NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the
“Company”) (NYSE American, TSX: NG) is pleased to announce the
appointment of Peter Adamek as Vice President and Chief Financial
Officer (CFO) of the Company effective July 15, 2024. The
appointment of Mr. Adamek comes following the retirement of
NOVAGOLD’s long-serving CFO, David Ottewell, capping off a
successful career in the mining sector. Mr. Ottewell will stay on
until July 15, 2024 to ensure a seamless transition.
“On behalf of NOVAGOLD, I wish to extend my sincere gratitude to
David for his loyalty to the Company over the last 12 years,” said
Greg Lang, President and Chief Executive Officer. “David has been
instrumental in developing our finance strategy, building our
finance team, and maintaining a strong balance sheet during his
tenure — positioning the Company to continue to advance Donlin Gold
up the value chain, while generating significant value for our
stakeholders. David has been a valuable team member and a dear
colleague over the years, and I thank him for his skillful
leadership and remarkable contribution to our work. We wish him
well in his retirement.”
Peter Adamek is a highly experienced financial executive with
over 20 years of expertise in corporate finance, capital markets,
financial reporting, tax, and information technology in the mining
sector. Prior to joining NOVAGOLD, he served in progressively
senior management roles at Hudbay Minerals Inc. (“Hudbay”),
including CFO for the Arizona Business Unit, before being appointed
Vice President, Finance of Hudbay in 2019. Prior to joining Hudbay
in 2010, Peter worked in equity research at RBC Capital Markets
Global Mining division from 2008 to 2010, and before that at KPMG’s
Toronto Audit practice, with a focus on global mining and
manufacturing sectors. He holds a Bachelor of Applied Science in
Electrical Engineering from the University of Toronto, is a
Canadian Chartered Professional Accountant (CPA, CA), and holds CFA
and P.Eng. designations.
“I am pleased to welcome Peter Adamek to the NOVAGOLD team,”
said Greg Lang, President and Chief Executive Officer. “Peter
brings a wealth of corporate and operations experience that will be
key for the Company and the next stage of development at the Donlin
Gold project. We are delighted to have a seasoned executive with
his talent join NOVAGOLD as CFO and I look forward to our
collaboration.”
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)1, 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 in the
footnote), 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 Contact: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 our goals and the potential
development and construction of the Donlin Gold project; 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 Company
will continue to advance the Donlin Gold project up the value chain
and generate value for our stakeholders; 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; 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 Gold Corporation
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 SEDAR+ 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 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.
NovaGold Resources (TSX:NG)
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