NovaGold Resources (NG) investor relations material

Project Overview and Strategic Developments

• Donlin Gold targets over 1 million ounces/year for nearly 30 years, with 60% ownership after a $1 billion transaction with Paulson Company, and aims to become America’s largest gold mine with a projected 27-year life and up to 1.3 Moz/year in the first decade.

• The project holds 40 Moz of gold in measured and indicated resources at a grade of 2.22–2.25 g/t, more than double the global average, and features low cash costs (~$900/oz).

• Located in Alaska, the project benefits from a stable jurisdiction, strong permitting progress, and private land ownership with Alaska Native Corporations, ensuring local engagement and economic benefits.

• Sustainability, community engagement, and collaboration with local stakeholders are central, with workforce training and ongoing government relations.

• Management and partners bring extensive mine-building and operational expertise, including experience with large-scale, remote mining projects.

Recent Developments and Partnerships

• The $1 billion acquisition with Paulson Advisers established a 60/40 ownership structure, catalyzing share price growth and project momentum.

• Raised $286 million through a public offering and $310 million via private placement to support development.

• Fluor Corporation leads the bankable feasibility study, with WSP, Worley, and Hatch awarded key engineering contracts.

• Signed a non-binding LOI with Glenfarne to evaluate Alaska LNG supply for mine power, with key pipeline permits secured and potential for off-balance-sheet infrastructure financing.

• Commercial negotiations and infrastructure planning are advancing in alignment with project milestones.

Financial Position and Capital Planning

• Treasury stands at $392.5 million as of Q1 2026, with $100 million earmarked to retire a promissory note related to the Barrick transaction.

• Projected life-of-mine operating costs are $831/oz, with initial capital costs of $9.2 billion and sustaining capital of $2.3 billion.

• Bankable feasibility study underway by Fluor, with a financial advisor announcement expected soon to support capital raising.

• Considering off-balance-sheet financing for major infrastructure, such as the gas pipeline, to reduce upfront capital requirements.

• Strong institutional shareholder base includes Paulson Advisers, Capital Group, Fidelity, and Lingotto, underpinning financial stability.