Vancouver Resource Investment Conference

novagold.com

NYSE-MKT, TSX: NG | January 2015

Vancouver Resource Investment Conference 2015

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.

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

DEVELOPMENT-STAGE COMPANY WITH PROJECTS OF EXCEPTIONAL SCALE, QUALITY, AND JURISDICTIONAL SAFETY

who is NOVAGOLD?

DONLIN GOLD

GALORE CREEK

3

poised to become one of the

largest producers in the gold

industry

expected to be the largest and

lowest cost copper mine in

Canada

50% with Barrick

50% with Teck

NOVAGOLD’s strategy

4

CONTINUE TO EXECUTE AND DELIVER ON OUR BUSINESS PLAN

▶ Committed to gold through various market cycles

▶ Advance Donlin Gold through permitting to a construction decision

▶ Safeguard our cash position

▶ Monetize our 50% share of Galore Creek

▶ Maintain strong relationships with all stakeholders

ATTRIBUTES POSITION IT AMONG THE WORLD’S MOST SIGNIFICANT GOLD

DEPOSITS

donlin gold a large high-grade gold project

5

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 million oz Proven & Probable

Grade: 2.1 g/t

RESOURCES1,2

39 million oz Measured & Indicated

Grade: 2.2 g/t

6 million oz Inferred

Grade: 2.0 g/t

(inclusive of P&P reserves)

A REMARKABLE RESOURCE AMONG EMERGING OPEN-PIT GOLD DEPOSITS

donlin gold has largest resource of its peer group

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

6

M&

I G

old

Reso

urc

e

(millio

ns o

f o

un

ces)

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.

• 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.

▸ Donlin Gold’s size and North American location distinguish

it from its peers

Location USA Mexico USA Canada Suriname

USA

Owner(s) NOVAGOLD (50%)

Barrick (50%)

Chesapeake (100%) ITH Mines (100%) New Gold (100%) Newmont (75%)

Republic of Suriname (25%)

Romarco

(100%)

donlin gold emerging top-tier producer in safe 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


Barrick (50%)

Chesapeake (100%) ITH Mines (100%) Newmont (75%)


New Gold

(100%)

Romarco (100%)

Pro

jecte

d A

nn

ual

Go

ld P

rod

ucti

on

(millio

ns o

f o

un

ces)

THE LARGEST PROJECTED GOLD PRODUCER AMONG DEVELOPMENT PROJECTS

7

27 year mine life 1 million + ounces per year

Notes:



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

2. Projected annual gold production during full life of mine.

8

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

mines the size of donlin gold are scarce

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

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

HORIZON

donlin gold more than double the grade of the average gold deposit in the world

9

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 million ounces 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:

2.2 g/t

Reserve grades continue to decline while

sources for emerging production to replace

mined-out capacity become increasingly

scarce

0

0.5

1

1.5

2

2.5

Donlin Gold Haile Merian Rainy River Livengood Metates

2.24

1.77

1.22

1.09

0.61 0.50

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

donlin gold highest-quality open-pit development-stage gold deposit

10

▸ 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:



• 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.

Location USA USA Suriname Canada USA

Mexico


Barrick (50%)

Romarco (100%) Newmont (75%)


New Gold (100%) ITH Mines (100%)

Chesapeake (100%)

MULTIPLE DRILL PROSPECTS AND TARGETS EXIST ALONG 8KM TREND

donlin gold substantial exploration potential

11

▶ Potential to expand current open-pit

resources along strike and at depth

▶ Good potential 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 million ounces

of gold mainly inside the reserve pit

• Upside potential to project economics

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

donlin gold has exceptional leverage to gold

▶ 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

12 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; $1,922m @ $1,350 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%

DEVELOPMENT TIMELINE OF NEW GOLD PROJECTS HAS MORE THAN DOUBLED

why donlin gold? project progressing as planned

13 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

▸ Donlin Gold is well positioned to be shovel-ready when

sentiment turns

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

why gold? no new and substantial discoveries

14 Notes:

Data as per SNL MEG’s MineSearch database, Company reports, SNL MEG estimates. Thomson Reuters. A gold discovery of 5 million ounces or

more is considered significant. 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

Donlin Gold located in Alaska, one of

the safest jurisdictions in the world with

history of successful mine development

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

donlin gold located in a favorable jurisdiction

▶ 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

15

STRONG AND TIME-HONORED RELATIONSHIPS WITH STAKEHOLDERS

16

donlin gold durable, long-term agreements with native corporations

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)

donlin gold project permitting is on track

17

1.5Moz/year first five full years1

1.1Moz/year life of mine1

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

1.5Moz/year first five full years1

1.1Moz/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%.

DEVELOPMENT TIMELINE - ADVANCING TOWARD A CONSTRUCTION DECISION

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.

THE KIND OF ASSET YOU CAN BUILD A COMPANY AROUND

galore creek a significant copper-gold-silver asset in canada

18

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 billion lbs Grade: 0.5%

8 million oz Grade: 0.3 g/t

136 million oz Grade: 5.2 g/t

copper

gold

silver

M&I Resources1

NOVAGOLD

focused on execution and

delivery of our business plan

NOVAGOLD highlights

19

Safest Leverage to Gold:

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

Supportive Stakeholders:

Long standing shareholders and

engaged local partners

Strong Balance Sheet:

$171m cash + term deposits

as of August 31, 2014

Top Tier Assets:

Industry’s leading mineral

endowments

novagold.com

appendix

▶ 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

ADVANCING DONLIN GOLD UP THE VALUE CHAIN

donlin gold project overview

21

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

donlin gold project highlights

22

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.

donlin gold expected to provide three decades of low cost production LOW OPERATING CASH COSTS AND ALL-IN SUSTAINING COSTS

23

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

donlin gold

WELL POSITIONED TO SHARE UPFRONT COSTS WITH THIRD PARTIES

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 24

ROBUST ECONOMICS HIGHLY LEVERAGED TO GOLD PRICES

donlin gold key performance indicators

25

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.

PROCEEDING ON SCHEDULE AS PER EIS TIMELINE

donlin gold current work

▶ Maintaining strong working relationships with the agencies and providing input

throughout the permitting and EIS processes

▶ EIS process and current activities

• Alternatives development addressing mine, pipeline and transportation

components was completed in Q1 2014

• PDEIS well underway, initial drafts of baseline conditions and analysis of

impacts underway

• Draft EIS anticipated mid-year 2015

▶ Major permit application submittals and agency reviews – well underway

• Air quality

• Water discharge and usage

• Pipeline plan of development

• Wetlands

• Dam safety

26

LARGE PROJECTS HAVE BEEN SUCCESSFULLY PERMITTED

permitting in the U.S.

27

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

Long Canyon Nevada Gold ~3 years

(anticipated)

• New pit, heap leach, mill and tailings facility

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

Pan Nevada Gold ~2 years • New open pit and heap leach • EIS/permitting completed in 2013

NorthMet Minnesota Copper/nickel/cobalt ~12 years

(anticipated)

• New open pit

• Final EIS and Record of Decision anticipated in the first half 2015

Haile South Carolina Gold ~4 years

(anticipated)

• New mine on historic property

• Open pits, processing and tailings facilities

• Final EIS issued July 2014, ROD issued October 2014

GALORE CREEK, AN EXCEPTIONAL ASSET

galore creek project overview

28

▶ 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

29

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.

ROBUST ECONOMICS HIGHLY LEVERAGED TO METAL PRICES

galore creek key performance indicators

30

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

INDUSTRY LEADERS TO BRING DONLIN GOLD THROUGH PERMITTING & BEYOND

the NOVAGOLD team

31

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

MANAGEMENT

NOVAGOLD board of directors

32

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 Publishes a monthly investment newsletter entitled The Gloom, Boom & Doom

Report and is the author of several books

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 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.

COPPER

Tonnage

Mt

Grade*

%Cu

Metal content

Mlbs

NOVAGOLD share**

Mlbs

Reserves (100%)2

Proven 69.0 0.61 900.0 450.0

Probable 459.1 0.58 5,900.0 2,950.0

P&P 528.0 0.59 6,800.0 3,400.0

Resources (100%)4 inclusive of reserves

Measured 108.4 0.48 1,147.0 573.5

Indicated 706.3 0.50 7,786.0 3,893.0

M&I 814.7 0.50 8,933.0 4,466.5

Inferred 346.6 0.42 3,230.0 1,615.0

GOLD Mt

g/t

Moz

Moz

Reserves (100%)2

Proven 69.0 0.52 1.15 0.58

Probable 459.1 0.29 4.30 2.15

P&P 528.0 0.32 5.45 2.73


Measured 108.4 0.48 1.70 0.85

Indicated 706.3 0.28 6.40 3.20

M&I 814.7 0.31 8.00 4.00

Inferred 346.6 0.24 2.70 1.35

SILVER

Mt

g/t

Moz

Moz

Reserves (100%)2

Proven 69.0 4.94 11.0 5.5

Probable 459.1 6.18 91.2 45.6

P&P 528.0 6.02 102.2 51.1


Measured 108.4 4.10 14.30 7.15

Indicated 706.3 5.38 122.10 61.05

M&I 814.7 5.21 136.40 68.20

Inferred 346.6 4.28 47.73 23.87

At April 30, 2012

Donlin Gold (NOVAGOLD 50%)

Galore Creek (NOVAGOLD 50%)

GOLD

Tonnage

Mt

Grade*

g/t

Metal content

Moz

NOVAGOLD share**

Moz

Reserves (100%)1

Proven 7.7 2.32 0.57 0.29

Probable 497.1 2.08 33.28 16.64

P&P 504.8 2.09 33.85 16.93


Measured 7.7 2.52 0.63 0.31

Indicated 533.6 2.24 38.38 19.19

M&I 541.3 2.24 39.01 19.50

Inferred 92.2 2.02 5.99 3.00

NOVAGOLD reserve/resource table

33

reserve/resource table (con’t)

Resources (100%)5,6

Tonnage

Grade*

Metal content

NOVAGOLD share**

COPPER Mt %Cu Mlbs Mlbs

Inferred 53.7 0.50 592.0 414.4

GOLD Mt g/t Moz Moz

Inferred 53.7 0.73 1.26 0.88

SILVER Mt g/t Moz Moz

Inferred 53.7 10.60 18.36 12.85

Copper Canyon (NOVAGOLD 70%)

t = metric tonne

M = million

g/t = grams/tonne

* Reserve grade is diluted; resource

grade is in situ.

** NOVAGOLD share net after earn-ins

Approximate cut-off grades (see Resource Footnotes below):

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

Copper Canyon Resources5,6: 0.6% copper equivalent

34

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:

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.

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 varing 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.

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".

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".

The copper-equivalent grade was calculated as follows: CuEq = Recoverable Revenue ÷ 2204.62 * 100 ÷ 1.55. Where: CuEq = Copper equivalent grade; Recoverable Revenue = Revenue in US dollars for recoverable copper, recoverable gold and recoverable silver using metal prices of US$1.55/lb, US$650/oz, and

US$11/oz for copper, gold, and silver, respectively; for the purposes of the equivalency formula, Cu Recovery is assumed to be 100%. 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".

NOVAGOLD Canada Inc. has agreed to transfer its 60% joint venture interest in the Copper Canyon property to the Galore Creek Partnership, which is equally owned by NOVAGOLD Canada Inc. and a subsidiary of Teck Resources Limited. The remaining 40% joint venture interest in the Copper Canyon property is

owned by another wholly owned subsidiary of NOVAGOLD.

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 Tony Lipiec, P. Eng., AMEC Donlin Creek Gold Project

Gordon Seibel R.M. SME, AMEC Alaska, USA

Kirk Hanson P.E., AMEC NI 43-101 Technical Report on Second Updated Feasibility Study amended filing on January 23, 2012

Galore Creek Robert Gill, P.Eng., AMEC Galore Creek Copper–Gold Project,

Jay Melnyk, P.Eng., AMEC British Columbia, NI 43-101 Technical Report on Pre-Feasibility Study,

Greg Kulla, P.Geo., AMEC filed on September 12, 2011

Greg Wortman, P.Eng., AMEC

Dana Rogers, P.Eng., Lemley International

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 section related to: (i) Donlin Gold since the issuance of the technical report filed on January 23, 2012, and (ii) Galore Creek since the

issuance of the technical report filed on September 12, 2011.

reserve/resource table (con’t)

35

36

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]

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