Here are 1-3 brief analogies for NovaGold Resources:

• Like a future Newmont (a major gold producer) focused on developing one giant mine.
• Think of it as a pre-production Barrick Gold (another major gold miner), entirely dedicated to building out its flagship Alaskan project.

• Gold Exploration: The company identifies and evaluates potential gold deposits in mineral properties.
• Gold Mineral Property Development: The company advances identified gold deposits towards potential mining operations.

Greg Lang, President & Chief Executive Officer

Mr. Lang has over 35 years of diverse experience in mine operations, project development, and evaluation. He served as President of Barrick Gold North America, a wholly-owned subsidiary of Barrick Gold Corporation. Prior to his 10-year tenure with Barrick, he held progressively responsible operating and project development positions with Homestake Mining Company and International Corona Corporation, both now part of Barrick. He assumed the role of President and Chief Executive Officer of NOVAGOLD in January 2012.

Peter Adamek, Vice President & Chief Financial Officer

Mr. Adamek was appointed Vice President and Chief Financial Officer, effective July 15, 2024. He is a highly experienced financial executive with over 20 years of expertise in corporate finance, capital markets, financial reporting, tax, and information technology in the mining sector. Prior to joining NOVAGOLD, he held progressively senior management roles at Hudbay Minerals Inc., including CFO for the Arizona Business Unit, and then Vice President, Finance. He also worked in equity research at RBC Capital Markets Global Mining division and at KPMG's Toronto Audit practice, focusing on global mining and manufacturing sectors.

Richard Williams, Vice President & Chief Operating Officer

Mr. Williams is Vice President and Chief Operating Officer, responsible for the engineering and technical advancement of the Donlin Gold Project. He spent over 30 years with Barrick Gold developing and operating major mines, including serving as Project Director of the Pueblo Viejo project in the Dominican Republic. He is a knowledgeable and experienced leader in autoclave technology, which is planned for use at Donlin Gold.

Mélanie Hennessey, Vice President, Corporate Communications

Ms. Hennessey is responsible for NOVAGOLD's internal and external communications and investor relations. She has extensive experience in investor relations, corporate communications, crisis management, and mergers and acquisitions within the precious metals mining industry. Prior to NOVAGOLD, she served in various executive and senior roles with Goldcorp Inc., New Gold Inc., and Hecla Mining Company.

Ben Machlis, Vice President & General Counsel

Mr. Machlis is an experienced natural resources and environmental attorney. Before joining NOVAGOLD, he was a partner at Dorsey & Whitney, where he chaired its regulatory affairs practice group, representing mining, renewable development, and other industrial companies on permitting, project development, operational compliance, closure, and remediation issues.

The key risks to NovaGold Resources (NG) are primarily concentrated around the development and successful execution of its principal asset, the Donlin Gold project, coupled with external market factors and stakeholder opposition.

1. Single Asset Dependency and Project Execution Risks: NovaGold is a development-stage company with its entire value proposition tied to the Donlin Gold project. Any adverse developments at this sole material mineral property would have a significant negative impact on the company. The project faces a lengthy development timeline, with a construction decision targeted for 2027 and commercial production not projected until around 2031, leaving many years for potential delays, cost overruns, or unforeseen technical challenges. As a company with no current revenue stream, NovaGold is entirely dependent on its ability to raise substantial capital to fund its share of the Donlin Gold budget, and there is an ongoing need for additional capital for the Bankable Feasibility Study and subsequent construction. The remote location in Alaska also presents significant logistical hurdles that could affect the project's timeline and budget.

2. Environmental, Regulatory, and Social Opposition Risks: The Donlin Gold project faces considerable opposition from indigenous communities and environmental groups due to concerns about its potential adverse environmental and cultural impacts. The proposed large-scale open-pit mine, located along the Kuskokwim River, could lead to contamination of water with mercury and cyanide, destruction of wetlands, and the creation of massive tailings dams, which pose long-term environmental hazards. Ongoing legal challenges have resulted in court-ordered supplemental environmental studies, which can cause project delays and increase regulatory scrutiny. Incomplete state and local permitting processes also introduce regulatory uncertainty and potential for further delays. This strong opposition and the associated environmental and permitting complexities could significantly impede the project's advancement or even its ultimate approval.

3. Gold Price Volatility: As a gold exploration and development company, NovaGold's financial viability and the economic feasibility of the Donlin Gold project are highly sensitive to fluctuations in global gold prices. Gold prices are influenced by various factors beyond the company's control, such as geopolitical events, shifts in monetary policy, and general market sentiment. A significant or sustained downturn in gold prices could adversely affect the project's projected profitability and the company's overall financial stability, potentially rendering the massive capital investment less attractive or uneconomical.

Novagold Resources Inc. (NG) is a development-stage gold company primarily focused on its Donlin Gold project in Alaska. As such, the company is not currently generating revenue, and analysts project zero revenue for fiscal years 2025, 2026, and 2027. Therefore, the expected drivers of future revenue growth over the next 2-3 years are related to advancing the Donlin Gold project towards production, which is anticipated to begin around 2031.

The key drivers of future revenue growth for Novagold Resources (NG) include:

1. Completion of the Bankable Feasibility Study (BFS) for the Donlin Gold project: The selection of Fluor to lead the BFS in February 2026 is a critical step towards securing financing and advancing the development of the Donlin Gold project. A successful completion of this study is considered a "green light" for the project's progression, providing an integrated engineering, cost, and schedule framework.
2. Securing project financing for the Donlin Gold project: Novagold is actively working on securing the necessary financing for the Donlin Gold project, with efforts to obtain capital beginning in tandem with the Bankable Feasibility Study. The company has recently strengthened its financial position through public and private offerings, generating significant proceeds to advance the project.
3. Achieving a final investment or construction decision for the Donlin Gold project: Novagold has indicated a target for a construction decision on the Donlin project by 2027. This pivotal decision would mark the definitive commitment to build the mine and initiate the major capital expenditures required for construction, ultimately leading to future gold production and revenue.
4. Continued positive permitting and regulatory approvals for the Donlin Gold project: The Donlin Gold project has made progress in the permitting process, including acceptance into the FAST-41 federal permitting program and favorable rulings from the Alaska Supreme Court on key state permits in November 2025. Ongoing and timely receipt of all necessary permits and regulatory approvals are essential to avoid delays and ensure the smooth advancement of construction and operations.
5. Sustained favorable gold prices: While not a direct operational driver, a robust and sustained gold price environment significantly enhances the economic viability of the Donlin Gold project. Analysts have noted a positive outlook for gold prices, which could substantially increase the net present value of the project and its attractiveness to investors and financiers. A strong gold market is perceived to be entering a major bull market, which would benefit the project's future revenue potential.

Share Repurchases

• NovaGold Resources' 3-Month Share Buyback Ratio was -1.80% as of August 2025, and -6.8 according to another source, indicating no share repurchases or potential share issuance.

Share Issuance

• In June 2025, NovaGold completed a public offering, issuing approximately 48 million common shares for $195.2 million, with an additional 7.2 million common shares from an overallotment option.
• A private placement concurrent with the May 2025 public offering resulted in the issuance of approximately 17.2 million common shares for $64.4 million.
• In February 2026, NovaGold closed an upsized bought deal private placement of 31,020,000 common shares at $10.00 per share, generating gross proceeds of approximately $310 million, intended for Donlin Gold activities, settlement of a promissory note with Barrick, and general corporate purposes.

Inbound Investments

• On June 3, 2025, NovaGold increased its economic interest in the Donlin Gold project to 60% by acquiring an additional 10% from Barrick for $200 million, as part of a $1 billion transaction where Paulson Advisers LLC acquired the remaining 40% interest.
• As consideration for providing a backstop commitment on April 22, 2025, NovaGold issued Backstop Warrants with an estimated aggregate fair value of $39.6 million to three institutional investors, including Electrum.

Capital Expenditures

• Donlin Gold's board approved a fiscal 2026 budget of $131.4 million, with NovaGold's share at $78.8 million, to advance the Bankable Feasibility Study, permitting, community relations, and environmental work.
• NovaGold's net annual cash expenditures in 2025 were $36.5 million, which included $22.5 million to fund its share of the Donlin Gold project.
• In 2024, net annual cash expenditures were $24.5 million, with $12.4 million allocated to NovaGold's share of the Donlin Gold project. NovaGold's anticipated expenditures for fiscal year 2024 included approximately $14.3 million for the Donlin Gold project.