novagold.com

2015 Third Quarter & Project Update NYSE-MKT, TSX: NG | October 2015

CONFERENCE CALL ATTENDEES

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> Introduction

Mélanie Hennessy (Vice President Corporate Communications)

> Corporate Update

Greg Lang (President & Chief Executive Officer)

> Third Quarter Financials & 2015 Budget

David Ottewell (Vice President & Chief Financial Officer)

> Closing Remarks

Greg Lang (President & Chief Executive Officer)

> Question & Answer Session

Greg Lang & David Ottewell

CAUTIONARY STATEMENTS

3

All dollar amounts quoted in this report are in U.S. currency unless otherwise noted.

REGARDING 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 pertaining to the implementation of the Galore Creek Pre-Feasibility Study, the factors that may influence future gold price performance, and the potential future value of gold, 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 or 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 financing 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 continued cooperation between NOVAGOLD and Teck Resources Ltd. in the exploration and development of the Galore Creek 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 risks 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.

REGARDING 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 (2010)(“CIM Definition Standards 2010”). 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. “Mineral resources” that are not “mineral reserves” do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of “measured” or “indicated resources” will ever be converted into “reserves”. At this time, both of Donlin Gold and Galore Creek projects are without known reserves, as defined under SEC Industry Guide 7. 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. 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 the “inferred resources” will ever be upgraded to “indicated resource”, “measured resource”, or “mineral reserve” status. 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.

WHAT MAKES NOVAGOLD UNIQUE?

A DEVELOPMENT-STAGE COMPANY WITH TWO PROJECTS OF EXCEPTIONAL SCALE, QUALITY, AND JURISDICTIONAL SAFETY

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DONLIN GOLD

50/50 with Barrick

Poised to become one of the largest gold producers in the world

GALORE CREEK

50/50 with Teck

Expected to be the largest and lowest cost copper mine in Canada

DEVELOPMENT & ENVIRONMENTAL IMPACT STATEMENT/PERMITTING TIMELINE

THIRD QUARTER ACTIVITES: PROJECT PERMITTING IS ON TRACK

16 years 4 27+ years

EXP

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1.5 Moz/year first five full years1

1.1 Moz/year life of mine1

5

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

5

Public Scoping

Ended 03/13

Draft EIS

Year-end 2015

Final EIS Record of Decision

Permit Issuance

Preliminary Draft EIS

Completed 06/15

Public Comment

Period

Notice of Intent

Submitted 12/12

August 2012 2017

Permit Applications

Submitted 08/12

THIRD QUARTER ACTIVITES: PERMITTING & TECHNICAL STUDIES

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DONLIN GOLD – NATIONAL ENVIRONMENTAL POLICY ACT (NEPA)

> Preliminary draft EIS review completed by cooperating agencies

• Agency comments were constructive, strengthening the analysis of the project’s potential environmental impacts

• Donlin Gold submitted all remaining data analysis to the Corps

> Draft EIS scheduled to be published by year-end

• Draft EIS Executive Summary will be provided in both English and Yup’ik

• Approximately five-month public comment period will follow

> The Corps continues to work toward the publication of the final EIS in 2017

> Two additional senior permitting staff were hired by Donlin Gold, each with extensive experience with NEPA and mine permitting in Alaska

> Advancement of all other major permits and applications continued such as the Public Notice Clean Water Act 404 wetlands permit, water discharge permit and air quality permit

GALORE CREEK – ADVANCING TECHNICAL STUDIES

> Site visits were conducted at Galore Creek to continue to optimize integrated mining, waste and water management concepts in the Galore Valley

> Request for expressions of interest was issued for a study of the access tunnel into the Galore Valley

THIRD QUARTER ACTIVITES: COMMUNITY OUTREACH & WORKFORCE DEVELOPMENT

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DONLIN GOLD: PLAYING AN ACTIVE ROLE IN THE YUKON-KUSKOKWIM (Y-K) REGION

> Donlin Gold delivered project updates, safety messages and lifejackets in over 50 villages across the Y-K region

• Partnered with the Kid’s Don’t Float Campaign • Encouraged safe hunting practices

> Sponsored and participated in 12 fairs, festivals and camps throughout the Y-K region

> Supported the 2015 Yulista Backpack Campaign as well as encouraged local youth to further their education through training programs and scholarships

> Completed a Donlin Gold site tour with local school district superintendent, local officials and the Y-K Watershed Council

> Released third segment of a four-part Alaska video series, Peoples Connection to the River

GALORE CREEK: SUPPORTING AND PARTICIPATING IN TAHLTAN INITIATIVES

> Sponsored and participated in the Tour de Telegraph

• Cyclists travelled 112 kilometers to raise funds for the Telegraph Creek and Dease Lake Recreational Centre

> Sponsored and volunteered at the Tahltan Literacy Camps which took place in three villages of northern British Columbia

• Camps provide quality learning support for aboriginal children during the summer months

Q3-2015 PROJECT ACTIVITY

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> Donlin Gold

o Activities focused on advancing the draft EIS scheduled to be published by year-end

o Continued to advance other major permit applications with state and federal permitting agencies

o Community engagement and workforce development initiatives

o Project funding (NG 50% share)

• Q3: $2.7 million

• YTD: $8.7 million

• FY: $11.0 million

> Galore Creek

o Technical studies with Teck, focused on optimizing integrated mine planning and project design

o Project funding (NG 50% share)

• Q3: $0.1 million

• YTD: $0.5 million

• FY: $1.0 million

Q3-2015 OPERATING PERFORMANCE ANALYSIS

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Q3 Highlights (US$ millions)

Three months ended August 31, 2015

Nine months ended August 31, 2015

General and administrative expenses(1) $4.1 $15.7

Projects:

Donlin Gold 2.7 8.9

Galore Creek (0.3) 0.1

Donlin Gold studies 0.1 0.4

Operating loss 6.6 25.1

Other (income) expense (0.3) (0.3)

Net loss $6.3 $24.8

(1) Includes share-based compensation expense of $1.7 million and $1.9 million in the third quarter of 2015 and 2014, respectively, and $7.7 million and $8.5 million in the first nine months of 2015 and 2014, respectively.

Q3-2015 CASH FLOW HIGHLIGHTS

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(1) Includes $0.1 million and $0.4 million for the first three and nine months ended August 31, 2015, respectively, for joint Donlin Gold studies with Barrick.

Q2 Highlights (US$ millions)

Three months ended August 31, 2015

Nine months ended August 31, 2015

Cash used in operating activities(1) $ (1.7) $ (9.9)

Project funding:

Donlin Gold (2.7) (8.7)

Galore Creek (0.1) (0.5)

Repayment of convertible notes -- (15.8)

Foreign exchange effect on cash (0.2) (0.4)

Decrease in cash and term deposits (4.7) (35.3)

Cash and term deposits

Beginning 134.7 165.3

Ending $130.0 $130.0

Notes: 1) Shown on 100% project basis, of which NOVAGOLD holds a 50% interest 2) Measured and indicated resources inclusive of proven and probable reserves.

See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource Base” with footnotes in the appendix.

RESERVES1

34 Moz Proven & Probable

Grade: 2.09 g/t

RESOURCES1,2

39 Moz Measured & Indicated

Grade: 2.24 g/t

6 Moz Inferred

Grade: 2.02 g/t

(inclusive of P&P reserves)

AMONG THE WORLD’S MOST SIGNIFICANT AND HIGHEST-GRADE GOLD DEPOSITS

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DONLIN GOLD: A LARGE HIGH-GRADE GOLD PROJECT

A REMARKABLE RESOURCE AMONG EMERGING OPEN-PIT GOLD DEPOSITS

DONLIN GOLD: THE EMERGING TOP-TIER PRODUCER IN THE SAFEST JURISDICTION

1.102

0.66 0.64 0.58 0.41 0.39 0.37 0.35 0.34 0.34

0.23 0.23 0.21 0.13

1.501

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

Donlin Gold Metates Pascua Lama Livengood Blackwater CourageousLake

Mt. Todd Merian Morelos Stibnite Rainy River CerroMaricunga

Dublin Gulch Haile

Pro

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An

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Pro

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(mill

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s o

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Notes:

• Peer group data as per latest company documents, public filings and websites. Comparison group based on large (M&I+P&P 4Moz cut off), North/South American and Oceanian gold-focused development projects where the majority of the M&I resource is open-pit.

• Donlin Gold data as per the second updated feasibility study effective November 18, 2011, as amended January 20, 2012. Represents 100% of measured and indicated resources of which NOVAGOLD’s share represents 50%. Measured and indicated resources inclusive of proven and probable reserves. See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource Base” with footnotes in the appendix.

(1) Projected annual gold production during first five full years of mine life; (2) Projected annual gold production during full life of mine.

39.0

21.8 19.0

15.7 9.2 8.0 7.8 6.4 5.5 5.5 5.2 5.0 4.9 4.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Donlin Gold Pascua Lama Metates Livengood Blackwater CourageousLake

Mt. Todd Rainy River Stibnite Merian CerroMaricunga

Morelos Dublin Gulch Haile

M&

I Go

ld R

eso

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(mill

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s o

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ces)

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> Donlin Gold’s size and production profile clearly distinguish it from its peers

Notes: See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource Base” with footnotes in the appendix. 1) 2014 average grade of open-pit and underground deposits with gold as primary commodity and over 1 Moz in measured and indicated resources, sourced from SNL Metals & Mining. 2) Donlin Gold data as per the second updated feasibility study effective November 18, 2011, as amended January 20, 2012. Represents 100% of measured and indicated resources of which NOVAGOLD’s share is 50%. Measured and

indicated resources are inclusive of proven and probable reserves. 3) 2013 data sourced from SNL Metals & Mining. Includes feasibility-level projects, low grade cut off is 1.0 g/t.

World Average Grade1:

1.12 g/t

Donlin Gold Average Grade2:

2.24 g/t

DONLIN GOLD’S HIGH GRADE ENDOWMENT PROVIDES RESILIENCE TO GOLD PRICE CYCLES

DONLIN GOLD: IS DOUBLE THE GRADE OF THE AVERAGE GOLD DEPOSIT IN THE WORLD

Industry average grades are declining and sources for emerging production are increasingly scarce – Only 41% of potential annual gold production have grades ≥ 1g/t and are located in favorable jurisdictions3

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MULTIPLE DRILL PROSPECTS AND TARGETS EXIST ALONG 8KM TREND

DONLIN GOLD: EXCELLENT EXPLORATION POTENTIAL

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The next big gold discovery?

> Potential to expand current open-pit resources along strike and at depth

> Good prospects to discover meaningful deposits outside current mine footprint

• Reserves and resources are contained within just 3 km of an 8 km long trend

> Inferred mineral resource: 6 Moz of gold mainly inside the reserve pit

• Upside potential to project economics

> In-pit area covers 1,600 acres (~2%) of the 80,000 acres comprising the entire land package

2012 highest year on record for exploration spending and first year in over two decades with no discoveries of any consequence

0

2

4

6

8

10

12

14

16

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

1997 1999 2001 2003 2005 2007 2009 2011 2013Notes: Data as per SNL MEG’s MineSearch database, Company reports, SNL MEG estimates. Thomson Reuters. A gold discovery of 5 Moz or more is considered substantial. Number of discoveries data not yet available for 2014.

Nu

mb

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of

Go

ld D

isco

veri

es

Gold Discovered

Exploration Budget (US$ in millions)

IN LESS THAN FIVE YEARS WORLD GOLD PRODUCTION IS EXPECTED TO DECLINE BY APPROXIMATELY 12 MILLION OUNCES

WHY DONLIN GOLD? NO NEW SUBSTANTIAL DISCOVERIES

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6.2B

8.2B

11.6B

14.6B

19.2B

27.0B

0

5,000

10,000

15,000

20,000

25,000

30,000

1,200 1,300 1,500 1,700 2,000 2,500

Gold Price (US$)

NPV (US$ in millions)

NPV INCREASES ~20X WITH ~2X INCREASE IN GOLD PRICE

DONLIN GOLD: SIGNIFICANT VALUE UPSIDE WITH HIGHER GOLD PRICES

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Notes: Donlin Gold estimates as per the second updated feasibility study effective November 18, 2011, as amended January 20, 2012 . All dollar figures are in USD and reflect after-tax net present value (at a 0% and 5% discount rates) of the Donlin Gold project as of 1/1/2014. At a 5% discount rate, the net present value is: $547 m @ $1,200 gold; $1,465m @ $1,300 gold; $3,147m @ $1,500 gold; $4,581 m @ $1,700 gold; $6,722 m @ $2,000 gold; and $10,243 m @ $2,500 gold. Project development costs prior to 1/1/2014 are treated as sunk costs.

27year mine life

NPV at 0% NPV at 5%

> Project has a positive return that increases substantially with higher gold prices

> Good payback at a broad range of gold prices

> Significant exploration upside on the mineralized trend

> Long mine life offers high likelihood of enjoying one or more cyclical bull markets over the period of the mine’s operation

ALASKA NATIVE CORPORATIONS: LEADERS OF REGIONAL ECONOMIC DEVELOPMENT

DONLIN GOLD: STRONG PARTNERSHIPS WITH LOCAL STAKEHOLDERS

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> ANCSA established 40 years ago; resolved Alaska Native land claims

> Lands valuable for resource potential selected by Regional Corporations under ANCSA

> Native corporations have an owner’s interest in the development of the selected lands to support the economic prosperity of their shareholders

> Donlin Gold is located on private land specifically selected for its resource development potential

> Enhancing awareness among our broader stakeholder base through active outreach and engagement with communities as well as various organizations in Alaska

• Workforce development • Education (mine tours, village visits, Yup’ik language materials,

documentary videos and newsletters) • Safety • Environmental initiatives

> A unique partnership with the National Fish and Wildlife Foundation that supports regional solutions driven by locals in Alaska to enhance and protect wildlife habitat

CONTINUE TO EXECUTE AND DELIVER ON OUR BUSINESS PLAN

2015 FOCUS

COMMITTED TO GOLD AND WELL-POSITIONED TO EXCEL THROUGH MARKET CYCLES

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> Advance Donlin Gold permitting to a construction decision

> Maintain strong relationships with all stakeholders

> Advance Galore Creek mine planning and project design

> Monetize the value of Galore Creek

> Safeguard our cash position

NOVAGOLD focused on execution and

delivery of our business plan

WHY NOVAGOLD WHY NOW

Safe Geo-Political Environment: Alaska and British Columbia, top-rated mining jurisdictions

Accomplished Team: 185 years cumulative experience

Prolific Production Profile: Donlin Gold expected to be one of industry’s top producing assets; strong leverage to gold

Supportive Stakeholders: Long standing shareholders and engaged partners

Strong Balance Sheet: $130m cash + term deposits as of August 31, 2015

Top Tier Assets: Donlin Gold: Large, high-grade deposit past halfway mark in permitting; great additional exploration potential

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novagold.com

APPENDIX

NOVAGOLD: RESERVE/RESOURCE TABLE

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Donlin Gold (100% basis)* Tonnage Grade Metal content GOLD Kt g/t Au Koz Au

Reserves1 Proven 7,683 2.32 573 Probable 497,128 2.08 33,276 P&P 504,811 2.09 33,849 Resources3, inclusive of Reserves Measured 7,731 2.52 626 Indicated 533,607 2.24 38,380 M&I 541,337 2.24 39,007 Inferred 92,216 2.02 5,993 Galore Creek (100% basis)* Tonnage Grade Metal content COPPER Mt % Cu Blb Cu

Reserves2 Proven 69.0 0.606 0.9 Probable 459.1 0.582 5.9 P&P 528.0 0.585 6.8 Resources4, exclusive of Reserves Measured 39.5 0.25 0.22 Indicated 247.2 0.34 1.85 M&I 286.7 0.33 2.07 Inferred 346.6 0.42 3.23 GOLD Mt g/t Au Moz Au

Reserves2 Proven 69.0 0.520 1.15 Probable 459.1 0.291 4.30 P&P 528.0 0.321 5.45 Resources4, exclusive of Reserves Measured 39.5 0.39 0.50 Indicated 247.2 0.26 2.04 M&I 286.7 0.27 2.53 Inferred 346.6 0.24 2.70 SILVER Mt g/t Ag Moz Ag

Reserves2 Proven 69.0 4.94 11.0 Probable 459.1 6.18 91.2 P&P 528.0 6.02 102.1 Resources4, exclusive of Reserves Measured 39.5 2.58 3.27 Indicated 247.2 3.81 30.26 M&I 286.7 3.64 33.54 Inferred 346.6 4.28 47.73

* Mineral reserves are reported on a

100% basis. NOVAGOLD and Barrick each own 50% of the Donlin Gold project. NOVAGOLD and Teck each own 50% of the Galore Creek project.

t = metric tonne oz = ounce lb = pound K = thousand M = million B = billion g/t = grams/tonne

Approximate cut-off grades (see Resource Footnotes):

Donlin Gold Reserves1: 0.57 g/t gold

Resources3: 0.46 g/t gold

Galore Creek Reserves2: C$10.08 NSR

Resources4: C$10.08 NSR

Notes: a. These resource estimates have been prepared in accordance with NI43-101 and the CIM Definition Standard, unless otherwise noted. b. See numbered footnotes below on resource information. c. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content d. Tonnage and grade measurements are in metric units. Contained gold and silver ounces are reported as troy ounces, contained copper pounds as imperial pounds Resource Footnotes:

1) Mineral Reserves are contained within Measured and Indicated pit designs, and supported by a mine plan, featuring variable throughput rates, stockpiling and cut-off optimization. The pit designs and mine plan were optimized on diluted grades using the following economic and technical parameters: Metal price for gold of US$975/oz; reference mining cost of US$1.67/t incremented US$0.0031/t/m with depth from the 220 m elevation (equates to an average mining cost of US$2.14/t), variable processing cost based on the formula 2.1874 x (S%) + 10.65 for each US$/t processed; general and administrative cost of US$2.27/t processed; stockpile rehandle costs of US$0.19/t processed assuming that 45% of mill feed is rehandled; variable recoveries by rock type, ranging from 86.66% in shale to 94.17% in intrusive rocks in the Akivik domain; refining and freight charges of US$1.78/oz gold; royalty considerations of 4.5%; and variable pit slope angles, ranging from 23º to 43º. Mineral Reserves are reported using an optimized net sales return value based on the following equation: Net Sales Return = Au grade * Recovery * (US$975/oz – (1.78 + (US$975/oz – 1.78) * 0.045)) - (10.65 + 2.1874 * (S%) + 2.27 + 0.19) and reported in US$/tonne. Assuming an average recovery of 89.54% and an average S% grade of 1.07%, the marginal gold cutoff grade would be approximately 0.57 g/t, or the gold grade that would equate to a 0.001 NSR cutoff at these same values. The life of mine strip ratio is 5.48. The assumed life-of-mine throughput rate is 53.5 kt/d.

2) Mineral Reserves are contained within Measured and Indicated pit designs using metal prices for copper, gold and silver of US$2.50/lb, US$1,050/oz, and US$16.85/oz, respectively. Appropriate mining costs, processing costs, metal recoveries and inter ramp pit slope angles varying from 42º to 55º were used to generate the pit phase designs. Mineral Reserves have been calculated using a 'cashflow grade' ($NSR/SAG mill hr) cut-off which was varied from year to year to optimize NPV. The net smelter return (NSR) was calculated as follows: NSR = Recoverable Revenue – TCRC (on a per tonne basis), where: NSR = Net Smelter Return; TCRC = Transportation and Refining Costs; Recoverable Revenue = Revenue in Canadian dollars for recoverable copper, recoverable gold, and recoverable silver using metal prices of US$2.50/lb, US$1,050/oz, and US$16.85/oz for copper, gold, and silver, respectively, at an exchange rate of CDN$1.1 to US$1.0; Cu Recovery = Recovery for copper based on mineral zone and total copper grade; for Mineral Reserves this NSR calculation includes mining dilution. SAG throughputs were modeled by correlation with alteration types. Cash flow grades were calculated as the product of NSR value in $/t and throughput in t/hr. The life of mine strip ratio is 2.16.

3) Mineral Resources are contained within a conceptual Measured, Indicated and Inferred optimized pit shell using the following assumptions: gold price of US$1,200/oz; variable process cost based on 2.1874 * (sulphur grade) + 10.6485; administration cost of US$2.29/t; refining, freight & marketing (selling costs) of US$1.85/oz recovered; stockpile rehandle costs of US$0.20/t processed assuming that 45% of mill feed is rehandled; variable royalty rate, based on royalty of 4.5% * (Au price – selling cost). Mineral Resources have been estimated using a constant Net Sales Return cut-off of US$0.001/t milled. The Net Sales Return was calculated using the formula: Net Sales Return = Au grade * Recovery * (US$1200/oz – (1.85 + ((US$1200/oz – 1.85) * 0.045)) - (10.65 + 2.1874 * (S%) + 2.29 + 0.20)) and reported in US$/tonne. Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred Resources are in addition to Measured and Indicated Resources. Inferred Resources have a great amount of uncertainty as to their existence and whether they can be mined legally or economically. It cannot be assumed that all or any part of the Inferred Resources will ever be upgraded to a higher category. See "Cautionary Note Concerning Reserve & Resource Estimates".

4) Mineral resources are contained within a conceptual Measured, Indicated and Inferred optimized pit shell using the same economic and technical parameters as used for Mineral Reserves. Tonnages are assigned based on proportion of the block below topography. The overburden/bedrock boundary has been assigned on a whole block basis. Mineral resources have been estimated using a constant NSR cut-off of C$10.08/t milled. The Net Smelter Return (NSR) was calculated as follows: NSR = Recoverable Revenue – TCRC (on a per tonne basis), where: NSR = Diluted Net Smelter Return; TCRC = Transportation and Refining Costs; Recoverable Revenue = Revenue in Canadian dollars for recoverable copper, recoverable gold, and recoverable silver using silver using the economic and technical parameters mentioned above. The mineral resource includes material within the conceptual M,I&I pit that is not scheduled for processing in the mine plan but is above cutoff. Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred Resources are in addition to Measured and Indicated Resources. Inferred Resources have a great amount of uncertainty as to their existence and whether they can be mined legally or economically. It cannot be assumed that all or any part of the Inferred Resources will ever be upgraded to a higher category. See "Cautionary Note Concerning Reserve & Resource Estimates".

Cautionary Note Concerning Reserve & Resource Estimates This summary table uses the term “resources”, “measured resources”, “indicated resources” and “inferred resources”. United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to “indicated resource”, “measured resource”, or “mineral reserve” status. Therefore, investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of “contained ounces” is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report “resources” as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC. NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all resource estimates contained in this circular have been prepared in accordance with NI 43-101 and the CIM Definition Standards (2010). Technical Reports and Qualified Persons The documents referenced below provide supporting technical information for each of NOVAGOLD's projects. Project Qualified Person(s) Most Recent Disclosure & Filing Date Donlin Gold Gordon Seibel R.M. SME, AMEC “Donlin Creek Gold Project Alaska, USA, NI 43-101 Technical Report on Second Updated Feasibility Study” effective November 18, 2011, amended January 20, 2012. Kirk Hanson P.E., AMEC Galore Creek Jay Melnyk, P.Eng., AMEC “Galore Creek Copper-Gold Project NI 43-101 Technical Report on Pre-Feasibility Study, British Columbia – Canada” effective July 27, 2011. Greg Kulla, P.Geo., AMEC Heather White, B.Sc., P.Eng., who is a consultant to NOVAGOLD and a “qualified person” under NI 43-101, has approved the scientific and technical information included in this Reserve and Resource Table.

NOVAGOLD: RESERVE/RESOURCE TABLE (CON’T)

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NOVAGOLD RESOURCES INC. Suite 720 – 789 West Pender Street Vancouver, BC Canada V6C 1H2 T 604 669 6227 TF 1 866 669 6227 F 604 669 6272 www.novagold.com info@novagold.com

Mélanie Hennessey VP, Corporate Communications melanie.hennessey@novagold.com

Erin O’Toole Analyst, Investor Relations erin.otoole@novagold.com

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