As detailed within the above filings, NOVAGOLD held a robust treasury of roughly $101 million in money and time period deposits as of November 30, 2024, and reported internet annual money expenditures of $24.5 million — together with $12.4 million to fund NOVAGOLD’s share of the Donlin Gold undertaking and $17.7 million in company normal and administrative prices, beneath its 2024 expenditure steering of $31.2 million. As NOVAGOLD is a development-stage firm with no manufacturing, the Firm reported earnings of ($45.6) million and earnings per share of ($0.14) for the 2024 fiscal yr, reflecting expenditures consistent with finances.
In 2024, the next milestones had been achieved at NOVAGOLD and Donlin Gold:
- Donlin Gold undertook the next key actions in 2024 to advance technical work to place the undertaking for an up to date price estimate:
- Considerably accomplished metallurgical take a look at work at a pilot plant in Ontario, Canada to substantiate proposed optimizations to the flowsheet; superior an up to date useful resource mannequin; and picked up discipline and geochemical information for operational and closure planning;
- Submitted the preliminary design packages for the Dam Security Certification to the Alaska Division of Pure Assets (ADNR) within the second half of 2024;
- Collaborated with Donlin Gold, Calista Company (“Calista”), and The Kuskokwim Company (TKC) on substantial ecological, academic and cultural consciousness initiatives, together with group outreach within the undertaking’s area — hosted public open homes in three places, participated in two Subsistence Neighborhood Advisory Committee conferences, and established three extra Shared Values Statements with native villages.
- NOVAGOLD and Barrick held a Donlin Gold workshop in Alaska in September 2024 to overview the vital work accomplished to this point and to agree on the following steps for the Donlin Gold undertaking and associated 2025 actions.
- Donlin Gold board accepted a finances of $43 million (100% foundation) for 2025, comprising the next key areas:
- Camp operations with grid drilling to refine mine planning assumptions;
- Up to date mine planning;
- Geotechnical engineering and geosciences closure planning;
- Venture planning;
- Development of Dam Security Certificates purposes; and
- Neighborhood relations, authorities affairs, and sustaining permits in good standing.
President’s Message
This final yr was characterised by intensive efforts to extend Donlin Gold’s visibility and advance actions for long-term sustainable worth creation — strengthening the undertaking’s place as a novel alternative to realize direct publicity to gold by means of one of many largest undeveloped gold belongings globally 2 , positioned in a secure, tier one, mining-friendly jurisdiction, Alaska 3 . With this robust basis, we’re nearing crucial milestones that we consider will permit us to unlock NOVAGOLD’s full potential.
Key actions in 2024 included the substantial completion of metallurgical take a look at work at a pilot plant in Ontario, Canada to substantiate proposed optimizations to the flowsheet; discipline and geochemical information assortment to proceed updating supply traits for groundwater and floor water fashions for each operational and closure planning; in addition to development of the Donlin Gold useful resource mannequin. Outcomes derived from the appreciable technical work carried out over these previous twelve months will function inputs into up to date feasibility work.
Partnering for Broader Attain into the Venture’s Area and Significant Affect
We acknowledge the significance of ecological stewardship within the Yukon-Kuskokwim (Y-Ok) area. Since mid-2023, Donlin Gold has intensified efforts to observe, survey, and have interaction on the essential topic of salmon fisheries within the Kuskokwim and Yukon River watersheds. In 2024, Donlin Gold launched a salmon smolt monitoring program on the George River, a tributary of the Kuskokwim River, in partnership with the Native Village of Napaimute to evaluate smolt well being and migration patterns — an initiative that may proceed into 2025. Restoration of a portion of the historic Lyman placer web site, which included important stream and pond habitat creation, together with aquatic life entry and use, was accomplished in 2024. Aquatic restoration work on a attain of Snow Gulch beforehand disturbed by historic mining will begin in 2025.
In 2024, Donlin Gold, Calista, and TKC held public open homes in Anchorage, Bethel, and Crooked Creek — the closest group to the undertaking. Two Subsistence Neighborhood Advisory Committee conferences had been performed, the primary in Aniak throughout the second quarter and the second in Anchorage in December. Donlin Gold additionally established three extra Shared Values Statements, bringing the entire to 18. Donlin Gold’s quite a few partnerships within the Y-Ok area and statewide, geared toward supporting ecological tasks, training, summer time youth employment applications, and cultural consciousness efforts, proceed to develop. Collectively these efforts underscore Donlin Gold’s ongoing engagement with and dedication to native communities, reinforcing current long-term relationships and addressing particular group wants.
In 2024, the Donlin Gold undertaking acquired continued help from U.S. Senators Lisa Murkowski and Dan Sullivan, after which U.S. Consultant Mary Peltola, together with their submittal of a joint amicus transient in federal courtroom referring to Donlin Gold as one of many State’s “most vital and essential financial improvement tasks” in “probably the most impoverished areas in Alaska.”
Sustaining Permits in Good Standing
In 2024, Donlin Gold submitted the preliminary design packages for the Dam Security Certification to ADNR. Feedback from ADNR on these shows are anticipated in 2025, with potential issuance of the certification in 2026/2027.
Donlin Gold utilized for and acquired an 18-month extension of the development deadline on its air high quality allow by means of July 2026. The Alaska Pollutant Discharge Elimination System allow, which was initially set to run out in 2023, in addition to the Waste Administration Allow, which was set to run out in January 2024, are administratively prolonged by the Alaska Division of Environmental Conservation till renewed. The Reclamation Plan, which was additionally set to run out in 2024, is administratively prolonged till 2027.
In state litigation, we continued to help the companies in defending Donlin Gold’s 401 Water High quality Certification, water rights permits and State pipeline Proper-of-Means (ROW). These circumstances have been absolutely briefed and argued, and choices are anticipated in 2025.
In federal litigation, the Court docket issued a choice final fall on Donlin Gold’s Joint Report of Choice, 404 allow, and ROW, upholding the federal companies’ evaluation on two of the three points raised. The plaintiffs filed a request for reconsideration on one among these points, which the Court docket subsequently denied. Briefing on the suitable treatment to deal with the Court docket’s determination on the remaining merchandise — particularly, the analysis of a theoretical giant launch from the undertaking’s tailing storage facility — is scheduled to be accomplished in early February 2025.
Gold Publicity Via One of many Largest Gold Belongings Globally 4
NOVAGOLD views the Donlin Gold undertaking as an exceptionally uncommon funding alternative — significantly given the acute shortage of high-quality belongings positioned in safe, mining-friendly jurisdictions, coupled with the current surge in gold worth, reaching an all-time excessive of $2,790 on October 30 th , 2024. With over 39 million ounces of gold in Measured and Indicated Assets and a grade of two.24 grams per tonne 5 , representing twice the trade common, Donlin Gold stands out as one of many largest gold belongings globally, and is anticipated to be operationally cost-effective 6 . The undertaking’s present useful resource spans solely 5% of its land bundle, providing outstanding additional exploration potential. Projected to supply over a million ounces in common annual output 7 Donlin Gold’s success is anchored in its location in Alaska, among the many most secure mining jurisdictions on the planet 8 with robust group and state help.
2025 Actions and Subsequent Steps
NOVAGOLD and Barrick held a workshop in Alaska in September 2024 to overview the vital work accomplished to this point, in addition to to debate the following steps for the undertaking and associated actions in 2025. Subsequently, Donlin Gold’s board accepted a path ahead with a 2025 finances of $43 million on a 100% foundation. Camp operations will resume within the coming months to finish grid drilling towards refining mine planning assumptions. Efforts will proceed to advance key workstreams and preparation for a value replace. Further work will embody undertaking and mine planning, additional development of the Dam Security Certificates purposes with work on the Detailed Design Packages, steadfast help of pending litigation, and ongoing group relations and authorities affairs actions.
With a robust treasury of over $100 million, NOVAGOLD is properly positioned to fund our share of actions for at the least the following two years at present spending ranges. The trail forward for Donlin Gold is obvious, guided by the ideas of persistence, partnership, and an unrelenting deal with long-term worth creation. We firmly consider that with one of many trade’s most tasty improvement gold belongings, NOVAGOLD is optimally positioned to ship distinctive returns.
We lengthen our heartfelt gratitude to our colleagues, companions, members of NOVAGOLD’s board of administrators, and shareholders for his or her unwavering help. As a brand new yr begins, we stay deeply dedicated to fulfilling every single one of many guarantees we have now made and are excited to realize new milestones collectively. To our valued shareholders, we categorical our profound appreciation for the belief they’ve positioned in our imaginative and prescient, which drives us to repeatedly attempt for excellence and ship significant outcomes. At NOVAGOLD, we’re not simply advancing a mining undertaking. We’re constructing a legacy rooted in partnership, sustainability, and worth creation — for all stakeholders.
Sincerely,
Gregory A. Lang
President and CEO
Liquidity and Capital Assets
| At November 30, 2024 $ |
At November 30, 2023 $ |
|
| Money and time period deposits | 101,224 | 125,749 |
| Whole belongings | 109,753 | 133,290 |
In 2024, money and money equivalents decreased by $3.5 million, primarily to fund our share of Donlin Gold, company administrative bills, partially offset by a internet discount of time period deposits held.
Spending on working actions in 2024 elevated by $4.9 million in comparison with the prior yr, primarily because of elevated company normal and administrative bills, decrease curiosity earnings on money and time period deposits, and better earnings tax withholding associated to passive earnings taxable in Canada on a portion of curiosity earnings earned by U.S. subsidiaries. Money supplied from investing actions in 2024 elevated by $19.7 million in comparison with the prior yr, primarily because of a internet discount of time period deposits held in 2024 and decrease Donlin Gold funding necessities.
2025 Outlook
Our anticipated expenditure in fiscal yr 2025 might be roughly $37.5 million, together with $21.5 million to fund our share of the Donlin Gold undertaking and $16.0 million for company normal and administrative prices.
NOVAGOLD’s principal aims embody persevering with to advance the Donlin Gold undertaking in the direction of a building determination; sustaining help for Donlin Gold among the many undertaking’s stakeholders; selling a robust security, sustainability, and environmental tradition; sustaining a positive fame of NOVAGOLD; and preserving a wholesome steadiness sheet. Our operations primarily relate to the supply of undertaking milestones, together with the achievement of varied technical, environmental, sustainable improvement, financial and authorized aims, acquiring essential permits, completion of feasibility research, preparation of engineering designs, and the financing to fund these aims.
Convention Name & Webcast Particulars
NOVAGOLD’s convention name and webcast to debate these outcomes will happen in the present day at 8:00 am PT (11:00 am ET). The webcast and convention call-in particulars are supplied beneath.
The video webcast and convention call-in particulars are supplied beneath.
About NOVAGOLD
NOVAGOLD is a well-financed valuable metals firm, solely targeted on the accountable and sustainable improvement of its flagship Donlin Gold undertaking in Alaska, one of many most secure mining jurisdictions on the planet 9 . The Donlin Gold undertaking, owned in equal partnership with Barrick, is positioned to be one of many world’s largest gold mines, with roughly 39 million ounces of gold within the Measured and Indicated Mineral Useful resource (541 million tonnes at a mean grade of roughly 2.24 grams per tonne, on a 100% foundation) classes, inclusive of Confirmed and Possible Mineral Reserves. In response to the 2021 Technical Report and the S-Ok 1300 Technical Report Abstract 10 Donlin Gold is anticipated to supply a mean of roughly a million ounces of gold over a 27-year mine life on a 100% foundation. There’s substantial exploration potential past the designed footprint of the Donlin Gold open pit, which presently covers three kilometers of an roughly eight-kilometer-long gold-bearing development. Present actions on the Donlin Gold undertaking deal with state allowing, engineering research, group and authorities engagement, and different environmental, academic and cultural initiatives in preparation for the eventual building and operation of this undertaking. With a sturdy steadiness sheet, NOVAGOLD is properly positioned to finance its share of present actions.
NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Company Communications
604-669-6227 or 1-866-669-6227
Cautionary Observe Relating to Ahead-Trying Statements
This media launch contains sure “forward-looking data” and “forward-looking statements” (collectively “forward-looking statements”) inside the which means of relevant securities laws, together with the USA Personal Securities Litigation Reform Act of 1995. Ahead-looking statements embody future-oriented monetary data or monetary outlook inside the which means of securities legal guidelines, together with data relating to NOVAGOLD’s anticipated expenditures. Such data is meant to help readers in understanding NOVAGOLD’s present expectations and plans referring to the longer term. Such data might not be acceptable for different functions. Ahead-looking statements are continuously, however not all the time, recognized by phrases reminiscent of “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “potential”, and related expressions, or statements that occasions, circumstances, or outcomes “will”, “could”, “may”, “would” or “ought to” happen or be achieved. Ahead-looking statements are essentially based mostly on a number of opinions, estimates and assumptions that administration of NOVAGOLD thought-about acceptable and cheap as of the date such statements are made, are topic to recognized and unknown dangers, uncertainties, assumptions, and different components which will trigger the precise outcomes, exercise, efficiency, or achievements to be materially completely different from these expressed or implied by such forward-looking statements. All statements, aside from statements of historic truth, included herein are forward-looking statements. These forward-looking statements embody statements relating to the anticipated timing of sure judicial and/or administrative choices; the 2025 outlook; the timing and potential for commencing a brand new feasibility research on the Donlin Gold undertaking; the outcomes of future feasibility research; our objectives and expenditures for 2025; ongoing help supplied to key stakeholders together with Native Company companions; continuation of Donlin Gold’s salmon smolt monitoring program; Donlin Gold’s continued help for the state and federal allowing course of; sufficiency of working capital; the potential improvement and building of the Donlin Gold undertaking; the timing and skill for the Donlin Gold undertaking to hit crucial milestones; the power for the Tier One gold improvement undertaking to hit the anticipated projections; the sufficiency of funds to proceed to advance improvement of Donlin Gold, together with to a building determination; perceived advantage of properties; mineral reserve and mineral useful resource estimates; Donlin Gold’s skill to safe the permits wanted to assemble and function the Donlin Gold undertaking in a well timed method, if in any respect; authorized challenges to Donlin Gold’s current permits and the timing of choices in these challenges; whether or not the Donlin Gold LLC board will proceed to advance the Donlin Gold undertaking safely, socially responsibly and to sustainably generate worth for our stakeholders; continued cooperation between the homeowners of Donlin Gold LLC to advance the undertaking; the Firm’s skill to ship on its technique with the Donlin Gold undertaking, rising shareholder and stakeholder wealth; the success of the strategic mine plan for the Donlin Gold undertaking; the success of the Donlin Gold group relations plan; the end result of exploration drilling on the Donlin Gold undertaking and the timing thereof; the completion of take a look at work and modeling and the timing thereof. As well as, any statements that discuss with expectations, intentions, projections or different characterizations of future occasions or circumstances are forward-looking statements. Ahead-looking statements aren’t historic information however as a substitute characterize the expectations of NOVAGOLD administration’s estimates and projections relating to future occasions or circumstances on the date the statements are made. Necessary components that might trigger precise outcomes to vary materially from expectations embody the necessity to acquire extra permits and governmental approvals; the timing and probability of acquiring and sustaining permits essential to assemble and function; the necessity for added financing to discover and develop properties and availability of financing within the debt and capital markets; illness pandemics; uncertainties concerned within the interpretation of drill outcomes and geological assessments and the estimation of reserves and assets; adjustments in mineral manufacturing efficiency, exploitation and exploration successes; adjustments in nationwide and native authorities laws, taxation, controls or laws and/or adjustments within the administration of legal guidelines, insurance policies and practices, expropriation or nationalization of property and political or financial developments in the USA or Canada; the necessity for continued cooperation between Barrick and NOVAGOLD for the continued exploration, improvement and eventual building of the Donlin Gold property; the necessity for added capital if NOVAGOLD decided to proceed with an up to date feasibility research by itself; the necessity for cooperation of presidency companies and Native teams within the improvement and operation of properties; dangers of building and mining tasks reminiscent of accidents, tools breakdowns, unhealthy climate, illness pandemics, non-compliance with environmental and allow necessities, unanticipated variation in geological constructions, ore grades or restoration charges; surprising price will increase, which may embody important will increase in estimated capital and working prices; fluctuations in steel costs and forex change charges; whether or not or when a constructive building determination might be made relating to the Donlin Gold undertaking; and different dangers and uncertainties disclosed in NOVAGOLD’s most up-to-date stories on Types 10-Ok and 10-Q, significantly the “Threat Components” sections of these stories and different paperwork filed by NOVAGOLD with relevant securities regulatory authorities every now and then. Copies of those filings could also be obtained by visiting NOVAGOLD’s web site at www.novagold.com, or the SEC’s web site at www.sec.gov, or on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained herein replicate the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to replace the forward-looking statements of beliefs, opinions, projections, or different components, ought to they alter, besides as required by legislation.
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1 NOVAGOLD defines a Tier One gold improvement undertaking as one with a projected manufacturing lifetime of at the least 10 years, annual projected manufacturing of at the least 500,000 ounces of gold, and common projected money prices over the manufacturing life which can be within the decrease half of the trade price curve.
2 Per S&P International Market Intelligence, Donlin Gold is ranked 4th in Measured and Indicated contained ounces amongst main gold improvement tasks.
3 Per the Mining Journal Intelligence – World Threat Report 2024, Alaska ranks thirteenth globally on the Funding Threat Index and acquired an AA ranking, the very best ranking class awarded.
4 Per S&P International Market Intelligence, Donlin Gold is ranked ninth in Measured and Indicated contained ounces amongst main gold deposits.
5 Donlin Gold information as per the report titled “NI 43-101 Technical Report on the Donlin Gold undertaking, Alaska, USA” with an efficient date of June 1, 2021 (the “2021 Technical Report”) and the report titled “S-Ok 1300 Technical Report Abstract on the Donlin Gold undertaking, Alaska, USA” (the “S-Ok 1300 Technical Report Abstract”), dated November 30, 2021. Donlin Gold possesses Measured Assets of roughly 8 Mt grading 2.52 g/t and Indicated Assets of roughly 534 Mt grading 2.24 g/t, every on a 100% foundation and inclusive of Mineral Reserves, of which roughly 4 Mt of Measured Assets and roughly 267 Mt of Indicated Assets inclusive of Reserves is attributable to NOVAGOLD by means of its 50% possession curiosity in Donlin Gold LLC. Unique of Mineral Reserves, Donlin Gold possesses Measured Assets of roughly 1 Mt grading 2.23 g/t and Indicated Assets of roughly 69 Mt grading 2.44 g/t, of which roughly 0.5 Mt of Measured Assets and roughly 35 Mt of Indicated Assets unique of Mineral Reserves is attributable to NOVAGOLD. Donlin Gold possesses Confirmed Reserves of roughly 8 Mt grading 2.32 g/t and Possible Reserves of roughly 497 Mt grading 2.08 g/t, every on a 100% foundation, of which roughly 4 Mt of Confirmed Reserves and roughly 249 Mt of Possible Reserves is attributable to NOVAGOLD. Mineral Reserves and Assets have been estimated in accordance with NI 43-101 and S-Ok 1300.
6 Donlin Gold information as per the 2021 Technical Report and the S-Ok 1300 Technical Report Abstract detailed in footnote 5 above, with anticipated lifetime of mine working money price of $635 per gold ounce. Peer information per S&P International Market Intelligence, Donlin Gold ranks within the decrease half of the trade price curve.
7 Donlin Gold information as per the 2021 Technical Report and the S-Ok 1300 Technical Report Abstract detailed in footnote 5 above, with anticipated common annual manufacturing of 1.1 million gold ounces over 27 years on a 100% foundation.
8 Please see footnote 3 above.
9 Please see footnote 3 above.
10 Donlin Gold information as per the 2021 Technical Report and the S-Ok 1300 Technical Report Abstract. Please see footnote 5 above.
