August 2014

Donlin Gold

Project Overview

disclaimer This presentation is confidential and was prepared exclusively for the benefit and internal use of the recipient.

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 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 f inancing 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 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.

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. 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.

donlin gold management

Stanley Foo

President/General

Manager

30+ years mining industry experience in exploration, mine geology, operations management, project management and

permitting; 12 years mine operations experience in NV including superintendent roles at Cortez and Bald Mtn;

15 years in Alaska in project management and permitting; Previous Project Manager roles with Donlin 1997-99, 2005-

2007, served on Donlin Gold LLC board 2008-2010.

James Fueg

Study Manager

Led Donlin Gold’s recent feasibility studies and coordinates all engineering and technical work for project;

20+ years experience in mining, exploration and environmental science; 16 years in Alaska; at Donlin since 2004.

Robert Nick Enos

Environmental and

Permitting Manager

Leads permitting and environmental management for project; primary contact for reg. agencies; 20 years experience in

Alaska in geology, environmental science and permitting management; Previous experience includes Greens Creek,

Calista Corp., as environmental/permitting consultant; Joined Donlin in 2005.

Kurt Parkan

External Affairs

Manager

Leads Donlin Gold’s community affairs, communications, government relations and corporate social responsibility

functions; Nearly 30 years public affairs experience in Alaska; Previous roles: External Affairs Director of Nature

Conservancy of Alaska, Deputy Commissioner for Alaska Department of Transportation and Public Facilities, Special

Assistant to the Governor, Legislative Aide and as staff for Alaska House of Representatives Finance Committee.

Meg Day

Human Resources

Manager

22 years human resources experience in the mining industry including 17 years in Alaska; Served in various senior

management positions in Alaska, Utah and Washington and has been involved in the start up of several mines. Serves

on Alaska Miners Association HR Committee, Society of HR Management and Advisory Board member of University

of Alaska.

Jan Halstead

Administrative and

Finance Manager

25+ years accounting and financial analysis experience in construction, investment, telecommunications;

Responsible for growth and development of Accounting, Administration, Purchasing and Contract functions for Donlin

Gold LLC.

table of contents

Part 1 An Introduction to Alaska

Part 2 History of the Project

Part 3 Community Engagement

Part 4 Environmental

Part 5 Permitting

Part 6 Mining

Part 7 Process

Part 8 Engineering/Infrastructure

Part 9 Resource Upside

Part 10 Capital & Operating Cost

Donlin Gold

Project Overview

Part 1:

An Introduction to Alaska

2

Alaska: the last frontier

The project site is located in the hills approximately 20

kilometers north of the village of Crooked Creek on the

Kuskokwim river, Anchorage lies 450 kilometers to the

east

190 million acres of Federal,

State, and Native lands open

for mineral-related activities

2

motto: north to the future Purchased from Russia in1867 for $7.2 million

Klondike Gold Rush brought thousands to Alaska

Became 49th state in 1959

Discovery of oil in Prudhoe Bay in 1968 created the modern

Alaska we know today

65% of land in federal ownership

3

demographics Population of 732,000 - ranked 47th in USA

61% Anchorage, 13% Fairbanks, 11% Panhandle, 15% Rural/Bush

Diversity

72% White, 13% Native, 6% Hispanic, 5% Asian and 4% Black

YK region ~90% Alaska Native

1/3rd of Alaskans have no access to public roads

Yukon-Kuskokwim Region one of the nation’s poorest regions

Red state politically with Republicans and Democrats generally

supportive of resource development

4

key events in Alaska

5

1968 – Discovery of North Slope oil

1971 – Alaska Native Claims Settlement Act (ANCSA) enacted

1977 – Trans Alaska Pipeline System (TAPS) completed

1981 – Alaska National Interest Lands Conservation Act (ANILCA)

enacted

ANCSA corporations Alaska Natives relinquished title claims in exchange for right to select

lands

13 Regional Corporations – granted rights to select lands valuable for

their natural resources

70% of natural resource revenues shared among all Regional

Corporations

Surface lands that were traditionally used for subsistence purposes were

selected by and granted rights to village corporations

TKC was formed with the merger of 10 village corporations

Individuals residing in defined regions and villages when ANCSA enacted

became shareholders in corporations based on residence

Shares can be transferred to descendants or gifted

Some corporations have adopted structures to provide shares to

“descendants”

6

government

Executive Branch

Governor

Lt. Governor

Attorney General

Agencies

Fish & Game

Environmental

Conservation

Natural Resources

7

Juneau / Anchorage

Juneau home to the

legislature and governor

residence

Federal and state agencies in

Anchorage and Juneau

Legislature

Republican controlled, split

by geography and ideology;

Urban-Republican; Rural-

Democrat but organize with

Republicans

federal and state representatives

8

SUPPORTIVE OF DEVELOPING RESOURCES FOR ALASKA'S ECONOMIC PROSPERITY

Governor Sean Parnell Former Lt. Governor, State Senator

Former lawyer with Patton Boggs

Former Conoco executive

Champion of Alaska natural resources industry (oil and gas

tax changes, and Roads to Resources)

Senator Lisa Murkowski Re-elected in write-In campaign

Ranking Republican on Energy & Natural Resources

Committee

Supportive of natural resources sector

Senator Mark Begich Followed Senator Ted Stevens in 2008

Former mayor of Anchorage

Mostly supportive of natural resources

Running for re-election this year

Congressman Don Young Elected in 1973

Former chair of the House Natural Resources Committee

Supportive of resource development in Alaska

ALL VERY KNOWLEDGEABLE OF THE MINING INDUSTRY STRONGLY ADVOCATING ITS GROWTH IN ALASKA

Alaska economy

If the flow of federal and petroleum money disappeared overnight, 2/3rds of the jobs for Alaskans would no longer exist

Unemployment stayed below 8% during Great Recession

Unemployment in YK region is chronically high (22%+)

9

10

Alaska budget and trust fund

Oil drives the budget

Tax credits to support exploration, development and

vocational education

Competitive corporate taxes and no individual state income

or sales tax; ranked 4th in U.S. for lowest tax burden

Alaska permanent fund (primarily contributions from the

resource sector)

$42B savings account

Used to pay dividends to each Alaska resident - ranged

from $845 to $3,200 in the last decade

Constitutional budget reserve - $10.6B to help fund state

budget 10

an educated workforce

Four decades of oil & gas production has developed a skilled workforce in Alaska

Alaska offers a quality of life attractive to many looking for jobs

Large engineering, construction, transportation, and logistics companies able to

service resource companies

Workforce development initiatives in regional and remote communities

Education and training programs

University of Alaska – earth sciences, geology, engineering, minerals and

mining

Center for Mine Training – occupational fields workforce training

University of Alaska Fairbanks – Community and Technical College

State of Alaska – 22 job centers to connect employers to job seekers

Bethel – Yuut Elitnaurviat (YE) The People’s Learning Center, part of the

State of Alaska’s Regional Training Centers, provides training and education

in the Yukon-Kuskokwim Delta Region

TKC and Donlin Gold support creating/funding a training center in Aniak

11

ACTIVE MINERAL INDUSTRY CORE EDUCATION & TRAINING

top employers

4,000+

Providence Health Services

3,000+

Wal-Mart

2,000+

ASRC Energy Services, Trident Seafoods

1,000+

BP Exploration, NANA, CH2M Hill, Alaska Airlines, GCI, FedEx,

ConocoPhillips

500+

Fort Knox Gold mine, Red Dog mine, UPS, Wells Fargo,

Alyeska Pipeline, Costco

Less than 500

Kensington mine, Pogo Gold mine, Greens Creek mine

12

economic challenges and

state issues

High costs, climate, distance to

markets, lack of infrastructure, local

workforce skills

Geographic cost differences

Anchorage 1.00 - Bethel 1.53

Food for a week: $123 vs $251

Gasoline ($/gal): 3.96 vs 7.06

Impacts of federal budget cuts - highest

per capita federal dollars in the nation

13

Oil Taxes

Decline in output

Underutilization of pipeline

capacity

Alaska National Wildlife Reserve

Infrastructure

Roads, oil & gas pipelines, power

transmission lines

Shift of Bush population to Anchorage

The Pebble Project

Aging population – Health Care

the Alaska advantage

Well-defined permitting process

Four large precious metals mines, one coal mine & one base

metal mine

Numerous small-scale mines

Natural resource projects integral to the State’s economy

Strong and time-tested community support

Resource-sector associations

Resource Development Council of Alaska

Alaska Miners Association

Council of Alaska Producers

Alaska Support Industry Alliance

14

a thriving and growing mining

sector

15

2ND LARGEST GOLD PRODUCING STATE AFTER NEVADA

A high level of

predictability,

commitment and

stability

Major mines create

employment in Alaska

Fort Knox 630

Red Dog 639

Greens Creek 400

Kensington 306

Pogo 320

Usibelli 140

Source: Alaska Miners Association – The Economic Benefits of Alaska’s Mining Industry, January 2014

mining is a growing force in

Alaska’s economy

16

2013 PROVIDED SIGNIFICANT BENEFITS FOR THE STATE

Mining jobs in Alaska - includes 4,600 direct and 4,500 indirect jobs

Total direct and indirect payroll - average annual wage $100,000 – twice that of any

other sector in Alaska’s economy

State Government-related revenue through rents, royalties, fees and taxes

Payments to Alaska Native Corporations

Local government revenue through property taxes

9,100

$630M

$150M

$144M

$17M

Source: Alaska Miners Association – The Economic Benefits of Alaska’s Mining Industry, January 2014

Alaska minerals commission

Funding infrastructure development

Comprehensive permitting reform to create timely and efficient permitting process

DNR oversees all state agency permitting and coordinates with federal agencies

Experienced key staff focused on large mining projects as a high priority

Over the past decade two new operations (Pogo and Kensington) and three

expansions (Red Dog, Fort Knox, and Greens Creek) have been successfully

permitted

Publishing geological data on Alaska’s mineral potential

Leadership role in state assumption of water discharge permitting from EPA

Accelerating state land entitlement conveyances in accordance with the Alaska

Statehood Act

Reestablishing the Citizens’ Advisory Commission on Federal Areas

Asserting and defending public access to roads, trails, and navigable waterways

Funding University of Alaska mineral engineering and geology programs

17

OVER THE PAST 27 YEARS KEY RECOMMENDATIONS WERE ACTED UPON

THESE INITIATIVES HAVE SENT A CLEAR MESSAGE TO THE MINERAL INDUSTRY THAT

ALASKA WANTS A SUSTAINABLE GLOBALLY COMPETITIVE MINING INDUSTRY

state supporting development

of resource industry

New oil tax structure adopted in 2013 to encourage further investment

Alaska Exploration Incentive Credit Program – up to $20 million deduction over a 15-

year period for new mines

Roads to Resources Program (R2R) – transportation initiatives to support the

development of natural resources

Demonstrates the will of the State to work with companies in facilitating cost-effective

access to various projects and operations in Alaska

Red Dog mine port & access road initially financed by Delong Mountain

Transportation System and now owned by State Economic Development Agency

Ambler project - earlier-stage initiative in evaluating a 225 mile road to access the

Ambler mining district

Legislative approval of financing for Bokan-Dotson Ridge ($145 million) and

Niblack ($125 million) projects

18

2014 ENHANCED INVESTMENT IN THE STATE BY THE OIL AND GAS INDUSTRY

investing in mining sector

19

INCREASED DEVELOPMENT FUNDING IN 2013

Mine construction and other capital investments

Gross production value from Red Dog, Greens Creek, Fort Knox, Pogo, Nixon Fork, Kensington, Usibelli Coal mines, placer mines, and rock/sand/gravel operations

Export value, or 36% of Alaska’s total export in 2012

$250M

$3.4B

$1.6B

Exploration investment or $2.6B since 1981 $180M

Source: Alaska Miners Association – The Economic Benefits of Alaska’s Mining Industry, January 2014

community

support

state

support

business

capacity workforce

development

skilled labor

resource rich &

exceptional geological potential

ALASKA

a safe

jurisdiction

20

Alaska: the right location

FUTURE ECONOMIC OPPORTUNITY AND PROSPERITY

Donlin Gold

Project Overview

Part 2:

History of the Project

surrounding region

Donlin Gold

22

75 COMMUNITIES WITH POPULATIONS OF 50-600

project area of influence

23

LARGER THAN UTAH OR IDAHO - 88,0002 MILES

project history

Placer gold discovered at Snow Gulch in 1909

Small-scale placer gold production has continued to the present

Sub-surface rights held by Calista Corporation, surface rights held by

TKC

First substantial drilling started in 1988, by WestGold

Placer Dome explored the property from 1995 through 2000

Donlin Creek Joint Venture (DCJV), between Placer Dome and

NOVAGOLD, was formed in 2001

In 2007, after Barrick’s acquisition of Placer Dome, JV partners formed

Donlin Creek LLC (now Donlin Gold LLC), a 50:50 joint operating

company that has aggressively drilled and studied the project

Feasibility Study Update 2 (FSU2), completed at the end of 2011

Current Reserves & Resources based on this study

Donlin Gold Board approved FSU2 in July 2012, gave authorization to

commence permitting 24

project structure

Donlin Gold LLC is the operating company

Operates under agreements with Alaska Native Claims Settlement

Act (ANCSA) landowners

Calista Corporation (“Calista”)

Land selected by Calista for its resource development potential

Subsurface minerals and surface lease

The Kuskokwim Corporation (“TKC”)

Surface Use Agreement (“SUA”)

Project office in Anchorage

37 full-time employees in Anchorage and 9 contractors

Field offices in Bethel and Aniak

Camp at site maintained year-round 25

donlin gold llc agreement

50:50 ownership by NOVAGOLD and Barrick Gold

Board of Directors has two representatives from each company

Chairman rotates every year

Each company has the right to appoint the Donlin Gold

General Manager every two years

Chairman has limited casting vote authority

Certain matters require special (60%) or unanimous approval

Owners committed to fund permitting

Upon publication of Draft EIS either party can propose

construction program and budget

Budget deadlock resolution provisions provided for permitting

(expert referral) and construction (offer or buy/sell option)

26

"Since 1995, Donlin Gold has worked constructively

in our region and I know our partnership will benefit

our shareholders for many generations. Today's

agreement sets the basis for a long and productive

relationship that with construction of the mine will

provide jobs and financial value to the shareholders

in our 10 villages.”

– Maver Carey, President & CEO of

The Kuskokwim Corporation (surface owner)

durable, long-term agreements

with native corporations

27

STRONG AND TIME-HONORED RELATIONSHIPS WITH STAKEHOLDERS

“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, Vice President of

Calista Corporation (mineral owner)

Calista Mining Lease

Term until April 30, 2031, continues thereafter year-to-year so long as

mining or processing operations carried out continuously

NSR royalty from commercial production

Net Proceeds Royalty (NPR)

Shareholder hiring perference

Scholarships

Bidder’s preference

28

agreements with native

corporations

TKC Surface Use Agreement

Extended to coincide with Calista Mining Lease

Direct compensation through payments for milestones, annual surface use

and mine operation

Consultative approach regarding annual project planning, and preparation of

subsistence harvest plan

Preference for contracts, hiring and training

Scholarships

Exclusive contract for the construction and operations of an upriver port

site

project highlights

Reserves: 33.9 Moz Au (~500M tonnes ore)1

Resources: 5.1 Moz M&I (excluding P&P) and 6.0 Moz Inferred1

Mine Life: ~27 years

Production: Year 1-5: 1.5 Moz/year; LOM: 1.1 Moz/year

Operation: Open-pit, conventional truck & shovel

Milling: 53.5k tonnes/day, sulfide flotation, pressure oxidation (POX),

carbon-in-leach recovery (CIL)

Strip ratio: 5.5 = 2.8B tonnes waste rock

Tailings: Fully lined storage facility

Power: 153MW average site-generated load, fueled by natural gas

transported via a 315-mile pipeline

Logistics: All consumables supplied by Kuskokwim River

transportation system with port near Jungjuk Creek 1) See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve and Resource Base” table with footnotes.

29

partnerships grade

growth jurisdiction

longevity

size

DONLIN

GOLD

30

donlin gold - the right project

ARGUABLY THE WORLD’S MOST SIGNIFICANT GOLD PROJECT

Donlin Gold

Project Overview

Part 3:

Community Engagement

communications

2 32

ENGAGING COMMUNITIES THROUGH DIFFERENT MEDIUMS

community engagement

Active outreach effort to more than 60

remote communities in the region and along the pipeline route

Average population is less than 200

Frequent village meetings to update stakeholders

Donlin Gold community offices in Bethel and Aniak

Fluent Yup’ik speakers on staff to present information and participate in local discussions

Project summary video narrated in both English & Yup’ik

Mine and permitting planning take into account input from communities

33

health & safety

Over 1.8 million man-hours (6+ years) without a lost-time incident (LTI)

Training for safety awareness and emergency preparedness by all employees at site and in Anchorage annually

Strong safety culture for employees and for the region

Safety Culture: “Every person going home safe and healthy everyday”

34

workforce development

Promote and enrich youth education School visits Scholarships

Encourage local hire throughout the mine life Training facilities and internships Talent bank

On-site workforce has primarily been Calista shareholders or descendants

Shift schedule promotes a healthy lifestyle by maintaining a good job and practicing a subsistence way of life

35

academic & trades decathlon

Donlin Gold partnered with the Kuspuk School District, Alaska Construction Academies, and EXCEL Alaska to sponsor a youth Academic and Trades Decathlon in Aniak

145 students from 6 Yukon Kuskokwim school districts Learned various trades from

experts Held individual competitions in

math, science, geography and keyboarding

Team competitions combined sports, design and academics, with events such as a banner design contest and volleyball and basketball games

36

community investment

Crooked Creek capacity

building/sustainability

Bering Sea Elders Advisory Group

Kuskokwim River Watershed Council

Tundra Women’s Coalition

Drew’s Foundation (Suicide Prevention)

Best in the West Small Business Incentive

Grants

Iditarod & Iron Dog sled races

CULTURAL PRESERVATION, ENVIRONMENTAL PROTECTION, COMMUNITY WELLNESS,

EDUCATION

K-300 sled dog race

Aniak Interior Rivers State Fair

Donlin Gold Classic Basketball

Tournament

Bethel Search and Rescue

Summer boat safety

Winter snow machine safety

Clean Up Green Up

37

current community activities

38

WORKING TOGETHER AND FORMING LASTING RELATIONSHIPS

Donlin Gold

Project Overview

Part 4:

Environmental

environmental management

Water Management

Waste Rock

Management Design for Closure

40

water management

Objectives

All discharge meet Alaska water quality standards at point of

discharge

Ensure an adequate supply of water to the process plant

Minimize build-up of water in the Tailings Storage Facility (TSF)

Meet pit slope depressurization requirements

41

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

January February March April May June July August September October November December

Pre

cip

itati

on

(in

ch

es)

climate and hydrology

Average annual precipitation: 19.6” (499 mm)

42

baseline water quality

Water Quality Monitoring:

Establish baseline data to provide defensible documentation in

support of permitting

Support project design, including water management, process

design, treatment design, and closure planning

Develop the baseline for evaluation of potential environmental

impacts

43

Lewis Pit Waste Rock

Facility

Upper Contact Water Pond Lower Contact Water Pond

Overburden Stockpile

ACMA Pit with Backfill

Tailings Storage Facility

Fresh Water Pond

Ore Stockpile Mill

Tailings Dam

44

water management - layout LIFE OF MINE TAILINGS STORAGE CAPACITY 27 YEARS+

water balance

45

Developed comprehensive water balance taking into account full range of climatic conditions during life of mine and closure

Maximizes water reuse to the extent practicable while providing for discharge flexibility for excess water

Water management plan balances environmental concerns with operational needs

All data and analysis developed with input from Federal and State agencies; ensures will meet permitting requirements

waste rock management

Objectives

Geochemical characterization of waste rock

Segregation and isolation of Potentially Acid Generating (PAG) rock

Non-Acid Generating (NAG) rock managed to address predicted metal leaching

Maximize concurrent reclamation and backfill opportunities

46

waste rock management

WRMC Mt % Disposal

NAG 2,519 93 Waste Rock Facility (WRF)

PAG 5 79 3 Blended in WRF

PAG 6 123 4

Isolated cells in WRF / ACMA

backfill

PAG 7 2 0.1

Low-grade ore stockpile / ACMA

backfill

Total 2,723 47

CATEGORIZED AND PLACED BY ACID-GENERATING POTENTIAL

closure - design

Objectives

Minimize footprint

Maximize concurrent reclamation

Manage Waste Rock Facility for long-term stability

Minimize accumulation of water in facilities

Pit lake is key to closure water management

48

closure - pit lake

49

FORMATION WILL TAKE ~60 YEARS

closure -tailing storage facility

TSF after dry closure and reclamation

50

Small pond

with

unaffected

runoff from

soil cover

ELIMINATING LONG-TERM CLOSURE OBLIGATIONS

closure

Tailing Storage Facility reclamation: 5 years

Formation of pit lake: ~60 years

Seasonal water treatment from pit lake after filling

Trust-fund model for long-term financial assurance

51

Donlin Gold

Project Overview

Part 5:

Permitting

permitting timeline

Current Status

53

16 years 4 27+ years

EX

PL

OR

AT

ION

&

EN

VIR

ON

ME

NT

AL

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

HALF WAY THROUGH PERMITTING

1.5Moz/year first five full years1

1.1Moz/year life of mine1

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.

Notes: 1) Donlin Gold data as per the updated feasibility study. Projected annual production represents 100% of which NOVAGOLD’s share represents 50%.

~4 YEAR PROCESS

4

major federal permits

Clean Water Act - Section 404 (USCOE)

NEPA “Trigger”

Right of Way (BLM)

Pipeline corridor

Pipeline Special Permit (PHMSA)

Consultations

Essential Fish Habitat Consultation (NMFS)

Endangered Species Act/Section 7 Consultation (NMFS/USFWS)

Section 106 NHPA Consultation (SHPO)

54

major state permits

Reclamation Plan Approval (ADNR)

Integrated Waste Permit (ADEC)

Wastewater Discharge/APDES (ADEC)

Air Quality Permit (ADEC)

Fish Habitat Permits (ADF&G)

Water Rights (ADNR)

Rights of Way (ADNR/ADOT)

Dam Safety Certification (ADNR)

55

financial assurance

Financial Assurance/Bonding

“…require proof of financial responsibility

to cover the cost of closing…and, if

monitoring is required, the cost of post-

closure monitoring…”

Cost estimate based on detailed

engineering analysis and reviewed every

5 years

Trust funds for long term treatment

obligations

Draft estimate is ~$285 million

(funded at ~$10 million annually LOM) 56

NEPA/EIS

National Environmental Policy Act (NEPA)

Procedural

Supports agency decision-making

Informs public and provides opportunities for comment

Environmental Impact Statement (EIS) preparation well

underway

PDEIS (agency review) – Around year-end 2014

DEIS (public review) – Mid-2015

Public Comment Period – Late 2015

Final EIS/Record of Decision – Around year-end 2016

All key Federal and State agencies cooperating in NEPA

process to ensure EIS supports their permitting needs 57

permitting process

EIS

Process

Federal

Process

State

Process

CSR

Record

of Decision

Federal Permits,

Certifications,

Approvals

State Permits,

Certifications,

Approvals

Social License

To Operate

Notice of

Intent Scoping Draft EIS Final EIS

ACOE

CWA

404

Tribal

Consultation

(ACOE/EPA)

USFWS/NMFS

Endangered

Species Act

Consultation

NMFS EFH

Consultation

BLM

ROW

ADFG Fish

Habitat

ADNR Reclamation

Plan/Bonding

Pipeline

Water Use

SHPO National

Historical

Preservation Act

Determination

ADEC

Waste Management

Air Quality

Water Discharge

Stakeholder

Engagement

Community

Engagement

Workforce

Development

58

OCCURS CONCURRENTLY

Notice of Intent to Prepare EIS

Draft EIS

Final EIS Record of Decision

Initial permit applications Submitted: 08/12

Notice of intent Published: 12/14/12

Public scoping period Ended: 03/29/13

Scoping summary document Completed: 08/13

Development of alternatives

Completed: Q2/14

Prepare preliminary draft EIS

Agency review

Prepare draft EIS

Public comment period

Prepare draft final EIS

Agency review

Publish final EIS

Record of decision

APPROACHING HALFWAY MARK IN PERMITTING

donlin gold permitting milestones

2012-2013 2013-2015 2015-2016

59

work completed to date

Initial permit applications submitted - August 2012

Notice of Intent initiating EIS published - December 2012

EIS Public Scoping completed - March 2013

14 public scoping meetings

Donlin Gold/Calista submitted comments in key areas

Only one consolidated comment letter from NGOs

Approximately 150 public comment submittals

Public comments well informed and constructive, provided

positive input to process

60

INITIAL DOCUMENTS SUBMITTED AND EIS SCOPING TOOK PLACE IN 2012/13

2012 scoping meetings

61

WELL ATTENDED – POSITIVE & CONSTRUCTIVE REVIEW

Environmental Evaluation Document (EED) issued - May 2013 Comprehensive environmental report for project prepared by Donlin

Gold to support EIS

EIS data and analysis requirements finalized – Early 2014 All requisite info to be submitted by Donlin Gold – 3rd quarter 2014

Alternatives development completed – Mid-2014 Reasonable range of mine/transportation/pipeline alternatives adopted

for detailed analysis in EIS

Initial drafts of EIS chapters released/reviews completed Purpose and Need for EIS

Alternatives

Affected Environment (baseline conditions)

Donlin Gold afforded comment opportunities on drafts early in

process

62

work completed to date

current activities

PDEIS Preparation – expected to be complete around

year-end

Analysis of potential environmental impacts

Identification of mitigation measures

Major permit applications under development

CWA 404 (wetlands), pipeline ROW, water use, and dam safety

applications submitted

Air quality, water discharge, and fish habitat applications being

prepared

Coordinating with agencies to integrate permit issuance with EIS

process

63

Project Name Location Metal Time Description

Red Dog Alaska Lead/zinc ~2 years

• Expansion

• EIS completed in 2009

• Development started on schedule in 2010

Fort Knox Alaska Gold ~3 years • Expansion – new heap leach facility

• Permitting completed in 2007

Pogo Alaska Gold ~3 years

• New mine

• Permitting completed in 2004

• Operations began in 2006

Arturo Nevada Gold ~4 years

• Major pit expansion

• New waste rock and heap leach facilities

• EIS/ROD completed in May 2014

Rochester Nevada Silver ~1 year • Expansion – new heap leach & mine reopening

• EA/permitting completed in 2011

Cortez Nevada Gold ~3 years • Major pit expansion

• EIS/permitting completed in 2008/2009

Goldstrike Nevada Gold ~2 years

• Major pit expansion

• Waste rock and tailings facilities

• ROD approving the project was in 2009

Hycroft Nevada Gold ~2 years • Reactivation

• EIS/permitting completed in 2012

Long Canyon Nevada Gold ~3 years

(anticipated)

• New pit, heap leach, mill and tailings facility

• Draft EIS issued in March 2014

Pan Nevada Gold ~2 years • New open pit and heap leach

• EIS/permitting completed in 2013

Haile South Carolina Gold ~4 years

(anticipated)

• New mine on historic property

• Open pits, processing and tailings facilities

• Final EIS issued July 2014, ROD anticipated November 2014

permitted large projects

64

donlingoldeis.com

65

Donlin Gold

Project Overview

Part 6:

Mining

project location

5 km

67

LOW ELEVATION AND CONDUCIVE TO SITE INFRASTRUCTURE

geology

Gold mineralization exists in intrusive dikes &

sills (colored in figure), hosted by sandstones,

siltstones, and shales of the Kuskokwim Group

Acma-Lewis mineralization generally associated

with pyrite, arsenopyrite, and stibnite

68

Some graphitic carbon exists and is

potentially preg-robbing

Existences of mercury, chlorine, &

fluorine must be taken into account

in process planning

resource modeling

1,396 holes (89% are core), 340 km of drilling used in the latest resource model

Acma & Lewis deposits divided into 9 geologic domains, each bound by structures,

domains associated with distinct metallurgical recoveries and rock hardness

Raw assay gold grades capped prior to compositing based on cumulative frequency plots

by rock type

Rock densities assigned by rock type

Drill hole database composited on 6-meter intervals

6m x 6m x 6m block model created, gold & sulfur grades estimated using inverse

distance method, some estimates constrained by indicator shells (identify probability of

mineralization), also constrained by rock type (intrusives, shales, & greywackes)

Other materials estimated are As, Hg, Sb, CO2, Ca, Mg, & neutralization potential

Due to small block sizes & high mining rates, post-processing required to simulate

dilution & ore loss, also to decide which portions of deposit to mine selectively and

which to mine in bulk

69

block model

Plan section of pit phases and block model at 5m elevation

Gold grades (g/t) identified using legend at bottom right

70

SMUman results

Plan section at 5m,

Acma Pit

Legend below states

planned material types

6m_ore = ore to be

mined on 6m benches

6m_omaw = ore mined

as waste, 6m benches

(planned ore loss)

6m_wmao = waste

mined as ore, 6m

benches (planned

dilution)

Same types also depicted

for planned 12m bench

mining

Planned ore loss is 1.3%

Planned dilution is 7.1%

71

reserves & resources Last R&R statement generated upon completion of FSU2 in late 2011

Reserves & FSU2 mine plan based on a designed pit guided by a $975/oz Au, RF1.0 Whittle shell and

M&I categorized material only

Resources guided by a $1,200/oz Au, RF1.0 Whittle shell, and M,I,&I categorized material

SMUman post-processing accounted for in R&R calculations

Reserve pit includes 2,765Mt of waste, strip ratio = 5.48

72

P&P Reserves

Category Ore

(kt)

Au

(g/t)

S

(%)

Contained Au

(koz)

Proven 7,683 2.32 1.12 573

Probable 497,128 2.08 1.06 33,276

Total P&P 504,811 2.09 1.06 33,849

M,I,&I Resources, inclusive of Reserves

Category Ore

(kt)

Au

(g/t)

Contained Au

(koz)

Measured 7,731 2.52 626

Indicated 533,607 2.24 38,380

Total M&I 541,337 2.24 39,007

Inferred 92,216 2.02 5,993

mine design

15-phase pit design (9 in

Acma, 6 in Lewis) based

on nested Whittle shells

Most benches double-

stacked (24m total), some

quadruple stacked where

slope angles are very

shallow (43º) due to

adverse bedding

Pit ramps are 40m wide

(including berm) and no

steeper than 10%

Inter-ramp slope angles

range from 28º to 50º,

depending on slope sector

Most phases have dual

access

73

pit & dump dimensions

564m vertical

highwall

3.4km across

2.5km across

330m vertical

dump face

4.2km across

74

mine schedule

Schedule logic based on maximizing NPV while meeting plant constraints on sulfur

content and feed hardness

Large low-grade stockpile kept until end of mine life (reaches ~105Mt maximum)

Binned by sulfur content (high, medium, & low) for blending purposes

Ore stockpiled longer than one year assumed to have degraded plant recoveries and

sulfur contents

Mining rate capped at 155Mtpa (425ktpd)

Vertical advance rate capped at 8 12m benches per year

Milling rate variable at 50-55ktpd, depending on feed hardness

Acma pit sequenced so that it is partially backfilled with Lewis waste at end of mine life

Most waste is NAG (91%), and PAG waste must be sequenced such that it is

encapsulated inside the waste dump

Overburden to be removed from surface using smaller equipment and stockpiled for

reclamation purposes

75

phase mining rates

76 Source: Date 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 ( “FSU2”)

77 Source: FSU2

78 Source: FSU2

mine progress, year 26

79

mining equipment

Truck fleet consists of ultra-class (360-t) trucks for primary

mining and smaller trucks (135-t) for overburden

movement and project work

Loading fleet primarily 42m3 (55yd3) electric-hydraulic

shovels, one diesel-hydraulic shovel for flexibility

Loading fleet also includes two large FELs (55yd3) for stock

rehandle & backup loading, plus one smaller FEL for

support & project work

Drill fleet consists of a mix of 3 different models for bulk

material movement, split-bench movement, RC grade

control, secondary D&B, and wall control D&B Sourc

e: F

SU

2

80

opportunities & risks

LNG-powered mine equipment, particularly trucks

Lowers operating costs

Reduces fuel-barging requirements on the river

Alternative waste haulage options (autonomous, trolley-assist, crush/convey)

Added grade from Inferred Resources

Currently assumed to have 0 grade, thus diluting M&I ore

Expanded pit due to higher gold prices

Exploration potential along NE-SW mineralization trend

Opportunities

Risks Selective mining plan must be executed successfully to planned feed grades

Consumable price fluctuation (diesel, explosives, tires, etc.)

Equipment availability & capital fluctuation

81

Donlin Gold

Project Overview

Part 7:

Process

process key parameters

Parameter Value Units, Metric

LOM 27 Years

Mill Throughput 53,500 tpd avg

Hourly Mill Throughput 2,397 te/h

Plant Availability 93 %

Au grade 2.09 g/te

Mass pull to concentrate 15.2 wt%

S grade in concentrate 7 wt%

Au recovery, flotation 93.0 %

Au recovery, POX/CIL 96.6 %

Au recovery, overall 89.8 %

Au production 1.1 Moz/yr avg LOM

Power Consumption, (ave/peak) 153 / 185 MW

83

donlin gold flowsheet

84

CONVENTIONAL PROCESSING FACILITY

mineralogy

Au in Donlin Gold ore is exclusively sub-microscopic

disseminated in crystal structure of arsenopyrite and

pyrite, hence it is refractory

Native organic carbon, primarily concentrated in

sediments, is preg-robbing

Arsenopyrite is primary host accounting for ~80% of Au in

feed. Pyrite, although 3-10 times more abundant than

aresenopyrite, carries ~20% of the gold

85

crushing/grinding

Flowsheet selection

Circuit selection:

Lowest capital cost

Ability to cope with clay fraction in the ore

Ability to cope with climatic conditions

General ease of operation and maintenance

Flexibility in throughput rates

Widely applied technology in the milling industry

Gyratory crusher – 60”x 89”

Sag mill – 38’x 24.8’ (20 MW)

Ball mills – 26’x 42.5’ (18 MW)

86

flotation - testwork

Extensive bench and pilot testing on Donlin Gold samples

Bulk concentrate flowsheet proved optimum to maximize Au recovery

and produce a concentrate with autogenous sulphur grade for POX

An MCF2 style flowsheet provides additional 1.8% Au recovery to a

7% sulphur flotation concentrate and was economically favoured for

Donlin Gold

Rapid kinetics for pyrite and coarser arsenopyrite, but much of Au is

associated with fine arsenopyrite.

To achieve high float recovery, it is essential to recover free pyrite

and binary particles of quartz carrying fine grained arsenopyrite.

To achieve maximum recovery from the arsenopyrite (some of

which is tied up with larger gangue particles) a long float retention

time (114 min) and high reagent consumption is necessary

87

POX flowsheet

Residence time and sulfur operating windows

Sulfur Range: 480 – 648 tepd

Design A/C throughput per train 4,356 tepd

40-50 minutes residence time, nominal 45 min.

3250 kPag

225°C

1,750 tepd oxygen plant

(2) autoclaves, each 5.2m diameter x 33.2m long, 630

tonnes

88

CIL flowsheet

Six CIL tanks to provide 24 hours leach retention time

15 g/L activated carbon concentration for each CIL tank

Carbon retention screens with 24 mesh openings

36 tonne of carbon would be advanced daily through the circuit

35% solids slurry in CIL circuit

89

refinery

90

Pressure Zadra

12t carbon batch

3 strips per day

Acid washing of carbon

Carbon regeneration

Electrowinning (4 cells)

Retort

Induction Furnace

Donlin Gold

Project Overview

Part 8:

Engineering / Infrastructure

engineering

Feasibility Study

AMEC (lead, process and infrastructure)

Hatch (Pressure Oxidation, Oxygen Plant)

NCL/Barrick (Mining)

BGC (Tailings, Water, and Geotechnical)

CH2M Hill (Gas Pipeline)

SRK (Closure and Geochemistry)

Reviews

Barrick (All areas) 1

Turner & Townsend (Estimate)

Barrick Energy (Gas Pipeline)2

1 Divested by Barrick Gold Corporation in 2011. 2 Barrick Gold Corporation performed a third party audit.

92

access & infrastructure

27 mile road

5000-foot runway

Two port facilities

600-bed permanent

camp

2500-bed construction

camp

40 million gallon diesel

storage

93

site overview

94

VERY COMPACT TO MINIMIZE FOOTPRINT

Lewis Pit Waste Rock

Facility

Upper Contact Water Pond Lower Contact Water Pond

Overburden Stockpile

ACMA Pit with Backfill

Tailings Storage Facility

Fresh Water Pond

Ore Stockpile Mill

Tailings Dam

95

LANDSCAPE AMENABLE TO PROJECT DESIGN

site layout in 3-D

site plan design

96

INCLUDES LATEST FEASIBILITY UPDATES

processing plant layout

97

CONVENTIONAL TECHNOLOGY

logistics & supply chain

98

WEST COAST BARGE CARGO INTO BETHEL UP TO JUNGJUK

energy demand

Average running load 153 MW

Peak load 182 MW

Total installed load 227 MW

Mobile Fleet Fuel 40 Mgal

28 Mgal for haul trucks

99

energy costs

Costs based on WTI crude price of $85/bbl

Diesel price

West Coast Seattle ULSD indexed price

Built up cost for barging, terminal fees, Bethel City

charges, and trucking

Gas price assumes imported LNG

Based on 12% index to crude

Built up costs for shipping, regasification, pipeline

transportation

Diesel delivered $3.03/gal ($22.50/mmbtu)

Gas delivered $13.18/mmbtu

Delivered power cost 11.9c/kwh

100

natural gas pipeline route

101

COOK INLET TO DONLIN GOLD - 315 MILES

natural gas pipeline project

Pipeline

315 mile, buried, 14” steel pipeline

Class 1 for entire alignment

70 mmscfd capacity (estimated 30 - 40 demand)

1,480 psig max allowable operating pressure

Construction 2 construction spreads, each with 3-4 sections

Construction period over 2 winters and 2-3 summers

Season for each section based on terrain and geotechnical conditions

102

power plant

Requirements

Proven technology

Load following ability

High efficiency

Redundancy (N+2)

16.6 MW Wartsila combined cycle units

Single steam turbine (16.4 MW)

Initial installation 10 units (182.4 MW)

Two additional units later (215.6 MW)

Similar to Pueblo Viejo power plant

103

oxygen plant

1,750 tpd GOX

(2) Main Air Compressors (MAC) at 10,813 kw each

(1) Booster Air Compressor (BAC) at 10,142 kw

LOX pump and vaporizer

Double column distillation process

LOX storage (24hrs)

50% turndown capability

Similar to Pueblo Viejo oxygen plant, but smaller

104

Donlin Gold

Project Overview

Part 9:

Resource Upside

mineralization trend

Mineralization exists along a gold-in-soil

geochemical anomaly trend, which

coincides with a magnetic-low

Additional Resource opportunities exist:

In-pit Inferred and Blue Sky

Resources

Higher gold price expansion

potential

East/southeast expansions of

Acma and Lewis Pits

North/northeast expansion of

Lewis Pit

Deeper phase bottoms

Along the mineralization trend

Positive drilling at Snow

Positive drilling at Dome

No drilling yet at Ophir, but

favorable outcrops exist

106

Ophir

Dome

Snow

Duqum

Quartz

Queen

Aurora Akivik

Rochelieu

400

Acma S. Lewis

Lewis Vortex

Far East

Far Side

- Pit shown is $975/oz

design

+1 g/t Au Blocks

Ophir

Dome

Snow

Lewis

Acma

mineralization trend - isometric

Quartz Duqum Far Side

Queen

S. Lewis Far East

400

Aurora

Akivik Vortex

Rochelieu

- Pit shown is $975/oz design

107

current drilling

4

~1,400 holes (89% are core)

utilized for latest Resource

model update (340 km)

108

pit expansion potential

P&P Reserve Design

($975/oz Au)

M,I,&I Resource

Shell ($1,200/oz Au)

109

Reserves based on M&I categorized material inside a $975/oz Au design

Resources based on M,I,&I categorized material inside a $1,200/oz Au Whittle shell

At higher Au prices, pit tends to expand towards the south/southeast, as well as

north/northeast

exploration potential – along trend

5 km

D

D’

Snow

Dome

Snow Dome Quartz Ophir

Acma Lewis

45.0Moz

Resource

Additional

Resource Potential

110

upside potential summary Current

P&P Reserves = 33.8Moz (2.1 g/t)

M&I Resources = 5.2Moz (4.4 g/t)

Inferred Resources = 6.0Moz (2.0 g/t)

Total = 45.0Moz (2.2 g/t)

Potential – including only areas of significant drilling

In-Pit Blue Sky - In-fill drilling needed or encounters of un-estimated grade during

production

Below Resource Pit - Higher gold price needed to drive pit deeper

East Acma Extension - In-fill drilling of intercepts outside of pit and/or higher gold price

(+$1,200) to expand pit

Snow, Queen, Quartz, Duqum, Dome and Far Side targets - Additional exploration & in-

fill drilling opportunities, potential for low grade bulk oxide at Dome

Additional Potential – areas with insufficient drilling

Ophir Exploration - Exploration drilling & in-fill follow-up

Deep UG Potential – Limited evaluation thus far, UG exploration drilling from near pit

bottom required

111

Donlin Gold

Project Overview

Part 10:

Capital & Operating Cost

execution plan

Schedule1

~2 year engineering (partly and concurrently with

construction)

~ 4 year mine site construction

~ 3 year pipeline construction (concurrently with mine site

construction)

Labor

Peak construction labor force of 2500 (mine site)

Two crews working simultaneously on different segments

of the pipeline construction

113 1 Mine site and pipeline construction timelines will coincide.

capital cost estimate

114

Mining 345

Site prep and roads 236

Process facilities 1,326

Tailings 120

Utilities 1,302

Ancillary facilities 304

Off Site facilities 243

Owner's costs 414

Indirects 1,405

Contingency 984

Total 6,679

1 Level of accuracy for capital cost estimate is -15%/+30% as per AACE class 3 definition. Costs are

unescalated and based on the 2011 Donlin Gold Second Updated Feasibility Study.

Initial capital costs ($M)1

Tailings 631

Mine equipment 578

Other mobile equipment 71

Mine dewatering 66

Freight, EPCM & other 159

Total 1,505

Sustaining capital costs ($M)1

operating cost estimate

115

$M

$/t

mined

$/t

milled $/oz

Mine operations 8,200 2.52 16.24 270

Processing operations 7,808 2.40 15.47 257

Administration 1,630 0.50 3.23 54

Royalties 1,580 0.48 3.13 52

Refining 31 0.01 0.06 1

Cost of sales1 19,249 5.91 38.13 634

Operating costs (life-of-mine)

1 U.S. GAAP cost of sales, excluding depreciation and reclamation costs. Costs are unescalated and

based on the 2011 Donlin Gold Second Updated Feasibility Study.

mining operating cost

116

$M $/t mined $/t milled

Labor 1,919 0.59 3.80

Diesel 2,066 0.63 4.09

Maintenance supplies 1,766 0.54 3.50

Consumables 1,286 0.40 2.55

Tires 685 0.21 1.36

Electricity 183 0.06 0.36

Services/overhead 295 0.09 0.58

Total 8,200 2.52 16.24

Mining costs (life-of-mine)1

1Costs are unescalated and based on the 2011 Donlin Gold Second Updated Feasibility Study.

process operating cost

117

$M $/t milled

Labor 616 1.22

Reagents and consumables 2,587 5.12

Power 3,497 6.93

Maintenance supplies 860 1.70

G&A allocation 248 0.49

Total 7,808 15.47

Processing costs (life-of-mine)1

1Costs are unescalated and based on the 2011 Donlin Gold Second Updated Feasibility Study.

Next steps

Donlin Gold feasibility study to be updated to reflect recent

economic metrics

Evaluate third party owner operators

Port facilities

Gas pipeline

Oxygen plant

Power plant

Leasing equipment

118

UPDATING FEASIBILITY STUDY