Financial Data and Key Metrics Changes - The company reported a net loss of $10.7 million in Q3 2024, a decrease of $0.4 million from the same quarter last year, primarily due to lower stock-based compensation and reduced Donlin Gold Project costs [14][15] - Cash and term deposits decreased by $7 million in Q3 2024, with cash and cash equivalents totaling $45.6 million and term deposits at $60 million [15][16] - The company expects to spend approximately $31 million for the full year, including about $17 million for corporate G&A and $14 million for Donlin Gold [15][16] Business Line Data and Key Metrics Changes - The Donlin Gold Project is highlighted as a Tier 1 asset with 39 million ounces of gold at an average grade of 2.25 grams per tonne, which is more than double the industry average [3][5] - Significant exploration opportunities exist beyond the defined resources, covering only 3 kilometers of an approximate 8-kilometer gold-bearing trend [8] Market Data and Key Metrics Changes - The global gold production is declining, leading to a shortage of high-quality development stage projects, which increases demand for projects like Donlin Gold characterized by scale, grade, and longevity [5][6] - Alaska is ranked third out of 120 global jurisdictions for mining, with a strong regulatory framework that enhances investor confidence [6][8] Company Strategy and Development Direction - The company views the Donlin Gold Project as a prime investment opportunity in the gold market, focusing on advancing the project to an updated feasibility study [17][18] - The company is committed to executing its strategy with high standards of safety and social responsibility while enhancing shareholder and stakeholder value [18] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of the Dam Safety certification as the last major permit needed for the project, with an anticipated approval timeline of 1 to 1.5 years [20] - The current high gold prices are expected to influence the updated feasibility study and future project plans [21] Other Important Information - The company has made substantial advancements in metallurgical testing and is updating groundwater and surface water models [9][10] - Ongoing collaborations with local communities and partners are essential for project development and maintaining a social license to operate [11][12] Q&A Session Summary Question: Is the Dam Safety certification the only major permit left? - Yes, the tailings dam and related water retention structures are the last remaining major permits needed, with approval expected in 1 to 1.5 years [20] Question: Will current gold prices be reflected in the updated feasibility study? - Yes, the high gold prices are intriguing and will be considered in the 2025 work plan [21] Question: What is the current cash burn rate and CapEx guidance for 2025? - The burn rate is expected to increase next year, with sufficient cash on hand to advance the Donlin project [23]

Core Viewpoint - NOVAGOLD Resources Inc. is focused on advancing the Donlin Gold project, aiming for a fully updated feasibility study while maintaining strong community and government engagement to uphold its social license [1][6][11]. Financial Overview - As of August 31, 2024, NOVAGOLD reported a strong treasury of approximately $105.6 million in cash and term deposits [4][9]. - The company experienced a net loss of $10.7 million for the third quarter of 2024, a slight decrease from a loss of $11.1 million in the same period the previous year [28][29]. Project Development Milestones - Key activities in the third quarter included metallurgical test work at a pilot plant, submission of preliminary design packages for Dam Safety Certification, and updated resource modeling [3][7]. - A workshop was held in Alaska to review progress and discuss next steps for the Donlin Gold project [3][8]. Community Engagement and Social Responsibility - NOVAGOLD, in collaboration with Calista Corporation and The Kuskokwim Corporation, has made significant strides in community engagement, including hosting tours and public open houses [4][13]. - The company supports various local initiatives, including educational programs and environmental stewardship efforts, reinforcing its commitment to social responsibility [14][17]. Legal and Permitting Status - The company is actively defending its permits against legal challenges, with ongoing litigation related to water rights and environmental certifications [20][21][22]. - The permitting process is complex but is supported by a strong commitment to transparency and stakeholder engagement [19][24]. Future Outlook - For fiscal year 2024, anticipated cash expenditures are approximately $31.2 million, with $14.25 million allocated for the Donlin Gold project [32][33]. - The company aims to continue advancing the project towards a construction decision while maintaining a healthy balance sheet and stakeholder support [33][34].

Core Points - NOVAGOLD RESOURCES INC. will release its 2024 third quarter financial results on October 2, 2024, after market close [1] - A conference call and video webcast to discuss these results will occur on October 3, 2024, at 8:00 am PT (11:00 am ET) [1] - The company's President and CEO, Greg Lang, and CFO, Peter Adamek, will summarize the third quarter financial results and provide an update on the Donlin Gold project during the webcast [2] Conference Call Details - Participants can submit questions prior to the call via email at info@novagold.com [2] - The video webcast can be accessed at www.novagold.com/investors/events/ [3] - North American callers can join at 1-844-763-8274, while international callers can dial 1-647-484-8814 [3]

Financial Data and Key Metrics Changes - In the second quarter, the company reported a net loss of $13.7 million, a decrease of $0.9 million from the prior-year quarter, primarily due to lower Donlin Gold project costs and increased general and administrative costs [39][54]. - Cash and cash equivalents stood at nearly $53 million, with term deposits of $60 million, indicating a strong treasury position [54]. Business Line Data and Key Metrics Changes - The Donlin Gold project is highlighted as a Tier 1 asset, boasting almost 40 million ounces of gold at a grade of over 2 grams per tonne, which is more than double the industry average [27][30]. - The projected mine life for Donlin Gold is nearly three decades, with an expected production of around 1 million ounces per year at a low cost [27][30]. Market Data and Key Metrics Changes - Alaska is recognized as a world-leading mining jurisdiction, ranked third out of 120 global jurisdictions, with a strong regulatory environment that supports mining activities [9]. - The current gold price is positioned toward the higher end of the projected value scenarios, indicating a potential value exceeding $25 billion with no discount rate applied [31]. Company Strategy and Development Direction - The company aims to update the feasibility study for Donlin Gold to position it favorably for a construction decision when market conditions align [28]. - Ongoing collaborations with local communities and stakeholders are emphasized to ensure responsible development and community engagement [29][35]. Management's Comments on Operating Environment and Future Outlook - Management views the current gold price as a key driver for investment decisions, with expectations for prices to rise further in the coming years [60]. - The company remains committed to advancing the Donlin Gold project while navigating the complexities of permitting and regulatory processes [17][18]. Other Important Information - The company has secured all federal permits required for the development of Donlin Gold and is in the process of obtaining state permits, including dam safety certification [7][59]. - Significant progress has been made in metallurgical test work and updating resource models, which are crucial for future development [34][41]. Q&A Session Summary Question: What is the current status of state-level permitting and when is a decision expected? - The only significant state permit not yet obtained is the dam safety certificate, with the federal permits already in place [59]. Question: What level of capital spending is expected in 2025? - The company has not yet guided on expenditures for 2025, as it will depend on the decision to initiate the new feasibility study [47]. Question: What key market conditions are required to commence operations? - Key factors include the price of gold, market conditions, and financing options, with expectations that gold prices will be significantly higher when the feasibility study is completed [60].

[NOVAGOLD Q2 2024 Financial Results Report](index=1&type=section&id=NOVAGOLD%20Q2%202024%20Financial%20Results%20Report) [Overview and Key Milestones](index=1&type=section&id=Overview%20and%20Key%20Milestones) NOVAGOLD reports Q2 2024 results, highlighting progress on the Donlin Gold project and a strong financial position - NOVAGOLD ended the second quarter with a robust treasury of **$113 million** in cash and term deposits[1](index=1&type=chunk) - Key technical milestones for the Donlin Gold project include advancing metallurgical testing and resource modeling[5](index=5&type=chunk) - Significant community outreach included finalizing a **17th Shared Values Statement** and holding subsistence committee meetings[5](index=5&type=chunk) [President's Message](index=2&type=section&id=President's%20Message) The President details the company's commitment to advancing the Donlin Gold project through technical, community, and legal progress [Technical Advancement and Project Development](index=2&type=section&id=Technical%20Advancement%20and%20Project%20Development) The company focuses on key technical work, including resource modeling and metallurgical testing, to de-risk the Donlin Gold project - The next critical step is updating the feasibility study to position Donlin Gold favorably for a construction decision[8](index=8&type=chunk) - Metallurgical pilot plant test work is underway to confirm flowsheet optimizations and is expected to be completed in **2024**[6](index=6&type=chunk) - A third-party consultant is updating the resource model, while new field data is enhancing hydrological models[6](index=6&type=chunk) [Community, Government, and Stakeholder Engagement](index=3&type=section&id=Community%2C%20Government%2C%20and%20Stakeholder%20Engagement) NOVAGOLD and its partners maintain deep engagement with local communities, government bodies, and key stakeholders - An additional Shared Values Statement was finalized with a Y-K region community, bringing the total to **17**[10](index=10&type=chunk) - The Crooked Creek Traditional Council traveled to Washington, D.C. to voice their support for the project[12](index=12&type=chunk) - Alaska's Congressional Delegation submitted a joint amicus brief supporting Donlin Gold as a vital economic project[12](index=12&type=chunk) [Environmental and Social Initiatives](index=3&type=section&id=Environmental%20and%20Social%20Initiatives) The company is actively involved in environmental and social programs, focusing on salmon health, community cleanup, and education - In collaboration with local tribes, the company is planning projects to monitor and enhance salmon population health[14](index=14&type=chunk) - Donlin Gold continues to support the annual "Clean-Up Green-Up" program, assisting **47 communities** in the Y-K region[15](index=15&type=chunk) - The company provided financial support for educational initiatives and suicide prevention events in local villages[16](index=16&type=chunk) [Permitting and Legal Status](index=4&type=section&id=Permitting%20and%20Legal%20Status) Donlin Gold actively defends its permits against legal appeals while progressing with remaining state-level certifications - Preliminary design packages for the Dam Safety Certification were submitted to the ADNR on **June 17, 2024**[18](index=18&type=chunk) - In the Federal litigation, oral arguments were held on June 24, 2024, with a decision anticipated by **early 2025**[21](index=21&type=chunk) - Oral argument for the state-level appeal of the 401 Water Quality Certification is scheduled for **August 30, 2024**[20](index=20&type=chunk) [Strategic Vision and Shareholder Value](index=5&type=section&id=Strategic%20Vision%20and%20Shareholder%20Value) NOVAGOLD positions Donlin Gold as a premier, low-risk investment with significant resource size and a long-life potential - Donlin Gold is highlighted as a top development asset with approximately **39 million ounces** of gold in Measured and Indicated Mineral Resources[23](index=23&type=chunk) - The company has maintained its financial strength without requiring additional equity issuances since **2012**[23](index=23&type=chunk) - A key management change was announced: David Ottewell, CFO, will retire and be replaced by Peter Adamek, effective **July 15, 2024**[8](index=8&type=chunk) [Financial Performance](index=5&type=section&id=Financial%20Performance) The company reported a reduced net loss of $13.7 million for Q2 2024, driven by lower project expenses and higher interest income [Financial Results Analysis](index=5&type=section&id=Financial%20Results%20Analysis) The net loss decreased year-over-year due to lower site activity, higher interest income, and gains on securities Financial Results (in thousands of U.S. dollars, except for per share amounts) | | Three months ended May 31, 2024 | Three months ended May 31, 2023 | Six months ended May 31, 2024 | Six months ended May 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net loss** | **(13,700)** | **(14,649)** | **(24,018)** | **(25,308)** | | Loss per share, basic and diluted | (0.04) | (0.04) | (0.07) | (0.08) | | General and administrative expense | 7,603 | 5,535 | 13,862 | 11,142 | | Share of losses – Donlin Gold | 3,990 | 7,543 | 6,951 | 12,018 | | **Balance Sheet** | **At May 31, 2024** | | **At November 30, 2023** | | | Cash and term deposits | 112,568 | | 125,749 | | - Net loss decreased by **$0.9 million** in Q2 2024 and **$1.3 million** in the first six months of 2024 compared to prior year periods[28](index=28&type=chunk) - The reduced net loss was driven by lower Donlin Gold field expenses, partially offset by higher G&A costs[28](index=28&type=chunk) [Liquidity and Capital Resources](index=6&type=section&id=Liquidity%20and%20Capital%20Resources) Cash equivalents increased in the first six months of 2024, as proceeds from term deposits offset project and corporate costs - Cash and term deposits stood at **$112.6 million** at May 31, 2024, compared to $125.7 million at November 30, 2023[27](index=27&type=chunk) - In the first six months of 2024, cash equivalents increased by **$6.8 million**, mainly due to $20 million in net proceeds from term deposits[29](index=29&type=chunk) - Funding requirements for Donlin Gold were substantially lower in the first half of 2024 compared to the prior year[29](index=29&type=chunk) [2024 Outlook](index=7&type=section&id=2024%20Outlook) NOVAGOLD anticipates total expenditures of approximately $31.2 million for fiscal year 2024 to advance the Donlin Gold project 2024 Anticipated Expenditures | Category | Amount (approx.) | | :--- | :--- | | Donlin Gold Project Funding | $14,250,000 | | Corporate G&A Costs | $16,950,000 | | **Total Expenditures** | **$31,200,000** | - Primary goals for 2024 include advancing Donlin Gold, maintaining a strong reputation, and managing the treasury effectively[31](index=31&type=chunk) [Corporate Information and Disclosures](index=7&type=section&id=Corporate%20Information%20and%20Disclosures) This section provides company details, investor event information, and important legal disclaimers regarding future outlook [About NOVAGOLD](index=8&type=section&id=About%20NOVAGOLD) NOVAGOLD is a well-financed company focused on developing its flagship Donlin Gold project in a 50/50 partnership with Barrick - NOVAGOLD is solely focused on the Donlin Gold project in Alaska, held in an equal partnership with Barrick[34](index=34&type=chunk) - The project contains approximately **39 million ounces** of gold in Measured and Indicated Mineral Resources[34](index=34&type=chunk) - Donlin Gold is expected to produce an average of approximately **one million ounces** of gold per year over a 27-year mine life[34](index=34&type=chunk) [Conference Call & Webcast Details](index=7&type=section&id=Conference%20Call%20%26%20Webcast%20Details) NOVAGOLD will host a conference call on June 27, 2024, to discuss Q2 results and has scheduled its Q3 results release - A conference call and webcast to discuss Q2 results is scheduled for **June 27, 2024**, at 8:00 am PT[32](index=32&type=chunk) - Q3 2024 results will be released after market close on Wednesday, **October 2, 2024**[32](index=32&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=9&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section warns investors that the release contains forward-looking statements subject to significant risks and uncertainties - The release contains forward-looking statements concerning judicial decisions, the 2024 outlook, and project development[36](index=36&type=chunk) - Important factors that could cause actual results to differ materially include permitting, financing, and metal price fluctuations[36](index=36&type=chunk) - Investors are directed to the "Risk Factors" sections of NOVAGOLD's recent SEC filings for a comprehensive list of risks[36](index=36&type=chunk)

Core Insights - The company is focused on advancing the Donlin Gold project, aiming for an updated feasibility study to facilitate a construction decision [3][6][37] - Significant community engagement and social responsibility initiatives have been undertaken, including educational support and environmental stewardship [2][5][12][13] - The financial results for the second quarter of 2024 show a net loss of $13.7 million, a decrease from the previous year, attributed to lower field expenses and increased interest income [19][40] Financial Performance - General and administrative expenses for the three months ended May 31, 2024, were $7.6 million, compared to $5.5 million in the same period of 2023 [19] - The share of losses from Donlin Gold was $3.99 million for the second quarter of 2024, down from $7.54 million in the same quarter of 2023 [19] - The total operating expenses for the second quarter of 2024 were $11.59 million, a decrease from $13.08 million in the same period of 2023 [19] Project Development - The company has made progress in metallurgical test work and regional infrastructure planning to support the Donlin Gold project [7][30] - An additional Shared Values Statement was finalized, increasing the total to 17, reflecting ongoing community engagement [2][4] - The company is actively involved in monitoring salmon populations and has initiated a juvenile salmon monitoring project in collaboration with local tribes [12][31] Community Engagement - The company participated in the Alaska Native Village Corporation Association conference, focusing on revenue sharing and rural opportunities [2][31] - Donlin Gold has sponsored various educational initiatives, including a college and career fair, and supported suicide prevention efforts in local communities [13][31] - The company has received support from U.S. Senators and Representatives, highlighting the project's importance for economic development in Alaska [2][11] Regulatory and Permitting Efforts - The company is committed to defending its permits against appeals and has successfully navigated previous legal challenges [14][15][36] - Ongoing work on the Dam Safety Certification is progressing, with preliminary design packages submitted [34] - The company continues to engage with federal and state agencies to secure necessary permits for project advancement [36]

Core Insights - NOVAGOLD Resources Inc. reported its 2024 second quarter financial results and provided an update on the Donlin Gold project, emphasizing ongoing technical work, community engagement, and social outreach efforts [1][11]. Milestones Achieved - Significant milestones in education, health and safety, cultural preservation, and environmental initiatives were achieved in collaboration with local corporations [2][3]. - An additional Shared Values Statement was finalized, increasing the total to 17, reflecting the company's commitment to community engagement [21]. Financial Performance - In the second quarter of 2024, the net loss decreased to $13.7 million from $14.6 million in the prior year, primarily due to lower field expenses and increased interest income [14]. - General and administrative expenses rose to $7.6 million in Q2 2024 from $5.5 million in Q2 2023, driven by higher employee compensation and professional fees [13][14]. Project Development - Donlin Gold holds approximately 39 million ounces of gold with a grade of 2.24 grams per tonne in Measured and Indicated Mineral Resources [11][32]. - The project is positioned to produce an average of approximately one million ounces of gold over a 27-year mine life [32]. Community Engagement - The company actively participated in community events, including sponsoring educational initiatives and engaging with local stakeholders to support the project [3][36]. - Ongoing collaboration with Alaska Native Corporations and government officials has reinforced the project's social license and community support [5][22]. Environmental Initiatives - Donlin Gold continues to support environmental initiatives, including the "Clean-Up Green-Up" program, which assists 47 communities in the Y-K region [8][23]. - The company is focused on monitoring salmon populations and enhancing their health in collaboration with local tribes [53]. Legal and Permitting Updates - All permit appeals for Donlin Gold have been unsuccessful to date, highlighting the importance of thorough permitting processes [9]. - Ongoing legal challenges include an appeal regarding the Alaska Department of Environmental Conservation's decision on water quality certification, with oral arguments scheduled for August 30, 2024 [10][38]. Future Outlook - The company anticipates expenditures of approximately $31.2 million in fiscal year 2024, with $14.25 million allocated for the Donlin Gold project [15]. - The next critical step is to update the feasibility study to position Donlin Gold favorably for a construction decision [20].

PART I - FINANCIAL INFORMATION [Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated interim financial statements for the period ended May 31, 2024, detailing a net loss of $24.0 million, total assets of $121.6 million, and an equity deficit of $27.5 million [Condensed Consolidated Interim Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Interim%20Balance%20Sheets) As of May 31, 2024, total assets decreased to $121.6 million, total liabilities increased to $149.0 million, and the equity deficit widened to $27.5 million Balance Sheet Highlights (in thousands) | Balance Sheet Highlights (in thousands) | May 31, 2024 | Nov 30, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $52,568 | $45,749 | | Term deposits | $60,000 | $80,000 | | Total current assets | $113,945 | $127,219 | | Total assets | $121,577 | $133,290 | | **Liabilities & Equity** | | | | Total current liabilities | $3,891 | $3,906 | | Promissory note | $144,047 | $136,748 | | Total liabilities | $149,049 | $141,513 | | Total equity (deficit) | ($27,472) | ($8,223) | [Condensed Consolidated Interim Statements of Loss and Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) For the six months ended May 31, 2024, the company reported a net loss of $24.0 million, a decrease from $25.3 million in the prior year, primarily due to lower equity losses from the Donlin Gold project Statement of Loss Highlights (in thousands) | Statement of Loss Highlights (in thousands) | Six Months Ended May 31, 2024 | Six Months Ended May 31, 2023 | | :--- | :--- | :--- | | General and administrative | $13,862 | $11,142 | | Equity loss – Donlin Gold | $6,951 | $12,018 | | Loss from operations | ($20,813) | ($23,160) | | Interest expense on promissory note | ($7,299) | ($6,156) | | Interest and dividend income | $3,071 | $2,679 | | **Net loss** | **($24,018)** | **($25,308)** | | **Net loss per share** | **($0.07)** | **($0.08)** | [Condensed Consolidated Interim Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Cash%20Flows) For the six months ended May 31, 2024, net cash used in operating activities was $6.6 million, while investing activities provided $13.4 million, leading to a $6.8 million increase in cash and cash equivalents Cash Flow Highlights (in thousands) | Cash Flow Highlights (in thousands) | Six Months Ended May 31, 2024 | Six Months Ended May 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($6,570) | ($4,662) | | Funding of Donlin Gold | ($7,334) | ($12,772) | | Net proceeds from term deposits | $20,000 | $0 | | Net cash provided from (used in) investing activities | $13,409 | ($12,230) | | **Increase (decrease) in cash and cash equivalents** | **$6,819** | **($16,928)** | [Notes to Condensed Consolidated Interim Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section clarifies that NOVAGOLD's principal asset is a 50% interest in the Donlin Gold project, detailing its equity method investment, a significant promissory note to Barrick, and share-based compensation - The company's principal asset is a **50% interest** in the Donlin Gold project in Alaska, a joint venture with Barrick Gold Corporation[29](index=29&type=chunk) Change in Investment in Donlin Gold (in thousands) | Change in Investment in Donlin Gold (in thousands) | Six Months Ended May 31, 2024 | | :--- | :--- | | Balance – beginning of period | $3,071 | | Share of losses | ($6,951) | | Funding | $7,334 | | **Balance – end of period** | **$3,454** | - A promissory note payable to Barrick totals **$144.0 million** as of May 31, 2024, accruing interest at U.S. prime plus 2% and repayable from **85%** of future mine production revenue[42](index=42&type=chunk)[47](index=47&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Donlin Gold project's advancement, including Q2 2024 activities and stakeholder engagement, noting a lower net loss due to reduced field expenses and sufficient liquidity for at least three years [Donlin Gold Project Update](index=17&type=section&id=Donlin%20Gold%20Project%20Update) Key activities at the Donlin Gold project in Q2 2024 included resource modeling, metallurgical testing, water model updates, and infrastructure planning, with the company's funding share at $7.3 million for the first six months - Key activities in Q2 2024 included ongoing resource modeling, metallurgical test work for flowsheet optimization, updating water models, and advancing regional infrastructure planning[65](index=65&type=chunk) - NOVAGOLD's funding share for the Donlin Gold project was **$7.334 million** for the first six months of 2024, with a full-year budget of **$14.250 million**[68](index=68&type=chunk) [Stakeholder Engagement and Permitting](index=18&type=section&id=Stakeholder%20Engagement%20and%20Permitting) The company maintained strong stakeholder relations, finalizing a 17th Shared Values Statement, while actively defending its permits against ongoing legal challenges in Alaska and Federal courts with oral arguments scheduled for mid-to-late 2024 - A **17th Shared Values Statement** was finalized with a Y-K region community, formalizing engagement on local issues[73](index=73&type=chunk) - The company is actively defending its permits in multiple legal proceedings, including appeals of the Clean Water Act certification, state water rights, and the Federal Joint Record of Decision, with oral arguments scheduled for July and August 2024[79](index=79&type=chunk)[80](index=80&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Financial Results and Liquidity](index=19&type=section&id=Financial%20Results%20and%20Liquidity) The net loss for Q2 2024 decreased by $0.9 million due to lower field expenses, and the company maintains a strong liquidity position of $112.6 million, sufficient for at least the next three years - The decrease in net loss for Q2 and the first six months of 2024 was primarily due to lower field expenses at Donlin Gold, increased interest income, and gains on marketable securities[89](index=89&type=chunk) Financial Position Highlights (in thousands) | Financial Position Highlights | As of May 31, 2024 | | :--- | :--- | | Cash and cash equivalents | $52,568 thousand | | Term deposits | $60,000 thousand | | Promissory note payable to Barrick | $144,047 thousand | - Anticipated expenditures for fiscal year 2024 are approximately **$31.2 million**, including **$14.25 million** for Donlin Gold funding and **$16.95 million** for general and administrative costs[92](index=92&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=21&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's financial instruments are exposed to credit risk, concentrated in cash and term deposits, and interest rate risk from its variable-rate promissory note tied to the U.S. prime rate - A **1% change** in the U.S. prime rate would result in an approximate **$1.44 million** change in the annual interest accrued on the promissory note payable to Barrick[101](index=101&type=chunk) [Controls and Procedures](index=21&type=section&id=Item%204.%20Controls%20and%20Procedures) As of May 31, 2024, management concluded that the company's disclosure controls and procedures are effective, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures are effective for timely and accurate SEC reporting[102](index=102&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings & Risk Factors](index=22&type=section&id=Item%201.%20Legal%20Proceedings%20%26%20Item%201A.%20Risk%20Factors) The company reports no material current, pending, or threatened litigation and no material changes to previously disclosed risk factors from its Annual Report on Form 10-K - The company is not aware of any material current, pending, or threatened litigation[106](index=106&type=chunk) - There have been no material changes to the risk factors disclosed in the Annual Report on Form 10-K for the year ended November 30, 2023[106](index=106&type=chunk) [Other Information](index=22&type=section&id=Items%202,%203,%204,%205,%20and%206) This section confirms no unregistered sales of equity securities, no defaults upon senior securities, and no applicable mine safety disclosures, with no other material information reported - The company reports no activity under Item 2 (Unregistered Sales of Equity Securities), Item 3 (Defaults Upon Senior Securities), Item 4 (Mine Safety Disclosures), or Item 5 (Other Information)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)

Company Overview - NOVAGOLD RESOURCES INC. is focused on the development of the Donlin Gold project in Alaska, which is one of the largest and highest-grade open-pit gold deposits globally, with approximately 39 million ounces of gold in the Measured and Indicated Mineral Resource categories [7] - The Donlin Gold project has Proven Reserves of approximately 8 million tonnes grading 2.32 g/t and Probable Reserves of approximately 497 million tonnes grading 2.08 g/t [1] Management Changes - Peter Adamek has been appointed as Vice President and Chief Financial Officer (CFO) effective July 15, 2024, following the retirement of long-serving CFO David Ottewell [2][6] - David Ottewell will assist in the transition until his retirement date, having contributed significantly to the company's finance strategy and team development over the past 12 years [6] Project Development - The Donlin Gold project is expected to produce over one million ounces of gold annually over a 27-year mine life once in production [7] - Current activities at the Donlin Gold project include state permitting, engineering studies, community outreach, and workforce development in preparation for construction and operation [7] Financial Position - NOVAGOLD is well-financed and positioned to fund its share of permitting and advancement efforts at the Donlin Gold project [7]

VANCOUVER, British Columbia, June 20, 2024 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. ("NOVAGOLD" or the "Company") (NYSE American, TSX: NG) is pleased to announce the appointment of Peter Adamek as Vice President and Chief Financial Officer (CFO) of the Company effective July 15, 2024. The appointment of Mr. Adamek comes following the retirement of NOVAGOLD's long-serving CFO, David Ottewell, capping off a successful career in the mining sector. Mr. Ottewell will stay on until July 15, 2024 to ensure a se ...