NOVAGOLD Reports Fiscal Year 2023 Financial Results
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Insights
From a financial perspective, NOVAGOLD's announcement of a healthy treasury with $126 million in cash and term deposits is a positive indicator of the company's liquidity and financial stability. The $25 million note payment from Newmont, a significant player in the mining industry, further reinforces NOVAGOLD's fiscal strength. This financial cushion is crucial as it allows the company to continue investing in the Donlin Gold project without the immediate need for external financing, which could dilute shareholder value. The funding allocation towards advancing permits and enhancing the project's value chain suggests a strategic approach to resource development, with potential long-term benefits for investors. However, the capital-intensive nature of mining and the long lead times to production necessitate continuous monitoring of commodity prices, operational costs and geopolitical factors that could impact the project's feasibility and returns.
From an engineering standpoint, the completion of comprehensive fieldwork and geotechnical drilling for the Alaska Dam Safety certification is a critical step towards the project's development. The focus on optimizing key design components such as mine engineering, metallurgy and hydrology indicates a methodical approach to enhancing operational efficiency and sustainability. The installation of a Tailings Storage Facility (TSF) test plot liner is noteworthy, as it demonstrates NOVAGOLD's commitment to environmental stewardship and adherence to industry best practices for tailings management. The successful fieldwork completion reflects the company's capability to execute complex projects, which is essential for investor confidence. However, the mining sector is known for its technical challenges and unforeseen complications. Therefore, ongoing risk assessments and adaptive management strategies are imperative to mitigate potential setbacks that could affect project timelines and costs.
The emphasis on Environmental, Social and Governance (ESG) disclosure aligns with the growing investor demand for responsible mining practices. NOVAGOLD's reporting in accordance with the Carbon Disclosure Project (CDP) and Task Force on Climate-Related Financial Disclosures (TCFD) frameworks enhances transparency and could improve the company's appeal to ESG-focused investors. The project's location on private land designated for mining under the Alaska Native Claims Settlement Act and the collaboration with Native Alaskan landowners, underscore the company's commitment to upholding its social license to operate. Such initiatives not only mitigate environmental and social risks but also foster community support, which is crucial for the smooth progression of the project. The proactive engagement with stakeholders and governments, alongside cultural preservation and community wellness initiatives, reflects a holistic ESG strategy that could lead to sustainable long-term value creation for shareholders.
Completion of 2023 Fieldwork, Permits Maintained, and Continuous Work at Donlin Gold that Enhances the Project’s Value and Visibility
Strong Treasury of
Welcomed Ben Machlis as VP General Counsel & Promoted Richard Williams as COO
- NOVAGOLD’s treasury remains healthy with
$126 million in cash and term deposits as of November 30, 2023, which includes the$25 million note payment received from Newmont in July 2023, keeping NOVAGOLD in a strong financial position to advance the Donlin Gold project up the value chain. - The Donlin Gold fieldwork was safely and successfully completed in July with a total of 44 direct hire employees,
63% being from the Yukon-Kuskokwim (Y-K) region. - Trade-off studies and extensive analysis on project assumptions, inputs, design components for optimization (mine engineering, metallurgy, hydrology, power, and infrastructure) were advanced to inform the next steps in taking the project further up the value chain.
VANCOUVER, British Columbia, Jan. 24, 2024 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the Company”) (NYSE American, TSX: NG) today released its fiscal year 2023 financial results and an update on Donlin Gold, its Tier One11 gold development project which NOVAGOLD owns equally with Barrick Gold Corporation (“Barrick”).
Details of the financial results for the year ended November 30, 2023, are presented in the consolidated financial statements and annual report on Form 10-K filed on January 24, 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 2023, the following milestones were achieved at NOVAGOLD and Donlin Gold:
- Successfully completed the Donlin Gold field program in July, which encompassed:
- The completion of comprehensive fieldwork and geotechnical drilling required to complete the Alaska Dam Safety certification applications;
- Fieldwork to further characterize groundwater flow at the site, including 1,279 m of hydrogeologic drilling with instrumentation and pump tests, providing important information for mine planning and design;
- Lyman family’s historic placer site restoration, with pond habitat creation advanced; anticipated aquatic life access and use planned for the 2024 field season.
- Held meetings in Alaska with State officials and the U.S. Army Corps of Engineers (“Corps”) – in partnership with Calista Corporation (“Calista”) and the village of Crooked Creek – to emphasize the project's comprehensive environmental review and permitting processes, as well as the close collaboration with Native Alaskan landowners.
- Further enhanced NOVAGOLD’s Environmental, Social and Governance (ESG) disclosure by reporting in alignment with the Carbon Disclosure Project (CDP) and Task Force on Climate-Related Financial Disclosures (TCFD) frameworks.
- Approved in December a Donlin Gold budget of
$28.5 million (100% basis) for 2024 comprising of resource modelling, mine planning work, metallurgical test work (pilot plant), regional infrastructure support plan, geoscience hydrology and closure planning, advance dam safety certificates, support litigation activities, as well as government affairs, community engagement and sponsorships at the Donlin Gold LLC board level.
President’s Message
Driving the Donlin Gold Project Toward Development Through Unwavering Commitment and Persistent Work
NOVAGOLD’s singular focus on advancing its exceptional project up the value chain is first and foremost demonstrated through the Company’s increased investments in, and expanded partnerships with, communities of the Y-K region. The extensive work completed on the Donlin Gold project in 2023 and to date has added considerable value for all stakeholders, including Alaska residents and NOVAGOLD shareholders, and contributed significantly to positioning the project for the next stage of development. The safe and successful completion of this latest fieldwork program serves as yet another testament to the exceptional teamwork, dedication, strategic planning, and adherence to health and safety protocols by our employees, contractors, and the communities where we operate.
In February 2023, the Donlin Gold camp re-opened with a total workforce of 44 direct hire employees –
At the historic Lyman placer site, restoration work included significant pond habitat creation. Additional work including reconnecting the pond to Crooked Creek to facilitate aquatic life access and use is planned for the 2024 field season.
Work included advancing the geologic and resource models; trade-off studies, extensive analysis on key project assumptions, inputs, and design components for validation and optimization (mine engineering, metallurgy, hydrology, and infrastructure) to inform the next steps in taking the project further up the value chain. Additionally, remaining permits were advanced through the regulatory process, continued support of the Federal and State agencies in maintaining the existing permits; and through continued engagement, sustaining and expanding project support in the Y-K region.
The Donlin Gold LLC board and the project’s owners are firmly committed to prioritizing engineering excellence, environmental stewardship, a robust safety culture, and sustained community engagement in this endeavor.
Alongside Native Corporation Partners, Calista and TKC, Upholding Donlin Gold’s Social License Through Continuous and Meaningful Engagement with All Stakeholders
In collaboration with Calista and The Kuskokwim Corporation (TKC), Donlin Gold actively engages stakeholders and governments in the Y-K region, Alaska, and Washington, D.C. The project's location on private land designated by law for mining under the 1971 Alaska Native Claims Settlement Act is a distinctive feature, setting it apart from other mining assets in Alaska and guiding our advocacy efforts. Donlin Gold’s enduring partnerships with Calista and TKC are pivotal in facilitating comprehensive outreach throughout the Y-K region. Our commitment to meaningful tribal engagement, reinforced by decades of deep community involvement, is integral to the project's development. These time-tested bonds continue to drive all aspects of our outreach and engagement activities.
In 2023, Donlin Gold reaffirmed this commitment by appointing additional community liaison representatives from the local villages of Nunapitchuk, Tuluksak, Pilot Station, and Kwigillingok – expanding the group’s total to eight. It also established three additional Shared Values Statements, for a total of 16, which formalize Donlin Gold’s ongoing engagement with local communities, reinforce existing long-term relationships, and address specific community needs. This past year, Donlin Gold conducted over 7,000 direct engagements, establishing meaningful interactions and communication channels with key stakeholders. These activities encompassed a diverse range of interactions – including discussions, consultations, and collaborative sessions – underscoring our commitment to fostering transparent and open dialogue with those individuals and institutions that are essential to Donlin Gold’s success.
In collaboration with Calista and the village of Crooked Creek, Donlin Gold continued its proactive bipartisan outreach in Alaska to emphasize the thoroughness of the project’s environmental review and permitting procedures, alongside strong partnerships with Native Alaskans who own the land. This comprehensive effort extended to Washington, D.C., where gatherings were held with members of Alaska’s Congressional delegation and senior leadership from the U.S. Department of Interior. The ongoing bipartisan outreach campaign targeted the Biden Administration and the U.S. Congress, with notable participants including U.S. Senators Lisa Murkowski and Dan Sullivan, along with U.S. Representative Mary Peltola from the Y-K region. Furthermore, Donlin Gold received recognition from Rep. Peltola at the Alaska Oil & Gas Association’s Annual Conference, acknowledging the Company’s exceptional project outreach and community engagement efforts. Donlin Gold’s commitment to fostering positive relationships and actively involving local communities in the Y-K region reflects the importance we place on responsible and sustainable resource development in Alaska.
Advancing Cultural Preservation, Education, Community Wellness, and Environmental Initiatives in the Y-K Region
NOVAGOLD maintains a longstanding commitment to education, community wellness, cultural preservation, and environmental stewardship – actively reinforcing these goals at the Donlin Gold project site and within the communities of the Y-K Region. With a focus on supporting initiatives such as fisheries studies, environmental activities, subsistence, cultural preservation, and grants, NOVAGOLD strongly emphasizes community and social responsibility. Through continuous collaboration with Calista and TKC, alongside other key representatives of local communities, our collective efforts provide critical support to the Y-K region. This ongoing commitment ensures the sustainable and profitable development of Donlin Gold in the years to come, with a diverse array of projects and activities contributing to these overarching objectives in 2023.
Donlin Gold supported various search and rescue teams throughout the Y-K region, provided funding to the Bethel Community Services Foundation and Special Olympics Alaska, as well as sponsored and participated in the Alaska Safe Riders initiative, which promotes the safe riding of snowmachines, all-terrain-vehicles and recreational off-road vehicles. In addition, NOVAGOLD, in collaboration with Covenant House Alaska and Bethel Community Services, is developing an action plan to help address chronic and ongoing youth food insecurity in the Y-K region. These parties have successfully leased space from Bethel Winter House towards establishing a housing and service hub for young adults aged 18 to 24. Furthermore, Donlin Gold partnered with the Bethel Community Services Foundation and the Aruqutet Project on a regional program to address food insecurity throughout the Bethel community. Over 550 local households are enrolled in the program to date. Employing local staff and committed volunteers has proven critical to the program’s success.
As an annual sponsor of the Rural Alaska Community Action Program, Donlin Gold upholds its longstanding support by recruiting and placing local elders in Y-K schools. This program facilitates the transmission of traditional knowledge and values, enriching the educational experience for students across the region. In addition, Donlin Gold has strengthened its sponsorship of the First Alaskans Institute, as well as extended support and actively participated in key events such as the Elders & Youth statewide conference and the Alaska Federation of Natives annual convention. These sustained efforts foster cultural enrichment and community engagement.
In collaboration with the village of Napaimute, Donlin Gold actively participated in and provided principal support to the “In It For The Long Haul” backhaul program for the sixth year in a row. This vital project is dedicated to the collection, removal, and safe disposal of household hazardous and electronic wastes from villages across the Y-K region, preventing its adverse impact on landfills and waterways. The program achieved significant new milestones in 2023, including the removal of waste from fish camps in the Middle Kuskokwim area and the initiation of waste backhaul operations along the Yukon River. In total, this year’s program successfully collected and disposed of approximately 235,000 pounds of waste. Donlin Gold also supported 52 villages as part of the annual “Clean-Up Green-Up program”, which seeks to collect and dispose of trash from the tundra, roads, public areas and beaches in the Y-K region that accumulate over the winter months.
Donlin Gold has been increasingly focused on collaborating with our Alaska Native Corporation partners to monitor and assess the conditions and management of salmon fisheries in the Kuskokwim and Yukon River watersheds. In the fourth quarter of 2023, we initiated the identification of specific potential project opportunities aimed at monitoring, evaluating, and enhancing the health of salmon populations. In the coming first quarter, Donlin Gold will identify key projects to support with work expected to commence in the third quarter of 2024. All such projects will be executed in full collaboration and partnership with the people of the Y-K region. Furthermore, in collaboration with TKC, the village of Crooked Creek, the Akiak Native Community and the Napaimute Tribe, Donlin Gold provided financial support for the construction and maintenance of the ice roads that allow for winter travel between the remote Kuskokwim River communities – which, in turn, led to increased participation in community events, including cultural activities and sports, but also provided critical access for emergency services, law enforcement and travel. On average, a total of 300 miles of ice road is constructed and maintained annually.
Education is a cornerstone of Donlin Gold’s community engagement efforts, characterized by a steadfast commitment to advancing educational opportunities in Alaska. Collaborating closely with Alaska Resource Education, Donlin Gold actively supports the mission of educating Alaskan students about the state’s natural resources. In addition, the Company extends its dedication to education by backing the Alaska School Activities Association – a statewide non-profit organization that directs, develops, and supports high school interscholastic sports, academic, and fine arts activities across Alaska. NOVAGOLD also contributes to educational advancement by funding an annual scholarship at the University of Alaska. This scholarship is specifically designed to support underrepresented students pursuing majors in Mine Engineering and Geology, thereby contributing to the development of future talent in these essential professional fields.
Collaborating to Maintain Existing Permits in Good Standing and Secure Outstanding State Permits
Navigating the intricate permitting process in the United States and Alaska constitutes a rigorous undertaking, demanding years of dedicated effort to ensure a diligent, thorough, transparent, and inclusive approach that engages all stakeholders – particularly those from the Y-K region. Donlin Gold, alongside both its owners and its partners Calista and TKC, possesses a strong command of the project’s permitting and regulatory procedures and works closely with the Federal and State agencies to maintain the project’s permits in good standing, with a specific focus on advancing the Alaska Dam Safety Certificates.
Part of the 2023 field program was focused on geotechnical and hydrological drilling to gather supplementary data for the Alaska Dam Safety Certificates application process. The fieldwork concluded in July, and the team is on track to submit the preliminary design packages to the Alaska Department of Natural Resources (“ADNR”) in the first half of 2024. We anticipate the Certificates will be issued in 2026.
The new air quality permit based on updated air quality modeling and emissions controls information was issued in July 2023. The Alaska Pollutant Discharge Elimination System permit (“APDES”), which originally expired in 2023, and the Waste Management Permit, which originally was to expire in January 2024, are administratively extended pending renewal by the Alaska Departments of Environmental Conservation (“ADEC”). The Reclamation Plan approval, which was also to expire in January 2024, is administratively extended to January 2025.
On August 18, 2023, the ADNR Commissioner reaffirmed ADEC’s issuance of the 401 Certification (Alaska water quality certification) – following an appeal by Earthjustice, representing the Orutsararmiut Native Council (ONC). The suspension of the previously filed Alaska Superior Court case was then lifted and the Earthjustice and ONC’s opening brief was filed on January 5, 2024.
On September 1, 2023, the Alaska Superior Court affirmed the ADNR’s decision on Donlin Gold’s water rights permits, following unsuccessful appeal to the ADNR Commissioner. On October 2, 2023, Earthjustice appealed the Superior Court decision to the Alaska Supreme Court. Earthjustice filed their opening brief with the Supreme Court on January 4, 2023.
On April 12 and July 3, 2023, the Alaska Superior Court affirmed the ADNR’s issuance of the State Right-of-Way (“ROW”) lease in the Earthjustice and Robert Fithian cases, respectively. The decision in the Earthjustice case has been appealed to the Alaska Supreme Court. Earthjustice’s opening brief was submitted on September 22, 2023. The State of Alaska, Calista, and Donlin Gold’s reply briefs were submitted on January 3, 2023. Mr. Fithian did not appeal to the Alaska Supreme Court.
In the Federal litigation challenging the Donlin Gold Joint Record of Decision, including the 404 permit issued by the Corps and ROW lease for the portions of the pipeline located on Federal lands issued by the Bureau of Land Management of the U.S. Department of Interior, the U.S. Department of Justice (DOJ) is finalizing compilation of the Administrative Record for the court. The briefing schedule was agreed upon in the fourth quarter and will extend through the first half of 2024.
Despite the challenges mentioned above, all appeals against Donlin Gold permits have been unsuccessful to date – thereby reinforcing our confidence in the thorough permitting process. Acknowledging the importance of readiness and organization, along with unwavering support from Donlin Gold and its owners, we remain committed to backing all agencies in defending the comprehensive permitting processes. Our approach emphasizes preparedness for potential challenges to Federal and State permits, reflecting the normative landscape in the United States. The project’s leadership and litigation teams – which are intimately familiar with the permitting process and procedures – closely collaborate with Donlin Gold and its owners, supported by the unwavering advocacy of Calista and TKC, to provide steadfast support to State and Federal government agencies in defending the permitting process.
Protecting a Valuable Asset in a Rising Gold Price Environment while Maintaining a Strong Treasury to Steward the Advancement of Donlin Gold
NOVAGOLD believes the Donlin Gold project represents a premier investment opportunity to leverage a surge in the gold market among gold equities – hence establishing NOVAGOLD as the optimal choice to pursue such a thesis. Situated in Alaska, a secure and proven mining jurisdiction, our project holds unparalleled potential, reflecting our longstanding commitment to guide this remarkable asset through its progression up the value chain in a responsible and prudent manner. With unrivaled attributes, encompassing industry-leading size, grade, and considerable exploration potential, Donlin Gold stands as one of the best development assets in the gold industry. Boasting approximately 39 million ounces of gold with a grade of 2.24 grams per tonne in Measured and Indicated Mineral Resources (
NOVAGOLD’s thorough and time-tested strategy has continuously elevated Donlin Gold up the value chain, maintaining robust financial health without requiring additional equity issuances since January 2012. As of November 30, 2023, our treasury stands at
2024 Activities and Next Steps for Donlin Gold
At the December 2023 Donlin Gold LLC board meeting, NOVAGOLD proposed proceeding to an updated feasibility study while Barrick proposed continued drilling campaigns. Even though the owners did not agree to either proposal at the December meeting, they found common ground on value-adding activities that advance the project. Thus, while discussions continue regarding next steps, the Donlin Gold LLC board approved a budget of
NOVAGOLD Management Appointments and Promotions
I would also like to congratulate Richard Williams on his promotion as Chief Operating Officer for NOVAGOLD, effective January 1, 2024, and welcome Benjamin (“Ben”) Machlis who recently joined us as NOVAGOLD’s Vice President and General Counsel.
Richard has led the engineering and technical program at NOVAGOLD for over a decade. His knowledge and commitment to the company has been pivotal in the development and continued success of the Donlin Gold project since joining the NOVAGOLD team in 2012. Previously, Richard spent over 30 years with Barrick Gold developing and operating major mines. He has extensive experience in autoclave technology served as Project Director of the Pueblo Viejo mine in the Dominican Republic. Richard’s seven-year tenure at Pueblo Viejo capped a career where he progressively held top operating roles which included the design, construction and operation of mineral processing facilities of major mines such as Goldstrike in Nevada and Mercur in Utah.
Ben, is an experienced natural resources and environmental attorney. Ben spent the last seven years as a partner at Dorsey & Whitney where he chaired its regulatory affairs practice group, which houses its natural resources, energy, environmental, cybersecurity, workplace safety, and telecom attorneys and represented mining, renewable development, and other industrial companies on permitting, project development, operational compliance, closure, and remediation issues. Prior to Dorsey & Whitney, Ben was with the law firm Holland & Hart and served as an environmental policy advisor at the Utah Governor's Office. He received his undergraduate and J.D. degrees from the University of Utah.
With NOVAGOLD consistently delivering on its commitments, Donlin Gold is poised for gold development success. Mitigating risks, embracing responsible mining, and fostering trust, we have successfully unlocked the value of our high-quality asset while safeguarding a robust treasury. These accomplishments are the result of sustained and dedicated teamwork across various fronts – from Donlin Gold site programs and permitting efforts to community outreach and environmental initiatives. In the years to come,
Heartfelt gratitude and appreciation go to our colleagues, partners, Board members, and indeed our shareholders, for their unwavering support. As we begin 2024, we remain steadfastly committed to delivering on promises made and ever more excited to achieve further milestones – together.
Sincerely,
Gregory A. Lang
President and CEO
Financial Results
in thousands of U.S. dollars, except for per share amounts
| Year ended November 30, 2023 $ | Year ended November 30, 2022 $ | |||
| General and administrative expense (1) | 21,783 | 20,109 | ||
| Share of losses – Donlin Gold | 18,529 | 28,163 | ||
| Total operating expenses | 40,312 | 48,272 | ||
| Loss from operations | (40,312) | (48,272) | ||
| Interest expense on promissory note | (13,063) | (7,962) | ||
| Interest and dividend income | 5,791 | 1,591 | ||
| Accretion of notes receivable | 579 | 849 | ||
| Remediation expense | (541) | (366) | ||
| Other income, net | 782 | 784 | ||
| Income tax recovery (expense) | (39) | 33 | ||
| Net loss | (46,803) | (53,343) | ||
| Loss per share, basic and diluted | (0.14) | (0.16) | ||
| At November 30, 2023 $ | At November 30, 2022 $ | |||
| Cash and term deposits | 125,749 | 125,882 | ||
| Total assets | 133,290 | 159,189 | ||
| Total liabilities | 141,513 | 129,286 | ||
The net loss decreased by
Donlin Gold expenses were lower in 2023 with fieldwork and geotechnical drilling completed in July for the Alaska Dam Safety certificate applications and hydrological drilling to support mine planning and design, compared to the large exploration drilling program in 2022. General and administrative costs increased due to higher corporate travel costs, legal expenses, and PSUs granted to the Company’s executive officers on December 15, 2022, as a retention incentive that will vest if their employment continues through June 30, 2024. Higher interest rates in 2023 impacted interest income on cash and term deposits and interest expense on the promissory note. The average effective interest rate on the promissory note increased from
During the fourth quarter of 2023 we incurred a net loss of
Liquidity and Capital Resources
In 2023, cash and cash equivalents decreased by
Net spending on operating activities decreased by
2024 Outlook
Our anticipated expenditures in fiscal year 2024 are approximately
NOVAGOLD’s main objectives include continuing to advance the Donlin Gold project towards a construction decision; maintaining support for Donlin Gold among the project’s stakeholders; promoting a strong safety, sustainability, and environmental culture; upholding 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 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 January 25, 2024, at 8:00 am PT (11:00 am ET). The webcast and conference call-in details are provided below.
The video 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 focused on the development of its
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 planned 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 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; and the conversion of Galore Creek into a mine and the receipt of the
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 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
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