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2	2	{{toc/}}
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4	4
5		-Summary
	5	+= Summary =
6	6
7		-NovaGold Resources is a pure gold play focused on Alaska’s Donlin Gold project in equal partnership with Barrick Gold.
	7	+* NovaGold Resources is a pure gold play focused on Alaska’s Donlin Gold project in equal partnership with Barrick Gold.
	8	+* Donlin is positioned to be one of the world’s largest gold mines, with 39 million ounces in measured and indicated mineral resources at a high average grade of 2.24 grams per tonne1 on a mineralized trend that occupies just 5 percent of its land package.
	9	+* The companies' mines are among the world's most significant gold projects with an anticipated 27 year life.
8	8
9		-Donlin is positioned to be one of the world’s largest gold mines, with 39 million ounces in measured and indicated mineral resources at a high average grade of 2.24 grams per tonne1 on a mineralized trend that occupies just 5 percent of its land package.
10	10
11		-The companies' mines are among the world's most significant gold projects with an anticipated 27 year life.
	12	+[[image:NG0.png||height="279" width="720"]]
12	12
13	13
14		-Company Overview
	15	+= Company Overview =
15	15
16		-NovaGold Resources (TSX:NG, NYSE: NG) is a pure gold play focused on Alaska’s Donlin Gold project in equal partnership with Barrick Gold. Donlin is positioned to be one of the world’s largest gold mines, with 39 million ounces in measured and indicated mineral resources at a high average grade of 2.24 grams per tonne1 on a mineralized trend that occupies just 5 percent of its land package. The company believe it offers investors extraordinary leverage to gold.
	17	+NovaGold Resources (TSX:NG, NYSE: NG) is a pure gold play focused on Alaska’s Donlin Gold project in equal partnership with Barrick Gold. Donlin is positioned to be one of the world’s largest gold mines, with 39 million ounces in measured and indicated mineral resources at a high average grade of 2.24 grams per tonne1 on a mineralized trend that occupies just 5 percent of its land package. The company believe it offers investors extraordinary leverage to gold.{{footnote}}https://www.novagold.com/company/about/{{/footnote}}
17	17
18		-[[https:~~/~~/www.novagold.com/company/about/>>url:https://www.novagold.com/company/about/]]
19	19
20		-
21	21	NOVAGOLD is in the enviable position of being well-funded with a cash balance of US $169.1 million as of November 30, 2021, expected to be sufficient to continue advancement on the Donlin Gold project and fulfill all of its current financial obligations towards a construction decision.
22	22
23	23
24		-Operations & Infrastructure
	23	+[[image:NG1.png]]
25	25
	25	+
	26	+= Operations & Infrastructure =
	27	+
26	26	Among the world's most significant gold projects with an anticipated 27 year life.
27	27
28		-Mine Operations
29	29
30		-Donlin Gold is expected to be a conventional open pit, truck-and-shovel operation. Mining is expected to occur over 26 years, inclusive of one year of pre-stripping. The process plant will be fed with stockpiled low-grade ore for two additional years following the completion of mining. Peak production rates are expected to reach 155 million tonnes per year (425,000 tonnes per day). The mining equipment required includes large hydraulic shovels, front-end loaders, ultra-class haul trucks, rotary blast hole drills, and various support equipment including track dozers, wheel dozers, graders, water trucks, and excavators.
	31	+== Mine Operations ==
31	31
32		-[[https:~~/~~/www.novagold.com/properties/donlin_gold/infrastructure/>>url:https://www.novagold.com/properties/donlin_gold/infrastructure/]]
	33	+Donlin Gold is expected to be a conventional open pit, truck-and-shovel operation. Mining is expected to occur over 26 years, inclusive of one year of pre-stripping. The process plant will be fed with stockpiled low-grade ore for two additional years following the completion of mining. Peak production rates are expected to reach 155 million tonnes per year (425,000 tonnes per day). The mining equipment required includes large hydraulic shovels, front-end loaders, ultra-class haul trucks, rotary blast hole drills, and various support equipment including track dozers, wheel dozers, graders, water trucks, and excavators.{{footnote}}https://www.novagold.com/properties/donlin_gold/infrastructure/{{/footnote}}
33	33
34		-Metallurgy And Processing
35	35
	36	+== Metallurgy And Processing ==
	37	+
36	36	The run-of-mine (ROM) ore from the Donlin Gold deposit will be crushed in a gyratory crusher and then milled using semi-autogenous grinding (SAG) and two-stage ball milling. Average throughput is expected to be 53,500 tonnes per day. The gold-bearing sulphides will be recovered by flotation to produce a 7% sulphur concentrate representing around 15% of the original mass with an average gold grade of approximately 13 g/t. The concentrate is refractory and will be pre-treated in a pressure oxidation circuit (autoclave) prior to cyanidation (Carbon-In-Leach). Overall gold recovery from flotation, pressure oxidation and cyanidation is estimated at 89.8%. Excess acid from the autoclave circuit will be neutralized with flotation tailings and slaked lime. Prior to being combined with flotation tails, CIL tails will be detoxed. All tailings from this process will be impounded in the tailings storage facility. During operations, water will be reclaimed for re-use in the process plant.
37	37
38		-Supporting Infrastructure
39	39
	41	+== Supporting Infrastructure ==
	42	+
40	40	Due to the remote location of Donlin Gold, infrastructure required to support the mine and process operations include a marine cargo port near Bethel, an upriver port near Jungjuk Creek, ocean and river barging operations, an access road from the upriver port to site, a permanent camp, an airstrip, power generation facilities, fuel storage facilities, water management facilities, and a natural gas pipeline.
41	41
42		-Natural Gas Pipeline
43	43
	46	+== Natural Gas Pipeline ==
	47	+
44	44	Donlin Gold is proposing to build a buried natural gas pipeline to serve as the energy source for on-site power generation. The 315 mile-long (507-kilometer-long), 14-inch-diameter (356 mm) steel pipeline would transport natural gas from the Cook Inlet region to the project site.
45	45
	50	+
46	46	This natural gas pipeline is a better economic alternative over the life of mine to the previously considered barging of diesel fuel. Operating costs assume a delivered gas pricing which includes importing liquefied natural gas (LNG) to Anchorage; total delivery costs associated with purchase, transportation, and regasification of the LNG; delivery through the Cook Inlet pipeline network (existing 20-inch-diameter (508mm) natural gas pipeline near Beluga); and operating costs for the Cook Inlet-to-Donlin Gold pipeline.
47	47
48		-Capital Cost Estimate
49	49
	54	+== Capital Cost Estimate ==
	55	+
50	50	The total estimated cost to design and build the Donlin Gold project, is $7.4 billion per the the NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA, effective June 1, 2021 and the S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA, November 30, 2021.
51	51
52		-Sustaining Capital Cost Estimate
53	53
	59	+**Sustaining Capital Cost Estimate**
	60	+
54	54	The sustaining capital cost estimate for the life of the mine totals $1.7 billion, or $57 per ounce of gold sold.
55	55
56		-Operating Cost Estimate
57	57
	64	+**Operating Cost Estimate**
	65	+
58	58	Operating costs at Donlin Gold, estimated in the NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA, are generally categorized into mining, processing, general and administrative (G&A), and land & royalty payments. Mine operating costs are expected to total approximately $8.4 billion over the life of mine (LOM), or $2.58 per tonne mined. Process operating costs are expected to total $6.9 billion over the LOM, or $13.70 per tonne processed. G&A costs are expected to total $1.8 billion over the LOM, or $3.49 per tonne processed. Royalty and land use costs are expected to total $2.2 billion over the LOM at a gold price of $1,500 per ounce. Total operating costs over the LOM are estimated to be $19.3 billion or $38.21 per tonne processed or $635 per gold ounce sold (based on LOM operating costs of $19.2 billion and 30.4 million ounces of gold sold). Significant drivers of operating costs include diesel fuel, natural gas (for generating electric power), labor, processing reagents and consumables, explosives, tires, fixed and mobile maintenance supplies, and consulting and contracting services.
59	59
60	60
61		-<table>
	69	+[[image:NG2.png]]
62	62
63	63
	72	+== Mineral Reserves & Mineral Resources ==
	73	+
	74	+
	75	+(% style="width:870px" %)
	76	+|(% style="width:336px" %)**Donlin Gold**|(% style="width:131px" %)**Tonnage **|(% style="width:108px" %)**Grade**|(% style="width:140px" %)(((
	77	+**Metal content**
	78	+
	79	+**100% basis**
	80	+)))|(% style="width:152px" %)(((
	81	+**Attributable to**
	82	+
	83	+**NOVAGOLD 50%**
	84	+)))
	85	+|(% style="width:336px" %)GOLD|(% style="width:131px" %)kt|(% style="width:108px" %)g/t Au|(% style="width:140px" %)koz Au|(% style="width:152px" %)koz Au
	86	+|(% style="width:336px" %)Reserves|(% style="width:131px" %) |(% style="width:108px" %) |(% style="width:140px" %) |(% style="width:152px" %)
	87	+|(% style="width:336px" %)Proven|(% style="width:131px" %)7,683|(% style="width:108px" %)2.32|(% style="width:140px" %)573|(% style="width:152px" %)287
	88	+|(% style="width:336px" %)Probable|(% style="width:131px" %)497,128|(% style="width:108px" %)2.08|(% style="width:140px" %)33,276|(% style="width:152px" %)16,638
	89	+|(% style="width:336px" %)P&P|(% style="width:131px" %)504,811|(% style="width:108px" %)2.09|(% style="width:140px" %)33,849|(% style="width:152px" %)16,925
	90	+|(% style="width:336px" %)**Resources,exclusive of Reserves**|(% style="width:131px" %) |(% style="width:108px" %) |(% style="width:140px" %) |(% style="width:152px" %)
	91	+|(% style="width:336px" %)Measured|(% style="width:131px" %)869|(% style="width:108px" %)2.23|(% style="width:140px" %)62|(% style="width:152px" %)31
	92	+|(% style="width:336px" %)Indicated|(% style="width:131px" %)69,402|(% style="width:108px" %)2.44|(% style="width:140px" %)5,435|(% style="width:152px" %)2,718
	93	+|(% style="width:336px" %)M&I|(% style="width:131px" %)70,271|(% style="width:108px" %)2.43|(% style="width:140px" %)5,497|(% style="width:152px" %)2,749
	94	+|(% style="width:336px" %)Inferred|(% style="width:131px" %)92,216|(% style="width:108px" %)2.02|(% style="width:140px" %)5,993|(% style="width:152px" %)2,997
	95	+|(% style="width:336px" %)**Resources,inclusive of Reserves**|(% style="width:131px" %) |(% style="width:108px" %) |(% style="width:140px" %) |(% style="width:152px" %)
	96	+|(% style="width:336px" %)Measured|(% style="width:131px" %)7,731|(% style="width:108px" %)2.52|(% style="width:140px" %)626|(% style="width:152px" %)313
	97	+|(% style="width:336px" %)Indicated|(% style="width:131px" %)533,607|(% style="width:108px" %)2.24|(% style="width:140px" %)38,380|(% style="width:152px" %)19,190
	98	+|(% style="width:336px" %)M&I|(% style="width:131px" %)541,337|(% style="width:108px" %)2.24|(% style="width:140px" %)39,007|(% style="width:152px" %)19,503
	99	+|(% style="width:336px" %)Inferred|(% style="width:131px" %)92,216|(% style="width:108px" %)2.02|(% style="width:140px" %)5,993|(% style="width:152px" %)2,996
	100	+
	101	+
64	64	Financial Highlights
65	65
66	66	Fiscal Year 2021 Financial Results
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208	208
209	209
210	210	References
	249	+
	250	+{{putFootnotes/}}