 2024 RBC Capital Markets Global Mining & Materials Conference 27 APPENDIX SLIDES 21 & 22- Mineral reserves and Mineral resources 1. Mineral Reserves are reported within the pre-feasibility pit designs, and supported by a mine schedule, featuring variable throughput rates, stockpiling and cut-off optimization. The point of reference for the Mineral Reserve estimate is where the reserves are delivered to the mill. The pit designs are contained within an optimized pit shell based on the following economic and technical parameters: Metal price for gold of $1,200/oz; reference mining cost of $2.16/t incremented $0.0033/t/m with depth from the 220 m elevation (equates to an average mining cost of $2.64/t), fixed processing cost $13.78/t processed; sustaining capital of $1.54/t processed; general and administrative cost of $3.66/t processed; stockpile rehandle costs of $0.24/t processed assuming that 45% of mill feed is rehandled; variable metallurgical recoveries by rock type, ranging from 86.7% in shale to 94.2% in intrusive rocks in the Akivik domain; refining and freight charges of $1.21/oz gold; royalty considerations of 4.5% NSR and $0.50/t processed; and variable pit slope angles, ranging from 23° to 43°. Mineral Reserves are reported using an optimized block value (BV) based on the following equation: BV = Au grade * Recovery * $1,200/oz – royalties & refining costs – process operating costs – G&A cost reported in $/t. Assuming an average gold recovery of 89.5% the marginal gold cut-off grade would be approximately 0.57 g/t, or the gold grade that would equate to a $0.001 BV cut-off at these same values. The life-of-mine (LOM) strip ratio is 5.48:1. The assumed LOM throughput rate is 53,500 t/d. The technical parameters referenced herein are based on the specifications utilized in the Donlin Creek Gold Project, Alaska, USA, as outlined in the NI 43-101 Technical Report on Second Updated Feasibility Study, effective November 18, 2011 (as amended January 20, 2012). The economic parameters are derived from the NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA, effective June 1, 2021, and the S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA, November 30, 2021. 2. Except as noted, Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred Resources are in addition to Measured and Indicated Resources. Inferred Resources have great uncertainty as to their existence and whether they can be mined legally or economically. The cut-off date for the sample database used in the Mineral Resource estimate is 1 November 2009. However, more recent drilling data were used to validate the resource model as remaining current. Mineral Resources are constrained within a conceptual Measured, Indicated and Inferred optimized pit shell using the following assumptions: gold price of $1,200/oz; variable process cost based on 2.1874 * (sulphur grade) + 10.6485; administration cost of $2.29/t; refining, freight & marketing (selling costs) of $1.85/oz recovered; stockpile rehandle costs of $0.20/t processed assuming that 45% of mill feed is rehandled; variable royalty rate, based on royalty of 4.5% * (Au price – selling cost); and a variable metallurgical recovery depending on the host rock type ranging from 86 to 94%. Assuming an average recovery of 89.5% and average S% grade of 1.07, the marginal gold cut-off grade is 0.47 g/t. These technical and economic parameters are those that were used in the Donlin Creek Gold Project Alaska, USA, NI 43-101 Technical Report on Second Updated Feasibility Study, effective November 18, 2011 (as amended January 20, 2012) to establish reasonable prospects of eventual economic extraction. Based on the QP’s review of the estimate, there would be no material change to the Mineral Resources if the gold price were updated to $1,500/oz and other economic parameters were updated to the 2020 parameters used in the Mineral Reserve estimate. As a result, the Mineral Reserve and Mineral Resource estimates shown above remain unchanged from the 2011 estimates contained in the prior technical report. See “Cautionary Note Concerning Reserve & Resource Estimates” on slide 2. 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 Gold Kirk Hanson, MBA, P.E. “NI 43-101 Technical Report on the Donlin Gold Project, Michael Woloschuk, P.Eng. Alaska, USA” prepared by Wood Canada Limited, Henry Kim, P.Geo. effective June 1, 2021. Wood Canada Limited “S-K 1300 Technical Report Summary on the Donlin Gold project, Alaska, USA” dated November 30, 2021. Paul Chilson, P.E., who is the Manager, Mine Engineering for NOVAGOLD and a “qualified person” under NI 43-101 and S-K 1300, has approved the scientific and technical information contained in this presentation.
Slide 28 — NOVAGOLD RESOURCES INC.
NOVAGOLD RESOURCES INC. Suite 1860 – 400 Burrard Street Vancouver BC Canada V6C 3A6 T: 604 669 6227 TF: 1 866 669 6227 F: 604 669 6272 E: [email protected] Mélanie Hennessey VP, Corporate Communications [email protected] Frank Gagnon Manager, Investor Relations [email protected] TSX, NYSE AMERICAN: NG | NOVAGOLD.COM