novagold.com

NYSE-MKT, TSX: NG | June 5, 2014

2014 Annual & Special Meeting of Shareholders

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 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 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.

EXCEPTIONAL IN SCALE, QUALITY, AND JURISDICTIONAL SAFETY

why NOVAGOLD?

3

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

PROJECTS CONTINUE TO ADVANCE ON TIME AND ON BUDGET

2013 achievements

4

maintaining a healthy balance sheet

continued to advance permitting of Donlin Gold with completion of public scoping

and advanced preparation 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

CONSISTENT GOAL IN MIND WITH A CLEAR STRATEGY TO DELIVER

2014 activities & milestones

advance permitting of the Donlin Gold project

maintain a healthy balance sheet

undertake and advance Galore Creek technical studies

evaluate opportunities to monetize the value of Galore Creek

maintain an effective corporate social responsibility program

5

ATTRIBUTES POSITION IT AMONG THE WORLD’S MOST SIGNIFICANT GOLD

DEPOSITS

donlin gold a large high-grade gold project located in a tier-one jurisdiction, alaska

EXCEPTIONAL reserve size

OUTSTANDING production profile

HIGH-QUALITY grades

SIGNIFICANT exploration upside

FAVORABLE jurisdiction

LOW COST operation

6

39Moz M&I resources2

2.2g/t M&I grade

Contained Gold1

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.

27year mine life

34Moz P&P reserves

2.1g/t P&P grade

6Moz Inferred resources

2.0g/t Inferred grade

donlin gold the largest development-stage gold project in the world

M&I Gold Resource2

>30 million oz.

>10 million oz.

>4 million oz.

Donlin Gold: 39.0 M oz.

Livengood: 15.7 M oz.

Metates: 19.0 M oz.

Haile: 4.0 M oz.

Aurora: 6.5 M oz.

Rainy River: 6.2 M oz.

Tropicana: 6.8 M oz.

Source: 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”). Peer group resource data from RBC Capital Markets Research, focusing on large, open pit, gold focused development projects. 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.

1) Source: Canaccord Genuity Research, “Don’t Fear the Reaper,” January 8, 2013. This report ranks each of the top twenty gold-producing countries in terms of jurisdictional safety.

Jurisdictional Considerations1

Safest Somewhat Safe Unranked Less Safe Riskiest

7

Hycroft Mine Expansion:

24.3 M oz.

Rosia Montana: 17.1 M oz. Canadian Malarctic:

11.7 M oz.

A REMARKABLY HIGHER RESOURCE WHEN COMPARED TO EMERGING OPEN-

PIT DEPOSITS

donlin gold emerging top-tier producer in safe jurisdiction

1.102

0.76

0.60 0.58

0.34 0.33

0.19 0.13

1.501

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

Donlin Gold Metates Kibali Livengood Tropicana East Rainy River Aurora Haile

Location USA Mexico DRC USA Australia Canada Guyana USA

Owner(s) NOVAGOLD (50%)

Barrick (50%)

Chesapeake

(100%)

Randgold (45%)

AngloGold (45%)

DRC (10%)

ITH Mines (100%) AngloGold (70%)

Ind. Group (30%)

New Gold (100%) Guyana Goldfields

(100%)

Romarco (100%)

Source: Donlin Gold data: Updated Feasibility Study. 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. RBC peer group data based on large, open pit, gold focused development projects. 1) Projected annual gold production during first five full years of mine life; 2)

Projected annual gold production during full life of mine.

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

8

DONLIN GOLD’S GRADE IS AT THE TOP OF THE LIST COMPARED TO WORLD’S

BIGGEST PRODUCERS

donlin gold expected to emerge as one of the highest-grade gold producers

9 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.

2.56

2.24 2.22

1.95 1.90

1.37 1.32

1.02

0.89 0.84

0.78

0.00

0.50

1.00

1.50

2.00

2.50

3.00

AgnicoEagle

Donlin Gold Gold Fields Polyus AngloGoldAshanti

Barrick Harmony Eldorado Newmont Yamana GoldcorpDonlin

Gold

M&I Au Grade (g/t)

MULTIPLE DRILL PROSPECTS AND TARGETS EXIST ALONG 8KM TREND

donlin gold substantial exploration potential

10

▶ 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 district

▶ Between 2002 and 2010, drilling programs

more than doubled the mineral endowment

▶ Inferred mineral resource: 6 million ounces

of gold within the resource pit shell

• Potential to convert to M&I category

during mining, representing upside

potential to project economics

donlin gold project permitting is on track

11

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

1.5Moz/year first five full years1

1.1Moz/year life of mine1

4

Notes: 1) Donlin Gold data as per the updated feasibility study. Projected 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.

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

no new and substantial gold discoveries

12 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.

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

2011 gold peaked

at US$1,920/oz

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 mining

development

ALASKA IS COMMITTED TO RESPONSIBLE RESOURCE DEVELOPMENT

favorable geo-political jurisdiction

▶ Alaska is the second largest U.S. gold-

producing State

▶ Well-defined permitting process

▶ Four large precious metals mines, one

coal mine & two base metals mines

▶ Numerous small-scale mines

▶ Natural resource projects integral to the

State’s economy

▶ Strong and time-tested community support

13

JURISDICTIONAL SAFETY IS MORE THAN GEOGRAPHIC LOCATION

the right stakeholders

Committed Stakeholders

▶ Calista Corporation (mineral owner)

▶ The Kuskokwim Corporation (surface owner)

“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

14

NATIVE CORPORATIONS WANT TO LEAD THE ECONOMIC DEVELOPMENT OF THEIR REGIONS

mining an integral part of communities

▶ ANCSA established 40 years ago; resolved

legal issues related to Native title claims

▶ Lands valuable for resource potential

selected by Regional Corporations under

ANCSA

▶ Native corporations have an owner’s interest

in the development of the selected lands to

support the economic prosperity of their

shareholders

▶ Mining is compatible and consistent with

subsistence lifestyles

Donlin Gold has the support of the land

owners through a 20+ year relationship

15

EARNING OUR SOCIAL LICENSE AND FORMING LASTING RELATIONSHIPS

working together to build a better future

16

▶ Personal contact

• Active outreach effort to more than 60 remote communities in the region

• Village meetings, camp presentations, mine visits

▶ Communications

• Broad and diverse reach, many materials translated into Yup’ik

• Monthly newsletter, radio announcements, social media, website

▶ Community investments

• Serving to help create a culture that will last for generations

• Safety initiatives, community wellness, economic opportunities

▶ Workforce and skills development

• Promote and enhance youth education

• Encourage local hire

• School programs, internships, scholarships

THE KIND OF ASSET YOU CAN BUILD A COMPANY AROUND

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

STRONG copper grades

SIGNIFICANT gold & silver content

GROWING resources

CONSIDERABLE exploration upside

SAFE jurisdiction

17

9Blbs copper

8Moz gold

136Moz silver

0.5% copper

0.3g/t gold

5.2g/t silver

M&I Resources1

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.

18year mine life

AMONG HIGHEST COPPER GRADE COMPARED TO NORTH AMERICAN ASSETS

galore creek grade peer comparisons

18

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

Notes:

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

0.50

0.45

0.42 0.40

0.32 0.30

0.27

0.24

0.21

0.18 0.18

0.00

0.10

0.20

0.30

0.40

0.50

0.60

GaloreCreek

Pebble Rosemont Catface Red Chris Berg SchaftCreek

NewProsperity

KSM MountMilligan

Casino

CLEAR FOCUS BEGINS WITH STRONG FUNDING TO EXECUTE ON ALL FRONTS

financial obligations have decreased substantially

19

$0

$20

$40

$60

$80

$100

$120

$140

2012 Act(1) 2013 Act 2014 Bud

DiscOps G&A Donlin Gold Galore Creek Interest & other

1

- 70%

- 23%

Notes:

1) 2014 anticipated budget expenditure disclosed on

February 11, 2014

2) Market Capitalization as of May 30, 2014 based on

317.3 million shares issued and outstanding.

3) Includes US$ 110 million in term deposits as of

February 28th 2014.

4) The Notes mature on May 1, 2015.

market cap2

$955

cash and term

deposits3

$182

convertible notes4

$16

in millions of U.S. dollars

red

uce

d b

y ~

$1

00

M

Thomas S. Kaplan

Chairman’s closing remarks

20

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

1/30/1970 1/30/1975 1/30/1980 1/30/1985 1/30/1990 1/30/1995 1/30/2000 1/30/2005 1/30/2010

Gold Price ($USD)

856

2010 2014 2005 2000 1995 1990 1985 1980 1975 1970

21

why gold? gold has been in a secular bull market since 2000

496

34

409

700

1207

1882

1370

why gold? despite recent price turbulence, fundamental demand drivers remain unchanged

Current Correction Is In Line With Historical Precedent; 1980-Style Parabolic Rise Has Yet to Occur

Gold Prices During Historical and Current Price Corrections

Current Data through December 2013 Indexed(a)

Source: Bloomberg. Trading Days Since Beginning of Correction Period

Gold Prices During Historical and Current Bull Markets

Current Data through December 2013

Months Since Beginning of Bull Market

Indexed(a)

(a) Start date is 12/30/1974 for previous correction and 10/5/2012 for current correction. (b) Start date is 1/1/1968 for 70s Bull Market and 1/1/2001 for Current Bull Market. Indexes are for

illustrative purposes only. Past performance is not indicative of future results.

50

60

70

80

90

100

110

120

1 51 101151201251301351401451501551601651701751801851901

Previous Correction (December 1974 to July 1978)

Current Correction (September 2011 to December 2013)

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

1 12 23 34 45 56 67 78 89 100 111 122 133 144 155

70s Bull Market Current Bull Market

▶ During 2013, gold prices dropped 28% to $1,202/oz., driven by reduced allocations to gold-backed futures and ETFs

from U.S. hedge funds, institutions, and mutual funds. As a result, some commentators called an end of the bull market

in gold.

▶ However, we believe that the recent price correction will be temporary, similar to the 1974 to 1976 correction in gold

prices during the bull market of 1968 to 1980 and the 1987 downturn in the Dow Jones Industrial Average:

• During the last gold price correction (1974 to 1976), gold prices dropped by nearly 50%; following the correction,

gold prices resumed their upward climb.

▶ We believe that the fundamental drivers that support gold’s upward trajectory are still in place:

• Amidst some encouraging US economic data, core underlying issues remain unsolved (i.e., high sovereign debt,

expansionary monetary policies, structural federal deficits)

• Exceptionally strong demand from emerging markets, led by China, India, and the Middle East

• As central banks diversify their foreign reserves, gold should continue to be a highly relevant asset class

• Supply remains stagnant, constrained by low discovery rates, rising costs, declining grades, and jurisdictional risk

22

why gold? the revaluation

23

Gold has served mankind for five millennia, protecting wealth from high inflation, negative real interest

rates, volatile currencies, rising and falling empires, declining stock values, and other crises.

HISTORIC

HAVEN

RISING TIDE We believe that gold is in a secular bull market, driven by financial and macro-economic developments, a

shift in central bank activity, and significant supply/demand pressures.

Financial and economic problems have highlighted the value of gold for governments, SWFs, central

banks, institutions and private investors, who seek the capital appreciation potential and stabilizing effect

on overall wealth that gold can provide. Yet gold remains strikingly under owned.

INVESTMENT

ATTRACTION

Gold production growth rates have slowed. New discoveries are increasingly difficult and costly to find,

highly risky, and require long lead times to reach production. Central banks, formerly a source of supply,

have been net purchasers since 2009.

SUPPLY

CHALLENGES

CURRENCY

DEBASEMENT

Major reserve currencies are being debased: the USD, the Euro, the Sterling, the Yen and even the Swiss

Franc. After a 40-year secular trend of attempted de-monetization, gold has re-asserted itself as the only

currency that cannot be debased or printed.

NO

COUNTERPARTY

RISK

Gold is the only major store of value which does not represent someone else’s liability.

EMERGING

MARKETS

Economic growth, particularly in developing economies, has supported gold’s upward trajectory; emerging

markets represented the source of 84% of physical gold demand in 2013. Strong demand from key

emerging markets may also reflect investors’ desire for a liquid, low-risk investment that can serve as a

hedge against inflation.

Past performance is not indicative of future results.

why gold? a valuable portfolio diversifier

24

COMPARATIVE RETURNS

Notes:

Indexes are for illustrative purposes only. Past performance is not indicative of future results.

Gold provides excellent portfolio diversification due to its low correlation with most other asset classes,

including equities, bonds, other commodities, and the U.S. dollar.

Unlike other commodities, gold tends to retain value during recessions and deflationary periods.

Gold’s performance over the last decade vindicates its status as a valuable diversifier. Over the last

decade, gold has surged relative to other investment classes; it has outperformed equities, risen in price as

oil fell sharply in Q4 2008 and again in Q2 2011 (signifying an historic de-coupling) and outperformed the

Commodity Research Bureau (CRB) Futures Index by 28% between December 2008 and December 2013.

We believe it will continue to do so because gold is more than a mere commodity.

PORTFOLIO

DIVERSIFICATION

AND CAPITAL

PRESERVATION

GOLD HAS RETAINED VALUE IN UNCERTAIN TIMES GOLD’S 10-YEAR HISTORICAL CORRELATION

100.0%

40.0% 44.0%

89.0%

27.0%

(5.0%)

(50.0%)

(65.0%)

(31.0%)

(80.0%)

(60.0%)

(40.0%)

(20.0%)

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

1814 to 1830 1864 to 1897 1929 to 1933

Gold Silver Other Commodities

SOURCE: INCREMENTUM AG.

% CHANGE

SOURCE: CPM GROUP.

0.94

0.67

0.33 0.28 0.28

0.14

(0.49)

(0.63)

(0.81) (0.88) (1.00)

(0.50)

0.00

0.50

1.00

Silv

er

Oil

FT

SE

10

0

$/E

uro

S&

P 5

00

MS

CI W

orld

Ind

ex

Nik

kei

13 W

eek T

-Bill

30 Y

ear

T-B

ond

10 Y

ear

T-N

ote

Percent Change

31-Dec-13 1 year 5 year 10 year

Gold $1,202.30 -28.3% 36.0% 188.9%

Silver $19.37 -35.9% 71.5% 224.7%

Oil $98.42 7.2% 120.7% 202.6%

S&P 500 1,848.36 29.6% 104.6% 66.2%

FTSE 6749.09 14.4% 52.2% 50.8%

Nikkei 16291.31 56.7% 83.9% 52.6%

MSCI World Index 1661.07 24.1% 80.5% 60.3%

$/Euro $1.37 4.2% -1.6% 9.1%

13 Week T-Bill 0.6% 0.5% 0.8% 1.8%

10 Year T-Note 3.0% 2.4% 2.6% 3.5%

30 Year T-Bond 4.0% 3.2% 3.7% 4.2%

Notes: T-bill, T-note, and T-bond are average rates of return.

Source: CPM Group

why gold? flourishes in inflation and deflation

25

Gold has historically retained value on a relative and absolute basis. When imploding asset classes created a

deflationary spiral in 2008 and 2009, oil, equities, currencies, agricultural and commodities declined. As a safe

haven, gold retained its value, as investors sought to protect their savings and hedge against financial market

default.

GOLD RETAINS

VALUE

HISTORICAL

DEFLATIONARY

PRECEDENT

In prior periods of significant economic downturn such as the Great Depression, average gold prices rose

(e.g., 76% from $19.75 in 1929 to 1932, to $34.69 in 1934). A July 2011 Oxford Economics Group model of a

wave of defaults in the Eurozone countries concluded that gold would perform strongly in a deflationary

scenario.

SIGNIFICANT

INFLATIONARY

PRESSURES

Gold can play an important role in preserving purchasing power and minimizing downside risk. Inflation, or

expectations of inflation, can have a substantial impact on the price of gold, which is a trusted inflation hedge.

Unprecedented fiscal and monetary incentives have been used to stimulate the global economy and could

fuel inflationary pressures. Certain emerging economies are already experiencing significant inflation rates,

further fueling gold demand.

GOLD PRICES VS. CHANGE IN CPI, SEPTEMBER 2008 TO MARCH 2009

MONTHLY DATA

SOURCE: CPM GROUP.

Past performance is not indicative of future results.

GOLD AND INDIAN INFLATION

ANNUAL, THROUGH 2013

SOURCE: BLOOMBERG.

INDIAN INFLATION (%) GOLD PRICE (K INR)

(2.0%)

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

$0

$200

$400

$600

$800

$1,000

Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09

MoM CPI Gold Price

GOLD PRICE ($/OZ.) CHANGE IN CPI

0.0

25.0

50.0

75.0

100.0

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013

26.7%

11.3%

6.9%

2.2% 1.7%

51%

BLUE CHIP INSTITUTIONAL QUALITY INVESTMENT

why NOVAGOLD? excellent and committed shareholder base

26

Institutional

Ownership

80%

held by top

5 shareholders(1)

49%

Notes:

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

committed to Shareholder Value

Electrum Strategic

Resources LP

Paulson & Co.

Inc

The Baupost

Group, L.L.C.

Tocqueville Asset

Management Sun Valley

Gold, LLC

Other

why NOVAGOLD? why now?

NOVAGOLD offers:

▶ TOP TIER, high-grade assets with excellent exploration upside

▶ SAFEST leverage to a massive gold endowment

▶ PROLIFIC gold production for decades to come

▶ SUPPORTIVE, loyal, and engaged stakeholders

▶ ACCOMPLISHED team in building & operating large-scale mining assets

▶ STRONG balance sheet

27

In an environment where:

▶ Gold is in a secular bull market

▶ Macroeconomic environment supportive of continued trend toward higher price

▶ Grades are declining

▶ New discoveries are few

▶ Global exploration & development shrinking

▶ Geopolitical risks increasing

novagold.com

appendix

INDUSTRY LEADERS TO BRING DONLIN GOLD THROUGH PERMITTING & BEYOND

the NOVAGOLD team

29

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

30

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.

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

Resources (100%)4 inclusive of reserves

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

Resources (100%)4 inclusive of reserves

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

Resources (100%)3 inclusive of reserves

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

31

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

32

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)

33

34

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

contact us