For more information on NOVAGOLD and Donlin Gold, please visit www.novagold.com or www.donlingold.com

1. August 2014
Donlin Gold
Project Overview

2. disclaimer
This presentation is confidential and was prepared exclusively for the benefit and internal use of the recipient.
FORWARD-LOOKING STATEMENTS
This presentation includes certain “forward-looking statements” within the meaning of applicable securities laws, including the United States Private Securities Litigation
Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements relating to Donlin Gold’s future
operating or financial performance, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “plans”,
“expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”,
“could”, or “should” occur or be achieved. These forward-looking statements are set forth in the slides pertaining to the implementation of the Donlin Gold second updated
Feasibility Study and may include statements regarding perceived merit of properties; exploration results and budgets; mineral reserves and resource estimates; work
programs; capital expenditures; timelines; strategic plans; completion of transactions; market price of precious base metals; or other statements that are not statements of
fact. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations
include the uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets;
uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for continued cooperation between
NOVAGOLD and Barrick Gold in the exploration and development of the Donlin Gold property; the need for cooperation of government agencies and native groups in the
development and operation of properties; the need to obtain permits and governmental approvals; risks of construction and mining projects such as accidents, equipment
breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates;
unexpected cost increases; fluctuations in metal prices and currency exchange rates; and other risk and uncertainties disclosed in reports and documents filed by
NOVAGOLD with applicable securities regulatory authorities from time to time. The forward-looking statements made herein reflect our beliefs, opinions and projections
on the date the statements are made. Except as required by law, we assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or
other factors, should they change.
SCIENTIFIC AND TECHNICAL INFORMATION
Unless otherwise indicated, all reserve and resource estimates included in this presentation have been prepared in accordance with Canadian National Instrument 43-101
Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and
Mineral Reserves (“CIM Definition Standards”). Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and
Exchange Commission (“SEC”), and reserve and resource information in this presentation may not be comparable to similar information disclosed by U.S. companies. In
particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “‘reserves”. Under U.S. standards, mineralization may not be
classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve
determination is made. The SEC’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral
resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in
documents filed with the SEC. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great
uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category.
Under Canadian rules, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Investors are cautioned
not to assume that all or any part of an “inferred mineral resource” exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted
disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as
in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC,
and reserves reported in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly, information concerning mineral deposits set forth
herein may not be comparable to information made public by companies that report in accordance with United States standards.

3. donlin gold management
Stanley Foo
President/General
Manager
30+ years mining industry experience in exploration, mine geology, operations management, project management and
permitting; 12 years mine operations experience in NV including superintendent roles at Cortez and Bald Mtn;
15 years in Alaska in project management and permitting; Previous Project Manager roles with Donlin 1997-99, 2005-
2007, served on Donlin Gold LLC board 2008-2010.
James Fueg
Study Manager
Led Donlin Gold’s recent feasibility studies and coordinates all engineering and technical work for project;
20+ years experience in mining, exploration and environmental science; 16 years in Alaska; at Donlin since 2004.
Robert Nick Enos
Environmental and
Permitting Manager
Leads permitting and environmental management for project; primary contact for reg. agencies; 20 years experience in
Alaska in geology, environmental science and permitting management; Previous experience includes Greens Creek,
Calista Corp., as environmental/permitting consultant; Joined Donlin in 2005.
Kurt Parkan
External Affairs
Manager
Leads Donlin Gold’s community affairs, communications, government relations and corporate social responsibility
functions; Nearly 30 years public affairs experience in Alaska; Previous roles: External Affairs Director of Nature
Conservancy of Alaska, Deputy Commissioner for Alaska Department of Transportation and Public Facilities, Special
Assistant to the Governor, Legislative Aide and as staff for Alaska House of Representatives Finance Committee.
Meg Day
Human Resources
Manager
22 years human resources experience in the mining industry including 17 years in Alaska; Served in various senior
management positions in Alaska, Utah and Washington and has been involved in the start up of several mines. Serves
on Alaska Miners Association HR Committee, Society of HR Management and Advisory Board member of University
of Alaska.
Jan Halstead
Administrative and
Finance Manager
25+ years accounting and financial analysis experience in construction, investment, telecommunications;
Responsible for growth and development of Accounting, Administration, Purchasing and Contract functions for Donlin
Gold LLC.

4. table of contents
 Part 1 An Introduction to Alaska
 Part 2 History of the Project
 Part 3 Community Engagement
 Part 4 Environmental
 Part 5 Permitting
 Part 6 Mining
 Part 7 Process
 Part 8 Engineering/Infrastructure
 Part 9 Resource Upside
 Part 10 Capital & Operating Cost

5. Donlin Gold
Project Overview
Part 1:
An Introduction to Alaska

6. 2
Alaska: the last frontier
The project site is located in the hills approximately 20
kilometers north of the village of Crooked Creek on the
Kuskokwim river, Anchorage lies 450 kilometers to the
east
190 million acres of Federal,
State, and Native lands open
for mineral-related activities
2

7. motto: north to the future
 Purchased from Russia in1867 for $7.2 million
 Klondike Gold Rush brought thousands to Alaska
 Became 49th state in 1959
 Discovery of oil in Prudhoe Bay in 1968 created the modern
Alaska we know today
 65% of land in federal ownership
3

8. demographics
 Population of 732,000 - ranked 47th in USA
 61% Anchorage, 13% Fairbanks, 11% Panhandle, 15% Rural/Bush
 Diversity
 72% White, 13% Native, 6% Hispanic, 5% Asian and 4% Black
 YK region ~90% Alaska Native
 1/3rd of Alaskans have no access to public roads
 Yukon-Kuskokwim Region one of the nation’s poorest regions
 Red state politically with Republicans and Democrats generally
supportive of resource development
4

9. key events in Alaska
5
 1968 – Discovery of North Slope oil
 1971 – Alaska Native Claims Settlement Act (ANCSA) enacted
 1977 – Trans Alaska Pipeline System (TAPS) completed
 1981 – Alaska National Interest Lands Conservation Act (ANILCA)
enacted

10. ANCSA corporations
 Alaska Natives relinquished title claims in exchange for right to select
lands
 13 Regional Corporations – granted rights to select lands valuable for
their natural resources
 70% of natural resource revenues shared among all Regional
Corporations
 Surface lands that were traditionally used for subsistence purposes were
selected by and granted rights to village corporations
 TKC was formed with the merger of 10 village corporations
 Individuals residing in defined regions and villages when ANCSA enacted
became shareholders in corporations based on residence
 Shares can be transferred to descendants or gifted
 Some corporations have adopted structures to provide shares to
“descendants”
6

11. government
 Executive Branch
 Governor
 Lt. Governor
 Attorney General
 Agencies
 Fish & Game
 Environmental
Conservation
 Natural Resources
7
 Juneau / Anchorage
 Juneau home to the
legislature and governor
residence
 Federal and state agencies in
Anchorage and Juneau
 Legislature
 Republican controlled, split
by geography and ideology;
Urban-Republican; Rural-
Democrat but organize with
Republicans

12. federal and state representatives
8
SUPPORTIVE OF DEVELOPING RESOURCES FOR ALASKA'S ECONOMIC PROSPERITY
Governor Sean Parnell  Former Lt. Governor, State Senator
 Former lawyer with Patton Boggs
 Former Conoco executive
 Champion of Alaska natural resources industry (oil and gas
tax changes, and Roads to Resources)
Senator Lisa Murkowski  Re-elected in write-In campaign
 Ranking Republican on Energy & Natural Resources
Committee
 Supportive of natural resources sector
Senator Mark Begich  Followed Senator Ted Stevens in 2008
 Former mayor of Anchorage
 Mostly supportive of natural resources
 Running for re-election this year
Congressman DonYoung  Elected in 1973
 Former chair of the House Natural Resources Committee
 Supportive of resource development in Alaska
ALL VERY KNOWLEDGEABLE OF THE MINING INDUSTRY
STRONGLY ADVOCATING ITS GROWTH IN ALASKA

13. Alaska economy
 If the flow of federal and
petroleum money
disappeared overnight,
2/3rds of the jobs for
Alaskans would no longer
exist
 Unemployment stayed
below 8% during Great
Recession
 Unemployment in YK
region is chronically high
(22%+)
9

14. 10
Alaska budget and trust fund
 Oil drives the budget
 Tax credits to support exploration, development and
vocational education
 Competitive corporate taxes and no individual state income
or sales tax; ranked 4th in U.S. for lowest tax burden
 Alaska permanent fund (primarily contributions from the
resource sector)
 $42B savings account
 Used to pay dividends to each Alaska resident - ranged
from $845 to $3,200 in the last decade
 Constitutional budget reserve - $10.6B to help fund state
budget
10

15. an educated workforce
 Four decades of oil & gas production has developed a skilled workforce in Alaska
 Alaska offers a quality of life attractive to many looking for jobs
 Large engineering, construction, transportation, and logistics companies able to
service resource companies
 Workforce development initiatives in regional and remote communities
 Education and training programs
 University of Alaska – earth sciences, geology, engineering, minerals and
mining
 Center for Mine Training – occupational fields workforce training
 University of Alaska Fairbanks – Community and Technical College
 State of Alaska – 22 job centers to connect employers to job seekers
 Bethel – Yuut Elitnaurviat (YE) The People’s Learning Center, part of the
State of Alaska’s Regional Training Centers, provides training and education
in the Yukon-Kuskokwim Delta Region
 TKC and Donlin Gold support creating/funding a training center in Aniak
11
ACTIVE MINERAL INDUSTRY CORE EDUCATION &TRAINING

16. top employers
 4,000+
Providence Health Services
 3,000+
Wal-Mart
 2,000+
ASRC Energy Services, Trident Seafoods
 1,000+
BP Exploration, NANA, CH2M Hill, Alaska Airlines, GCI, FedEx,
ConocoPhillips
 500+
Fort Knox Gold mine, Red Dog mine, UPS, Wells Fargo,
Alyeska Pipeline, Costco
 Less than 500
Kensington mine, Pogo Gold mine, Greens Creek mine
12

17. economic challenges and
state issues
 High costs, climate, distance to
markets, lack of infrastructure, local
workforce skills
 Geographic cost differences
 Anchorage 1.00 - Bethel 1.53
 Food for a week: $123 vs $251
 Gasoline ($/gal): 3.96 vs 7.06
 Impacts of federal budget cuts - highest
per capita federal dollars in the nation
13
 Oil Taxes
 Decline in output
 Underutilization of pipeline
capacity
 Alaska National Wildlife Reserve
 Infrastructure
 Roads, oil & gas pipelines, power
transmission lines
 Shift of Bush population to Anchorage
 The Pebble Project
 Aging population – Health Care

18. the Alaska advantage
 Well-defined permitting process
 Four large precious metals mines, one coal mine & one base
metal mine
 Numerous small-scale mines
 Natural resource projects integral to the State’s economy
 Strong and time-tested community support
 Resource-sector associations
 Resource Development Council of Alaska
 Alaska Miners Association
 Council of Alaska Producers
 Alaska Support Industry Alliance
14

19. a thriving and growing mining
sector
15
2ND LARGEST GOLD PRODUCING STATE AFTER NEVADA
 A high level of
predictability,
commitment and
stability
 Major mines create
employment in Alaska
 Fort Knox 630
 Red Dog 639
 Greens Creek 400
 Kensington 306
 Pogo 320
 Usibelli 140
Source: Alaska Miners Association – The Economic Benefits of Alaska’s Mining Industry, January 2014

20. mining is a growing force in
Alaska’s economy
16
2013 PROVIDED SIGNIFICANT BENEFITS FORTHE STATE
Mining jobs in Alaska - includes 4,600 direct and 4,500 indirect jobs
Total direct and indirect payroll - average annual wage $100,000 – twice that of any
other sector in Alaska’s economy
State Government-related revenue through rents, royalties, fees and taxes
Payments to Alaska Native Corporations
Local government revenue through property taxes
9,100
$630M
$150M
$144M
$17M
Source: Alaska Miners Association – The Economic Benefits of Alaska’s Mining Industry, January 2014

21. Alaska minerals commission
 Funding infrastructure development
 Comprehensive permitting reform to create timely and efficient permitting process
 DNR oversees all state agency permitting and coordinates with federal agencies
 Experienced key staff focused on large mining projects as a high priority
 Over the past decade two new operations (Pogo and Kensington) and three
expansions (Red Dog, Fort Knox, and Greens Creek) have been successfully
permitted
 Publishing geological data on Alaska’s mineral potential
 Leadership role in state assumption of water discharge permitting from EPA
 Accelerating state land entitlement conveyances in accordance with the Alaska
Statehood Act
 Reestablishing the Citizens’ Advisory Commission on Federal Areas
 Asserting and defending public access to roads, trails, and navigable waterways
 Funding University of Alaska mineral engineering and geology programs
17
OVERTHE PAST 27YEARS KEY RECOMMENDATIONS WERE ACTED UPON
THESE INITIATIVES HAVE SENT A CLEAR MESSAGETOTHE MINERAL INDUSTRYTHAT
ALASKAWANTS A SUSTAINABLE GLOBALLY COMPETITIVE MINING INDUSTRY

22. state supporting development
of resource industry
 New oil tax structure adopted in 2013 to encourage further investment
 Alaska Exploration Incentive Credit Program – up to $20 million deduction over a 15-
year period for new mines
 Roads to Resources Program (R2R) – transportation initiatives to support the
development of natural resources
 Demonstrates the will of the State to work with companies in facilitating cost-effective
access to various projects and operations in Alaska
 Red Dog mine port & access road initially financed by Delong Mountain
Transportation System and now owned by State Economic Development Agency
 Ambler project - earlier-stage initiative in evaluating a 225 mile road to access the
Ambler mining district
 Legislative approval of financing for Bokan-Dotson Ridge ($145 million) and
Niblack ($125 million) projects
18
2014 ENHANCED INVESTMENT INTHE STATE BYTHE OIL AND GAS INDUSTRY

23. investing in mining sector
19
INCREASED DEVELOPMENT FUNDING IN 2013
Mine construction and other capital investments
Gross production value from Red Dog, Greens Creek, Fort Knox, Pogo, Nixon Fork,
Kensington, Usibelli Coal mines, placer mines, and rock/sand/gravel operations
Export value, or 36% of Alaska’s total export in 2012
$250M
$3.4B
$1.6B
Exploration investment or $2.6B since 1981$180M
Source: Alaska Miners Association – The Economic Benefits of Alaska’s Mining Industry, January 2014

24. community
support
state
support
business
capacity
workforce
development
skilled labor
resource rich &
exceptional geological potential
ALASKA
a safe
jurisdiction
20
Alaska: the right location
FUTURE ECONOMIC OPPORTUNITY AND PROSPERITY

25. Donlin Gold
Project Overview
Part 2:
History of the Project

26. surrounding region
Donlin Gold
22
75 COMMUNITIES WITH POPULATIONS OF 50-600

27. project area of influence
23
LARGERTHAN UTAH OR IDAHO - 88,0002 MILES

28. project history
 Placer gold discovered at Snow Gulch in 1909
 Small-scale placer gold production has continued to the present
 Sub-surface rights held by Calista Corporation, surface rights held by
TKC
 First substantial drilling started in 1988, by WestGold
 Placer Dome explored the property from 1995 through 2000
 Donlin Creek Joint Venture (DCJV), between Placer Dome and
NOVAGOLD, was formed in 2001
 In 2007, after Barrick’s acquisition of Placer Dome, JV partners formed
Donlin Creek LLC (now Donlin Gold LLC), a 50:50 joint operating
company that has aggressively drilled and studied the project
 Feasibility Study Update 2 (FSU2), completed at the end of 2011
 Current Reserves & Resources based on this study
 Donlin Gold Board approved FSU2 in July 2012, gave authorization to
commence permitting 24

29. project structure
 Donlin Gold LLC is the operating company
 Operates under agreements with Alaska Native Claims Settlement
Act (ANCSA) landowners
 Calista Corporation (“Calista”)
 Land selected by Calista for its resource development potential
 Subsurface minerals and surface lease
 The Kuskokwim Corporation (“TKC”)
 Surface Use Agreement (“SUA”)
 Project office in Anchorage
 37 full-time employees in Anchorage and 9 contractors
 Field offices in Bethel and Aniak
 Camp at site maintained year-round
25

30. donlin gold llc agreement
 50:50 ownership by NOVAGOLD and Barrick Gold
 Board of Directors has two representatives from each company
 Chairman rotates every year
 Each company has the right to appoint the Donlin Gold
General Manager every two years
 Chairman has limited casting vote authority
 Certain matters require special (60%) or unanimous approval
 Owners committed to fund permitting
 Upon publication of Draft EIS either party can propose
construction program and budget
 Budget deadlock resolution provisions provided for permitting
(expert referral) and construction (offer or buy/sell option)
26

31. "Since 1995, Donlin Gold has worked constructively
in our region and I know our partnership will benefit
our shareholders for many generations. Today's
agreement sets the basis for a long and productive
relationship that with construction of the mine will
provide jobs and financial value to the shareholders
in our 10 villages.”
– Maver Carey, President & CEO of
The Kuskokwim Corporation (surface owner)
durable, long-term agreements
with native corporations
27
STRONG ANDTIME-HONORED RELATIONSHIPS WITH STAKEHOLDERS
“Calista would like to take this opportunity to assert
and inform the U.S. Army Corps of Engineers and
the public of its legislated mandate under ANCSA.
Calista and TKC are not only stakeholders, but are
the legislatively mandated landowners charged with
the responsibility of seeing the project to fruition in
an environmentally responsible manner.”
– June MacAtee, Vice President of
Calista Corporation (mineral owner)

32. Calista Mining Lease
 Term until April 30, 2031, continues thereafter year-to-year so long as
mining or processing operations carried out continuously
 NSR royalty from commercial production
 Net Proceeds Royalty (NPR)
 Shareholder hiring perference
 Scholarships
 Bidder’s preference
28
agreements with native
corporations
TKC Surface Use Agreement
 Extended to coincide with Calista Mining Lease
 Direct compensation through payments for milestones, annual surface use
and mine operation
 Consultative approach regarding annual project planning, and preparation of
subsistence harvest plan
 Preference for contracts, hiring and training
 Scholarships
 Exclusive contract for the construction and operations of an upriver port
site

33. project highlights
 Reserves: 33.9 Moz Au (~500M tonnes ore)1
 Resources: 5.1 Moz M&I (excluding P&P) and 6.0 Moz Inferred1
 Mine Life: ~27 years
 Production: Year 1-5: 1.5 Moz/year; LOM: 1.1 Moz/year
 Operation: Open-pit, conventional truck & shovel
 Milling: 53.5k tonnes/day, sulfide flotation, pressure oxidation (POX),
carbon-in-leach recovery (CIL)
 Strip ratio: 5.5 = 2.8B tonnes waste rock
 Tailings: Fully lined storage facility
 Power: 153MW average site-generated load, fueled by natural gas
transported via a 315-mile pipeline
 Logistics: All consumables supplied by Kuskokwim River
transportation system with port near Jungjuk Creek
1) See “Cautionary Note Concerning Reserve & Resource Estimates” and “Reserve and Resource Base” table with footnotes.
29

34. partnerships grade
growthjurisdiction
longevity
size
DONLIN
GOLD
30
donlin gold - the right project
ARGUABLYTHE WORLD’S MOST SIGNIFICANT GOLD PROJECT

35. Donlin Gold
Project Overview
Part 3:
Community Engagement

36. communications
232
ENGAGING COMMUNITIES THROUGH DIFFERENT MEDIUMS

37. community engagement
 Active outreach effort to more than 60
remote communities in the region and
along the pipeline route
 Average population is less than 200
 Frequent village meetings to update
stakeholders
 Donlin Gold community offices in
Bethel and Aniak
 FluentYup’ik speakers on staff to
present information and participate in
local discussions
 Project summary video narrated in
both English &Yup’ik
 Mine and permitting planning take into
account input from communities
33

38. health & safety
 Over 1.8 million man-hours (6+ years) without
a lost-time incident (LTI)
 Training for safety awareness and emergency
preparedness by all employees at site and in
Anchorage annually
 Strong safety culture for employees and for
the region
 Safety Culture:“Every person going home safe
and healthy everyday”
34

39. workforce development
 Promote and enrich youth education
 School visits
 Scholarships
 Encourage local hire throughout the mine life
 Training facilities and internships
 Talent bank
 On-site workforce has primarily been Calista
shareholders or descendants
 Shift schedule promotes a
healthy lifestyle by maintaining a
good job and practicing a
subsistence way of life
35

40. academic & trades decathlon
 Donlin Gold partnered with the
Kuspuk School District, Alaska
Construction Academies, and
EXCEL Alaska to sponsor a youth
Academic andTrades Decathlon in
Aniak
 145 students from 6Yukon
Kuskokwim school districts
 Learned various trades from
experts
 Held individual competitions in
math, science, geography and
keyboarding
 Team competitions combined
sports, design and academics,
with events such as a banner
design contest and volleyball
and basketball games
36

41. community investment
 Crooked Creek capacity
building/sustainability
 Bering Sea Elders Advisory Group
 Kuskokwim River Watershed Council
 Tundra Women’s Coalition
 Drew’s Foundation (Suicide Prevention)
 Best in theWest Small Business Incentive
Grants
 Iditarod & Iron Dog sled races
CULTURAL PRESERVATION, ENVIRONMENTAL PROTECTION, COMMUNITY WELLNESS,
EDUCATION
 K-300 sled dog race
 Aniak Interior Rivers State Fair
 Donlin Gold Classic Basketball
Tournament
 Bethel Search and Rescue
 Summer boat safety
 Winter snow machine safety
 Clean Up Green Up
37

42. current community activities
38
WORKINGTOGETHER AND FORMING LASTING RELATIONSHIPS

43. Donlin Gold
Project Overview
Part 4:
Environmental

44. environmental management
Water Management
Waste Rock
Management
Design for Closure
40

45. water management
 Objectives
 All discharge meet Alaska water quality standards at point of
discharge
 Ensure an adequate supply of water to the process plant
 Minimize build-up of water in the Tailings Storage Facility (TSF)
 Meet pit slope depressurization requirements
41

46. 0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
January February March April May June July August September October November December
Precipitation(inches)
climate and hydrology
Average annual precipitation: 19.6” (499 mm)
42

47. baseline water quality
 Water Quality Monitoring:
 Establish baseline data to provide defensible documentation in
support of permitting
 Support project design, including water management, process
design, treatment design, and closure planning
 Develop the baseline for evaluation of potential environmental
impacts
43

48. Lewis Pit
Waste Rock
Facility
Upper Contact Water PondLower Contact Water Pond
Overburden Stockpile
ACMA Pit with Backfill
Tailings Storage Facility
Fresh Water Pond
Ore Stockpile
Mill
Tailings Dam
44
water management - layout
LIFE OF MINETAILINGS STORAGE CAPACITY 27YEARS+

49. water balance
45
 Developed comprehensive water balance taking into account
full range of climatic conditions during life of mine and closure
 Maximizes water reuse to the extent practicable while
providing for discharge flexibility for excess water
 Water management plan balances environmental concerns
with operational needs
 All data and analysis developed with input from Federal and
State agencies; ensures will meet permitting requirements

50. waste rock management
 Objectives
 Geochemical characterization of waste rock
 Segregation and isolation of Potentially Acid Generating
(PAG) rock
 Non-Acid Generating (NAG) rock managed to address
predicted metal leaching
 Maximize concurrent reclamation and backfill
opportunities
46

51. waste rock management
WRMC Mt % Disposal
NAG 2,519 93 Waste Rock Facility (WRF)
PAG 5 79 3 Blended in WRF
PAG 6 123 4
Isolated cells in WRF / ACMA
backfill
PAG 7 2 0.1
Low-grade ore stockpile / ACMA
backfill
Total 2,723
47
CATEGORIZED AND PLACED BY ACID-GENERATING POTENTIAL

52. closure - design
 Objectives
 Minimize footprint
 Maximize concurrent reclamation
 Manage Waste Rock Facility for long-term stability
 Minimize accumulation of water in facilities
 Pit lake is key to closure water management
48

53. closure - pit lake
49
FORMATION WILLTAKE ~60YEARS

54. closure -tailing storage facility
 TSF after dry closure and reclamation
50
Small pond
with
unaffected
runoff from
soil cover
ELIMINATING LONG-TERM CLOSURE OBLIGATIONS

55. closure
 Tailing Storage Facility reclamation: 5 years
 Formation of pit lake: ~60 years
 Seasonal water treatment from pit lake after filling
 Trust-fund model for long-term financial assurance
51

56. Donlin Gold
Project Overview
Part 5:
Permitting

57. permitting timeline
Current Status
53
16 years ̴ 4 27+ years
EXPLORATION&
ENVIRONMENTAL
STUDIES
PERMITTING
ENGINEERING&
CONSTRUCTION
OPERATION
WE ARE HERE
HALF WAY THROUGH PERMITTING
1.5Moz/year
first five full years1
1.1Moz/year
life of mine1
Federal and State agencies are working cooperatively,
with day-to-day support from Donlin Gold,
to efficiently move the project through the EIS and permitting processes.
Notes:
1) Donlin Gold data as per the updated feasibility study. Projected annual production represents 100% of which NOVAGOLD’s share represents 50%.
~4 YEAR PROCESS
̴ 4

58. major federal permits
 Clean Water Act - Section 404 (USCOE)
 NEPA “Trigger”
 Right of Way (BLM)
 Pipeline corridor
 Pipeline Special Permit (PHMSA)
 Consultations
 Essential Fish Habitat Consultation (NMFS)
 Endangered Species Act/Section 7 Consultation (NMFS/USFWS)
 Section 106 NHPA Consultation (SHPO)
54

59. major state permits
 Reclamation Plan Approval (ADNR)
 Integrated Waste Permit (ADEC)
 Wastewater Discharge/APDES (ADEC)
 Air Quality Permit (ADEC)
 Fish Habitat Permits (ADF&G)
 Water Rights (ADNR)
 Rights of Way (ADNR/ADOT)
 Dam Safety Certification (ADNR)
55

60. financial assurance
 Financial Assurance/Bonding
 “…require proof of financial responsibility
to cover the cost of closing…and, if
monitoring is required, the cost of post-
closure monitoring…”
 Cost estimate based on detailed
engineering analysis and reviewed every
5 years
 Trust funds for long term treatment
obligations
 Draft estimate is ~$285 million
(funded at ~$10 million annually LOM)
56

61. NEPA/EIS
 National Environmental Policy Act (NEPA)
 Procedural
 Supports agency decision-making
 Informs public and provides opportunities for comment
 Environmental Impact Statement (EIS) preparation well
underway
 PDEIS (agency review) – Around year-end 2014
 DEIS (public review) – Mid-2015
 Public Comment Period – Late 2015
 Final EIS/Record of Decision – Around year-end 2016
 All key Federal and State agencies cooperating in NEPA
process to ensure EIS supports their permitting needs 57

62. permitting process
EIS
Process
Federal
Process
State
Process
CSR
Record
of Decision
Federal
Permits,
Certifications,
Approvals
State
Permits,
Certifications,
Approvals
Social
License
To Operate
Notice of
Intent
Scoping Draft EIS Final EIS
ACOE
CWA
404
Tribal
Consultation
(ACOE/EPA)
USFWS/NMFS
Endangered
Species Act
Consultation
NMFS EFH
Consultation
BLM
ROW
ADFG Fish
Habitat
ADNR Reclamation
Plan/Bonding
Pipeline
Water Use
SHPO National
Historical
Preservation Act
Determination
ADEC
Waste Management
Air Quality
Water Discharge
Stakeholder
Engagement
Community
Engagement
Workforce
Development
58
OCCURS CONCURRENTLY

63. Notice of Intent
to Prepare EIS Draft EIS
Final EIS
Record of Decision
Initial permit applications
Submitted: 08/12
Notice of intent
Published: 12/14/12
Public scoping period
Ended: 03/29/13
Scoping summary document
Completed: 08/13
Development of alternatives
Completed: Q2/14
Prepare preliminary draft EIS
Agency review
Prepare draft EIS
Public comment period
Prepare draft final EIS
Agency review
Publish final EIS
Record of decision
APPROACHING HALFWAY MARK IN PERMITTING
donlin gold permitting milestones
2012-2013 2013-2015 2015-2016
59

64. work completed to date
 Initial permit applications submitted - August 2012
 Notice of Intent initiating EIS published - December 2012
 EIS Public Scoping completed - March 2013
 14 public scoping meetings
 Donlin Gold/Calista submitted comments in key areas
 Only one consolidated comment letter from NGOs
 Approximately 150 public comment submittals
 Public comments well informed and constructive, provided
positive input to process
60
INITIAL DOCUMENTS SUBMITTED AND EIS SCOPING TOOK PLACE IN 2012/13

65. 2012 scoping meetings
61
WELL ATTENDED – POSITIVE & CONSTRUCTIVE REVIEW

66.  Environmental Evaluation Document (EED) issued - May 2013
 Comprehensive environmental report for project prepared by Donlin
Gold to support EIS
 EIS data and analysis requirements finalized – Early 2014
 All requisite info to be submitted by Donlin Gold – 3rd quarter 2014
 Alternatives development completed – Mid-2014
 Reasonable range of mine/transportation/pipeline alternatives adopted
for detailed analysis in EIS
 Initial drafts of EIS chapters released/reviews completed
 Purpose and Need for EIS
 Alternatives
 Affected Environment (baseline conditions)
 Donlin Gold afforded comment opportunities on drafts early in
process
62
work completed to date

67. current activities
 PDEIS Preparation – expected to be complete around
year-end
 Analysis of potential environmental impacts
 Identification of mitigation measures
 Major permit applications under development
 CWA 404 (wetlands), pipeline ROW, water use, and dam safety
applications submitted
 Air quality, water discharge, and fish habitat applications being
prepared
 Coordinating with agencies to integrate permit issuance with EIS
process
63

68. Project Name Location Metal Time Description
Red Dog Alaska Lead/zinc ~2 years
• Expansion
• EIS completed in 2009
• Development started on schedule in 2010
Fort Knox Alaska Gold ~3 years
• Expansion – new heap leach facility
• Permitting completed in 2007
Pogo Alaska Gold ~3 years
• New mine
• Permitting completed in 2004
• Operations began in 2006
Arturo Nevada Gold ~4 years
• Major pit expansion
• New waste rock and heap leach facilities
• EIS/ROD completed in May 2014
Rochester Nevada Silver ~1 year
• Expansion – new heap leach & mine reopening
• EA/permitting completed in 2011
Cortez Nevada Gold ~3 years
• Major pit expansion
• EIS/permitting completed in 2008/2009
Goldstrike Nevada Gold ~2 years
• Major pit expansion
• Waste rock and tailings facilities
• ROD approving the project was in 2009
Hycroft Nevada Gold ~2 years
• Reactivation
• EIS/permitting completed in 2012
Long Canyon Nevada Gold
~3 years
(anticipated)
• New pit, heap leach, mill and tailings facility
• Draft EIS issued in March 2014
Pan Nevada Gold ~2 years
• New open pit and heap leach
• EIS/permitting completed in 2013
Haile South Carolina Gold
~4 years
(anticipated)
• New mine on historic property
• Open pits, processing and tailings facilities
• Final EIS issued July 2014, ROD anticipated November 2014
permitted large projects
64

69. donlingoldeis.com
65

70. Donlin Gold
Project Overview
Part 6:
Mining

71. project location
5 km
67
LOW ELEVATION AND CONDUCIVE TO SITE INFRASTRUCTURE

72. geology
 Gold mineralization exists in intrusive dikes &
sills (colored in figure), hosted by sandstones,
siltstones, and shales of the Kuskokwim Group
 Acma-Lewis mineralization generally associated
with pyrite, arsenopyrite, and stibnite
68
 Some graphitic carbon exists and is
potentially preg-robbing
 Existences of mercury, chlorine, &
fluorine must be taken into account
in process planning

73. resource modeling
 1,396 holes (89% are core), 340 km of drilling used in the latest resource model
 Acma & Lewis deposits divided into 9 geologic domains, each bound by structures,
domains associated with distinct metallurgical recoveries and rock hardness
 Raw assay gold grades capped prior to compositing based on cumulative frequency plots
by rock type
 Rock densities assigned by rock type
 Drill hole database composited on 6-meter intervals
 6m x 6m x 6m block model created, gold & sulfur grades estimated using inverse
distance method, some estimates constrained by indicator shells (identify probability of
mineralization), also constrained by rock type (intrusives, shales, & greywackes)
 Other materials estimated are As, Hg, Sb, CO2, Ca, Mg, & neutralization potential
 Due to small block sizes & high mining rates, post-processing required to simulate
dilution & ore loss, also to decide which portions of deposit to mine selectively and
which to mine in bulk
69

74. block model
 Plan section of pit phases and block model at 5m elevation
 Gold grades (g/t) identified using legend at bottom right
70

75. SMUman results
 Plan section at 5m,
Acma Pit
 Legend below states
planned material types
 6m_ore = ore to be
mined on 6m benches
 6m_omaw = ore mined
as waste, 6m benches
(planned ore loss)
 6m_wmao = waste
mined as ore, 6m
benches (planned
dilution)
 Same types also depicted
for planned 12m bench
mining
 Planned ore loss is 1.3%
 Planned dilution is 7.1%
71

76. reserves & resources
 Last R&R statement generated upon completion of FSU2 in late 2011
 Reserves & FSU2 mine plan based on a designed pit guided by a $975/oz Au, RF1.0 Whittle shell and
M&I categorized material only
 Resources guided by a $1,200/oz Au, RF1.0 Whittle shell, and M,I,&I categorized material
 SMUman post-processing accounted for in R&R calculations
 Reserve pit includes 2,765Mt of waste, strip ratio = 5.48
72
P&P Reserves
Category
Ore
(kt)
Au
(g/t)
S
(%)
Contained Au
(koz)
Proven 7,683 2.32 1.12 573
Probable 497,128 2.08 1.06 33,276
Total P&P 504,811 2.09 1.06 33,849
M,I,&I Resources, inclusive of Reserves
Category
Ore
(kt)
Au
(g/t)
Contained Au
(koz)
Measured 7,731 2.52 626
Indicated 533,607 2.24 38,380
Total M&I 541,337 2.24 39,007
Inferred 92,216 2.02 5,993

77. mine design
 15-phase pit design (9 in
Acma, 6 in Lewis) based
on nested Whittle shells
 Most benches double-
stacked (24m total), some
quadruple stacked where
slope angles are very
shallow (43º) due to
adverse bedding
 Pit ramps are 40m wide
(including berm) and no
steeper than 10%
 Inter-ramp slope angles
range from 28º to 50º,
depending on slope sector
 Most phases have dual
access
73

78. pit & dump dimensions
564m vertical
highwall
3.4km across
2.5km across
330m vertical
dump face
4.2km across
74

79. mine schedule
 Schedule logic based on maximizing NPV while meeting plant constraints on sulfur
content and feed hardness
 Large low-grade stockpile kept until end of mine life (reaches ~105Mt maximum)
 Binned by sulfur content (high, medium, & low) for blending purposes
 Ore stockpiled longer than one year assumed to have degraded plant recoveries and
sulfur contents
 Mining rate capped at 155Mtpa (425ktpd)
 Vertical advance rate capped at 8 12m benches per year
 Milling rate variable at 50-55ktpd, depending on feed hardness
 Acma pit sequenced so that it is partially backfilled with Lewis waste at end of mine life
 Most waste is NAG (91%), and PAG waste must be sequenced such that it is
encapsulated inside the waste dump
 Overburden to be removed from surface using smaller equipment and stockpiled for
reclamation purposes
75

80. phase mining rates
76Source: Date as per Donlin Creek Gold Project Alaska, USA, NI 43-101 Technical Report on Second “Updated Feasibility Study”, effective November 18, 2011,
as amended January 20, 2012 ( “FSU2”)

81. 77Source: FSU2

82. 78Source: FSU2

83. mine progress, year 26
79

84. mining equipment
 Truck fleet consists of ultra-class (360-t) trucks for primary
mining and smaller trucks (135-t) for overburden
movement and project work
 Loading fleet primarily 42m3 (55yd3) electric-hydraulic
shovels, one diesel-hydraulic shovel for flexibility
 Loading fleet also includes two large FELs (55yd3) for stock
rehandle & backup loading, plus one smaller FEL for
support & project work
 Drill fleet consists of a mix of 3 different models for bulk
material movement, split-bench movement, RC grade
control, secondary D&B, and wall control D&B
Source:FSU2
80

85. opportunities & risks
 LNG-powered mine equipment, particularly trucks
 Lowers operating costs
 Reduces fuel-barging requirements on the river
 Alternative waste haulage options (autonomous, trolley-assist, crush/convey)
 Added grade from Inferred Resources
 Currently assumed to have 0 grade, thus diluting M&I ore
 Expanded pit due to higher gold prices
 Exploration potential along NE-SW mineralization trend
Opportunities
Risks
 Selective mining plan must be executed successfully to planned feed grades
 Consumable price fluctuation (diesel, explosives, tires, etc.)
 Equipment availability & capital fluctuation
81

86. Donlin Gold
Project Overview
Part 7:
Process

87. process key parameters
Parameter Value Units, Metric
LOM 27 Years
Mill Throughput 53,500 tpd avg
Hourly Mill Throughput 2,397 te/h
Plant Availability 93 %
Au grade 2.09 g/te
Mass pull to concentrate 15.2 wt%
S grade in concentrate 7 wt%
Au recovery, flotation 93.0 %
Au recovery, POX/CIL 96.6 %
Au recovery, overall 89.8 %
Au production 1.1 Moz/yr avg LOM
Power Consumption, (ave/peak) 153 / 185 MW
83

88. donlin gold flowsheet
84
CONVENTIONAL PROCESSING FACILITY

89. mineralogy
 Au in Donlin Gold ore is exclusively sub-microscopic
disseminated in crystal structure of arsenopyrite and
pyrite, hence it is refractory
 Native organic carbon, primarily concentrated in
sediments, is preg-robbing
 Arsenopyrite is primary host accounting for ~80% of Au in
feed. Pyrite, although 3-10 times more abundant than
aresenopyrite, carries ~20% of the gold
85

90. crushing/grinding
 Flowsheet selection
 Circuit selection:
 Lowest capital cost
 Ability to cope with clay fraction in the ore
 Ability to cope with climatic conditions
 General ease of operation and maintenance
 Flexibility in throughput rates
 Widely applied technology in the milling industry
 Gyratory crusher – 60”x 89”
 Sag mill – 38’x 24.8’ (20 MW)
 Ball mills – 26’x 42.5’ (18 MW)
86

91. flotation - testwork
 Extensive bench and pilot testing on Donlin Gold samples
 Bulk concentrate flowsheet proved optimum to maximize Au recovery
and produce a concentrate with autogenous sulphur grade for POX
 An MCF2 style flowsheet provides additional 1.8% Au recovery to a
7% sulphur flotation concentrate and was economically favoured for
Donlin Gold
 Rapid kinetics for pyrite and coarser arsenopyrite, but much of Au is
associated with fine arsenopyrite.
 To achieve high float recovery, it is essential to recover free pyrite
and binary particles of quartz carrying fine grained arsenopyrite.
 To achieve maximum recovery from the arsenopyrite (some of
which is tied up with larger gangue particles) a long float retention
time (114 min) and high reagent consumption is necessary
87

92. POX flowsheet
 Residence time and sulfur operating windows
 Sulfur Range: 480 – 648 tepd
 Design A/C throughput per train 4,356 tepd
 40-50 minutes residence time, nominal 45 min.
 3250 kPag
 225°C
 1,750 tepd oxygen plant
 (2) autoclaves, each 5.2m diameter x 33.2m long, 630
tonnes
88

93. CIL flowsheet
 Six CIL tanks to provide 24 hours leach retention time
 15 g/L activated carbon concentration for each CIL tank
 Carbon retention screens with 24 mesh openings
 36 tonne of carbon would be advanced daily through the circuit
 35% solids slurry in CIL circuit
89

94. refinery
90
 Pressure Zadra
 12t carbon batch
 3 strips per day
 Acid washing of carbon
 Carbon regeneration
 Electrowinning (4 cells)
 Retort
 Induction Furnace

95. Donlin Gold
Project Overview
Part 8:
Engineering / Infrastructure

96. engineering
 Feasibility Study
 AMEC (lead, process and infrastructure)
 Hatch (Pressure Oxidation, Oxygen Plant)
 NCL/Barrick (Mining)
 BGC (Tailings, Water, and Geotechnical)
 CH2M Hill (Gas Pipeline)
 SRK (Closure and Geochemistry)
 Reviews
 Barrick (All areas) 1
 Turner & Townsend (Estimate)
 Barrick Energy (Gas Pipeline)2
1 Divested by Barrick Gold Corporation in 2011.
2 Barrick Gold Corporation performed a third party audit.
92

97. access & infrastructure
 27 mile road
 5000-foot runway
 Two port facilities
 600-bed permanent
camp
 2500-bed construction
camp
 40 million gallon diesel
storage
93

98. site overview
94
VERY COMPACTTO MINIMIZE FOOTPRINT

99. Lewis Pit
Waste Rock
Facility
Upper Contact Water PondLower Contact Water Pond
Overburden Stockpile
ACMA Pit with Backfill
Tailings Storage Facility
Fresh Water Pond
Ore Stockpile
Mill
Tailings Dam
95
LANDSCAPE AMENABLETO PROJECT DESIGN
site layout in 3-D

100. site plan design
96
INCLUDES LATEST FEASIBILITY UPDATES

101. processing plant layout
97
CONVENTIONAL TECHNOLOGY

102. logistics & supply chain
98
WEST COAST BARGE CARGO INTO BETHEL UPTO JUNGJUK

103. energy demand
 Average running load 153 MW
 Peak load 182 MW
 Total installed load 227 MW
 Mobile Fleet Fuel 40 Mgal
 28 Mgal for haul trucks
99

104. energy costs
 Costs based on WTI crude price of $85/bbl
 Diesel price
 West Coast Seattle ULSD indexed price
 Built up cost for barging, terminal fees, Bethel City
charges, and trucking
 Gas price assumes imported LNG
 Based on 12% index to crude
 Built up costs for shipping, regasification, pipeline
transportation
 Diesel delivered $3.03/gal ($22.50/mmbtu)
 Gas delivered $13.18/mmbtu
 Delivered power cost 11.9c/kwh
100

105. natural gas pipeline route
101
COOK INLETTO DONLIN GOLD - 315 MILES

106. natural gas pipeline project
 Pipeline
 315 mile, buried, 14” steel pipeline
 Class 1 for entire alignment
 70 mmscfd capacity (estimated 30 - 40 demand)
 1,480 psig max allowable operating pressure
 Construction
 2 construction spreads, each with 3-4 sections
 Construction period over 2 winters and 2-3 summers
 Season for each section based on terrain and geotechnical conditions
102

107. power plant
 Requirements
 Proven technology
 Load following ability
 High efficiency
 Redundancy (N+2)
 16.6 MW Wartsila combined cycle units
 Single steam turbine (16.4 MW)
 Initial installation 10 units (182.4 MW)
 Two additional units later (215.6 MW)
 Similar to Pueblo Viejo power plant
103

108. oxygen plant
 1,750 tpd GOX
 (2) Main Air Compressors (MAC) at 10,813 kw each
 (1) Booster Air Compressor (BAC) at 10,142 kw
 LOX pump and vaporizer
 Double column distillation process
 LOX storage (24hrs)
 50% turndown capability
 Similar to Pueblo Viejo oxygen plant, but smaller
104

109. Donlin Gold
Project Overview
Part 9:
Resource Upside

110. mineralization trend
 Mineralization exists along a gold-in-soil
geochemical anomaly trend, which
coincides with a magnetic-low
 Additional Resource opportunities exist:
 In-pit Inferred and Blue Sky
Resources
 Higher gold price expansion
potential
 East/southeast expansions of
Acma and Lewis Pits
 North/northeast expansion of
Lewis Pit
 Deeper phase bottoms
 Along the mineralization trend
 Positive drilling at Snow
 Positive drilling at Dome
 No drilling yet at Ophir, but
favorable outcrops exist
106
Ophir
Dome
Snow
Duqum
Quartz
Queen
Aurora
Akivik
Rochelieu
400
Acma S. Lewis
LewisVortex
Far East
Far Side
- Pit shown is $975/oz
design

111. +1 g/t Au Blocks
Ophir
Dome
Snow
Lewis
Acma
mineralization trend - isometric
Quartz
DuqumFar Side
Queen
S. Lewis
Far East
400
Aurora
Akivik
Vortex
Rochelieu
- Pit shown is $975/oz design
107

112. current drilling
4
~1,400 holes (89% are core)
utilized for latest Resource
model update (340 km)
108

113. pit expansion potential
P&P Reserve Design
($975/oz Au)
M,I,&I Resource
Shell ($1,200/oz Au)
109
 Reserves based on M&I categorized material inside a $975/oz Au design
 Resources based on M,I,&I categorized material inside a $1,200/oz Au Whittle shell
 At higher Au prices, pit tends to expand towards the south/southeast, as well as
north/northeast

114. exploration potential – along trend
5 km
D
D’
Snow
Dome
Snow DomeQuartz
Ophir
Acma Lewis
45.0Moz
Resource
Additional
Resource Potential
110

115. upside potential summary
Current
 P&P Reserves = 33.8Moz (2.1 g/t)
 M&I Resources = 5.2Moz (4.4 g/t)
 Inferred Resources = 6.0Moz (2.0 g/t)
 Total = 45.0Moz (2.2 g/t)
Potential – including only areas of significant drilling
 In-Pit Blue Sky - In-fill drilling needed or encounters of un-estimated grade during
production
 Below Resource Pit - Higher gold price needed to drive pit deeper
 East Acma Extension - In-fill drilling of intercepts outside of pit and/or higher gold price
(+$1,200) to expand pit
 Snow, Queen, Quartz, Duqum, Dome and Far Side targets - Additional exploration & in-
fill drilling opportunities, potential for low grade bulk oxide at Dome
Additional Potential – areas with insufficient drilling
 Ophir Exploration - Exploration drilling & in-fill follow-up
 Deep UG Potential – Limited evaluation thus far, UG exploration drilling from near pit
bottom required 111

116. Donlin Gold
Project Overview
Part 10:
Capital & Operating Cost

117. execution plan
 Schedule1
 ~2 year engineering (partly and concurrently with
construction)
 ~ 4 year mine site construction
 ~ 3 year pipeline construction (concurrently with mine site
construction)
 Labor
 Peak construction labor force of 2500 (mine site)
 Two crews working simultaneously on different segments
of the pipeline construction
1131 Mine site and pipeline construction timelines will coincide.

118. capital cost estimate
114
Mining 345
Site prep and roads 236
Process facilities 1,326
Tailings 120
Utilities 1,302
Ancillary facilities 304
Off Site facilities 243
Owner's costs 414
Indirects 1,405
Contingency 984
Total 6,679
1 Level of accuracy for capital cost estimate is -15%/+30% as per AACE class 3 definition. Costs are
unescalated and based on the 2011 Donlin Gold Second Updated Feasibility Study.
Initial capital costs ($M)1
Tailings 631
Mine equipment 578
Other mobile equipment 71
Mine dewatering 66
Freight, EPCM & other 159
Total 1,505
Sustaining capital costs ($M)1

119. operating cost estimate
115
$M
$/t
mined
$/t
milled $/oz
Mine operations 8,200 2.52 16.24 270
Processing operations 7,808 2.40 15.47 257
Administration 1,630 0.50 3.23 54
Royalties 1,580 0.48 3.13 52
Refining 31 0.01 0.06 1
Cost of sales1 19,249 5.91 38.13 634
Operating costs (life-of-mine)
1 U.S. GAAP cost of sales, excluding depreciation and reclamation costs. Costs are unescalated and
based on the 2011 Donlin Gold Second Updated Feasibility Study.

120. mining operating cost
116
$M $/t mined $/t milled
Labor 1,919 0.59 3.80
Diesel 2,066 0.63 4.09
Maintenance supplies 1,766 0.54 3.50
Consumables 1,286 0.40 2.55
Tires 685 0.21 1.36
Electricity 183 0.06 0.36
Services/overhead 295 0.09 0.58
Total 8,200 2.52 16.24
Mining costs (life-of-mine)1
1Costs are unescalated and based on the 2011 Donlin Gold Second Updated Feasibility Study.

121. process operating cost
117
$M $/t milled
Labor 616 1.22
Reagents and consumables 2,587 5.12
Power 3,497 6.93
Maintenance supplies 860 1.70
G&A allocation 248 0.49
Total 7,808 15.47
Processing costs (life-of-mine)1
1Costs are unescalated and based on the 2011 Donlin Gold Second Updated Feasibility Study.

122. Next steps
 Donlin Gold feasibility study to be updated to reflect recent
economic metrics
 Evaluate third party owner operators
 Port facilities
 Gas pipeline
 Oxygen plant
 Power plant
 Leasing equipment
118
UPDATING FEASIBILITY STUDY