NOVAGOLD Files Year-End 2024 Report with Strong Treasury to Fund Key Activities for Long-Term Value Creation

Core Viewpoint - NOVAGOLD Resources Inc. reported its fiscal year-end results for 2024, highlighting the progress of its Donlin Gold project, a significant gold development initiative in Alaska, co-owned with Barrick Gold Corporation [1][5]. Financial Performance - As of November 30, 2024, NOVAGOLD held approximately $101 million in cash and term deposits, with net annual cash expenditures of $24.5 million, including $12.4 million for the Donlin Gold project and $17.7 million for corporate costs, which was below the expenditure guidance of $31.2 million [3][19]. - The company reported a net loss of $45.6 million for the fiscal year, translating to an earnings per share of ($0.14) [3]. Project Milestones and Activities - In 2024, significant milestones for the Donlin Gold project included the completion of metallurgical test work, submission of preliminary design packages for Dam Safety Certification, and community engagement initiatives [6][10]. - A budget of $43 million for 2025 was approved, focusing on camp operations, updated mine planning, geotechnical engineering, and community relations [6][16]. Community Engagement and Environmental Initiatives - Donlin Gold intensified efforts in ecological stewardship, including a salmon smolt monitoring program and restoration of historic mining sites [8][9]. - The project maintained strong community relations through public open houses and partnerships with local organizations, establishing a total of 18 Shared Values Statements [9][10]. Resource and Production Potential - The Donlin Gold project is recognized for its substantial resources, with over 39 million ounces of gold in Measured and Indicated Resources at an average grade of 2.24 grams per tonne, which is twice the industry average [14][29]. - The project is projected to produce over one million ounces of gold annually over a 27-year mine life, with anticipated operating cash costs of $635 per ounce, placing it in the lower half of the industry cost curve [30][31]. Legal and Regulatory Developments - Donlin Gold received an 18-month extension on its air quality permit and has ongoing litigation related to its water quality certification and other permits, with decisions expected in 2025 [11][12][13]. - The project continues to receive support from U.S. Senators and local representatives, emphasizing its importance for economic development in Alaska [10].