NovaGold Resources (NG) investor relations material

Executive summary

• Advanced Donlin Gold project with expanded reserves, simplified ownership, and integration of major engineering firms, progressing the Bankable Feasibility Study (BFS) toward 2027 completion.

• Maintained robust stakeholder engagement, including outreach to Yukon-Kuskokwim communities, and demonstrated commitment to social, cultural, and environmental initiatives.

• Completed significant financing activities, including a $310.2 million private placement, supporting BFS completion and planned promissory note prepayment.

Financial highlights

• Q2 2026 net loss was $25.5 million ($0.06/share), down from $54.3 million in Q2 2025, mainly due to the absence of a prior year $39.6 million non-cash warrant expense and higher interest income.

• Cash and term deposits at quarter-end were $370.2 million, with $78.2 million in cash, $292.0 million in term deposits, and $1.2 million in marketable securities.

• G&A expenses increased year-over-year, mainly from higher professional and employee compensation.

• Year-to-date spending: $13.5 million on corporate G&A and $31.9 million on Donlin Gold funding.

Outlook and guidance

• Fiscal 2026 operating expenditures expected at $98.5 million: $78.8 million for Donlin Gold, $19.7 million for G&A.

• Liquidity is sufficient to complete the BFS, prepay the Barrick note, and cover corporate costs for at least the next twelve months.

• BFS completion targeted for 2027, with subsequent construction decision anticipated; additional capital will be sought for future phases.