Investor Presentaiton

EXPLORATION & • ENVIRONMENTAL STUDIES DONLIN GOLD: Project Catalysts 2021 Drill Program Expected to be Final Confirmation Before Shift of Focus to Upcoming Feasibility Study • Complete the geologic model update with additional 2021 confirmation and extension drilling, focusing on the continuity and structural controls of the higher-grade mineralization Subject to a formal decision by the Donlin Gold LLC Board, the focus will then shift to the upcoming feasibility study PERMITTING Expected development lifecycle of one of the world's largest open-pit mining projects CURRENT STATUS UPDATED TECHNICAL CONSTRUCTION STUDIES, ENGINEERING & OPERATION 1.5 Moz/year first five full years² 1.1 Moz/year life of mine (27+ years)2 The average time from discovery to production for a typical large gold mine project now exceeds 15 years¹ 1) SP Global Market Intelligence research article "Top mines average time from discovery to production: 16.9 years," April 7, 2020. 2) Donlin Gold data as per the 2011 Technical Report 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. Projected average annual production represents 100% of which NOVAGOLD's share is 50%. NOVAGOLD 27

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