NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the
Company”) (NYSE American, TSX: NG) today released its 2022 first
quarter financial results and an update on its Tier One1 gold
development project, Donlin Gold, which NOVAGOLD owns equally with
Barrick Gold Corporation (“Barrick”).
Details of the financial results for the quarter ended February
28, 2022 are presented in the consolidated financial statements and
quarterly report filed on Form 10-Q on April 5, 2022 that is
available on the Company’s website at www.novagold.com, on SEDAR at
www.sedar.com, and on EDGAR at www.sec.gov. All amounts are in U.S.
dollars unless otherwise stated.
In the first quarter 2022, the following milestones were
achieved at Donlin Gold:
-
Reopened the camp in January 2022, the first quarter ended with
three drill rigs operating and approximately 70 people on site,
with a majority of Donlin Gold direct hire employees who are Alaska
Native from the Yukon-Kuskokwim (Y-K) region. For the health and
safety of our workforce and members of the community, strict
COVID-19 mitigation protocols remain in effect.
-
Received the final set of assay results (21 complete holes and 22
partial holes, encompassing the remaining 8,500 meters of length
drilled) from the 2021 drill program, which were reported to the
market jointly by Donlin Gold, Barrick, and NOVAGOLD on February
28, 2022.
- A great outcome for
the year: “The 2021 drill campaign finished strongly with
high-grade intercepts and some of the best drill results for an
open-pit project industry wide.” (Barrick Gold Corporation, 2021
Annual Report).
- Continued to provide
critical assistance to local communities through funding and
participation in initiatives related to health and safety,
infrastructure, environmental management, training and education,
and support of the indigenous culture in the Y-K region. The latter
has represented a core undertaking of the Donlin Gold team, our
Alaska Native partners, Calista Corporation (“Calista”) and The
Kuskokwim Corporation (TKC), and other key representatives of Y-K
communities. Over the last quarter, Donlin Gold:
-
Worked with six school districts in the region as part of the
national Dictionary Project to provide a personal Yu’pik dictionary
to all 3rd graders, supplying nearly 5,000 dictionaries over the
last decade.
- In
a new partnership with Alaska Safe Riders, sponsored Iron Dog Days
where the community participated in safety briefings and vintage
snowmobile races.
-
Partnered with TKC to support an end of year program in December
2021 to deliver food to Elders in the Yukon. Additionally, we
worked with TKC to provide smoke detectors to stakeholders.
-
Provided financial support for the 2022 Kuskokwim ice road, a
270-mile long plowed and marked ice road that significantly
improved safety and access to 17 communities in the Y-K region for
residents in remote locations.
-
Calista and Donlin Gold, with support from NOVAGOLD and Barrick,
continued their proactive bipartisan government outreach in Alaska
and Washington, D.C. to highlight the thoroughness of the project’s
environmental review and permitting processes, as well as future
opportunity for responsible economic development, including the
significant benefits that will realized by all Alaska Natives.
President’s Message
Most Significant Donlin Gold Investment in Over a
Decade: Advancing the Project in Preparation for Feasibility and
Potential Identification of Further Upside
In the first quarter 2022, activities commenced
early in the year with the camp opening in January to prepare the
site for the largest drilling program in ten years, with three
drill rigs operating and approximately 70 people on the property.
Winter drilling was key to access areas that would otherwise be
challenging in milder conditions. As always, the health and safety
of Donlin Gold’s workforce and members of the surrounding
communities remained a top priority as Donlin Gold continued to
adhere to strict safety protocols, including COVID-19
mitigation.
The proposed budget for Donlin Gold LLC (100 percent) in 2022 is
anticipated to be $60 million (of which NOVAGOLD’s portion is
50 percent) as previously reported. The focus will be to
update geologic modelling and interpretation work for an updated
resource model and engineering activities for use in an updated
project feasibility study; undertake approximately 34,000 meters of
planned tight spaced grid drilling and in-pit and below-pit
exploration drilling; support fieldwork and permitting for the
Alaska Dam Safety Certifications; advance environmental activities;
and support community and external affairs efforts.
The balance of the Donlin Gold assay results for the 2021 drill
program were jointly released by Donlin Gold, NOVAGOLD and Barrick
on February 28, 2022. The drill program was completed in September
with 79 holes drilled for a total of 24,264 meters. The final set
of results released included assays for 21 complete holes and 22
partial holes, encompassing the remaining approximate 8,500 meters
of length drilled. I fully agree with Mark that the 2021 drill
campaign finished strongly with high-grade intercepts and some of
the best drill results for an open-pit project industry wide. Full
details of the results for the 2021 drill program can be accessed
here: “Donlin Gold Announces Final Assay Results for 2021 Drill
Program”. The primary objective of the 2021 drill program was
achieved by validating recent geologic modelling concepts to
support future feasibility work, data collection for geotechnical
and geometallurgical purposes, test for extensions of high-grade
zones, and identify 2022 drill targets. As a result of the success
in 2021, the drilling program was expanded upon in 2022.
Once the 2021 drill data has been incorporated into
an updated resource model, it is anticipated that the owners will
determine updated mining schedules and life of mine business plans
prior to shifting to an updated feasibility study, subject to a
formal decision by the Donlin Gold LLC Board to proceed.
External Affairs and Native Corporation
Leadership Role
Calista and Donlin Gold, in close coordination with NOVAGOLD and
Barrick, co-lead our government relations efforts, an important
part of advancing the Donlin Gold project through permitting and
beyond. During the first quarter, Calista and Donlin Gold continued
their proactive bipartisan outreach in Alaska and Washington DC to
highlight the thoroughness of the project’s environmental review
and permitting processes, including the importance of responsible
and much-needed economic development in the Y-K region and
throughout Alaska. Together we emphasized that the project is
located on Alaska Native Corporation lands, and Calista owns the
minerals that they selected under the Alaska Native Claims
Settlement Act (ANSCA) of 1971. We described the various benefits
that the project would deliver to the residents of the Y-K region
and all Native Alaskans.
Consistent Engagement with Stakeholders
One of the key areas in which we spend a considerable amount of
time and resources at the Donlin Gold project is in supporting
local communities by funding and participating in initiatives
related to health and safety, environmental management, training
and education, and cultural initiatives in the Y-K region. The
Donlin Gold team, Calista and TKC, as well as other key
representatives of Y-K communities, work together to achieve these
goals with the ultimate objective of ensuring sustainable and
profitable project development.
Several examples of these first quarter initiatives included
Donlin Gold partnering with TKC to provide smoke detectors in
stakeholder homes and delivering food to Elders; working with the
six school districts in the Y-K region as part of the national
Dictionary Project to provide a personal Yu’pik dictionary to all
3rd graders, supplying nearly 5,000 dictionaries over the last
decade; and sponsoring Iron Dog Days, as part of a new partnership
with Alaska Safe Riders, where the community participated in safety
briefings and vintage snowmobile races.
A more significant undertaking by Donlin Gold and
numerous communities along the Kuskokwim River was the funding of
the 2022 Kuskokwim ice road, a 270-mile long plowed and marked ice
road that has significantly improved safety and access to 17 nearby
Y-K region communities for residents in remote locations.
Substantial, High-Quality Resource with Exploration
Upside in a Safe Place
We believe Donlin Gold to be one of the industry’s rarest,
largest, and most advanced open-pit gold development projects. It
is located on private land specifically designated for mining in
Alaska – the United States’ second largest gold producing state.
Environmentally and socially responsible resource development is
welcome in Alaska as one of the world’s safest places to operate –
in other words, a jurisdiction where an investor can sleep well at
night.
NOVAGOLD and its community of stakeholders are blessed to have a
share of this special project and honored to have that hard-earned
Federal Record of Decision for development. They can benefit from
the incredible leverage that Donlin Gold offers in an environment
of escalating precious metals prices… and keep the fruits of that
leverage. At a time when companies, desperate to replace their
depleting endowments, have to venture into increasingly risky
geo-political frontiers with uncertain physical and financial
security for their investment, Donlin Gold, with approximately
39 million ounces of gold in Measured and Indicated
Mineral Resources, inclusive of Proven and Probable Mineral
Reserves (100 percent, approximately 19.5 million ounces
attributable to NOVAGOLD) grading 2.24 grams
per tonne2 (twice the industry average for an open-pit
project3), is ideally positioned to deliver long-term benefits with
a mine life that, already measured in decades, has potential to
grow. Donlin Gold’s extraordinary exploration potential is
manifested by the fact that the existing deposit is not only open
laterally as well as at depth, but that its Mineral Resources are
contained within only three kilometers of an eight-kilometer
mineralized belt – itself located on less than 5 percent of Donlin
Gold’s total land package. We believe NOVAGOLD’s 50 percent
ownership in this unique asset clearly constitutes a special
investment opportunity for our broad community of stakeholders,
including our shareholders.
Solid Treasury to Advance Donlin Gold
Over the last decade, we have been diligent stewards of our
balance sheet. NOVAGOLD’s treasury remained strong with $155
million in cash and term deposits as of February 28, 2022, with
another $25 million due in July 2023 from Newmont and an additional
payment of $75 million contingent upon the owners of Galore Creek
making a construction decision.
I was pleased when Don Lindsay, CEO of Teck Corporation,
recently said how much he likes Galore Creek as an asset, its
spectacular grades, and his conviction that it will be a mine. We
share his enthusiasm for the project and wish Teck and Newmont well
on their journey to developing this exceptional deposit.
As always, I would like to extend my sincere gratitude to the
experienced team of professionals at
NOVAGOLD, Donlin Gold and Barrick – as well as the
excellent drilling contractor teams. We pride ourselves in our
commitment to health and safety and recognize the importance of the
great mutual support we have been experiencing with our Native
Corporation partners, Calista and TKC.
I have the pleasure of working with an incredible Board whose
members provide exceptional strategic guidance and are committed to
best governance practices. Their unwavering commitment and
engagement are greatly appreciated. Working in Alaska has been a
true pleasure and we are thankful for the State agencies’ diligent
approach and adherence to established regulatory
procedures.
NOVAGOLD has been blessed with long-term institutional and
retail shareholders, some of whom have been invested in the Company
for well over a decade. High quality investment groups like Paulson
& Co., Fidelity Investments, BlackRock, the Saudi Public
Investment Fund, First Eagle, and EXOR have been long-term
investors in NOVAGOLD. We are grateful that they chose to invest in
our Company, as well as for their continued interest and
engagement. As stewards of the Company, we are committed to deliver
on our strategy that was set forth a decade ago to increase
shareholder and stakeholder wealth in a safe and socially
responsible manner.
We are very enthusiastic about the year ahead with all the
activities and the progress towards advancing Donlin Gold up the
value chain and launching the updated feasibility study. I wish you
all good health and safety.
Sincerely,
Gregory A. LangPresident & CEO
Financial Results
in thousands of U.S. dollars, except for per share
amounts
|
Three months endedFebruary 28,
2022$ |
Three months endedFebruary 28,
2021$ |
General and administrative expense (1) |
5,177 |
5,329 |
Share of losses – Donlin Gold |
4,040 |
1,968 |
Total operating expenses |
9,217 |
7,297 |
|
|
|
Loss from operations |
(9,217) |
(7,297) |
Interest expense on promissory note |
(1,512) |
(1,434) |
Accretion of notes receivable |
210 |
854 |
Other income (expense), net |
524 |
(79) |
Net loss |
(9,995) |
(7,956) |
|
|
|
Net loss per common share, basic and diluted |
(0.03) |
(0.02) |
|
|
|
At February 28,
2022$ |
At November 30, 2021
$ |
Cash and term deposits |
|
|
155,133 |
169,124 |
Total assets |
|
|
188,411 |
198,852 |
Total liabilities |
|
|
119,977 |
120,570 |
(1) Includes share-based compensation expense of $2,091 and
$2,042 for the first quarter-ended February 28, 2022 and
quarter-ended February 28, 2021, respectively.
During the first quarter of 2022, we incurred a net loss of
$10.0 million compared to a net loss of $8.0 million for the
comparable period in 2021. The increase in net loss is primarily
due to the earlier commencement of the Donlin Gold drilling program
in 2022, and reduced accretion income due to the maturity of the
$75 million Newmont note in July 2021, partially offset by lower
legal expenses, an increase in the value of marketable securities,
and favorable foreign exchange movements.
Liquidity and Capital Resources
In the first quarter of 2022 cash and cash
equivalents decreased by $14.0 million, primarily to fund our share
of Donlin Gold, for corporate administrative expenses, and for
withholding taxes on share-based payments. The increase in cash
used in the first quarter of 2022 compared to 2021 was due to the
earlier commencement of the Donlin Gold drilling program in 2022,
the timing of corporate liability insurance payments, increased
withholding tax on share-based compensation in 2022 (no cash was
used for CEO and CFO withholdings in 2021), and no proceeds
received from term deposits in 2022 compared to $10,000 received in
2021.
At the end of the first quarter, cash and term
deposits were $155.1 million (Cash $77.1 million, term deposits
$78.0 million). An additional payment from Newmont of $25 million
comes due in 2023 related to the sale of NOVAGOLD’s 50 percent
interest in the Galore Creek project in 2018, along with a note for
$75 million contingent upon approval of a Galore Creek project
construction plan by the owner(s). At present, we believe we
have sufficient working capital available to cover anticipated
funding of the Donlin Gold project and corporate general and
administrative costs until a decision to commence engineering and
construction is reached by the Donlin Gold board for the Donlin
Gold project, at which point substantial additional capital will be
required.
2022 Outlook
We anticipate spending approximately $46 million in
2022, which includes $13 million for corporate general and
administrative costs; $3 million for withholding taxes on PSUs and
other working capital; and $30 million to fund our share of
expenditures at the Donlin Gold project, including:
- $17 million for the 2022 drill program
(approximately 34,000 meters of core drilling)
- Grid drilling (mineralization
continuity and geologic structural controls in three areas of the
deposit)
- In-pit and below-pit exploration
- Platform mapping to confirm
mineralization continuity and key geological controls in
representative areas of the deposit
- $9 million for external affairs,
permitting, environmental, land and legal activities, and
- $4 million for project planning and
fieldwork (dam and water structures, metallurgical testing, mining
studies, hydrogeology and geochemistry, and infrastructure
planning).
NOVAGOLD’s primary goals in 2022 are to continue to advance the
Donlin Gold project toward a construction decision; maintain or
increase support for Donlin Gold among the project’s stakeholders;
promote a strong safety, sustainability, and environmental culture;
maintain a favorable reputation for NOVAGOLD, its governance
practices and its project among shareholders; and manage the
Company treasury effectively and efficiently. 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 April 6, 2022 at 8:00 am PT (11:00 am
ET). The webcast and conference call-in details are provided
below.
|
Video
Webcast: www.novagold.com/investors/events |
|
North American
callers: |
1-800-319-4610 |
|
International callers: |
1-604-638-5340 |
NOVAGOLD’s quarterly reporting schedule for the
remainder of 2022 will be as follows:
- Q1 2022 – A
conference call and webcast will be held on Wednesday, April 6,
2022 at 11 a.m. ET to discuss Q1 2022 financial results.
- Annual Meeting of
Shareholders – Wednesday, May 18, 2022; the meeting will be held at
1 p.m. PT.
- Q2 2022 – Tuesday,
June 28, 2022; financial statements will be released after market
close and a Donlin Gold project update will be released on Tuesday,
July 5. A conference call and webcast will be held on Wednesday,
July 6, 2022 at 11 a.m. ET.
- Q3 2022 – Tuesday,
October 4, 2022; financial statements and a Donlin Gold project
update will be released after market close. A conference call and
webcast will be held on Wednesday, October 5, 2022 at 11 a.m.
ET.
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company focused on
the development of its 50 percent-owned Donlin Gold project in
Alaska, one of the safest mining jurisdictions in the world. With
approximately 39 million ounces of gold in the Measured and
Indicated Mineral Resource categories, inclusive of Proven and
Probable Mineral Reserves (541 million tonnes at an average grade
of approximately 2.24 grams per tonne in the Measured and Indicated
Resource categories on a 100 percent basis),4 Donlin Gold is
regarded to be one of the largest, highest-grade, and most
prospective known open-pit gold deposits in the world.
According to the 2021 Technical Report and the S-K 1300 Report,
once in production, Donlin Gold is expected to produce an average
of more than one million ounces per year over a 27-year mine life
on a 100 percent basis. The Donlin Gold project has substantial
exploration potential beyond the designed footprint which currently
covers three kilometers of an approximately eight-kilometer-long
gold-bearing trend. Current activities at Donlin Gold are focused
on State permitting, optimization work, community outreach, and
workforce development in preparation for the eventual construction
and operation of this project. With a strong balance sheet,
NOVAGOLD is well-positioned to fund its share of permitting and
optimization advancement efforts at the Donlin Gold project.
Scientific and Technical Information
Certain scientific and technical information contained herein
with respect to the Donlin Gold project is derived from the 2021
Technical Report and the S-K 1300 Report5. Henry Kim, P.Geo.,
Senior Resource Geologist, Wood Canada Limited; Mike Woloschuk,
P.Eng., VP Global Business Development & Consulting, Wood Group
USA, Inc.; and Kirk Hanson, MBA, P.E., Technical Director, Open Pit
Mining, Wood Group USA, Inc. are the Qualified Persons responsible
for the preparation of the 2021 Technical Report, and each is an
independent Qualified Person as defined by National Instrument
43-101 (“NI 43-101”). Wood prepared the S-K 1300 Report.
Paul Chilson, P.E., who is the Manager, Mine Engineering for
NOVAGOLD and a Qualified Person under NI 43-101, has approved
and verified the scientific and technical information related to
the 2021 Donlin Gold project drill program, the 2021 Technical
Report and the S-K 1300 Report contained in this media release.
NOVAGOLD Contacts:Mélanie HennesseyVice
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 results for the 2022
drill programs; the anticipated timing of certain judicial and/or
administrative decisions; the 2022 Outlook; the timing and
potential for an updated feasibility on the project; our goals for
the remainder of 2022; anticipated benefits from the 2017, 2020,
2021, and 2022 drill programs including an improved geological
model for Donlin Gold; ongoing support provided to key stakeholders
including Native Corporation partners; the potential impact of the
COVID-19 pandemic on the development of Donlin Gold; the potential
development and construction of Donlin Gold; the sufficiency of
funds to continue to advance development of Donlin Gold; 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; the
Donlin Gold LLC Board approval to advance Donlin Gold up the value
chain; the success of the strategic mine plan for Donlin Gold; the
outcome of the planned tight spaced and exploration drilling; and
the conversion of Galore Creek into a mine and the receipt of the
$75 million contingent payment from Newmont. 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; the coronavirus global pandemic (COVID-19); uncertainties
involved in the interpretation of drill results and geological
tests and the estimation of reserves and resources; changes in
mineral production performance, exploitation and exploration
successes; changes in national and local government legislation,
taxation, controls or regulations and/or changes in the
administration of laws, policies and practices, expropriation or
nationalization of property and political or economic developments
in the United States or Canada; the need for continued cooperation
between Barrick and NOVAGOLD for the continued exploration,
development and eventual construction of the Donlin Gold property;
the need for cooperation of government agencies and Native groups
in the development and operation of properties; risks of
construction and mining projects such as accidents, equipment
breakdowns, bad weather, disease pandemics, non-compliance with
environmental and permit requirements, unanticipated variation in
geological structures, ore grades or recovery rates; unexpected
cost increases, which could include significant increases in
estimated capital and operating costs; fluctuations in metal prices
and currency exchange rates; whether a positive construction
decision will be made regarding Donlin Gold; and other risks and
uncertainties disclosed in NOVAGOLD’s most recent reports on Forms
10-K and 10-Q, particularly the “Risk Factors” sections of those
reports and other documents filed by NOVAGOLD with applicable
securities regulatory authorities from time to time. Copies of
these filings may be obtained by visiting NOVAGOLD’s website at
www.novagold.com, or the SEC's website at www.sec.gov, or at
www.sedar.com. 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 Donlin Gold data as per
the 2021 Technical Report (as defined herein). 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
50% are attributable to NOVAGOLD through their 50% ownership
interest in the joint venture that owns the mineral rights and
manages the Donlin property. 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, each of which 50% are 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 50% are attributable to NOVAGOLD.
Mineral Resources and Reserves have been estimated in accordance
with NI 43-101 and S-K 1300.3 2020 average grade of open pit and
underground deposits with gold as primary commodity and over 1 Moz
in measured and indicated resources is 1.12 g/t, sourced from
S&P Global Market Intelligence.4 Donlin Gold data as per the
2021 Technical Report and the S-K 1300 Report, as defined below.
Donlin Gold 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, 50% of
which are attributable to NOVAGOLD. Mineral Resources have been
estimated in accordance with NI 43-101.ADD SK 1300 Of the
foregoing, 50% is attributable to NOVAGOLD.5 The Company retained
Wood Canada Limited (“Wood”) in 2021 to update content in its
previously filed “Donlin Creek Gold Project, Alaska, USA, NI 43-101
Technical Report on the Second Updated Feasibility Study,”
effective November 18, 2011, and amended January 20, 2012. This
update resulted in a 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 was filed on August
31, 2021. The Company is a registrant with the SEC and is reporting
its exploration results, Mineral Resources, and Mineral Reserves in
accordance with Subpart 229.1300 of Regulation S-K – Disclosure by
Registrants Engaged in Mining Operations (“S-K 1300”) as of
November 30, 2021. While the S-K 1300 rules are similar to National
Instrument 43-101 Standards of Disclosure for Mineral Projects
rules in Canada, they are not identical and therefore two reports
have been produced for the Donlin Gold project. The Company
requested that Wood prepare a Technical Report Summary of the
Donlin Gold project, Alaska, USA using the standards of S-K 1300
and it is titled “S-K 1300 Technical Report Summary on the Donlin
Gold Project, Alaska, USA” (“S-K 1300 Report”), current as of
November 30, 2021. Wood incorporated 2020 costs and new gold price
guidance to meet the Company’s reporting requirements. The
resultant 2021 Technical Report and S-K 1300 Report showed no
material change to the previously reported mineral resources or
mineral reserves.
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