NovaGold Resources (NG) investor relations material

Strategic Project and Partnership Highlights

• Ownership in the Donlin project increased to 60% after a $1 billion acquisition, with Paulson Advisers joining as a key partner, resulting in a 60/40 split and joint operational management.

• The transaction was financed through a public offering, private placement, and a backstop commitment, with additional warrants issued to institutional investors.

• Paulson brings a proven track record in gold investments, including successful turnarounds and financing support for major projects like Detour Gold and Perpetua Resources.

• Market cap has more than tripled since the Barrick transaction, reflecting renewed investor confidence and project momentum.

Project Milestones and Development Timeline

• A contract to update the bankable feasibility study will be awarded soon, with completion expected by mid-2027 and construction targeted for 2027–2030, aiming for production start around 2031.

• The 2025 drill program completed over 18,000 meters, supporting resource conversion, mine planning, and engineering.

• Key state and federal permits have been secured, with final state permitting on track and ongoing litigation being managed.

• Permitting has withstood legal challenges, with most issues resolved and remaining matters not expected to delay progress.

• The project is on private land owned by Alaska Native corporations, who are supportive due to the economic benefits for the region.

Donlin Gold Project Profile and Economic Potential

• Donlin is projected to produce 1.5 million ounces annually in its first five years and maintain over 1 million ounces per year for 27–30 years.

• The project contains 39 million ounces of gold in measured and indicated resources at an average grade of 2.24 g/t, more than double the global average.

• Net present value (NPV) at a 5% discount rate is $3.0 billion at $1,500/oz gold, with significant leverage to higher gold prices.

• Donlin offers robust returns even at lower gold prices, with leverage to rising gold prices and significant cash flow potential.

• Few other development-stage projects match Donlin's scale, grade, or production longevity.