Investor Presentaiton

DONLIN GOLD: NI 43-101 Technical Report An update to the content in the 2011 Technical Report¹ In 2020, NOVAGOLD retained Wood Canada Limited ("Wood") to perform a detailed review of the costs and other assumptions used in the previously filed 2011 Technical Report Based on that cost review and economic analysis, as per the updated content in the 2021 Technical Report dated June 1, 2021, Wood determined that updating the 2011 Technical Report using 2020 costs, and new gold price guidance and the geologic and resource models utilized in support of the 2011 Technical Report, the 2021 Technical Report results in no material change to the mineral resources or mineral reserves Updated content in the 2021 Technical Report includes operating costs, capital costs, tax rates, long term gold price, the economic analysis, and summaries of exploration, drilling, and permitting work completed since 2011 The 2021 Technical Report is expected to be filed voluntarily on SEDAR in 2021 Note that the 2021 Technical Report utilizes the existing mineral resources model and the same technical information from the previous Donlin Gold 2011 Technical Report with 2020 costs and adjusted gold price and is separate from the upcoming feasibility study that is expected to commence, subject to Donlin Gold LLC Board approval, once we have completed the 2021 drill program and geologic model update incorporating all the latest drill data, optimization work, and trade off studies since 2011 1) For more information as it pertains to the update to the content in the 2011 Technical Report, please see June 29, 2021 media release titled "NOVAGOLD Reports Second Quarter 2021 Financial Results". NOVAGOLD 20

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