The document summarizes information presented at the PDAC convention in 2014 regarding Novagold Resources Inc. It discusses Novagold's booth number and includes cautionary statements regarding forward-looking statements and scientific and technical information for the Donlin Gold and Galore Creek projects. The document emphasizes that Donlin Gold is one of the largest gold development projects in the world in terms of size, grade, and production profile. It has substantial exploration potential along an 8km mineralized trend and is expected to have low costs and longevity as a 27-year mine.

1. PDAC convention 2014
novagold.com
booth #2901
NYSE-MKT, TSX: NG | March 2014

2. 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 forwardlooking 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 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 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 risk and uncertainties disclosed in reports and documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. The forwardlooking 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 forwardlooking 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

3. the NOVAGOLD opportunity
EXCEPTIONAL IN SCALE, QUALITY, AND JURISDICTIONAL SAFETY
Donlin Gold
̴ 40Moz
gold resource1
Galore Creek
̴ 9Blbs
copper resource1
̴ 8Moz
̴ 136Moz
gold resource1
silver resource1
Notes:
1) 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.
3

4. recent achievements
PROJECTS CONTINUE TO ADVANCE ON TIME AND ON BUDGET
maintained a healthy balance sheet with receipt of $54M cash from warrants and
reduced convertible debt by $79M1
continued to advance permitting of Donlin Gold with completion of public scoping
and drafting of preliminary draft environmental impact statement
Galore Creek 2013 exploration drill results identified extensions to
mineralization at Legacy zone
simplified company, significantly reduced expenditures
built a management team with expertise in permitting, developing and operating
large-scale projects
4
Notes:
1) Outstanding Convertible Notes mature on May 1, 2015. The holders of the Notes had the right to require the Company to repurchase all or part of their Notes on May 1, 2013 (“put option”)

5. the right project – donlin gold
ARGUABLY THE WORLD’S MOST SIGNIFICANT GOLD PROJECT
size
partnerships
grade
donlin gold
jurisdiction
growth
longevity
5

6. largest development-stage gold deposit
WORLD’S BIGGEST UNDEVELOPED AND EARLY PRODUCTION GOLD PROJECTS
M&I Au Resources (Moz)
60
50
49.0
▸
39.0
40
Donlin Gold has one of the largest resources of its
peer group and it’s located in North America
30
19.0
20
17.1
16.4
15.7
11.7
10
-KSM
LOM Average Annual Production (Moz)
1.60
Donlin Gold
Metates
Rosia Montana
Livengood
Canadian Malarctic
1.501
1.40
1.20
Detour Lake
▸
1.101
1.00
Anticipated to be the leading gold producer
by a wide margin
0.80
0.659
0.657
0.60
0.594
0.578
0.508
0.483
0.40
0.20
0.00
Donlin Gold
Metates
Detour Lake
Canadian Malarctic
Livengood
KSM
Rosia Montana
Notes:
Donlin Gold data as per Donlin Creek Gold Project Alaska, USA, NI 43-101 Technical Report on Second “Updated Feasibility Study”, effective November 18, 2011, as amended January 20, 2012 (the “updated
feasibility study”). 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. Peer group data as per latest company documents, public filings and websites.
Comparison group based on large, open-pit, gold-focused development projects with Resources over 10 million ounces of gold. KSM data also includes an underground component.
1) 1.50Moz represents the projected annual gold production during first five full years of mine life, 1.10Moz represents the projected annual gold production during full life of mine.
6

7. poised to be world’s biggest gold mine
EXPECTED PRODUCTION RIVALS 10 LARGEST EXISTING GOLD MINES
1.80
1.60
Gold (M/oz)
1.60
1.50
1
1.40
1.20
1.101
1.00
1.01
0.95
0.94
0.89
0.87
0.80
0.75
0.73
0.70
0.68
0.60
0.40
0.20
0.00
Grasberg
LOCATION: INDONESIA
Donlin Gold
USA
Pueblo Viejo
DOMINICAN
REPUBLIC
Cortez
Yanacocha
Goldstrike
Carlin
Lihir Island
USA
PERU
USA
USA
PAPUA NEW
GUINEA
Oyu Tolgoi
MONGOLIA
Boddington
Veladero
AUSTRALIA
ARGENTINA
Notes:
Donlin Gold projected annual production represents 100% of which NOVAGOLD’s share represents 50%. All other production estimates, for the exception of Grasberg, are based on published 2014
average gold annual production guidance. Grasberg represents the published 2014 gold sales guidance.
1) 1.50Moz represents the projected annual gold production during first five full years of mine life, 1.10Moz represents the projected annual gold production during full life of mine.
7

8. the right project – donlin gold
ARGUABLY THE WORLD’S MOST SIGNIFICANT GOLD PROJECT
size
partnerships
grade
donlin gold
jurisdiction
growth
longevity
8

9. highest-quality open-pit development-stage gold
deposit
WORLD’S BIGGEST UNDEVELOPED AND EARLY PRODUCTION GOLD PROJECTS
2.50
2.24
▸
With capital constraints, only the best projects
will find funding
M&I Au Grade (g/t)
2.00
1.50
1.05
1.04
1.02
1.00
0.61
0.55
0.50
0.50
-Donlin Gold
Canadian Malarctic
Rosia Montana
Detour Lake
Livengood
KSM
Metates
Notes:
Donlin Gold data as per the updated feasibility study. 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.
Peer group data as per latest company documents, public filings and websites. Comparison group based on large, open-pit, gold-focused development projects. KSM data includes an under
ground component.
9

10. expected to emerge as one of the highest-grade
gold producers
DONLIN GOLD’S GRADE COMPARES WELL WITH WORLD’S BIGGEST PRODUCERS
3.00
M&I Au Grade (g/t)
2.56
2.50
2.24
2.22
1.95
2.00
1.90
1.50
1.37
1.32
1.02
1.00
0.89
0.84
0.78
0.50
0.00
Agnico Eagle Donlin Gold
Donlin
Gold
Gold Fields
Polyus
AngloGold
Ashanti
Barrick
Harmony
Eldorado
Newmont
Yamana
Goldcorp
Notes:
Donlin Gold data as per the updated feasibility study. 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.
Peer group data - 2012 annual average grade per tonne (combined proven & probable reserves and measured & indicated resources) for open-pit and underground material as per public filings.
10

11. the right project – donlin gold
ARGUABLY THE WORLD’S MOST SIGNIFICANT GOLD PROJECT
size
partnerships
grade
donlin gold
jurisdiction
growth
longevity
11

12. reserve & resource growth
RESOURCES MORE THAN DOUBLED IN LESS THAN TWO YEARS
Focused on feasibility-level planning
and more recently permitting
40.0
37.9
39.0
39Moz
35.3
M&I resources
29.4
30.0
inclusive of
Updated Feasibility Study
25.0
20.0
Feasibility Study
16.6
15.0
10.0
PEA
M&I Au Resources (Moz)
35.0
5.0
0.0
2006
2007
2008
2009
2011
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.
34Moz
P&P reserves @ $975/oz
grade of
2.24g/t
And there is opportunity for
continued growth once in
production…
12

13. substantial exploration potential
MULTIPLE DRILL PROSPECTS AND TARGETS EXIST ALONG 8KM TREND
▶
All current reserves and
resources are contained in the
Donlin Gold pit
• 39Moz M&I resources
inclusive of 34Moz P&P
reserves1
▶
Future mine situated in 3km
segment of 8km mineralized
trend
Notes:
1)
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.
13

14. substantial exploration potential
MULTIPLE DRILL PROSPECTS AND TARGETS EXIST ALONG 8KM TREND
Quartz
Snow
Dome
Ophir
Lewis
ACMA
39.0Moz
M&I Resource
6.0Moz
Inf Resource
Dome
Ophir
▶
Exploration upside:
Dome
• In-pit resource
conversion
• In-pit/deep-pit
exploration
• Near-pit targets
(East ACMA, Akivik
Zone and Snow)
Quartz
Snow
Snow
Lewis
• Additional resource
potential
ACMA
5 km
Notes:
See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource Base” with footnotes in the appendix.
14

15. the right project – donlin gold
ARGUABLY THE WORLD’S MOST SIGNIFICANT GOLD PROJECT
size
partnerships
grade
donlin gold
jurisdiction
growth
longevity
15

16. donlin gold
LONGEVITY OF ASSET WITH LOW COST PROFILE
Climate of Declining Grades &
Escalating costs…
Global gold industry experienced
substantial cost escalation and a
decrease in grade over the last decade
due to…
• Operations mining significantly above
reserve grade
• Inflationary pressures
~$300
1,0291
All-In Sustaining Cost ($US/oz)
▶
$1,200
$1,000
Less than current
industry average
$800
$7352
$600
$400
▶
Donlin Gold’s low cost profile…
• Contributes to meaningful cash flow
generation over the 27-year mine life
Cash Cost
$200
$Industry Average
Notes:
•
Donlin Gold estimates as per the most recent updated feasibility study, please see slide 36 of the appendix.
•
Q3-2013 industry average total cash cost and all-in sustaining cost as per National Bank Financial report published on 12/03/13, based on 77 companies
representing ~57% of worldwide quarterly gold production.
1) Industry average AISC include Total cash costs, depreciation expenses, exploration expenses, corporate G&A, and cash taxes paid reported during the
quarter.
2) Donlin Gold AISC include Total cash costs, sustaining capex, stripping capex (IFRS), corporate G&A, reclamation, and community development (IFRS).
Donlin Donlin Gold Mine
Gold Life of
Life of Mine
16

17. donlin gold has exceptional leverage to gold
NPV INCREASES ~20X WITH ~2X INCREASE IN GOLD PRICE
30,000
All amounts in US dollars
$27.0B
▶
▶
Even in a low-price environment,
the project has a positive return
that increases substantially with
higher gold prices
Fast payback at a
broad range of gold prices
Does not take into account:
• Value creation as project
progresses from permitting to
operation
• Significant exploration upside of
the mineralized trend
25,000
NPV (US$ in millions)
▶
$19.2B
20,000
$14.6B
15,000
$11.6B
10,000
$6.2B
5,000
0
$1,200
$1,500
$1,700
$2,000
$2,500
Gold Price (US$)
NPV at 5%
Notes:
Donlin Gold estimates as per updated feasibility study. 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; $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.
NPV at 0%
17

18. significant drop in discoveries since 2006
25
$1,800
Gold Discovered
$1,600
Gold Price
$1,400
$1,200
15
$1,000
$800
10
$600
$400
5
First year in over
two decades with
no discoveries
$200
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
$1991
0
1990
Number of Gold Discoveries
20
18
Notes:
Data as per SNL MEG’s MineSearch database, Company reports, SNL MEG estimates. Thomson Reuters. Number of discoveries data not yet available for 2013 and 2014.

19. the right project – donlin gold
ARGUABLY THE WORLD’S MOST SIGNIFICANT GOLD PROJECT
size
partnerships
grade
donlin gold
jurisdiction
growth
longevity
19

20. the alaska advantage
GREAT JURISDICTION COMMITTED TO RESPONSIBLE RESOURCE DEVELOPMENT
▶
▶
Well-defined permitting process
▶
Four precious metals mines and a number
of coal & base metals mining operations
▶
Donlin Gold located in Alaska, one of
Alaska is the second largest U.S. goldproducing State
Natural resource projects integral to the
State’s economy
▶
Strong and time-tested community support
the safest jurisdictions in the world with
history of successful mining
development
20

21. the right location for mining
AMENABLE TERRAIN AND CLIMATE
▶
Donlin Gold has no proximity
to major population areas
▶
Located on private land
designated for mining
▸ Excellent setting for mining:
• Rolling hills
• Low precipitation
~20 inches annually
• Elevation range from
150 to 640 meters
▸ Year-round operation
21

22. the right project – donlin gold
ARGUABLY THE WORLD’S MOST SIGNIFICANT GOLD PROJECT
size
partnerships
grade
donlin gold
jurisdiction
growth
longevity
22

23. the right stakeholders
JURISDICTIONAL SAFETY IS MORE THAN GEOGRAPHIC LOCATION
Committed Stakeholders
▶
Calista Corporation
▶
The Kuskokwim Corporation
“Calista would like to take this opportunity
to assert and inform the U.S. Army Corps of
Engineers and the public of its legislated
mandate under ANCSA. 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, Calista Corporation VP
23

24. donlin gold development timeline
SMALL PERCENTAGE OF TIME INVESTED CONSIDERING MINE LIFE MEASURED
IN DECADES
̴4
̴4
27+ years
1.5Moz/year
1.5five full years
first Moz/year
first five full years1
OPERATION
ENGINEERING &
CONSTRUCTION
1
PERMITTING
EXPLORATION &
ENVIRONMENTAL
STUDIES
16 years
1.1Moz/year
1.1Moz/year
life of mine
1
life of mine1
WE ARE HERE
Notes:
Donlin Gold data as per the updated feasibility study. Projected annual production represents 100% of which NOVAGOLD’s share represents 50%.
24

25. permitting milestones
DONLIN GOLD ADVANCES ON PERMITTING PATH
submit permit applications to federal and state regulatory agencies
file Notice of Intent
public scoping period (Dec. 14/12 - March 29/13)
preliminary draft EIS (PDEIS) end of 2014
draft EIS
~2
years
public comment period
final EIS/record of decision
permit issuance
25

26. current work
PROCEEDING ON SCHEDULE AS PER EIS TIMELINE
▶
Maintaining strong working relationships with the agencies and providing input
throughout the permitting and EIS processes
▶
EIS Alternatives Development – being finalized during Q1 2014
• Reasonable range of alternatives identified to address key issues
• Alternatives address mine, pipeline, and transportation components
▶
PDEIS preparation – planned for issuance in late 2014
• Initial draft chapters in review by agencies and Donlin Gold
• Final data needs being addressed
▶
Major permit application submittals and agency reviews – well underway
• Air quality
• Water discharge and usage
• Pipeline plan of development
• Wetlands
• Dam safety
26

27. we are here
DONLIN GOLD’S SCALE, QUALITY AND JURISDICTIONAL SAFETY WILL MAKE IT
ONE OF THE MOST COVETED PRECIOUS METALS ASSETS IN THE WORLD
“…A quiet haven of permitting peace in a volatile
precious metals sector” John Bridges1
A COMPELLING INVESTMENT OPPORTUNITY WHEN ONE CONSIDERS THE
IMPENDING PRODUCTION CLIFF
Notes:
The above graph is an illustration that depicts historical share price performance trends of companies and how they relate to the various milestones in an asset’s life cycle. It is not intended to be
representative of the Company’s historical or future financial or share price performance, or indicative of the Company's anticipated timeline to production.
1)
North America Equity Research, John Bridges, JP Morgan Chase & Co, 2/17/14
27

28. galore creek
ENHANCING VALUE WHILE EVALUATING OPPORTUNITIES TO MONETIZE ASSET
▶
Completed the 2013 drilling program under
budget, exceeding objectives with 11,600
meters drilled
• Confirmed significant mineralization at the
recently discovered Legacy zone
• Identified areas for potential resource
growth
▶
2012 and 2013 results are being
incorporated into a capital efficient work plan
in 2014 to advance the project toward nextlevel mine planning and design
• Includes technical studies in the areas of
environmental & water management, and
site layout
M&I Resources1
9Blbs
0.5%
copper
copper
8Moz
0.3g/t
gold
gold
136Moz
5.2g/t
silver
silver
Notes:
1)
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.
28

29. galore creek grade peer comparisons
AMONG HIGHEST COPPER GRADE COMPARED TO NORTH AMERICAN ASSETS
P&P + M&I grade (Cu%)
0.80
0.72
0.70
0.60
0.50
0.50
0.45
0.40
0.32
0.30
0.27
0.24
0.21
0.18
0.20
0.10
0.00
Copper Creek Galore Creek
Pebble
Red Chris
Schaft Creek New Prosperity
KSM
Mount Milligan
29
Notes:
Data as per SNL MEG’s MineSearch database, Company reports, SNL MEG estimates.

30. financial obligations have decreased substantially
CLEAR FOCUS BEGINS WITH STRONG FUNDING TO EXECUTE ON ALL FRONTS
$140
in millions of U.S. dollars
market cap2
reduced by ~$100M
$120
$1,146
$100
- 70%
cash and term
deposits3
$80
- 23%
$60
$190
convertible notes4
$40
$16
$20
$0
2012 Act(1)
DiscOps
G&A
2013 Act
Donlin Gold
Galore Creek
2014 Bud 1
Interest & other
Notes:
1) 2014 anticipated budget expenditure disclosed on
February 11, 2014
2) Market Capitalization as of February 24, 2014
based on 316.7 million shares issued and
outstanding.
3) Includes US$ 110 million in term deposits as of
November 30, 2013.
4) The Notes mature on May 1, 2015.
30

31. the NOVAGOLD opportunity
INSTITUTIONAL QUALITY INVESTMENT
26.7%
Electrum Strategic
Resources LP
%
80
Institutional
Ownership
51%
Other
11.3%
Paulson & Co.
Inc
%
49
held by top
5 shareholders(1)
6.9%
The Baupost
Group, L.L.C.
1.7%
2.2%
Sun Valley
Gold, LLC
Tocqueville Asset
Management
Notes:
Shareholder positions are based on the latest 13-F filings.
committed
to Shareholder Value
31

32. why NOVAGOLD? why now?
WELL POSITIONED TO DELIVER ON ALL CORPORATE OBJECTIVES
top
best
supportive
right
strong
tier, high-quality assets
and safest leverage to gold
, loyal, and engaged shareholders
people to bring project up value chain
balance sheet
32

33. appendix
novagold.com

34. project overview
ADVANCING DONLIN GOLD UP THE VALUE CHAIN
▶
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
34

35. project highlights
DONLIN GOLD SLATED TO BE A STATE-OF-THE-ART SIGNIFICANT MINE
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
35
See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve and Resource Base” table with footnotes.

36. donlin gold
LOW OPERATING CASH COSTS AND ALL-IN SUSTAINING COSTS
First Five Years Cash Costs Per Ounce
Open-pit mining1
Processing
G&A, royalties, land & other2
Total
133
208
68
$409
Life of Mine Cash Costs Per Ounce
Open-pit mining1
Processing
G&A, royalties, land & other2
Total
Notes:
Donlin Gold estimates as per the updated feasibility study.
1) Net of deferred costs
2) Based on US$1,200/oz gold price
228
257
100
$585
First Five Years All-in Sustaining Costs Per Ounce
Cash costs
Sustaining capex
Stripping capex (IFRS)
Corporate administration
Reclamation
Community development (IFRS)
Total
409
45
0
21
17
4
$496
Life of Mine All-in Sustaining Costs Per Ounce
Cash costs
Sustaining capex
Stripping capex (IFRS)
Corporate administration
Reclamation
Community development (IFRS)
Total
585
50
46
27
22
5
$735
36

37. donlin gold expected to generate substantial cash
flows
LEVERAGE TO GOLD & FAST PAYBACK AT A BROAD RANGE OF GOLD PRICES
All Amounts in US Dollars
$30,000
$26,803
Rich Ore Body With a 27-Year Mine Life
and Extensive Exploration Upside
$20,000
$19,075
$15,000
$14,444
~4.5x
leverage
$11,459
$10,000
$6,025
$5,000
$0
($5,000)
($10,000)
1
2
3
4
5
6
7
8
9
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32
33 34 35 36
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
20
36
20
37
20
38
20
39
20
40
20
41
20
42
20
43
20
44
20
45
20
46
Net Cash Flow (millions)
Cumulative Net Cash Flow (US$ millions) '
$25,000
$1,200/oz Au
$1,500/oz Au
Notes:
Donlin Gold estimates as per the updated feasibility study.
$1,700/oz Au
$2,000/oz Au
$2,500/oz Au
37

38. donlin gold key performance indicators
ROBUST ECONOMICS HIGHLY LEVERAGED TO GOLD PRICES
All amounts in US dollars
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
Years
19.1
9.2
5.3
4.4
3.5
Payback period
Notes:
Donlin Gold estimates as per the updated feasibility study. 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; $4,581 m @ $1,700 gold; $6,722 m @ $2,000 gold; and $10,243 m @ $2,500 gold. Project development costs prior
to that date are treated as sunk costs.
1)
NPVs and IRRs as at January 1, 2014. Project development costs prior to that date are treated as sunk costs.
38

39. donlin gold: standard technology
WELL ESTABLISHED MINING AND MINERAL PROCESSING METHODOLOGY
Donlin Gold
Pueblo Viejo
Detour Lake
Capital Expenditures
US$6.7B1
~US$4.0B2
C$1.5B4
Location
Alaska, US
Sanchez Ramirez, Dominican
Republic
Ontario, Canada
Mining Method
Open Pit
Open Pit
Open Pit
Project Status
Permitting
Commercial Operation
Start Up
Total M&I Resources
(inclusive of reserves)
39.0 Moz
36.3 Moz
23.3 Moz
53,500
24,000
61,000
M&I Grade (g/t)
2.24
2.41
1.07
Recovery (%)
89.8
92
91
Strip Ratio
5.5
Nameplate Design Throughput (tpd)
Expected Average Annual Production
(oz)
Processing Method
Number of Autoclaves
Key Infrastructure
Mine Life
1,500,000
1.2
3
1,042,000 – 1,125,000
3.7
3
~650,000
Flotation/Autoclaving/Leaching
Autoclave/Leaching/Ag/Cu Recovery
Gravity Concentration/High-Intensity Leaching
Ball Mill Underflow & Gravity Tails Leaching
2 medium
4 large
N/A
Natural gas pipeline/Power plant
Oxygen plant
Power plant and Transmission Line/
Oxygen plant/Lime Kilns/Limestone
Grinding
180 km 230kV Transmission Line
27 years
25 years
22 years
Notes:
Donlin Gold estimates as per the updated feasibility study. Peer data as per company documents, public filings and websites. 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)
Capital expenditure shown on a 100% project basis.
2)
Capital expenditure of US$3.7B disclosed in Barrick Gold’s press release dated 01/15/13, plus a net incremental cost of approximately US$300M for the power plant.
3)
Production expected for first full five years of operation.
4)
Revised at end of 3Q 2012, as per press release dated 11/8/12.
39

40. logistics & supply chain
WEST COAST RIVER BARGE UP KUSKOKWIM RIVER WITH TWO PORT FACILITIES
40

41. logistics & supply chain
POWERING THE PROJECT
▸
▸
Project would require 153MW of
electricity to power the mill &
facilities
Fueled by natural gas transported
via a 315-mile-long, 14-inch
pipeline
▸
Donlin Gold has studied various pipeline
routes and collected baseline data on:
•
•
•
•
Wetlands, stream crossings and aquatic
resources
Cultural sites
Seismic conditions
The Iditarod Trail
41

42. permitting in the U.S.
LARGE PROJECTS HAVE BEEN SUCCESSFULLY PERMITTED
Project Name
Location
Metal
Time
Description
Red Dog Mine
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
Rochester Mine
Nevada
Silver
~1 year
•
•
Expansion – new heap leach & mine reopening
EA/permitting completed in 2011
Cortez Gold
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 Gold
Nevada
Gold
~2 years
•
•
Reactivation
EIS/permitting completed in 2012
Colorado
Molybdenum
~5 years
•
•
•
Re-opening
State permitting completed in 2012
New production began in 2012
Climax Molybdenum
42

43. mines the size of donlin gold are scarce
ONLY THREE PROJECTS IN THE WORLD ARE SLATED TO PRODUCE >1MOZ/YEAR
1
156 MINES
>100 Koz
21 MINES
>500 Koz
8 MINES
>800 Koz
3 MINES/
Projects
>1 Moz
Donlin Gold:
Only undeveloped asset in this category in North America
GRASBERG
Indonesia
PUEBLO VIEJO
Dominican Republic
DONLIN GOLD
USA
▸ 1.5 Moz/year in first five full years1
▸ 1.1 Moz/year LOM1
Notes:
Donlin Gold projected annual production represents 100% of which NOVAGOLD’s share represents 50%. All other
production estimates, with the exception of Grasberg, are based on published 2014 average gold annual production
guidance. 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 updated feasibility study.
43

44. project overview
GALORE CREEK, AN EXCEPTIONAL ASSET
▶
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
44

45. project highlights
GALORE CREEK TO BE ONE OF CANADA’S LARGEST COPPER MINES
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 currently constructing the Northwest Transmission Line 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
45
Notes:
See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve and Resource Base” table with footnotes.

46. galore creek key performance indicators
ROBUST ECONOMICS HIGHLY LEVERAGED TO METAL PRICES
All amounts in CAD dollars
Unit
Copper
Gold
Silver
LOM after-tax cash flow
US$/lb
US$/oz
US$/oz
$M
Metal Prices
2.00
900
15.00
1,514
2.65
1,100
18.50
5,118
3.00
1,100
20.00
6,641
3.50
1,200
25.00
9,223
4.00
1,300
30.00
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
Years
13.2
7.8
6.1
4.1
3.3
Payback period
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.
46

47. the NOVAGOLD team
INDUSTRY LEADERS TO BRING DONLIN GOLD THROUGH PERMITTING & BEYOND
MANAGEMENT
Gregory Lang
President & CEO
David Deisley
Executive Vice President and
General Counsel
David Ottewell
Vice President and Chief
Financial Officer
Mélanie Hennessey
Vice President, Corporate
Communications
Ron Rimelman
Vice President, Environment,
Health, Safety & Sustainability
Richard Williams
Vice President, Engineering
and Development
▸
▸
▸
Former President of Barrick Gold North America
35 years experience building & operating major mines
Intimate knowledge of Donlin Gold
▸
▸
▸
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
▸
▸
▸
▸
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
▸
Held variety of senior IR & corporate communications positions with Goldcorp
Inc., New Gold Inc., and Hecla Mining Company
Leading NOVAGOLD’s internal and external communications functions
▸
▸
▸
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
▸
▸
▸
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
47

48. NOVAGOLD 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
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 Company.
48

49. donlin gold management team
Stanley Foo
President/General
Manager
James Fueg
Study Manager
Robert Nick Enos
Environmental and
Permitting Manager
Kurt Parkan
External Affairs
Manager
Meg Day
Human Resources
Manager
Jan Halstead
Administrative and
Finance Manager
30+ years mining industry experience in exploration, mine geology, operations management, project management
and permitting; 12 years mine operations experience in NV including superintendent roles at Cortez and Bald Mtn;
15 years in Alaska in project management and permitting; Previous Project Manager roles with Donlin 1997-99,
2005-2007, served on Donlin Gold LLC board 2008-2010.
Led Donlin Gold’s recent feasibility studies and coordinates all engineering and technical work for project;
20+ years experience in mining, exploration and environmental science; 16 years in Alaska; at Donlin since 2004.
Leads permitting and environmental management for project; primary contact for reg. agencies; 20 years
experience in Alaska in geology, environmental science and permitting management; Previous experience
includes Greens Creek, Calista Corp., as environmental/permitting consultant; Joined Donlin in 2005.
Leads Donlin Gold’s community affairs, communications, government relations and corporate social responsibility
functions; Nearly 30 years public affairs experience in Alaska; Previous roles: External Affairs Director of Nature
Conservancy of Alaska, Deputy Commissioner for Alaska Department of Transportation and Public Facilities,
Special Assistant to the Governor, Legislative Aide and as staff for Alaska House of Representatives Finance
Committee.
22 years human resources experience in the mining industry including 17 years in Alaska; Served in various
senior management positions in Alaska, Utah and Washington and has been involved in the start up of several
mines. Serves on Alaska Miners Association HR Committee, Society of HR Management and Advisory Board
member of University of Alaska.
25+ years accounting and financial analysis experience in construction, investment, telecommunications;
Responsible for growth and development of Accounting, Administration, Purchasing and Contract functions for
Donlin Gold LLC.
49

50. NOVAGOLD reserve/resource table
At April 30, 2012
Donlin Gold (NOVAGOLD 50%)
GOLD
Reserves (100%)1
Proven
Probable
P&P
Resources (100%)3 inclusive of reserves
Measured
Indicated
M&I
Inferred
Tonnage
Mt
Grade*
g/t
Metal content
Moz
NOVAGOLD share**
Moz
7.7
2.32
0.57
0.29
497.1
504.8
2.08
2.09
33.28
33.85
16.64
16.93
7.7
533.6
541.3
92.2
2.52
2.24
2.24
2.02
0.63
38.38
39.01
5.99
0.31
19.19
19.50
3.00
Tonnage
Mt
Grade*
%Cu
Metal content
Mlbs
NOVAGOLD share**
Mlbs
Galore Creek (NOVAGOLD 50%)
COPPER
Reserves (100%)2
Proven
Probable
P&P
Resources (100%)4 inclusive of reserves
Measured
Indicated
M&I
Inferred
GOLD
Reserves (100%)2
Proven
Probable
P&P
Resources (100%)4 inclusive of reserves
Measured
Indicated
M&I
Inferred
SILVER
Reserves (100%)2
Proven
Probable
P&P
Resources (100%)4 inclusive of reserves
Measured
Indicated
M&I
Inferred
69.0
0.61
900.0
450.0
459.1
528.0
0.58
0.59
5,900.0
6,800.0
2,950.0
3,400.0
108.4
706.3
814.7
346.6
0.48
0.50
0.50
0.42
1,147.0
7,786.0
8,933.0
3,230.0
573.5
3,893.0
4,466.5
1,615.0
Mt
g/t
Moz
Moz
69.0
0.52
1.15
0.58
459.1
528.0
0.29
0.32
4.30
5.45
2.15
2.73
108.4
706.3
814.7
346.6
0.48
0.28
0.31
0.24
1.70
6.40
8.00
2.70
0.85
3.20
4.00
1.35
Mt
g/t
Moz
Moz
69.0
4.94
11.0
5.5
459.1
528.0
6.18
6.02
91.2
102.2
45.6
51.1
108.4
706.3
814.7
346.6
4.10
5.38
5.21
4.28
14.30
122.10
136.40
47.73
7.15
61.05
68.20
23.87
50

51. reserve/resource table (con’t)
Copper Canyon (NOVAGOLD 70%)
Resources (100%)5,6
COPPER
Inferred
GOLD
Inferred
SILVER
Inferred
t = metric tonne
M = million
g/t = grams/tonne
* Reserve grade is diluted; resource
grade is in situ.
** NOVAGOLD share net after earn-ins
Tonnage
Grade*
Metal content
NOVAGOLD share**
Mt
%Cu
Mlbs
Mlbs
53.7
0.50
592.0
414.4
Moz
Mt
g/t
Moz
53.7
0.73
1.26
0.88
Mt
g/t
Moz
Moz
53.7
10.60
18.36
12.85
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
51

52. reserve/resource table (con’t)
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
Donlin Gold
Qualified Person(s)
Most Recent Disclosure & Filing Date
Tony Lipiec, P. Eng., AMEC
Donlin Creek Gold Project
Gordon Seibel R.M. SME, AMEC
Alaska, USA
Kirk Hanson P.E., AMEC
Galore Creek
NI 43-101 Technical Report on Second Updated Feasibility Study amended filing on January 23, 2012
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.
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53. contact us
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
info@novagold.com
Mélanie Hennessey
VP, Corporate Communications
melanie.hennessey@novagold.com
Erin O’Toole
Analyst, Investor Relations
erin.otoole@novagold.com
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