Precious Metals Summit, Colorado

1. novagold.com
NYSE-MKT, TSX: NG | September 2014
Precious Metals Summit, Colorado

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 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 (“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?
Donlin Gold
Galore Creek
3
▶poised to become one of the largest producers in the gold industry
▶expected to be the largest and lowest cost copper mine in Canada

4. ATTRIBUTES POSITION IT AMONG THE WORLD’S MOST SIGNIFICANT GOLD DEPOSITS
donlin gold a large high-grade gold project
EXCEPTIONAL reserve size
OUTSTANDING production profile
HIGH-QUALITY grade
SIGNIFICANT exploration upside
FAVORABLE jurisdiction
LOW COST operation
4
39Moz
M&I resources2
2.2g/t
M&I grade
Contained Gold1
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.
27year
mine life
34Moz
P&P reserves
2.1g/t
P&P grade
6Moz
Inferred resources
2.0g/t
Inferred grade

5. donlin gold emerging top-tier producer in safe jurisdiction
1.102
0.76
0.58
0.40
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
Livengood
Merian
Rainy River
Aurora
Haile
Location
USA
Mexico
USA
Suriname
Canada
Guyana
USA
Owner(s)
NOVAGOLD (50%)
Barrick (50%)
Chesapeake (100%)
ITH Mines (100%)
Newmont (100%)
New Gold (100%)
Guyana Goldfields (100%)
Romarco (100%)
Projected Annual Gold Production
(millions of ounces)
THE LARGEST PROJECTED GOLD PRODUCER AMONG DEVELOPMENT PROJECTS
5
Notes: Donlin Gold data as per Donlin Creek Gold Project Alaska, USA, NI 43-101 Technical Report on “Updated Feasibility Study”, effective November 18, 2011, as amended January 20, 2012 (the “second updated feasibility study”). 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. Peer group data as per latest company documents, public filings and websites. Comparison group 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.

6. DONLIN GOLD’S GRADE IS AMONG THE HIGHEST COMPARED TO WORLD’S BIGGEST PRODUCERS
donlin gold expected to emerge as one of the highest-grade gold producers
6
Notes: 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 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 - 2013 annual average grade per tonne (combined proven & probable reserves and measured & indicated resources) for open-pit and underground material as per public filings.
2.66
2.24
2.14
1.88
1.81
1.44
1.32
1.04
0.98
0.81
0.78
0.00
0.50
1.00
1.50
2.00
2.50
3.00
Agnico
Eagle
Donlin Gold
Polyus
Gold Fields
AngloGold
Ashanti
Barrick
Harmony
Eldorado
Goldcorp
Yamana
Newmont
Donlin Gold
M&I Au Grade (g/t)

7. MULTIPLE DRILL PROSPECTS AND TARGETS EXIST ALONG 8KM TREND
donlin gold substantial exploration potential
7
▶Potential to expand current open-pit resources along strike and at depth
▶Good potential to discover meaningful deposits outside current mine footprint
•Reserves and resources are contained within just 3 km of an 8 km long district
▶Between 2002 and 2010, drilling programs more than doubled the mineral endowment
▶Inferred mineral resource: 6 million ounces of gold mainly within the resource pit shell
•Upside potential to project economics

8. 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
why gold? no new and substantial discoveries
8
Notes: Data as per SNL MEG’s MineSearch database, Company reports, SNL MEG estimates. Thomson Reuters. A gold discovery of 5 million ounces or more is considered significant. Number of discoveries data not yet available for 2013 and 2014.
Number of Gold Discoveries
Gold Discovered
Exploration Budget (US$M)
2012 highest year on record for exploration spending and first year in over two decades with no discoveries
DESPITE RECORD HIGH EXPLORATION SPENDING LEVELS THE GOLD INDUSTRY HAS EXPERIENCED A RECENT DROP IN DISCOVERIES

9. z
donlin gold strong cash flow at today’s gold prices
9
Notes: Donlin Gold estimates as per the second updated feasibility study effective November 18, 2011, as amended January 20, 2012
1)Based on Donlin Gold’s projected first five full years of production.
2)Pre-tax cash flow estimate.
$768/oz1
$1.0B+ annual cash flow1,2
MARGIN
ALL-IN SUSTAINING COST
GOLD PRICE
$1,300/oz
1.5M/oz annual production1
$532/oz1

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
$2,500
NPV (US$ in millions)
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
▶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
10
Notes: Donlin Gold estimates as per the second updated feasibility studyeffective 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; $1,922m @ $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.
27year
mine life

11. donlin gold located in a favorable jurisdiction
M&I Gold Resource
>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.
Notes: Donlin Gold data as per the second updated feasibility study effective November 18, 2011, as amended January 20, 2012 . 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.
2)Newmont reports "Mineralized Material" as defined by SEC Industry Guide 7 for its Merian gold project as oppose to an "M&I Gold Resource" as defined by NI 43-101.
Jurisdictional Considerations1
Safest Somewhat Safe Unranked Less Safe Riskiest
11
Hycroft Mine Expansion: 24.3 M oz.
Rosia Montana: 17.1 M oz.
A REMARKABLE RESOURCE AMONG EMERGING OPEN-PIT DEPOSITS
Merian: 4.2 M oz.2

12. Donlin Gold located in Alaska, one of the safest jurisdictions in the world with history of successful mining development
ALASKA HAS A GROWING NATURAL RESOURCES SECTOR
alaska a resource-rich state with an established rule of law
▶Alaska is the second largest U.S. gold- producing State
▶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
12

13. “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)
STRONG AND TIME-HONORED RELATIONSHIPS WITH STAKEHOLDERS
"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)
13
donlin gold durable, long-term agreements with native corporations

14. PROTECT, RESTORE AND CONSERVE ALASKA FISH AND WILDLIFE
NFWF partnership
“We, the Board members of NOVAGOLD, are truly proud of the fact that our company and NFWF have come together to create an extraordinary partnership that can serve as a model for the sustainable development of natural resources.”
Thomas Kaplan, Chairman
“The lands and waters of Alaska provide a home for an incredible number of fish and wildlife species. We applaud this commitment from NOVAGOLD and Donlin Gold as a significant contribution toward conserving the wetlands, streams and wild places of Alaska for future generations.” Jeff Trandahl, Executive Director & CEO
The partnership supports regional solutions driven by locals to:
▶Promote healthy water systems
▶Improve working landscapes for wildlife
▶Advance sustainable fisheries
14

15. NATIVE CORPORATIONS WANT TO LEAD THE ECONOMIC DEVELOPMENT OF THEIR REGIONS
donlin gold mining an integral part of communities
▶ANCSA established 40 years ago; resolved legal issues related to Native title 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
▶Mining is compatible and consistent with subsistence lifestyles
▶Donlin Gold is located on private land selected for its resource development potential
Donlin Gold has the support of the land owners through a 20+ year relationship
15

16. donlin gold 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
HALF WAY THROUGH PERMITTING
1.5Moz/year first five full years1 1.1Moz/year life of mine1
̴ 4
Notes:
1) Donlin Gold data as per the second updated feasibility study. Projected average annual production represents 100% of which NOVAGOLD’s share represents 50%.
DEVELOPMENT TIMELINE - ADVANCING TOWARD A CONSTRUCTION DECISION
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.

17. Notice of Intent to Prepare EIS
Draft EIS
Final EIS Record of Decision
17
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
HALFWAY THROUGH PERMITTING TIMELINE
donlin gold permitting milestones
2012-2013
2013-2015
2015-2016

18. THE KIND OF ASSET YOU CAN BUILD A COMPANY AROUND
galore creek a significant copper-gold-silver asset in canada
STRONG copper grade
SIGNIFICANT gold & silver content
GROWING resources
CONSIDERABLE exploration upside
SAFE jurisdiction
18
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

19. AMONG HIGHEST COPPER GRADE COMPARED TO NORTH AMERICAN ASSETS
galore creek grade peer comparison
19
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

20. ENHANCING VALUE WHILE EVALUATING OPPORTUNITIES TO MONETIZE ASSET
galore creek
CURRENT ACTIVITIES
▶Execute capital efficient work plan incorporating 2012 and 2013 drill results to advance the project toward next-level mine planning and design
▶Evaluate mining, waste rock and water management options to enhance the economics of the project
▶Ongoing environmental monitoring
20
IN THE COMMUNITY
▶Bursary award program for Tahltan members pursuing post-secondary education
▶Sponsor of the 37th Annual Kilrich/Northern Yukon Native Hockey Tournament
▶Sponsor of the Dease Lake Community sporting event

21. CLEAR FOCUS BEGINS WITH STRONG FUNDING TO EXECUTE ON ALL FRONTS
financial obligations have decreased substantially
21
Notes:
(1) 2014 anticipated budget expenditure disclosed on February 11, 2014. (2) Includes US$105 million in term deposits as of May 31, 2014.
2013
2012
2014
$176M cash and term deposits2
Total Annual Expenditure ($USD)
~77%
reduction in expenditures
$129M
actual
$38M
actual
$30M
budget1

22. 26.7%
11.3%
6.9%
2.7%
1.4%
51%
BLUE CHIP INSTITUTIONAL QUALITY INVESTMENT
why NOVAGOLD? excellent and committed shareholder base
22
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

23. 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 permitting, building & operating large-scale mining assets
▶STRONG balance sheet
23
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

24. novagold.com
appendix

25. ▶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
25

26. DONLIN GOLD SLATED TO BE A STATE-OF-THE-ART SIGNIFICANT MINE
donlin gold project highlights
26
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.

27. RESOURCES MORE THAN DOUBLED FROM 2006 TO 2008
donlin gold reserve & resource growth
27
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&I Au Resources (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
Feasibility Study
Updated Feasibility Study
Focused on feasibility-level planning
and more recently permitting

28. donlin gold expected to provide more than three decades of low cost production
LOW OPERATING CASH COSTS AND ALL-IN SUSTAINING COSTS
28
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
Cash Costs1 Per Ounce
First Five Years
Notes: Donlin Gold estimates as per the second updated feasibility study effective November 18, 2011, as amended January 20, 2012 .
1)US GAAP cost of sales, excluding depreciation and reclamation
2)Net of deferred costs
3)Based on US$1,200/oz gold price
All-in Sustaining Costs Per Ounce
Cash costs1
635
Sustaining capex
50
Corporate administration
28
Reclamation
22
Total
$735
Cash costs1
411
Sustaining capex
83
Corporate administration
21
Reclamation
17
Total
$532
Life of Mine
Cash Costs1 Per Ounce
All-in Sustaining Costs Per Ounce

29. 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
29

30. ROBUST ECONOMICS HIGHLY LEVERAGED TO GOLD PRICES
donlin gold key performance indicators
30
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 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; $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.

31. 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 around year-end 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
31

32. LARGE PROJECTS HAVE BEEN SUCCESSFULLY PERMITTED
permitting in the U.S.
32
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

33. GALORE CREEK, AN EXCEPTIONAL ASSET
galore creek project overview
33
▶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

34. GALORE CREEK TO BE ONE OF CANADA’S LARGEST COPPER MINES
galore creek project highlights
34
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.

35. ROBUST ECONOMICS HIGHLY LEVERAGED TO METAL PRICES
galore creek key performance indicators
35
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

36. INDUSTRY LEADERS TO BRING DONLIN GOLD THROUGH PERMITTING & BEYOND
the NOVAGOLD team
36
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

37. NOVAGOLD board of directors
37
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 Corporation.

38. 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
38

39. 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
39

40. 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)
40

41. 41
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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