Strong Treasury of Approximately $106 Million in Cash and Term Deposits
NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the “Company”) (NYSE American, TSX: NG) proudly announced its third quarter financial results for 2024, showcasing a robust treasury of $105.6 million in cash and term deposits. The Company also provided an update on its Tier One gold development project, Donlin Gold, which is equally owned with Barrick Gold Corporation (“Barrick”).
The financial results for the quarter ended August 31, 2024, are detailed in the consolidated financial statements and quarterly report filed on Form 10-Q on October 2, 2024. The reports are available on the Company’s website, SEDAR, and EDGAR. All amounts are stated in U.S. dollars unless specified otherwise.
In the third quarter of 2024, the following milestones were achieved:
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Donlin Gold activities included:
- Metallurgical test work (pilot plant) to confirm flowsheet optimizations advanced with completion expected by year-end.
- Submission of the majority of the Dam Safety Certification preliminary design packages to the Alaska Department of Natural Resources (ADNR) on June 17, 2024, with the final documents expected to be submitted by year-end. Comments from ADNR are anticipated in 2025.
- Updated resource modeling by the Donlin Gold team and a third-party consultant nearing completion.
- Incorporation of field and geochemical data to update groundwater and surface water models for operational and closure planning.
- Subsequent to the third quarter, a Donlin Gold workshop was held in Alaska to review completed work and discuss next steps for the project in 2025.
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In collaboration with Calista Corporation (“Calista”) and The Kuskokwim Corporation (TKC), Donlin Gold achieved significant milestones in education, health, and safety, cultural preservation, and environmental initiatives.
- Hosted Crooked Creek and Georgetown residents on a tour of the Donlin Gold project.
- Participated in a public Open House in Anchorage to engage with Alaskans and provide project information.
- Sponsored the RurAL CAP Elder Mentor Program connecting youth with Elders in Alaska.
- Increased collaboration with the Alaska School Activities Association to support high school programs in the state.
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NOVAGOLD reported the appointment of Peter Adamek as the Company’s new Vice President and Chief Financial Officer.
NOVAGOLD maintains a strong financial position to advance the Donlin Gold project with a treasury of $105.6 million in cash and term deposits as of August 31, 2024.
President’s Message
Focused on Finalizing Key Project Activities to Drive Donlin Gold Project Development
During the third quarter of 2024, Donlin Gold advanced key activities, such as metallurgical test work and resource modeling, essential for updating technical work and cost estimates. The collaborative and inclusive approach adopted by the Company benefits all stakeholders and shareholders.