NOVAGOLD RESOURCES Business Summary

NOVAGOLD RESOURCES INC. (NG) is a pure-play gold development company dedicated to the advancement of the Donlin Gold project in Alaska, recognized as one of the largest and highest-grade undeveloped open-pit gold deposits globally. As of February 2026, the company holds a 60% controlling interest in the project following a landmark 2025 transaction that saw Paulson & Co. Inc. acquire the remaining 40% stake from Barrick Gold. NOVAGOLD is currently pre-revenue, with a business model focused on de-risking the asset through a Bankable Feasibility Study (BFS) led by Fluor Corp, targeted for completion in 2027 to catalyze project financing and construction. Within the market, NOVAGOLD competes for institutional investment against major diversified producers like Newmont Corporation, Agnico Eagle Mines, and Kinross Gold. It distinguishes itself by offering high-leverage exposure to a single Tier-1 asset in a stable jurisdiction, serving as a strategic "optionality" play for investors seeking concentrated gold price sensitivity without the operational complexities of a multi-mine portfolio. The leadership team is anchored by President and CEO Gregory Lang, whose 35-year career includes a tenure as President of Barrick Gold North America, providing the specialized expertise required for large-scale Arctic mine development. Strategic oversight is provided by Chairman Dr. Thomas S. Kaplan, the billionaire founder of The Electrum Group and the company’s largest shareholder, who is renowned for his long-term bullish thesis on precious metals. Key executive roles include Vice President and CFO Peter Adamek, who joined in 2024 from Hudbay Minerals, and COO Richard Williams, an autoclave technology expert formerly with Barrick Gold. The company’s institutional backing is exceptionally strong, featuring major positions from The Electrum Group, Paulson & Co. Inc., Fidelity Investments, and First Eagle Investment Management. The Board of Directors is further bolstered by industry veterans such as Lead Director Dr. Elaine Dorward-King, a former executive at Newmont and Rio Tinto, and Kevin McArthur, the former CEO of Goldcorp.