Exploration Success NovaGold's growth and success in creating shareholder value can largely be attributed to our experienced exploration team and our ability to forge collaborative partnerships with Alaskan Native and First Nation groups, local communities, major mining companies and regulators. Our track record in identifying new opportunities and expanding our reserve/resource base is one of the best in the industry. Our exploration team is responsible for recognizing and pursuing opportunities that fit NovaGold's business strategy, and turning these opportunities into world-class deposits through focused exploration campaigns. Our exploration team has consistently expanded the Company's resource base, adding 17 million ounces of gold reserves and on average more than 2.4 million ounces of gold resources every year for the last 13 years. At total acquisition and discovery costs of less than $4 per ounce of gold, these discovery rates far surpass industry averages and will continue to be a major catalyst for NovaGold's growth. NovaGold's business strategy is to use its exploration expertise to identify promising properties, make timely acquisitions and expand the project through exploration success. When the project is advanced to the point of feasibility, NovaGold looks for a senior operating partner to provide construction and operation expertise, reducing project risk while retaining significant upside for the Company and its shareholders as the project advances toward production. Project Advancement - Reducing Risk & Creating Value NovaGold continues to expand its resource base, reduce risk and create value as it advances each project along the development pipeline. Risk is reduced at each phase of development by increasing certainty that a resource will be economically viable and that production can be achieved, adding value by reducing technical, permitting and operating risk as projects advance. Phases of Development Discovery. NovaGold’s experienced geologists interpret the geology to uncover deposits of gold and other metals. They methodically map, sample, drill and analyze the rock in their search for high-quality deposits. This stage has the highest technical risk, with exceedingly few prospects successfully moving to the Resource Definition stage. Resource Definition & Preliminary Assessment. Potential resources are identified through further drilling and analysis. A range of characteristics is modeled to accurately estimate the resource value and characterization of the mineral deposits. At this stage the risks are largely technical, related to the potential size and concentration of metals in the deposit. Projects at this stage are typically valued at approximately 10% to 25% of their value at production, with a wide value range depending on resource expansion potential. Pre-feasibility. Additional detailed technical analysis provides a clearer picture of the quality, quantity and potential value of the area. Risks at this stage relate to the potential economics of the deposit. Pre-feasibility projects are typically valued at approximately 25% to 50% of their value at production. Feasibility. Assessments and analyses in economics, engineering and mining processes are like an insurance policy for shareholders. The feasibility study is critical in determining whether revenue generated from the mine will pay back capital and operating costs and generate a positive return for investors. At this stage risks focus on permitting, construction and financing of the deposit. Feasibility-stage projects are typically valued at approximately 50% to 75% of the value of the deposit in production, reflecting the need to raise capital to build the project and the risks related to permitting and construction.

... focus on identifying new opportunities to acquire and develop early-stage properties that can support the Company's continued growth ...