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 web annual money expenditures of $24.5 million — together with $12.4 million to fund NOVAGOLD’s share of the Donlin Gold mission and $17.7 million in company common and administrative prices, beneath its 2024 expenditure steerage 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 12 months, reflecting expenditures according to price range.
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 mission for an up to date price estimate:
- Considerably accomplished metallurgical take a look at work at a pilot plant in Ontario, Canada to verify proposed optimizations to the flowsheet; superior an up to date useful resource mannequin; and picked up subject 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, instructional and cultural consciousness initiatives, together with group outreach within the mission’s area — hosted public open homes in three places, participated in two Subsistence Group 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 thus far and to agree on the following steps for the Donlin Gold mission and associated 2025 actions.
- Donlin Gold board permitted a price range 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 functions; and
- Group relations, authorities affairs, and sustaining permits in good standing.
President’s Message
This final 12 months was characterised by in depth efforts to extend Donlin Gold’s visibility and advance actions for long-term sustainable worth creation — strengthening the mission’s place as a novel alternative to achieve direct publicity to gold by one of many largest undeveloped gold belongings globally 2 , situated in a secure, tier one, mining-friendly jurisdiction, Alaska 3 . With this sturdy basis, we’re nearing vital 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 verify proposed optimizations to the flowsheet; subject 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 Impression
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 interact 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 website, which included vital 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 mission. Two Subsistence Group 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 full to 18. Donlin Gold’s quite a few partnerships within the Y-Ok area and statewide, aimed toward supporting ecological tasks, training, summer season youth employment packages, and cultural consciousness efforts, proceed to develop. Collectively these efforts underscore Donlin Gold’s ongoing engagement with and dedication to native communities, reinforcing present long-term relationships and addressing particular group wants.
In 2024, the Donlin Gold mission acquired continued assist from U.S. Senators Lisa Murkowski and Dan Sullivan, after which U.S. Consultant Mary Peltola, together with their submittal of a joint amicus temporary in federal court docket referring to Donlin Gold as one of many State’s “most vital and essential financial growth tasks” in “one of the 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 displays 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 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 assist the businesses in defending Donlin Gold’s 401 Water High quality Certification, water rights permits and State pipeline Proper-of-Approach (ROW). These instances have been absolutely briefed and argued, and choices are anticipated in 2025.
In federal litigation, the Courtroom issued a choice final fall on Donlin Gold’s Joint Document of Choice, 404 allow, and ROW, upholding the federal businesses’ evaluation on two of the three points raised. The plaintiffs filed a request for reconsideration on considered one of these points, which the Courtroom subsequently denied. Briefing on the suitable treatment to handle the Courtroom’s resolution on the remaining merchandise — specifically, the analysis of a theoretical massive launch from the mission’s tailing storage facility — is scheduled to be accomplished in early February 2025.
Gold Publicity By One of many Largest Gold Belongings Globally 4
NOVAGOLD views the Donlin Gold mission as an exceptionally uncommon funding alternative — significantly given the acute shortage of high-quality belongings situated in safe, mining-friendly jurisdictions, coupled with the current surge in gold value, 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 business common, Donlin Gold stands out as one of many largest gold belongings globally, and is anticipated to be operationally cost-effective 6 . The mission’s present useful resource spans solely 5% of its land package deal, 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 this planet 8 with sturdy group and state assist.
2025 Actions and Subsequent Steps
NOVAGOLD and Barrick held a workshop in Alaska in September 2024 to overview the vital work accomplished thus far, in addition to to debate the following steps for the mission and associated actions in 2025. Subsequently, Donlin Gold’s board permitted a path ahead with a 2025 price range 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 mission and mine planning, additional development of the Dam Security Certificates functions with work on the Detailed Design Packages, steadfast assist 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 concentrate on long-term worth creation. We firmly consider that with one of many business’s most tasty growth 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 assist. As a brand new 12 months begins, we stay deeply dedicated to fulfilling every single one of many guarantees now we have made and are excited to attain 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 aren’t simply advancing a mining mission. 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 Â $ |
|
| 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 web discount of time period deposits held.
Spending on working actions in 2024 elevated by $4.9 million in comparison with the prior 12 months, primarily on account of elevated company common and administrative bills, decrease curiosity revenue on money and time period deposits, and better revenue tax withholding associated to passive revenue taxable in Canada on a portion of curiosity revenue earned by U.S. subsidiaries. Money offered from investing actions in 2024 elevated by $19.7 million in comparison with the prior 12 months, primarily on account of a web discount of time period deposits held in 2024 and decrease Donlin Gold funding necessities.
2025 Outlook
Our anticipated expenditure in fiscal 12 months 2025 can be roughly $37.5 million, together with $21.5 million to fund our share of the Donlin Gold mission and $16.0 million for company common and administrative prices.
NOVAGOLD’s important aims embody persevering with to advance the Donlin Gold mission in the direction of a development resolution; sustaining assist for Donlin Gold among the many mission’s stakeholders; selling a robust security, sustainability, and environmental tradition; sustaining a positive status of NOVAGOLD; and preserving a wholesome steadiness sheet. Our operations primarily relate to the supply of mission milestones, together with the achievement of varied technical, environmental, sustainable growth, 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 at this time at 8:00 am PT (11:00 am ET). The webcast and convention call-in particulars are offered beneath.
The video webcast and convention call-in particulars are offered beneath.
About NOVAGOLD
NOVAGOLD is a well-financed treasured metals firm, solely centered on the accountable and sustainable growth of its flagship Donlin Gold mission in Alaska, one of many most secure mining jurisdictions on this planet 9 . The Donlin Gold mission, 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 median grade of roughly 2.24 grams per tonne, on a 100% foundation) classes, inclusive of Confirmed and Possible Mineral Reserves. In line with the 2021 Technical Report and the S-Ok 1300 Technical Report Abstract 10 Donlin Gold is anticipated to supply a median 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 pattern. Present actions on the Donlin Gold mission concentrate on state allowing, engineering research, group and authorities engagement, and different environmental, instructional and cultural initiatives in preparation for the eventual development and operation of this mission. With a strong 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-Wanting Statements
This media launch contains sure “forward-looking data” and “forward-looking statements” (collectively “forward-looking statements”) throughout the which means of relevant securities laws, together with the US Personal Securities Litigation Reform Act of 1995. Ahead-looking statements embody future-oriented monetary data or monetary outlook throughout the which means of securities legal guidelines, together with data concerning NOVAGOLD’s anticipated expenditures. Such data is meant to help readers in understanding NOVAGOLD’s present expectations and plans regarding the longer term. Such data might not be acceptable for different functions. Ahead-looking statements are steadily, however not at all times, recognized by phrases equivalent to “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “attainable”, and comparable expressions, or statements that occasions, circumstances, or outcomes “will”, “might”, “might”, “would” or “ought to” happen or be achieved. Ahead-looking statements are essentially primarily based on a number of opinions, estimates and assumptions that administration of NOVAGOLD thought of acceptable and affordable as of the date such statements are made, are topic to recognized and unknown dangers, uncertainties, assumptions, and different elements which will trigger the precise outcomes, exercise, efficiency, or achievements to be materially totally different from these expressed or implied by such forward-looking statements. All statements, aside from statements of historic reality, included herein are forward-looking statements. These forward-looking statements embody statements concerning the anticipated timing of sure judicial and/or administrative choices; the 2025 outlook; the timing and potential for commencing a brand new feasibility examine on the Donlin Gold mission; the outcomes of future feasibility research; our targets and expenditures for 2025; ongoing assist offered to key stakeholders together with Native Company companions; continuation of Donlin Gold’s salmon smolt monitoring program; Donlin Gold’s continued assist for the state and federal allowing course of; sufficiency of working capital; the potential growth and development of the Donlin Gold mission; the timing and talent for the Donlin Gold mission to hit vital milestones; the flexibility for the Tier One gold growth mission to hit the anticipated projections; the sufficiency of funds to proceed to advance growth of Donlin Gold, together with to a development resolution; perceived advantage of properties; mineral reserve and mineral useful resource estimates; Donlin Gold’s capacity to safe the permits wanted to assemble and function the Donlin Gold mission in a well timed method, if in any respect; authorized challenges to Donlin Gold’s present permits and the timing of selections in these challenges; whether or not the Donlin Gold LLC board will proceed to advance the Donlin Gold mission safely, socially responsibly and to sustainably generate worth for our stakeholders; continued cooperation between the homeowners of Donlin Gold LLC to advance the mission; the Firm’s capacity to ship on its technique with the Donlin Gold mission, growing shareholder and stakeholder wealth; the success of the strategic mine plan for the Donlin Gold mission; the success of the Donlin Gold group relations plan; the result of exploration drilling on the Donlin Gold mission and the timing thereof; the completion of take a look at work and modeling and the timing thereof. As well as, any statements that consult with expectations, intentions, projections or different characterizations of future occasions or circumstances are forward-looking statements. Ahead-looking statements are usually not historic details however as an alternative symbolize the expectations of NOVAGOLD administration’s estimates and projections concerning future occasions or circumstances on the date the statements are made. Necessary elements 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 sources; modifications in mineral manufacturing efficiency, exploitation and exploration successes; modifications in nationwide and native authorities laws, taxation, controls or rules and/or modifications within the administration of legal guidelines, insurance policies and practices, expropriation or nationalization of property and political or financial developments in the US or Canada; the necessity for continued cooperation between Barrick and NOVAGOLD for the continued exploration, growth and eventual development of the Donlin Gold property; the necessity for added capital if NOVAGOLD decided to proceed with an up to date feasibility examine by itself; the necessity for cooperation of presidency businesses and Native teams within the growth and operation of properties; dangers of development and mining tasks equivalent to accidents, tools breakdowns, dangerous 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 might embody vital will increase in estimated capital and working prices; fluctuations in metallic costs and foreign money trade charges; whether or not or when a constructive development resolution can be made concerning the Donlin Gold mission; and different dangers and uncertainties disclosed in NOVAGOLD’s most up-to-date experiences on Types 10-Ok and 10-Q, significantly the “Danger Elements” sections of these experiences and different paperwork filed by NOVAGOLD with relevant securities regulatory authorities on occasion. 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 elements, ought to they alter, besides as required by legislation.
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1 NOVAGOLD defines a Tier One gold growth mission 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 are within the decrease half of the business price curve.
2 Per S&P World Market Intelligence, Donlin Gold is ranked 4th in Measured and Indicated contained ounces amongst major gold growth tasks.
3 Per the Mining Journal Intelligence – World Danger Report 2024, Alaska ranks thirteenth globally on the Funding Danger Index and acquired an AA score, the very best score class awarded.
4 Per S&P World Market Intelligence, Donlin Gold is ranked ninth in Measured and Indicated contained ounces amongst major gold deposits.
5 Donlin Gold information as per the report titled “NI 43-101 Technical Report on the Donlin Gold mission, 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 mission, 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 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 World Market Intelligence, Donlin Gold ranks within the decrease half of the business 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.
