2018-11-15 ngppt rdc conference final · (tkc) owns the surface rights • calista is the regional...

RDCCONFERENCE

TSX,NYSEAmerican:NG|novagold.com|Nov14-15,2018

CAUTIONARYSTATEMENTS

2AlldollaramountsquotedinthisreportareinU.S.currencyunlessotherwisenoted.

REGARDINGFORWARD-LOOKINGSTATEMENTSThispresentationincludescertain“forward-lookinginformation”and“forward-lookingstatements”(collectively“forward-lookingstatements”)withinthemeaningofapplicablesecuritieslegislation,includingtheUnitedStatesPrivateSecuritiesLitigationReformActof1995.Allstatements,otherthanstatementsofhistoricalfact,includedherein,including,withoutlimitation,statementsregardingthepermitting,potentialdevelopment,exploration,constructionandoperationofDonlinGoldandstatementsrelatingtoNOVAGOLD’sfutureoperatingandfinancialperformanceandproductionestimatesareforward-lookingstatements.Forward-lookingstatementsarefrequently,butnotalways,identifiedbywordssuchas“expects”,“anticipates”,“believes”,“intends”,“estimates”,“potential”,“possible”,“poised”,andsimilarexpressions,orstatementsthatevents,conditions,orresults“will”,“may”,“could”,“would”or“should”occurorbeachieved.Theseforward-lookingstatementsmayalsoincludestatementsregarding;explorationpotentialofDonlinGold;anticipatedminelife;perceivedmeritofproperties;anticipatedpermittingtimeframes;explorationanddrillingresultsandbudgets;mineralreserveandresourceestimates;workprograms;capitalexpenditures;timelines;strategicplans;benefitsoftheproject;marketpricesforpreciousmetals;orotherstatementsthatarenotstatementsoffact.Forward-lookingstatementsinvolvevariousrisksanduncertainties.Therecanbenoassurancethatsuchstatementswillprovetobeaccurate,andactualresultsandfutureeventscoulddiffermateriallyfromthoseanticipatedinsuchstatements.

ImportantfactorsthatcouldcauseactualresultstodiffermateriallyfromNOVAGOLD’sexpectationsincludetheuncertaintiesinvolvingunexpectedcostincreases,whichcouldincludesignificantincreasesinestimatedcapitalandoperatingcosts;theneedforadditionalfinancingtoexploreanddeveloppropertiesandavailabilityoffinancinginthedebtandcapitalmarkets;uncertaintiesinvolvedintheinterpretationofdrillingresultsandgeologicaltestsandtheestimationofreservesandresources;theneedforcontinuedcooperationwithBarrickGoldCorporationforthecontinuedexplorationanddevelopmentoftheDonlinGoldproperty;theneedforcooperationofgovernmentagenciesandnativegroupsinthedevelopmentandoperationofproperties;risksofconstructionandminingprojectssuchasaccidents,equipmentbreakdowns,badweather,non-compliancewithenvironmentalandpermitrequirements;unanticipatedvariationingeologicalstructures,oregradesorrecoveryrates;theneedtoobtainpermitsandgovernmentalapprovals;fluctuationsinmetalpricesandcurrencyexchangerates;andotherrisksanduncertaintiesdisclosedinNOVAGOLD’sannualreportfiledonForm10-Kfortheyear-endedNovember30,2017withtheUnitedStatesSecuritiesandExchangeCommission,Canadiansecuritiesregulators,andinotherNOVAGOLDreportsanddocumentsfiledwithapplicablesecuritiesregulatoryauthoritiesfromtimetotime.NOVAGOLD’sforward-lookingstatementsreflectthebeliefs,opinionsandprojectionsofmanagementonthedatethestatementsaremade.NOVAGOLDassumesnoobligationtoupdatetheforward-lookingstatementsofbeliefs,opinions,projections,orotherfactors,shouldtheychange,exceptasrequiredbylaw.

Forward-lookingstatementsarebasedonanumberofmaterialassumptions,includingbutnotlimitedtothefollowing,whichcouldprovetobesignificantlyincorrect:ourabilitytoachieveproductionatanyofourmineralexplorationanddevelopmentproperties;estimatedcapitalcosts,operatingcosts,productionandeconomicreturns;estimatedmetalpricing,metallurgy,mineability,marketabilityandoperatingandcapitalcosts,togetherwithotherassumptionsunderlyingourresourceandreserveestimates;ourexpectedabilitytodevelopadequateinfrastructureandthatthecostofdoingsowillbereasonable;assumptionsthatallnecessarypermitsandgovernmentalapprovalswillbeobtainedandthetimingofsuchapprovals;assumptionsmadeintheinterpretationofdrillresults,thegeology,gradeandcontinuityofourmineraldeposits;ourexpectationsregardingdemandforequipment,skilledlaborandservicesneededforexplorationanddevelopmentofmineralproperties;andouractivitieswillnotbeadverselydisruptedorimpededbydevelopment,operatingorregulatoryrisks.

Thispresentationmakesreferencetocertainnon-GAAPmeasures.ThesemeasuresarenotrecognizedmeasuresunderUSGAAPanddonothaveastandardizedmeaningprescribedbyUSGAAPandarethereforeunlikelytobecomparabletosimilarmeasurespresentedbyothercompanies.Rather,thesemeasuresareprovidedasadditionalinformationtocomplementthoseUSGAAPmeasuresbyprovidingfurtherunderstandingofourresultsofoperationsfrommanagement’sperspectiveandshouldnotbeconsideredinisolationorasasubstituteformeasuresofperformancepreparedinaccordancewithUSGAAP.

NOVAGOLDbelievesthatthesemeasures,inadditiontoconventionalmeasurespreparedinaccordancewithUSGAAP,provideinvestorsanimprovedabilitytoevaluatetheunderlyingperformanceofNOVAGOLD.

REGARDINGSCIENTIFICANDTECHNICALINFORMATIONUnlessotherwiseindicated,allresourceandreserveestimatesincludedinthispresentationhavebeenpreparedinaccordancewithCanadianNationalInstrument43-101StandardsofDisclosureforMineralProjects(“NI43-101”)andtheCanadianInstituteofMining,MetallurgyandPetroleum(CIM)—CIMDefinitionStandardsonMineralResourcesandMineralReserves,adoptedbytheCIMCouncil,asamended(“CIMDefinitionStandards”).NI43-101isaruledevelopedbytheCanadianSecuritiesAdministratorswhichestablishesstandardsforallpublicdisclosureanissuermakesofscientificandtechnicalinformationconcerningmineralprojects.Canadianstandards,includingNI43-101,differsignificantlyfromtherequirementsoftheUnitedStatesSecuritiesandExchangeCommission("SEC”),andresourceandreserveinformationcontainedhereinmaynotbecomparabletosimilarinformationdisclosedbyU.S.companies.Inparticular,andwithoutlimitingthegeneralityoftheforegoing,theterm"resource”doesnotequatetotheterm"reserves”.UnderU.S.standardssetforthinSECIndustryGuide7,mineralizationmaynotbeclassifiedasa"reserve”unlessthedeterminationhasbeenmadethatthemineralizationcouldbeeconomicallyandlegallyproducedorextractedatthetimethereservedeterminationismade.TheSEC'sdisclosurestandardsnormallydonotpermittheinclusionofinformationconcerning"measuredmineralresources”,"indicatedmineralresources”or"inferredmineralresources”orotherdescriptionsoftheamountofmineralizationinmineraldepositsthatdonotconstitute"reserves”byU.S.standardsindocumentsfiledwiththeSEC.Investorsarecautionednottoassumethatalloranypartof“measured”or“indicatedresources”willeverbeconvertedinto“reserves”.Investorsshouldalsounderstandthat"inferredmineralresources”haveagreatamountofuncertaintyastotheirexistenceandgreatuncertaintyastotheireconomicandlegalfeasibility.Itcannotbeassumedthatalloranypartofthe“inferredresources”willeverbeupgradedto“indicatedresource”,“measuredresource”,or“mineralreserve”status.UnderCanadianrules,estimated"inferredmineralresources”maynotformthebasisoffeasibilityorpre-feasibilitystudiesexceptinrarecasesandinaccordancewithNI43-101.Investorsarecautionednottoassumethatalloranypartofan"inferredmineralresource”existsoriseconomicallyorlegallymineable.Disclosureof"containedounces”inaresourceispermitteddisclosureunderCanadianregulations;however,theSECnormallyonlypermitsissuerstoreportmineralizationthatdoesnotconstitute"reserves”bySECstandardsasin-placetonnageandgradewithoutreferencetounitmeasures.TherequirementsofNI43-101foridentificationof"reserves”arealsonotthesameasthoseoftheSEC,andreservesreportedbyNOVAGOLDincompliancewithNI43-101maynotqualifyas"reserves”underSECstandards.Accordingly,informationconcerningmineraldepositssetforthhereinmaynotbecomparablewithinformationmadepublicbycompaniesthatreportinaccordancewithU.S.standards.DonlinGoldiswithoutknownreservesunderSECIndustryGuide7.

TechnicalReportsandQualifiedPersons ThedocumentsreferencedbelowprovidesupportingtechnicalinformationfortheDonlinGoldproject. Project QualifiedPerson(s) MostRecentDisclosure&FilingDate DonlinGold GordonSeibelR.M.SME “DonlinCreekGoldProjectAlaska,USA,NI43-101TechnicalReportonSecondUpdatedFeasibilityStudy”preparedbyAMEC,effectiveNovember18,2011,amendedJanuary20,2012. KirkHansonP.E. CliffordKrall,P.E.,whoistheMineEngineeringManagerforNOVAGOLDanda“qualifiedperson”underNI43-101,hasapprovedthescientificandtechnicalinformationcontainedinthispresentation.

NOVAGOLD’SUNIQUELYATTRACTIVEDONLINGOLDASSET

ADEVELOPMENT-STAGEPROJECTOFEXCEPTIONALSCALE,QUALITY,ANDJURISDICTIONALSAFETY

3

DONLINGOLD50/50withBarrickPoisedtobeoneofthelargestgoldproducersintheworld Donlin Gold

ALASKA

Anchorage

Fairbanks

Juneau

DONLINGOLD:PROJECTHISTORY

o  GoldwasdiscoveredatDonlinGoldintheearly1900’so  DonlinGoldbegantoconductexploration,environmentalandengineeringstudiesto

assessthefeasibilityofdevelopingaminingprojectin1996o  CalistaCorporation(Calista)ownsthemineralrightsandTheKuskokwimCorporation

(TKC)ownsthesurfacerights•  CalistaistheregionalNativeCorporationcreatedbyANCSAin1971•  TKCisthevillagecorporationfortencommunitiesthatareclosesttotheproject

o  Forovertwodecades,DonlinGoldhasworkedwithCalistaandTKCineveryaspectofplanningfortheproject,includingexploration,extensiveenvironmentaldatacollectionandanalysis,aswellaspermitapplicationsandreview

o  DonlinGoldcompletedthesecondupdatedfeasibilitystudyin2011andcommencedpermittingshortlyafter

o  DonlinGoldreceiveditsmajorfederalpermitsandajointRecordofDecision(ROD)bytheU.S.ArmyCorpsofEngineers(the“Corps”)andtheBureauofLandManagement(BLM)inAugust2018

4

ADEVELOPMENTSTAGEPROJECTOFEXCEPTIONALSCALE,QUALITYANDJURISDICTIONALSAFETY

DONLINGOLD:PROJECTLIFECYCLE

Prospecting• Mapping• Drilling

• ResourceAssessment

• CommunityEngagement

Financing

ResourceDevelopment• Evaluations

• EngineeringDesign

• Valuation

CommunityEngagementBaselineStudies• EnvironmentalAssessment• ScopingandAlternatives• EnvironmentalImpactStatementPermits

MiningProcessing

Logistics

Monitoring

CommunityEngagement

UpdatedTechnicalStudyEngineeringDetailedDesignProjectFinancingConstructionMitigationCommunityEngagement

DecommissioningReclamationMonitoringLong-termcarePostclosurelanduseCommunityEngagement

5

Exploration Feasibility Permitting Engineering Construction Operations Closure

16years 27+years4-6years6+years

23YEARSAND+$500MILLIONINVESTEDSOFARINTHEPROJECTBYTHEOWNERS

DONLINGOLD:KEYPROJECTMILESTONEACHIEVED

6

JOINTRECORDOFDECISIONANDMAJORFEDERALPERMITSISSUED

o  FirsttimethattwoFederalagenciesissuedajointRODo  TheCorpsissuedacombinedCleanWaterActSection404&Riversand

HarborsActSection10permito  TheBureauofLandManagement(BLM)issuedtheOffertoLeasefor

pipelinerightofway

News Release - August 13, 2018

“TheCorpsandBLMinAlaskaarepioneeringthisjointdecisiontoshowthepublicthattheirfederalgovernmentcanworktogetherandmakesounddecisionsonenvironmentalreviews”

U.S.ArmyCorpsofEngineersCommander,MichaelBrooks7

Source:“Corps,BLM’sfirstjointrecordofdecisionapprovesDonlinmineproject”,U.S.ArmyCorpswebsite-https://www.poa.usace.army.mil

“TheDonlinGoldmineprojectinAlaskaisagreatexampleofcooperationbetweentheCorpsandBLM.Weareproudtohave...thefirsteverjointfederalrecordofdecision…Itwillcreategood-payingjobstoaregionofAlaskawithhistoricallyhighunemployment,andwelookforwardtorealizingthemanyopportunitiesthattheminewillbringtothestateofAlaskaandtheAmericanpeople.”SecretaryoftheInterior,RyanZinke

ROD Signing Ceremony in Anchorage. Left to right: Donlin Gold, Barrick Gold Corporation, Calista Corporation, NOVAGOLD, The Kuskokwim Corporation, BLM, The Corps

DONLINGOLD:RECEIVEDKEYFEDERALANDSTATEPERMITS

8

NationalEnvironmentalPolicyAct(NEPA)reviewcompletedThefinalEnvironmentalImpactStatement(EIS)released,NoticeofAvailabilitypublished

JointRecordofDecision(ROD)issuedbytheCorpsand(BLM)

Section10/404(wetlands)permitandBLMOffertoLeaseforpipelineright-of-way

ThePipelineandHazardousMaterialsSafetyAdministrationspecialpermit AlaskapermittingagenciesworkedinparallelwithfederalprocessStateairqualitypermitandAPDESwaterdischargepermit

Title16fishhabitatpermits

StateCleanWaterActSection401certificationofCorpssection404permit(compliantwithstatewaterqualitystandards)

ReclamationandClosurePlanapproval(publiccommentperiodclosed) Inprogress

IntegratedWasteManagementpermit(publiccommentperiodclosed) Inprogress

Stateportionofpipelineright-of-waylease Inprogress

Statedamsafetyapprovals Inprogress

Otherwaterrightspermits Inprogress

OtherstatepermitsandapprovalsexpectedtobefinalizedbyQ12019

COMPLETEDMULTI-YEARTHOROUGH,TRANSPARENTENVIRONMENTALREVIEWPROCESS

DONLINGOLD:THERIGHTPROJECT

ONEOFTHELARGESTANDHIGHEST-GRADEOPENPITPERMITTEDUNDEVELOPEDGOLDPROJECTSINTHEWORLD

9

Size Partnership

LongevityGrowth

Grade Jurisdiction

DONLINGOLDPERMITTEDFORNEXTSTAGEOFDEVELOPMENT

39.0

[VALUE]

11.5 9.5

8.0 8.0 7.4 6.7 6.5 5.6 5.3 5.2 4.5 4.3 4.2 4.0 3.9 3.8 2.9

0.0

10.0

20.0

30.0

40.0

50.0

2

DONLINGOLD:DEVELOPMENTPROJECTSOFSIMILARSIZEARESCARCEARESOURCEFIVETIMESTHESIZEOFTHEPEERGROUPAVERAGE

10

1)   DonlinGoldprojectestimatesasperthesecondupdatedfeasibilitystudyeffectiveNovember18,2011andamendedJanuary20,2012.Represents100%ofmeasuredandindicatedresources,ofwhichNOVAGOLD’ssharerepresents50%.Measuredandindicatedresourcesareinclusiveofprovenandprobablereserves.Measuredresourcestotal8Mtonnesgrading2.52g/tAu,andindicatedresourcestotal534Mtonnesgrading2.24g/tAu.Provenreservestotal8Mtonnesgrading2.32g/tAu,andprobablereservestotal497Mtonnesgrading2.08g/tAu.See“CautionaryNoteConcerningReserve&ResourceEstimates”and“Reserve/ResourceTable”withfootnotesonslides2and33.

2)   Peergroupdatabasedoncompanydocuments,publicfilingsandwebsites.Comparisongroupof18projectsbasedonlarge(2MozP&Pcutoff),North/SouthAmericangold-focuseddevelopmentprojectswith>75%projectedrevenuesfromgold.

M&IG

oldRe

source(m

illionsofo

unces) 5x

ARESOURCE

THESIZEOFTHEPEERGROUPAVERAGE

1

2018TOPTENPROJECTEDGOLDPRODUCINGMINECOMPARISON1ONLYFIVEMINESINTHEWORLDSLATEDTOPRODUCE>1MOUNCESIN2018

DONLINGOLD:ONLYUNDEVELOPEDASSETINTHISCATEGORYINNORTHAMERICA

11

1EstimatesprovidedbyS&PGlobalIntelligenceSlideshowsthelatestreportedmeasured&indicatedresources(inclusiveofreserves)ofthetop10projectedgoldproducingminesfrom2018asperSNLMetals&Mining,anofferingofS&PGlobalMarketIntelligence.DonlinGoldprojectedannualproductionrepresents100%ofwhichNOVAGOLD’sshareis50%.AnalysisincludeslifeofminedataforDonlinGold.DonlinGoldmeasured&indicatedresourcesincludes34millionouncesofproven&probablereserves.DonlinGoldisnotinproductionandaconstructiondecisionhasnotbeenmadeatthistime.Seefootnote“1”onslide10forreference.

39.0MozDonlinGold

13.1MozKibali

25.5MozPuebloViejo

48.2MozMuruntau

91.4MozGrasberg

17.4MozBoddington

22.0MozBarrickNevada

32.0MozNewmontNevada

Operations

31.6MozOlimpiada

11.7MozLoulo

46.4MozLihirIsland

Minesinblueareprojectedtoproduceover1millionouncesofgoldin2018

1)   DonlinGolddataasperthesecondupdatedfeasibilitystudyeffectiveNovember18,2011,asamendedJanuary20,2012.Representsmeasuredandindicatedresourceswhichareinclusiveofprovenandprobablereserves.Measuredresourcestotal8Mtonnesgrading2.52g/tAu,andindicatedresourcestotal534Mtonnesgrading2.24g/tAu.Provenreservestotal8Mtonnesgrading2.32g/tAu,andprobablereservestotal497Mtonnesgrading2.08g/tAu.See“CautionaryNoteConcerningReserve&ResourceEstimates”and“Reserve/ResourceTable”withfootnotesonslides2and33.

2)   2017averagegradeofopen-pitandundergrounddepositswithgoldasprimarycommodityandover1Mozinmeasuredandindicatedresources,sourcedfromS&PGlobalMarketIntelligence.

1.12g/t

2.24g/t

DONLINGOLD:HIGHQUALITYDEPOSITWITHDOUBLETHEINDUSTRYAVERAGEGRADEAMONGTHEWORLD’SHIGHEST-GRADEKNOWNOPENPITGOLDDEPOSITS

12

Whileindustryaveragegradesaredeclining,DonlinGold’sgradeprovidesresiliencethroughcommoditypricecycles

DONLINGOLDAVERAGEGRADE1

WORLDAVERAGEGRADE2

DONLINGOLD:THERIGHTPROJECT

13

1,400WASDEFINEDWITHAPPROXIMATELYDONLINGOLD’S39MOZGOLDRESOURCE

OVER

DRILL

339,000mTOTALING

HOLES

ROBUSTDRILLDATABASE

1

1)  DonlinGoldprojectestimatesasperthesecondupdatedfeasibilitystudyeffectiveNovember18,2011andamendedJanuary20,2012.Represents100%ofmeasuredandindicatedresources,ofwhichNOVAGOLD’ssharerepresents50%.Measuredandindicatedresourcesareinclusiveofprovenandprobablereserves.Measuredresourcestotal8Mtonnesgrading2.52g/tAu,andindicatedresourcestotal534Mtonnesgrading2.24g/tAu.Provenreservestotal8Mtonnesgrading2.32g/tAu,andprobablereservestotal497Mtonnesgrading2.08g/tAu.See“CautionaryNoteConcerningReserve&ResourceEstimates”and“Reserve/ResourceTable”withfootnotesonslides2and33.

ThenextbiggolddiscoverymaybeatDonlinGold:

o  From2006to2011,M&Iresourcesincreased135%(16.6Mozto39.0Moz)throughawell-executedexplorationprogram

o  Futurepotentialtoexpandcurrentopen-pitresourcealongstrikeandatdeptho  Goodprospectstodiscovermeaningfuldepositsoutsidecurrentminefootprint–reservesand

resourcesarecontainedwithinjust3kmofan8km-longmineralizedtrend

o  Inferredmineralresource:6millionouncesofgold(92Mtonnesgrading2.02g/tAu)mainlyinsidethereservepit2

DONLINGOLD:EXCELLENTEXPLORATIONPOTENTIAL

141)   0.5g/tgoldgradeshellindelineatedreservepitborderedinwhite.2)   See“CautionaryNoteConcerningReserve&ResourceEstimates”and“Reserve/ResourceTable”withfootnotesonslides2and33.

SUBSTANTIALEXPLORATIONUPSIDEALONGTHE8KM-LONGMINERALIZEDTREND

DONLINGOLD:PROJECTOPTIMIZATIONEFFORTS

15

LAYINGTHEGROUNDWORKFOR2018ANDBEYOND

Latestdrillresultsprovidevaluableinputstoadvanceoptimizationwork

Latestdrillresultsprovidevaluableinputstoadvanceoptimizationwork1

Atotalof16coreholeswerecompleted(7,040m)andcoresamplesassayed

Intercepteddistinctsignificanthigh-gradezonesinmultipleareas

Interceptedhigh-grademineralizationatdepthinACMAdepositinanareaofpreviouslysparsedrilling

Assayandgeologicdatawillbeincorporatedintothegeologicandresourcemodelandongoingoptimizationwork

1)   RefertothepressreleasedatedFebruary20,2018titled“NOVAGOLD’sDonlinGoldProjectReportsExcellentResultsfrom2017DrillProgram,”forremainingsignificantintervalsandadditionalinformation.

DONLINGOLD:2017DRILLPROGRAMHIGHLIGHTS

16

TopFiveSignificantIntervals1

DC17-1821 130.5metersgrading5.93g/tgold,startingat205.0metersdepth





1)   Theserepresentthetopfivesignificantintervalsfromthe2017DonlinGolddrillprogram.RefertothepressreleasedatedFebruary20,2018titled“NOVAGOLD’sDonlinGoldProjectReportsExcellentResultsfrom2017DrillProgram,”forremainingsignificantintervalsandadditionalinformation.

2)   TheDonlinGoldverticalcrosssectionrepresentsthedrillholescompletedin2017andgradeintercepts.RefertothepressreleasedatedFebruary20,2018titled“NOVAGOLD’sDonlinGoldProjectReportsExcellentResultsfrom2017DrillProgram,”forremainingsignificantintervalsandadditionalinformation.

VerticalCrossSection-ProposedACMAandLewisPits-2017DrillHoleResults&GradeIntercepts2

EXCELLENTRESULTS-MINERALIZEDINTERCEPTSENCOUNTEREDHIGHERGRADESTHANPREDICTEDBYPREVIOUSMODELING

DONLINGOLD:PRIVATELANDDESIGNATEDFORMINING

17

LewisDeposit

ACMADeposit

TOPOGRAPHYAMENABLETOSITEDEVELOPMENT

Lowelevationwithon-siteterrainrangingfrom100m–450m

140m

125m

425m

Low risk Moderate to high risk Extreme risk No data

DONLINGOLD:LEVERAGEINAPLACEWHEREYOUCANKEEPTHEREWARDSATATIMEOFEXTREMEGEOPOLITICALUNCERTAINTY,ALASKAWELCOMESNEWRESPONSIBLEDEVELOPMENT

ALASKA’SJURISDICTIONALAPPEAL:•  Mineralpotential•  Establishedminingindustry•  Politicalandsocialstability•  Excellentlocalpartnerships•  Afullembraceoftheruleoflaw

Donlin Gold

Fort Knox

PogoUsibelli

Red Dog

KensingtonGreens Creek

ALASKA

Arare39millionounce1golddepositlocatedinAlaska–asafejurisdictionandthesecondlargestgoldproducingU.S.State.

18

1)   DonlinGoldprojectestimatesasperthesecondupdatedfeasibilitystudyeffectiveNovember18,2011andamendedJanuary20,2012.Represents100%ofmeasuredandindicatedresources,ofwhichNOVAGOLD’ssharerepresents50%.Measuredandindicatedresourcesareinclusiveofprovenandprobablereserves.Measuredresourcestotal8Mtonnesgrading2.52g/tAu,andindicatedresourcestotal534Mtonnesgrading2.24g/tAu.Provenreservestotal8Mtonnesgrading2.32g/tAu,andprobablereservestotal497Mtonnesgrading2.08g/tAu.See“CautionaryNoteConcerningReserve&ResourceEstimates”and“Reserve/ResourceTable”withfootnotesonslides2and33.

Source:FraserInstituteAnnualSurveyofMiningCompanies2017,InvestmentAttractivenessIndex

DONLINGOLD:COMMUNITYENGAGEMENT

19

Keepingpeopleinformed•  VillageMeetings•  ProjectSiteTours•  Newsletter•  Facebook•  Website

Communityinvestments•  CrookedCreekCommunity

Plan•  SummerSafety•  ElderMentors•  BackhaulProgram•  CrookedCreekLandfill•  CleanUpGreenUp•  SearchandRescue•  DonlinGoldBasketball•  DogMushing•  GirlScouts,Campfire•  CrookedCreekChurch•  St.SergiusChurch

19

DONLINGOLD:PUBLICINVOLVEMENT

PublicMeetings

400+Meetingssince2010

Newsletters

DonlinGold

~12,000

CorpsofEngineers~8,500

PublicComments

7,500Total(Scoping,DraftEIS)

10monthsCommentperiodsfor

EIS

EISHearings

Scoping35villages500ppl

DEIS45villages~1000ppl

EISParticipating

Tribes

66Tribesinvited

Multipleworkshops

20

Stony RiverGeorgetown

SleetmuteNapaimute

Crooked Creek

Aniak

Red DevilChuathbaluk

Lower KalskagUpper Kalskag

Donlin Gold

ALASKA

TIME-HONOREDRELATIONSHIPSWITHSTAKEHOLDERS

DONLINGOLD:LIFEOFMINEAGREEMENTSWITHALASKANATIVECORPORATIONS

o  DonlinGoldislocatedonprivatelandspecificallyselectedforitsresourcedevelopmentpotential

•  ANCSA1establishedover45yearsago;resolvedAlaskaNativelandclaims

•  LandsvaluableforresourcepotentialselectedbyRegionalCorporationsunderANCSA

o  Nativecorporationshaveanowner’sinterestinthedevelopmentoftheselectedlandstosupporttheeconomicprosperityoftheirshareholders

o  Benefitsincluderoyalties,shareholderemploymentopportunities,scholarshipsandpreferentialcontractconsiderations

211)   AlaskaNativeClaimsSettlementAct,43U.S.C.1601etseq. Calista Corporation Region

The above represents the 10 Kuskokwim Corporation villages

22

AndrewGuyPresident&CEO,CalistaCorporation

MaverCareyPresident&CEO,TheKuskokwimCorporation

“TodayisabigdayfortheDonlinMineproject.TheRODandpermitsarejustthebeginning…TheKuskokwimCorporationisnotonlythesurfaceowner,butapartnerintheenvironmentalandpermittingprocesswithDonlinGoldandthevariousgovernmentagenciesoverseeingthisproject.TogetherwehavegoneaboveandbeyondtheminimumstateandfederalrequirementstoensurethisprojectprotectsourlandswhileeconomicallybenefittingourShareholdersandregionforgenerationstocome.”

“Calistacontinuesover40yearsoftakinganactiveandhands-onapproachtotheDonlinGoldproject…theprojectrepresentsasignificantandpositiveopportunityforourregionandshareholders.OneofourdutiesasaNativeCorporationistoresponsiblydeveloptheland.TheoriginalCalistaboard,andotherearlyregionalleaders,selectedthislandaspartofANCSAtoprovideeconomicopportunitiesforourregionwhilesafeguardingourresourcesforfuturegenerations.”

DONLINGOLD:VALUABLEPARTNERSHIPS

NATIVECORPORATIONSHAVEANOWNER’SINTEREST

NOVAGOLD:CLEARFOCUSANDSTRONGFUNDINGTOEXECUTEONALLFRONTSAHEALTHYTREASURYTOADVANCEDONLINGOLDTHROUGHOPTIMIZATIONWORK&BEYOND

231)   Includes$152millionintermdepositsasofAugust31,2018.2)   TotalspendtodateasofAugust31,2018(GaloreCreektotalspendpriortosalewas$1.5million)3)   DeferredcompensationonsaleofGaloreCreek

Cashandtermdeposits1

($MILLIONS)

NotesreceivableonthesaleofGaloreCreek$75onearlierofPFSor3years3$25onearlierofFSor5years3

$166

$100

$75 AdditionalamountreceivableonapprovalofGaloreCreekprojectconstruction3

FYspendtodate2$23.5forecastforFY2018($11DonlinGold,$11G&A,$1.5GaloreCreek)

$(17)

DONLINGOLD:UPCOMINGCATALYSTS

NEXTSTEPSINDONLINGOLD’SDEVELOPMENT

24

permitting & optimization technical studies

financing options

Final EIS

Joint Record of Decision

Major state & federal permits

Integrated drill program results into resource model

Solidified execution plan

Update Donlin Gold feasibility study to reflect optimized

development plan & current market conditions

Equity/debt

Leasing equipment

Third party owner/operators

Determine path forward based on updated feasibility study & prevailing market conditions

construction decision

1)   J.P.MorganResearchReportdatedOctober4,2018.

“Inaworldwhereminersaredepletingreservesandaveragegoldminegradesarefalling,weseeDonlinasauniqueasset–waitingfortherightgoldpriceandinvestorenvironmentforitsJVownerstopressgo!”JohnBridges,J.P.Morgan1

DONLINGOLD:PROJECTOPTIMIZATIONEFFORTS

NEXTSTEPS

BarrickandNOVAGOLDarefocusedonfurtherimprovingprojecteconomics,reducingtheowners’initialcapitalexpendituresandenhancingtheproject’sexecutionplan.Thenextstepsinclude:

•  Wrappingupscopingleveloptimizationwork•  Evaluatinginnovativetechnologiesinlogistics&automation,modularconstructiontechniques

•  Investigatingpotentialthird-partyparticipationininfrastructuredevelopment•  Furtherdetailsonthepathforwardareexpectedtobeprovidedinthefourthquarter

LAYINGTHEGROUNDWORKFOR2018ANDBEYOND

25

THENOVAGOLDOPPORTUNITY

26

SAFEGEO-POLITICALENVIRONMENT

Alaska,top-ratedminingjurisdiction

ACCOMPLISHEDLEADERSHIPTEAMExtensiveexperiencewith

large-scaleoperations

PROLIFICPRODUCTIONPROFILE

DonlinGoldexpectedtobeoneofindustry’stop

producingassets;strongleveragetogoldprice

SUPPORTIVESTAKEHOLDERSLongstandingshareholdersandengagedpartners

STRONGBALANCESHEET$166Mcash+termdepositsasofAugust31,2018

TIERONEASSETLarge,high-gradegolddepositwithmajorpermitsreceived

OPTIMIZATIONCurrentoptimizationworkcreatesuniquevalueenhancingopportunity

Focusedonexecutionanddeliveryofourbusinessplan.

APPENDIX

POISEDTOBEONEOFTHELARGESTGOLDPRODUCERSINTHEWORLD

DONLINGOLD:PROJECTHIGHLIGHTS

28

Reserves: 33.9MozAu(505Mtonnesgrading2.09g/t)

Resources: 39.0MozM&I(541Mtonnesgrading2.24g/t,inclusiveofreserves)and6.0 MozInferred(92Mtonnesgrading2.02g/t)

MineLife: ~27yearsProduction: Year1-5,1.5Moz/year;LOM,1.1Moz/year

Operation: Open-pit,conventionaltruck&shovelMilling: 53.5ktonnes/day,sulfideflotation,pressure

oxidation(POX),carbon-in-leachrecovery(CIL)Stripratio: 5.5=2.8BtonneswasterockTailings: FullylinedstoragefacilityPower: 153MWaveragesite-generatedload,fueledbynaturalgas

transportedviaa315-milepipelineLogistics: AllconsumablessuppliedbyKuskokwimRivertransportation

systemwithportnearJungjukCreek

1)   See“CautionaryNoteConcerningReserve&ResourceEstimates”and“Reserve/ResourceTable”withfootnotesonslides2and33.2)   SomescientificandtechnicalinformationcontainedhereinwithrespecttotheDonlinGoldprojectisderivedfromthe“DonlinCreekGoldProjectAlaska,USANI43-101TechnicalReportonSecondUpdatedFeasibilityStudy”

preparedbyAMECwithaneffectivedateofNovember18,2011,asamendedJanuary20,2012(the“SecondUpdatedFeasibilityStudy”).KirkHanson,P.E.,TechnicalDirector,OpenPitMining,NorthAmerica,(AMEC,Reno),andGordonSeibel,R.M.SME,PrincipalGeologist,(AMEC,Reno)aretheQualifiedPersonsresponsibleforthepreparationoftheindependenttechnicalreport,eachofwhomareindependent“qualifiedpersons”asdefinedbyNI43-101.

Producing Mine

Advanced Exploration Project

Other Exploration Projects spendingover $500,000 in 2016

Community with MiningIndustry Employees

Bokan-Dotson Ridge

Niblack

PalmerPebble

Wishbone Hill

Livengood

Donlin Gold

Upper Kobuk Mineral Projects

Red Dog (Pb/Zn)

Fort Knox (Au)

Pogo (Au)

Usibelli (Coal)

Kensington (Au)

Greens Creek (Ag/Au/Pb/Zn)

ALASKA

ALASKA’SMININGINDUSTRY

MININGISAGROWINGFORCEINALASKA’SECONOMYWITHSIXPRODUCINGMINESANDEIGHTADVANCEDEXPLORATIONPROJECTS

29Source:AlaskaMinersAssociation,“2017EconomicBenefitsofAlaska’sMiningIndustry”.

UsibelliFamily-owned

FortKnoxKinrossGoldCorp

RedDogTeckResourcesLimited

GreensCreekHeclaMiningCompany

KensingtonCoeurMiningInc

PogoNorthernStarResources

ProducingMines:

THEGOLDDEVELOPMENTCOMPANYFORTHE21STCENTURY

NOVAGOLD:COMPANYHISTORYHIGHLIGHTS

30

1984incorporatedinNovaScotia–GeraldMcConnellasCEOleadsexplorationcompanyinitiallyfocusedongoldpropertiesinNovaScotia,laterexplorationexpandsthroughouttheAmericas

1998RickVanNieuwenhuysejoinsasPresident&CEO;focusesexplorationonNorthAmerica

2001NOVAGOLDobtainsoptiontoearna70%interestintheDonlinCreekGoldprojectbyinvesting$10Mover10years;earn-incompletedin18months

2003PlacerDomebecomesDonlinCreekGoldprojectoperator;commitstoadvanceDonlinCreekGoldprojectthroughfeasibility

2006BarrickbuysPlacerDome;makeshostileofferforNOVAGOLD;completesDonlinCreekGoldprojectfeasibilitystudy

2007BarrickandNOVAGOLDsettledisputesrelatedtoDonlinCreekandhostiletakeover;formDonlinGoldLLCwitheachowning50%

2008ElectrumbecomesNOVAGOLD’slargestshareholder

2011Updatedsecondfeasibilitystudyissued

2012NOVAGOLDcompletescorporatereorganization

•  GregLangjoinsasPresident&CEO

•  TrilogyMetals(formerlyNovaCopper)spun-out

•  Newmanagementteamhired

ü  NOVAGOLDbecomesapure-goldplayfocusedonflagshipasset–DonlinGold

•  Permittingprocesscommences

2017DonlinGolddrillprogramcomplete,encounteredmorehighgradeintercepts

2018SaleofGaloreCreektoNewmont,July2018

MajormilestonesachievedatDonlinGold

•  FinalEnvironmentalImpactStatementreceivedApril2018

•  TheCorpsandBLMissuedajointRODinAugust2018withseveralkeystatepermits

NOVAGOLD:THEBOARDOFDIRECTORS

INDUSTRYLEADERSTOBRINGDONLINGOLDTHROUGHPERMITTING&BEYOND

31

Dr.ThomasKaplanChairman

•  ChairmanandCEOofTheElectrumGroupLLC,aprivatelyheldnaturalresourcesinvestmentmanagementcompanythatcontrolsadiversifiedportfolioofpreciousandbasemetalsassets

SharonDowdall•  FormerChiefLegalOfficerandCorporateSecretarywithFranco-Nevada,transforminganindustry

pioneerintooneofthemostsuccessfulpreciousmetalsenterprisesintheworld•  CurrentlyservesasdirectorofOlivutResourcesandForanResources

Dr.DianeGarrett•  PresidentandCEOofNickelCreekPlatinum,formerPresidentandCEOofRomarcoMineralsand

formerdirectorofOceanaGold•  CurrentlyservesasdirectorofNickelCreekPlatinum,TriStarGoldandRevivalGold

GregLangPresidentandCEO

•  FormerPresidentofBarrickGoldNorthAmericawithintimateknowledgeofDonlinGold•  CurrentlyservesasdirectorofTrilogyMetals

IgorLevental •  PresidentofTheElectrumGroupLLC,formerVPofHomestakeMiningandInternationalCoronaCorp.

KalidasMadhavpeddi •  FormerChiefExecutiveOfficerofChinaMolyCorpandformerExecutivewithPhelpsDodge•  CurrentlyservesasdirectorofCapstoneMiningandTrilogyMetals

ClyntonNauman •  CEOofAlexcoResources,formerlywithViceroyGoldandKennecottMinerals•  CurrentlyservesasdirectorofAlexcoResourceCorp

RickVanNieuwenhuyse •  CEOofTrilogyMetals,formerCEOofNOVAGOLD•  CurrentlyservesasdirectorofTrilogyMetals,AlexcoResourceCorpandSolidusGoldInc

AnthonyWalsh•  FormerPresidentandChiefExecutiveOfficerofMiramarMiningCorporation,soldtoNewmontMining

Corporationin2007•  CurrentlyservesasdirectorofSabina,TMXGroupandDundeePreciousMetals

NOVAGOLD:THEMANAGEMENTTEAM

INDUSTRYLEADERSTOBRINGDONLINGOLDTHROUGHPERMITTING&BEYOND

32

GregoryLangPresidentandCEO

•   FormerPresidentofBarrickGoldNorthAmerica• 35+yearsexperiencebuilding&operatingmajoropen-pitandundergroundmines(Goldstrike,

Cortez,TurquoiseRidge,BaldMountain,Porgera)• In-depthknowledgeofDonlinGold

DavidDeisleyExecutiveVPandGeneralCounsel

•   FormerEVPandGeneralCounselofGoldcorp•   RegionalGeneralCounselforBarrickGoldNorthAmerica•   Extensivetrackrecordinprojectpermitting,corporatesocialresponsibility,mergersand

acquisitionsandcorporatedevelopment•   30yearsofminingindustryexperience

DavidOttewellVPandChiefFinancialOfficer

•   FormerVPandCorporateControllerofNewmontMiningCorporation•   25+yearsofminingindustryexperience•   Diverseexperienceinallfacetsoffinancialmanagement,frommineoperationstoexecutive

corporatefinancialmanagementofpremiergoldproducers

MélanieHennesseyVP,CorporateCommunications

•   HeldvarietyofexecutiveandseniorIR&corporatecommunicationspositionswithGoldcorp,NewGold,andHeclaMiningCompany

•   LeadingNOVAGOLD’sinternalandexternalcommunicationsfunctions

RonRimelmanVP,Environment,Health,SafetyandSustainability

•   25+yearsofenvironmentalexperience,managingenvironmentalimpactassessmentsandpermittingactivitiesworld-wide

•   LeadershiproleonminepermittingandNEPAevaluationsformineprojectsinAlaskasince1993

RichardWilliamsVP,EngineeringandDevelopment

•   LedthedesignandconstructionofthePuebloViejoprojectintheDominicanRepublic•   30+yearsofexperiencedevelopingandoperatingmajormines(GoldstrikeandMercur)•   Highlyknowledgeableandexperiencedleaderinautoclavetechnology•   MemberoftheAmericanInstituteofMining,Metallurgical,andPetroleumEngineers;CIM

NOVAGOLD:RESERVE/RESOURCETABLE

33

DonlinGold(100%basis)* Tonnage Grade Metalcontent

GOLD kt g/tAu kozAu

Reserves(1)

Proven 7,683 2.32 573

Probable 497,128 2.08 33,276

P&P 504,811 2.09 33,849

Resources(2),inclusiveofReserves

Measured 7,731 2.52 626

Indicated 533,607 2.24 38,380

M&I 541,337 2.24 39,007

Inferred 92,216 2.02 5,993

a)   ThisresourceestimatehasbeenpreparedinaccordancewithNI43-101andtheCIMDefinitionStandard,unlessotherwisenoted.b)   Seenumberedfootnotesbelowonresourceinformation.c)   Roundingasrequiredbyreportingguidelinesmayresultinapparentsummationdifferencesbetweentonnes,gradeandcontainedmetalcontent d)   Tonnageandgrademeasurementsareinmetricunits.Containedgoldisreportedastroyounces.

*Mineralreservesandresourcesarereportedona100%basis.NOVAGOLDandBarrickeachown50%oftheDonlinGoldproject.

t=metrictonneg/t=grams/tonneoz=ouncek=thousandM=million

1)   MineralReservesarecontainedwithinMeasuredandIndicatedpitdesigns,andsupportedbyamineplan,featuringvariablethroughputrates,stockpilingandcut-offoptimization.Thepitdesignsandmineplanwereoptimizedondilutedgradesusingthefollowingeconomicandtechnicalparameters:MetalpriceforgoldofUS$975/oz;referenceminingcostofUS$1.67/tincrementedUS$0.0031/t/mwithdepthfromthe220melevation(equatestoanaverageminingcostofUS$2.14/t),variableprocessingcostbasedontheformula2.1874x(S%)+10.65foreachUS$/tprocessed;generalandadministrativecostofUS$2.27/tprocessed;stockpilerehandlecostsofUS$0.19/tprocessedassumingthat45%ofmillfeedisrehandled;variablerecoveriesbyrocktype,rangingfrom86.66%inshaleto94.17%inintrusiverocksintheAkivikdomain;refiningandfreightchargesofUS$1.78/ozgold;royaltyconsiderationsof4.5%;andvariablepitslopeangles,rangingfrom23ºto43º.MineralReservesarereportedusinganoptimizednetsalesreturnvaluebasedonthefollowingequation:NetSalesReturn=Augrade*Recovery*(US$975/oz–(1.78+(US$975/oz–1.78)*0.045))–(10.65+2.1874*(S%)+2.27+0.19)andreportedinUS$/tonne.Assuminganaveragerecoveryof89.54%andanaverageS%gradeof1.07%,themarginalgoldcut-offgradewouldbeapproximately0.57g/t,orthegoldgradethatwouldequatetoa0.001NSRcut-offatthesesamevalues.Thelifeofminestripratiois5.48.Theassumedlife-of-minethroughputrateis53.5kt/d.

2)   MineralResourcesarecontainedwithinaconceptualMeasured,IndicatedandInferredoptimizedpitshellusingthefollowingassumptions:goldpriceofUS$1,200/oz;variableprocesscostbasedon2.1874*(sulphurgrade)+10.6485;administrationcostofUS$2.29/t;refining,freight&marketing(sellingcosts)ofUS$1.85/ozrecovered;stockpilerehandlecostsofUS$0.20/tprocessedassumingthat45%ofmillfeedisrehandled;variableroyaltyrate,basedonroyaltyof4.5%*(Auprice–sellingcost).MineralResourceshavebeenestimatedusingaconstantNetSalesReturncut-offofUS$0.001/tmilled.TheNetSalesReturnwascalculatedusingtheformula:NetSalesReturn=Augrade*Recovery*(US$1,200/oz–(1.85+((US$1,200/oz–1.85)*0.045))–(10.65+2.1874*(S%)+2.29+0.20))andreportedinUS$/tonne.MineralResourcesareinclusiveofMineralReserves.MineralResourcesthatarenotMineralReservesdonothavedemonstratedeconomicviability.InferredResourcesareinadditiontoMeasuredandIndicatedResources.InferredResourceshaveagreatamountofuncertaintyastotheirexistenceandwhethertheycanbeminedlegallyoreconomically.ItcannotbeassumedthatalloranypartoftheInferredResourceswilleverbeupgradedtoahighercategory.See“CautionaryNoteConcerningReserve&ResourceEstimates”onslide2.

DonlinGoldapproximatecut-offgrades(seeResourcesFootnotes):Reserves1:0.57g/tgoldResources2:0.46g/tgold

NOVAGOLDRESOURCESINC.Suite720–789WestPenderStreetVancouver,BCCanadaV6C1H2T6046696227TF18666696227F6046696272www.novagold.cominfo@novagold.com

MélanieHennesseyVP,[email protected]

AllisonPettitManager,[email protected]

CONTACTUS

34

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