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Q Why should an investor be interested in NOVAGOLD? ANOVAGOLD owns 50 percent of the Donlin Gold Investors should also be encouraged that the project, one of the largest and among the highest- grade open-pit gold development projects in the world. With approximately 39 million ounces of gold in the measured and indicated resource categories grading 2.24 grams per tonne* – and an exceptional exploration potential along an eight-kilometer gold mineralized belt – Donlin Gold is located in Alaska, a jurisdiction with a record of support for responsible resource development. The recently completed federal permitting process, which resulted in the issuance of a joint Record of Decision (ROD) by the U.S. Army Corps of Engineers and the Bureau of Land Management (BLM), has substantially de-risked the project. When the time is right, Donlin Gold has the potential to produce, on average, more than one million ounces of gold per year over a 27-year mine life, which would make it one of the world’s largest modern gold mines. While these attributes make NOVAGOLD compelling for investors looking for size, grade, scale, resource growth, and jurisdictional safety, there’s more to consider. Mine development and operation is a complex business, and we’re fortunate to have a great partner in Barrick. Among the largest companies in the gold mining industry, Barrick has expertise in project development and operation. And we’re blessed to have Calista and TKC, owners of mineral and surface rights, as Native Corporation partners. recently completed drill program at Donlin Gold delivered better-than-expected results, providing valuable input to advance project optimization work to improve capital e ciencies and enhance the project’s execution plan. These results are indicative of the resource potential that exists at Donlin Gold. We are also strong  nancially. With a treasury of $167 million as of November 30, 2018, and $100 million expected to come from Newmont over the next  ve years with an additional $75 million contingent on a construction decision (from the recent sale of our 50 percent share of the Galore Creek project), we’re in a strong  nancial position to carry out all requisite activities at Donlin Gold and meet all of our  nancial obligations – without going back to shareholders for more funding. Finally, NOVAGOLD has an experienced management team with an unparalleled track record in building and operating major mines, as well as a highly regarded board with strong ownership representation, a commitment to sound governance principals, and a  rm belief in doing things right from the standpoint of technical excellence, safety, and environmental stewardship. NOVAGOLD is a compelling opportunity for investors interested in a company committed to value creation in the gold space. 16 * Donlin Gold project estimates as per the second updated feasibility study effective November 18, 2011 and amended January 20, 2012. 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. Measured resources total 8M tonnes grading 2.52 g/t Au, and indicated resources total 534M tonnes grading 2.24 g/t Au. Proven reserves total 8M tonnes grading 2.32 g/t Au, and probable reserves total 497M tonnes grading 2.08 g/t Au. See “Cautionary Note Concerning Reserve & Resource Estimates” on page 39. 

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