Investor Presentaiton

DONLIN GOLD: The Next Big Gold Discovery Could be at Donlin Gold Substantial exploration potential along the 8km mineralized trend, located on less than 5% of Donlin Gold's land position • From 2006 to 2011, M&I resources increased 135% (16.6Moz¹ to 39.0Moz²) through a well-executed exploration program, resulting in a gold resource defined with approximately 1,400 drill holes totaling more than 339,000 meters to date Reserves and resources are contained in the ACMA and Lewis pits occupying only 3km of an 8km mineralized belt, which itself is located on less than 5% of Donlin Gold's land position • Inferred mineral resource: 6Moz of gold (92M tonnes grading 2.02 g/t Au) mainly inside the reserve pit³ Future exploration potential exists to expand current resource along strike and at depth ACMA Pit Lewis Pit 3km Queen 8km Far Side Snow Quartz Dome Ophir ACMA and Lewis, as shown above, represent the reserve pit from the Second Updated Feasibility Study. 1) Represents measured and indicated mineral resources previously reported by NOVAGOLD and supported by a past technical report, "Preliminary Assessment, Donlin Creek Gold Project, Alaska, USA", effective September 20, 2006. Represents 100% of measured and indicated mineral resources reported, of which NOVAGOLD's share was 70% in September 2006. Measured resources totaled 20 million tonnes grading 2.56 grams per tonne, and indicated resources totaled 196 million tonnes grading 2.39 grams per tonne. This estimate has been superseded by the estimate contained in the 2011 Technical Report effective November 18, 2011, and amended January 20, 2012, as updated in NOVAGOLD's media release dated June 29, 2021. For current mineral reserves and resources, refer to "Cautionary Note Concerning Reserve & Resource Estimates" and "Mineral Reserves & Mineral Resources" table on slides 2 and 33. 2) Represents 100% of measured and indicated mineral resources, inclusive of mineral reserves, of which NOVAGOLD's share is 50%. See "Cautionary Note Concerning Reserve and Resource Estimates" and "Mineral Reserves & Mineral Resources" table on slides 2 and 33. 3) Represents 100% of inferred mineral resources, of which NOVAGOLD's share is 50%. See "Cautionary Note Concerning Reserve and Resource Estimates" and "Mineral Reserves & Mineral Resources" table on slides 2 and 33. Inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. NOVAGOLD 26

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