NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the
“Company”) (NYSE American, TSX: NG) today released its 2024 third
quarter financial results and provided 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 August 31, 2024, are presented in the consolidated financial
statements and quarterly report filed on Form 10-Q on October 2,
2024, 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 third quarter of 2024, the
following milestones were achieved:
- Donlin Gold
activities included:
- Metallurgical test
work (pilot plant) to confirm flowsheet optimizations advanced with
completion expected by year-end.
- Submission of the
majority of the Dam Safety Certification preliminary design
packages to the Alaska Department of Natural Resources (ADNR) on
June 17, 2024, with the final documents expected to be submitted by
year-end. Comments from ADNR are anticipated to be received in
2025.
- Updated resource
modelling by the Donlin Gold team and a third-party consultant
nearing completion.
- Incorporation of
field and geochemical data to update groundwater and surface water
models for operational and closure planning.
- Subsequent to the
third quarter, NOVAGOLD and Barrick held a Donlin Gold workshop in
Alaska to review the substantial work completed to date and to
discuss next steps for the Donlin Gold project and related
activities for 2025.
- 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 that include:
- Hosted Crooked
Creek and Georgetown residents on a tour of the Donlin Gold
project.
- Participated in a
public Open House in Anchorage, providing Alaskans with the
opportunity to learn more about the project and engage in open and
transparent discussions.
- Sponsored the RurAL
CAP Elder Mentor Program, connecting youth with Elders in Alaska
and fostering the sharing of values and knowledge between
generations.
- Increased
collaboration with the Alaska School Activities Association, a
statewide nonprofit organization dedicated to the development of
high school-level athletic, academic, and fine arts programs across
the State.
- NOVAGOLD reported
the following:
- Appointment of
Peter Adamek, a seasoned financial executive with over 20 years of
experience, as the Company’s new Vice President and Chief Financial
Officer.
- NOVAGOLD maintains
a strong financial position to continue to advance the Donlin Gold
project up the value chain, with a healthy treasury of $105.6
million in cash and term deposits as of August 31, 2024.
_______________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.
President’s Message
Focused on Finalizing Key Project
Activities to Drive the Donlin Gold Project
Development
During the third quarter of 2024, Donlin Gold advanced key
activities to position the project to update technical work and
cost estimates. Our commitment to a collaborative and inclusive
approach continues to benefit all shareholders and
stakeholders.
Principal activities included the advancement of metallurgical
test work at a pilot plant in Ontario, Canada to confirm proposed
optimizations to the flowsheet (with completion expected by
year-end), as well as updated resource modelling by the Donlin Gold
team and a third-party consultant that is also nearing completion.
In addition, recent Donlin Gold field data was used to update
groundwater and surface water models, while geochemical data
collection continues and will be used for closure planning. Our
work on the Dam Safety Certification continues to progress with the
majority of the preliminary design packages submitted to the ADNR
on June 17, 2024, with final documents expected to be submitted by
year-end. Comments from the ADNR on the Dam Safety Certification
preliminary design packages are anticipated in 2025.
These comprehensive efforts have delivered highly valuable
insights for the Donlin Gold LLC Board and its owners. Guiding our
strategy for the Donlin Gold project and its 2025 initiatives,
these activities were reviewed at our latest workshop in Alaska
with Barrick and will contribute critical data for advancing Donlin
Gold. NOVAGOLD is committed to advancing the project with a focus
on financial prudence, engineering excellence, environmental
responsibility, and a strong safety culture.
Our outreach in Alaska, particularly in the Yukon-Kuskokwim
(Y-K) region, and in Washington, D.C., has strengthened community
engagement and reinforces the project’s social license. The Company
appreciates the diligent contributions of the Donlin Gold team,
partners, and stakeholders, and remains dedicated to developing the
project to its full potential. With $105.6 million in cash and term
deposits as of August 31, 2024, NOVAGOLD is well-positioned to
support this effort.
We were very pleased to announce Peter Adamek’s appointment as
the Company’s new Vice President and Chief Financial Officer in the
third quarter. Peter is a seasoned financial executive with over 20
years of experience, most recently with Hudbay Minerals Inc. He
joins a leadership team that has consistently demonstrated
diligence and responsible capital stewardship while enhancing value
and upholding strong shareholder engagement.
Ongoing Engagement with Stakeholders and
Government to Enhance Donlin Gold’s Social License
In collaboration with Calista and TKC, the mineral and surface
rights holders, Donlin Gold LLC has made significant strides in
local community and government engagement across the Y-K region,
Alaska, and Washington, D.C. Strategically located on private land
designated by law for mineral development under the Alaska Native
Claims Settlement Act of 1971, the Donlin Gold project enjoys deep
involvement with Native Corporations, strengthening our connections
with people from the region and local government bodies.
Our enduring partnerships with Calista and TKC have been crucial
in advancing the project’s development and permitting efforts. Over
decades, our commitment to engaging with the 62 stakeholder
communities in the Y-K region has built meaningful relationships,
enhanced investment, and reinforced our social license. This
longstanding dedication underscores the approach of the Donlin Gold
project and its partners, Calista and TKC, to foster robust
relationships with both local communities and governmental entities
built on trust, transparency, respect and partnership.
In July, Donlin Gold hosted a project site tour for a group of
residents from Crooked Creek and the Native Village of
Georgetown.
In August, Calista, TKC, and Donlin Gold hosted a public Open
House in Anchorage, providing Alaskans with the opportunity to
learn more about the project and to engage in open and transparent
discussions. NOVAGOLD was in attendance to participate, interact,
and engage with key stakeholders.
These are just two examples of the many engagements Donlin Gold
prioritizes to raise awareness and maintain transparency around the
project.
Sustained Support and Participation in
Local Community and Environmental Initiatives Throughout the Y-K
Region
NOVAGOLD remains deeply committed to community and social
responsibility, upholding shared values at the Donlin Gold project
site and within the Y-K region. Through initiatives spanning
education, community wellness, cultural preservation, and
environmental stewardship, we support fisheries studies,
environmental activities, subsistence, cultural preservation
efforts, and various grants. Our collaboration with Calista and TKC
has driven a range of activities and projects over the past
quarter.
Since mid-2023, NOVAGOLD and Donlin Gold have intensified
efforts with our Alaska Native Corporation partners to monitor,
survey and engage in the dialogue on salmon fisheries in the
Kuskokwim and Yukon River watersheds. In the third quarter, we
focused on identifying opportunities to monitor, evaluate, and
strengthen salmon populations. Notably, we launched a salmon smolt
monitoring program on the George River, a tributary of the
Kuskokwim River, in partnership with the Village of Napaimute to
assess smolt health and migration patterns.
In addition, Donlin Gold and NOVAGOLD have supported the “In It
for The Long Haul” backhaul program for seven years now, collecting
and safely disposing of household hazardous and electronic waste
from Y-K villages. This year alone, approximately 140,000 pounds of
material were recycled, for an impressive total of approximately
803,000 pounds of hazardous materials removed from the Y-K region
since the program began in 2018.
Donlin Gold’s partnership with the Crooked Creek Traditional
Council has supported the Summer Youth Employment program,
providing local youth with hands-on experience in various work
environments while also assisting Elders. In the third quarter,
Donlin Gold continued sponsoring the RurAL CAP Elder Mentor
Program, which connects youth with Elders to foster
intergenerational knowledge and support academic engagement and
school readiness across the State. Donlin Gold also shipped
dictionaries to all school districts in the Y-K region for third
graders as part of The Dictionary Project, a national effort to
promote literacy and creative thinkers, a project they have
participated in annually since 2012.
Donlin Gold has also reaffirmed its commitment to the Alaska
School Activities Association, supporting high school-level
athletic, academic, and fine arts programs statewide. Donlin Gold’s
ongoing financial contributions highlight our steadfast dedication
to enhancing educational and extracurricular opportunities for
students throughout Alaska.
NOVAGOLD remains committed to stakeholder engagement and
community development working closely with Tribal communities and
Alaska Native Corporations to identify needs and collaboratively
develop solutions that enhance and uplift communities, fostering
sustainable growth and shared prosperity for future
generations.
Proactively Defending and Upholding
Current State and Federal Permits and Working to Secure Remaining
Key State Permits
Donlin Gold, in collaboration with Calista, actively supports
Federal and State agencies in defending the project’s permits
against legal challenges — a strategy that has proven highly
effective in maintaining permit approvals to date. The intricate
permitting process in the United States and Alaska demands years of
dedicated, transparent, and inclusive efforts to engage all
stakeholders, including those from the Y-K region. With a profound
understanding of the regulatory landscape, Donlin Gold and its
partners are committed to supporting Federal and State agencies
through any challenges to the project’s permits and are now
concentrating on securing the remaining State-level permits and
certificates needed for the project’s advancement. While
maintaining jurisdictional safety presents challenges, particularly
as regulations vary across regions, the State of Alaska stands out
as a stable and reliable investment environment. As the
second-largest gold-producing state in one of the world’s safest
countries for free enterprise2, Alaska offers investors stability
and certainty that their assets will remain secure. This makes the
rigorous permitting process a worthwhile endeavor in an
increasingly complex world.
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 briefing is complete and oral
arguments were held on August 30, 2024. A decision is anticipated
from the Alaska Superior Court by 2025.
In other State litigation, following an unsuccessful appeal to
the ADNR Commissioner, 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.
Additionally, briefing on Earthjustice’s appeal of the Alaska
Superior Court affirmation of ADNR’s issuance of the State pipeline
Right-of-Way (ROW) lease to the Alaska Supreme Court was completed
in February 2024. Oral arguments for both the water rights permits
and the State pipeline ROW are scheduled for November 12, 2024.
In the Federal litigation challenging the Donlin
Gold Joint Record of Decision, including the 404 permit and ROW for
portions of the pipeline crossing federal lands, the Court issued a
decision on September 30, 2024. The decision upheld the federal
agencies’ analysis on two of the three issues raised in the
litigation, but agreed with the plaintiffs that the federal
agencies took too narrow a view in analyzing the impact of a
theoretical release from the tailing storage facility. The Court
requested supplemental briefing on the appropriate remedy for
addressing this issue, which is due October 21, 2024, and response
briefing is due November 4, 2024. Donlin Gold is committed to
working with the federal agencies and all stakeholders on an
appropriate remedy to address the Court’s decision.
_______________2 Per the 2024 Mineral Commodity
Summaries Report
– https://pubs.usgs.gov/periodicals/mcs2024/mcs2024-gold.pdf.
Dedicated to Advancing Donlin Gold for
the Benefit of All Shareholders and Stakeholders
NOVAGOLD strongly believes that the Donlin Gold project
represents a compelling investment opportunity in the gold market,
especially amidst the scarcity of high-quality assets in secure
jurisdictions and the gold price recently reaching an all-time
high. Situated in Alaska — a well-established mining destination —
Donlin Gold holds significant potential. The project boasts
approximately 39 million ounces of gold at a grade of 2.24 grams
per tonne in Measured and Indicated Mineral Resources, inclusive of
Proven and Probable Mineral Reserves3. This robust asset, with a
projected mine life of 27 years and average annual gold production
in excess of a million ounces per year, is not only projected to be
a low-cost, open-pit producer, but it also offers exploration
upside — extending beyond the currently defined resource areas,
which represent less than half of the presently identified
eight-kilometer mineralized trend.
Advancing Donlin Gold through its successive development phases
responsibly and effectively remains our top priority. Since 2012,
NOVAGOLD has enhanced the project’s value without additional equity
issuances, underscoring our dedication to strategic growth and
value creation. In the current macro environment, characterized by
complex and volatile market conditions, Donlin Gold stands out as a
rare and truly exceptional “Tier 1 Asset” located in one of the
world’s top mining jurisdictions. With its impressive profile,
low-cost structure, and substantial exploration potential, Donlin
Gold is well positioned to become one of the best gold development
projects which epitomizes both stability and opportunity.
These numerous accomplishments reflect the hard work and
diligence of our entire team — from managing Donlin Gold operations
to engaging with State and Federal agencies, conducting studies,
and reaching out to communities across a vast region. Our
environmental, educational, and social initiatives further
underscore our longstanding and genuine dedication. We extend our
heartfelt thanks to our colleagues and partners at Donlin Gold,
Calista, TKC, and NOVAGOLD, as well as to our Board of Directors
for their unwavering efforts and collaboration. We remain as
committed as ever to advancing the Donlin Gold project safely and
responsibly, with a clear focus on creating substantial value.
We deeply appreciate the unwavering support and trust of our
long-term shareholders, whose commitment and guidance have been
instrumental to the Company’s success. The remarkable dedication of
these esteemed investors, which include some of the most respected
names in the investment community, constitutes the cornerstone of
our progress. We deeply value their decision to invest in our
company as well as their constant and insightful engagement. As
custodians of NOVAGOLD, we remain resolutely focused on executing
our strategy and advancing the Donlin Gold project with the highest
standards of safety and social responsibility. Our paramount
objective is to enhance shareholder and stakeholder value, echoing
both the confidence and conviction that our shareholders have
placed in us.
Sincerely,
Gregory A. Lang
President & CEO
_______________3 Donlin Gold data as per the
report titled “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.
Financial Resultsin thousands of U.S. dollars,
except for per share amounts
|
Three monthsendedAugust 31,
2024$ |
|
Three monthsendedAugust 31,
2023$ |
|
Nine months endedAugust
31, 2024$ |
|
Nine monthsendedAugust 31,
2023$ |
|
General and administrative expense(1) |
5,120 |
|
5,243 |
|
18,982 |
|
16,385 |
|
Share of losses – Donlin Gold |
2,814 |
|
3,978 |
|
9,765 |
|
15,996 |
|
Total operating expenses |
7,934 |
|
9,221 |
|
28,747 |
|
32,381 |
|
|
|
|
|
|
Loss from operations |
(7,934) |
|
(9,221) |
|
(28,747) |
|
(32,381) |
|
Interest
expense on promissory note |
(3,833) |
|
(3,433) |
|
(11,132) |
|
(9,589) |
|
Interest
and dividend income |
1,194 |
|
1,501 |
|
4,265 |
|
4,180 |
|
Other income, net |
(14) |
|
(66) |
|
1,708 |
|
904 |
|
Accretion of notes receivable |
— |
|
145 |
|
— |
|
579 |
|
Income tax expense |
(156) |
|
— |
|
(855) |
|
(75) |
|
Net loss |
(10,743) |
|
(11,074) |
|
(34,761) |
|
(36,382) |
|
|
|
|
|
|
Net Loss per share, basic and diluted |
(0.03) |
|
(0.03) |
|
(0.11) |
|
(0.11) |
|
|
|
|
|
|
|
|
|
At |
|
At |
|
|
|
|
August 31,
2024$ |
|
November 30,2023$ |
|
Cash and term deposits |
|
|
105,572 |
|
125,749 |
|
Total assets |
|
|
114,731 |
|
133,290 |
|
Total liabilities |
|
|
152,540 |
|
141,513 |
|
(1) Includes
share-based compensation expense of $515 and $2,225 in the third
quarter of 2024 and 2023, respectively, and $5,319 and $6,526 in
the first nine months of 2024 and 2023, respectively.
In the third quarter of 2024, net loss decreased by $331 from
the comparable prior year period. The decrease was primarily due to
lower stock-based compensation expense related to forfeiture of
options and performance share units and lower field expenses at
Donlin Gold partially offset by higher general and administrative
costs, increased interest expense on the promissory note and lower
interest income on cash and term deposits. 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 professional fees and employee
compensation. Professional fees increased due to consulting fees
primarily related to ongoing efforts to enhance the value of the
Donlin Gold project by evaluating alternatives to further advance
the project. Salaries and benefits increased primarily due to
hiring of additional staff. Income tax expense relates to 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 during the first quarter of 2024.
Liquidity and Capital
Resources
In the third quarter and first nine months of 2024, cash
equivalents decreased by $6,996 and $177, respectively, primarily
due to Donlin Gold funding and corporate general and administrative
costs, partially offset by interest income on cash and proceeds
from term deposits. The increase in cash used in operating
activities in the third quarter and first nine months of 2024 from
the comparable prior year periods was primarily due to increased
corporate general and administrative costs and a net change in
working capital. Funding requirements for Donlin Gold were
substantially lower in the first nine months of 2024 than the
comparable prior year period.
2024 Outlook
Our anticipated cash expenditures in fiscal year 2024 continue
to be 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 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 culture on safety, sustainability, and the environment;
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, 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 October 3, 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 |
|
|
|
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 footnote 3) 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 and government
engagement, and other environmental, educational and cultural
initiatives 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.
_______________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 2021 Technical Report
and the S-K 1300 Technical Report Summary. Please see footnote 3
above.
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 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; sufficiency of working capital; 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 safely, socially
responsibly and to generate value for our stakeholders; 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; the completion of test work and modeling 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.
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