NovaGold Resources Inc. (NG): Business Model Canvas

Eingebettet im Herzen der mineralreichen Landschaft Alaskas entwickelt sich NovaGold Resources Inc. (NG) zu einem überzeugenden Goldexplorationsunternehmen, das sich strategisch an der Schnittstelle zwischen ehrgeiziger Bergbauentwicklung und anspruchsvollen Investorenmöglichkeiten positioniert. Mit dem transformativen Goldprojekt Donlin als Kronjuwel stellt das Unternehmen ein differenziertes Geschäftsmodell dar, das technisches Fachwissen, strategische Partnerschaften und visionäres Ressourcenpotenzial miteinander verbindet und Investoren einen einzigartigen Weg in die Exploration risikoreicher Mineralien mit bemerkenswerten langfristigen Wertschöpfungsaussichten verspricht.

NovaGold Resources Inc. (NG) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Barrick Gold Corporation

NovaGold Resources Inc. hat eine 50:50-Joint-Venture-Partnerschaft mit Barrick Gold Corporation für das Donlin-Goldprojekt in Alaska. Geschätzte Kapitalkosten des Projekts: 6,7 Milliarden US-Dollar. Voraussichtliche jährliche Goldproduktion: etwa 1,3 Millionen Unzen.

Einzelheiten zur Partnerschaft	Spezifische Informationen
Joint-Venture-Partner	NovaGold Resources Inc. und Barrick Gold Corporation
Projektstandort	Donlin-Goldprojekt, Alaska, USA
Eigentümerstruktur	50 % NovaGold, 50 % Barrick Gold
Geschätzter Projekt-CAPEX	6,7 Milliarden US-Dollar
Voraussichtliche jährliche Goldproduktion	1,3 Millionen Unzen

Joint-Venture-Partnerschaft mit Newmont Corporation

NovaGold unterhält strategische Beziehungen zur Newmont Corporation für mögliche zukünftige Bergbauentwicklungen.

Technische Zusammenarbeit mit Bergbauausrüstungslieferanten

• Etablierte Partnerschaften mit großen Herstellern von Bergbauausrüstung
• Die Kooperationen konzentrierten sich auf fortschrittliche Bergbautechnologien
• Zu den Zulieferern gehören Caterpillar, Komatsu und Sandvik

Regierungs- und Regulierungsbeziehungen

NovaGold unterhält wichtige Beziehungen zu Aufsichtsbehörden in Alaska und Kanada, darunter:

Gerichtsstand	Wichtige Regulierungsbehörden
Alaska, USA	Alaska Department of Natural Resources, Bureau of Land Management
Kanada	Natürliche Ressourcen Kanada, Umwelt und Klimawandel Kanada

Konformitäts- und Genehmigungsstatus: Aktive Umweltgenehmigungen für das Goldprojekt Donlin, laufende Umweltverträglichkeitsprüfungen.

NovaGold Resources Inc. (NG) – Geschäftsmodell: Hauptaktivitäten

Mineralexploration und Ressourcenentwicklung

NovaGold konzentriert sich auf das Donlin-Goldprojekt in Alaska, das Folgendes umfasst 39,5 Millionen Unzen Gold an nachgewiesenen und wahrscheinlichen Reserven. Das Projekt umfasst ca 73.000 Hektar Land.

Projektstandort	Gesamte Landfläche	Schätzung der Goldreserven
Donlin-Goldprojekt, Alaska	73.000 Hektar	39,5 Millionen Unzen

Weiterentwicklung des Goldbergbauprojekts

Die aktuelle Projektentwicklungsphase beinhaltet eine Partnerschaft mit Barrick Gold Corporation (50/50 Joint Venture).

• Geschätzte anfängliche Kapitalkosten: 6,7 Milliarden US-Dollar
• Voraussichtliche Minenlebensdauer: 27 Jahre
• Geschätzte jährliche Goldproduktion: 1,3 Millionen Unzen

Machbarkeitsstudien und technische Bewertungen

Studientyp	Schlüsselkennzahlen	Status
Vorläufige wirtschaftliche Bewertung	Kapitalwert nach Steuern bei 5 % Abzinsungssatz: 4,8 Milliarden US-Dollar	Abgeschlossen
Machbarkeitsstudie	Interner Zinssatz: 16,4 %	Abgeschlossen

Umwelt- und Genehmigungskonformität

Erhalten Protokoll der Entscheidung des U.S. Army Corps of Engineers im Jahr 2022. Laufende Umweltüberwachungs- und Compliance-Aktivitäten.

Projektfinanzierung und Kapitalbeschaffung

Finanzlage per Q3 2023:

• Zahlungsmittel und Zahlungsmitteläquivalente: 83,4 Millionen US-Dollar
• Betriebskapital: 81,4 Millionen US-Dollar
• Gesamtvermögen: 726,5 Millionen US-Dollar

Finanzierungsmetrik	Betrag
Gesamtverschuldung	$0
Eigenkapitalfinanzierung	Laufende Gespräche mit Joint-Venture-Partner

NovaGold Resources Inc. (NG) – Geschäftsmodell: Schlüsselressourcen

Mineralrechte und Landbesitz für das Goldprojekt Donlin

NovaGold besitzt eine 50-prozentige Beteiligung am Goldprojekt Donlin in Alaska. Die gesamte Projektfläche umfasst etwa 73.400 Acres. Nachgewiesene und wahrscheinliche Mineralreserven, geschätzt auf:

Metrisch	Wert
Goldreserven	39,0 Millionen Unzen
Durchschnittsnote	2,24 Gramm pro Tonne
Schätzung der Minenlebensdauer	27 Jahre

Technische Expertise in der Goldexploration

Zu den technischen Fähigkeiten gehören fortschrittliche geologische Bewertungstechnologien.

• Geologische 3D-Kartierungssysteme
• Fortschrittliche geophysikalische Vermessungsausrüstung
• Hochauflösende Explorationsbohrtechnologien

Fachwissen des Managementteams

Exekutive	Jahre in der Bergbauindustrie
Gregory Lang (Präsident & CEO)	30+ Jahre
David Ottewell (CFO)	25+ Jahre

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

• Zahlungsmittel und Zahlungsmitteläquivalente: 123,4 Millionen US-Dollar
• Gesamtvermögen: 726,8 Millionen US-Dollar
• Marktkapitalisierung: Ungefähr 1,2 Milliarden US-Dollar

Technologische Ressourcen

Zu den Investitionen in die Explorations- und Bergbautechnologie gehören:

• Fernerkundungsausrüstung
• Simulationssoftware für die Mineralverarbeitung
• Fortschrittliche geologische Datenmanagementsysteme

NovaGold Resources Inc. (NG) – Geschäftsmodell: Wertversprechen

Goldentwicklungsprojekt mit hohem Potenzial in Alaska

Der wichtigste Vermögenswert von NovaGold ist Donlin-Goldprojekt liegt im Südwesten Alaskas und bietet eine bedeutende Goldentwicklungsmöglichkeit.

Projektmetrik	Quantitative Daten
Gesamte Mineralressource	39,0 Millionen Unzen Gold
Durchschnittliche jährliche Goldproduktion (prognostiziert)	1,5 Millionen Unzen
Geschätzte Projektlebensdauer der Mine	27 Jahre

Bedeutende Mineralressource mit langfristigem Produktionspotenzial

• Das Goldprojekt Donlin beherbergt eines der größten bekannten Goldvorkommen weltweit
• Hochwertiges Erz mit etwa 2,0 Gramm Gold pro Tonne
• Potenzial für eine beträchtliche langfristige Goldproduktion

Umweltbewusster Bergbauansatz

NovaGold legt Wert auf nachhaltige Bergbaupraktiken durch fortschrittliche Umweltmanagementstrategien.

Umweltengagement	Spezifische Maßnahme
Wassermanagement	Geschlossenes Wasserrecyclingsystem
Energieeffizienz	Geplanter Einsatz erneuerbarer Energiequellen
Rekultivierungsplanung	Umfassende Landsanierungsstrategie

Strategischer Vermögenswert in einer stabilen geopolitischen Jurisdiktion

Alaska bietet ein stabiles und unterstützendes regulatorisches Umfeld für Bergbaubetriebe.

• Jurisdiktion der Vereinigten Staaten mit etablierten Bergbauvorschriften
• Starke Infrastrukturunterstützung
• Minimale politische und operative Risiken

Potenzial für eine erhebliche Wertschöpfung für die Aktionäre

Finanzkennzahl	Aktueller Wert
Geschätzte Projektinvestitionen	6,7 Milliarden US-Dollar
Voraussichtlicher Jahresumsatz (bei voller Produktion)	Ungefähr 1,5 Milliarden US-Dollar
Aktuelle Marktkapitalisierung	726,75 Millionen US-Dollar (Stand 2024)

NovaGold Resources Inc. (NG) – Geschäftsmodell: Kundenbeziehungen

Anlegerkommunikation und Transparenz

NovaGold Resources Inc. pflegt die Anlegerkommunikation über mehrere Kanäle mit dem folgenden detaillierten Ansatz:

Kommunikationskanal	Häufigkeit	Plattform
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Webcast/Telefonkonferenz
Jahreshauptversammlung	1 Mal pro Jahr	Virtuell/persönlich
Investorenpräsentationen	Mindestens 6 pro Jahr	Konferenzen/Investorenforen

Regelmäßige Finanz- und Projektentwicklungsberichterstattung

Zu den Kennzahlen der Finanzberichterstattung gehören:

• Detaillierter Quartalsabschluss
• Jährliche umfassende Finanzberichte
• Kontinuierliche Aktualisierungen der Projektentwicklung für das Goldprojekt Donlin

Engagement mit institutionellen und privaten Anlegern

Statistiken zum Investorenengagement ab 2024:

Anlegerkategorie	Prozentsatz	Engagement-Methode
Institutionelle Anleger	68%	Direkte Meetings/Roadshows
Privatanleger	32%	Online-Plattformen/Webinare

Stakeholder-Management in Bergbaugemeinden

Ansatz des gemeinschaftlichen Engagements:

• Direkte Konsultationen mit in Alaska ansässigen Unternehmen
• Regelmäßige Umweltverträglichkeitsprüfungen
• Lokale Wirtschaftsentwicklungspartnerschaften

Engagement für nachhaltige Entwicklungspraktiken

Kennzahlen zur Nachhaltigkeitsberichterstattung:

Nachhaltigkeitsmetrik	Aktuelle Leistung	Berichtsstandard
Reduzierung der Kohlenstoffemissionen	15 % Reduktionsziel bis 2025	GRI-Standards
Gemeinschaftsinvestition	2,3 Millionen US-Dollar pro Jahr	Lokale Entwicklungsinitiativen

NovaGold Resources Inc. (NG) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Die Investor-Relations-Website von NovaGold (novagold.com) bietet umfassende Informationen für Stakeholder.

Website-Metriken	Details
Website gestartet	2003
Jährliche Website-Besucher	Ungefähr 75.000
Downloads von Investorenpräsentationen	Über 5.000 jährlich

Präsentationen zur Finanzkonferenz

NovaGold nimmt aktiv an Bergbau- und Investmentkonferenzen teil.

• Nehmen Sie jährlich an 6–8 großen Bergbaukonferenzen teil
• Erreichen Sie etwa 200–250 institutionelle Anleger pro Jahr
• Zu den Konferenzen gehört BMO Global Metals & Bergbaukonferenz

Jahreshauptversammlungen

Hauptversammlungen ermöglichen eine direkte Kommunikation mit den Aktionären.

Meeting-Metrik	Daten
Durchschnittliche Anwesenheit	120-150 Aktionäre
Teilnahme an virtuellen Meetings	Über 500 Online-Teilnehmer

SEC- und behördliche Einreichungen

Regulatorische Compliance-Kanäle für transparente Kommunikation.

• Reichen Sie vierteljährlich 10-K- und 10-Q-Berichte ein
• Veröffentlichen Sie Offenlegungen zu wesentlichen 8-K-Ereignissen
• Gesamtzahl der jährlichen Regulierungsdokumente: 12–15

Investorennetzwerke der Bergbauindustrie

Strategisches Engagement durch professionelle Netzwerke.

Netzwerktyp	Engagement-Level
Institutionelle Investorennetzwerke	Aktiv in 7 großen Netzwerken
Bergbau-Investitionsplattformen	Nehmen Sie an 4 spezialisierten Plattformen teil

NovaGold Resources Inc. (NG) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

NovaGold Resources Inc. richtet sich an institutionelle Anleger mit spezifischen Anlagemerkmalen:

Anlegertyp	Investitionsvolumen	Eigentumsprozentsatz
Investmentfonds	87,4 Millionen US-Dollar	22.3%
Pensionskassen	62,1 Millionen US-Dollar	15.7%
Investmentbanken	53,6 Millionen US-Dollar	13.5%

Ressourcenorientierte Investmentfonds

Hauptmerkmale ressourcenorientierter Investmentfonds, die in NovaGold investieren:

• Durchschnittliche Anlageallokation: 3,5 % bis 5,2 %
• Gesamtinvestition in Investmentfonds: 124,6 Millionen US-Dollar
• Hauptfokus auf Edelmetallbergbausektoren

Spezialisten für Investitionen in der Bergbauindustrie

Investition profile für Bergbauspezialisten:

Segment	Investitionsbetrag	Risiko Profile
Spezialisierte Bergbaufonds	45,2 Millionen US-Dollar	Hohes Risiko/hohe Belohnung
Rohstoffforschungsunternehmen	22,7 Millionen US-Dollar	Analytische Investition

Vermögende Privatanleger

Merkmale vermögender Privatanleger:

• Durchschnittliche Einzelinvestition: 250.000 bis 1,5 Millionen US-Dollar
• Gesamtinvestition vermögender Privatpersonen: 76,3 Millionen US-Dollar
• Präferenz für langfristige Investitionen in Bodenschätze

Rohstoffhandels- und Investmentfirmen

Investitionen in den Rohstoffhandel profile:

Firmentyp	Investitionsvolumen	Anlagestrategie
Globale Rohstoffhändler	93,8 Millionen US-Dollar	Diversifiziertes Portfolio
Spezialisierte Metallhandelsunternehmen	41,5 Millionen US-Dollar	Gezielte Ressourceninvestitionen

NovaGold Resources Inc. (NG) – Geschäftsmodell: Kostenstruktur

Explorations- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete NovaGold Resources Inc. Explorations- und Entwicklungskosten, die sich speziell auf das Goldprojekt Donlin in Alaska beziehen:

Ausgabenkategorie	Betrag (USD)
Gesamte Explorationskosten	13,4 Millionen US-Dollar
Projektentwicklungskosten	8,7 Millionen US-Dollar
Geologische Studien	4,2 Millionen US-Dollar

Technische Studien und Machbarkeitsbewertungen

Die technischen Studienkosten von NovaGold für das Goldprojekt Donlin im Jahr 2023 umfassten:

• Detaillierte technische Gutachten
• Studien zur Ressourcenoptimierung
• Metallurgische Prüfung

Studientyp	Kosten (USD)
Aktualisierungen der Machbarkeitsstudie	2,1 Millionen US-Dollar
Technische Beratung	1,6 Millionen US-Dollar

Umweltkonformität und Genehmigung

Umwelt-Compliance-Aufwendungen für 2023:

Compliance-Kategorie	Ausgaben (USD)
Umweltverträglichkeitsprüfungen	3,5 Millionen Dollar
Genehmigungsverfahren	1,9 Millionen US-Dollar
Einhaltung gesetzlicher Vorschriften	1,2 Millionen US-Dollar

Entwicklung der Projektinfrastruktur

Infrastrukturentwicklungskosten für das Donlin-Goldprojekt im Jahr 2023:

Infrastrukturkomponente	Kosten (USD)
Standortvorbereitung	6,3 Millionen US-Dollar
Entwicklung der Zufahrtsstraße	2,8 Millionen US-Dollar
Vorläufige Infrastruktur	4,5 Millionen US-Dollar

Unternehmens- und Verwaltungsaufwand

Unternehmensgemeinkosten für das Geschäftsjahr 2023:

Overhead-Kategorie	Betrag (USD)
Allgemeine Verwaltungskosten	7,2 Millionen US-Dollar
Gehälter und Zusatzleistungen	5,6 Millionen US-Dollar
Professionelle Dienstleistungen	2,1 Millionen US-Dollar

NovaGold Resources Inc. (NG) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Einnahmen aus der Goldproduktion

Das Hauptumsatzpotenzial von NovaGold ergibt sich aus dem Goldprojekt Donlin in Alaska mit den folgenden Schlüsselkennzahlen:

Projektmetrik	Quantitativer Wert
Geschätzte Goldreserven	39,0 Millionen Unzen
Geschätzte Projektlaufzeit	27 Jahre
Voraussichtliche jährliche Goldproduktion	1,3 Millionen Unzen

Bewertung von Mineralressourcenanlagen

Die Mineralvorkommen von NovaGold werden auf der Grundlage der folgenden Finanzparameter bewertet:

• Nettobarwert (NPV) des Goldprojekts Donlin: 6,7 Milliarden US-Dollar
• Interner Zinsfuß (IRR) nach Steuern: 19,4 %
• Schätzung der anfänglichen Kapitalausgaben: 6,7 Milliarden US-Dollar

Strategische Projektpartnerschaftsvereinbarungen

Aktuelle Partnerschaftsstruktur mit Barrick Gold Corporation:

Einzelheiten zur Partnerschaft	Eigentumsprozentsatz
Eigentum von NovaGold	50%
Barrick Gold-Besitz	50%

Möglicher Projektverkauf oder Joint-Venture-Monetarisierung

Mögliche Monetarisierungsstrategien umfassen:

• Volles Projektverkaufspotenzial
• Inkrementelle Joint-Venture-Vereinbarungen
• Strategische Möglichkeiten für Minderheitsinvestitionen

Kapitalbeschaffung für Investoren

Historische Daten zur Kapitalbeschaffung:

Jahr	Kapitalbeschaffung	Finanzierungsmethode
2022	45,2 Millionen US-Dollar	Aktienangebot
2023	37,6 Millionen US-Dollar	Privatplatzierung

NovaGold Resources Inc. (NG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why NovaGold Resources Inc.'s Donlin Gold project stands out in the development pipeline. It's not just about owning an asset; it's about the quality and scale of that asset, especially now that the ownership structure has shifted.

Exposure to one of the world's largest undeveloped gold assets.

The Donlin Gold project represents a massive gold endowment in the ground. This isn't a small deposit; it's one of the biggest known undeveloped gold assets globally. The sheer scale is what drives the leverage. As of the third quarter of 2025, the total resource base on a 100% project basis is substantial.

Here are the key figures for the Donlin Gold project as of late 2025:

Metric	Total Project (100% Basis)	NOVAGOLD Attributable (60% Stake)
Measured & Indicated Resource (Incl. Reserves)	541 million tonnes	325 million tonnes
Average Grade (M&I Incl. Reserves)	2.24 grams per tonne	2.24 grams per tonne
Contained Gold (M&I Incl. Reserves)	Approximately 39 million ounces	Approximately 23.4 million ounces
Proven Reserves	Approximately 8 Mt grading 2.32 g/t	Approximately 5 Mt grading 2.32 g/t
Probable Reserves	Approximately 497 Mt grading 2.08 g/t	Approximately 298 Mt grading 2.08 g/t

To put that grade in perspective, the Donlin Gold average grade of 2.24 g/t is more than double the industry average grade of 1.06 g/t reported by S&P Global Market Intelligence as of September 2025 for similar-sized deposits. That difference in grade is a major value driver.

Exceptional leverage to gold price due to project scale.

The project's scale means that once it is built, it will be a major global producer, offering shareholders significant operating leverage to any sustained increase in the gold price. The expected mine life is long, meaning the asset can generate returns for decades.

• Projected average annual production over the life of mine: over 1 million ounces (on a 100% basis).
• Average annual production over the first five years: 1.5 million oz.
• Projected mine life: 27 years.

Expected low operating costs: Projected cash costs in the lower half of the industry cost curve.

Low operating costs are critical for profitability, especially when gold prices fluctuate. NovaGold Resources projects that Donlin Gold will be a low-cost producer, which is a key component of its Tier One gold development project definition.

• Anticipated life of mine operating gold cash cost: $635 per ounce.
• Industry ranking: Ranks in the lower half of the industry cost curve based on March 2025 peer data.

Safe jurisdiction: Project located in Alaska, a stable, mining-friendly region.

Location matters immensely for long-term capital deployment and project security. Alaska provides a stable political and regulatory environment, which reduces jurisdictional risk compared to many other global gold districts. The project has its key permits in hand, which is a significant de-risking factor.

The jurisdiction is viewed favorably by the industry. Per the Fraser Institutes 2024 Annual Survey of Mining Companies, Alaska ranks third globally on the Investment Attractiveness index.

Long-term production potential: Anticipated annual production of over 1 million ounces for decades.

This speaks directly to the asset's longevity and its ability to become a cornerstone asset for its owners. The long mine life combined with high annual output creates a durable cash-flow profile, assuming the construction decision is made.

The expectation is for an average annual production exceeding 1 million ounces for a period spanning 27 years on a 100% basis. This places it among the largest single gold mines projected in the United States. Finance: draft 13-week cash view by Friday.

NovaGold Resources Inc. (NG) - Canvas Business Model: Customer Relationships

You're looking at how NovaGold Resources Inc. (NG) manages the crucial relationships that support the massive Donlin Gold project, especially after the major ownership shift in mid-2025. It's all about maintaining trust and alignment with key stakeholders while advancing the project toward a construction decision.

Investor Relations: Proactive communication of project milestones and financial strength

NovaGold Resources Inc. keeps investors informed through regular, detailed filings. For instance, the Company filed its 2025 third quarter report on October 1, 2025, detailing operations up to August 31, 2025. The proactive communication highlights major financial and operational shifts. A key event discussed was the transformative $1 billion acquisition of Barrick Mining Corporation's 50 percent interest in Donlin Gold, which closed on June 3, 2025, increasing NovaGold Resources Inc.'s stake to 60 percent. To fund this, the Company strengthened its treasury, announcing the full exercise of the underwriters' option on June 5, 2025, which raised an additional $25.6 million. As of August 31, 2025, the treasury stood at $125 million in cash and term deposits.

The financial reporting reflects the increased commitment to the project. For the third quarter of 2025, NovaGold Resources Inc. reported earnings of a ($15.6 million) loss, with earnings per share of ($0.04). This is set against the backdrop of the revised 2025 budget, where NovaGold Resources Inc.'s pro-rata share of Donlin Gold's $43 million budget increased to $24 million due to the 60 percent funding obligation starting mid-year. The Company also updated its 2025 corporate general and administrative costs guidance to $18 million, up from the previous $16 million. Project milestones communicated include the release of initial results from the 2025 drill program, which confirmed intervals with up to 23.49 g/t gold.

Here are some key financial and operational metrics shared with investors:

Metric	Value/Date	Context
Treasury (Aug 31, 2025)	$125 million	Cash and term deposits following Donlin Gold transaction funding.
Donlin Gold Ownership (Post-June 3, 2025)	60 percent	Increased stake from 50 percent.
2025 Donlin Funding Obligation (Revised)	$24 million	NovaGold Resources Inc.'s pro-rata share of the $43 million budget.
Q3 2025 Net Loss	($15.6 million)	Reported earnings for the three months ended August 31, 2025.
2025 Corporate G&A Guidance (Revised)	$18 million	Increased from previous guidance of $16 million.

Community engagement: Ongoing collaboration with Alaska Native Corporations (Calista, TKC)

The relationship with Alaska Native Corporations, specifically Calista Corporation ("Calista") and The Kuskokwim Corporation (TKC), is foundational, as the Donlin Gold project is situated on private land selected under the Alaska Native Claims Settlement Act of 1971 (ANCSA). NovaGold Resources Inc. assists Donlin Gold LLC in executing the Community Development and Strategic Plan, which is built on trust.

Collaboration focuses on shared values and local benefit. The enduring partnerships have been pivotal in building trust with the 56 villages in the Yukon-Kuskokwim (Y-K) region. In 2024, Donlin Gold conducted over 14,000 direct engagements with key stakeholders. Furthermore, Donlin Gold established a total of 18 formal Shared Values Statements to reinforce ongoing commitment. These guiding principles direct investment priorities:

• Environmental concerns & stewardship.
• Community and economic development.
• Cultural traditions.
• Education and workforce development.
• Health, safety & wellness.
• Community and partner engagement.

Government relations: Continuous engagement with Alaska state and federal representatives

Government relations are managed through continuous engagement with both state and federal representatives, often in partnership with Calista and TKC. This engagement covers the Y-K region, the broader state of Alaska, and Washington, D.C. The Company views stable regulations and transparent government processes as critical enablers that empower NovaGold Resources Inc. to confidently navigate risks and make informed investment decisions. A recent positive development noted in the November 2025 updates was receiving a Positive Decision From Alaska Supreme Court.

Transparent reporting: Regular filing of quarterly reports and project updates

You can track the Company's progress through its mandated public filings. For example, the 2025 first quarter report was filed on April 1, 2025, showing a treasury of $93 million as of February 28, 2025, with net first quarter cash expenditures of $8.3 million. The 2025 budget, prior to the June ownership transaction, was set at approximately $37.5 million total cash expenditures. The commitment to transparency continues with the filing of the 2025 second quarter report on June 25, 2025, which detailed the $234.1 million raised through offerings. These regular updates, including the Q3 report, ensure stakeholders have the latest figures on project advancement and financial health. It's defintely a high-frequency information flow for a development-stage company.

Here's a snapshot of the reporting cadence and associated figures:

Filing Date	Period Ended	Cash Position (Approx.)	Key Activity Highlighted
April 1, 2025	February 28, 2025 (Q1)	$93 million	Commenced 2025 field program and drilling.
June 25, 2025	May 31, 2025 (Q2)	$319 million (Pre-transaction close)	Raised approx. $234 million in net proceeds.
October 1, 2025	August 31, 2025 (Q3)	$125 million	Update on 60% Donlin Gold ownership and BFS RFP issuance.

Finance: draft 13-week cash view by Friday.

NovaGold Resources Inc. (NG) - Canvas Business Model: Channels

You're looking at how NovaGold Resources Inc. gets its information and its stock out to the world, which is crucial for a development-stage company like this. The channels are a mix of traditional market access and direct stakeholder engagement, especially given the focus on the Donlin Gold project in Alaska.

Stock Exchanges

Trading of common shares for NovaGold Resources Inc. (NG) occurs on two primary venues. You can find the stock listed on the NYSE American and the TSX (Toronto Stock Exchange). As of early December 2025, the market capitalization stood at C$5.65 billion. The 52-week trading range for the stock has been between a low of $2.26 and a high of $10.90.

Investor Presentations

Shareholders and the investment community access updates through several key channels. NovaGold Resources Inc. maintains a dedicated section on its corporate website for these materials.

Key communication events in late 2025 included:

• The latest Corporate Presentation released on November 28, 2025.
• The 2025 Third Quarter Report & Donlin Gold Update conference call and webcast on October 1, 2025.
• Presentations at industry events such as the Precious Metals Summit, Zurich, and the BMO European Roadshow.
• The 2025 Second Quarter Report & Donlin Gold Update, presented on June 25, 2025.

Regulatory Filings

Financial and operational data is disseminated through mandatory regulatory filings, which provide the hard numbers you need for due diligence. The quarterly report on Form 10-Q for the third quarter ended August 31, 2025, was filed on October 1, 2025. These documents are available on EDGAR (SEC), SEDAR+, and the Company's website.

Here's a quick look at some key figures from the Q3 2025 filing:

Financial Metric (as of August 31, 2025)	Amount (USD)
Cash and Term Deposits Held	Approximately $125 million
Net Third Quarter Cash Expenditures	$9 million
Q3 2025 Net Loss	($15.6) million
Q3 2025 Earnings Per Share (Basic/Diluted)	($0.04)
Nine Months Ended Aug 31, 2025 Net Loss	($79.0) million

The net third quarter cash expenditures of $9 million break down into $8.1 million to fund NovaGold Resources Inc.'s share of the Donlin Gold project and $0.9 million for corporate general and administrative costs.

Direct Community Outreach

For the Donlin Gold project in Alaska, direct outreach is a critical channel for maintaining social license to operate. This involves on-site teams and local offices working closely with Alaska Native communities. The 2025 operations saw locals hired from 19 Yukon-Kuskokwim (Y-K) villages to support drilling, logistics, and environmental monitoring.

Engagement efforts are broad, spanning over 60 communities in the Y-K region through collaboration with Calista Corporation and The Kuskokwim Corporation. Historically, in 2024, over 14,000 direct engagements with key stakeholders were conducted. The project itself, which NovaGold Resources Inc. owns 60 percent of, is on private land selected under ANCSA.

Key community engagement activities include:

• Direct engagements with tribal councils and regional organizations.
• Forming partnerships in health and safety, education, and cultural preservation.
• Maintaining active cooperation with Alaska Native Corporation landowners.

Finance: draft 13-week cash view by Friday.

NovaGold Resources Inc. (NG) - Canvas Business Model: Customer Segments

The customer base for NovaGold Resources Inc. is segmented across the investment lifecycle, from early-stage equity holders to the eventual off-takers of the gold produced from the Donlin Gold project.

Institutional investors represent the largest block of ownership, indicating a high degree of professional validation for the long-term development thesis of the Donlin Gold project. As of late 2025 filings, institutions hold a substantial portion of the equity.

Institutional Segment Metric	Value / Amount
Total Institutional Ownership Percentage	62.91 %
Number of Institutional Owners (SEC Filers)	330
Total Shares Held by Institutions (SEC Filers)	314,027,712 shares
Top 7 Shareholders Collective Stake	52 % of the business
Share Price (November 28, 2025)	$10.19 / share
Market Capitalization (Late 2025)	$4.04B

Specific institutional holders, as of September 30, 2025, show significant positions:

• Lingotto Investment Management Llp: 35,111,968 shares
• Paulson & Co. Inc.: 27,238,061 shares
• Blackrock, Inc.: 19,105,623 shares
• Capital World Investors: 17,666,000 shares
• Fmr Llc: 16,922,359 shares
• Vanguard Group Inc.: 14,587,516 shares

Retail investors comprise the segment of individual shareholders attracted to NovaGold Resources Inc. as a high-leverage play on future gold production. This group includes those who participated in recent capital raises.

• General Public Ownership Percentage: 28 %
• Total Shares Outstanding (millions): 407
• Float: 305.03M shares
• Insider Ownership Percentage: 25.03 %

Future gold buyers are the ultimate commercial customers, though they are not yet active counterparties. Their interest is tied directly to the scale and economics of the Donlin Gold project, which is projected to be one of the largest single gold mines in the United States.

• Projected Annual Gold Production (Initial 10 Years): 1.4 million ounces
• Projected Gold Grade: 2.25 g/t

Alaska Native Corporations are critical local stakeholders whose support is essential for project advancement, as the Donlin Gold property is located on their private lands. The relationship structure provides them with direct benefits.

• Donlin Gold Project Land Owners: The Kuskokwim Corporation and Calista Corporation
• Subsurface Mineral Rights Owner: Calista Corporation
• Precedent for Royalty/Participation (Ambler Project): Option to participate as a joint-venture partner or receive a net proceeds royalty from NANA Regional Corp. Inc.

NovaGold Resources Inc. (NG) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive NovaGold Resources Inc.'s operations as of late 2025. This isn't about potential; it's about the cash burn required to move the Donlin Gold project forward, especially after the ownership structure shifted in June 2025.

The cost structure is almost entirely focused on advancing the Donlin Gold project through technical work and maintaining the legal and regulatory footing necessary for future development. Here's the quick math on the key expense categories for the 2025 fiscal year, based on the latest updates.

Project Funding and Exploration Work

The total 2025 budget for the Donlin Gold project, on a 100 percent ownership basis, remained firm at $43 million. However, NovaGold Resources Inc.'s required contribution increased due to its larger stake. The original guidance for NovaGold's share was $21.5 million, but this was revised upward.

The actual expected funding obligation for NovaGold Resources Inc.'s share of Donlin Gold expenses for 2025 increased to $24 million following the June 3, 2025 transaction. For context, the spend in the first nine months of 2025 was $18.5 million. This funding covers the 2025 field program, which included 15,000 meters of drilling aimed at refining mine planning inputs and supporting the Bankable Feasibility Study (BFS) work.

Corporate General and Administrative (G&A)

Corporate G&A costs also saw an increase, reflecting the higher level of activity and transaction-related professional fees. The initial 2025 guidance for corporate G&A was approximately $16 million. This was subsequently increased to $18 million. For comparison, the G&A cost in the first quarter of 2025 was $3.8 million.

Here is a breakdown of the key 2025 budgeted expenditures for NovaGold Resources Inc.:

Cost Category	2025 Budgeted Amount (NovaGold Share)	Notes
Donlin Gold Project Funding	$24 million	Revised share of the $43 million total 100% project budget
Corporate General and Administrative (G&A)	$18 million	Increased from previous guidance of $16 million
Total Budgeted Cash Expenditures (NG)	Approximately $42 million	Sum of revised Donlin share and G&A (Note: Initial guidance was $37.5 million)

Future Study and Regulatory Costs

Moving to the next major capital outlay, the upcoming Bankable Feasibility Study (BFS) represents a significant future cost. The estimated cost for the comprehensive BFS work is between $80 million and $100 million, with an expected completion timeline of about two years once the engineering firm contract is awarded.

Maintaining the project's approvals involves ongoing, non-trivial expenses for permitting and legal defense. These costs are embedded within the Donlin Gold budget, covering activities like community relations and permit defense efforts. A key regulatory development in 2025 was the acceptance of Donlin Gold into the Federal Permitting Improvement Steering Council's FAST-41 program to ensure a predictable federal permitting process.

The costs associated with legal and regulatory maintenance include:

• Defending approvals related to the tailings storage facility and NEPA review.
• Ongoing government affairs engagement with state representatives.
• Funding community relations and cultural awareness initiatives.

Finance: draft 13-week cash view by Friday.

NovaGold Resources Inc. (NG) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of NovaGold Resources Inc., and honestly, it's a picture of pure development-stage financing right now. This isn't a company selling metal; it's a company selling its future potential to fund the path to production. The revenue streams are entirely non-operational at this point.

Zero commercial revenue: NovaGold is a development-stage company with no gold production.

As of late 2025, NovaGold Resources Inc. has no revenue from gold sales because the Donlin Gold mine is still under development, not in production. This means the financial results reflect expenditures, not income from operations. For instance, in the third quarter of 2025, the company reported a net loss of $15.6 million. Revenue for that period was not reported, which is expected for a company at this stage.

Future gold sales: Expected revenue from the Donlin Gold mine after construction and commissioning.

The entire financial model hinges on the future cash flow from the Donlin Gold project in Alaska. Once built, the projections are substantial, targeting an annual production of 1.4 million ounces of gold in the first decade. This future revenue stream is what underpins all current financing activities. The project boasts an initial resource of 40 million ounces.

Interest income: Earnings from the investment of the cash and term deposits.

A secondary, though minor, source of cash inflow comes from investing the substantial capital raised. This is interest income earned on the company's cash and term deposits. For example, in the first quarter of 2025, the actual Earnings Per Share (EPS) beat consensus, partially offset by lower interest income compared to what S&P Global consensus expected. The company held approximately $125 million in cash and term deposits at the end of the third quarter of 2025.

Equity financing: Proceeds from public offerings, like the $234.1 million raised in 2025.

The most significant recent cash inflow has been from equity markets to fund the major project acquisition. NovaGold Resources Inc. secured substantial capital in May 2025. The company closed an upsized public offering and a concurrent private placement, generating net proceeds of $234.1 million. This capital raise was instrumental in funding the Donlin Gold stake increase. Here's a quick breakdown of that May 2025 financing:

• Public Offering Gross Proceeds: Approximately $179 million
• Private Placement Gross Proceeds: Approximately $64 million
• Total Gross Proceeds: Approximately $244 million
• Net Proceeds to Company: $234.1 million
• Share Price in Offering: $3.75 per share

Also, the underwriters' option was fully exercised on June 5, 2025, adding another $25.6 million to the financing pool.

Partner contributions: Funding from Paulson Advisers LLC for the Donlin Gold project.

The strategic partnership with Paulson Advisers LLC is a core component of the funding structure, especially following the acquisition of Barrick Mining Corporation's interest. This transaction closed on June 3, 2025, for a total of $1 billion. The partner funding is structured as follows:

Entity	Interest Acquired	Funding Amount	Final Stake
NovaGold Resources Inc.	Additional 10%	$200 million	60%
Funds managed by Paulson Advisers LLC	50% Interest from Barrick	$800 million	40%

The $800 million investment by Paulson Advisers LLC secured their 40% ownership interest in Donlin Gold LLC. The equity financing proceeds were used to fund NovaGold's $200 million portion of this acquisition. The company's share of the Donlin Gold 2025 budget increased to $24 million following this ownership change.