Q1 2021 NovaGold Resources Inc Earnings Call
Thank you for standing by this is the conference operator.
Welcome to the Nova Cold first quarter 2000.
Q1 financial results conference call and webcast as a reminder, all participants are in listen only mode and the conference is being recorded after the presentation there'll be an opportunity to ask questions to join the question queue. You May Press Star then one on your telephone keypad should you need assistance during the conference.
<unk> call you may signal, an operator by pressing star and zero.
I would now like to turn the conference over to Melanie Hennessey, Vice President Corporate Communications. Please go ahead.
Thank you operator, and wanting everyone here.
Yeah.
And off the Gulf one from one.
20th quarter financial Wherewithal and pharma.
And our feet on the Donlin Gold project.
On today's call we have Bob.
Well the growth Chairman Greg.
Greg Lang, <unk>, President and CEO, and David Ottawa level growth, Vice President and CFO.
And at the end of the webcast will work day.
Cash flow, both by phone and by class.
I would like to remind our webcast from call participants.
And our clients free any statements made today may contain forward looking information such as projections and goals, which are largely and involve risks the channel and our various FERC.
And third and SEDAR filings our forward looking disclaimers included from a fabrication.
And now have the pleasure of moving under the presentations, our president and CEO, Dr. Brian Bernick.
Thank you Melanie and good morning, everyone.
Our diamond.
Demand growth project is in the western part.
And with Alaska as shown on slide four.
And the online is a 50 50 partnership.
With Barrick gold.
Finally, he has always been and important part of the Alaskan economy.
And it is becoming even more important.
And to state revenues with the decline in oil prices and tourism.
As shown on the map.
There are six producing mines and numerous exploration and development projects and the state.
In terms of scale.
Ill quality and exploration potential.
Donlin Gold's attributes far exceed any other gold development project on the horizon.
When combined with our long standing Native Corporation partnerships.
The exponential leverage to rising gold.
Strong cash.
Cash position.
Federal and state permits in hand.
And and experienced management team and board as well as supportive long term shareholders Novo goes as you know leg of their own.
Slide.
Five <unk>.
Highlights for 2021 achievements.
And <unk> and Barrick jointly released the remaining assay drill results in March from the 85 hole program, we completed last year.
Which yielded higher drilled.
<unk> grade thicknesses and predicted by previous modeling and the hedge improved interpretation of gold mineralization controls.
These results.
<unk> have bolstered our confidence and the recent geologic modeling concept.
And confirmed multiple high.
Agreed extension and both the interest shares and sedimentary rocks and very importantly, many of this near surface.
For permitting and November 2020, Alaska, published and addition, and additional public notice and comment period for.
And the water rights applications for the mine site and transportation facilities.
<unk> disclosed in December 2020.
Water rights or for local surface water sources and groundwater to be used for process water dust fire control and other mining activities.
And.
In March 2021, with Donlin golds support Alaska introduced our second public notice period, which closed on March 26.
We anticipate the department of natural resources will issue final decisions on the water rates applications and the first half 2021.
Donlin gold.
Working with its native partners continues to support the state of Alaska to advance other permits and certificates needed for the project.
The image on slide six.
Those the top.
Pan intervals from the 2020 drill program with core hole locations and both the <unk> and Lewis deposits.
With Barrick, we jointly issued the final set of assay results last week the.
The program totaled over 23000 meters and successful.
<unk> increased our confidence and the modeling concept.
And was the largest program at Donlin and over.
<unk> years.
Results exceeded the expectations with higher grades over narrower intervals, primarily and the sedimentary rocks.
The probe.
Fleet has improved our geologic interpretations.
Additional confirmation and high grade extension drilling are planned for 2021.
To further test the ore body continuity structural controls and gathered geotechnical and geologic Geo metallurgical data.
Graham or analysis.
As noted on slide seven federal permits are in hand, and additional key state permits and approvals have also been obtained while we continue to progress on the remaining state permits.
There are three primary state permitting out areas that are outstanding.
None of which are on the critical path for the projects development.
The division of oil and gas has reconsidered its decision for the state right away agreement and lease authorization for the gas.
Pipeline and.
Here the reconsideration, Alaska issued a revised comment document for additional public input.
The document further describes how Alaska is considering previous public input that we're soliciting and the right away review primarily on.
<unk> cumulative impacts are addressed and that decision.
The comment period ended in November 2020, and we expect Alaska to reissue the ride away agreement and lease authorizations and the first half of 2021.
Additionally.
Alaska.
<unk>.
And initial notice period for comments on the water right applications and transportation and facilities.
Water rights are key for the mining activities.
Last day introduced our second public notice period, which closed last week we.
We anticipate they will issue a final decision.
Published on the water rate applications and the first half of 2021.
The dam safety certifications process is a multiyear commitment to gather additional geologic information to advance the final engineering work on the tailings facilities and water retention.
<unk> structures from a feasibility level to a final construction package, which is required for the projects dam safety certifications.
This field work will resume.
Later this year.
We.
And as you have to say that the 2020 drill program was safely and successfully completed.
And this achievement was done with no Covid cases at the project site.
For the past year.
Policies were implemented to reduce risk and ensure that.
We have price and well being of all employees and contractors.
Alaska is a leader.
And our states and COVID-19 vaccine Asian availability with Governor Dan Levy announcing earlier in March that vaccinations are now available to everyone and fixed.
16 and older.
Much of the success from the vaccination program.
And the Y K region can be credited and a large part and the leadership of the Yukon Kuskokwim Health Corporation.
And native Health partners, who made home visits and remote entities.
Use the extensive medical clinics and even offered vaccinations outside of grocery stores.
Donlin gold stringent safety measures and on the ground support allowed us to safely operate four rigs last summer for the program with careful collaboration with our native partners.
And as well as travel groups and the Y K region were key to a successful field season.
The protocol, we established last year will be followed for the 2021 field season.
Donlin gold.
And is committed to support the needs of community partners and first quarter community engagement highlights can be seen on slide nine.
And partnership with Teekay <unk>, the village of Crooked Creek and.
And then and Paiute tribe Donlin was again the lead sponsor of a project to construction.
Struck and maintain the upper sections of and ice road on the Kuskokwim River.
John and also provided technical data to assist the road builder, including aerial photographs and ice measurements.
It improves safety and access to nearby communities for the residents and these remote locations.
Sure.
And its completion and February the ice road was almost 200 miles long.
And January.
<unk> <unk> water purification Plaid was destroyed by fire, creating a health and safety crisis for.
The community.
Donlin worked closely with their driver administrator and tribal Council.
To assess how dominant to best help and coordinated efforts.
Donlin is relative several other community organizations and companies stepped in to assist with much needed water and supplies.
To date Donlin has signed friendship agreements with six villages in the Y K region that formalized the current engagement practices with local communities.
These agreements expand upon our long term relations already well established with these communities and address specific.
Specific community needs such as water Shaw.
Sure landfill projects as well as other social programs.
We support our native partners, Calista, and <unk> and their mandates established.
Stablish through the $19 71, and Alaska Native claims Act.
As highlighted on slide 10.
We are helping them develop their land for the economic benefit of the region and all of their stakeholders.
Donlin is fortunate to have time tested partnerships with terrific.
Esther and PK see the owners of the mineral and surface rights.
The project's location on private land specifically designated for mining activities is a key attribute that distinguish it from other mining asset channel Oscar.
With a long history.
Three of mining and a skilled workforce and Alaska Donlin gold offers the opportunity of a future with good paying year round jobs.
And training for young people.
And if they can move closer to home.
About 80% of our local workforce from the drill program where.
Alaska natives, and we're proud to provide significant economic and social benefits to the Y K region.
And are thankful for the long term support and commitment to the project.
And its continued success.
Over the past 25 years Donlin gold has worked closely with tourists and PKC along with other representatives of the communities to effectively respond to their needs and concerns.
On Slide 11, you can see quotes from the leadership of our Native Corporation partners.
<unk>.
These partnerships and the activities and programs. We undertake together are illustrative of our commitment to the sustainable and responsible development of the Donlin Gold project for the benefit of all stakeholders.
And with that.
That I will turn the call over to our Chief Financial Officer, David Ottawa.
Dave.
Thank you Greg.
Slide 12 highlights our first quarter operating performance.
We reported a net loss of $8 million and increase of $1 4 million from the prior year quarter.
And due to higher G&A expense and completion of assets from the 2020 drill program at Donlin.
Lower interest rates led to lower interest income earned on cash and term deposits.
And lower interest expense incurred on the Barrick note.
First quarter cash.
Primarily highlighted on slide 13.
We spent $7 $7 million and the first quarter slightly lower and the prior year quarter.
Higher G&A spending and dominant funding was offset by a reduction and withholding taxes paid on vested psus.
The company elected to not pay the withholding tax.
Flows.
And shares issued to the CEO and CFO to conserve cash.
On slide 14, we note our robust treasury.
We ended the first quarter with cash and term deposits of $114 2 million.
And we also have $75 million due.
Packaging demand.
In July this year, and an additional $25 million and July 2023.
We continue to anticipate spending 31% to $35 million and 2021, including 18 and $22 million to fund our share of Donlin and $13 million for our corporate G&A costs.
And with that I'll turn the call back over to Greg.
Thank you Dave.
As shown on the chart on slide 15.
When you look at the resources at Donlin compared with 15 other large gold projects.
<unk> and the Americas.
Donlin is the largest and its category with the reserves that is almost four times greater than the average.
The federally permitted project that Scott almost 40 million ounces of gold just to begin with.
And in a jurisdiction where the rule of law.
<unk> is not a novelty is almost unheard of.
Great stands out as another central characteristic of any mineral deposits.
Deposit with higher grades provides resilience through multiple commodity.
<unk> cycles, a key attribute to ensure the successful development of any great mining operation.
As shown on slide 16 at two and a quarter grams Donlin has twice the global average grade for large open pit deposits.
Not only is global gold production decreasing for most of the majors.
But average grades continue to decline over the past decade.
There are only a few mines and the world.
That produced greater than one.
1 million ounces.
And 2020.
Donlin would be and rare company as currently envisioned the project would average one 1 million ounces per year over its entire life as shown on slide 17.
For the long term investor.
There is additional value that comes from my mind with a multiple.
Decade lifespan.
Looking at other <unk>.
Operable mining operations around the globe, both and production and and development.
Donlin would rank among the top operations that we're producing today.
Slide 18.
Show some of the largest producing mines globally.
And the largest development stage projects.
Only one development project has both global scale.
Scale.
And desirable mining jurisdiction.
And only a few operations produced 1 million ounces further illustrating that projects like donlin are scarce and are needed to replenish the industry's diminishing reserves.
As shown on slide 19 the.
Acme and Louis Pips occupy only three kilometers of an eight kilometer mineralized belt.
When the time is right based on the known areas of mineralization, there is future exploration potential to significantly.
Difficultly expand their current resources, along strike and at depth.
Slide 28 represents for life of mine diagram for a project like Donlin is one of the largest open pit development projects.
After years of exploration and resource enhancement and technical studies environmental studies.
And the receipt of our federal record of decision and key state permits.
Donlin gold has been substantially de risked and methodically and carefully brought up the value chain.
And solid foundation from which to advance this unique deposits.
The time upfront.
Invested to develop and responsibly sustainably move forward is critical to the project's success.
We believe investors patients will.
And awarded.
And 2021, we will integrate it.
The drill program results.
And to the geologic model.
We will undertake additional confirmation and extension drilling to expand upon the recently obtained information.
And there is a continuity and structural controls of the higher grade mineralization that we encountered.
We will then shift our focus.
Two working with our partner to update the feasibility study subject to formal approval by the Donlin Gold Board.
Nova Gold is thankful for their continued support and engagement with our shareholders, including Paulson <unk> company.
Modality Blackrock.
New shareholders decided and public investment fund first ego XOR and van ACH as noted on slide 20.
And <unk>.
This is especially noteworthy during a global pandemic.
The strong relationships that we enjoy with every from everyone from our retail shareholders.
Through our institutional shareholders.
Has been deepened and we're greatly appreciate it.
In summary.
Nova gold, 50% ownership at Donlin is a tier one asset.
And a tier one jurisdiction and a pure gold play on the unique project.
That we believe when seen for its rare comp formation of attributes.
In terms of size and grade potential and partnerships.
It's a win win scenario, where all of our stakeholders.
Additionally, as a transparent company that has consistently delivered on its strategy with a strong treasury and getting stronger with additional.
And from Newmont and July.
We will provide sufficient funding.
And till we make a construction decision on donlin.
Our key federal permits and state permits are in place and advancing and we have a successful record of building and operating large mines.
<unk>. Thank you for your attention today, operator, we will now.
Open up for questions from the attendees.
Thank you we will now begin the question and answer session.
And the question queue. You May Press Star then one on your telephone keypad, you will hear a tone acknowledging your.
<unk>.
If you are using a speakerphone. Please pick up your handset before pressing any keys to withdraw. Your question. Please press Star then two we will pause for a moment as callers join the queue.
Our first question comes from Lucas pipes of B Riley Securities. Please.
Required.
Hey, good morning, everyone.
And.
Greg I wanted to ask a little bit more about and updated.
David feasibility study and specifically would it be possible at this point here too.
Provide.
Okay.
Go ahead and color around timing and and then from that have maybe one or two more follow ups. Thank you.
Yeah.
Alright, and then Lucas good morning, and thank you for joining our call.
Yes.
Timing over the next few months, we will be obviously.
And maybe the assays into our geologic model and we're planning a small follow up program and some of the real high grade zones. We encountered were frankly from just exceptional results show.
I'll be conducting the drill program and the next few months at the same time, we will be reviewing.
Reviewing many aspects of the project with our partner from tailings management low.
Sheets water controls and so on so this technical work will provide the basis for the owners to lay out the criteria of the projects that we're taking forward in terms of scale throughput.
Operating and show up so that's going to work.
Laid off studies will take us through to September at which time, we would.
Make the decision to embark on a new feasibility study and.
And that's a process that we think will take about a year.
Very very helpful.
I really appreciate that.
Detail there and then.
Maybe it's a it's a bit premature but and.
You touched on it a lot.
Just just now but but in terms of the.
The key points that would be revisit it and and and updated feasibility.
And where would you say.
The market be looking for some really key updates. Thank you.
I think the yes.
The real key update that we'll be providing.
When we embark on the feasibility study is the general approach to the project.
Studying as most people are aware, we've been evaluating various staged development scenarios to reduce the upfront capital growth.
So part of the the studies that will be undertaking and the next few months as the geologic models are updated is what is the final throughput that we want to target.
Next page one and other significant parts of the project the cash.
Gas pipeline third party participation and so on so we wanted to get all of those.
Issues really laid to rest and then we will embark on the new study.
That's very helpful.
Greg team.
And so I really appreciate all the detail a continued best of luck I'll turn it over.
Alright, Thank you Lucas.
Our next question comes from John Tumazos of John Tumazos, very independent research. Please go ahead.
Thank you very much.
<unk>.
When will the 2020 drill program.
Be completed and all of the results and.
And.
Are the results.
<unk> enough.
And that there might be an addition.
Much drill program to follow up on those results.
Prior to the updated feasibility study.
Alright, well good morning, John.
Working with Barrick, we have released all of the assay results.
And from the 85 holes that we completed last year.
And there are some really really compelling results and what.
You'll note and our results we had areas of 10 plus grams that came in from three meters below the surface. So a lot of the work that we're planning this year is obviously to <unk>.
Follow up on those near surface high grade intervals.
Would be mined early and the project's life, so that will be the big focus of the program and I would.
And last year, we drilled 85 holes I don't think it will be that extension of our program. This year, but we're working with them to finalize.
Drill hole locations and were expecting to start sometime later in April and we've got the camp open now and were mobilizing.
Food and supplies ready and drilling.
Do you think that the priority on and updating the feasibility study.
He is such that even if you get some great new results there won't be.
A third drill campaign and Youll, just stop and do the feasibility study or is it too early to make that call.
Hi, John and I think the day.
Program, the drilling and we did last year, which would.
Towards the most extensive and over 12 years and the drilling that we're contemplating this year I think that we will conclude the drill programs in and around the ackman and Lewis deposits and that will position us into.
Moving forward with the new feasibility study and then.
It'll be additional drilling.
And required searches.
Geotechnical drilling hydrological water warehouse and Sean but drilling to define the ore body I expect that to be largely wrapped up this season.
Thank you and good luck.
Thank you John.
We have a question from me bypass that I will and <unk>.
All right.
Given the extensive amount of building a plant and what.
You the latest result stuck with them and what's the vision for the future of the project.
And I think that's a you.
And there has been a lot of drilling and dawn and I know over the years I think we're now approaching from 1500 holes primarily core homes.
And the new results go back a few years to our appreciation that as we looked at this stage development with smaller equipment.
<unk>.
Advanced the hypothesis with the higher grade intrusive structures, which still carry.
And the lion's share of the gold that these structures were thick enough and continuous enough to be mined separately.
And that the.
The goal of this program is to have a smaller.
The grade project and the initial stage and clearly some of the results and on multiple intercepts of 10, plus grams $30 40 grams.
And good thick intervals is really support our view that we can separate we mine the high grade and enhance the mill feed and have a smaller.
Higher project with still a very significant production profile.
Okay.
Yes.
Once again, if you have a question. Please press Star then one.
Our next question comes from David Lesinski private.
Sir Please go ahead.
Good morning, gentlemen, and ladies.
Just a couple of questions.
<unk>.
The fact that the drilling has been completed for 2020.
And.
And I say program.
Do you.
But invest back to raise.
Proven reserves as a result.
Of that drilling.
Yeah.
David.
Clearly the results exceeded our expectations and we're incorporating the data into the geologic.
And you would model.
And I never like to get ahead of any modeling efforts and let the work speak for itself.
I'm very positive on the outcome.
And really based on that.
Across the board, we encountered higher grade, although thinner higher grade intervals.
<unk>.
And for an overall increase and the great thickness of the what we had previously modeled so certainly very positive how how much of that translate ultimately into reserves, we don't know and that's why we're doing the update but yes, certainly some.
And great results that can only help.
Growth our understanding of the ore body.
And the final question and so if any of the royalty trust.
Shown interest and.
Financing and the future like Franco, Nevada, or silver Wheaton and countries like that.
And a lot of.
And there is interest by.
Streaming and royalty companies and they follow our activities I think we are.
Our focus right now is wrapping up the new geological model and.
Proceeding with.
The feasibility.
Certainly as far as financing options there.
Many out there to be considered a streaming is on the list my personal preferences doers.
Much of the financing as we can with debt or other non open ended instruments, but the big focus right now is the feasibility study and will as.
<unk> further advanced with that we will turn our attention to the financing options.
Well, just a personal opinion and I think that the longer you wait the better off you'll be in terms of royalty trust because.
I'm anticipating by the end of the year 2500.
Colored robe and by the end of.
We get your 3000 dollar gold so just.
Just my personal opinion and.
Thank you.
Answered my question.
Thank you.
We're also.
And I share your view and we are bullish on the gold price ourselves.
And next this concludes the question and answer session I would like to turn the conference back over to Greg Lang for any closing remarks.
Well everyone. Thank you for.
Taking the time to get an update on our activities.
Dr. Kaplan have you any closing.
And remarks.
Thank you Greg.
Are you able to hear me alright.
And <unk>.
I would conclude simply by saying that the results speak for themselves.
The assays from the time, we started.
To deliver upon them to the final 30% from tip to tail, they exceeded our expectations and and somebody who's been in the mining business now for almost three decades.
I can't count on one hand the.
<unk>.
<unk> that.
And the most expensive and aggressive drill program undertaken in the last 10 or 12 years of any project.
Has yielded the kind of upside.
Delight is that the donlin drilling.
<unk> delivered for Barrick and for ourselves and I think that.
What you are seeing is that donlin is as we've often said the gift that keeps on giving.
I have to highlight the fact that.
We are only.
Focused right now.
And now on that gold, which would be in the mine plan. The first phase of the mine plan.
The three kilometers that's been drilled are only three out of eight kilometers of mineralization.
There are deep target deep high grade targets.
Targets.
Laterally across.
And the entirety of.
And the mineralized belt.
And that eight kilometers itself represents only 5% of the land package.
<unk>.
It's a forward looking statement.
Take it for what it is that those of you who know me know that.
My track record and has been built through.
And through the drill bit.
And I'm never happy if drill rigs arent moving somewhere.
But what I can say is this I feel very strongly and this is only.
<unk> been feeling that's been reinforced over the last year.
And that the next donlin could very well be at Donlin.
And it's my expectation that youre going to see enormous value unlocked for barrick shareholders as well as <unk> shareholders.
Holders from Donlin.
In my mind.
It is the new Nevada, it is the new Carlin.
And like Nevada, it's located in the safest jurisdiction and the world, which is at a premium donlin is really something that checks the boxes.
And so many levels in an era of asset scarcity Donlin is right up there with the very best in the world.
But it's just located in the best part of the World and that to me is the definition of a wait and make a killing in mining.
So.
My comments, which is why I E.
And just stood aside to see if anyone wants to talk about the macros, but my comments are simply that.
And with.
People, who are participating in the Donlin story have seen that over the decades and.
And Greg came onboard as CEO and I joined him as chairman every single promise that we have made has been fulfilled.
Every pack has been capped.
And we've done it without compromising we've done it without cutting corners.
We've done it in a way that is only made the company more fringe.
Both in the industrial sphere, and at least as importantly, more importantly, with our Native Corporation partners.
And our shareholders I think have a lot to be proud of I've been in the story for 12 years.
And I can tell you that I'm more excited now than I've ever been.
Feelings that.
I get when I see those drill results are the absolute opposite of deal fatigue.
If I had my way I would permanently have.
Five to 10 drill.
Rigs on this target as I do with other privately owned assets, we will get there I have a feeling that.
And as jurisdictional risk rises to the fore as gold prices rise and.
And shareholders want to see things that are being built.
Donlin will be.
At the top of everybody's list I have zero doubt zero doubt that and a bull market in gold.
Nova gold as a pure play.
And the new Nevada.
<unk> will achieve absolutely record highs I have no doubt about this I also have no doubt that.
And as Barrick shareholders understand.
Within the Barrick portfolio without having to make.
Expensive acquisitions, they have and opportunity to have a tier one asset.
And one or two phases will be producing over 1 million ounces, a year theres nothing like that and the world.
That then potentially polyesters.
Loved.
And I jokingly call the analog because it separated by the Straits.
We think we're on the right side of those states.
But the reality is that mother nature has given us and donlin.
<unk> and <unk>.
Strawberry story, and it's located in a place where a shareholders. If you want to go visit it you can incorporate whale watching we're fishing into the equation.
And more importantly, it falls into that category that are increasingly called the getting a good night's sleep.
<unk>.
Story, which is to say that when you go to sleep at night when you wake up in the morning, what you thought you owned.
It alone and so here you have a federally permitted.
Massive deposit.
The negative surprises that usually come in and mining.
And then Ed.
And with Donlin and as some.
Some of our shareholders who've been with us for a long time will know we've called this the story of the tortoise and the Hare.
And people would say.
Well, that's going to take years and our attitude was you know what this is aesop stable.
The income.
And we will win the race.
I can't tell you how many projects that people thought were going to be built.
Either fell by the wayside because of technical issues.
Or social issues.
Or simply political risk.
Table, we have none of them.
Technically we're getting better and better socially we have the best possible partners.
And from the standpoint of political risk.
Okay.
I know the developing world as well as anyone in the mining industry and.
And telling you want to be in a place where the rule of law is not and novelty and where property rights mean, something and where you have exploration upside and leverage and a jurisdiction where when you want to ring the cash Register.
And I am allowed to keep the fruits of your leverage and that's really the name of the game and if I'm right and if I weren't right I put <unk> into play and pivot to something that would give me.
More joy in terms of the leverage from the safety whatever it just doesn't exist.
Donlin is unique when you look.
Youll be attributes of the size the grade.
The production profile of the mine life, the cost structure because of the grade.
<unk>.
The exploration potential which is arguably the best in the gold space, maybe sukhoi log I don't know.
At the and tell you those drill results would have been the best drill results in any major mining company.
Any major mining company and.
And so I have no doubt that when silver and gold.
Perked up again.
<unk> will be seen as the go to stock.
But I can do the development space and we've just added a high grade exclamation Mark.
To this thesis so.
From an investor standpoint, someone who is <unk>.
And 90%, 95% on the investors institutional investors side of the table.
And this really isn't as good as it gets and I love Cats and Mr. Catnip.
Rather Greg back to you my friend.
Thank you Tom and everyone. Thank you again for joining our call.
We will keep you updated and look forward to the next quarter.
Okay, everyone and stay safe.
Thank you.
Yeah.
This concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.
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