Good morning, everyone. We are pleased that you have joined us for NOVAGOLD's 2026 second quarter webcast and conference call and for an update on the Donlin Gold project.

On today's call, we have NOVAGOLD's President and CEO, Greg Lang, and Peter Adamek, NOVAGOLD's Vice President and CFO. At the end of the webcast, we will take questions by phone and by email.

Additionally, we will respond to those received throughout the call. I would like to remind you, as stated on slide three, any statements made today may contain forward-looking information, such as projections and goals, which are likely to involve the risk detailed in our various EDGAR and SEDAR filings and forward-looking disclaimers included in this presentation.

With that, I will now turn the presentation over to NOVAGOLD's President and CEO, Greg Lang. Greg?

Thank you, Mélanie. Why NOVAGOLD?

I think it's useful to reflect on the value created through the company's long-term commitment to advancing the Donlin Gold project. Over the past two decades, extensive drill programs have significantly expanded Donlin's reserves and resources.

A key milestone for the company [was when?] Electrum and Paulson became major shareholders, a position they hold to this day, [betting?]

for the Donlin Gold project, representing an important step in its development. About a year ago, NOVAGOLD, in partnership with Paulson, acquired Barrick's interest in the Donlin Gold project.

For the first time in 13 years, the company went back to the markets [for?] a bankable feasibility study and repay the promissory note to Barrick.

This transaction simplified the ownership structure and unlocked meaningful value for shareholders. These events, combined with the project's attributes of scale [and?]

[opportunity?] , many of our shareholders view NOVAGOLD as an unexpiring warrant on an ounce of production.

On slide six, the chart illustrates the post-tax net present value, currently over $4,000 an ounce. This reflects a [5%?]

discount rate. This projection underscores the substantial economic potential of the Donlin [Gold project?]

. As highlighted on slide seven, Donlin Gold is positioned to become one of the biggest, averaging over a million ounces a year.

Looking at slide eight, Donlin Gold hosts approximately four [double?] the industry average.

Project's scale, grade, and long life. Moving to slide nine, we believe there are significant exploration opportunities [pits?]

, as illustrated in the graphic in the upper right-hand corner. These resources cover only 3 km, which is only a small portion of our overall land package.

This underscores the substantial potential to [increase?] through further exploration.

Slide 10 outlined Donlin Gold's current permitting status, the second largest gold-producing state in the US. Alaska has a well-established regulatory framework, provides a stable and supportive foundation for long-term mining operations.

To date, [these?] have been constructive, regulatory decisions affirming the State of Alaska in defending the Clean Water Act Section [401?]

at the state level. Oral arguments were heard on June 3rd, and we anticipate a decision.

US District Court in Alaska directed the Corps of Engineers and the Bureau of Land Management to supplement the [tailings?] release.

It's important to remember [that?] [during?]

the Corps of Engineers and cooperating agencies will review and prepare the draft supplemental EIS, which is anticipated to be published in [September?] .

[Governor Dunleavy has?] expressed strong backing for responsible resource development in Alaska, including the Donlin Gold project.

We appreciate his advocacy, look forward to continuing an open and constructive communication with him, with Calista and TKC, whose roles are [key?] to Donlin's success.

Their shared commitment to responsible development helps support job creation, long-term economic opportunity, and the preservation of cultural heritage in the Y-K region, all grounded in deep local knowledge. In May, we released our 2025 Sustainability Report, which reflects our ongoing commitment to [environmental?]

and broader social responsibilities that are embedded in the project. NOVAGOLD also takes pride in maintaining [strict?]

board oversight and governance. Moving over to slide 14, NOVAGOLD is supported by and is strengthened by the Donlin Gold project execution team led by Frank Arcese along with contractors like Fluor, WSP, Worley, and Hatch.

They all [bring?] [focus?]

on project execution. I will now turn the call over to our CFO, Peter Adamek.

[As on?] slide 16, NOVAGOLD reported a fiscal 2026 second quarter net loss of $25.5 million, or 6 cents per share.

NOVAGOLD's net loss during the second quarter decreased by $28.8 million from the comparable prior year period [primarily due to non-]cash charge recognized in the prior year related to warrants issued under a backstop agreement signed in April 2025 and higher interest income in 2026, partially offset by higher expenditures at Donlin Gold due to ongoing bankable feasibility study activities and higher G&A expenses at NOVAGOLD. The company's share of Donlin Gold expenses in the second quarter of 20[26?]

[increased from the prior year?] period due to ongoing 2026 activities by Fluor, WSP, Worley, and Hatch to advance the Donlin [Gold project.

Compared to the?] prior year period, the company's second quarter 2026 results also reflect NOVAGOLD's 60% interest in Donlin Gold.

G&A expenses at NOVAGOLD increased [compared to the?] prior year period primarily due to higher professional fees, share-based compensation, and employee compensation.

Professional fees were elevated in the second quarter and in the first 6 months of 2026, but remained generally in line with quarterly cadence expectations. On slide 17, our treasury, comprising cash and term deposits, decreased by $22.3 million to $307[?]

[million, due to Donlin?] Gold's funding of $16.3 million and NOVAGOLD's corporate [G&A?]

[offset by $4.4?] million in interest income.

Corporate G&A expenditures during the second quarter increased by $2.3 million [over the?] prior year period for reasons discussed on the previous slide.

Moving to slide 18, our treasury [is $307.2?] million.

NOVAGOLD is well-funded, enabling us to complete the Donlin Gold bankable feasibility study in 2027 this year and cover our corporate G&A costs for at least the next 12 months. Our cash expenditures in the second quarter and for the first 6 months of fiscal 2026 remain generally in line with our 2026 budget, and we remain on track to meet our 20[26 guidance?]

. [I'll now turn the call back?]

to Greg to discuss the second quarter highlights.

Thank you, Peter. I will now review the key highlights and activities from the second quarter.

As highlighted on slide 20, Donlin Gold continues [to advance?] and support local programs across the Y-K region.

A key focus [remains with Calista and?] TKC to strengthen relationships and to support ongoing dialogue.

The Subsistence Community Advisory [Committee?] [held its meeting?]

, with the latest meeting focused on subsistence and the barge communication plan. The Donlin Gold team also participated in several major Alaska industry and legislative events, [joining?]

a broad coalition of trade associations. In parallel, we maintained active engagement with state and federal policymakers on key areas, such as permitting, workforce development, and infrastructure.

[We provided presentations?] to the US Senate Campaign [Staff Delegation?]

, and the Y-K Regional Health Board to ensure their continued awareness. All of these efforts support Donlin Gold's long-term objectives of advancing workforce development, strengthening regional economic participation, and progressing the project in a responsible manner.

Slide [21 reflects the?] accelerating momentum achieved in the second quarter, marked by meaningful progress across all primary work streams: the integration of major work packages and technical work streams with specialist contractors, W[SP, Fluor, Worley, and Hatch to?]

support the Donlin Gold bankable feasibility study. Key updates include infrastructure advancement for the on-site power plant and the natural gas pipeline, [and?]

strategic integration, where Fluor is coordinating all specialized contracts with a single, consolidated execution framework to improve schedule efficiency and cost accuracy. Operations [continue?]

to bring key components closer to completion, [namely?] with the targeted completion in 2027.

Building on this momentum, Donlin Gold [is one of the premier?] undeveloped gold deposits.

As shown on slide 22, the second quarter of the year has delivered [further advancement?] , further strengthening the project's development trajectory.

As a result, Donlin is increasingly well-positioned for its next phase of advancement, supported [by key stakeholders?] .

Donlin Gold is building out the project team in support of the bankable feasibility study. These activities [include geotechnical work?]

along the planned upriver port and access road corridor, as well as along the proposed natural gas pipeline route. In addition, the company will continue to support permitting activities while maintaining strong engagement with Calista, TKC, local communities, and government stakeholders as it advances toward the next stage of project development.

[We appreciate the continuous?] confidence of our long-term shareholders, some of which are shown on slide 23.

NOVAGOLD remains committed to responsibly advancing the Donlin Gold project and achieve commitments to the local communities. We extend our sincere appreciation to our shareholders' steadfast trust and support, and we express our deep appreciation to the Donlin Gold team for their dedication [and?]

hard work. We look forward to even further progress and more exciting opportunities in the years ahead.

In closing, [I'll summarize the?] attributes that distinguish Donlin Gold as a truly unique [asset?]

. The project is defined by exceptional scale, high-grade open-pit mineralization, long life, [exploration?]

potential, all in a stable jurisdiction, placing it among the select group of world-class gold development projects. With approximately 40 million ounces grading 2 and a 1/4 grams per tonne, the project already [stands out?]

[with?] an experienced leadership team and strong collaboration [with Native corporations, is well-?]

positioned for disciplined advancement and long-term value creation. Operator, we can now open the line for questions.

[To join the question queue, you may press star then]

Thank you. Good morning, everyone.

[I was wondering if you could provide more color on the expenditures?] and you just mentioned that you expect the second half to see lower levels than in the first half.

Is this already [reflecting?] in the fourth quarter?

That would be my first question.

I'm happy to take that. Thank you for the question.

[The decrease in expenditures?] is related to the transaction transpired at the end of last year in connection with our increase [in ownership to 60%.

As a result, we expect spending to taper off in the?] third quarter of this year.

All right. Thank you, Peter.

Maybe, Greg, do you have a sense already or as the BFS, or it's too early to tell?

Thank you for joining the call this morning, Carlos. We've proceeding well, with Fluor, Worley, WSP, and Hatch all contributing their information to the study.

It's progressing as we expected. We'll look for something [around the end of next year?]

.

All right. Thank you, Greg.

Good luck with everything.

Thanks, Carlos. [We will take the next question.]

Go ahead.

Greg and Peter. Just one question.

Are you able to give us a bit more color on how financing discussions are going, or the [status of lenders?] put together?

Sure, Fred. Thanks for participating in our call this morning.

We've been, together with the team at Paulson, on selecting financial advisors for the project, and we anticipate making an announcement in that regard in the coming weeks. It's moving ahead [for Donlin?]

.

Okay. Great.

Thank you very much.

Of course.

[We have a question from the webcast:] [What is the estimated timeline?] for development [of?]

the mine?

I think I'll break that down into two pieces. I think the first one is the timing.

I think, as as we've mentioned, [we're completing the feasibility study,] and that's about a year out. Then, included in the study will be an execution plan, and we'll be able to [put forward a clearer?]

path forward for Donlin project in conjunction with the completion of the feasibility study. It's moving ahead, and the timeline on financing, as I mentioned earlier, we've engaged financial advisors and we'll be updating [the market as progress is made.]

Great. The second question is from Mr.

Fritz. Could you comment on the expected timeline regarding the Alaska Supreme Court decision on the water quality certification, in particular, whether this [could] potentially remain pending?

All

right. I think it's important to remember that [the state has won?]

4 or 3 cases before the Alaska Supreme Court, [supporting the permitting decisions made by the regulatory] agencies. The final case is regarding the 401 certification.

Brief, oral arguments were made. Alaska takes about a year to issue a ruling.

At this stage, it's also important to remember that our permits remain in force. Thinking, no, they do not, and I would expect that they will be resolved sometime approximately when the feasibility study is [completed and the formal decision is] made.

Great. I believe [there are no more questions on your end?]

on your side?

[Thank you all for taking] the time to join the Q2 call for NOVAGOLD. Thank you.

Thank you.