Financial Data and Key Metrics Changes - NOVAGOLD reported a fiscal 2025 fourth quarter net loss of $15.6 million, an increase of $4.7 million from the prior year, primarily due to higher site activity at Donlin Gold and increased general and administrative expenses [34] - For the full year, NOVAGOLD reported a net loss of $94.7 million, which included a $39.6 million non-cash, non-recurring charge for warrants issued as consideration for a backstop commitment in support of the Donlin Gold transaction [34] - The company's treasury increased by $13.9 million during fiscal 2025, ending the year with $115.1 million [36] Business Line Data and Key Metrics Changes - Donlin Gold expenditures were $9 million higher in fiscal 2025 due to the field program [35] - Corporate general and administrative cash spend increased by $1 million compared to the prior year [36] Market Data and Key Metrics Changes - The market reception for NOVAGOLD has improved, with the stock price rising from a low of $2.50 early last year [7] Company Strategy and Development Direction - NOVAGOLD aims to build America's largest single gold mine at the Donlin Gold Project, emphasizing the strategic alignment with its partner, Paulson [3][4] - The company is focused on advancing the feasibility study and exploring the vast potential of its land holdings, with only 5% explored so far [41][32] Management's Comments on Operating Environment and Future Outlook - Management believes that NOVAGOLD is in the early stages of a revaluation, with significant upside potential as gold prices rise [4][9] - The company is confident in its operational jurisdiction in Alaska, which is seen as stable and supportive for mining activities [10][44] Other Important Information - The company has completed the federal permitting process and is nearing completion of state permitting, allowing for progress without external delays [39] - NOVAGOLD has strong institutional support, with top shareholders representing almost two-thirds of outstanding stock [45] Q&A Session Summary Question: Ideal structure of the agreement with Glenfarne Group - Management indicated that discussions are ongoing and that Glenfarne is interested in building and operating the pipeline, with further announcements expected soon [50][52] Question: Capacity of engineering firms for the BFS - Management stated that they have been selective in choosing firms with the necessary experience and capacity for the project, with news on the selected firm expected soon [50][53] Question: Increase in strip ratio in the technical report - The increase in strip ratio is attributed to adjustments in pit design and views on dilution, which will be revisited in the feasibility study [51][54] Question: Allocation of the budget for upcoming Donlin activities - The budget for 2026 includes significant components for the bankable feasibility study and ongoing exploration, with a focus on community engagement [57][59] Question: Tailings design status - The tailings dam design is finalized and not expected to change, as it is a state-of-the-art structure [64] Question: Project economics, NPV, and IRR targets - Management indicated that the project economics are robust even at lower gold prices, with significant leverage to upside as gold prices increase [66]