Presentation to RDC December 3, 2015

Stan Foo, General Manager

Donlin Gold Permitting Update

Cautionary Statements Regarding Forward Looking Statements This presentation includes certain “forward-looking statements” within the meaning of applicable securities laws, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements relating to Donlin Gold’s future operating or financial performance, are forward-looking statements. Forward-Looking statements are frequently, but not always, identified by words such as “plans”, “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could”, or “should” occur or be achieved. These forward-looking statements may include statements regarding perceived merit of properties; exploration results and budgets; mineral reserves and resource estimates; work programs; capital expenditures; timelines; strategic plans; completion of transactions; market price of precious base metals; or other statements that are not statements of fact. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations include the uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for continued cooperation between NovaGold and Barrick Gold in the exploration and development of the Donlin Gold property; the need for cooperation of government agencies and native groups in the development and operation of properties; the need to obtain permits and governmental approvals; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases; fluctuations in metal prices and currency exchange rates; and other risk and uncertainties disclosed in reports and documents filed by NovaGold and Barrick Gold with applicable securities regulatory authorities from time to time. The forward-looking statements made herein reflect our beliefs, opinions and projections on the date the statements are made. Except as required by law, we assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change. 

Regarding Scientific and Technical Information Unless otherwise indicated, all reserve and resource estimates included in this presentation have been prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (“CIM Definition Standards”). Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (“SEC”), and reserve and resource information in this presentation may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “‘reserves”. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that all or any part of an “inferred mineral resource” exists or is economically or legally mineable. The requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC, and reserves reported in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable to information made public by companies that report in accordance with United States standards. 

Donlin Gold Co-owners •  Donlin Gold LLC is the operating company •  50/50 partnership with Barrick and NOVAGOLD •  Barrick

o  World’s leading gold producer o  Core gold operations in the United States o  Average gold annual production: ~6Moz o  Market capitalization: ~$9.0B

•  NOVAGOLD o  Development-stage company o  Focused on developing flagship asset, Donlin Gold o  Market capitalization: ~$1.2B

3

Project location

Donlin Gold Partnerships •  Calista Corporation- Subsurface ownership

–  Calista land selected under ANCSA for resource development potential

–  Exploration and mining lease –  Hiring and bidders preference –  Distributions through 7(i) and 7(j) provisions of

ANCSA royalties and lease payments –  Scholarship program

•  The Kuskokwim Corp. (TKC)- Surface ownership

–  Surface ownership –  Surface use agreement with TKC –  Hiring and bidders preference –  Construction an operation of upriver port –  Development of training facility and scholarships

Project Overview •  Reserves: 33.9 million ounces at 2.09 g/t gold

•  Mine Life: 27.5 years

•  Production: ~ 1.1 million ounces/year

•  Mining: Open-pit ~420,000 tons/day (5.5:1 strip)

•  Milling: 59,000 tons/day

•  Tailings: Fully-lined storage facility •  Infrastructure: 5,000 ft runway, 30 mile road, port,

camp accommodations for 600 •  Logistics: Supplies barged up Kuskokwim River •  Power: ~150MW on-site generation using natural gas

supplied by 315 mile natural gas pipeline

Donlin Gold Key Attributes

7

Size Among the largest present and/or future

gold mines in the world  

Partnerships Calista, TKC and DGLLC cooperating to achieve ANCSA mandate to develop minerals and land for shareholders’ benefit

Longevity 27-year mine life; strong leverage to gold price

Growth Substantial exploration potential

Grade High-grade open-pit mine

Jurisdiction Located in Alaska, one of the safe mining jurisdictions

DONLIN GOLD

1995-2015 •  Calista Corporation selects Placer Dome to

develop it’s land •  20 years of sustained work at Donlin

– Resource definition –  Engineering studies –  Environmental baseline studies –  Sharing information with the Y-K Region

•  Draft EIS just released

8

9 Notes: Data sourced from SNL Metals & Mining. 1) Based on announced mining startup dates. Expansions and mine redevelopments are not included as they are not comparable with new mine developments.

27 mines

~8 years discovery to production 57 mines

111 mines ~11 years

discovery to production

~18 years discovery to production

0

5

10

15

20

25

30

35

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Aver

age

Num

ber o

f Yea

rs fr

om D

isco

very

to P

rodu

ctio

n

Startup Year

DEVELOPMENT TIMELINE OF NEW GOLD PROJECTS HAS MORE THAN DOUBLED

9

What is Typical?

Project Location

10

Fresh Water Pond

Tailings Storage Facility

Waste Rock Facility

Ore Stockpile

Lewis Pit

ACMA Pit with Backfill Mill

Overburden Stockpile

Upper Contact Water Pond Lower Contact Water Pond

Site Layout

Tailings Dam

11

Economic Benefits •  Construction (3-4 years)

o  Payroll:~$375 million/year o  Workforce: ~3,000

•  Operations (27+ years) o  Workforce: avg. ~ 800 o  Direct Payroll: ~$100 million/year o  Indirect and induced payroll:

•  ~$60 million/year o  Production-based payments to Calista and

TKC o  Statewide distribution of revenue through

7(i)and 7(j) o  Mining license and corporate income taxes to

State

12

Community Engagement

13

•  Bethel and Aniak offices •  25-30 Village meetings/year •  Tours •  Newsletter •  Social media •  Yup’ik translations

o  Presentations o  Video o  Project booklet o  Mining glossary

•  Community investments o  Cultural preservation o  Environmental stewardship o  Community wellness o  Education 13

Preparing For Jobs

•  Reputation for local hire o  Historically, ~90% of on-site

workforce have been Calista shareholders or descendants

•  School outreach

•  Jobs booklet •  Scholarship support

o  Calista ($75,000) o  TKC ($50,000)

•  Training programs •  ANSEP support

“Every person going home safe and healthy everyday”

14

NEPA Review

•  NEPA review and resulting Environmental Impact Statement (EIS) will address the mine and associated infrastructure

•  US Army Corps of Engineers is lead agency

•  Cooperating Agencies

o  Federal: BLM, USFWS, EPA, PHMSA o  State: DNR, Fish and Game, DEC o  Tribal: Native Villages of Crooked Creek, Akiak, Aniak,

Chuathbaluk, Napaimute, Knik Tribal Council

15

EIS Alternatives

Alternatives address concerns expressed during scoping phase

•  Reduced Barging Alternatives o  LNG powered trucks o  Diesel pipeline o  Birch Tree Crossing port

•  Mine Site Alternatives o  Dry stack tailings

•  Pipeline Route Alternatives

16

EIS Schedule

Note: The post-DEIS milestones are a current estimate. Following receipt of public comments the Corps will re-visit the overall schedule, including the ROD.

* *

*

DEIS – Public Meetings

Major Federal Permits

•  CWA Section 404/RHA Section 10 (USACE) •  Rights of Way (BLM) •  Pipeline Special Permit (PHMSA) •  PSD Air Quality review (EPA) •  EFH Consultation (NMFS) •  ESA Section 7 Consultation (NMFS/USFWS)

19

Major State Permits

•  Reclamation Plan Approval and Bonding (ADNR) •  Integrated Waste Permit and Bonding (ADEC) •  Wastewater APDES - Pit Dewatering (ADEC) •  PSD Title 1 Air Quality Permit (ADEC) •  Title 16 Fish Habitat Permits (ADF&G) •  Water Rights (ADNR) •  Rights of Way (ADNR/DOT) •  Dam Safety Certification (ADNR)

(Overall, more than 100 federal and state permits needed)

20

DEIS Participation

•  Please continue to participate –  Provide comment on the DEIS (through April 2016) –  track the progress at: www.donlingoldeis.com

21

Thank you!

22