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Q How will NOVAGOLD  nance its 50-percent share of Donlin Gold’s capital cost? ADonlin Gold is expected to advance toward pursue tangible options toward reducing initial capital construction at a time when the price of gold should be substantially higher than it is today. Furthermore, in that environment, the project should have superior cash  ow generating capacity and, with that, a greater number of debt  nancing options as well. Consequently, we expect the entire  nancing package to be a lot more shareholder friendly than we could have today and, when the time is right for the project to advance toward construction, it is our belief that NOVAGOLD and its partner Barrick would have an attractive range of available  nancing options, given the quality of the project and the optimization work that is likely to be completed by that time. The Donlin Gold partners have publicly-stated that they are willing to be patient to wait for the right market conditions to advance Donlin Gold toward construction. In the meantime, NOVAGOLD and Barrick are working to further optimize the project. Conveniently, the drilling that was completed in 2017 provided valuable geotechnical and structural data to support these e orts. As such, the owners will continue to costs and advancing Donlin Gold, which, coupled with a superior gold market environment, should yield improved returns for the owners. In that regard, both NOVAGOLD and Barrick are perfectly aligned. 24 “As one of the largest undeveloped gold deposits in the world, Donlin Gold represents exceptional optionality within our portfolio. Now, with key permits in hand, we can concentrate on further exploring ways of reducing initial capital and unlocking the value of this asset for all of our partners, in keeping with our deep commitment to community engagement and environmental stewardship.” Rob Krcmarov, Executive Vice President, Exploration and Growth, Barrick Gold Corporation 

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