Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Common Shares^F4	Sep 16, 2015	M	113,739	—	A	113,739	D
Common Shares^F1,F3	holding	—	—		—	10,000	I	By Tigris Financial Group Ltd.
Common Shares^F2,F3	holding	—	—		—	5,608,532	I	By Electrum Global Holdings L.P.
Common Shares^F2,F3	holding	—	—		—	833,333	I	By GRAT Holdings LLC
Common Shares^F2,F3	holding	—	—		—	16,022,449	I	By Electrum Strategic Resources L.P.

Table II — derivative securities

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	Owned after	D/I
Deferred Shares Units^F4	—	Sep 16, 2015	M	113,740	A	—	—	Common Shares	113,740	0	D
Deferred Shares Units^F5	—	holding	—	—	—	—	—	Common Shares	166	166	D

Explanation of responses

F1Dr. Kaplan is the sole shareholder of Tigris.
F2Global Holdings owns all of the limited partnership interests of Electrum Strategic Resources L.P. ("Electrum Strategic") and all of the equity interests of Electrum Strategic Management LLC, the general partner of Electrum Strategic. TEG Global GP Ltd. ("Global GP") is the sole general partner of, and The Electrum Group LLC ("TEG Services") is the investment adviser to, Global Holdings. Global GP is principally owned and controlled, indirectly, by GRAT Holdings LLC ("GRAT Holdings"). GRAT Holdings is owned by trusts for the benefit of family members of Dr. Kaplan.
F3In accordance with Instruction 4(b)(iv) to Form 4, the entire amount of the Issuer's securities held by Tigris, Global Holdings, GRAT Holdings and Electrum Strategic is reported herein. For purposes of Section 16 of the Securities Exchange Act of 1934, each reporting person disclaims beneficial ownership of any such securities, except to the extent of his/its indirect pecuniary interest therein, if any, and this report shall not be deemed an admission that such reporting person is the beneficial owner of such securities for purposes of Section 16 or otherwise.
F4Each Deferred Share Unit ("DSU") is the economic equivalent of one share of the Issuer's common stock. The DSUs vested immediately upon issuance; however, the issuer was not required to issue the underlying common shares to Dr. Kaplan until termination of his services as a director of the Issuer and his subsequent election to redeem the DSUs. As previously reported, Dr. Kaplan ceased to serve as a director of the Issuer on June 19, 2015. On September 16, 2015, Dr. Kaplan elected to convert his DSUs (on a one-for-one basis) into an aggregate of 113,739 of the Issuer's ordinary shares.
F5As previously reported in an Amendment to Form 3 filed by Thomas S. Kaplan on May 6, 2013, Dr. Kaplan holds 166 DSUs awarded to him by the Issuer on April 30, 2012, which vested immediately upon issuance. Dr. Kaplan will not have any voting or dispositive rights with respect to the common shares underlying such DSUs, until termination of the reporting person's service as a director of NovaGold Resources Inc. Such DSU grants will expire no later than 90 days after Dr. Kaplan's termination date.