Investor Presentaiton

NOVAGOLD: Donlin Gold is a Tier-One Asset¹ in a Tier-One Jurisdiction² Unique asset with strong, investor-friendly attributes SIZE: 39,000,000 gold ounces contained in measured and indicated mineral resources³ GRADE: 2.24 g/t4, more than double the world average grade 5 EXPLORATION POTENTIAL: Endowment is contained within 3km of an 8km mineralized trend, which itself is located on less than 5% of Donlin Gold's land position JURISDICTION: Alaska is a premier mining jurisdiction with respect for socially and environmentally responsible mine development Red Dog (Pb/Zn) ALASKA PARTNERS: Time-tested partnerships with Native Corporations and Barrick Gold, 50% JV owner LEVERAGE: Excellent leverage to rising gold price Nome DONLIN GOLD.. Fairbanks Fort Knox (Au) Northern Star Pogo (Au) Usibelli (Coal) BALANCE SHEET: Solid cash and term deposits of $108 million at May 31, 2021, additional $75 million received July 27, 2021, notes receivable of $25 million, and no short-term debt? Crooked Creek Anchorage Bethel Homer PERMITS: Key federal and state permits in place MANAGEMENT & BOARD: Successful track record of building and operating mines SHAREHOLDERS: Strong time-tested support from premier institutional investors Kodiak Producing Mines Community with Mining Industry Employees 1) NOVAGOLD defines a Tier-One gold development project as one with a projected production life of at least 10 years, annual projected production of at least 500,000 ounces of gold, and average projected operating costs over the production life that are in the lower half of the industry cost curve. 2) NOVAGOLD considers Tier-One jurisdictions to be any in the top 10 rank by the Investment Attractiveness Index in the Fraser Institute Annual Survey of Mining Companies, 2020. Alaska is ranked number 5. 3) Represents 100% of measured and indicated mineral resources, inclusive of mineral reserves, of which NOVAGOLD's share is 50%. Donlin Gold is not in production and a construction decision has not been made at this time. See "Cautionary Note Concerning Reserve and Resource Estimates" and "Mineral Reserves & Mineral Resources" table on slides 2 and 33. 4) Represents average grade of measured and indicated mineral resources, inclusive of mineral reserves. See "Cautionary Note Concerning Reserve and Resource Estimates" and "Mineral Reserves & Mineral Resources" table on slides 2 and 33. 5) 2020 average grade of open-pit and underground deposits with gold as primary commodity and over 1Moz in measured and indicated resources, sourced from S&P Global Market Intelligence. 6) Alaska ranks number 5 globally in the Fraser Institute Annual Survey of Mining Companies 2020, Investment Attractiveness Index. 7) Including notes receivable from the sale of Galore Creek project formerly 50%-owned by NOVAGOLD. Deferred compensation on sale of Galore Creek includes $25M on earlier of Feasibility Study or July 27, 2023. Long term debt of the company consists of a promissory note payable to Barrick of approximately $111 million comprised of $51.6 million in principal, and $59.7 million in accrued interest at U.S. prime plus 2% as of May 31, 2021. The promissory note and accrued interest are payable from 85% of the Company's share of revenue from future mine production or from any net proceeds resulting from a reduction of the Company's interest in Donlin Gold LLC. Map Source: Alaska Miners Association, "The Economic Benefits of Alaska's Mining Industry" February 2021. Kensington (Au) Juneau Greens Creek (Ag/Au/Pb/Zn) NOVAGOLD 29

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