Q4 2021 NovaGold Resources Inc Earnings Call
Yeah.
Yes.
In addition, three permits held by Donlin gold came under appeal, specifically the state's clean water Act.
12 water rate applications and the state right away permit agreement for the natural gas pipeline.
All of our permits remain in effect during this anticipated appeal process.
Turning to slide 14.
In September members of <unk> management team and the Barrick senior leadership team, including CEO Mark Bristow.
Hello, and intensive tactical review session.
And a thorough site visit.
As well as meetings with key stakeholders and senior government officials in Alaska, who expressed their continued support for the project.
The result of the visit was the approval of additional funding in 2021 by the Donlin Gold Board to lay the foundation work for a new feasibility study.
Barrick, Nova Gold Donlin gold to Arista and Teekay C have all worked closely and government affairs activities for many years.
Donlin gold worked alongside tourists and PKC during the federal permitting process, culminating in the granting of a federal record of decision in 2018.
The partners continue to work today to ensure the project receives the attention it deserves in Alaska and in Washington D C.
A key distinction at.
That Alaska stakeholders are well aware of the Donlin Gold project is on private land, where the minerals and surface are owned by an Alaska native corporations, who have a mandate to provide economic and social benefits for their shareholders in a region where there.
Very few economic development prospects.
Despite some of the challenges as you can see 2021 was a great year for Nova gold and the Donlin Gold project.
But before we present the financial results for those who are watching who may be new to the Novo gold story.
Slide 15 provides a good summary of the Donlin gold project and its attributes.
Donlin gold is in the western part of the Great State of Alaska and is a 50 50 partnership with Barrick gold.
From the map, we can see that mining is an important part of the Alaskan economy.
There are six operating mines and many exploration projects in the state.
In late stage permitting Donlin gold is the most mature development stage project.
And <unk> has one of the strongest balance sheets of the non producing mining companies.
In terms of scale quality exploration potential and jurisdictional stability Donlin Gold's attributes far exceed any other development project globally.
When combined with our long standing Native Corporation partnerships, the exponential leverage to rising gold prices.
Experienced management team and board.
Long term supportive shareholders and with key federal and state permits in hand.
Nova gold.
Is unrivaled.
Finally, the scale is remarkable.
With the resource the dominate this category.
We recognized it was approximately 39 million ounces of gold in measured and indicated mineral resources and mine life measured in decades.
Compared to the next 14 largest development projects in the Americas.
Donlin is five times the size of the average.
As currently envisioned.
The Donlin Gold project were to average over 1 million ounces a year for the life of the mine as shown on slide 17.
Donlin golds annual production profile is more than triple the average of north and South American peers.
With global gold production continuing to decrease for most of the top 20 producers.
It's clear that the industry needs projects with scale grade and longevity.
To ride out multiple gold cycle prices.
And they need them and a favorable jurisdiction.
The sale of Donlin gold combined with its grade at two in a quarter grams as shown on slide 18 is.
Is twice the global average grade for a large open pit deposit.
Many of these.
That has started in the past decade, our operating at grade levels far below where donlin has.
While we have been focused on the drill program permitting and modeling work.
We have not lost sight of one of the projects most important attributes.
Donlin Gold's exploration potential.
The project scope endowment is contained within only three kilometers of an eight kilometer mineralized belt.
As shown adjacent to the ackman Louis Pips on slide 19.
And this mineralized belt represents only 5%.
As the total land package.
Excellent exploration potential remains at depth.
And along strike.
While many have downplayed jurisdiction has an investment criteria in the mining industry.
With the geopolitical world being mortgages.
There's much to admire about the state of Alaska as a place to explore and develop resources for the benefit of the stakeholders.
The criteria listed on slide 20 indicates while Alaska is one of the most high quality jurisdictions for mining operation and responsible development opportunities.
Looking at jurisdiction on a global scale.
We can see that in the mineral potential category.
Only three mining operations produced more than 1 million ounces in 2020 as shown on slide 21.
For political and social stability.
We can see that based on the Fraser Institute rankings.
Alaska is in the low risk category and gold.
The top five development stage gold projects are in dark blue.
Three of these are in North America, and if you combined all three theyre still.
Smaller than gone right.
The others are in decidedly riskier jurisdictions.
Compared to producing mines are those in development.
Donlin gold ranks among the top assets globally.
We are most fortunate to have as partners, the Alaska native land owners to Arista and Teekay.
Who are as committed as we are to develop a mining operation consistent with the elders vision of responsible development it creates jobs and economic benefits.
While safeguarding the environment and culture.
As per the comments on slide 22.
The Donlin Gold project is on private land, specifically selected for its mineral development potential under the 1971, Alaska Native claims settlement Act.
This is a key distinguishing factor from other mining assets in Alaska and in the U S.
This is the 50th anniversary of the Landmark Act.
Supporting indigenous populations in Alaska.
In September 2021, the board of directors.
Of the Angst Regional Association and Association of 12 Native claims settlement Act corporations.
Unanimously passed a resolution in support of the Donlin Gold project.
We are thankful for the long term support and commitment to the project by <unk> and Teekay C.
As well as the statewide support of the Angst Association.
Play a key role and dominance continued success.
We are often asked about the structure of the partnership with Barrick gold.
As you can see from slide 23.
Is a true 50 50 partnership overseen by two appointed directors from each company and.
And the chair alternates annually between the two companies.
In 2021.
The position of chairman and this year, Kevin and net barracks, Chief Financial Officer for North America wholesale position.
Another question, we often hear is what does their thinking about the project.
But I can refer you to our joint releases on Donlin and <unk> quarterly updates.
Brisk dose quote reflects barrick's interest in the project.
<unk> has a solid foundation from which to advance this rare and unique deposit.
The time invested upfront to develop the Donlin gold project responsibly and sustainably is critical to the project's success.
With that I will now turn the call over to David <unk>, Our CFO to review the 2021 year end financials.
Dave.
Thank you Greg.
Slide 25.
Highlights our operating performance.
We reported a $39 9 million net loss in 2021 and.
An increase of $6 2 million from the prior year.
Donlin gold expenses increased by $2 1 million, primarily due to higher permitting and legal costs.
The permit appeals.
But let me have million dollars increase in corporate G&A expense is primarily due to higher share based compensation expense, resulting from higher amortization of stock options.
Performance share units.
Other expense net.
Increased by $1 8 million, primarily due to lower interest rates earned on cash and term deposits.
The remediation expense adjustment for historic former property normal Alaska.
The recovery of deferred income taxes.
Resulting from the company's decision to file consolidated U S tax return.
Subsidiaries.
Our cash flows are highlighted on slide 26.
In 2021 seven.
$75 million from Newmont relating to the 2018 sale Galore Creek.
For the year, we spent $27 8 million slightly higher than the prior year due to increased almond funding primarily related to higher permanent legal costs.
Donlin funding was lower than our original outlook of $18 million to $22 million as a provision of $4 million predominant studies was not spent in 2021.
Turning to slide 27, we note our strong treasury.
Our financial position includes cash and cash equivalents of $91 million term deposits of $78 million.
And then an additional $25 million due from newmont in 2023.
In 2022, and anticipate spending four to 6 million.
Our share of donlin of $30 million.
$13 million for corporate G&A.
And term loan for withholding taxes on share based compensation and for working capital.
I will now turn the presentation over to Dr. Tom Kaplan.
Tom.
Thank you very much Dave.
On a day like today I think it's extremely important to remember first principles.
First of all about <unk> itself, and secondly, about where we are in the bull market in gold because yes, we are in a bowl marketing goals, but I'll get to that in just a moment.
On slide 29.
I want to remind everyone.
Is that the management team of Nova goals.
Has been exemplary.
And having kept.
It's partnerships and having maintained excellent relations with all stakeholders their track record of converting the company's goals and to shareholder value.
Has been superb.
Let's start with remembering that a decade ago.
When Greg became CEO and I joined him as chairman.
We made a pledge to the shareholders that we would be strategically repositioning the company as a pure gold play.
That involved two aspects number one the 2012 spin out of the then 100% owned Ambler project Deform, Nova copper now known as trilogy metals, which itself enjoys a roughly $300 million Canadian market cap.
<unk>. We also said that we would divest ourselves of the predominantly copper.
Galore Creek project, we Wouldnt give it away for $50 million as people sort of expected, but we would take this thing to the point, where we could actually monetize it in a way that would be accretive for shareholders.
The reality is there are not that many companies in the gold space that have not gone back to the market in 10 years and clearly as you've seen from our treasury.
Won't need to.
A number of years to come.
By which time.
We may very well be dealing with reasons of wanting to raise capital.
Because of gold prices and the alignment with Barrick and <unk>.
Construction decisions and the like that's for the future, but the point is that this company is extremely well capitalized because we kept the promise to spinoff ambler create value from it and to be able to generate extraordinary value from the Galore Creek project.
Entirely possible that we'll see even more value from that because if indeed, the lower becomes a project with a construction decision we shall be one of its immediate beneficiaries.
Our strategy has always been to maximize shareholder value.
I can speak as someone who has a great deal has been in the game.
We came in at December 31, 2008, as Electrum and I can tell you that all of US are more excited about donlin and nova goal than ever before.
I personally believe that 2022 should be a epic year for the company.
I believe it will be an epic year for donlin.
The benefit of <unk> shareholders.
As a pure play on the Donlin story.
And for the benefit of Barrick shareholders, which will come.
That they own 50% of one of the best development stage projects in the world.
And in one of the safest jurisdictions in the world.
So let's talk about that relationship with Barrick first of all we are aligned in our strategy and our timeline and in fact, the alignment has never been closer than it is today.
We have a 14 year history of building value with an unwavering focus on stakeholder value creation and wealth creation technical excellence.
The readership and social responsibility these are all.
The attributes and virtues that are shared with the Barrick team and I think it's very safe to say that a lot of the constructive and positive relationship with Barrick comes down to a couple of very obvious points number one the great deal of our DNA is barrick, starting with Greg Lang Richard Williams.
But also since the merger with Randgold.
We have been in lockstep with barrick's corporate objectives.
Including a renewed focus on geology, Mark Bristow is a geologist.
He is famously attentive to all details wants to know every ounce that is going to come out of the mine.
And God bless them for it.
The culture of mutual respect that Nova gold Barrick.
Donlin gold.
Has with the local stakeholders in today's world. This is.
Something of a gold standard for relationships our partnerships with the native corporations are excellent.
These resources are designed and configured.
And.
<unk> shared in a way that is for the future benefit of all stakeholders the employment the scholarships to workforce development and environmental programs in the region.
Our very much.
From the ground zero that is the Donlin project. So if you look at what's been accomplished over the last decade.
You will see a steady advancement of Donlin gold up the value chain from a technical report in 2011 permitting.
The successful drill campaigns state permits the receipt of a record of decision jointly from the Bureau of land management in the U S Army Corps of engineers.
And the technical report and modeling that's taking place now.
With the tier one management team of Barrick gold.
So that brings us to gold itself on slide 30.
Well today is the kind of day that.
We need to be able to wash our eyes and remember some basic truths. Please look at this chart.
This is a ballpark.
Takeaway the word goal, which has its loaded implications for those who love it and those who hate it and you would look at that and you'd say Wow that is a bull market and if you look at.
The way in which.
<unk> had this huge.
Move from 252 nearly 2000.
Pulled back and now what I believe not alone in this but what I believe is the next wave up which will take bold way past, the all time highs and to target price I've had for many years of 3% to 5000.
Looking forward statements, but I have made it so many times and I started making it when gold was around 500, so I'm going to continue making it because I believe in it now more than ever before.
Let's look at some of the demand drivers first of all you have asset diversification and currency debasement to those who would say, yes, but that can be resolved by.
Crypto currencies with coin and the like I happen to think that the advent of crypto currencies bitcoin all of these.
Reflections of dissatisfaction with the monetary system.
And currencies Fiat currencies I think this is extremely bullish for gold.
We live in very much a digital age.
We are clearly living in an age in which we've either experienced.
And are coming off of or are experiencing.
A certain blow off of euphoria.
And that's led to.
Sure.
Analogous situations to the technical them that we saw in late 19 nineties.
2000 <unk>.
Forget when that bubble burst.
Even the good internet stocks collapsed.
19, 95% the good ones most of them just went out of business, but if you held on to some of the good ones with a good business plan and good management like.
Like Amazon.
You made 100 or 200 or 500 times your money.
So.
When I think we look back on this era with this chart tells me is that when you.
Remember that central banks are purchasing gold, Singapore, Singapore very smart.
They have been buying gold Ireland, they've been buying gold I'm, not even talking about the usual suspects who see gold as part of their economic autonomy diversifying from dollars or effect trying to become independent of $1 in the case of certain eastern European countries.
For some people gold as an inflation hedge and I think that that's going to be coming to the fore relatively soon.
For others, it's deflation protection the truth is that both has behaved.
It's supposed to behave in this price chart really shows that the emerging market demand is still there and if family offices and institutions start looking around.
I think that theres going to be enough people, who have been looking at gold to point to say you know what there is only one kind of goals I don't want to take a bet on which vehicle that will give me.
<unk> and independence from Fiat currencies.
I want to hold I'd like to at least have some goes well for a variety of reasons, it's pretty clear that that market is in this equilibrium already it's an accident waiting to happen.
In my 30 years in the business I found that being long accidents is an extremely good thing, especially when other people haven't quite yet cottoned on to it because when they do.
You can expect to see a very very violent revaluation of the assets to give you that kind of protection. So let's look at the supply pressures that we know.
We're in the business dwindling discovery rates.
Inadequate exploration budgets.
Decreasing ore grades.
When you have decreasing ore grades you have rising production costs, Terrorist's paribus, all things being equal jurisdictional risk.
Uh huh.
Some people call it the Kaplan doctrine.
Maybe the pied Piper, but I found that whereas I certainly made my fortunes.
For 15 20 years by being.
In jurisdictions that other people found challenging from Bolivia to condos and Bob with South Africa.
I think the conclusion that my mantra, which was wanting to have great leverage to an underlying theme, whether it's silver platinum hydrocarbons.
Or after 2008 gold and silver again.
My mum changed two I want to be able to have great leverage to an underlying theme.
In a jurisdiction that will allow you to keep the fruits of the leverage when the time comes to ring the cash Register.
I think the events over the last couple of years.
Have shown that this kind of approach.
Has merit.
So with that.
Let's talk about central banks, who have been.
Buyers not sellers of gold.
I, often compare central banks and if you look at slide 31, you'll see what I'm talking about.
As being like museums.
There was one person who define the museum or excuse me defined art is being something that museum hangs now that's relatively simplistic.
And.
I wouldn't exactly bank that.
But central banks.
Are very keenly aware of.
The validity.
Of what they consider to be their reserves in other words. They are in a sense insiders in terms of the global financial system.
Fact that they are continuing to be buyers of gold should be extremely bullish for the years that they were sellers of gold that accompany it.
In many many respects a decline in the gold price so look at the central banks as being.
A positive indicator because they actually know.
<unk>.
What their other reserves, especially those which have been acquired.
Since the financial crisis.
Are really worth in terms of long term enduring stability.
Moving ahead to slide 32.
From a supply standpoint, we've seen a global decline in reserves.
Discovery's grade and a very sharp underinvestment in exploration.
And the difference between gold silver mining and hydrocarbons and I've been in both businesses.
Is that.
When you make a discovery in gold.
That is just the beginning.
A long term process that is going to take usually on average.
Around the time it takes to have a child grow up and go to college.
So it's a <unk>.
Business in which if you've.
The exploration success, which at the beginning of the story, it's not the end of this.
Nova goals, we always had an in house metaphor for Nova Gold, which was that we were the tortoise in.
The tortoise and the Hare well the reality is that so many projects that people thought were going to come online for a lot of reasons most of which are jurisdictional.
It Didnt and like the proverbial tortoise, we just March forward.
Keeping our heads down doing our business getting through permitting when people said, how hard is that going to be getting through all kinds of.
Other challenges and being at a point, where we've never Sir.
To the finish line than ever before.
That will come.
It will come when Barrick is ready it will come when we're ready.
As partners it will come very much as a consequence of higher gold prices, which we believe leads to a multiplication in our share value if you're bullish on gold.
Yeah.
And you find that.
The thesis being tested is a perfectly natural phenomenon as I do.
Then you want to be in something that will be able to give you exposure to rising gold prices and a great jurisdiction.
So once again, let's get back to the fundamentals that we see in the mining business.
<unk> mines.
Our depleting by definition, but the grades are declining with very few new discoveries 2010 to 2019 reserve growth average was 52, 7%.
<unk> was a result of major acquisitions.
That's not enough.
Between 2010, 2000, 1919 gold producing companies reserves decreased an average of six years.
The under investment in exploration, where the lead times are so long.
<unk> that while it's true that the long term future of the business is dependent on grassroots early stage exploration for new discoveries.
The current exploration budgets aren't going to be enough even for them.
There are only 29 major new deposits identified in the past 10 years containing 208 million ounces of gold only 8% of the gold discovered over the past 30 years.
That.
Is a picture that speak a thousand words and there have been no major new discoveries in the last four years, so when we say that.
The ability for donlin to be able to add reserves.
In pit adjacent et cetera.
The exploration potential elsewhere.
In a district, and which only 5% of it.
Has had any real exploration that's a lot of upside that's a lot of blue Sky, that's a lot of being long accidents, which is.
If youre in this business and you know what.
Real value comes from having those drill rigs run is exactly what you want to see and two hour thrilled delight.
Barrick seems to feel the same way drill drill drill.
So on slide 33.
Let's put it like this.
Just as it said high quality assets like Donlin gold are scarce of 154 assets globally not yet in production only 34 have greater than 10 million ounces of gold in reserves and resources and only eight assets have a grade of one gram one gram.
Or greater.
Moving to the next slide not all ounces are the same ease of the global gold reserves ranked by the favorability of mining jurisdictions.
Alaska, the second largest gold producing state in the United States.
Is certainly by any standard a tier one jurisdiction.
Slide 35 back to gold this model.
Comes close to my $5 target.
Target, which admittedly.
Is perhaps scale lots happened in the monetary system since then but.
In order to get to 5000, we still have to get through 2000, and so we'll leave that for another day, but suffice to say that this work, which was published by incremental.
In may of 2021.
Is a fascinating.
And I would urge anyone.
Who want to learn more about the inner workings of.
The gold market to certainly.
Salt that report I'm, a big believer.
That there are still a few experts in this space and prevent them.
PM group.
I always try to reality check.
With people like that and I strongly urge you to do.
For me, it's all about leverage leverage again.
Particularly the leverage that Donlin has to go in there.
This is based on.
Studies, which were done on the project.
Show, a very good payback at a broad range of gold prices.
The long mine life, which is something that very few.
<unk> offers a high likelihood of enjoying one of more cyclical bull markets. It's one of the points actually that Mark Bristow is made about donlin, which is that it's got the ability to.
<unk>.
Go through various cycles and therefore.
Enjoy the fruits of those peaks.
Slide 37.
I think it's as a consequence of a lot of the factors, which have raised not just the leverage.
To the gold price, but also the fact that <unk> is a pure play.
On a project.
Matt.
Really we believe in terms of exploration.
Just scratching the surface in its infancy.
I'd like to call it the new Nevada.
With the new Carlin.
<unk> systems, but the metaphor is about.
Believing that there's much more there to be found the fact that it's in a safe place. The fact that we have.
Excellent.
It gives us the ability to be not just a great opportunity on the gold I would argue.
For me the best option.
Mrs.
But also that it offers the opportunity to be not just a value story.
But a growth story.
And these are the attributes that we look for integrate both project you want leverage but you also want an asset that is.
Something that people will regard as a go to in the development space because windbill turns around.
The move in the equities is likely to be very violent.
In a positive way.
And.
When you see such a move youre going to see it in the majors, obviously, but you're also going to see.
Mitch.
Youre going to see the excellent stories, where the management is highly regarded where the asset is highly regarded where the jurisdiction is highly regarded.
And we positioned <unk> to be in its space the go to stock.
And when you look at our shareholder base.
Thank you Peter.
That if we are lucky.
And if fortune favors us.
If im remotely right on.
I think not only will our existing shareholders benefit from this with I hope a multiplication of the share price.
But also.
The benefit from the fact that.
Sure our shareholders are very loyal.
They very much understand what it is that they're educated consumers and those who will be joining them.
When people have come around to the view that gold is coming back or.
We're embarking indeed on the next wave within.
The next wave of the Bull market.
It's going to be interesting to see how they build those positions. So we're very excited we've got I think.
The best assets in the space.
And.
A shareholder base that really understands what it is that we're doing has experienced the promises that have been.
And really understand the asset base itself, many of whom have been there.
So finally.
What is donlin gold Donlin gold.
Is a tier one asset in a tier one jurisdiction.
It's got all the attributes that you want to look for which our investor friendly.
The size.
I don't think that Theres been another gold mine.
Which began production.
With 39 million ounces of gold in reserves. So when we get to that point I think thats, an interesting milestone, but most importantly, as we've seen it's not just about size it's about quality.
Our grade is more than double the world's average.
We see it.
Eric sees it the.
The exploration potential of already referred to it as a 489 kilometer land package.
That donlin has only 5% of which has been explored that.
The jurisdiction absolutely tier one it's a place where any investor institutional, particularly when they go to sleep at night, they know that when they wake up what they thought they owned has not been taken away from them.
And that's a great deal of comfort in today's world our partnerships be it with our industrial partner Barrick, Our Native Corporation partners. The stakeholders that we have at the state and federal level.
Have been excellent the balance sheet as <unk> seen strong robust more money yet to come in.
From Newmont.
We're so excited about the fact that.
We're going to be able to spend a great deal of money on being able to work with Barrick.
On being able to refine geological models and take this project up the value chain.
We're in a great position.
And with that.
I will pass the floor back to Melanie hennessey. Thank.
Thank you everyone for being on the call.
Okay.
Pardon me. This is the operator, we will now begin the question and answer session questions may be submitted in writing only webcast viewers may submit questions through the text box in the lower right corner of the webcast frame.
We will now pause for a moment as participants submit that question.
Thank you Claudia and we will now start with our first question coming from Trevor Turnbull.
Scotiabank.
We know you have learned a lot over the past two years of drilling and wondered how the goals for the 2022 campaign may be different.
And what it may bring tier understanding.
Right I'll address that question Melanie.
The program has had multiple objectives over the last two years.
Darted with.
Defining your controls on the mineralization, particularly in the high grade intrusive areas and we've done a tremendous amount of work there and we're going to be following up.
That program this year.
Here's some tight spaced drilling to further define the.
Structural continuity and part of the drill program this year.
And Tracy, Brian because I think the drilling has.
Yes.
And a lot of our assumptions about the project business scale.
The drilling that'll be most telling this year is the drilling that we're doing.
For extensions of the ore body at depth and Acura.
The underground areas between accurate Lewis.
And this is Julian I think we will demonstrate for everyone or the potential for exploration and project site.
Okay.
Great. Thank you Greg. Our next question comes from Joseph England, One rule that drill program and updated feasibility study completed.
Well this year we are.
Mobilizing the site we have the camp opened which is very early for us or is that the cap open. We expect the first rig to be turning within a week and as we get one rig up and running we'll every other week will add another rig so by the end of February we should have four rigs running.
Without anticipating no major COVID-19 related interruptions, we would expect.
The drilling to be done sometime in the third quarter.
And the results will be coming in and we will be updating our.
Geologic model really in real time, along with our mine planning scenarios I think it will be and the decision to proceed with the new feasibility study will be.
It will be sometime in the third quarter as the results come in.
And while we are doing the drilling we're also doing a lot of.
Strategic mine planning and various geotechnical programs in hydrology that will support the new feasibility study.
Great. Thank you Greg. The next question comes from Howard Clinker.
And then one is directed to our chairman Dr. Kaplan at Central banks have been lenders to the sellers to supply the growing demand in Asia and.
And they do not have to report their activities like commercial entities.
I would say long their gold at such likely low interest rate.
Okay.
I'm sorry could you repeat the question it broke up Melanie my apologies.
So the question comes from Howard Linker as central banks have been lenders to the salary to supply the growing demand in Asia and they do not have to report their activities like commercial entities why would be loans or gold at such slightly low interest rate.
How are you know me a long time, if I think I have an answer and I can express it with conviction.
Then I don't think come very subtle.
Or bashful.
<unk> inhibits equally when I don't have an answer for something.
Can't speak to it in a way that is.
More than just flippant.
I think the sweetest words in the English language or I don't know.
I don't know.
Great. Thank you both that wraps up the questions for todays webcast. If you have any other questions. Please feel free to.
E Mail us and we'll be happy to respond in a timely manner.
Okay.
Thank you everyone. We appreciate you taking the time to join our call. This morning.
Thanks, Melanie do I have an opportunity to add a last word.
Yes go ahead.
I do.
So something that just occurred to me on Monday I have.
Had the opportunity to introduce.
And evening.
Of conversation between David Rubenstein.
For his Bloomberg peer to peer with <unk>.
And I'm, a huge admirer of re <unk>.
And so many levels and the reason for the interview was that it was talking about Ray's new book, the changing World order.
One nation succeed and fail. Many of you who know me knows that I'm sort of a historian by background.
And I have begun reading the book.
And I will tell you that.
A lot of people will find it extremely sobering.
It's a brilliant exercise and what I call and several other people where practitioners of its coal applied history.
If you're going to read a book this year and I'm not I have no vested interest in this I'm not promoting the book, but if youre going to read the books this year.
This one.
And.
Great.
I can say.
That he was asked questions about crypto it was ask questions about gold.
Suffice it to say.
For all of you out there who are gold Bulls.
And I think definitely you could say that.
The races.
The significance of having bold in our portfolio, but putting that aside putting the gold aspect aside.
He touches upon subjects publicly that I tend to shy away from because I don't want to be to veer into.
What I would call disturbing scenarios, but this is an incredible exercise. This book is an incredible exercise and again I've got no vested interest in repeating it but I am often asked the question a lot of people what would you be reading and I am just telling you what I'm reading.
Yes.
I would say thank you to all of you who've been on the call.
Thank you. This concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.
Thank you.
Thank you.
Okay.
[music].