NOVAGOLD RESOURCES INC | 2013 | FY | 3


    Years ended November 30,  
    2013     2012     2011  
    Number of warrants (thousands)     Weighted average exercise price     Number of warrants (thousands)     Weighted average exercise price     Number of warrants (thousands)     Weighted average exercise price  
Balance – beginning of year     36,529     $ 1.48       40,420     $ 1.49       49,345     $ 1.65  
Exercised     (36,529 )   $ 1.48       (3,891 )   $ 1.48       (8,925 )   $ 1.48  
Balance – end of year                 36,529     $ 1.48       40,420     $ 1.49  

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