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Q+A Double the gold industry’s average grade. World 1) 2015 average grade of open-pit and underground deposits with gold as primary commodity and over 1Moz in measured and indicated resources, sourced from SNL Metals & Mining. 2) Donlin Gold data as per the second updated feasibility study effective November 18, 2011, as amended January 20, 2012. Represents 100% of measured and indicated resources of which NOVAGOLD’s share is 50%. Measured and indicated resources are inclusive of proven and probable reserves. Average Grade1 Average Grade2 1.12 2.24 g/t g/t Donlin Gold 12 What are your latest thoughts on whether a phased project can be built with favorable economics? The majority of companies advancing projects in our space, or those looking to expand their operations, are evaluating various development scenarios – as they should. After all, we are in the business of making money for our stakeholders, not simply achieving technical success. The investment environment is far di erent now than it was when the feasibility study was published in 2011. As we approach completion of the EIS and permitting processes, Barrick and NOVAGOLD expect to update the feasibility study – prior to a construction decision – to re ect any changes, which include, among other things, input parameters, price assumptions, third-party owner/operator possibilities, equipment leasing opportunities, execution, and additional optimization studies. The outcome of that work should establish the best path toward ensuring that, when the owners make a construction decision, the project will yield the best return on investment. The price of gold will surely be an important factor for the owners to consider. Both Barrick and NOVAGOLD have publicly stated that we wouldn’t nance or build Donlin Gold in a low gold price environment, and are willing to be patient to wait for the right market. As gold bulls with a unique asset, our view is that we don’t want to give away the 2.2 grams per tonne mineral endowment to subsidize Chinese and Indian consumption. Both partners are thus completely in alignment. Our gold resource is not going anywhere, so it only makes sense to ensure that we develop the asset at a time, and in a manner, that maximizes the value of Donlin Gold for all stakeholders. As it relates to capital expenditures, our goal is to maintain a conservative approach; our aim for Donlin Gold is not only to meet expectations, but also to exceed them. We believe that Donlin Gold’s value will be further enhanced in a more sustainable higher gold price environment by the time it’s ready to make a construction decision, rendering the capital costs and nancing terms more feasible and attractive.