NOVAGOLD was featured at the Precious Metals Summit in Hong Kong. A webcast is available at www.novagold.com

1. novagold.com
NYSE-MKT, TSX: NG | May 2014
Precious Metals Summit, Hong Kong

2. cautionary statements
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 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 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.
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 (“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. 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. 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.
2
All dollar amounts quoted in this report are in U.S. currency unless otherwise noted.

3. EXCEPTIONAL IN SCALE, QUALITY, AND JURISDICTIONAL SAFETY
why NOVAGOLD?
3
39Moz
gold resource1
̴ 9Blbs
copper resource1
Notes:
1) 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.
̴ 8Moz
gold resource1
̴ 136Moz
silver resource1
Donlin Gold
Galore Creek
3

4. the largest development-stage gold project in the
world
M&I Gold Resource2
>30 million oz.
>10 million oz.
>4 million oz.
Donlin Gold: 39.0 M oz.
Livengood: 15.7 M oz.
Metates: 19.0 M oz.
Haile: 4.0 M oz.
Aurora: 6.5 M oz.
Rainy River: 6.2 M oz.
Tropicana: 6.8 M oz.
Source: Donlin Gold data 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 (the “Updated
Feasibility Study”). Peer group resource data from RBC Capital Markets Research, focusing on large, open pit, gold focused development projects. Measured and indicated resources are inclusive of proven and probable
reserves. See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource Base” with footnotes in the appendix.
1) Source: Canaccord Genuity Research, “Don’t Fear the Reaper,” January 8, 2013. This report ranks each of the top twenty gold-producing countries in terms of jurisdictional safety.
Jurisdictional Considerations1
Safest Somewhat Safe Unranked Less Safe Riskiest
4
Hycroft Mine Expansion:
24.3 M oz.
Rosia Montana: 17.1 M oz.Canadian Malarctic:
11.7 M oz.
A REMARKABLY HIGHER RESOURCE WHEN COMPARED TO EMERGING OPEN-
PIT DEPOSITS

5. among the highest-grade open pit deposits in the
world
M&I Gold Resource
>2.0 g/T Au
>1.0 g/T Au
>0.5 g/T Au
Donlin Gold: 2.24 g/t Au
Livengood: 0.61 g/t Au
Metates: 0.50 g/t Au
Aurora: 3.24 g/t Au
Rainy River: 1.09 g/t Au
Tropicana: 1.99 g/t Au
Jurisdictional Considerations1
Safest Somewhat Safe Unranked Less Safe Riskiest
Haile: 1.77 g/t Au
Source: Donlin Gold data 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 (the “Updated
Feasibility Study”). Peer group resource data from RBC Capital Markets Research, focusing on large, open pit, gold focused development projects. Measured and indicated resources are inclusive of proven and probable
reserves. See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource Base” with footnotes in the appendix.
1) Source: Canaccord Genuity Research, “Don’t Fear the Reaper,” January 8, 2013. This report ranks each of the top twenty gold-producing countries in terms of jurisdictional safety.
5
Hycroft Mine Expansion:
0.31 g/t Au
Rosia Montana: 1.04 g/t Au
Canadian Malarctic:
1.05 g/t Au
COMPARES FAVORABLY TO OTHER LARGE DEVELOPMENT-STAGE OPEN-PIT
PROJECTS

6. emerging top-tier producer in safe jurisdiction
1.102
0.76
0.60 0.58
0.34 0.33
0.19
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 Kibali Livengood Tropicana East Rainy River Aurora Haile
Location USA Mexico DRC USA Australia Canada Guyana USA
Owner(s) NOVAGOLD(50%)
Barrick (50%)
Chesapeake
(100%)
Randgold (45%)
AngloGold (45%)
DRC (10%)
ITH Mines (100%) AngloGold (70%)
Ind. Group (30%)
New Gold (100%) Guyana Goldfields
(100%)
Romarco (100%)
Source: Donlin Gold data: Updated Feasibility Study. Measured and indicated resources are inclusive of proven and probable reserves. See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve
& Resource Base” with footnotes in the appendix. RBC peer group data based on large, open pit, gold focused development projects. 1) Projected annual gold production during first five full years of mine life; 2)
Projected annual gold production during full life of mine.
ProjectedAnnualGoldProduction
(millionsofounces)
THE LARGEST PROJECTED GOLD PRODUCER AMONG EXISTING DEVELOPMENT
PROJECTS
6

7. DONLIN GOLD’S GRADE IS AT THE TOP OF THE LIST COMPARED TO WORLD’S
BIGGEST PRODUCERS
expected to emerge as one of the highest-grade
gold producers
7Notes:
Donlin Gold data as per the updated feasibility study. 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. See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource Base” with footnotes in the appendix.
Peer group data - 2012 annual average grade per tonne (combined proven & probable reserves and measured & indicated resources) for open-pit and underground material as per public filings.
2.56
2.24 2.22
1.95
1.90
1.37
1.32
1.02
0.89
0.84
0.78
0.00
0.50
1.00
1.50
2.00
2.50
3.00
Agnico
Eagle
Donlin Gold Gold Fields Polyus AngloGold
Ashanti
Barrick Harmony Eldorado Newmont Yamana GoldcorpDonlin
Gold
M&I Au Grade (g/t)

8. MULTIPLE DRILL PROSPECTS AND TARGETS EXIST ALONG 8KM TREND
substantial exploration potential
8
▶ Potential to expand current open-pit resources
along strike and at depth
• Many targets close to the pit floor that could
be mined without dramatically increasing strip
ratio or enlarging pit footprint
▶ Good potential to discover meaningful deposits
outside current mine footprint – current reserves
and resources are contained within just 3 km of
an 8 km long district
• Several drilled prospects and other exploration
targets along the 6 km trend north of the
resource area remain under-explored
▶ Between 2002 and 2010, drilling programs more
than doubled the mineral endowment
▶ Inferred mineral resource: 6 million ounces of
gold within the resource pit shell
• Potential to convert to M&I category during
mining, representing upside potential to
project economics

9. donlin gold expected to deliver more than three
decades of low cost production
▶ Global gold industry experienced
substantial cost escalation and a
decrease in grade over the last decade
due to…
• Operations mining significantly above
reserve grade
• Inflationary pressures
▶ Donlin Gold’s low cost profile…
• Contributes to meaningful cash flow
generation over the 27-year mine life
• A robust project that is highly
leveraged to gold price increases
9
$1,0111
$7352
0
200
400
600
800
1,000
1,200
Industry Average Donlin Gold Life of Mine
~$300
Less than current
industry average
All-InSustainingCost(AISC)
Donlin Gold
Life of Mine
$US/oz
Notes:
1) 2013A industry average AISC as per RBC Capital Markets report published 03/20/14. Industry average AISC includes total cash costs, sustaining capital, corporate G&A, and exploration expenses
reported during 2013.
2) Donlin Gold AISC estimate as per updated feasibility study includes US GAAP cost of sales (excluding depreciation and reclamation), sustaining capex, corporate G&A and reclamation. Please see
slide 34 of the appendix for a breakdown of the costs.
CLIMATE OF DECLINING GRADES AND ESCALATING COSTS

10. $6.2B
$9.2B
$11.6B
$14.6B
$19.2B
$27.0B
0
5,000
10,000
15,000
20,000
25,000
30,000
$1,200 $1,350 $1,500 $1,700 $2,000 $2,500
NPV(US$inmillions)
Gold Price (US$)
NPV at 0%NPV at 5%
NPV INCREASES ~20X WITH ~2X INCREASE IN GOLD PRICE
donlin gold has exceptional leverage to gold
▶ Even in a low-price
environment, the project has a
positive return that increases
substantially with higher gold
prices
▶ Fast payback at a
broad range of gold prices
▶ Does not take into account:
• Value creation as project
progresses from permitting to
operation
• Significant exploration upside
of the mineralized trend
10
Notes:
Donlin Gold estimates as per updated feasibility study. 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; $1,922m @ $1,350 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.

11. 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 2013
no new and substantial gold discoveries
11
Notes:
Data as per SNL MEG’s MineSearch database, Company reports, SNL MEG estimates. Thomson Reuters. Number of discoveries data not yet available for 2013 and 2014.
NumberofGoldDiscoveries
Gold Discovered
Exploration Budget (US$M)
2012
highest year on
record for
exploration
spending and first
year in over two
decades with no
discoveries
2011
gold peaked
at US$1,920/oz
DESPITE RECORD HIGH EXPLORATION SPENDING LEVELS THE GOLD INDUSTRY
HAS EXPERIENCED A RECENT DROP IN DISCOVERIES

12. More than half of the industry’s top producing mines were initially
criticized for their high CAPEX requirements…but they were built
Today, these assets are low-cost operations that companies are
built upon…They are the back bone of the industry.
Large precious metals assets will be built by a consortium of
companies, much like base metals and oil and gas projects
large gold mines essential to industry
ALTHOUGH CAPITAL INTENSIVE, ONCE BUILT, MAJOR OPERATIONS PROVIDE
SIGNIFICANT RETURNS
12
Put simply, the industry has always needed large-scale
projects to sustain itself… this has not changed.

13. Donlin Gold located in Alaska, one of
the safest jurisdictions in the world with
history of successful mining
development
ALASKA IS COMMITTED TO RESPONSIBLE RESOURCE DEVELOPMENT
favorable geo-political jurisdiction
▶ Alaska is the second largest U.S. gold-
producing State
▶ Well-defined permitting process
▶ Four large precious metals mines, one
coal mine & two base metals mines
▶ Numerous small-scale mines
▶ Natural resource projects integral to the
State’s economy
▶ Strong and time-tested community support
13

14. COMPANIES HAVE AND CONTINUE TO BUILD MUTUALLY-BENEFICIAL
PARTNERSHIPS IN ALASKA
state supporting development of resource industry
▶ Large Mine Permitting Team responsible for coordinating the permitting process
for large mining projects in the State
▶ Alaska Exploration Incentive Credit Program – up to $20 million deduction over a
15-year period for new mines
▶ Roads to Resources Program (R2R) – transportation and other infrastructure
initiatives to support the development of natural resources
STATE IS COMMITTED TO WORK WITH COMPANIES IN FACILITATING COST-EFFECTIVE ACCESS
TO PROJECTS AND OPERATIONS IN ALASKA
▶ Providing financing for the Bokan-Dotson Ridge project ($145 million) and the
Niblack project ($125 million)
▶ Red Dog mine port & access road owned by State Economic Development
Agency – initially financed by State
▶ Ambler project - earlier-stage initiative in evaluating a 225 mile road to access the
Ambler mining district
14

15. JURISDICTIONAL SAFETY IS MORE THAN GEOGRAPHIC LOCATION
the right stakeholders
Committed Stakeholders
▶ Calista Corporation (mineral owner)
▶ The Kuskokwim Corporation (surface owner)
“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, Calista Corporation VP
15

16. project permitting is on track
16
1.5Moz/year
first five full years1
1.1Moz/year
life of mine1
16 years ̴ 4 27+ years
EXPLORATION&
ENVIRONMENTAL
STUDIES
PERMITTING
ENGINEERING&
CONSTRUCTION
OPERATION
WE ARE HERE
1.5Moz/year
first five full years1
1.1Moz/year
life of mine1
̴ 4
Notes:
1) Donlin Gold data as per the updated feasibility study. Projected annual production represents 100% of which NOVAGOLD’s share represents 50%.
DEVELOPMENT TIMELINE - ADVANCING TOWARD A CONSTRUCTION DECISION

17. THE KIND OF ASSET YOU CAN BUILD A COMPANY AROUND
galore creek a significant copper-gold-silver asset
in canada
STRONG copper grades
SIGNIFICANT gold & silver content
GROWING resources
CONSIDERABLE exploration upside
SAFE jurisdiction
17
9Blbs
copper
8Moz
gold
136Moz
silver
0.5%
copper
0.3g/t
gold
5.2g/t
silver
M&I Resources1
Notes:
1) 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.
18year
mine life

18. AMONG HIGHEST COPPER GRADE COMPARED TO NORTH AMERICAN ASSETS
galore creek grade peer comparisons
18
P&P + M&I grade (Cu%)
Notes:
Data as per SNL MEG’s MineSearch database, Company reports, SNL MEG estimates.
0.50
0.45
0.42
0.40
0.32
0.30
0.27
0.24
0.21
0.18 0.18
0.00
0.10
0.20
0.30
0.40
0.50
0.60
Galore
Creek
Pebble Rosemont Catface Red Chris Berg Schaft
Creek
New
Prosperity
KSM Mount
Milligan
Casino

19. ENHANCING VALUE WHILE EVALUATING OPPORTUNITIES TO MONETIZE ASSET
current activities at galore creek
▶ Completed the 2013 drilling program under budget, exceeding
objectives with 11,600 meters drilled
• Confirmed significant mineralization at the recently discovered
Legacy zone
• Identified areas for potential resource growth
▶ 2014 activities:
• Execute capital efficient work plan incorporating 2012 and 2013 drill
results to advance the project toward next-level mine planning and
design
• Technical studies:
• Water and waste management
• Site layout
• Ongoing environmental monitoring
19

20. CLEAR FOCUS BEGINS WITH STRONG FUNDING TO EXECUTE ON ALL FRONTS
financial obligations have decreased substantially
20
$0
$20
$40
$60
$80
$100
$120
$140
2012 Act(1) 2013 Act 2014 Bud
DiscOps G&A Donlin Gold Galore Creek Interest & other
1
- 70%
- 23%
Notes:
1) 2014 anticipated budget expenditure disclosed on
February 11, 2014
2) Market Capitalization as of May 21, 2014 based on
317.3 million shares issued and outstanding.
3) Includes US$ 110 million in term deposits as of
February 28th 2014.
4) The Notes mature on May 1, 2015.
market cap2
$990
cash and term
deposits3
$182
convertible notes4
$16
in millions of U.S. dollars
reducedby~$100M

21. 26.7%
11.3%
6.9%
2.2%1.7%
51%
BLUE CHIP INSTITUTIONAL QUALITY INVESTMENT
excellent and committed shareholder base
21
Institutional
Ownership
80%
held by top
5 shareholders(1)
49%
Notes:
(1) Shareholder positions are based on the latest 13-F filings.
committed
to Shareholder Value
Electrum Strategic
Resources LP
Paulson & Co.
Inc
The Baupost
Group, L.L.C.
Tocqueville Asset
Management
Sun Valley
Gold, LLC
Other

22. why NOVAGOLD? why now?
NOVAGOLD offers:
▶ TOP TIER, high-grade assets with excellent exploration upside
▶ SAFEST leverage to a massive gold endowment
▶ PROLIFIC gold production for decades to come
▶ SUPPORTIVE, loyal, and engaged stakeholders
▶ ACCOMPLISHED team in building & operating large-scale mining assets
▶ STRONG balance sheet
22
In an environment where:
▶ Gold is in a secular bull market
▶ Macroeconomic environment supportive of continued trend toward higher price
▶ Grades are declining
▶ New discoveries are few
▶ Global exploration & development shrinking
▶ Geopolitical risks increasing

23. novagold.com
appendix

24. 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
1/30/1970 1/30/1975 1/30/1980 1/30/1985 1/30/1990 1/30/1995 1/30/2000 1/30/2005 1/30/2010
Gold Price ($USD)
856
2010 201420052000199519901985198019751970
24
why gold? gold has been in a secular bull market since
2000
496
34
409
700
1207
1882
1370

25. why gold? despite recent price turbulence, fundamental
demand drivers remain unchanged
Current Correction Is In Line With Historical Precedent; 1980-Style Parabolic Rise Has Yet to Occur
Gold Prices During Historical and Current Price Corrections
Current Data through December 2013
Indexed(a)
Source: Bloomberg. Trading Days Since Beginning of Correction Period
Gold Prices During Historical and Current Bull Markets
Current Data through December 2013
Months Since Beginning of Bull Market
Indexed(a)
(a) Start date is 12/30/1974 for previous correction and 10/5/2012 for current correction. (b) Start date is 1/1/1968 for 70s Bull Market and 1/1/2001 for Current Bull Market. Indexes are for
illustrative purposes only. Past performance is not indicative of future results.
50
60
70
80
90
100
110
120
1 51 101151201251301351401451501551601651701751801851901
Previous Correction (December 1974 to July 1978)
Current Correction (September 2011 to December 2013)
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
1 12 23 34 45 56 67 78 89 100 111 122 133 144 155
70s Bull Market Current Bull Market
▶ During 2013, gold prices dropped 28% to $1,202/oz., driven by reduced allocations to gold-backed futures and ETFs
from U.S. hedge funds, institutions, and mutual funds. As a result, some commentators called an end of the bull market
in gold.
▶ However, we believe that the recent price correction will be temporary, similar to the 1974 to 1976 correction in gold
prices during the bull market of 1968 to 1980 and the 1987 downturn in the Dow Jones Industrial Average:
• During the last gold price correction (1974 to 1976), gold prices dropped by nearly 50%; following the correction,
gold prices resumed their upward climb.
▶ We believe that the fundamental drivers that support gold’s upward trajectory are still in place:
• Amidst some encouraging US economic data, core underlying issues remain unsolved (i.e., high sovereign debt,
expansionary monetary policies, structural federal deficits)
• Exceptionally strong demand from emerging markets, led by China, India, and the Middle East
• As central banks diversify their foreign reserves, gold should continue to be a highly relevant asset class
• Supply remains stagnant, constrained by low discovery rates, rising costs, declining grades, and jurisdictional risk
25

26. why gold? the revaluation
26
Gold has served mankind for five millennia, protecting wealth from high inflation, negative real interest
rates, volatile currencies, rising and falling empires, declining stock values, and other crises.
HISTORIC
HAVEN
RISING TIDE
We believe that gold is in a secular bull market, driven by financial and macro-economic developments, a
shift in central bank activity, and significant supply/demand pressures.
Financial and economic problems have highlighted the value of gold for governments, SWFs, central
banks, institutions and private investors, who seek the capital appreciation potential and stabilizing effect
on overall wealth that gold can provide. Yet gold remains strikingly under owned.
INVESTMENT
ATTRACTION
Gold production growth rates have slowed. New discoveries are increasingly difficult and costly to find,
highly risky, and require long lead times to reach production. Central banks, formerly a source of supply,
have been net purchasers since 2009.
SUPPLY
CHALLENGES
CURRENCY
DEBASEMENT
Major reserve currencies are being debased: the USD, the Euro, the Sterling, the Yen and even the Swiss
Franc. After a 40-year secular trend of attempted de-monetization, gold has re-asserted itself as the only
currency that cannot be debased or printed.
NO
COUNTERPARTY
RISK
Gold is the only major store of value which does not represent someone else’s liability.
EMERGING
MARKETS
Economic growth, particularly in developing economies, has supported gold’s upward trajectory; emerging
markets represented the source of 84% of physical gold demand in 2013. Strong demand from key
emerging markets may also reflect investors’ desire for a liquid, low-risk investment that can serve as a
hedge against inflation.
Past performance is not indicative of future results.

27. why gold? a valuable portfolio diversifier
27
COMPARATIVE RETURNS
Notes:
Indexes are for illustrative purposes only. Past performance is not indicative of future results.
Gold provides excellent portfolio diversification due to its low correlation with most other asset classes,
including equities, bonds, other commodities, and the U.S. dollar.
Unlike other commodities, gold tends to retain value during recessions and deflationary periods.
Gold’s performance over the last decade vindicates its status as a valuable diversifier. Over the last
decade, gold has surged relative to other investment classes; it has outperformed equities, risen in price as
oil fell sharply in Q4 2008 and again in Q2 2011 (signifying an historic de-coupling) and outperformed the
Commodity Research Bureau (CRB) Futures Index by 28% between December 2008 and December 2013.
We believe it will continue to do so because gold is more than a mere commodity.
PORTFOLIO
DIVERSIFICATION
AND CAPITAL
PRESERVATION
GOLD HAS RETAINED VALUE IN UNCERTAIN TIMESGOLD’S 10-YEAR HISTORICAL CORRELATION
100.0%
40.0%
44.0%
89.0%
27.0%
(5.0%)
(50.0%)
(65.0%)
(31.0%)
(80.0%)
(60.0%)
(40.0%)
(20.0%)
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
1814 to 1830 1864 to 1897 1929 to 1933
Gold Silver Other Commodities
SOURCE: INCREMENTUM AG.
% CHANGE
SOURCE: CPM GROUP.
0.94
0.67
0.33
0.28 0.28
0.14
(0.49)
(0.63)
(0.81)
(0.88)(1.00)
(0.50)
0.00
0.50
1.00
Silver
Oil
FTSE100
$/Euro
S&P500
MSCIWorldIndex
Nikkei
13WeekT-Bill
30YearT-Bond
10YearT-Note
Percent Change
31-Dec-13 1 year 5 year 10 year
Gold $1,202.30 -28.3% 36.0% 188.9%
Silver $19.37 -35.9% 71.5% 224.7%
Oil $98.42 7.2% 120.7% 202.6%
S&P 500 1,848.36 29.6% 104.6% 66.2%
FTSE 6749.09 14.4% 52.2% 50.8%
Nikkei 16291.31 56.7% 83.9% 52.6%
MSCI World Index 1661.07 24.1% 80.5% 60.3%
$/Euro $1.37 4.2% -1.6% 9.1%
13 Week T-Bill 0.6% 0.5% 0.8% 1.8%
10 Year T-Note 3.0% 2.4% 2.6% 3.5%
30 Year T-Bond 4.0% 3.2% 3.7% 4.2%
Notes: T-bill, T-note, and T-bond are average rates of return.
Source: CPM Group

28. why gold? flourishes in inflation and deflation
28
Gold has historically retained value on a relative and absolute basis. When imploding asset classes created a
deflationary spiral in 2008 and 2009, oil, equities, currencies, agricultural and commodities declined. As a safe
haven, gold retained its value, as investors sought to protect their savings and hedge against financial market
default.
GOLD RETAINS
VALUE
HISTORICAL
DEFLATIONARY
PRECEDENT
In prior periods of significant economic downturn such as the Great Depression, average gold prices rose
(e.g., 76% from $19.75 in 1929 to 1932, to $34.69 in 1934).A July 2011 Oxford Economics Group model of a
wave of defaults in the Eurozone countries concluded that gold would perform strongly in a deflationary
scenario.
SIGNIFICANT
INFLATIONARY
PRESSURES
Gold can play an important role in preserving purchasing power and minimizing downside risk. Inflation, or
expectations of inflation, can have a substantial impact on the price of gold, which is a trusted inflation hedge.
Unprecedented fiscal and monetary incentives have been used to stimulate the global economy and could
fuel inflationary pressures. Certain emerging economies are already experiencing significant inflation rates,
further fueling gold demand.
GOLD PRICES VS. CHANGE IN CPI, SEPTEMBER 2008 TO MARCH 2009
MONTHLY DATA
SOURCE: CPM GROUP.
Past performance is not indicative of future results.
GOLD AND INDIAN INFLATION
ANNUAL, THROUGH 2013
SOURCE: BLOOMBERG.
INDIAN INFLATION (%) GOLD PRICE (K INR)
(2.0%)
(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
$0
$200
$400
$600
$800
$1,000
Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09
MoM CPI Gold Price
GOLD PRICE ($/OZ.) CHANGE IN CPI
0.0
25.0
50.0
75.0
100.0
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013

29. PROJECTS CONTINUE TO ADVANCE ON TIME AND ON BUDGET
recent achievements
29
maintaining a healthy balance sheet
continued to advance permitting of Donlin Gold with completion of public scoping
and advanced preparation of preliminary draft environmental impact statement
Galore Creek 2013 exploration drill results identified extensions to
mineralization at Legacy zone
simplified company, significantly reduced expenditures
built a management team with expertise in permitting, developing and operating
large-scale projects

30. ▶ Donlin Gold LLC is the operating company
▶ 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
▶ Operates under agreements with Alaska Native Claims Settlement Act (ANCSA) landowners
• Calista Corporation (Subsurface minerals and surface lease)
• The Kuskokwim Corporation (Surface use agreement)
▶ Project office in Anchorage
• 36 full-time employees and 2 contractors
▶ Strong track record for local hiring
ADVANCING DONLIN GOLD UP THE VALUE CHAIN
donlin gold project overview
30

31. DONLIN GOLD SLATED TO BE A STATE-OF-THE-ART SIGNIFICANT MINE
donlin gold project highlights
31
Reserves: 33.9 Moz Au (505M 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
See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve and Resource Base” table with footnotes.

32. 1.60
1.101 1.01
0.95 0.94
0.89 0.87
0.75 0.73 0.70
0.68
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
Grasberg Donlin Gold Pueblo Viejo Cortez Yanacocha Goldstrike Carlin Lihir Island Oyu Tolgoi Boddington Veladero
Notes:
Donlin Gold projected annual production represents 100% of which NOVAGOLD’s share represents 50%. All other production estimates, for the exception of Grasberg, are based on published 2014
average gold annual production guidance. Grasberg represents the published 2014 gold sales guidance.
1) 1.50Moz represents the projected annual gold production during first five full years of mine life, 1.10Moz represents the projected annual gold production during full life of mine.
Gold (M/oz)
LOCATION:
1.50
1
USA USADOMINICAN
REPUBLIC
INDONESIA PAPUA NEW
GUINEA
PERU AUSTRALIAMONGOLIA
donlin gold poised to be world’s biggest gold mine
EXPECTED PRODUCTION RIVALS 10 LARGEST EXISTING GOLD MINES
32
USAUSA ARGENTINA

33. RESOURCES MORE THAN DOUBLED FROM 2006 TO 2008
donlin gold reserve & resource growth
33
16.6
29.4
35.3
37.9
39.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
2006 2007 2008 2009 2011
Notes:
Donlin Gold data as per NOVAGOLD public documents. 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. See
“Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve & Resource Base” with footnotes in the appendix.
M&IAuResources(Moz)
39Moz
M&I RESOURCES
34Moz
P&P RESERVES @ $975/oz
inclusive of
grade of
2.24g/t
And there is opportunity for
continued growth once in
production…
PEA
FeasibilityStudy
UpdatedFeasibilityStudy
Focused on feasibility-level planning
and more recently permitting

34. donlin gold
LOW OPERATING CASH COSTS AND ALL-IN SUSTAINING COSTS
34
Open-pit mining2 270
Processing 257
G&A, royalties, land & other3 108
Total $635
Open-pit mining2 133
Processing 208
G&A, royalties, land & other3 70
Total $411
Life of Mine Cash Costs1 Per Ounce
First Five Years Cash Costs1 Per Ounce
Notes:
Donlin Gold estimates as per the updated feasibility study.
1) US GAAP cost of sales, excluding depreciation and reclamation
2) Net of deferred costs
3) Based on US$1,200/oz gold price
Life of Mine All-in Sustaining Costs Per Ounce
Cash costs1 635
Sustaining capex 50
Corporate administration 28
Reclamation 22
Total $735
First Five Years All-in Sustaining Costs Per Ounce
Cash costs1 411
Sustaining capex 83
Corporate administration 21
Reclamation 17
Total $532

35. 35
($10,000)
($5,000)
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
CumulativeNetCashFlow(US$millions)'
$1,200/oz Au $1,500/oz Au $1,700/oz Au $2,000/oz Au $2,500/oz Au
$6,025
$11,459
$14,444
$19,075
$26,803
~4.5x
leverage
NetCashFlow(millions)
All Amounts in US Dollars
Rich Ore Body With a 27-Year Mine Life
and Extensive Exploration Upside
Notes:
Donlin Gold estimates as per the updated feasibility study.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
LEVERAGE TO GOLD & FAST PAYBACK AT A BROAD RANGE OF GOLD PRICES
donlin gold expected to generate substantial cash
flows

36. donlin gold
WELL POSITIONED TO SHARE UPFRONT COSTS WITH THIRD PARTIES
Areas US$M1 Opportunities1
Mining 345 Leasing equipment ~$170M
Site preparation/roads 236
Process facilities 1,326 Oxygen plant could be built by third party ~$130M
Tailings 120
Utilities 1,302
Ancillary buildings 304
Off-site facilities 243
Total Direct Costs 3,876
Owners’ cost 414
Indirect Costs 1,405
Contingency 984 Healthy Contingency
Total Owner’s & Indirect
Costs, and Contingency
2,803
Total Project Cost 6,679 >$1B potential capital reductions
Gas pipeline could be built by third party $834M
1) Represents 100% of project’s capital expenditures 36

37. ROBUST ECONOMICS HIGHLY LEVERAGED TO GOLD PRICES
donlin gold key performance indicators
37
Gold Price
Unit $1,000/oz $1,200/oz
Base Case
$1,700/oz $2,000/oz $2,500/oz
Average annual
after-tax cash flow
(first full five years)
$M 670 950 1,500 1,785 2,185
Average annual
after-tax cash flow (LOM)
$M 350 500 815 990 1,275
NPV (5%) after-tax1 $M (1,340) 550 4,580 6,720 10,240
NPV (0%) after-tax1 $M 2,100 6,200 14,620 19,250 26,975
IRR after-tax1 % 2.3 6.0 12.3 15.1 19.1
Payback period Years 19.1 9.2 5.3 4.4 3.5
Notes:
Donlin Gold estimates as per the updated feasibility study. 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; $4,581 m @ $1,700 gold; $6,722 m @ $2,000 gold; and $10,243 m @ $2,500 gold. Project development costs prior
to that date are treated as sunk costs.
All amounts in US dollars
1) NPVs and IRRs as at January 1, 2014. Project development costs prior to that date are treated as sunk costs.

38. PROCEEDING ON SCHEDULE AS PER EIS TIMELINE
donlin gold current work
▶ Maintaining strong working relationships with the agencies and providing input
throughout the permitting and EIS processes
▶ EIS process and current activities
• Alternatives development addressing mine, pipeline and transportation
components was completed in Q1 2014
• PDEIS well underway including defining the baseline conditions and
analyzing consequences expected to be completed by end of 2014
• Draft EIS anticipated mid-year 2015
▶ Major permit application submittals and agency reviews – well underway
• Air quality
• Water discharge and usage
• Pipeline plan of development
• Wetlands
• Dam safety
38

39. PROPOSED PIPELINE TIES INTO EXISTING INFRASTRUCTURE AT COOK INLET
donlin gold powering the project
39
▸ Project would require 153MW of
electricity to power the mill &
facilities
▸ Fueled by natural gas transported
via a 315-mile-long, 14-inch
pipeline
▸ Donlin Gold has studied various pipeline
routes and collected baseline data on:
• Wetlands, stream crossings and aquatic
resources
• Cultural sites
• Seismic conditions
• The Iditarod Trail

40. LARGE PROJECTS HAVE BEEN SUCCESSFULLY PERMITTED
permitting in the U.S.
40
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
~3 years
(anticipated)
• New mine on historic property
• Open pits, processing and tailings facilities
• Draft EIS issued spring 2014, Final/ROD anticipated within 6
months

41. GALORE CREEK, AN EXCEPTIONAL ASSET
galore creek project overview
41
▶ Galore Creek Mining Corporation (GCMC) is the operating company
▸ 50/50 ownership by NOVAGOLD and Teck Resources Inc.
▸ Management Committee has two representatives from each company
• Chairman rotates every year
▸ Project is located within the Tahltan Nation Territory and operates under a
Participation Agreement
▸ All mineral claims are on Crown land
▸ Project office in Vancouver
• Abundance of technical strength to draw from within Teck
▸ Strong track record for Tahltan hiring at project site as well as contracting and
procurement with Tahltan businesses and joint ventures

42. GALORE CREEK TO BE ONE OF CANADA’S LARGEST COPPER MINES
galore creek project highlights
42
Reserves: 6.8 Blb Cu; 5.5 Moz Au; 102 Moz Ag 1
Resources: 8.9 Blb Cu; 8.0 Moz Au; 136 Moz Ag (inclusive of reserves) 1
Mine Life: ~18 years
Production: Year 1-5, 400 Mlb/year Cu; LOM, 340 Mlb/year Cu
Operation: Open-pit, conventional truck & shovel
Milling: +80k tonnes/day, conventional crush, grind, and Cu/Au/Ag flotation
concentration, plant located in West More Valley
Strip ratio: 2.2 = 1.1B tonnes waste rock
Tailings: storage facility located in West More Valley next to plant
Power: BC Hydro currently constructing the Northwest Transmission Line from
near Terrace, BC to Bob Quinn to promote remote industrial
development, Galore Creek to tie into the NTL
Logistics: Port facilities to be built near Stewart, BC
Notes:
See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve and Resource Base” table with footnotes.

43. ROBUST ECONOMICS HIGHLY LEVERAGED TO METAL PRICES
galore creek key performance indicators
43
Unit Metal Prices
Copper
Gold
Silver
US$/lb
US$/oz
US$/oz
2.00
900
15.00
2.65
1,100
18.50
3.00
1,100
20.00
3.50
1,200
25.00
4.00
1,300
30.00
LOM after-tax cash flow $M 1,514 5,118 6,641 9,223 11,812
NPV (5%) after-tax1 $M (969) 988 1,794 3,134 4,458
NPV (7%) after-tax1 $M (1,431) 137 778 1,837 2,877
IRR after-tax1 % 2.4 7.4 9.2 11.9 14.3
Payback period Years 13.2 7.8 6.1 4.1 3.3
Notes:
Galore Creek estimates as per the 2011 Pre-Feasibility Study. All dollar figures are in CAD. See “Cautionary Note Concerning Reserve & Resource Estimates” and
“Reserve & Resource Base” with footnotes in the appendix.
1) NPVs and IRRs as of two years prior to significant project spend. Project development costs prior to that point are treated as sunk costs.
All amounts in CAD dollars

44. INDUSTRY LEADERS TO BRING DONLIN GOLD THROUGH PERMITTING & BEYOND
the NOVAGOLD team
44
Gregory Lang
President & CEO
▸ Former President of Barrick Gold North America
▸ 35 years experience building & operating major mines
▸ Intimate knowledge of Donlin Gold
David Deisley
Executive Vice President and
General Counsel
▸ Former EVP and General Counsel of Goldcorp
▸ Regional General Counsel for Barrick Gold North America
▸ Extensive track record in project permitting, corporate social responsibility,
mergers and acquisitions and corporate development
▸ 25 years of mining industry experience
David Ottewell
Vice President and Chief
Financial Officer
▸ Former VP and Corporate Controller of Newmont Mining Corporation
▸ 25 years of mining industry experience
▸ Diverse experience in all facets of financial management, from mine operations
to executive corporate financial management of premier gold producers
Mélanie Hennessey
Vice President, Corporate
Communications
▸ Held variety of executive and senior IR & corporate communications positions
with Goldcorp, New Gold, and Hecla Mining Company
▸ Leading NOVAGOLD’s internal and external communications functions
Ron Rimelman
Vice President, Environment,
Health, Safety & Sustainability
▸ 25+ years of environmental experience, managing environmental impact
assessments and permitting activities world-wide
▸ Leadership role on mine permitting and NEPA evaluations for mine projects in
Alaska since 1993
Richard Williams
Vice President, Engineering
and Development
▸ Former Project Director for the Pueblo Viejo project in the Dominican Republic
▸ 30 years of experience developing and operating major mines world-wide
▸ Particular expertise in autoclave technology
MANAGEMENT

45. NOVAGOLD board of directors
45
Dr. Thomas Kaplan
Chairman
Chairman and CIO of The Electrum Group LLC, a privately held natural resources
investor that controls a diversified portfolio of precious and base metals assets
Sharon Dowdall
Former Chief Legal Officer and Corporate Secretary with Franco-Nevada, transforming an
industry pioneer into one of the most successful precious metals enterprises in the world
Dr. Marc Faber
Publishes a monthly investment newsletter entitled The Gloom, Boom & Doom
Report and is the author of several books
Greg Lang
President & CEO
Former President of Barrick Gold North America, 35 years experience building &
operating major mines with intimate knowledge of Donlin Gold
Gil Leathley
COO and Director of Sunward Resources, former Senior Vice President and Chief
Operating Officer of the Company
Igor Levental
President of The Electrum Group LLC, former VP of Homestake Mining and International
Corona Corp.
Kalidas Madhavpeddi Former Executive with Phelps Dodge
Gerald McConnell Former Chairman and CEO of NOVAGOLD, CEO of Namibia Rare Earths Inc.
Clynton Nauman CEO of Alexco Resources, formerly with Viceroy Gold and Kennecott Minerals
Rick Van Nieuwenhuyse CEO of NovaCopper, founder and former CEO of NOVAGOLD
Anthony Walsh
Former President and Chief Executive Officer of Miramar Mining Corporation, which in
2007 was sold to Newmont Mining Company.

46. COPPER
Tonnage
Mt
Grade*
%Cu
Metal content
Mlbs
NOVAGOLD share**
Mlbs
Reserves (100%)2
Proven 69.0 0.61 900.0 450.0
Probable 459.1 0.58 5,900.0 2,950.0
P&P 528.0 0.59 6,800.0 3,400.0
Resources (100%)4 inclusive of reserves
Measured 108.4 0.48 1,147.0 573.5
Indicated 706.3 0.50 7,786.0 3,893.0
M&I 814.7 0.50 8,933.0 4,466.5
Inferred 346.6 0.42 3,230.0 1,615.0
GOLD
Mt g/t Moz Moz
Reserves (100%)2
Proven 69.0 0.52 1.15 0.58
Probable 459.1 0.29 4.30 2.15
P&P 528.0 0.32 5.45 2.73
Resources (100%)4 inclusive of reserves
Measured 108.4 0.48 1.70 0.85
Indicated 706.3 0.28 6.40 3.20
M&I 814.7 0.31 8.00 4.00
Inferred 346.6 0.24 2.70 1.35
SILVER
Mt g/t Moz Moz
Reserves (100%)2
Proven 69.0 4.94 11.0 5.5
Probable 459.1 6.18 91.2 45.6
P&P 528.0 6.02 102.2 51.1
Resources (100%)4 inclusive of reserves
Measured 108.4 4.10 14.30 7.15
Indicated 706.3 5.38 122.10 61.05
M&I 814.7 5.21 136.40 68.20
Inferred 346.6 4.28 47.73 23.87
At April 30, 2012
Donlin Gold (NOVAGOLD 50%)
Galore Creek (NOVAGOLD 50%)
GOLD
Tonnage
Mt
Grade*
g/t
Metal content
Moz
NOVAGOLD share**
Moz
Reserves (100%)1
Proven 7.7 2.32 0.57 0.29
Probable 497.1 2.08 33.28 16.64
P&P 504.8 2.09 33.85 16.93
Resources (100%)3 inclusive of reserves
Measured 7.7 2.52 0.63 0.31
Indicated 533.6 2.24 38.38 19.19
M&I 541.3 2.24 39.01 19.50
Inferred 92.2 2.02 5.99 3.00
NOVAGOLD reserve/resource table
46

47. reserve/resource table (con’t)
Resources (100%)5,6 Tonnage Grade* Metal content NOVAGOLD share**
COPPER Mt %Cu Mlbs Mlbs
Inferred 53.7 0.50 592.0 414.4
GOLD Mt g/t Moz Moz
Inferred 53.7 0.73 1.26 0.88
SILVER Mt g/t Moz Moz
Inferred 53.7 10.60 18.36 12.85
Copper Canyon (NOVAGOLD 70%)
t = metric tonne
M = million
g/t = grams/tonne
* Reserve grade is diluted; resource
grade is in situ.
** NOVAGOLD share net after earn-ins
Approximate cut-off grades (see Resource Footnotes below):
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
Copper Canyon Resources5,6: 0.6% copper equivalent
47

48. 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:
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.
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$16.85/oz, respectively. Appropriate mining costs, processing costs, metal recoveries and inter ramp pit slope angles varing from 42º to 55º were used to
generate the pit phase designs. Mineral Reserves have been calculated using a 'cashflow grade' ($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.
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".
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".
The copper-equivalent grade was calculated as follows: CuEq = Recoverable Revenue ÷ 2204.62 * 100 ÷ 1.55. Where: CuEq = Copper equivalent grade; Recoverable Revenue = Revenue in US dollars for recoverable copper, recoverable gold and recoverable silver using metal prices of US$1.55/lb, US$650/oz, and
US$11/oz for copper, gold, and silver, respectively; for the purposes of the equivalency formula, Cu Recovery is assumed to be 100%. 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".
NOVAGOLD Canada Inc. has agreed to transfer its 60% joint venture interest in the Copper Canyon property to the Galore Creek Partnership, which is equally owned by NOVAGOLD Canada Inc. and a subsidiary of Teck Resources Limited. The remaining 40% joint venture interest in the Copper Canyon property is
owned by another wholly owned subsidiary of NOVAGOLD.
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. United States 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 a higher category. Therefore, United States 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.
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 Tony Lipiec, P. Eng., AMEC Donlin Creek Gold Project
Gordon Seibel R.M. SME, AMEC Alaska, USA
Kirk Hanson P.E., AMEC NI 43-101 Technical Report on Second Updated Feasibility Study amended filing on January 23, 2012
Galore Creek Robert Gill, P.Eng., AMEC Galore Creek Copper–Gold Project,
Jay Melnyk, P.Eng., AMEC British Columbia, NI 43-101 Technical Report on Pre-Feasibility Study,
Greg Kulla, P.Geo., AMEC filed on September 12, 2011
Greg Wortman, P.Eng., AMEC
Dana Rogers, P.Eng., Lemley International
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 section related to: (i) Donlin Gold since the issuance of the technical report filed on January 23, 2012, and (ii) Galore Creek since the
issuance of the technical report filed on September 12, 2011.
reserve/resource table (con’t)
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Mélanie Hennessey
VP, Corporate Communications
melanie.hennessey@novagold.com
Erin O’Toole
Analyst, Investor Relations
erin.otoole@novagold.com
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