1 Donlin Gold Net Present Value estimates as per the second updated feasibility study effective

by Reaching Important Milestones in Advancing Permitting of

 - n g d of the  O key p roject’s

 its strong financial position with approximately $ 1 6 5 million in cash and , to and its 8 , 201 - Vancouver, British Columbia – NOVAGOLD RESOURCES INC. - y - - - 4 are presented in the consolidated

• 10K that

4 , NOVAGOLD

 D c ompleted by s ,  T he Corps initial d raft EIS  d raft EIS   Extended Donlin Gold Surface Use Agreement with The Kuskokwim Corporation (TKC) which now coincides



 H eld - 

 - 

 a s t otal

We s : first ly , the Corps, the , successfully : completing the - d raft EIS; second ly , , we a and ;

efforts in Alaska , spending

we ed .

, .

. is progress positions D onlin Gold as c ould be - ready as we

I have of . Its , , really s W ith base 39 per of , wn. in g its expected life.

its ing

• - . Additionally, ll - mine - s - c ould - fold
  • - ed

s . O the .

Government of Alaska cites Donlin Gold as a model project for responsible development, a reputation that was

• in permitting. Its experienced management team worked very hard to

s EIS , - end. is now considering d raft EIS, ,

• of -

-

• of
  • basis) on

s

1 Donlin Gold Net Present Value 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: $547m @ $1,200 gold; $1,465m @ $1,300 gold; $3,147m @ $1,500 gold; $4,581m @ $1,700 gold; $6,722m @ $2,000 gold; and $10,243m @ $2,500 gold. Project development costs prior to 1/1/2014 are treated as sunk costs.

,

• K uskokwim te

, scholarships and programs. We r egion Gre en Up event, where a record 52 villages participated this year -

s . , when built, is expe cted to be the largest copper mine in Canada.

also

its value

repay

• dime - before - its - careful

s

-

, by

C -

Results

.0

-

, had ,

–

of -

3 0 , 2013

Donlin Gold – Galore Creek down of assets – -		37 776
		55,776 ( 62,760 ( (0. 20 1,262 1 9
	38,008 (
	2,213 (
	40,484 (
	(0. 13

cash at 5. 9 ( ) a s $13.9 million for permitting, a s as $2.1 million, which primarily funded technical $ million - -

s f 5 Outlook

4 4. 8 $1 5.8 ; $1 2.6 million to fund our share of expenditures at the Donlin Gold project to assist the

• 1.6

to in , wa ; 4 . 8 .No drilling program is planned for either the Donlin Gold or Galore Creek projects in 2015.

five a ; u ; a dvance ; e m aintain a healthy balance sheet

The conferenc th , 2015 E -

1 - 877 - 415 - 3179 1 - 857 - 244 - 7322

- - ,000,000 d Updated Feasibility Study (as defined below), once in production, Donlin Gold should average approximately

• -
• gold - - ( as ) - on
  • 101

“ Second

• 101.
• - -
• 101.

N OVAGOLD

• 669 - - 866 - 669 - 6227

-

• - -
  • -

a

• 5 ;

the ne

c -

-

• 4 - -
  • - 101 ”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition - -

C -

• p - -