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Here are 1-2 brief analogies to describe Novagold Resources (NG):

• It's like a future Barrick Gold or Newmont, but focused entirely on developing a single, massive gold deposit that isn't yet producing.
• Similar to a biotech company whose value is primarily tied to successfully developing a single, blockbuster drug in late-stage clinical trials.

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• Development of the Donlin Gold Project: Novagold Resources is focused on advancing its 50% owned Donlin Gold project, one of the world's largest undeveloped gold deposits in Alaska, towards commercial production.

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Novagold Resources (NG)

Novagold Resources (NG) is a gold exploration and development company, primarily focused on advancing the Donlin Gold project in Alaska. As such, it does not currently have "major customers" in the traditional sense of selling a finished product, as it is in the pre-production stage and is not yet producing gold.

However, if the Donlin Gold project were to go into production, Novagold (along with its joint venture partner) would primarily sell unrefined or refined gold to other companies. These potential major customers typically include:

• Gold Refineries: These companies specialize in processing raw gold doré bars (an alloy of gold and silver) from mines into high-purity gold bars. Examples include Metalor Technologies SA, Argor-Heraeus SA, and Valcambi SA (these are typically private companies or subsidiaries of larger groups).
• Bullion Banks and Major Financial Institutions: These institutions act as significant purchasers, traders, and holders of physical gold for investment, hedging, and other financial purposes. Examples include:
  • JPMorgan Chase & Co. (NYSE: JPM)
  • HSBC Holdings plc (NYSE: HSBC)
  • UBS Group AG (NYSE: UBS)
• Large Industrial Users or Manufacturers: While direct sales from a mine to these entities are less common, the refined gold output eventually finds its way to industries such as jewelry manufacturing, electronics, and dentistry, typically through refiners and dealers.

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Gregory A. Lang, President & Chief Executive Officer

Mr. Lang has served as President and Chief Executive Officer of Novagold Resources Inc. since 2012. Prior to joining Novagold, he was the President and Chief Executive Officer of Barrick Gold North America. He also held various operating and project development positions at Homestake Mining Co and International Corona Corp, both of which are now part of Barrick Gold. Mr. Lang is currently a Director of Trilogy Metals Inc.

Peter Adamek, Vice President & Chief Financial Officer

Mr. Adamek was appointed Vice President and Chief Financial Officer of Novagold Resources Inc. in 2024. Before his role at Novagold, he served as the Chief Financial Officer for the Arizona Business Unit and Vice President of Finance at Hudbay Minerals Inc. His professional background also includes work in equity research at RBC Capital Markets Global Mining division and in the Toronto Audit practice of KPMG, focusing on the global mining and manufacturing sectors.

Dr. Thomas S. Kaplan, Chairman of the Board

Dr. Kaplan has been the Chairman of Novagold Resources Inc. since 2011. He is also the Chairman and Chief Executive Officer of The Electrum Group LLC, a privately held global natural resources investment management company. Dr. Kaplan founded Leor Exploration & Production LLC in 2003, a natural gas exploration and development company, and subsequently sold its natural gas assets to EnCana Oil & Gas USA Inc. for $2.55 billion in 2007. He also founded Apex Silver Mines, which was initially backed by George Soros, though Dr. Kaplan sold his stake before the mine was fully developed. The Electrum Group, his private equity firm, made a significant investment in Novagold in 2009.

Richard Williams, Vice President & Chief Operating Officer

Mr. Williams serves as Vice President and Chief Operating Officer of Novagold. He brings over 30 years of experience from Barrick Gold, where he was involved in developing and operating major mines. Notably, he served as the Project Director for the Pueblo Viejo project in the Dominican Republic.

Mélanie Hennessey, Vice President, Corporate Communications

Ms. Hennessey is Novagold's Vice President, Corporate Communications. She possesses extensive experience in investor relations, corporate communications, crisis management, and mergers and acquisitions within the precious metals mining industry. Her previous roles include senior positions at Goldcorp Inc., New Gold Inc., and Hecla Mining Company.

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The key risks to Novagold Resources (NG) primarily revolve around the advanced development stage of its flagship Donlin Gold project. The most significant risks include:

1. Project Development and Capital Intensity: Novagold's primary asset, the Donlin Gold project, is a large-scale, capital-intensive undertaking that requires substantial funding for its development and construction. The company is currently pre-production and operates at a net loss, relying on equity offerings and strategic partnerships for financing. The estimated capital needed to bring the mine into production is projected to be well over $10 billion in inflation-adjusted dollars. Risks include potential cost overruns, delays in completing the Bankable Feasibility Study (BFS), and challenges in securing the necessary future financing, which could lead to significant shareholder dilution.
2. Permitting, Regulatory, and Environmental Challenges: Despite having secured many federal and state permits, the Donlin Gold project faces ongoing legal and regulatory hurdles, as well as considerable opposition from indigenous groups and local communities. Concerns are focused on the potential adverse environmental impacts, such as chemical contamination from a proposed tailings dam, damage to wild salmon habitats, and the risks associated with transporting hazardous chemicals via river. Delays in obtaining all required regulatory approvals, adverse court rulings, or sustained opposition could significantly impact project timelines and overall feasibility.
3. Commodity Price Volatility (Gold Price): As a company primarily focused on gold development, Novagold's future profitability and the economic viability of the Donlin Gold project are highly sensitive to fluctuations in the price of gold. A significant decline in gold prices could make the substantial capital investment required for the project less attractive or even unfeasible, potentially leading to a decrease in Novagold's share price and a re-evaluation of the project's development.

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The increasing adoption and institutional acceptance of cryptocurrencies, particularly those positioned as "digital gold," which could erode physical gold's long-standing appeal as a primary store of value and safe haven asset.

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Addressable Market for Novagold Resources' Main Product (Gold)

• Main Product: Gold
• Market Region: Global
• Market Size: The global gold market was valued at approximately USD 291.68 billion in 2024.
• Projected Market Size: The global gold market is projected to reach around USD 400 billion by the end of 2030 and USD 457.91 billion by 2032.

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Novagold Resources (NG) is a development-stage company with no current revenue, focused primarily on its flagship Donlin Gold project in Alaska. Therefore, expected drivers of future revenue growth over the next 2-3 years are intrinsically linked to the successful advancement and eventual production of this project.

Here are 4 expected drivers of future revenue growth for Novagold Resources:

1. Advancement and Completion of the Donlin Gold Bankable Feasibility Study (BFS): A critical near-term driver is the progression and completion of a fully updated Bankable Feasibility Study (BFS) for the Donlin Gold project. Requests for Proposals (RFPs) have been issued to leading engineering firms, with work anticipated to commence before the end of 2025. This study, expected to take approximately two years to complete by the end of 2027 and cost around $80 million, is crucial for de-risking the project, refining capital and operating costs, and securing future financing for construction.

2. Increased Ownership Stake in the Donlin Gold Project: Novagold successfully acquired an additional 10% interest in the Donlin Gold project on June 3, 2025, raising its total ownership stake to 60%. This significant increase in ownership means that once the mine is in production, Novagold will be entitled to a larger share of the gold output and associated revenues, providing a foundational boost to future financial performance.

3. Sustained Favorable Gold Market Conditions: As a gold development company, Novagold's future revenue potential is heavily reliant on prevailing gold market conditions. Strong and sustained high gold prices, as highlighted in recent company presentations and analyst commentary, significantly enhance the economic viability and attractiveness of the Donlin Gold project, making it more conducive for investment and development.

4. Continued Permitting Progress and Strong Stakeholder Relationships: The ongoing advancement of the Donlin Gold project's permitting process, including state and federal permits, coupled with strong relationships with local communities and Alaska Native corporations, is fundamental to the project's ability to move towards construction and ultimately production. Maintaining its "social license" through continuous engagement is vital for the long-term, sustainable development necessary to generate future revenue.

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Share Issuance

• In May 2025, Novagold closed an upsized public offering and concurrent private placement, generating approximately $234.1 million in net proceeds.
• In June 2025, the underwriters fully exercised their option, raising an additional $25.6 million in net proceeds.
• The total proceeds from these offerings, approximately $260 million, were primarily used to fund the Donlin Gold acquisition and for general corporate purposes.

Outbound Investments

• In June 2025, Novagold acquired an additional 10% ownership interest in Donlin Gold LLC from Barrick Gold Corporation for $200 million, increasing its stake in the project to 60%.

Capital Expenditures

• For fiscal year 2025, Novagold's revised share of the Donlin Gold project funding is $24 million, part of Donlin Gold's overall $43 million budget, with a focus on advancing the project, including a drill program and an updated Feasibility Study.
• In fiscal year 2024, net annual cash expenditures totaled $24.5 million, which included $12.4 million for Novagold's share of the Donlin Gold project.
• In fiscal year 2023, Novagold's share of funding for the Donlin Gold project was $17.752 million, primarily directed towards project planning, fieldwork, permitting, environmental, and community relations activities.