PDAC 2015 - Toronto

novagold.com

NYSE-MKT, TSX: NG | March 2015

The Institutional-Quality Gold Development Company

Booth #2901

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 are set forth in the

slides pertaining to the implementation of the Donlin Gold second updated Feasibility Study and pertaining to the implementation of the Galore Creek Pre-Feasibility Study, the factors that may

influence future gold price performance, and the potential future value of gold, and 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 or 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 continued cooperation between NOVAGOLD and Teck Resources Ltd. in the exploration and development of the Galore Creek 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 risks and uncertainties disclosed in reports and

documents filed by NOVAGOLD 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. At this time, both of Donlin Gold and Galore Creek projects are without known reserves, as

defined under SEC Industry Guide 7. 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. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report

mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. 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.

All dollar amounts quoted in this report are in U.S. currency unless otherwise noted.

2

What Makes NOVAGOLD Unique?

Poised to become one of the

largest gold producers in the

world

DONLIN GOLD

GALORE CREEK

Expected to be the largest and

lowest cost copper mine in

Canada

50/50 with Barrick

50/50 with Teck

A DEVELOPMENT-STAGE COMPANY WITH TWO PROJECTS OF EXCEPTIONAL SCALE,

QUALITY, AND JURISDICTIONAL SAFETY

3

Notes:

1) Shown on 100% project basis, of which NOVAGOLD holds a 50% interest

2) Measured and indicated resources inclusive of proven and probable reserves.

See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource

Base” with footnotes in the appendix.

RESERVES1

34 Moz Proven & Probable

Grade: 2.09 g/t

RESOURCES1,2

39 Moz Measured & Indicated

Grade: 2.24 g/t

6 Moz Inferred

Grade: 2.02 g/t

(inclusive of P&P reserves)

AMONG THE WORLD’S MOST SIGNIFICANT AND HIGHEST-GRADE GOLD DEPOSITS

4

Donlin Gold: A Large High-Grade Gold Project

ARGUABLY THE MOST IMPORTANT GOLD PROJECT IN THE WORLD TODAY

partnerships grade

growth jurisdiction

size

DONLIN GOLD

longevity

leverage to gold 5

Donlin Gold: The Right Project

A REMARKABLE RESOURCE AMONG EMERGING OPEN-PIT GOLD DEPOSITS

Donlin Gold: The Emerging Top-Tier Producer in the Safest Jurisdiction

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

Donlin Gold Metates Livengood Merian Rainy River Haile

1.102

0.76 0.58

0.40 0.33 0.13

1.501

Location USA Mexico USA Suriname Canada USA

Owner(s) NOVAGOLD (50%)

Barrick (50%)

Chesapeake

(100%)

ITH Mines

(100%)

Newmont (75%)

Republic of

Suriname (25%)

New Gold

(100%)

Romarco (100%)

Pro

jecte

d A

nn

ua

l G

old

Pro

du

cti

on

(mil

lio

ns

of

ou

nc

es)

Notes:

• Peer group data as per latest company documents, public filings and websites. Comparison group based on large, gold-focused development projects where the majority of the M&I resource is open-pit. Newmont reports

"Mineralized Material" as defined by SEC Industry Guide 7 for its Merian gold project as oppose to an "M&I Gold Resource" as defined by NI 43-101.

• Donlin Gold data as per the second updated feasibility study effective November 18, 2011, as amended January 20, 2012. Represents 100% of measured and indicated resources of which NOVAGOLD’s share represents

50%. Measured and indicated resources inclusive of proven and probable reserves. See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource Base” with footnotes in the appendix.

(1) Projected annual gold production during first five full years of mine life; (2) Projected annual gold production during full life of mine.

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

Donlin Gold Metates Livengood Rainy River Merian Haile

39.0

19.0 15.7

6.2 4.2 4.0

M&

I G

old

Reso

urc

e

(mil

lio

ns

of

ou

nc

es)

▶ Donlin Gold’s size and North American location

distinguish it from its peers

6

Notes:

Donlin Gold projected annual production represents 100% of which NOVAGOLD’s share is 50%. All other production estimates, with the exception of Grasberg, are based on published 2014 average gold annual production

guidance sourced from SNL Metals & Mining. Grasberg represents the published 2014 gold sales guidance. Excludes Newmont’s Nevada operations that consist of multiple mines. Analysis includes life of mine data for Donlin

Gold.

1) If put into production as contemplated by the second updated feasibility study effective November 18, 2011, as amended January 20, 2012.

123 MINES

>100 Koz

13 MINES

>500 Koz

3 MINES

>800 Koz

3 MINES/

Projects

>1 Moz

GRASBERG

Indonesia

PUEBLO VIEJO

Dominican Republic

DONLIN GOLD USA

▸ 1.5 Moz/year in first five full years1

▸ 1.1 Moz/year LOM1

1

Only undeveloped

asset in this category in

North America

Mines the Size of Donlin Gold are Scarce

ONLY THREE PROJECTS IN THE WORLD ARE SLATED TO PRODUCE >1MOZ/YEAR

7


HIGH-GRADE OPEN-PIT MINE

partnerships grade

growth jurisdiction

size

DONLIN GOLD

longevity

leverage to gold 8

Notes:

See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource Base” with footnotes in the appendix.

1) Average grade of all deposits globally over 1 Moz in size, sourced from “2013 Global Gold Mine and Deposit Rankings” – Natural Resource Holdings and Visual Capitalist.

2) Donlin Gold data as per the second updated feasibility study effective November 18, 2011, as amended January 20, 2012. Represents 100% of measured and indicated resources of which NOVAGOLD’s share is 50%.

Measured and indicated resources are inclusive of proven and probable reserves.

World Avg. Grade1:

1.01 g/t

Donlin Gold Avg. Grade2:

2.24 g/t

Reserve grades continue to decline while

sources for emerging production to replace

mined-out capacity have become

increasingly scarce

VERY FEW LARGE HIGH-GRADE OPEN-PIT GOLD PROJECTS ON THE HORIZON

Donlin Gold: Is More than Double the Grade of the Average Gold Deposit in the World

9

0.00

0.50

1.00

1.50

2.00

2.50

Donlin Gold Haile Merian Rainy River Livengood Metates

2.24

1.77

1.22 1.09

0.61 0.50

▸ With a high grade endowment, Donlin Gold is a unique

project better able to weather gold price cycles

M&

I G

old

Gra

de

(g

/t)

Notes:

• Development-stage peer group data as per latest company documents, public filings and websites. Comparison group based on large, gold-focused development projects where the majority of the M&I resource is open-pit.

Top gold producers group data based on 2013 annual average grade per tonne (combined proven & probable reserves and measured & indicated resources) for open-pit and underground material as per public filings.

• Donlin Gold data as per the second updated feasibility study effective November 18, 2011, as amended January 20, 2012. Represents 100% of measured and indicated resources of which NOVAGOLD’s share represents

50%. Measured and indicated resources inclusive of proven and probable reserves. See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource Base” with footnotes in the appendix.

• Newmont reports "Mineralized Material" as defined by SEC Industry Guide 7 for its Merian gold project as oppose to an "M&I Gold Resource" as defined by NI 43-101.

0.00

0.50

1.00

1.50

2.00

2.50

3.00

AgnicoEagle

DonlinGold

Polyus GoldFields

AngloGoldAshanti

Barrick Harmony Eldorado Goldcorp Yamana Newmont

2.66 2.24 2.14 1.88 1.81

1.44 1.32

1.04 0.98 0.81 0.78

M&

I G

old

Gra

de

(g

/t)

GRADE COMPARES WELL AMONG PEER GROUP OF EMERGING OPEN-PIT GOLD DEPOSITS

Donlin Gold: The Highest-Quality Open-Pit Development-Stage Gold Deposit

10


SUBSTANTIAL EXPLORATION POTENTIAL

partnerships grade

growth jurisdiction

longevity

leverage to gold

size

DONLIN GOLD

11

MULTIPLE DRILL PROSPECTS AND TARGETS EXIST ALONG 8KM TREND

Donlin Gold: Excellent Exploration Potential

12

The next big gold discovery?

▶ Potential to expand current open-pit

resources along strike and at depth

▶ Good prospects to discover meaningful

deposits outside current mine footprint

• Reserves and resources are

contained within just 3 km of an 8 km

long trend

▶ Inferred mineral resource: 6 Moz of gold

mainly inside the reserve pit

• Upside potential to project economics

▶ In-pit area covers 1,600 acres (~2%) of

the 80,000 acres comprising the entire

land package

Donlin Gold: Reserve & Resource Growth

Notes:

Donlin Gold data as per NOVAGOLD public documents. Represents 100% of measured and indicated resources of which NOVAGOLD’s share represents 50%. Measured and indicated resources are inclusive of proven

and probable reserves. See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource Base” with footnotes in the appendix.

2006 ~17 Moz

2011 39 Moz

Expansion

Potential

OVER FIVE YEARS RESOURCES INCREASED 135%

13


27-YEAR MINE LIFE; STRONG LEVERAGE TO GOLD PRICE

partnerships grade

growth jurisdiction

longevity

leverage to gold

size

DONLIN GOLD

14

0

5,000

10,000

15,000

20,000

25,000

30,000

1,200 1,300 1,500 1,700 2,000 2,500

6.2B

8.2B

11.6B

14.6B

19.2B

27.0B

NP

V (

US

$ i

n m

illi

on

s)

Gold Price (US$)

NPV INCREASES ~20X WITH ~2X INCREASE IN GOLD PRICE

Donlin Gold: Significant Value Upside with Higher Gold Prices

15 Notes:

Donlin Gold estimates as per the second updated feasibility study effective November 18, 2011, as amended January 20, 2012 . All dollar figures are in USD and reflect after-tax net present value (at a 0% and 5% discount

rates) of the Donlin Gold project as of 1/1/2014. At a 5% discount rate, the net present value is: $547 m @ $1,200 gold; $1,465m @ $1,300 gold; $3,147m @ $1,500 gold; $4,581 m @ $1,700 gold; $6,722 m @ $2,000 gold;

and $10,243 m @ $2,500 gold. Project development costs prior to 1/1/2014 are treated as sunk costs.

27year mine life

NPV at 0% NPV at 5%

▶ Project has a positive

return that increases

substantially with higher

gold prices

▶ Good payback at a

broad range of gold prices

▶ Significant exploration

upside on the mineralized

trend

▶ Long mine life offers high

likelihood of enjoying one

or more cyclical bull

markets over the period of

the mine’s operation

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

19

85

19

86

19

87

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

Av

era

ge N

um

ber

of

Years

fro

m D

isco

very

to

Pro

du

cti

on

Startup Year

▸ Exciting that Donlin Gold is more than halfway through permitting &

will be shovel-ready when sentiment returns

DEVELOPMENT TIMELINE OF NEW GOLD PROJECTS HAS MORE THAN DOUBLED

Keeping to our Timetable: Project Progressing as Forecasted

16

0

2

4

6

8

10

12

14

16

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

1997 1999 2001 2003 2005 2007 2009 2011 2013

Notes:

Data as per SNL MEG’s MineSearch database, Company reports, SNL MEG estimates. Thomson Reuters. A gold discovery of 5 Moz or more is considered substantial. Number of discoveries data not yet available for 2014.

Nu

mb

er

of

Go

ld D

isco

veri

es

Gold Discovered

Exploration Budget (US$M)

2012 highest year on

record for

exploration

spending and first

year in over two

decades with no

discoveries

DESPITE RECORD HIGH EXPLORATION SPENDING LEVELS THE GOLD INDUSTRY HAS

EXPERIENCED A RECENT DROP IN DISCOVERIES

Why Donlin Gold? No New Substantial Discoveries

17

LOCATED IN ALASKA, ONE OF THE TRULY SAFE MINING JURISDICTIONS


partnerships grade

growth jurisdiction

size

DONLIN GOLD

longevity

leverage to gold 18

Donlin Gold located in Alaska, one of

the safest jurisdictions in the world with a

history of successful mine development

▶ Alaska is the second largest U.S.

gold-producing State

▶ Well-defined permitting process

▶ Natural resource projects integral

to the State’s economy

▶ Strong and time-tested community

support

ALASKA – A RESOURCE-RICH STATE WITH AN ESTABLISHED RULE OF LAW

Donlin Gold: Located in a Favorable Jurisdiction

19 19

STRONG PARTNERSHIPS


partnerships grade

growth jurisdiction

size

DONLIN GOLD

longevity

leverage to gold 20

COLLABORATING WITH OUR PARTNER TO MAXIMIZE PROJECT RETURN

Donlin Gold: Partnerships & Activities

Barrick and NOVAGOLD are jointly committed to working together to create

shareholder value from Donlin Gold’s unique optionality

▶ Project activities continue to progress as planned

▶ After further de-risking, we are encouraged by Donlin Gold’s prospects

▶ Focused on advancing Donlin Gold through permitting to a record of decision

▶ Working together with Barrick to evaluate development alternatives

▶ Neither partner has a build at any gold price mentality

“Both companies are happy to take a sober and constructive view. We don't

want to subsidize the world's consumption of gold by squandering the treasures

that Mother Nature has given us and we're happy to wait for the higher gold

prices that will make the project's economics sing.”

– Thomas S. Kaplan, Chairman of NOVAGOLD

RETAINING THE GREATEST VALUE WHILE ENSURING CAPITAL EFFICIENCY

21

Barrick Gold Fourth Quarter 2014 Results

“The 50% owned Donlin Gold project located in Alaska is one of the largest undeveloped gold deposits in the

world. In terms of size, grade, and jurisdictional safety, Donlin Gold is an excellent asset in Barrick's portfolio

with significant leverage to the price of gold. The Donlin Gold project has approximately 39 million ounces of

contained gold (100% basis) in the measured and indicated resource categories (approximately 8 million

tonnes grading 2.52 g/t (measured) and 533 million tonnes grading 2.24 g/t (indicated)). In addition to its

already large mineral endowment, the project also has exploration potential which could expand the current

open pit resource.

Under our disciplined capital allocation framework, we have continued to work with our partner, Novagold

Resources, to advance the Donlin Gold project. Current activities, by which we maintain and enhance the

option value of this project at a modest cost, are focused on permitting, community outreach and workforce

development. In 2014, Donlin Gold secured long-term surface use rights and significantly advanced the

permitting of the Donlin Gold project which is now about halfway complete.

Barrick is working closely with its partner on alternatives designed to minimize initial capital outlay. The

outcome of that effort may include engagement of third party operators and exploring possibilities for third

party financing of some capital intensive infrastructure. Collectively, we are also investing about $3 million

(100% basis) on technical studies to identify potential design and execution enhancements. Donlin Gold has

substantial leverage to gold prices and has the potential to add significant value to Barrick and its future

growth pipeline in a higher gold price environment. Any decision to proceed with development, either as

currently envisaged, or in an optimized scenario, will depend on the project meeting Barrick's minimum

hurdle rate which will depend in large part on the prevailing gold prices and market conditions.”

BARRICK AND NOVAGOLD NARRATIVE IS COMPLETELY ALIGNED

Donlin Gold: Perfect Alignment between Partners

22 Notes:

As per Barrick Gold’s Fourth Quarter and Full Year 2014 Results disclosed on February 18, 2015.

Donlin Gold: Mining with the Local Communities

ALASKA NATIVE CORPORATIONS: LEADERS OF REGIONAL ECONOMIC DEVELOPMENT

23

▶ ANCSA established 40 years ago; resolved

legal issues related to Native land claims

▶ Lands valuable for resource potential

selected by Regional Corporations under

ANCSA

▶ Native corporations have an owner’s

interest in the development of the selected

lands to support the economic prosperity of

their shareholders

▶ Mining is compatible and consistent with

subsistence lifestyles

▶ Donlin Gold is located on private land

specifically selected for its resource

development potential

23

Donlin Gold has the support of the land owners through a 20+ year relationship

“Calista and TKC are not only stakeholders, but are

the legislatively mandated landowners charged

with the responsibility of seeing the project to

fruition in an environmentally responsible manner.”

– June MacAtee, Vice President of Calista Corporation

(mineral owner)

"Since 1995, Donlin Gold has worked constructively in

our region and I know our partnership will benefit our

shareholders for many generations. Today's agreement

sets the basis for a long and productive relationship

that with construction of the mine will provide jobs and

financial value to the shareholders in our 10 villages.”

– Maver Carey, President & CEO of

The Kuskokwim Corporation (surface owner)

STRONG AND TIME-HONORED RELATIONSHIPS WITH STAKEHOLDERS

Donlin Gold: Durable, Long-Term Agreements with the Native Corporations

24 24

“We, the Board members of NOVAGOLD, are truly

proud of the fact that our company and NFWF

have come together to create an extraordinary

partnership that can serve as a model for the

sustainable development of natural resources.”

Thomas Kaplan, Chairman

“The lands and waters of Alaska provide a home for

an incredible number of fish and wildlife species.

We applaud this commitment from NOVAGOLD and

Donlin Gold as a significant contribution toward

conserving the wetlands, streams and wild places of

Alaska for future generations.”

Jeff Trandahl, Executive Director & CEO

The partnership supports regional

solutions driven by locals to:

▶ Promote healthy watersheds

▶ Enhance and protect wildlife habitat

▶ Advance sustainable fisheries

PROTECT, RESTORE AND CONSERVE ALASKA FISH AND WILDLIFE

Donlin Gold: A Unique Partnership with the National Fish and Wildlife Foundation (NFWF)

25

DEVELOPMENT TIMELINE - ADVANCING TOWARD A CONSTRUCTION DECISION

Donlin Gold: The Project Permitting is On Track

16 years 4 27+ years

EX

PL

OR

AT

ION

&

EN

VIR

ON

ME

NTA

L

ST

UD

IES

PE

RM

ITT

ING

EN

GIN

EE

RIN

G &

CO

NS

TR

UC

TIO

N

OP

ER

AT

ION

WE ARE HERE

HALF WAY THROUGH PERMITTING

1.5 Moz/year first five full years1

1.1 Moz/year life of mine1

4

Notes:

1) Donlin Gold data as per the second updated feasibility study. Projected average annual production represents 100% of which NOVAGOLD’s share represents 50%.

2) Alaska Dispatch News, “Prospect of Donlin gold mine brings support, despite potential effect on Iditarod Trail”, October 16, 2014

Federal and State agencies are working

cooperatively, with day-to-day support from

Donlin Gold, to efficiently move the project

through the EIS and permitting processes.

Major permit applications are well underway • Air quality

• Water discharge and usage*

• Pipeline plan of development*

• Wetlands*

• Dam safety*

* applications submitted and in agency review

26

“A hearing on a proposal to build a 350-mile natural gas pipeline across the Alaska

wilderness from Cook Inlet to the proposed Donlin Gold project along the Kuskokwim

River in the Interior turned into something of a love fest for the mining company...”2

Notice of Intent to Prepare EIS

Draft EIS

Final EIS Record of Decision

Initial permit applications Submitted: 08/12

Notice of intent Issued: 12/14/12

Public scoping period Ended: 03/29/13

Scoping summary document Completed: 08/13

Development of alternatives

Completed: Q2/14

Initial drafts of EIS chapters Completed: Q4/14

Agency & Donlin Gold review Completed: Q4/14

Prepare draft EIS

Public comment period

Prepare draft final EIS

Agency review

Publish final EIS

Record of decision

2012-2013 2013-2015 2015-2016

PAST THE HALFWAY MARK IN THE EIS PROCESS

Donlin Gold: Permitting Milestones

27

COLLABORATING WITH OUR PARTNER TO MAXIMIZE PROJECT RETURN

Donlin Gold: Optimization Studies

28

▶ Optimization studies underway to evaluate opportunities to reduce initial owner capital

• Third-party financing or owner/operator prospects (≈$1.0B potential reductions i.e. gas

pipeline, port facilities, oxygen plant, mining fleet)

• Conducting technical studies ($3.0M) with experts from both companies and independent

consultants to identify potential design and execution enhancements from FSU2

Potential benefits:

▶ Lower initial owner capital required to build

▶ Opportunity to implement lessons learned from past/current experience in building and

operating assets such as Pueblo Viejo

▶ Opportunity to expand with future cash-flow generation

▶ When sentiment returns in the gold sector, the market will seek out projects with leverage

and growth

• Donlin Gold will be one of the few projects shovel-ready

THE KIND OF ASSET YOU CAN BUILD A COMPANY AROUND

Galore Creek: A Significant Copper-Gold-Silver Asset in Canada

Notes:

1) Represents 100% of measured and indicated resources of which NOVAGOLD’s share is

50%. Measured and indicated resources inclusive of proven and probable reserves.

See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource

Base” with footnotes in the appendix.

9 Blbs Grade: 0.50%

8 Moz Grade: 0.31 g/t

136 Moz Grade: 5.21 g/t

copper

gold

silver

M&I Resources1

29

AMONG HIGHEST COPPER GRADE COMPARED TO NORTH AMERICAN ASSETS

Galore Creek: Peer Comparison

P&P + M&I grade (Cu%)

Notes:

Data as per SNL MEG’s MineSearch database, Company reports, SNL MEG estimates.

30

2014 millions

Total spending $26

Cash and term deposits1 $165

2015

Budget2

Donlin Gold $13

Galore Creek $2

G&A, interest & Donlin Gold joint studies $14

Repayment of outstanding convertible

notes3 $16

Anticipated year-end cash position $120 1) Includes US$ 95.0 million in term deposits as of November 30, 2014.

2) 2015 anticipated budget expenditure disclosed on January 28, 2015

3) The Notes mature on May 1, 2015.

2014 TOTAL SPEND 14% LESS THAN BUDGET

Clear Focus and Strong Funding to Execute on all Fronts

31

CONTINUE TO EXECUTE AND DELIVER ON OUR BUSINESS PLAN

2015 Outlook

1 2 3 4 5 PRIORITY PRIORITY PRIORITY PRIORITY PRIORITY

Advance

Donlin Gold

permitting

to a

construction

decision

Advance

Galore Creek

mine

planning

and project

design

Evaluate

opportunities

to monetize

the value of

Galore Creek

Safeguard

our cash

position

Maintain

strong

relationships

with all

stakeholders

COMMITTED TO GOLD THROUGH VARIOUS

MARKET CYCLES 32

26.7%

11.3%

6.9%

5.2% 3.0%

47%

A BLUE CHIP INSTITUTIONAL QUALITY INVESTMENT

Why Invest in NOVAGOLD?

Held by top

5 shareholders1

53%

Electrum Strategic

Resources LP

Paulson & Co. Inc

The Baupost

Group, L.L.C.

Van Eck Associates

Corporation

Tocqueville Asset

Management

Other

Market Cap4

$1.21B

Cash and Term

Deposits2

$165.3M

Convertible Notes3

$15.8M

1) Shareholder positions are based on the latest 13-F filings

2) Includes US$95.0 million in term deposits as of

November 30, 2014.

3) The Notes mature on May 1, 2015.

4) Market Capitalization as of February 19, 2015 based on

317.8 million shares issued and outstanding and NG

share price of $3.81.

NYSE-MKT, TSX: NG

33

NOVAGOLD

focused on execution and

delivery of our business plan

NOVAGOLD Highlights

Safe Geo-Political Environment:

Alaska and British Columbia,

top-rated mining jurisdictions

Accomplished Team:

185 years cumulative

experience

Prolific Production Profile:

Donlin Gold expected to be one of industry’s

top producing assets; strong leverage to gold

Supportive Stakeholders:

Long standing shareholders and

engaged partners

Strong Balance Sheet:

$165m cash + term deposits

as of November 30, 2014

Top Tier Assets:

Donlin Gold: Large, high-

grade deposit past 50%

mark in permitting; great

additional exploration

potential

34

novagold.com

Appendix

ADVANCING DONLIN GOLD UP THE VALUE CHAIN

Donlin Gold: A Project Overview

36

▶ Donlin Gold LLC is the operating company

▶ 50/50 ownership by NOVAGOLD and Barrick Gold

▶ Board of Directors has two representatives from each company

• Chairman rotates every year

• Each company has the right to appoint the Donlin Gold General Manager every two years

▶ Operates under agreements with Alaska Native Claims Settlement Act (ANCSA) landowners

• Calista Corporation (Subsurface minerals and surface lease)

• The Kuskokwim Corporation (Surface use agreement)

▶ Project office in Anchorage

• 36 full-time employees and 2 contractors

▶ Strong track record for local hiring

DONLIN GOLD SLATED TO BE A STATE-OF-THE-ART SIGNIFICANT MINE

Donlin Gold: Project Highlights

Reserves: 33.9 Moz Au (505M tonnes ore)1

Resources: 5.1 Moz M&I (excluding P&P) and 6.0 Moz Inferred1

Mine Life: ~27 years

Production: Year 1-5,1.5 Moz/year; LOM,1.1 Moz/year

Operation: Open-pit, conventional truck & shovel

Milling: 53.5k tonnes/day, sulfide flotation, pressure

oxidation (POX), carbon-in-leach recovery (CIL)

Strip ratio: 5.5 = 2.8B tonnes waste rock

Tailings: Fully lined storage facility

Power: 153MW average site-generated load, fueled by natural gas

transported via a 315-mile pipeline

Logistics: All consumables supplied by Kuskokwim River transportation

system with port near Jungjuk Creek

See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve and Resource Base” table with footnotes.

37

Donlin Gold: Expected to Provide Three Decades of Low Cost Production

LOW OPERATING CASH COSTS AND ALL-IN SUSTAINING COSTS

Open-pit mining2 270

Processing 257

G&A, royalties, land & other3 108

Total $635

Open-pit mining2 133

Processing 208

G&A, royalties, land & other3 70

Total $411

Cash Costs1 Per Ounce

First Five Years

Notes:

Donlin Gold estimates as per the second updated feasibility study effective November 18, 2011, as amended January 20, 2012. US GAAP cost of sales, excluding depreciation and reclamation

1) Net of deferred costs

2) Based on US$1,200/oz gold price

All-in Sustaining Costs Per Ounce

Cash costs1 635

Sustaining capex 50

Corporate administration 28

Reclamation 22

Total $735

Cash costs1 411

Sustaining capex 83

Corporate administration 21

Reclamation 17

Total $532

Life of Mine

Cash Costs1 Per Ounce

All-in Sustaining Costs Per Ounce

38

WELL POSITIONED TO SHARE UPFRONT COSTS WITH THIRD PARTIES

Donlin Gold: Capital Expenditures

Areas US$M1 Opportunities1

Mining 345 Leasing equipment ~$170M

Site preparation/roads 236

Process facilities 1,326 Oxygen plant could be built by third party ~$130M

Tailings 120

Utilities 1,302

Ancillary buildings 304

Off-site facilities 243

Total Direct Costs 3,876

Owners’ cost 414

Indirect Costs 1,405

Contingency 984 Healthy Contingency

Total Owner’s & Indirect Costs, and Contingency

2,803

Total Project Cost 6,679 >$1B potential initial capital reductions

Gas pipeline could be built by third party $834M

1) Represents 100% of project’s capital expenditures 39

ROBUST ECONOMICS HIGHLY LEVERAGED TO GOLD PRICES

Donlin Gold: Key Performance Indicators

Gold Price

Unit $1,000/oz $1,200/oz

Base Case

$1,700/oz $2,000/oz $2,500/oz

Average annual

after-tax cash flow

(first full five years)

$M 670 950 1,500 1,785 2,185

Average annual

after-tax cash flow (LOM)

$M 350 500 815 990 1,275

NPV (5%) after-tax1 $M (1,340) 550 4,580 6,720 10,240

NPV (0%) after-tax1 $M 2,100 6,200 14,620 19,250 26,975

IRR after-tax1 % 2.3 6.0 12.3 15.1 19.1

Payback period Years 19.1 9.2 5.3 4.4 3.5

Notes:

Donlin Gold estimates as per the second updated feasibility study effective November 18, 2011, as amended January 20, 2012. All dollar figures are in USD and reflect after-tax net present value (at a 0% and 5% discount rates)

of the Donlin Gold Project as of 1/1/2014. Project development costs prior to that date are treated as sunk costs.

All amounts in US dollars

1) NPVs and IRRs as at January 1, 2014. Project development costs prior to that date are treated as sunk costs.

40

LARGE PROJECTS HAVE BEEN SUCCESSFULLY PERMITTED

Donlin Gold: Permitting in the U.S.

Project Name Location Metal Time Description

Red Dog Alaska Lead/zinc ~2 years • Expansion

• EIS completed in 2009

• Development started on schedule in 2010

Fort Knox Alaska Gold ~3 years • Expansion – new heap leach facility

• Permitting completed in 2007

Pogo Alaska Gold ~3 years • New mine

• Permitting completed in 2004

• Operations began in 2006

Arturo Nevada Gold ~4 years • Major pit expansion

• New waste rock and heap leach facilities

• EIS/ROD completed in May 2014

Rochester Nevada Silver ~1 year • Expansion – new heap leach & mine reopening

• EA/permitting completed in 2011

Cortez Nevada Gold ~3 years • Major pit expansion • EIS/permitting completed in 2008/2009

Goldstrike Nevada Gold ~2 years • Major pit expansion

• Waste rock and tailings facilities

• ROD approving the project was in 2009

Hycroft Nevada Gold ~2 years • Reactivation

• EIS/permitting completed in 2012

Haile South Carolina Gold ~4 years • New mine on historic property

• Open pits, processing and tailings facilities

• Final EIS issued July 2014, ROD issued October 2014

Pan Nevada Gold ~2 years • New open pit and heap leach

• EIS/permitting completed in 2013

Long Canyon Nevada Gold ~3 years

(anticipated)

• New pit, heap leach, mill and tailings facility

• Final EIS approved by BLM, under 30-day review

NorthMet Minnesota Copper/nickel/cobalt ~12 years

(anticipated)

• New open pit

• Final EIS and Record of Decision anticipated in the first

half 2015 41 41

GALORE CREEK, AN EXCEPTIONAL ASSET

Galore Creek: Project Overview

42

▶ Galore Creek Mining Corporation (GCMC) is the operating company

▶ 50/50 ownership by NOVAGOLD and Teck Resources Inc.

▶ Management Committee has two representatives from each company

• Chairman rotates every year

▶ Project is located within the Tahltan Nation Territory and operates under a Participation

Agreement

▶ All mineral claims are on Crown land

▶ Project office in Vancouver

• Abundance of technical strength to draw from within Teck

▶ Strong track record for Tahltan hiring at project site as well as contracting and procurement

with Tahltan businesses and joint ventures

GALORE CREEK TO BE ONE OF CANADA’S LARGEST COPPER MINES

Galore Creek: Project Highlights

Reserves: 6.8 Blb Cu; 5.5 Moz Au; 102 Moz Ag 1

Resources: 8.9 Blb Cu; 8.0 Moz Au; 136 Moz Ag (inclusive of reserves) 1

Mine Life: ~18 years

Production: Year 1-5, 400 Mlb/year Cu; LOM, 340 Mlb/year Cu

Operation: Open-pit, conventional truck & shovel

Milling: +80k tonnes/day, conventional crush, grind, and Cu/Au/Ag flotation

concentration, plant located in West More Valley

Strip ratio: 2.2 = 1.1B tonnes waste rock

Tailings: storage facility located in West More Valley next to plant

Power: BC Hydro’s Northwest Transmission Line is now in service

connecting from near Terrace, BC to Bob Quinn to promote remote

industrial development, Galore Creek to tie into the NTL

Logistics: Port facilities to be built near Stewart, BC

Notes:

See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve and Resource Base” table with footnotes.

43

ROBUST ECONOMICS HIGHLY LEVERAGED TO METAL PRICES

Galore Creek: Key Performance Indicators

Unit

Metal Prices

Copper

Gold

Silver

US$/lb

US$/oz

US$/oz

2.00

900

15.00

2.65

1,100

18.50

3.00

1,100

20.00

3.50

1,200

25.00

4.00

1,300

30.00

LOM after-tax cash flow $M 1,514 5,118 6,641 9,223 11,812

NPV (5%) after-tax1 $M (969) 988 1,794 3,134 4,458

NPV (7%) after-tax1 $M (1,431) 137 778 1,837 2,877

IRR after-tax1 % 2.4 7.4 9.2 11.9 14.3

Payback period Years 13.2 7.8 6.1 4.1 3.3

Notes:

Galore Creek estimates as per the 2011 Pre-Feasibility Study. All dollar figures are in CAD. See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource Base” with footnotes in the appendix.

1) NPVs and IRRs as of two years prior to significant project spend. Project development costs prior to that point are treated as sunk costs.

All amounts in CAD dollars

44

NOVAGOLD: The Management Team

Gregory Lang

President & CEO

▸ Former President of Barrick Gold North America ▸ 35 years experience building & operating major mines ▸ Intimate knowledge of Donlin Gold

David Deisley

Executive Vice President and

General Counsel

▸ Former EVP and General Counsel of Goldcorp ▸ Regional General Counsel for Barrick Gold North America ▸ Extensive track record in project permitting, corporate social responsibility, mergers and

acquisitions and corporate development ▸ 25 years of mining industry experience

David Ottewell

Vice President and Chief

Financial Officer

▸ Former VP and Corporate Controller of Newmont Mining Corporation ▸ 25 years of mining industry experience ▸ Diverse experience in all facets of financial management, from mine operations to

executive corporate financial management of premier gold producers

Mélanie Hennessey

Vice President, Corporate

Communications

▸ Held variety of executive and senior IR & corporate communications positions with Goldcorp, New Gold, and Hecla Mining Company

▸ Leading NOVAGOLD’s internal and external communications functions

Ron Rimelman

Vice President, Environment,

Health, Safety & Sustainability

▸ 25+ years of environmental experience, managing environmental impact assessments and permitting activities world-wide

▸ Leadership role on mine permitting and NEPA evaluations for mine projects in Alaska since 1993

Richard Williams

Vice President, Engineering

and Development

▸ Former Project Director for the Pueblo Viejo project in the Dominican Republic ▸ 30 years of experience developing and operating major mines world-wide ▸ Particular expertise in autoclave technology

INDUSTRY LEADERS TO BRING DONLIN GOLD THROUGH PERMITTING & BEYOND

45

NOVAGOLD: The Board of Directors

Dr. Thomas Kaplan

Chairman

Chairman and CIO of The Electrum Group LLC, a privately held natural resources investor

that controls a diversified portfolio of precious and base metals assets

Sharon Dowdall Former Chief Legal Officer and Corporate Secretary with Franco-Nevada, transforming an

industry pioneer into one of the most successful precious metals enterprises in the world

Dr. Marc Faber A well-known commentator and author on global investing, publisher of The Gloom, Boom &

Doom Report

Greg Lang

President & CEO

Former President of Barrick Gold North America, 35 years experience building & operating major mines with intimate knowledge of Donlin Gold

Gil Leathley COO and Director of Sunward Resources, former Senior Vice President and Chief Operating

Officer of the Company

Igor Levental President of The Electrum Group LLC, former VP of Homestake Mining and International

Corona Corp.

Kalidas Madhavpeddi Overseas Chief Executive Officer of China Moly Corp. Former Executive with Phelps Dodge.

Gerald McConnell Former Chairman and CEO of NOVAGOLD, CEO of Namibia Rare Earths Inc.

Clynton Nauman CEO of Alexco Resources, formerly with Viceroy Gold and Kennecott Minerals

Rick Van Nieuwenhuyse CEO of NovaCopper, founder and former CEO of NOVAGOLD

Anthony Walsh Former President and Chief Executive Officer of Miramar Mining Corporation, which in 2007

was sold to Newmont Mining Corporation.

46

NOVAGOLD: Reserve/Resource Table

47

Donlin Gold (100% basis)* Tonnage Grade Metal content GOLD kt g/t Au koz Au

Reserves1 Proven 7,683 2.32 573 Probable 497,128 2.08 33,276 P&P 504,811 2.09 33,849 Resources3, inclusive of Reserves Measured 7,731 2.52 626 Indicated 533,607 2.24 38,380 M&I 541,337 2.24 39,007 Inferred 92,216 2.02 5,993 Galore Creek (100% basis)* Tonnage Grade Metal content COPPER Mt % Cu Blb Cu

Reserves2 Proven 69.0 0.606 0.9 Probable 459.1 0.582 5.9 P&P 528.0 0.585 6.8 Resources4, exclusive of Reserves Measured 39.5 0.25 0.22 Indicated 247.2 0.34 1.85 M&I 286.7 0.33 2.07 Inferred 346.6 0.42 3.23 GOLD Mt g/t Au Moz Au

Reserves2 Proven 69.0 0.520 1.15 Probable 459.1 0.291 4.30 P&P 528.0 0.321 5.45 Resources4, exclusive of Reserves Measured 39.5 0.39 0.50 Indicated 247.2 0.26 2.04 M&I 286.7 0.27 2.53 Inferred 346.6 0.24 2.70 SILVER Mt g/t Ag Moz Ag

Reserves2 Proven 69.0 4.94 11.0 Probable 459.1 6.18 91.2 P&P 528.0 6.02 102.1 Resources4, exclusive of Reserves Measured 39.5 2.58 3.27 Indicated 247.2 3.81 30.26 M&I 286.7 3.64 33.54 Inferred 346.6 4.28 47.73

* Mineral reserves are reported

on a 100% basis. NOVAGOLD and

Barrick each own 50% of the

Donlin Gold project. NOVAGOLD

and Teck each own 50% of the

Galore Creek project.

t = metric tonne

oz = ounce

lb = pound

k = thousand

M = million

B = billion

g/t = grams/tonne

Approximate cut-off grades

(see Resource Footnotes):

Donlin Gold Reserves1: 0.57 g/t gold

Resources3: 0.46 g/t gold

Galore Creek Reserves2: C$10.08 NSR

Resources4: C$10.08 NSR

Notes:

a. These resource estimates have been prepared in accordance with NI43-101 and the CIM Definition Standard, unless otherwise noted.

b. See numbered footnotes below on resource information.

c. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content

d. Tonnage and grade measurements are in metric units. Contained gold and silver ounces are reported as troy ounces, contained copper pounds as imperial pounds

Resource Footnotes:

1) Mineral Reserves are contained within Measured and Indicated pit designs, and supported by a mine plan, featuring variable throughput rates, stockpiling and cut-off optimization. The pit designs and mine plan were optimized on diluted

grades using the following economic and technical parameters: Metal price for gold of US$975/oz; reference mining cost of US$1.67/t incremented US$0.0031/t/m with depth from the 220 m elevation (equates to an average mining cost of

US$2.14/t), variable processing cost based on the formula 2.1874 x (S%) + 10.65 for each US$/t processed; general and administrative cost of US$2.27/t processed; stockpile rehandle costs of US$0.19/t processed assuming that 45% of

mill feed is rehandled; variable recoveries by rock type, ranging from 86.66% in shale to 94.17% in intrusive rocks in the Akivik domain; refining and freight charges of US$1.78/oz gold; royalty considerations of 4.5%; and variable pit slope

angles, ranging from 23º to 43º. Mineral Reserves are reported using an optimized net sales return value based on the following equation: Net Sales Return = Au grade * Recovery * (US$975/oz – (1.78 + (US$975/oz – 1.78) * 0.045)) -

(10.65 + 2.1874 * (S%) + 2.27 + 0.19) and reported in US$/tonne. Assuming an average recovery of 89.54% and an average S% grade of 1.07%, the marginal gold cutoff grade would be approximately 0.57 g/t, or the gold grade that would

equate to a 0.001 NSR cutoff at these same values. The life of mine strip ratio is 5.48. The assumed life-of-mine throughput rate is 53.5 kt/d.

2) Mineral Reserves are contained within Measured and Indicated pit designs using metal prices for copper, gold and silver of US$2.50/lb, US$1,050/oz, and US$16.85/oz, respectively. Appropriate mining costs, processing costs, metal

recoveries and inter ramp pit slope angles varying from 42º to 55º were used to generate the pit phase designs. Mineral Reserves have been calculated using a 'cashflow grade' ($NSR/SAG mill hr) cut-off which was varied from year to year

to optimize NPV. The net smelter return (NSR) was calculated as follows: NSR = Recoverable Revenue – TCRC (on a per tonne basis), where: NSR = Net Smelter Return; TCRC = Transportation and Refining Costs; Recoverable

Revenue = Revenue in Canadian dollars for recoverable copper, recoverable gold, and recoverable silver using metal prices of US$2.50/lb, US$1,050/oz, and US$16.85/oz for copper, gold, and silver, respectively, at an exchange rate of

CDN$1.1 to US$1.0; Cu Recovery = Recovery for copper based on mineral zone and total copper grade; for Mineral Reserves this NSR calculation includes mining dilution. SAG throughputs were modeled by correlation with alteration

types. Cash flow grades were calculated as the product of NSR value in $/t and throughput in t/hr. The life of mine strip ratio is 2.16.

3) Mineral Resources are contained within a conceptual Measured, Indicated and Inferred optimized pit shell using the following assumptions: gold price of US$1,200/oz; variable process cost based on 2.1874 * (sulphur grade) + 10.6485;

administration cost of US$2.29/t; refining, freight & marketing (selling costs) of US$1.85/oz recovered; stockpile rehandle costs of US$0.20/t processed assuming that 45% of mill feed is rehandled; variable royalty rate, based on royalty of

4.5% * (Au price – selling cost). Mineral Resources have been estimated using a constant Net Sales Return cut-off of US$0.001/t milled. The Net Sales Return was calculated using the formula: Net Sales Return = Au grade * Recovery *

(US$1200/oz – (1.85 + ((US$1200/oz – 1.85) * 0.045)) - (10.65 + 2.1874 * (S%) + 2.29 + 0.20)) and reported in US$/tonne. Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have

demonstrated economic viability. Inferred Resources are in addition to Measured and Indicated Resources. Inferred Resources have a great amount of uncertainty as to their existence and whether they can be mined legally or

economically. It cannot be assumed that all or any part of the Inferred Resources will ever be upgraded to a higher category. See "Cautionary Note Concerning Reserve & Resource Estimates".

4) Mineral resources are contained within a conceptual Measured, Indicated and Inferred optimized pit shell using the same economic and technical parameters as used for Mineral Reserves. Tonnages are assigned based on proportion of

the block below topography. The overburden/bedrock boundary has been assigned on a whole block basis. Mineral resources have been estimated using a constant NSR cut-off of C$10.08/t milled. The Net Smelter Return (NSR) was

calculated as follows: NSR = Recoverable Revenue – TCRC (on a per tonne basis), where: NSR = Diluted Net Smelter Return; TCRC = Transportation and Refining Costs; Recoverable Revenue = Revenue in Canadian dollars for

recoverable copper, recoverable gold, and recoverable silver using silver using the economic and technical parameters mentioned above. The mineral resource includes material within the conceptual M,I&I pit that is not scheduled for

processing in the mine plan but is above cutoff. Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred Resources are in addition to

Measured and Indicated Resources. Inferred Resources have a great amount of uncertainty as to their existence and whether they can be mined legally or economically. It cannot be assumed that all or any part of the Inferred Resources

will ever be upgraded to a higher category. See "Cautionary Note Concerning Reserve & Resource Estimates".

Cautionary Note Concerning Reserve & Resource Estimates

This summary table uses the term “resources”, “measured resources”, “indicated resources” and “inferred resources”. United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the

United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to

assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or

economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources

exist, or that they can be mined legally or economically. Disclosure of “contained ounces” is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report “resources” as in place tonnage and

grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to

the reporting and disclosure requirements of the SEC.

NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all

resource estimates contained in this circular have been prepared in accordance with NI 43-101 and the CIM Definition Standards.

Technical Reports and Qualified Persons

The documents referenced below provide supporting technical information for each of NOVAGOLD's projects.

Project Qualified Person(s) Most Recent Disclosure & Filing Date

Donlin Gold Gordon Seibel R.M. SME, AMEC “Donlin Creek Gold Project Alaska, USA, NI 43-101 Technical Report on Second Updated Feasibility Study” effective November 18, 2011, amended January 20, 2012.

Kirk Hanson P.E., AMEC

Galore Creek Jay Melnyk, P.Eng., AMEC “Galore Creek Copper-Gold Project NI 43-101 Technical Report on Pre-Feasibility Study, British Columbia – Canada” effective July 27, 2011.

Greg Kulla, P.Geo., AMEC

Heather White, B.Sc., P.Eng., who is a consultant to NOVAGOLD and a “qualified person” under NI 43-101, has approved the scientific and technical information included in this Reserve and Resource Table.

NOVAGOLD: Reserve/Resource Table (con’t)

48

NOVAGOLD RESOURCES INC.

Suite 720 – 789 West Pender Street

Vancouver, BC

Canada V6C 1H2

T 604 669 6227 TF 1 866 669 6227 F 604 669 6272

www.novagold.com

[email protected]

Mélanie Hennessey

VP, Corporate Communications

[email protected]

Erin O’Toole

Analyst, Investor Relations

[email protected]

Contact Us

49

PDAC 2015 - Toronto

Investor Relations

Transcript of PDAC 2015 - Toronto