NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the
Company” (NYSE American, TSX: NG) today released its 2024 first
quarter financial results and an update on its Tier One1 gold
development project, Donlin Gold, which NOVAGOLD owns equally with
Barrick Gold Corporation (“Barrick”).
Details of the financial results for the quarter ended February
29, 2024, are presented in the consolidated financial statements
and quarterly report filed on Form 10-Q on April 3, 2024, that is
available on the Company’s website at www.novagold.com, on SEDAR+
at www.sedarplus.ca, and on EDGAR at www.sec.gov. All amounts are
in U.S. dollars unless otherwise stated.
In the first quarter of 2024, the following milestones
were achieved:
- The ongoing activities at Donlin Gold included:
- Completion of the scope of work for resource modelling by a
third-party consultant for an updated resource model;
- Advancement of metallurgical test work with a pilot plant in
Ontario, Canada, to confirm proposed optimizations to the
flowsheet;
- Continued planning for regional infrastructure support to
narrow the scope of work and identify the best path forward;
- Incorporation of recent field data in geoscience hydrology to
update the groundwater model and surface water model;
- In partnership with Calista Corporation (“Calista”) and The
Kuskokwim Corporation (TKC), Donlin Gold reached significant
milestones in education, health and safety, cultural preservation,
and environmental initiatives:
- Finalization of another Shared Values Statement in the
Yukon-Kuskokwim (Y-K) region near the project, bringing the total
count to 16;
- Holding the first informational meeting for the Subsistence
Communications Advisory Committee in Anchorage;
- Expanding our efforts to identify specific project
opportunities aimed at monitoring, evaluating, and enhancing the
health of salmon populations in the Y-K region;
- Sponsorship of, and active participation in, key winter events:
Donlin Gold’s Pete Kaiser won the 2024 K300 sled dog race in
January and Kristina Woolston competed in the Iron Dog in February,
the world’s longest and toughest snowmobile race that covers 2,500
miles of Alaskan backcountry;
- Support to various search and rescue teams, including the
Chevak and Kipnuk Traditional Councils.
- As a federally permitted project on private Alaska Native
Corporation land designated by law for mining, with key State
permits secured, Donlin Gold’s activities center on maintaining
existing permits and advancing outstanding requirements, including:
- Ongoing work to advance the Alaska Dam Safety Certification
preliminary design packages, which are expected to be submitted to
the Alaska Department of Natural Resources (ADNR) later this year
after review by the Independent Technical Review Board;
- Continuing to support Federal and State agencies to uphold the
comprehensive Donlin Gold permits under appeal.
President’s Message
Dedicated Efforts to Fund and Advance Donlin Gold’s
Project Development Work
During the first quarter of 2024, with the support from the
owners and the Donlin Gold LLC Board, numerous important activities
were conducted. These included, among others, completing the scope
of work for resource modelling by a third-party consultant to
update the resource model; advancing the metallurgical test work
with a pilot plant in Ontario, Canada, to confirm proposed
optimizations to the flowsheet, which are expected to conclude
later in the year; continuing to plan the regional infrastructure
support to streamline the scope of work and identify the optimal
path forward; and integrating recent field data in geoscience
hydrology to update the groundwater and surface water models,
alongside continuous data collection to update source
characteristics for closure planning. In addition, an extensive
amount of outreach efforts took place in Alaska, in the Y-K region,
and in Washington D.C. to support community engagement and
permitting efforts that help reinforce our social license. The
diligent and highly effective work by the Donlin Gold team, our
partners and broader stakeholders are greatly appreciated.
NOVAGOLD remains committed to employing a concerted and
inclusive approach to advancing the Donlin Gold project, consistent
with our pledges to — and for the benefit of — all shareholders and
stakeholders, and especially to fulfilling the strategy that has
been pledged time and again by NOVAGOLD: namely, to commence a full
bankable Feasibility Study to optimally position the project,
setting up a potential positive construction decision when the time
is right.
Nurturing Partnerships to Reinforce Donlin Gold’s Social
License — Engaging Local Communities, Governments, and Native
Corporations
Our dedication to the Company’s partnerships with Calista and
TKC throughout Donlin Gold’s project development and permitting
processes has been strengthened by decades of steadfast and
reliable engagement with the 62 stakeholder communities. The Donlin
Gold project is located on private land that is designated by law
for mining activities, under the Alaska Native Claims Settlement
Act (ANCSA) of 1971. The Native Corporations have thus been
instrumental in facilitating comprehensive local stakeholder
outreach across the Y-K region, as well as government engagement
efforts in the broader reaches of Alaska and Washington, D.C.
In the first quarter of 2024, Donlin Gold finalized another
Shared Values Statement, bringing the total count to 16. This
remarkable accomplishment underscores our commitment to continuous
engagement with local communities, strengthening existing long-term
relationships, and addressing specific community needs.
Furthermore, in partnership with Calista and TKC, Donlin Gold held
the first informational meeting for the Subsistence Communications
Advisory Committee (“SCAC”) in Anchorage this past quarter. All
attendees, who hold varying perspectives on the Donlin Gold
project, completed an application to join the SCAC. Central to the
partnership between Donlin Gold, Calista and TKC, the SCAC was
established to maintain a well-defined process for communications,
dialogue, problem-solving, and seeking the views of the broader
community regarding subsistence matters.
Persistent Support for Y-K Region’s Environmental and
Social Initiatives
NOVAGOLD prioritizes community and social responsibility,
ensuring shared values are upheld at both the Donlin Gold project
site and within the communities of the Y-K region. Through
initiatives focused on education, community wellness, cultural
preservation, and environmental stewardship, Donlin Gold supports
fisheries studies, environmental activities, subsistence and
cultural preservation initiatives, and various grants. In
collaboration with Calista and TKC, a broad range of activities and
projects were undertaken in the last quarter.
Since mid-2023, NOVAGOLD, Donlin Gold and its Alaska Native
Corporation partners have closely monitored and assessed the
conditions and management of salmon fisheries in the Kuskokwim and
Yukon River watersheds. In the first quarter of 2024, efforts with
local tribes were focused on identifying specific potential project
opportunities to monitor, evaluate, and enhance the health of
salmon populations. The projects to be supported will be finalized
in early 2024, with plans for implementation beginning in the
spring/summer of that year. All such initiatives will be pursued in
collaboration and partnership with the people of the Y-K
region.
Both NOVAGOLD and Donlin Gold are committed to advancing
educational opportunities in Alaska and actively promote learning
through collaborative efforts, including by sponsoring the Lower
Kuskokwim School District’s annual college and career fair. Donlin
Gold also maintains its dedication to local community sports
initiatives and youth groups, as exemplified by its support of
events such as the Donlin Gold Basketball Tournament held at Bethel
Regional High School in Bethel, Alaska. Donlin Gold also provided
an annual contribution to the Rural Alaska Honors Institute, a
program running through the University of Alaska Fairbanks which
prepares Alaska Native high-school students for college life.
Donlin Gold proudly continues to fund and support The Kuskokwim
300, a premier mid-distance dog sled race covering a challenging
300-mile trail from Bethel to Aniak and back. Additionally, Donlin
Gold sponsors Y-K mushers Isaac Underwood, Mike Williams Jr., and
2019 Iditarod champion and Donlin Gold employee Pete Kaiser, winner
of his eighth title in the Kuskokwim 300 — who hails from Bethel
and is the first Yupik musher ever and the fifth Alaska Native to
win an Iditarod championship. Mr. Kaiser actively engages with
youth in the community, focusing on suicide prevention in alignment
with Donlin Gold’s commitment to strengthening vital community
well-being initiatives. Furthermore, last February, Donlin Gold was
a sponsor of the Iron Dog, the world’s longest and toughest
snowmobile race that covers 2,500 miles of Alaskan backcountry, in
which Kristina Woolston, Donlin Gold’s External Affairs Manager,
participated. Other cultural preservation initiatives include
supporting the Native Village of Kalskag’s annual Cauneq Camp as
well as partnering with Carry the Cure to bring suicide prevention
programs to Toksook Bay, Nightmute, Tununak, and Kasigluk.
Donlin Gold extended support to several search and rescue teams
in the region, including the Chevak and Kipnuk Traditional Councils
and Bethel Search and Rescue. Financial assistance was also
provided to Camp Fire Alaska, an organization dedicated to offering
summer camps and programs to rural communities across Alaska with
various activities, including music, sports, science, field trips,
and ample outdoor recreation opportunities. In February 2024,
Donlin Gold continued its sponsorship of local radio stations in
Alaska, which play a crucial role in delivering weather updates and
safety messages to rural communities where internet connectivity is
limited. Furthermore, Donlin Gold pursued its support of and active
involvement in the Alaska Safe Riders initiative, which focuses on
promoting safety for snowmachines, all-terrain vehicles, and
recreational off-road vehicles.
Meaningful collaboration was also fostered with the Native
Village of Napaimute, with Donlin Gold extending financial
assistance to bolster cultural wellness programs and to maintain
the Kuskokwim River Ice Road – a critical winter infrastructure
that provides for the safe transport of residents to sport and
cultural events, as well as a crucial conduit of economic activity
for the Kuskokwim River communities.
Maintaining Permits in Good Standing
Despite multiple challenges, all appeals against Donlin Gold
permits have been unsuccessful to date. We recognize the importance
of preparedness and organization in these matters. Permitting in
the United States and Alaska constitutes a significant and rigorous
endeavor, where success relies on years of dedicated efforts to
ensure a diligent, thorough, transparent, and inclusive process
engaging all stakeholders, including those from the Y-K region.
Donlin Gold, along with its owners and partners Calista and TKC,
possesses an intimate understanding of the project’s permitting and
regulatory procedures. We remain committed to supporting Federal
and State agencies in defending the rigorous permitting process and
focused on securing the remaining state-level permits and
certificates required for the project.
We recognize that there is a price to be paid for jurisdictional
safety. There are an increasing number of places in the world where
permitting is becoming less burdened by the rule of law. The
flipside of that relative ease is that these locales are also much
less reliable politically or socially than Alaska, the second
largest gold producing state in one of the world’s safest countries
for free enterprise. We treasure the conviction that, if the mine
is built, our investors would be able to enjoy the luxury of
knowing that Alaska is a place where they can sleep well at night —
confident that when they awaken in the morning, they would still
own what they owned the night before. In an ever more complex and
fraught world, this sober reasoning makes it well worth the
effort.
During the first quarter of 2024, Donlin Gold continued to
advance the Dam Safety Certification preliminary design packages,
which are expected to be submitted to the ADNR in 2024 after review
by the Independent Technical Review Board.
Earthjustice filed their opening brief with the Alaska Supreme
Court on January 4, 2024, appealing the Alaska Superior Court’s
decision on Donlin Gold’s water rights permits, following an
unsuccessful appeal to the ADNR Commissioner. The State of Alaska,
Calista, and Donlin Gold are scheduled to submit their reply briefs
with the Supreme Court in April 2024.
Earthjustice filed their opening brief with the Alaska Superior
Court on January 5, 2024, appealing the Alaska Department of
Environmental Conservation Commissioner’s decision upholding the
401 Water Quality Certification. The State of Alaska and
Donlin Gold will file their reply briefs to the Alaska Superior
Court in the second quarter 2024.
Briefing on Earthjustice’s appeal of the Alaska Superior Court
affirmation of ADNR’s issuance of the State Right-of-Way lease to
the Alaska Supreme Court was completed in February 2024.
Earthjustice has requested oral argument, which has not been
scheduled.
In the Federal litigation challenging the Donlin Gold Joint
Record of Decision, including the 404 permit, Earthjustice filed
their opening brief on February 16, 2024. The State of Alaska,
Calista, and Donlin Gold are scheduled to file their reply briefing
in April 2024.
Committed to Advancing the Donlin Gold Project for All
Shareholders and Stakeholders
NOVAGOLD’s unwavering commitment to advancing Donlin Gold is
reflected in our stance regarding next steps for the project, as
well as in the increased investments and expanded partnerships with
communities in the Y-K region that deliver significant value for
all stakeholders, including Alaska residents and Company
shareholders.
Donlin Gold is indeed the rarest of the rare: an exceptional
gold development project, boasting approximately 39 million ounces
of gold with a grade of 2.24 grams per tonne in Measured and
Indicated Mineral Resources (100% basis), inclusive of Proven and
Probable Mineral Reserves. With a grade that is twice the gold
industry average, Donlin Gold thus has the potential to be a
low-cost, open-pit, million-ounce producer for decades.
Superimposed onto this is the blue sky of the excellent exploration
opportunities that extend well beyond the current resource area —
3km of an 8km belt that in itself represents but five percent of
our total land package.
With the multiple tailwinds of the macro backdrop, as well as
the project’s sheer size, quality, low-cost structure, and that
simply outstanding exploration upside, we aim to solidify Donlin’s
status as what we believe to be the best gold development story in
the world today. As a characteristic “Tier 1 Asset” in a
world-leading, Tier 1 jurisdiction2, we believe that Donlin truly
epitomizes a great asset that gives one great leverage in a great
place that will allow one to keep the fruits of that leverage.
Of signal importance, NOVAGOLD has been blessed with long-term
and supportive shareholders whose presence and counsel have been
invaluable. We are grateful for the decision of our shareholders to
invest in our Company and for their continued solidarity and
engagement. We reaffirm to each and every one of them that, as
stewards of the Company, we continue to be focused on delivering on
our strategy and enhancing the value of the Donlin Gold project,
increasing both shareholder and stakeholder wealth in a safe and
socially responsible manner.
Last but certainly not least, I wish to express heartfelt
gratitude to our colleagues and partners at Donlin Gold, Calista,
TKC, and NOVAGOLD for their enduring collaboration. I also extend
deep appreciation to our esteemed Board of Directors for their
steadfast determination and guidance.
Sincerely,
Gregory A. LangPresident & CEO
Financial Results
in thousands of U.S. dollars, except for per share amounts
|
Three months ended February 29,
2024 $ |
Three months ended February 28,
2023 $ |
|
General and administrative expense(1) |
6,259 |
5,607 |
|
Share of losses – Donlin Gold |
2,961 |
4,475 |
|
Total operating expenses |
9,220 |
10,082 |
|
Loss from operations |
(9,220) |
(10,082) |
|
Interest expense on promissory note |
(3,597) |
(2,944) |
|
Interest and dividend income |
1,551 |
1,329 |
|
Other income (expense), net |
1,048 |
896 |
|
Accretion of notes receivable |
— |
217 |
|
Loss before income taxes |
(10,218) |
(10,584) |
|
Income tax expense |
(100) |
(75) |
|
Net Loss |
(10,318) |
(10,659) |
|
Net loss per common share, basic and diluted |
(0.03) |
(0.03) |
|
|
|
|
|
|
As ofFebruary 29,
2024$ |
As ofNovember 30,
2023$ |
|
Cash and term deposits |
117,503 |
125,749 |
|
Total assets |
126,884 |
133,290 |
|
Total liabilities |
143,001 |
141,513 |
|
|
|
|
|
(1) Includes share-based compensation expense
of $2,409 and $2,161 in the first quarter of 2024 and 2023,
respectively.
During the first quarter of 2024, net loss decreased by $0.3
million from in 2023, primarily due to lower costs at Donlin Gold
and increased interest income, partially offset by an increase in
interest expense on the promissory note and higher general and
administrative costs. In the prior first quarter of 2023, Donlin
Gold costs included geotechnical drilling for the Alaska Dam Safety
Certificates. General and administrative costs increased primarily
due to corporate staff additions, including the hiring of a new
General Counsel.
Liquidity and Capital Resources
In the first quarter of 2024, cash and cash equivalents
decreased by $8.2 million, primarily to fund our share of Donlin
Gold and for corporate administrative expenses. The decrease in
cash used in the first quarter of 2024 compared to 2023 was due to
lower funding requirements for Donlin Gold, partially offset by the
timing of term deposit interest income receipt and higher general
and administrative costs.
2024 Outlook
Our anticipated expenditures in fiscal year 2024 are
approximately $31.2 million, including $14.3 million to fund the
Donlin Gold project, and $16.9 million for corporate general and
administrative costs.
NOVAGOLD’s primary goals in 2024 include continuing to advance
the Donlin Gold project toward a construction decision; maintaining
support for Donlin Gold among the project’s stakeholders; promoting
a strong safety, sustainability, and environmental culture;
maintaining a favorable reputation of NOVAGOLD; and preserving a
healthy balance sheet. Our operations primarily relate to the
delivery of project milestones, including the achievement of
various technical, environmental, sustainable development, economic
and legal objectives, obtaining necessary permits and maintaining
those received in good standing, completion of pre-feasibility and
feasibility studies, preparation of engineering designs and the
financing to fund these objectives.
Conference Call & Webcast Details
NOVAGOLD’s conference call and webcast to discuss these results
will take place on April 4, 2024, at 8:00 am PT (11:00 am ET). The
webcast and conference call-in details are provided below.
Video
Webcast: |
www.novagold.com/investors/events |
North American callers: |
1-800-319-4610 |
International callers: |
1-604-638-5340 |
|
|
NOVAGOLD’s quarterly reporting schedule for the
remainder of 2024 will be as follows:
- Annual Meeting of Shareholders – Thursday, May 16, 2024; the
meeting will be held at 4 p.m. ET / 1 p.m. PT.
- Q2 2024 – Wednesday, June 26, 2024; financial statements and a
Donlin Gold project update will be released after market close. A
conference call and webcast will be held on Thursday, June 27, 2024
at 11 a.m. ET / 8 a.m. PT to discuss Q2 financial results.
- Q3 2024 – Wednesday, October 2, 2024; financial statements and
a Donlin Gold project update will be released after market close. A
conference call and webcast will be held on Thursday, October 3,
2024 at 11 a.m. ET / 8 a.m. ET to discuss Q3 financial
results.
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company focused on
the development of its 50%-owned Donlin Gold project in Alaska, one
of the safest mining jurisdictions in the world. With approximately
39 million ounces of gold in the Measured and Indicated Mineral
Resource categories, inclusive of Proven and Probable Mineral
Reserves (541 million tonnes at an average grade of approximately
2.24 grams per tonne, in the Measured and Indicated Resource
categories on a 100% basis) 3 , the Donlin Gold project is
regarded to be one of the largest, highest-grade, and most
prospective known open-pit gold deposits in the world. According to
the 2021 Technical Report and the S-K 1300 Report (both as defined
below), once in production, the Donlin Gold project is expected to
produce an average of more than one million ounces per year over a
27-year mine life on a 100% basis. The Donlin Gold project has
substantial exploration potential beyond the designed footprint of
the open pit which currently covers three kilometers of an
approximately eight-kilometer-long gold-bearing trend. Current
activities at the Donlin Gold project are focused on state
permitting, engineering studies, community outreach, and workforce
development in preparation for the eventual construction and
operation of this project. With a strong balance sheet, NOVAGOLD is
well-positioned to fund its share of permitting and advancement
efforts at the Donlin Gold project.
NOVAGOLD Contacts:Mélanie Hennessey Vice
President, Corporate Communications 604-669-6227 or
1-866-669-6227
Cautionary Note Regarding Forward-Looking
Statements
This media release includes certain “forward-looking
information” and “forward-looking statements” (collectively
“forward-looking statements”) within the meaning of applicable
securities legislation, including the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are frequently, but not always, identified by words such
as “expects”, “anticipates”, “believes”, “intends”, “estimates”,
“potential”, “possible”, and similar expressions, or statements
that events, conditions, or results “will”, “may”, “could”, “would”
or “should” occur or be achieved. Forward-looking statements are
necessarily based on several opinions, estimates and assumptions
that management of NOVAGOLD considered appropriate and reasonable
as of the date such statements are made, are subject to known and
unknown risks, uncertainties, assumptions, and other factors that
may cause the actual results, activity, performance, or
achievements to be materially different from those expressed or
implied by such forward-looking statements. All statements, other
than statements of historical fact, included herein are
forward-looking statements. These forward-looking statements
include statements regarding the anticipated timing of certain
judicial and/or administrative decisions; the 2024 outlook; the
timing and potential for a new feasibility study on the Donlin Gold
project; our goals and expenditures for 2024; ongoing support
provided to key stakeholders including Native Corporation partners;
Donlin Gold’s continued support for the state and federal
permitting process; the potential development and construction of
the Donlin Gold project; the sufficiency of funds to continue to
advance development of Donlin Gold, including to a construction
decision; perceived merit of properties; mineral reserve and
mineral resource estimates; Donlin Gold’s ability to secure the
permits needed to construct and operate the Donlin Gold project in
a timely manner, if at all; legal challenges to Donlin Gold’s
existing permits and the timing of decisions in those challenges;
whether the Donlin Gold LLC board will continue to advance the
Donlin Gold project up the value chain; the Company’s ability to
deliver on its strategy with the Donlin Gold project, increasing
shareholder and stakeholder wealth; the success of the strategic
mine plan for the Donlin Gold project; the success of the Donlin
Gold community relations plan; the outcome of exploration drilling
at the Donlin Gold project and the timing thereof. In addition, any
statements that refer to expectations, intentions, projections or
other characterizations of future events or circumstances are
forward-looking statements. Forward-looking statements are not
historical facts but instead represent the expectations of NOVAGOLD
management’s estimates and projections regarding future events or
circumstances on the date the statements are made. Important
factors that could cause actual results to differ materially from
expectations include the need to obtain additional permits and
governmental approvals; the timing and likelihood of obtaining and
maintaining permits necessary to construct and operate; the need
for additional financing to explore and develop properties and
availability of financing in the debt and capital markets;
COVID-19; uncertainties involved in the interpretation of drill
results and geological tests and the estimation of reserves and
resources; changes in mineral production performance, exploitation
and exploration successes; changes in national and local government
legislation, taxation, controls or regulations and/or changes in
the administration of laws, policies and practices, expropriation
or nationalization of property and political or economic
developments in the United States or Canada; the need for continued
cooperation between Barrick and NOVAGOLD for the continued
exploration, the need for additional capital if NOVAGOLD determined
to proceed with an updated feasibility study on its own;
development and eventual construction of the Donlin Gold property;
the need for cooperation of government agencies and Native groups
in the development and operation of properties; risks of
construction and mining projects such as accidents, equipment
breakdowns, bad weather, disease pandemics, non-compliance with
environmental and permit requirements, unanticipated variation in
geological structures, ore grades or recovery rates; unexpected
cost increases, which could include significant increases in
estimated capital and operating costs; fluctuations in metal prices
and currency exchange rates; whether or when a positive
construction decision will be made regarding the Donlin Gold
project; and other risks and uncertainties disclosed in NOVAGOLD’s
most recent reports on Forms 10-K and 10-Q, particularly the "Risk
Factors" sections of those reports and other documents filed by
NOVAGOLD with applicable securities regulatory authorities from
time to time. Copies of these filings may be obtained by visiting
NOVAGOLD’s website at www.novagold.com, or the SEC's website at
www.sec.gov, or at www.sedarplus.ca. The forward-looking statements
contained herein reflect the beliefs, opinions and projections of
NOVAGOLD on the date the statements are made. NOVAGOLD assumes no
obligation to update the forward-looking statements of beliefs,
opinions, projections, or other factors, should they change, except
as required by law.
_________________________________
1 NOVAGOLD defines a Tier One gold development project as one
with a projected production life of at least 10 years, annual
projected production of at least 500,000 ounces of gold, and
average projected cash costs over the production life that are in
the lower half of the industry cost curve.
2 NOVAGOLD defines Tier One jurisdictions as those ranked
in the top threshold by the Investment Attractiveness Index in the
Fraser Institute Annual Survey of Mining Companies, 2022.
3 Donlin Gold data as per the report entitled “NI 43-101
Technical Report on the Donlin Gold Project, Alaska, USA” with an
effective date of June 1, 2021 (the “2021 Technical Report”) and
the report titled “S-K 1300 Technical Report Summary on the Donlin
Gold Project, Alaska, USA” (the “S-K 1300 Report”), dated November
30, 2021. Donlin Gold possesses Measured Resources of approximately
8 Mt grading 2.52 g/t and Indicated Resources of approximately 534
Mt grading 2.24 g/t, each on a 100% basis and inclusive of Mineral
Reserves, of which approximately 4 Mt of Measured Resources and
approximately 267 Mt of Indicated Resources inclusive of Reserves
is attributable to NOVAGOLD through its 50% ownership interest in
Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold
possesses Measured Resources of approximately 1 Mt grading 2.23 g/t
and Indicated Resources of approximately 69 Mt grading 2.44 g/t, of
which approximately 0.5 Mt of Measured Resources and approximately
35 Mt of Indicated Resources exclusive of Mineral Reserves is
attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of
approximately 8 Mt grading 2.32 g/t and Probable Reserves of
approximately 497 Mt grading 2.08 g/t, each on a 100% basis, of
which approximately 4 Mt of Proven Reserves and approximately 249
Mt of Probable Reserves is attributable to NOVAGOLD. Mineral
Reserves and Resources have been estimated in accordance with NI
43-101 and S-K 1300
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