NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the
Company”) (NYSE American, TSX: NG) today released its 2024 second
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 May 31,
2024, are presented in the consolidated financial statements and
quarterly report filed on Form 10-Q on June 26, 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 second quarter of 2024, the following milestones
were achieved:
- Donlin Gold activities included:
- Advancement of metallurgical test work
(pilot plant) to confirm proposed optimizations to the
flowsheet;
- The preliminary design packages for the
Dam Safety Certification were submitted on June 17, 2024;
- Progression of regional infrastructure
support planning to narrow the scope of work and advance regional
energy partnership opportunities;
- Incorporation of
recent Donlin Gold field data in geosciences and hydrology to
update the groundwater model and surface water model, and
continuation of data collection to update geochemical
characteristics for closure planning; and
- Ongoing resource modelling by a
third-party consultant.
- In collaboration with Calista
Corporation (“Calista”) and The Kuskokwim Corporation (TKC), Donlin
Gold achieved significant milestones in education, health and
safety, cultural preservation, and environmental initiatives:
- Finalized an additional Shared Values
Statement in the Yukon-Kuskokwim (Y-K) region near the project,
increasing the total to 17;
- Held the third Subsistence Community
Advisory Committee (SCAC) meeting in Aniak;
- Identified and began planning for
specific project opportunities aimed at monitoring, evaluating, and
enhancing the health of salmon populations throughout the Y-K
region;
- Participated in a three-day Alaska
Native Village Corporation Association (ANVCA) conference in
Anchorage, presenting on revenue sharing and addressing questions
on funding and rural Alaska opportunities;
- Sponsored the Alaska School Activities
Association (ASAA) March Madness Alaska basketball tournament;
and
- Financially supported various
educational initiatives and programs, including the Lower Kuskokwim
School District’s annual college and career fair.
- Joined the Crooked Creek Traditional
Council on a visit to Washington, D.C. to voice their support for
the Donlin Gold project in meetings with the U.S. Department of
Justice and Alaska Congressional Delegation;
- Received continued support from U.S.
Senators Lisa Murkowski and Dan Sullivan and U.S. Representative
Mary Peltola, who jointly submitted an amicus brief in Federal
court, referring to Donlin Gold as one of the State’s “most
important and necessary economic development projects”; and
- NOVAGOLD extends its sincere
appreciation to David Ottewell, its long-serving Vice President and
Chief Financial Officer (CFO) and wishes him well on his upcoming
retirement. The Company would also like to welcome and congratulate
Peter Adamek, who will replace Mr. Ottewell as CFO effective July
15, 2024.
President’s Message
Continued Technical Efforts Enhancing Donlin Gold’s
Project Development
As NOVAGOLD advanced its Donlin Gold work in the second quarter,
the Company maintained its steadfast commitment to moving the
project forward through a collaborative and inclusive approach to
benefit all shareholders and stakeholders. Key activities included
ongoing resource modelling by a third-party consultant to further
enhance and update the resource model; metallurgical test work with
a pilot plant in Ontario, Canada to confirm proposed optimizations
to the flowsheet, which is expected to be completed in 2024;
updating of the groundwater and surface water models by
incorporating recent Donlin Gold field data from geosciences and
hydrology, while continually collecting data to update geochemical
characteristics for closure planning; and further progression of
regional support infrastructure planning to narrow the scope of
work and advance regional energy partnership opportunities.
In addition, significant outreach endeavors were conducted in
Alaska, particularly in the Y-K region, as well as in Washington,
D.C. These efforts aimed to support community engagement and
permitting initiatives to reinforce the project’s social license.
We deeply appreciate the diligent and highly effective
contributions made by the Donlin Gold team, our partners, and
broader stakeholders in that regard.
Since NOVAGOLD’s restructuring in 2012, our primary objective
has been crystal clear: namely, to propel the development of Donlin
Gold, our prized asset in Alaska, to its fullest potential. With
unyielding determination, we have remained fully committed to the
pursuit of this mission. The next logical and critical step is now
to update the feasibility study, with the aim of positioning Donlin
Gold favorably for a construction decision. Our dedication to
advancing this flagship project underscores our unwavering loyalty
to our stakeholders and long-term shareholders, ensuring that their
trust and investment are met with tangible progress and value
creation.
Fostering Relationships with Local Communities Bolstered
by Alaska Native Corporation Partnerships and Government
Backing
Supported by decades of consistent community outreach with our
partners in the project’s region, NOVAGOLD is committed to
meaningful engagement throughout Alaska. The project, situated on
private land designated by law for mining activities under the
Alaska Native Claims Settlement Act of 1971 (ANCSA), enjoys strong
Native Corporation participation and ownership, which facilitates
comprehensive local stakeholder outreach as well as government
engagement efforts in both Alaska and Washington, D.C.
During the second quarter, an additional Shared Values Statement
was finalized with a Y-K region community by Donlin Gold,
increasing the total to 17. This achievement emphasizes our
long-standing dedication to sustained engagement with local
communities. These documents formalize our current engagement with
key local communities, builds upon established long-term
relationships, and addresses tangible issues such as water, sewer,
and solid waste projects; the ice road linking remote villages in
the Y-K region; studies on salmon and other aquatic life; and
initiatives including suicide prevention advocacy and public
safety.
Donlin Gold, Calista, and TKC also conducted their third SCAC
meeting, which took place in Aniak. This committee reflects the
ongoing commitment to establishing a structured process for
communication, dialogue, problem-solving, and gathering input from
the broader community on subsistence matters. In addition, together
with Calista, Donlin Gold participated in a three-day ANVCA
conference in Anchorage. The Company’s presentation focused on
revenue sharing among Native Corporations in Alaska and addressed
inquiries regarding statewide funding and rural opportunities.
Moreover, Donlin Gold traveled with the Crooked Creek
Traditional Council to Washington, D.C., voicing their support of
the Donlin Gold project directly to the U.S. Department of Justice
and Alaska Congressional Delegation. In April, U.S. Senators Lisa
Murkowski and Dan Sullivan, and U.S. Representative Mary Peltola,
submitted a joint amicus brief in Federal Court referring to Donlin
Gold as one of the State’s “most important and necessary economic
development projects” in “one of the most impoverished regions in
Alaska”. These efforts, combined with the bipartisan outreach
campaign and support from the U.S. Department of Justice, along
with the receipt of the Federal Record of Decision and 404 permit
that was issued by the U.S. Army Corps of Engineers and Bureau of
Land Management in 2018, help further solidify the importance of
engagement and preparedness throughout the rigorous permitting
process.
Devoted Support to Environmental and Social Initiatives
in the Y-K Region
NOVAGOLD prioritizes community and social responsibility,
ensuring shared values are upheld at both the Donlin Gold project
site and within the Y-K communities. Through initiatives focused on
education, community wellness, cultural preservation, and
environmental stewardship, Donlin Gold supports a broad range of
activities, grants, and projects.
From an environmental standpoint, the conditions and management
of salmon fisheries in the Kuskokwim and Yukon River watersheds
have been monitored and assessed since 2023. Our focus with local
tribes centered on identifying specific project opportunities to
enhance salmon population health. This involved collaborating
closely with our Alaska Native Corporation partners to plan and
initiate a juvenile salmon monitoring project in the George River,
a major tributary of the Kuskokwim River.
Donlin Gold proudly continues to support the annual “Clean-Up
Green-Up” program, aimed at collecting and properly disposing of
winter trash from the tundra, roads, public areas, and beaches in
the Y-K region. This initiative assists 47 communities throughout
the region. Donlin Gold's Community Development Coordinator,
Rebecca Wilmarth, and Interim General Manager, Enric Fernandez,
were honored to witness the Iditarod Sled Dog Race finish and
personally extend their congratulations to Donlin Gold employee,
Pete Kaiser, on obtaining his ninth top 10 finish in the race.
NOVAGOLD is dedicated to advancing educational opportunities in
Alaska, actively promoting learning through collaborative efforts
and serving as a key component of Donlin Gold’s broader community
engagement initiatives. In March, Donlin Gold continued its
collaboration with the ASAA, participating in their March Madness
Alaska basketball tournament — one of the State’s largest high
school championship events. Donlin Gold also sponsored the Lower
Kuskokwim School District’s annual college and career fair. Pete
Kaiser, who is actively involved in community youth engagement and
suicide prevention advocacy, served as the event’s keynote speaker.
Furthermore, Donlin Gold provided financial assistance to Carry the
Cure’s 15th annual Iditarod outreach suicide prevention event in
March. This gathering, held in local Y-K villages including
Tununak, Toksook Bay, Nightmute, and Kasigluk, underscores Donlin
Gold's commitment to addressing the high suicide rates prevailing
among teens in Western Alaska by providing crucial messaging and
support.
Sustained Collaboration to Uphold Active Permits and
Secure Remaining State Permits
Donlin Gold works closely with Calista and TKC to support
Federal and State agencies in defending the project’s permits from
appeals. All Donlin Gold permit appeals have been unsuccessful to
date, highlighting the importance of thorough permitting processes.
Permitting in the United States and Alaska constitutes a rigorous
endeavor, requiring years of dedicated efforts to ensure diligence,
transparency, and inclusivity in engaging all stakeholders,
including those from the Y-K region.
At this time, work on the Dam Safety Certification continues to
progress. Donlin Gold, Calista and TKC met with the Independent
Technical Review Board in May to discuss the preliminary design
packages, which were submitted to the ADNR on June 17, 2024.
In State litigation, after unsuccessful appeals to the ADNR
Commissioner and Alaska Superior Court regarding Donlin Gold’s
water rights permits, Earthjustice submitted their opening brief to
the Alaska Supreme Court in January. The State of Alaska, Calista,
and Donlin Gold filed their response briefs in the second
quarter.
Earthjustice filed its opening brief in its appeal of the Alaska
Department of Environmental Conservation (ADEC) Commissioner’s
decision affirming the 401 Water Quality Certification with the
Alaska Superior Court in January, while the State of Alaska,
Calista, and Donlin Gold filed their briefs in April. Briefing is
now complete and oral argument has been scheduled for August 30,
2024.
In the Federal litigation challenging the Donlin Gold Joint
Record of Decision and 404 permit, Earthjustice filed their opening
brief in February and the U.S. Department of Justice, the State of
Alaska, Calista, and Donlin Gold filed their response briefs in the
second quarter. Oral arguments were held on June 24, 2024. A
decision is anticipated by early 2025.
With a comprehensive understanding of the project’s permitting
and regulatory procedures, Donlin Gold, alongside Calista and TKC,
remains committed to supporting Federal and State agencies in
defending the permits and securing the remaining state-level
permits and certificates crucial for the project’s advancement.
Unyielding Dedication to Maximizing the Value of the
Donlin Gold Project for All Stakeholders and
Shareholders
With resolute confidence, NOVAGOLD views the Donlin Gold project
as a prime investment opportunity in the gold market, particularly
given the scarcity of good quality assets in safe jurisdictions.
Located in Alaska, a secure and proven mining destination and the
second largest gold-producing state in the United States2, the
project holds unparalleled potential, compounded by our sustained
commitment to guiding this remarkable asset through its progression
up the value chain in a responsible manner. Donlin Gold stands out
as one of the top development assets in the industry, boasting
approximately 39 million ounces of gold with a grade of 2.24 grams
per tonne in Measured and Indicated Mineral Resources (100%
basis)3. Additionally, exploration opportunities extend beyond the
current resource areas which cover only a fraction of the project’s
extensive land package. With a truly exceptional profile as a
low-cost, open-pit, million-ounce producer for decades, Donlin Gold
also enjoys outstanding exploration upside. Testament to the rigor
of our strategy, the Company consistently elevated Donlin Gold's
value without requiring additional equity issuances since 2012,
with treasury standing at $113 million as of May 31, 2024.
Appreciative of our shareholders’ staunch support and valuable
guidance, we remain committed to enhancing shareholder and
stakeholder value responsibly, acknowledging their crucial presence
and long-term interests. Their decision to invest in our company
and their continued solidarity and engagement are deeply valued. As
custodians of the Company, we are laser-focused on executing our
strategy and enhancing the value of the Donlin Gold project in a
safe and responsible manner to yield substantial progress and value
creation.
In closing, on behalf of the entire NOVAGOLD team, I extend our
heartfelt gratitude to our esteemed colleague David Ottewell for
his many years of dedicated service and wish him well on his
upcoming retirement. To our valued partners at Donlin Gold,
Calista, and TKC, we express our profound appreciation for their
collaboration and active participation. And last but not least, I
wish to recognize and personally commend the unwavering
determination, guidance, and support of our respected Board of
Directors.
Sincerely,
Gregory A. LangPresident & CEO
Financial Results
in thousands of U.S. dollars, except for per share amounts
|
Three months endedMay 31,
2024$ |
Three months endedMay 31,
2023$ |
Six months endedMay
31, 2024$ |
Six months endedMay
31, 2023$ |
General and administrative expense (1) |
7,603 |
|
5,535 |
|
13,862 |
|
11,142 |
|
Share of losses – Donlin Gold |
3,990 |
|
7,543 |
|
6,951 |
|
12,018 |
|
Total operating expenses |
11,593 |
|
13,078 |
|
20,813 |
|
23,160 |
|
|
|
|
|
|
Loss from operations |
(11,593) |
|
(13,078) |
|
(20,813) |
|
(23,160) |
|
Interest expense on promissory note |
(3,702) |
|
(3,212) |
|
(7,299) |
|
(6,156) |
|
Interest and dividend income |
1,520 |
|
1,350 |
|
3,071 |
|
2,679 |
|
Other income (expense), net |
674 |
|
74 |
|
1,722 |
|
970 |
|
Accretion of notes receivable |
— |
|
217 |
|
— |
|
434 |
|
Income tax expense |
(599) |
|
— |
|
(699) |
|
(75) |
|
Net loss |
(13,700) |
|
(14,649) |
|
(24,018) |
|
(25,308) |
|
|
|
|
|
|
Loss per share, basic and diluted |
(0.04) |
|
(0.04) |
|
(0.07) |
|
(0.08) |
|
|
|
|
|
|
|
|
|
At |
At |
|
|
|
May 31,
2024$ |
November 30, 2023$ |
Cash and term deposits |
|
|
112,568 |
|
125,749 |
|
Total assets |
|
|
121,577 |
|
133,290 |
|
Total liabilities |
|
|
149,049 |
|
141,513 |
|
(1) |
Includes share-based compensation expense of $2,395 and $2,140 in
the second quarter of 2024 and 2023, respectively; and $4,804 and
$4,301 in the first six months of 2024 and 2023, respectively. |
In the second quarter and the first six months of 2024, net loss
decreased by $949 and $1,290, respectively, from the comparable
prior year periods. The decreases were primarily due to lower field
expenses at Donlin Gold, increased interest income on cash and term
deposits, and increases in the fair value of marketable securities,
partially offset by higher general and administrative costs and an
increase in interest expense on the promissory note. Donlin Gold
expenses were lower with reduced site activity in 2024, compared to
fieldwork and geotechnical drilling for the Alaska Dam Safety
certificates and hydrological drilling to support mine planning and
design in 2023. General and administrative expenses increased
primarily due to higher employee compensation and professional
fees. Share-based compensation, salaries and benefits increased due
to promotions and hiring of additional staff. Professional fees
increased due to consulting fees primarily related to our
evaluation of options to advance the Donlin Gold project. Income
tax expense is a result of passive income taxable in Canada on a
portion of interest income earned by U.S. subsidiaries, and for
withholding taxes on the sale of the San Roque project in
Argentina.
Liquidity and Capital Resources
In the second quarter and first six months of 2024, cash
equivalents increased by $15,065 and $6,819, respectively,
primarily due to $20,000 in net proceeds from term deposits and
higher interest income, partially offset by Donlin Gold funding and
corporate general and administrative costs. The increase in cash
used in operating activities in the second quarter and first six
months of 2024 from the comparable prior year periods was primarily
due to increased corporate general and administrative costs.
Funding requirements for Donlin Gold were substantially lower in
the second quarter and first six months of 2024 than in the
comparable prior year periods.
2024 Outlook
Our anticipated expenditures in fiscal year 2024
are approximately $31,200, including $14,250 to fund the Donlin
Gold project, and $16,950 for corporate general and administrative
costs.
NOVAGOLD’s primary goals in 2024 are to aid and enable the
strategic direction developed and approved by the board; advance
Donlin Gold toward a feasibility study/construction
decision/production; maintain a favorable reputation of the Company
and its project among shareholders; promote a strong ESG culture
including safety, community outreach, sustainability and
environment; manage Company treasury effectively and efficiently;
and streamline corporate structure. 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 June 27, 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: |
1-844-763-8274 |
International callers: |
+1-647-484-8814 |
NOVAGOLD’s quarterly reporting schedule for the
remainder of 2024 will be as follows:
▶ |
Q3
2024 – Wednesday, October 2, 2024; 10-Q 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 11:00 am ET /
8:00 am PT to discuss Q3 financial results. |
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company, solely
focused on the responsible and sustainable development of its
flagship Donlin Gold project in Alaska, one of the safest mining
jurisdictions in the world4. The Donlin Gold project, in equal
partnership with Barrick, is positioned to be one of the world’s
largest gold mines, with approximately 39 million ounces of gold in
the Measured and Indicated Mineral Resource (541 million tonnes at
an average grade of approximately 2.24 grams per tonne, on a 100%
basis) 5 categories, inclusive of Proven and Probable Mineral
Reserves. According to the 2021 Technical Report and the S-K 1300
Technical Report Summary (both as defined in the footnote below)
Donlin Gold is expected to produce an average of approximately one
million ounces of gold over a 27-year mine life on a 100% basis.
There’s substantial exploration potential beyond the designed
footprint of the Donlin Gold open pit, which currently covers three
kilometers of an approximately eight-kilometer-long gold-bearing
trend. Current activities at the Donlin Gold project focus on state
permitting, engineering studies, community engagement, and
workforce development in preparation for the eventual construction
and operation of this project. With a robust balance sheet,
NOVAGOLD is well positioned to finance its share of current
activities.
NOVAGOLD Contacts:Mélanie HennesseyVice
President, Corporate Communications604-669-6227 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 commencing 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; continued cooperation
between the owners of Donlin Gold LLC to advance the project; 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; disease pandemics; 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, development and eventual construction of
the Donlin Gold property; the need for additional capital if
NOVAGOLD determined to proceed with an updated feasibility study on
its own; 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 on 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 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 Per the 2024 Mineral
Commodity Summaries Report -
https://pubs.usgs.gov/periodicals/mcs2024/mcs2024-gold.pdf. 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 Technical Report Summary”),
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 1300.4 Per Mining
Journal intelligence – World Risk Report 2023 Alaska received an AA
rating, ranks number 3 globally on the Investment Risk index and is
in the top quartile for low-risk in each category (Legal,
Governance, Social, Fiscal and Infrastructure).5 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 Technical Report Summary”), 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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