Novagold Resources Inc.

Thank you for standing by. This is the conference operator. Welcome to the NOAA Gold 2023 Third Quarter Financial Results Conference Call and Webcast. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and 0. Webcast viewers may submit questions through the text box in the lower right corner of the webcast frame. I would now like to turn the conference over to Melanie Hennessy, Vice President, Corporate Communications. Please go ahead. Thank you and good morning, everyone.

We are pleased that you have joined us for Novogold's 2023 third quarter financial results and also for an update on the Donlon Gold project. On today's call, we have Greg Lang, Novogold's President and CEO, and David Odwell, Novogold's Vice President and CFO. At the end of the webcast, we will take questions by phone. Additionally, we will respond to questions received by email. I would like to remind our listeners, as stated on slide three, any statements made today may contain forward-looking information, such as projections and goals, which are likely to involve risk detail in our various EDGAR and CEDAR filings, and forward-looking disclaimers included in this presentation. I now have the pleasure of turning the presentation over to our president and CEO, Greg Lang. Greg? Thank you, Melanie.

Before we begin, I would like to note that Dr. Thomas Kaplan, our chairman and largest shareholder, sends his regrets for not being able to be on the call this morning as he is in transit back to the U.S. after several weeks abroad. Ahead of going into our third quarter activities, I'd like to begin today's call by providing a brief overview on slide five on why both Us and our shareholders view Donlon Gold as a tier one asset. With approximately 39 million ounces of gold at an impressive grade of two and a quarter grams, more than twice the industry average, and a projected mine life of almost 30 years, Donlon Gold has the potential to become a significant and cost-effective producer. In addition, excellent exploration potential exists beyond the known resource area, which covers less than 5% of our extensive land holdings. And importantly, the project is situated on private land, designated for mining in Alaska, a world-leading jurisdiction known for responsible mining practices and enduring partnerships with Chalista and TKC. that position the project favorably on a path toward development. It is important to put into context the company's accomplishments since the reorganization over 10 years ago, especially for those who are new investors and less familiar with NOVA Gold. We have been focused on executing a strategy that was set in motion by our chairman and me in 2012, namely to unlock the value of NOVA Gold's high-quality assets for our shareholders and dedicate all of our energy toward creating a maximum leveraged pure gold play on the unique endowment that is the Donlan Project as shown on slide six. Looking at slide seven, Alaska offers an excellent environment for mining. and is in one of the world's safest jurisdictions. It ranks the second largest gold producer in the United States with a well-defined permitting process. Numerous companies have achieved success here, and the government is very supportive and recognizes the importance of responsible natural resource development. During the year, our environmental, social, and governance achievements pictured on slide eight included an excellent health and safety record with zero lost time incidents, again, over 10 years since of this clean record. A project site workforce composed primarily of Alaska Native employees and an increase in community engagements and investments throughout the region. From a governance standpoint, our board exhibits a well-balanced composition with strong representation of minorities and women. At Nova Gold, nearly half of our employees are women, highlighting our dedication to diversity and inclusion. Throughout the remainder of the year, we will continue to monitor, reflect, and refine our environmental, social, and governance performance including maintaining strong records of health and safety at the project site, expanding our investments and partnership with the local communities, and working to enhance our governance practices, including implementation of our human rights and new diversity, equity, and inclusion policies. As currently envisioned with approximately 39 million ounces Donlon Gold hosts one of the largest and highest grade undeveloped open pit endowments in the world, which would average over a million ounces per year for 27 years. When looking at the group of gold development projects in North and South America, as shown on slide nine, is by far the largest. And with global gold production continuing to decrease, it is clear that the industry needs projects of scale, grade, and longevity to ride out multiple gold price cycles. With a grade of more than twice the industry average for an open pit at two and a quarter grams as shown on slide 10, this advantage is expected to put Donlan as one of the lowest cost gold producers in the industry. Excellent exploration potential exists beyond the defined resources located in the ACMA and Lewis areas on the diagram shown here, which occupies only three kilometers of an eight kilometer mineralized belt. As highlighted on slide 11, incredible upside exists to potentially increase ounces and extend the mine life given the majority of the land is not thoroughly explored. Turning to slide 12, Donlon offers unique leverage to gold in a place where you can keep the fruits of that leverage. As you see on the bar chart, it offers exceptional value at a wide range of gold prices. In the upper right corner, we added a quote from the McClellan Report on the coming gold market. and how high gold prices would go. We thought that might be of interest and is relevant given recent industry trading activities. As private landowners, both TKC and Chalista are dedicated to developing Donlon Gold in a way that remains consistent with the elders' vision of responsible development. while creating jobs and economic benefits for the surrounding communities, as well as protecting the local culture. A few quotes are provided from the leaders of both Alaska Native corporations on slide 13. Chalista and TKC's knowledge and guidance has been critical over the years throughout the permitting, sustainability, and community engagement initiatives. We immensely appreciate their meaningful input regarding the land and the significant economic needs required to sustain healthy living for their communities. Our partners' continued and time-tested collaboration, project support, and full engagement are extremely valuable in ensuring responsible and economic development throughout all phases of the Donlan project. With the combination of these attributes, Donlon Gold has the potential to form the cornerstone of genuine and sustainable economic development in the YK region for many decades to come. I will now touch on the milestones that were achieved in the third quarter and the ongoing activities at the Donlon Project. Turning to slide 15, this year's field program was safely completed as scheduled in July, with the majority of our local hires coming from the Waikiki region. The program included comprehensive field work and geotechnical drilling required for the Alaska Dam Safety Certificates. This involved data collection at the locations earmarked for water retention structures including the proposed tailing storage. The field work included over 1,800 meters of drilling, 74 water retention structure test pits, and over 25 kilometers of seismic survey. Additional field work included defining the groundwater at site with hydrologic drilling that provided essential information for mine planning and design. At the historic Lyman Placer site, restoration work encompassed a significant stream and pond habitat creation. Final work, including anticipated aquatic life access and use, is planned for next year's field season. Furthermore, The owners were doing work to validate the updated geologic and resource model, and it is also being used for various mine planning scenarios. With support from the owners and third-party consultants, Donlan also completed trade-off studies and extensive analysis on project assumptions, inputs, and design components, such as optimizing the engineering, metallurgy, hydrology, and power infrastructure. The recently completed comprehensive work provided valuable information for the Donlon Gold LLC board and the owners, which was discussed further at the recent workshop in Alaska and are helping us define the next steps in the continued advancement of the Donlon Gold project.