NovaGold Resources (NG) investor relations material

Executive summary

• Completed a transformative $1B transaction to acquire Barrick's 50% interest in Donlin Gold, increasing ownership to 60% and establishing a 60/40 partnership structure, with a 225% share price increase since April 2025.

• Raised $286M through public and private offerings, strengthening the treasury to $115.1M at year-end 2025.

• Donlin Gold advanced as a premier, long-life, high-grade U.S. gold project with robust exploration, permitting progress, and strong institutional support.

• Strategic partnerships with John Paulson, Electrum Group, and Donlin Gold Holdings enhance access to capital and expertise.

• Strengthened stakeholder engagement through site tours, community outreach, and government relations, including meetings with Alaska officials and Congressional delegation.

Financial highlights

• Reported FY2025 net loss of $94.7M, including a $39.6M non-cash, non-recurring warrant charge, and Q4 net loss of $15.6M.

• Cash and term deposits at year-end were $115.1M, up from $101.2M the prior year.

• Raised $259.6M through public and private offerings, with $210.1M spent to acquire additional Donlin Gold interest.

• Donlin Gold project expenditures totaled $78.6M, with corporate G&A at $19.7M.

• 2025 cash expenditures of $41.2M were $0.8M below guidance.

Outlook and guidance

• 2026 anticipated expenditures are $98.5M, including $78.8M for Donlin Gold and $19.7M for corporate G&A.

• Feasibility study (BFS) for Donlin Gold to be completed in 18 months, with prime contractor selection expected in Q1 2026.

• Near-term catalysts include commencing BFS, advancing project financing, and targeting commercial operation by 2031, pending a positive construction decision.

• Exploration to resume after feasibility study is underway, with significant upside on the land package.