Changes for page NovaGold Resources

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  |(% style="width:336px" %)Inferred|(% style="width:131px" %)92,216|(% style="width:108px" %)2.02|(% style="width:140px" %)5,993|(% style="width:152px" %)2,996
--Financial Highlights
++= Financial Highlights =
--Fiscal Year 2021 Financial Results
++**Fiscal Year 2021 Financial Results**
--Jan. 26, 2022; NOVAGOLD released its 2021 year-end financial results for the year ended November 30, 2021 and an update on its Tier One 1 gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick.
++Jan. 26, 2022; NOVAGOLD released its 2021 year-end financial results for the year ended November 30, 2021 and an update on its Tier One 1 gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick.{{footnote}}https://www.novagold.com/investors/news/index.php?content_id=2588{{/footnote}}
--[[https:~~/~~/www.novagold.com/investors/news/index.php?content_id=2588>>url:https://www.novagold.com/investors/news/index.php?content_id=2588]]
--
  In 2021, NOVAGOLD achieved the following milestones:
++* NOVAGOLD and Barrick successfully completed the 2021 drilling at Donlin Gold:
++* 79 core holes, upsized from the original work plan, were drilled in the ACMA and Lewis pit areas. The total drill program encompassed 24,264 meters.
++* With extensive communication and the application of health and safety protocols, COVID-19 cases at site were minimal and there were no Lost-Time Incidents.
++* To date, Donlin Gold has reported assays for 36 complete and 22 partial holes from the 2021 drill program, encompassing approximately 65 percent or 15,700 meters of length drilled. Assays continue to support the global resource estimate, recent modelling concepts, and strategic mine planning work.
++* Donlin Gold strives to aid local communities with support and resources, particularly when health and safety are of concern, along with other areas, such as environmental management, training and education, as well as cultural initiatives in the Yukon-Kuskokwim (Y-K) region. Specifically, Donlin Gold worked with its Alaska Native partners, Calista Corporation (“Calista”) and The Kuskokwim Corporation (TKC), as well as other key representatives of Y-K communities to:
++* Sponsor the Calricaraq team from the Yukon-Kuskokwim Health Corporation to travel to area villages to support residents and families who have lost loved ones to suicide – a heightened challenge in remote villages, especially during the COVID-19 pandemic.
++* Partner with KSKO Radio to purchase hand-held radios for five middle Kuskokwim villages. This initiative expands the reach of public radio to communities where internet connectivity is lacking.
++* Enter into a sponsorship agreement with the Alaska School Activities Association to underwrite statewide sports.
++* With key Federal and State permits in hand, Donlin Gold advanced additional State permits:
++* In November 2021, the ADF&G issued two Special Area Permits required for pipeline facilities located within the Susitna Flats State Game Refuge.
++* In December 2021, the ADEC approved a third extension of the air quality permit to June 30, 2023.
--.
--NOVAGOLD and Barrick successfully completed the 2021 drilling at Donlin Gold:
++**President’s Message**
--79 core holes, upsized from the original work plan, were drilled in the ACMA and Lewis pit areas. The total drill program encompassed 24,264 meters.
--
--With extensive communication and the application of health and safety protocols, COVID-19 cases at site were minimal and there were no Lost-Time Incidents.
--
--To date, Donlin Gold has reported assays for 36 complete and 22 partial holes from the 2021 drill program, encompassing approximately 65 percent or 15,700 meters of length drilled. Assays continue to support the global resource estimate, recent modelling concepts, and strategic mine planning work.
--
--Donlin Gold strives to aid local communities with support and resources, particularly when health and safety are of concern, along with other areas, such as environmental management, training and education, as well as cultural initiatives in the Yukon-Kuskokwim (Y-K) region. Specifically, Donlin Gold worked with its Alaska Native partners, Calista Corporation (“Calista”) and The Kuskokwim Corporation (TKC), as well as other key representatives of Y-K communities to:
--
--Sponsor the Calricaraq team from the Yukon-Kuskokwim Health Corporation to travel to area villages to support residents and families who have lost loved ones to suicide – a heightened challenge in remote villages, especially during the COVID-19 pandemic.
--
--Partner with KSKO Radio to purchase hand-held radios for five middle Kuskokwim villages. This initiative expands the reach of public radio to communities where internet connectivity is lacking.
--
--Enter into a sponsorship agreement with the Alaska School Activities Association to underwrite statewide sports.
--
--With key Federal and State permits in hand, Donlin Gold advanced additional State permits:
--
--In November 2021, the ADF&G issued two Special Area Permits required for pipeline facilities located within the Susitna Flats State Game Refuge.
--
--In December 2021, the ADEC approved a third extension of the air quality permit to June 30, 2023.
--
--
--President’s Message
--
--
--
  As the company start a new year, the company can reflect on 2021 as a year of important achievements for the Donlin Gold project. Despite the formidable challenges caused by a global pandemic that continues to affect its daily lives, the company reached and exceeded several milestones as the company advanced Donlin Gold up the value chain. The company's drill campaign was successful not only because of the strong drill results, but also because the company managed to conduct its business with the utmost attention to the health and safety of its employees, their families, its contractors, and visitors as well as members of the communities in which the company operate. Donlin Gold delivered many tremendous benefits to many people.
@@ -152,7
+152,7 @@
  The assay results released to date have returned significant high-grade intercepts. They continue to support the global resource estimate, recent modelling concepts and strategic mine planning work. Recent top intervals include 57.25 m grading 6.87 g/t gold starting at 270.35 m drilled depth, including a sub-interval of 4.05 m grading 18.13 g/t, starting at 288.95 m drilled depth (DC21-1976); and 19.15 m grading 12.57 g/t gold starting at 173.19 m drilled depth, including a sub-interval of 12.15 m grading 17.28 g/t, starting at 179.19 m drilled depth (DC21-1970), as per the December 1, 2021 Donlin Gold joint media release , final results from the 2021 drill program are expected to be disclosed in the coming months.
--Largest Planned Budget in 2022 for Donlin Gold in Over a Decade
++**Largest Planned Budget in 2022 for Donlin Gold in Over a Decade**
  In September 2021, the combined executive team from NOVAGOLD and Barrick conducted management review meetings with Donlin Gold LLC in Alaska. The objective was to chart a course toward advancing the project up the value chain. As a result, the Donlin Gold LLC board approved additional funding in 2021 to conduct specific studies and increase staffing in preparation for the 2022 work program. In addition, senior executives met with local stakeholders as well as senior Alaska, Federal, and State government officials who expressed their continued strong support for the project. With a progression plan in place, the necessary groundwork was laid to prepare for a feasibility study update, subject to Donlin Gold LLC board approval.
@@ -160,20
+160,16 @@
  In 2022, the proposed overall budget for the Donlin Gold LLC (100%) is set at $60 million (of which NOVAGOLD’s portion is 50 percent). It is the largest project budget in more than a decade and is designed to:
--1) update geologic modelling and interpretation work for an updated resource model and engineering activities for use in an updated project feasibility study;
++1. update geologic modelling and interpretation work for an updated resource model and engineering activities for use in an updated project feasibility study;
++1. undertake approximately 34,000 meters of planned technical and in-pit and below-pit exploration drilling;
++1. support fieldwork and permitting for the Alaska Dam Safety Certifications;
++1. support environmental activities; and
++1. support community and external affairs efforts. Tremendous work by all was undertaken to plan the path forward for the Donlin Gold project, and the company look forward to the next phase with enormous enthusiasm.
--2) undertake approximately 34,000 meters of planned technical and in-pit and below-pit exploration drilling;
--3) support fieldwork and permitting for the Alaska Dam Safety Certifications;
++**Consistent Engagement with Stakeholders**
--4) support environmental activities; and
--5) support community and external affairs efforts. Tremendous work by all was undertaken to plan the path forward for the Donlin Gold project, and the company look forward to the next phase with enormous enthusiasm.
--
--
--Consistent Engagement with Stakeholders
--
--
  NovaGold Resources is truly fortunate to have long-term Alaska Native partners in the Y-K region. The Donlin Gold project is unlike most other mining assets in Alaska, or indeed, globally. The reason lies in its location on private land that was designated for mining activities five decades ago. Alaska Native Elders realized that the land and resources at Donlin Gold should benefit the Y-K region. Donlin Gold is a party to life-of-mine and surface use agreements with Calista, which owns the subsurface mineral rights and some surface rights, and TKC, which owns the surface rights. During the 2021 drill program season, 70 percent of Donlin Gold direct hires were Alaska Natives from 20 Y-K communities. With each year that passes, the parties work more and more closely together.
@@ -207,7
+207,7 @@
  Net loss increased from $33.6 million ($0.10 per share) in 2020 to $40.5 million ($0.12 per share) in 2021, primarily due to the higher permitting and legal costs related to appeals filed on various State of Alaska permits and completion of assays from the 2020 drill program in 2021, and higher share-based compensation expense resulting from higher amortization of stock options and performance share units (PSUs). Interest income decreased by $1.3 million due to lower interest rates earned on cash and term deposits, partially offset by higher cash balances due to the receipt of $75 million from Newmont on July 27, 2021; a remediation provision expense adjustment for the historic former New Gold House property near Nome, Alaska; lower accretion on notes receivable due to the maturity of the $75 million note receivable; and a recovery of deferred income taxes in 2020 resulting from the Company’s decision to file a consolidated U.S. income tax return for its U.S. subsidiaries commencing with the fiscal year ended November 30, 2020. The increase in expenses was partially offset by favorable foreign exchange movements and a gain on the sale of its interest in the San Roque mineral property in Argentina.
--Liquidity and Capital Resources
++**Liquidity and Capital Resources**
  Donlin Gold funding increased by $2.3 million in 2021 from 2020 primarily due to higher permitting and legal costs due to legal challenges to the State’s CWA Section 401 certification and the State’s ROW agreement and lease authorization for the buried natural gas pipeline, and completion of assays from the 2020 drill program in 2021.
@@ -222,29
+222,22 @@
  NOVAGOLD’s current cash position as of November 30, 2021, was $91.1 million, with term deposits of $78 million, for a total of $169.1 million. This figure includes the July 2021 payment of $75 million from Newmont Corp. related to the sale of NOVAGOLD’s 50% interest in the Galore Creek project in 2018. Note that a second payment from Newmont of $25 million comes due in 2023, along with a further $75 million contingent payment due when the Galore Creek project is approved for construction by its owners. The Company believes that its cash, term deposits, and receivables are sufficient to cover anticipated corporate general and administrative costs and funding of the Donlin Gold project through to a construction decision.
--2022 Outlook
++== 2022 Outlook ==
--The company 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 its share of expenditures at the Donlin Gold project, including:
++The company 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 its 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).
--$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 of NOVAGOLD, its governance practices and its project among shareholders; and manage the Company treasury effectively and efficiently, including streamlining the corporate structure. The company's 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.
--References
++= References =
  {{putFootnotes/}}

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