Good morning, everyone. We are pleased that you have joined us NOVAGOLD's 26 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, Gregory A.

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 3, any statements made today may contain forward looking information, such as projections and goals, which are likely to involve the risks detailed in our various EDGAR 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, Gregory A. Lang.

Gregory?

Thank you, Melanie. Why Nova Gold?

I think it is useful to reflect on the value created through the company's long term commitment to advancing the Donlin Gold project. Over the past 2 decades, extensive drill programs have significantly expanded Donlin's reserves and resources.

A key milestone for the company occurred in 02/2010, in Electrum and Paulson. Okay, major shareholders.

A position they hold to this day The company successfully advanced permitting 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 to fund the purchase of its increased stake in Donlin Gold the bankable feasibility study, and repay the promissory note to Barrick. This transaction simplified the ownership structure.

and locked meaningful value for shareholders. These events combined with the project's attributes of scale, grade, location, and production profile, underpin the value creation, and incredible investment opportunity.

Many of our shareholders view NovaGold as an unexpired warrant on an ounce of production. On slide 6, the chart illustrates the post tax net present value at a variety of gold prices.

With the gold price currently over $4 thousand an ounce, this reflects a value of over $50 billion. At a zero discount rate.

Or about $20 billion at a 5% discount rate. This projection underscores the substantial economic potential of the Donlin Gold Project in the current market environment.

As highlighted on slide 7, Donlin Gold is positioned to become 1 of the biggest annual producers in the world with the projected output averaging over a million ounces a year throughout its 27 year mine life. Looking at slide 8, Donlin Gold, hosts approximately 40 million ounces of measured and indicated resources.

At an average grade of 2.25 grams per ton. Which is more than double the industry average.

Projects scale, grade, and long life position it to perform strongly across a wide range of gold market cycles. Moving to slide 9.

We believe there are significant exploration opportunities beyond the defined resources in the ACMA and Lewis Pits. As illustrated in the graphic in the upper right hand corner.

These resources cover only 3 kilometers of an approximate 8-kilometer gold bearing trend. Which is only a small portion of our overall land package.

This underscores the substantial potential to increase our reserves and significantly extend the mine life through further exploration. Slide 10 outlines Donlin Gold current permitting status and underscores the advantages.

Of its location in Alaska. The second largest gold producing state in the US, Alaska has a well established regulatory framework and an emphasis on resource development.

Provides a stable and supportive foundation for long term mining operations. To date, ongoing collaboration with state and federal agencies have been constructive.

Regulatory decisions affirming the rigor of the review process. We continue to support the state of Alaska in defending the Clean Water Act Section 401 certification.

Which is the only remaining challenge at the state level. Oral arguments were heard on June 3, and we anticipate a decision within a year.

In federal litigation, US district court in Alaska directed the Corps of Engineers and the Bureau of Land Management. To supplement the current EIS and analyze a larger hypothetical tailings release.

it is important to remember that all permits remain in place while the litigation is ongoing. The Corps of Engineers and cooperating agencies will review and prepare the draft supplemental EIS which is anticipated to be published in September of this year.

Moving to slide 11. We highlight a quote from governor Mike Dunleavy.

Who expressed strong backing for responsible resource development in Alaska. Including the Donlin Gold Project.

We appreciate his advocacy. We look forward to continuing an open and constructive communication with him and his team.

On slide 12, highlight our longstanding collaboration and ongoing engagement with Calista and TKC whose roles as private landowners and owners of the mineral rights are integral 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 YK region.

All grounded in deep local knowledge and stewardship. Moving to slide 13.

In May, we released our 2025 Sustainability report. Which reflects our ongoing commitment to environmental stewardship, strong safety performance, and broader social responsibilities that are embedded in the project.

NOVAGOLD also takes pride in maintaining strong governance practices across all aspects of board oversight and governance. Moving over to slide 14.

NovaGold is supported by a seasoned management team. With a proven track record in mine development throughout the Americas.

This is further strengthened by the Donlin Gold project execution team. Led by Frank Arcese, along with contractors like Fluor, WSP, Worley, and Hatch.

They all bring extensive experience, positioning Donlin to advance efficiently responsibly, and with a strong focus on project execution. I will now turn the call over to our CFO, Peter Adamek.

to discuss our second quarter financial results. Peter.

Thank you, Gregory.

Turning to our operating performance on Slide 16. NovaGold reported a fiscal 26 second quarter net loss of $25.5 million or $0.06 per share.

NOVAGOLD's net loss during the second quarter decreased by $28.8 million from the comparable prior year period, primarily due to a $39.6 million noncash 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 26 was $10.4 million higher than the comparative prior year period. Due to ongoing 2026 activities by Fluor, WSP, Worley, and Hatch to advance the Donlin Gold Bankable Feasibility Study.

Unlike the comparative prior year period, the company's second quarter 26 results also reflect NOVAGOLD's 60% interest in Donlin Gold. G&A expenses at NovaGold increased in the second quarter of 26 by $3.1 million from the comparative 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. That are expected to decline during the remainder of the year.

On Slide 17, our treasury comprising cash and term deposit decreased by $22.3 million to $370.2 million during the second quarter reflecting Donlin Gold funding of $16.3 million and NovaGold's corporate G&A cost of $6.7 million partially offset by $4 million in interest income. Corporate G&A expenditures during the second quarter increased by $2.3 million and our share of Donlin Gold funding increased by $9.5 million compared to the prior year period for reasons discussed on the previous slide.

Moving to slide 18. Our treasury at the end of the second quarter sits at a very robust $370.2 million NovaGold is well funded enabling us to complete the Donlin Gold bankable feasibility study in 2027 exercise our option to prepay the Barrick promissory note later this year, and cover our corporate G&A cost for at least the next 12 months.

Our cash expenditures in the second quarter and for the first 6 months of fiscal 26 remain generally in line with our 2026 budget, and we remain on track to meet our 2026 guidance. I will now turn the presentation over to Gregory 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 continued to extensively engage with government and regional stakeholders and support local programs across the YK region.

A key focus remained direct engagement with regional communities where we conducted outreach alongside Calista and TKC to strengthen relationships and to support ongoing dialogue. The Subsistence Community Advisory Committee met a few times in the first half of 2026.

The latest meeting focused on subsistence in the barge communication plan. The Donlin Gold team also purs participated in several major Alaska industry and legislative events.

Alaska Day on the Hill and the Alaska Mining Forum. Along 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. Lastly, we provided briefings to the US senate campaigns and the YK Regional Health Board to ensure their continued awareness and alignment on project activities.

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 highlights the key technical updates and accelerating momentum achieved in the second quarter. Marked by meaningful progress across all primary work streams.

Under Fluor's leadership, integration of major work packages and technical work streams, with specialist contractors WSP, Worley, and Hatch. Are progressing to support the Donlin Gold bankable feasibility study.

Key updates include infrastructure advancement, for the on-site power plant, and the natural gas pipeline pressure oxidation circuit, and oxygen plant. Strategic integration where Fluor is coordinating all specialized contracts with a single consolidated execution framework.

To improve schedule efficiency and cost accuracy. Operational foundation with a disciplined engineering approach to bring key components closer to completion ensuring the delivery of a high quality bankable feasibility study with the targeted completion in 2027.

Building on this momentum, the Donlin Gold remains exceptionally well positioned as 1 of the world's premier undeveloped gold deposits. As shown on slide 22, the second quarter of the year has delivered meaningful progress across all the key work streams.

Further strengthening the project's development trajectory, As a result, Donlin is increasingly well positioned for its next phase of advancement. Supported by a series of important recent milestones.

Donlin Gold is building out the project team in advancing key state, site, and technical activities in support of the bankable feasibility study. These activities include geotechnical drilling, and materials assessments 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 deeply appreciate the continued support and 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 achieving key milestones while fulfilling all its commitments to local communities. We extend our sincere appreciation to our shareholders stakeholders, our board of directors, for their steadfast trust and support.

And we express our deep appreciation to the Donlin Gold team for their dedication, hard work. We look forward to even further progress and more exciting opportunities in the years ahead.

In closing, slide 24 summarizes the core attributes that distinguish Donlin Gold as a truly unique asset within the global gold sector. The project is defined by exceptional scale, high grade open pit mineralization, long life low projected operating costs, and meaningful 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 2.25 grams per ton.

Project already stands apart from the others. Supported by an experienced leadership team, and strong collaboration with local community landowners, project remains well positioned for disciplined advancement and long term value creation.

Operator, we can now open the line for questions.

Yeah. Thank you.

Good morning, everyone. So just on the professional fees, obviously, we saw a big increase and you just mentioned that you expect the second half to see lower levels than in the first half.

Is this already happening you think in third quarter or is more just in the fourth quarter? That will be my first question.

Yeah. I am happy to take that.

Thank you for the question. Yes.

Fees were just kind of ongoing fees related to the to the transaction transpired at the end of last year. In connection with our increase of the 10%, and we are expect those fees to start tapering off in third quarter of this year.

Alright. Thank you, Peter.

And maybe, Gregory, do you have a sense already as when in 2020 you might finish the BFS? Or it is too early?

Still.

Thank you for joining the call this morning, Carlos. We have guided that we expect to finish the bankable feasibility study in the first half of 27.

The other work is proceeding with Fluor, Worley, WSP, and Hatch all contributing their information to the study. So it is progressing now as we expected.

So we will look for something early in the first half of 2027.

Alright. Thank you, Gregory.

Good luck with everything.

Bye, Carlos.

We have a few additional Go ahead.

Hi, good morning. Thank you for presentation.

Gregory, and Peter. Just 1 question.

Are you able to give us a bit more color on how financing discussions are going for the Donlin project?

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

Yeah. We have been going through a process with our partner with the team at Paulson on collecting financial advisers for the project, and we anticipate, you know, making an announcement regarding in the coming weeks.

But it is yeah, moving ahead as we consider what options are ahead of us for financing Donlin.

Okay. Great.

Thank you very much.

Of Okay. So we have a few questions coming from the line.

The first is from, Jeff Niaman. What is the current timeline for development of the mine?

Well, I think I will bring it down into 2 pieces. I think the first 1 is the timing.

I think as you know, as we have mentioned on our call, our main focus is completing the bankable feasibility study and that is over a year out. And then we will included in the study will be an execution plan and we will be able to provide significantly more detail on the path forward for Donlin project in conjunction with the completion of the feasibility study.

So that is moving ahead. And, you know, the timeline on financing, that is you know, as I mentioned earlier, we have engaged financial advisors and we will be updating the markets in due course.

Great. The second question is from mister Fritz.

Could you comment on the expected timeline regarding the Supreme Court decision on the water quality certification, particular whether this potentially remain pending on the proposed completion of the DFS.

Alright. Yeah.

I think it is important to remember that there were 3 cases before Alaska Supreme Court that worked all the way to the Supreme Court. 2 of those have already been ruled on in favor of the Donlin project and the permitting agencies.

The final case is regarding the 401 certification. You know, brief oral arguments were made earlier this month.

And typically, the court in Alaska takes about a year to issue a ruling. At this stage, it is also important to remember that our permits remain in force during this time.

So I think the permitting cases influence our thinking? No.

They do not. And I expect that they will be resolved sometime probably when the feasibility study is due to be completed.

And certainly, before a construction decision is made.

Great. I believe this is all that we have online, Ayesha, unless you have something else on your side.

All right. Well, we appreciate you taking time to join the call for NovaGold.

Thank you.