Q1 2024 NovaGold Resources Inc Earnings Call
Operator: Thank you for standing by. This is the conference operator. Welcome to the NOAA GOLD 2024 First Quarter 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 will be an opportunity to ask questions. To join the question queue, you may press star, then 1 on your telephone keypad.
Thank you for standing by this is the conference operator, welcome to the Nevada Gold 2024 first quarter financial results Conference call and webcast. As a reminder, all participants are in listen only mode and the conference is being recorded.
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Melanie Hennessey: I would now like to turn the conference over to Melanie Hennessey, Vice President, Corporate Communications. Please go ahead. Thank you. Good morning, everyone.
I'd now like to turn the conference over to Melanie Hennessey, Vice President Corporate Communications. Please go ahead.
Melanie Hennessey: Thank you. Good morning, everyone. We are pleased that you have joined us for Nova Gold's 2024 first quarter financial results.
Melanie Hennessey: We are pleased that you have joined us for NOVA Gold's 2024 first quarter financial results and for an update on the Don and Gold Project. On today's call, we have NOVA Gold President and CEO Greg Lang and David Ottewell, NOVA Gold's Vice President and CFO. At the end of the webcast, we will take questions by phone and email.
Melanie Hennessey: For an update on the Donlin Gold project on today's call. We have no adult president and CEO, Greg Lang, and David Ottawa, Livable, Vice President and CFO.
Melanie Hennessey: At the end of the webcast, we will take questions by phone.
Melanie Hennessey: Additionally, we will respond to questions received during the webcast. I would like to remind you, as stated on slide three, any statements made today may contain forward-looking information, such as projections and goals, which are likely to involve risks detailed in our various Edgar and Cedar filings and forward-looking disclaimers included in this presentation. I will now turn the presentation over to our President and CEO, Greg Lang. Thank you, Melanie. And good morning, everyone.
Melanie Hennessey: Additionally, we will respond to questions received on the webcast.
Melanie Hennessey: I would like to remind you as stated on slide three any statements made today may contain forward looking information such as projections and goals, which are likely to involve risks the tail on our various Edgar and SEDAR filings and forward looking disclaimers included in this presentation.
I will now turn the presentation over to our president and CEO, Greg way great.
Thank you Melanie and good morning, everyone.
Greg Lang: Ahead of providing a summary of our first quarter results, I'd like to start today's call with a brief overview, explaining why both us and our shareholders consider Donlan Gold a Tier 1 asset, on the backdrop of a record gold price. It's important to highlight our investment thesis and why we view assets like Donland Gold as more important than ever for the sector and for the investment community. Starting slide five.
Greg Lang: I hate us providing a summary on our first quarter results I'd like to start today's call with a brief overview.
Greg Lang: Explaining why.
Greg Lang: US and our shareholders consider donlin gold a tier one asset.
Greg Lang: On the backdrop of a record gold price, it's important to highlight our investment thesis.
Greg Lang: And why we view assets like Donlin gold as more important than ever for the sector.
Greg Lang: And for the investment community.
Greg Lang: Starting with slide five.
Greg Lang: With an impressive resource of approximately 39 million ounces of gold, boasting a grade that is double the industry average at two and a quarter grams, along with the projected mine life exceeding 27 years, Donald Gold has the potential to be a low-cost, open-pit, million-ounce-a-year producer for many decades. Additionally, its expansive landholding offers outstanding exploration potential with the current resource area covering less than 5% of the land.
Greg Lang: With an impressive resource from approximately 39 million ounces of gold boasting a Greg that is double the industry average at two in a quarter ground along with the projected mine life exceeding 27 years Donlin gold has the potential to be a low cost open pit <unk>.
Greg Lang: Our producer for many decades.
Greg Lang: Additionally, it's expansion landholdings.
Greg Lang: Offer outstanding exploration potential with the current resource area covers less than 5% of the land.
Greg Lang: Importantly, we are situated on private land that was designated for mining in Alaska, a jurisdiction renowned for its responsible mining practices. The project benefits from a favorable regulatory environment. Furthermore, our enduring partnerships and life of mine agreement with Chalista and TKC solidify Donlan's position for successful development. It is crucial to provide context regarding the company's achievements following the reorganization that was set in motion over a decade ago, particularly for new investors who may be less acquainted with our history, as depicted on slide six. Our focus has been executing the strategic vision established by our chairman and myself. This vision aims to unlock the value of NovoGold's top-tier asset for our shareholders, with a primary emphasis on advancing the Don and Gold Project, positioning it as a pure gold play with a distinct endowment that offers significant leverage. Look at slide seven.
Greg Lang: Importantly, we are situated on private land that was designated for mining in Alaska.
Greg Lang: Fiction renowned for its responsible mining practices.
Greg Lang: The project benefits from a favorable regulatory environment.
Greg Lang: Furthermore, our enduring partnership and life of mine agreement with Georgia.
Greg Lang: T J C.
Greg Lang: Five donlin position.
Greg Lang: For successful development.
Greg Lang: It is crucial to provide context regarding the Companys achievement.
Greg Lang: Knowing the reorganization that was set in motion over a decade ago.
Greg Lang: Particularly for new investors, who may be less acquainted with our history.
Greg Lang: As depicted on slide six our focus has been executing the strategic vision established by our chairman and myself.
Greg Lang: This nation aims to unlock the value of Novo goes top tier asset for our shareholders.
Greg Lang: With a primary emphasis on advancing the donlin gold project positioning it as a pure gold play with a distinct endowment that offers significant leverage.
Greg Lang: Looking at slide seven.
Greg Lang: Alaska represents a favorable environment for mining and stands out as one of the safest jurisdictions globally. As the second largest gold producer in the US, Alaska boasts a clearly delineated perlating process. Countless companies have thrived in this region, supported by a government that strongly advocates for and acknowledges the significance of responsible natural resource development. Touch further on Donalyn's assets. As currently envisioned, it boasts one of the largest, highest-grade, undeveloped, open-pit gold reserves totaling approximately 39 million ounces.
Greg Lang: Alaska represents a favorable environment for mining and stands out as one of the safest jurisdictions globally.
Greg Lang: As the second largest gold producer in the U S and both are clearly delineated permitting process.
Greg Lang: Countless companies have thrived in this region supported by a government that strongly advocate for and acknowledging the significance of responsible natural resource development.
Greg Lang: Touch further on Docklands asset.
Greg Lang: As currently envisioned it boasts one of the largest highest grade undeveloped open pit gold reserve.
Greg Lang: Totaling approximately 39 million ounces.
Greg Lang: This endowment suggests an average annual gold production exceeding a million ounces over a 27-year period. Comparing Donlan to other gold development projects in the Americas on slide 8, it emerges as the warrant is, by a considerable margin, global gold production trends downward.
Greg Lang: They shouldn't downloads suggests an average annual gold production exceeding a million ounces over a 27 year period.
Greg Lang: Comparing donlin gold.
Greg Lang: Gold development projects in the Americas on slide eight.
Greg Lang: At emergence as the largest by a considerable margin.
Greg Lang: As global gold production trends downward.
Greg Lang: The industry increasingly requires projects characterized by scale, grade, and longevity that can navigate multiple gold cycles effectively. With a grade exceeding twice the industry average for an open pit project at two and a quarter grams, as shown on slide nine, Donlan has the potential to become one of the lowest gold producers and the lowest cost gold producers in the industry. Turning to slide 10, the bar chart shows the post-tax net present value calculated at a variety of gold prices. Today's gold price nears the top end of the chart and would represent more than $25 billion at a zero discounted rate or about $10 billion at a 5% discount. Excellent exploration potential exists well beyond the defined resources located in the ACMA and Lewis areas as identified on the diagram on slide 14. The current resource occupies only three kilometers of this eight-kilometer system.
Greg Lang: Industry Racing League requires projects just drive by scale grade.
Greg Lang: And longevity to navigate multiple go cycles effectively.
Greg Lang: With a great exceeding twice the industry average for an open pit project and two in a quarter brands as shown on slide nine Donlin has the potential to become one of the lowest gold producers lowest cost gold producers in the industry.
Greg Lang: Turning to slide 10.
Greg Lang: Bar chart chart shows that post tax net present value calculated in a variety of gold prices.
Greg Lang: Today's gold price near the top end of the chart and what represents more than $25 billion, either zero discounted rate or about $10 billion at a 5% discount rate.
Greg Lang: Excellent exploration potential exists well beyond the defined resources located in the asthma and <unk>.
Greg Lang: Louis area and as identified on the diagram on slide 14.
Greg Lang: The current resource occupies only three kilometers of the shake kilometers system increase.
Greg Lang: Incredible potential remains to increase ounces and extend the life of the mine beyond, but has not yet been explored. As private landowners, both Cholista and TKC are dedicated to developing Donland Gold in a way that remains consistent with their elders' vision of responsible development, while creating jobs and economic benefits for the surrounding community, as well as protecting the local. On slide 12, excerpts from the leaders of both Alaska Native corporations underscore their dedication. Chalistas and TKC's knowledge and guidance have been critical over the years, offering us insight throughout the permitting process, sustainability effort, and Community Engagement Initiative. Their valuable input regarding land and the substantial economic needs essential for sustaining community well-being is deeply appreciated. The enduring collaboration, unwavering project support, and the complete engagement of our partners are pivotal in ensuring the Don and Gold Project progresses responsibly and sustainably across all faiths.
Greg Lang: Incredible potential remains to increase ounces and extend the life beyond.
Greg Lang: But he has not already been explored.
Greg Lang:
As private landowners, both calista and T. J C are dedicated to developing donlin gold in a way that remains consistent with their elders vision of responsible development, while creating jobs and economic benefits for the surrounding communities as well as.
Protecting the local culture.
Greg Lang: On slide 12 excerpts from the leaders of both Alaska native corporations underscore and their dedication.
Greg Lang: Choices and Teekay sees knowledge and guidance have been critical over the years offering us insights too.
Greg Lang: The permitting process sustainability efforts and.
Greg Lang: Community engagement initiatives.
Greg Lang: Their valuable input regarding land and the substantial economic needs essential for sustaining community wellbeing are deeply appreciate it.
Greg Lang: The enduring collaboration unwavering project support and the complete engagement of our partners are pivotal.
Greg Lang: During the Donlin Gold project.
Greg Lang: Progressive responsibly and sustainably across all phases.
Greg Lang: With the combination of these attributes, Don and Gold have the potential to form the cornerstone of genuine and sustainable economic development for the YK region for many decades to come. Slide 13, showcases noble goals and achievements in environmental stewardship, health, and safety. Social and community engagement, and corporate governance, for the 2023 calendar year. Our latest sustainability report will be released this month, for a comprehensive review of NovoGold's performance in all areas of environmental, social, and governance, including health and safety, environmental stewardship, and community engagement, and corporate governance. The safety and well-being of our personnel remain paramount, evident in our track record of well over 10 years without a lost time accident on site. Moreover, a significant portion of our workforce is comprised of local residents.
Greg Lang: With the combination of these attribute donlin gold has the potential to form the cornerstone of genuine and sustainable economic development.
Greg Lang: For the Y K region for many decades to come.
Greg Lang: Slide 13.
Greg Lang: Joe patients no goals achieved much in environmental stewardship health and safety.
Greg Lang: Social and community engagement.
Greg Lang: Corporate governance for the 20th twenty-three calendar year.
Our latest sustainability report will be released this month, reaching a comprehensive review of know who those performance in all areas of environmental social and governance, including health and safety environmental stewardship and community engagement.
Greg Lang: Corporate governance.
The safety and wellbeing of our personnel remain Paramount.
Evidenced in our track record of well over 10 years without a lost time accident that diamond shaped.
Greg Lang: Moreover, a significant portion of our workforce are comprised of local residents.
Greg Lang: In 2024, our commitment to excellence extends to continued diligence and improvement across environmental, social, and governance fronts. This entails maintaining robust records of environmental, health, and safety performance at the site. Additionally, we aim to bolster our investments and partnerships with the residents of the communities in the region while enhancing our governance practices. I will now touch on the milestones achieved at the Diamond Gold Project during the first quarter, as well as highlight some of our ongoing activities. In the first quarter, with the support from the owners and Don and Gold, numerous important activities were conducted, as shown on slide 15. We completed the scope of work for resource modeling with a third-party consultant, making a crucial independent step in updating the resource model. Furthermore, advancement of metallurgical test work was achieved with the operation of a pilot plant in Ontario, Canada.
Greg Lang: In 2024, our commitment to excellence extends to continued diligence and improvement across environmental social and governance, France.
Greg Lang: This entails maintaining robust record of environmental health and safety performance at the site.
Greg Lang: Additionally, we aim to bolster our investments and partnerships with the resident to the communities in the region, while enhancing our governance practices.
Greg Lang: I will now touch on.
Greg Lang: The milestones achieved at the Donlin Gold project during the first quarter as well as highlight some of our ongoing activities.
Greg Lang: In the first quarter with the support from the owners and Donlin gold numerous important activities were conducted as shown on slide 15.
Greg Lang: We completed the scope of work for our resource modeling.
Greg Lang: With a third party consultant.
Making a crucial independent step in updating our resource model.
Greg Lang: Furthermore, advancement of metallurgical test work was achieved with the operation of our pilot plant in Ontario, Canada.
Greg Lang: This allowed us to validate the optimizations to the flow sheet with completion expected later this year. Additionally, ongoing data collection initiatives refined some of the crucial characteristics for closure planning, while recent field data in hydrology was incorporated and led to updates in both the groundwater and surface water models. Lastly, our efforts in planning for the regional infrastructure support continued, aimed at refining the scope and laying out the best path forward. Through ongoing collaboration with JALISTA, TKC, and other local communities, representatives from Noble Gold upheld a Steadfast commitment to education, community, wellness, cultural preservation, and environmental stewardship. These principles are actively reinforced, not only at the Donovan Project site but in the 62 communities throughout the YK region. Slide 16 showcases some of the community engagement activities, and a big shout out to the Donovan team that always goes above and beyond to connect with our stakeholders.
Greg Lang: This allowed us to validate the optimizations to the flow sheet with completion expected later this year.
Greg Lang: Additionally, ongoing data collection initiatives refine some of the crucial characteristics for closure planning well recent field data.
Greg Lang: Hydrology was incorporated and led to updates in both the groundwater and surface water models.
Greg Lang: Lastly, our efforts and planning for the regional infrastructure support continued aimed at refining the scope and laying out the best path forward.
Greg Lang: Their ongoing collaboration with Jewish to T C.
Greg Lang: Their local communities.
Greg Lang: Representatives from Novo upheld.
Greg Lang: Steadfast commitment to education community wellness, cultural preservation and environmental stewardship.
Greg Lang: These principles are actively reinforced not only at the Donlin project site within the 62 communities throughout the Y K region.
Greg Lang: Slide 16 showcases some of the community engagement activities.
Greg Lang: Big Shout out to the dominant T that always go above and beyond to connect with their stakeholders.
Greg Lang: In that spirit, Donovan finalized its 16th shared value statement, reaffirming its commitment to ongoing engagement with local communities and addressing their specific needs. The Inaugural Informational Meeting for the Substance Communications Advisory Committee in Anchorage was held in the first quarter, representing a pivotal partnership that fosters communication on substance matters, reflecting diverse perspectives on the Downland Gold Project. Another initiative is collaborating with local tribes to monitor and assess the conditions and management of the salmon fisheries in the Kuskokwim and Yukon River watersheds and identifying potential project opportunities to enhance the health of the salmon population. Support was extended to regional search and rescue teams in the villages, as well as the Alaska Safe Riders Initiative, promoting safety on snow machines. All-terrain vehicles and all-off-road vehicles, which are a common mode of transportation in rural Alaska.
Greg Lang: In that spirit Donlin finalized its 16th shared value statement.
Greg Lang: Reaffirming our commitment to ongoing engagement with local communities and addressing their specific needs.
Greg Lang: The inaugural informational meeting for the subsequent communications <unk> Advisory Committee and acreage was held in the first quarter.
Greg Lang: Representing a pivotal partnership that fosters communication on subsidence matters referred.
Greg Lang: <unk> diverse perspectives on the Donlin Gold project.
Greg Lang: Another initiative includes collaborating with local tribes to monitor.
Greg Lang: And chess the conditions and management of the salmon Fisheries pass the podium and Yukon River watersheds.
Greg Lang: And identifying potential project opportunities to enhance the health of the salmon populations.
Greg Lang: Support was extended to regional search and rescue teams in the villages as well as the Alaska safe writers initiatives promoting safety I'm so machines.
Greg Lang: Altering vehicles and all off road vehicles, which is a common mode of transportation in rural Alaska.
Greg Lang: Sponsorship of educational initiatives included the Lower Kuskokwim School District College and Career Fair, community sports and youth groups, as well as organizing a basketball tournament, a very popular sport in Alaska, giving the long winners a break. In partnership with the Native Village of Nipaimute, Donovan provided vital support for cultural awareness programs and upkeep on the ice road on the Kuskokwim River, ensuring safe transportation for residents to sports, cultural events, and other economic activities. Additionally, Diamond Gold proudly continues to fund and support the Cusco Quim 300, a premier mid-distance dog sled race, while also sponsoring Mushers, Mike Williams, and Pete Kaiser, who participate in the Iditarod. Pete is a Donlan employee who recently secured his eighth race title and actively engages with youth, with discussions primarily about suicide prevention and aligning Donlan's goal commitment to support the community well-being initiative. Finally, last February, Donlin sponsored the Iron Dog, the world's largest and toughest snowmobile race that covers over 2,500 miles on the Alaskan Back Criteria, in which Christina Wolsten, Don and Gold's External Affairs Manager, participated. Congratulations, Christina!
Greg Lang: Sponsorship of educational initiatives included the lower capital Quinn School District College, and career Fair community Sports and youth groups.
Greg Lang: As well as supporting a basketball tournament and very popular sport in Alaska, giving along winners.
Greg Lang: Correct.
Greg Lang: In partnership with the native village Paiute Diamond provided vital support.
Greg Lang: For cultural awareness programs and upkeep.
I wrote on the cash flow quick member, ensuring safe transportation for residents to sports cultural events and other economic activities.
Greg Lang: Additionally, Donlin gold proudly continues to fund and support the cost of <unk> 300, a premier mid distance dog sled race, well also sponsoring.
Greg Lang: Mushers.
Mike Williams, and Pete Kaiser who participated in the I did it right.
Greg Lang: He is a dominant play who recently secured his eighth race title and actively engages in youth with discussions primarily about suicide prevention and aligning donlin gold's commitment to support the community well being initiatives.
Greg Lang: Finally.
Greg Lang: February Donlin sponsors of the iron dog, the world's largest and toughest snowmobile race. It covers over 2500 miles of Alaskan back criteria.
Greg Lang: And which Kristina Wolfson Donlin Gold's external affairs manager participated.
None: Congratulations Kristina a great event.
Greg Lang: A great event. Foundling Gold is a federally permitted project on private land designated by law for mining activities as part of the Alaska Native Claims Settlement Act more than 50 years ago, a differentiating factor for most other mining assets in Alaska. Permitting in the United States represents a significant and rigorous endeavor where success hinges on years of dedicated efforts to ensure a diligent, thorough, transparent process that engages all stakeholders from the region. Slide 17 lists all the federal and state permits and certificates received to date. We recognize there is a price to be paid for jurisdictional safety. There are an increasing number of places in the world where permitting is becoming less burdened by the rule of law. The flip side of that relative ease is that these locales offer much less political stability and social reliability. Alaska is the second largest gold-producing state and one of the world's safest countries for free enterprise.
None: Donlin gold is a federally permitted project on private land designated by law for mining activities as part of the Alaska Native claims settlement act more than 50 years ago.
None: The differentiating factor for most other mining assets in Alaska.
None: Permitting in the United States represents a significant and rigorous endeavor.
None: Where success hinges on years of dedicated efforts to ensure a diligent thorough transparent process that engages all stakeholders from the region.
None: Slide 17, there's all the federal and state permits and certificates received to date.
None: We recognize there is a price to be paid for jurisdictional safety.
None: There are in <unk>.
A number of places in the world, where permitting is becoming less burdened by the rule of law. The flipside to that relatively ease is the lead these little chausse offer much less political stability and socially reliability.
None: In Alaska, the second largest gold producing state.
None: One of the world's safest countries for free enterprise.
Greg Lang: We treasure the conviction that when the mine is built, our investors will be able to enjoy the luxury of knowing that Alaska is a place where they can sleep well, confident that when they awaken in the morning, they will still own what they thought they owned the night before. In an ever more complex and fraught world, this sober reasoning makes it well worth the effort.
We tried to you the conviction that knowing when the mine is built on.
None: Our investors will be able to enjoy the luxury of knowing that Alaska is a place where they can sleep well.
Didn't that.
None: That when the weighting in the morning, they would still own what they thought they owned the night before.
None: In an ever more complex and fraught world the silver reasoning makes it well worth the effort.
Greg Lang: Looking at slides 18 and 21, the Dam Safety Certification Preliminary Design Packages continue to advance. We expect they will be submitted later in the year. Earthjustice filed opening briefs with the Alaska Supreme Court and Alaska Superior Court in January, appealing Donnelly's water rights and water quality certification.
None: Looking at Slide 18 in Q1, the dam safety certification preliminary design packages continue to advance we expect they will be submitted later in the year.
None: Earth Justice filed their opening briefs with the Alaska Supreme Court and Alaska Superior Court in January appealing darlings water rights and water.
None: Quality certification.
Greg Lang: Supply briefs will be submitted in the coming months. The state right-of-way lease briefing was completed in February, and Earthjustice has requested oral argument, though a schedule has not been set. In the federal litigation pertaining to the joint record of decision, opening briefs were submitted in February. The state of Alaska, Cholista, and Donlan are expected to reply in the coming quarter. Despite these multiple challenges, it is important to note that all appeals against Donovan's permits have been unsuccessful.
Reply briefs will be submitted in the coming months.
None: The state right of way lease briefing was completed in February and Earth Justice has requested oral argument.
None: Schedule has not been set.
None: In the federal litigation.
None: Returning to the joint record of decision.
None: Opening briefs were submitted in February the state of Alaska to Arista and dominant.
Our expected to apply in the coming quarter.
None: Despite these multiple challenges is important to note that all appeals against dawn and permits have been unsuccessful.
Greg Lang: We recognize the importance of preparedness and organization in these matters. Permitting, in the United States and Alaska, is a significant, rigorous process. Our commitment remains steadfast in aiding the federal and state agencies in upholding the permitting process and focusing on securing remaining state-level permits. We appreciate the bipartisan engagement and support for the Don and Gold Project in Alaska. We treasure the security that this provides. Moving to slide 19, NOVA Gold is pleased to present our 2024 Chairman's Interview featuring Dr. Thomas Kaplan, our chairman and largest shareholder, in conversation with Daniela Cambone, Director of Global Media and ITM Trading. This discussion took place at the New York Stock Exchange and delves into the macro perspectives of world events in 2023, the underperformance of gold equities, and the strong confidence in gold stocks as a Additionally, the interview explores the investment proposition of noble gold amidst current market conditions.
None: We recognize the importance of preparedness and organization in these matters and permitting in the United States in Alaska.
None: There's a significant rigorous undertaking.
None: Our commitment remains steadfast in aiding the federal and state agencies, and upholding the permitting process and focusing on securing remaining state level permits.
None: We appreciate the bipartisan engagement and support for the Donlin Gold project in Alaska.
We treasure the security that this.
None: Stability brings.
None: Moving to slide 19, Nobel Dog is pleased to present, our 'twenty 'twenty four.
None: Chairman interview, featuring Doctor Thomas Kaplan, our chairman and largest shareholder.
None: Conversation with Daniela Campbell director of Global media and ITM training.
None: This discussion took place.
None: At the New York stock exchange and delves into the macro perspectives of world events in 2023.
None: The underperformance of gold equities, and the strong confidence and gold stocks as a strategic trade this year and beyond.
None: Additionally, the interview explores the investment proposition and novel goals amidst current market conditions.
Greg Lang: We encourage you to listen to the full conversation, available on our website. With that, I will now turn the call over to David Ottewell to review 2024's Q1 financial results. Dave.
None: We encourage you to listen to the phone conversation available at our website.
None: With that I will now turn the call over to David out of well too.
To review 2024, it's Q1 financial results.
None: Yeah.
David Ottewell: Thank you, Greg. Slide 21 highlights our first quarter operating performance. We reported a net loss of $10.3 million in the quarter, a small decrease from the prior quarter, and that was due to lower Donland Gold project costs and increased interest income, partially offset by increased interest expense on a promissory note and higher G&A expense.
David Ottewell: Thank you Greg that's slide 12 highlights our first quarter operating performance.
David: And net loss of $10 3 million in the quarter, a small decrease from the prior year quarter.
David: That was due to lower Donlin gold project costs and increased interest income partially offset by increased interest expense on the promissory note.
David: Higher G&A expenses.
David Ottewell: In the prior year quarter, dominant gold costs included geotechnical drilling for the Alaska Dam Safety Certificate application. In general, an administrative cost increase primarily due to corporate staff additions and salary increases. First quarter cash flows are highlighted on slide 22. Cash and cash equivalents decreased by $8.2 million, primarily to fund our share of diamond gold and for corporate G&A expenses. The decrease in spend from the prior year quarter was due to lower down the goal funding requirements, partially offset by the timing of term deposit interest income receipts, and a Higher G&A Class.
David: In the prior year quarter Donlin gold costs include geotechnical drilling for the Alaska Dam safety certificate applications.
David: And general and administrative cost increased primarily due to corporate staff additions and salary increases.
First quarter cash flows are highlighted on slide 22.
David: Cash and cash equivalents decreased by $8 2 million, primarily to fund our tribe Donlin gold and for corporate G&A expenses.
The decrease in spend from the prior year quarter was due to lower Donlin gold funding requirements.
Offset by the timing of term deposit interest income receipts and higher G&A costs.
David Ottewell: On slide 23, we note our strong treasury. Our financial position includes cash and cash equivalents of approximately $38 million and term deposits of $80 million. For the full year, we continue to expect to spend approximately $14 million and $17 million for corporate GNA. Greg, I'll turn it back to you. Thank you, Dave. Last December, the Donovan Board approved a $28.5 million budget for this year, as shown on slide 24.
David: On slide 23, we note our strong treasury.
David: Financial position includes cash and cash equivalents of approximately $38 million.
David: In terms of deposit to $80 million.
David: For the full year, we continue to expect to spend approximately $14 million of donlin.
David: $17 million for corporate G&A.
David: Greg I'll turn it back to you.
Greg Lang: Thank you Dave.
Greg Lang: Last December the Donlin Board approved a 28 quite $5 million budget for this year as shown on slide 24.
Greg Lang: This encompasses resource modeling, mine planning, metallurgical pilot plant work, and regional infrastructure support. Geoscience Hydrology, Closure Planning, and the Advancement of the Dam Safety Certificate Application, as well as ongoing support for litigation, government affairs, our community engagement activities, and Sponsor. Discussions with BEREC are ongoing to advance Donlon Up the Values. Novigold remains committed to fulfilling the strategy that has been pledged time and time again.
Greg Lang: This encompasses resource modeling and mine planning metallurgical pilot plant work.
Greg Lang: As you know infrastructure support.
Dave: So your science hydrology closure planning and the advancement of the dam safety safety certificate applications as well as the ongoing support for our mitigation government affairs, our community engagement activities.
Dave: And sponsorships.
Dave: Discussions with Varick are ongoing to advance donlin up the value chain.
Dave: Nobody called remains committed to propelling this strategy that has been pledged time and time again.
Greg Lang: Namely, to embark on a bankable feasibility study to optimally position this project, setting up a potential construction decision when the time is right for the benefit of all of our shareholders and stakeholders. This unwavering commitment and extensive groundwork thus far have added substantial value in a responsible manner for all stakeholders and Alaska RAS, as well as NovaGoat shareholders, on slide 25, with multiple tailwinds of the macro backdrop, the project size, and quality. Low-cost structure
Dave: Namely.
To embark on a bankable feasibility study.
Dave: The lead position this project setting up a potential construction decision when the time is right for the benefit of all of our shareholders and stakeholders.
Dave: This unwavering commitment and extensive groundwork restaurant has added substantial value and a responsible matter for all stakeholders and Alaska residents.
Dave: Relatives overgrowth shareholders on slide 25.
Dave: With multiple tail winds of the macro backdrop the project size quality.
Dave: Low cost structure.
Operator: Exploration Upside. We intend to solidify Don's status as what we believe to be the best gold development story in the world today, as a Tier 1 asset in a Tier 1 jurisdiction. We believe that Don and Emery truly epitomizes a great asset that one can get great leverage on and a great place to allow them to keep the fruits of that leverage. We are thankful for the decisions of our shareholders to invest in our company and for their continued solidarity and engagement. We reaffirm to each and every one of them that, as stewards of the company, we continue to be focused on delivering on our strategy. Operator, we are now ready to open the line for questions. To join the question queue, you may press star, then 1 on your telephone keypad; you will hear a tone acknowledging your...
Exploration upside we intend to solidify document status is what we believe to be the best Gold development story in the world today.
Dave: As a tier one asset in a tier one jurisdiction.
Dave: We believe that donlin.
Dave: Truly a pair of eyes is a great asset that one can get great leverage and a great place to allow them to keep the fruits of that leverage.
Dave: We are thankful for their decisions of our shareholders to invest in our company and for their continued solidarity and engagement.
Dave: We reaffirmed to each and every one of them that as stewards of the company. We continue to be focused on delivering on our strategy.
None: Operator, we are now ready to open the line for questions.
None: Thank you to join the question queue. You May Press Star then one on your telephone keypad, you will hear a tone acknowledging your request if youre using a speakerphone. Please pick up your handset before pressing any keys to Virgin.
Operator: If you are using a speakerphone, please pick up your handset before proceeding. Enjoy your questions, Express Star.
None: Your question. Please press Star then two.
Lucas Pipes: Unknown Speaker 0, This question comes from Lucas Pipes with Be Riley Securities. Please go ahead. Thank you very much, operator. Good morning, everyone.
None: The first question comes from Lucas pipes with B Riley Securities. Please go ahead.
Lucas Pipes: Thank you very much operator, good morning, everyone.
Lucas Pipes: Greg I wanted to ask.
Greg Lang: Greg, I wanted to ask about the potential to maybe speed up a revised feasibility study in the context of a sharply rising gold price. Obviously, pretty remarkable what has happened here over the last few weeks, and my sense is there's investor appetite for an accelerated development period, so I wondered how you think about that. Good morning, Lucas, and thank you for taking the time to join our call. You know, as I noted in my presentation, we're, you know, working with Barrick to determine the optimal time to commence a new feasibility study. And I think you're absolutely right. We're, you know, the company is well positioned, we've got a lot of cash, and we're certainly in a very rising price environment. And I think, from our perspective, the time is right to move this project forward. And I think, bear in mind, the feasibility study will take us 18 to 24 months.
Lucas Pipes: About the potential to maybe speeds up the speed speed up.
Lucas Pipes: A revised feasibility study in the context of a sharply rising gold price obviously.
Lucas Pipes:
Pretty remarkable what what what has happened here over the last few weeks and it's my census, investor.
Lucas Pipes: There, there's investor appetite for and accelerated development period. So I'm wondering how are you thinking about that thank you very much.
None: Well good morning, Lucas and thank you for taking the time to join our call and as I noted in my presentation, where you know working with Barrick to determine the optimal time to commence on a new feasibility study and I think you're absolutely right.
None: You know the company is well positioned we've got a lot of cash we're in certainly a very rising price environment and I think from our perspective.
None: The time is right to move this project forward and I think bear in mind. The feasibility state study will take US 18 to 24 months and I think by the time. It's done we expect prices will be higher and we want to position this company to make a construction decision.
Lucas Pipes: And I think by the time it's done, we expect prices to be higher, and we want to position this company to make a construction decision when the time is right. And we think that time is on us now. We're working with our partners to advance these things. Okay, that's, that's, that's helpful. Based on what you know today, and I understand you'll have to study this, but based on what you know today, the gold price makes a construction decision a no-brainer. Is it $2,300? Or is it maybe slightly higher than that?
None: When the time is right and we think that time is.
None: He is on US now we're working with a partner to advance these things.
None: Okay.
None: That's helpful.
None: Hum.
None: Based on what you know today and I understand you you'll have to take to study this but based on what you know today.
None: What gold price.
None: It makes the construction decision and no brainer is at 2300 is it is it may be slightly higher than that carries how you how you think about that.
Greg Lang: Curious how you think about that. I think, at the risk of sounding flippant, that's why we want to undertake a new feasibility study. But to answer your question, you know, my sense is that we've passed the price point we need to really feel good about this project. And I think, you know, as we look forward to updating the feasibility study, we'll understand that, yes, there have been inflationary pressures, but across the board, I think we'll determine that the margins have expanded at a much greater rate than inflation. And all of these issues would be, you know, thoroughly addressed in the context of a bankable feasibility study. Thank you. Thank you, Greg.
None: I think.
None: At the risk of sounding slip that's why we went to undertake a new feasibility study but to answer your question. Yeah. My sense is we're where we passed the price point, we need to really feel good about this project and I think.
None: We look forward to updating the feasibility study I think will really understand yesterday, it's been inflationary pressures, but across the board I think well we determined that the margins have expanded at a much greater rates of inflation and all of these issues would be you know thorough.
None: Were really addressed in the context of a bankable feasibility study.
None: Thank you. Thank you Greg and then.
Greg Lang: And then as for kind of the current plan on supplying energy to the mindset. Can you update me on what the current plan is, maybe not the right phrasing, but in terms of what your thinking today in regards to energy supply to the mine site? Is the natural gas pipeline, in your opinion, the most likely scenario, or what alternatives could be? could present themselves? Thank you very much. Sure, Lucas.
None: As for kind of the the.
None: Our current plan on on on supplying energy to the mindset can you update me what the.
Current plan is maybe not the right phrasing, but in terms of where what what is your thinking today in regards to energy supply.
None: The mine site. It is a natural gas pipeline are in your opinion are the most likely scenario or or what alternatives could be oh.
None: Could could present themselves okay. Thank you very much.
None: Sure if you saw there.
Greg Lang: In our feasibility study, the gas pipeline... was the most preferred option for delivering energy to the site, and it envisioned that LNG gas would be bought into the port in Anchorage and then put into the pipeline. Yeah, that still remains the most viable option. And what we're doing right now is working with various groups to determine, you know, is there potential for third-party participation in that undertaking? And you know, and I think that, as well as how this pipeline can play a role in the regional energy infrastructure. So a lot of moving parts for it, but delivering gas to the site and generating power at the site remains the preferred option. And I think if we are, you know, third-party participation can certainly enhance the project for us. And what would that third-party participation look like? Can you expand on that a bit?
None: The gap in our Pes ability study the gas pipeline.
None: What's the most preferred option to delivering energy to strike and it envision that.
None: LNG gas would be bought into the support and acreage and then put into the pipeline.
None: Still remains the most viable option and what we are right now we're working with.
None: Various groups to determine.
None: Is there potential for third party participation in that undertaking.
None: And you know and I think that as.
None: As well as how can this pipeline play a role in.
None: The regional energy infrastructure, so a lot of moving parts for it but delivering gas to the site is and generating power at the site remains the preferred option.
And I think if we are you know third party participation you can certainly enhance.
None: The project for Us.
None: And what what would take third party participation looked like and you can you expand on that a bit.
Greg Lang: Well, it's the early days of the conversations, but certainly there's interest from several native corporations in participating in the building of the pipeline, as well as interest from the state of Alaska and other private entities. So I think there's broad interest in the pipeline. Remember, Alaska, rural Alaska, the energy costs are unbelievably expensive, you know, because one, it's difficult to get energy there.
None: Well it's early.
None: Early days of the conversations but certainly there's.
None: Interest from several native corporations to participating in the building of the pipeline as well as interest from the state of Alaska and other.
None: Private entities. So I think there's there's broad interest in our pipeline remember Alaska Rural Alaska, The energy costs are unbelievably expensive.
There's one it's difficult to get energy there and to the demand is relatively low so a big consumer of powered like like the Donlin mine could really acre.
Greg Lang: And two, the demand is relatively low. So a big consumer of power like the Donland mine could really anchor the infrastructure coming into a very, very underserved part of the country. And I think there's money available to help these underserved regions through the federal government.
None: The infrastructure coming into very very underserved part of the country.
None: It gets oh, there's money available to help.
None: These underserved duration regions through the federal government.
Greg Lang: So we're, you know, working with a lot of people that are very interested and supportive of seeing something that brings energy into the region. So we continue to work on that. Greg, that is helpful. Thank you for all the detail and best of luck. Thank you, Lucas. The next question comes from Don DeMarco with National Bank Financial. Please go ahead.
None: So we're working with a lot of people that are very interested and supportive of seeing something that brings energy into the region.
None: We continue to work on that.
None: Greg that if that is helpful. Thank you for all the detail and best of luck.
Greg Lang: Thank you Lucas.
Greg Lang: The next question comes from Don Demarco with National Bank Financial. Please go ahead.
Don Demarco: Thank you, operator. And good morning, Greg and team. Thanks for the comments and additional color and congratulations on all your continued strong ESG initiatives. I guess the first question is: let's consider that the Bank of Bill of Feasibility study is completed. I mean, maybe that'll be a year, maybe it'd be longer.
Don Demarco: Thank you operator, and good morning, Greg and team thanks for the comments.
Don Demarco: Color and congratulations on all your continued strong ESG initiatives.
Don Demarco: I.
Don Demarco: I guess the first question, yes, let's consider that the bank has built Pittsburgh study is completed I mean, maybe that'll be a year maybe longer.
Greg Lang: All partners agree it's completed, and the board even reaches a favorable go-forward decision to build the mine. So what would be the next steps then? I mean, the previous caller mentioned the gas pipeline. So what steps would be involved in that, and any additional permitting and timeframes associated? Just trying to get an idea of if all parties can agree and move forward on this, what would it look like post?
Don Demarco: All partners agree its completed already reaches a favorable gulfport decision to build the mine.
Don Demarco: So what would be the next steps then I mean, the previous caller mentioned the gas pipeline.
Don Demarco: And what steps would be involved or not.
Don Demarco: Any permitting timeframes associated just trying to get an idea of if all parties can agree in and move forward on this.
Don Demarco: What would it look like post.
Greg Lang: All right, well, let me break that into pieces, John. I think I want to first address the permitting. You know, we've received a federal permit, and then, as highlighted in our materials, we've essentially completed the state permitting process. You know, we only have one state permit left, a major one, and that's for dam safety certification. And we're working on that now. And you know, that one has never been on the critical path.
Don Demarco: Bankable at that.
Alright, well, let me break that down.
Don Demarco: In the patient as John I think I will first address the permitting.
We received a federal permit.
Don Demarco: Then there is as highlighted in our materials, we've essentially completed the state permitting process, where we.
Don Demarco: Only have one state permits last a major one and that's the dam safety certifications and we're working on that now and that one has never been on the critical path.
Don Demarco: Federal permits authorized you to disturbed land and the state has.
Don Demarco: Regulatory oversight tailings dam structures, hence the additional layer of approval.
Don Demarco: And where.
Greg Lang: You know, the federal permits authorize you to disturb the land, and the state has regulatory oversight of tailings dam structures, hence the additional layer of approval where it's never been on the critical path. And we expect to have that wrapped up, you know, certainly concurrent with any feasibility study. But to put a little bit of color on your timeline, you know, let's say the owners reached a decision in the middle of this year to update the feasibility study, and an engineering firm would be contracted, and that work would take 18 to 24 months. And I think the path forward from there will be, we believe gold prices will be stronger in two years, and that the owners will then be well positioned to make an informed decision and secure finance.
Don Demarco: It's never been on the critical path and we expect to have that wrapped up.
Don Demarco: You know certainly concurrent with any feasibility study update.
Don Demarco: But to just put a little bit of color on your timeline you know, let's say the owners are rich decision in middle of this year to update the feasibility study and if they're an engineering firm would be contracted in network would take 18 to 24 months and I think true you know the path forward from there will be.
Don Demarco: Yeah, we believe gold prices would be stronger in two years and the owners will then be well positioned to make an informed decision and secure financing.
Don Demarco: So I think certainly time is on our side, we've got some oh all of the work we're doing this year.
Don Demarco: Ultimately lays the foundation to updating the feasibility study and show and a good deal of the work would be done in conjunction with that study. So I think we're getting more and more prepared for that.
Greg Lang: So I think, you know, certainly time is on our side. We've got some, all of the work we're doing this year ultimately lays the foundation for updating the feasibility study, and a good deal of the work would be done in conjunction with that study. So I think we're getting more and more prepared for that decision as each month goes by. Okay, thanks. And on the subject of permits, of course, it's encouraging to hear all the progress you've made. But if you decide to go with a pipeline option, is there any additional permitting that might be required, say, for example, along the route of the pipeline or something?
Don Demarco: Decision.
That's fine.
None: Okay, Thanks, and on permitting of course discouraging to hear all the progress we've made but.
None: If you decide to go with a pipeline option is there any additional permitting that might be required say for example, along the mood in the pipeline or something.
None: Well, let me clarify that.
None: The permit for the pipeline are in place that was.
None: Included with the original permitting undertakings. So you know if.
None: You can we wouldn't need let's say, we decided to go to.
None: Sure.
None: Deferred the pipeline into the future you wouldn't need to re permit. So you know when we permitted the project. We you know we've covered everything from the power plant to court the infrastructure gas pipeline.
Greg Lang: Well, let me clarify that the permits for the pipeline are in place, you know, that was included with the original permitting undertaking. So, you know, you can, we wouldn't need it, let's say we decided to, you know, to, Don DeMarco, Lucas Pipes, Melanie Hennessey, Thomas Kaplan, David Ottewell, Nick Giles. Okay, excellent. Thank you for that.
None: And all encompassing effort.
None: Physically addressed all of the infrastructure so as long as we stay within the bounds of what has been approved.
None: Permits are in place for the activities that we see unfolding.
None: Okay excellent thank you for that and.
Maybe just as a follow up question then I.
None: I see your planned spend for 2024, you've got a strong balance sheet.
None: Hmm.
None: Do you have a term deposit or their plans over the next year or so with potentially moving the term deposit around into.
Don Demarco: So maybe just as a follow-up question, then, I see your plan spend for 2024. You've got a strong balance sheet. You have a term deposit or other plans over the next year or so with potentially moving the term deposit around into cash or other forms on your balance sheet. You know, as we manage our cash right now, we really look to optimize the interest we earn on that money. A couple years ago, that was virtually impossible.
None: And cash or other farms in your balance sheet.
None: Oh, Yeah, we've been.
None: As we manage our cash right now we really look to optimize the interest we earn on that money you know a couple of years ago that was virtually impossible, but in today's world.
None: Yeah, we we seek out you know good safe ways to invest our treasury.
None: And yeah, we did our budgets are pretty a well defined and we certainly free up cash because we need to fund our ongoing activities.
Greg Lang: But in today's world, we seek out, you know, good safe ways to invest our treasury. And, you know, we have pretty well-defined budgets, and we certainly free up cash as we need to to fund our ongoing activities. David, is there anything you'd want to add to that?
None: David anything you'd want to add to that.
David: No we will.
Likely just continue on the same course that we've been on and we'll have part of it in cash and that earns interest and are also in term deposits and it's just that we're just taking advantage of the rates at the time.
David Ottewell: No, we will likely just continue on the same course that we've been on, and we'll have part of it in cash that earns interest and also in term deposits, and it's just that we just take advantage of the rates at the time that they come due. Okay. Okay. Thank you very much.
None: If they come down.
None: Okay. Okay. Thank you very much good luck with Q2.
None: Thanks, guys.
None: Thank you.
None: Well, Greg we have a few questions coming from from online from the webcast and can you speak a bit about permitting particularly as it relates to your experience in permitting in the U S and and the appeals process and the ability or.
Don Demarco: Good luck with Q2. Thanks, guys. Thank you.
None: For Donlin to proceed with development in light of permitting.
Greg Lang: We have a few questions coming from online, from the webcast, and can you speak a bit about permitting, particularly as it relates to your experience with permitting in the U.S. and the appeals process and the ability for Donlan to proceed with development in light of permitting and these appeals? I'll address that question, and I just really take a step back. I've been working in mining, particularly gold mining, in the United States for almost 40 years.
None: Permitting and these appeals.
None: Alright.
Greg Lang: I'll address that question in I guess really take a step back I've been working in.
Greg Lang: Mining, particularly gold mining in the United States for.
Greg Lang: Almost 40 years.
Greg Lang: And you know back in the early days.
Permits.
Greg Lang: Get a mine permitted in less than six months and the.
Greg Lang: Appeals, where we're virtually unheard of you all over time the process has certainly gotten more rigorous and.
Greg Lang: And, you know, back in the early days of permits, Don DeMarco, Lucas Pipes, Melanie Hennessey, Thomas Kaplan, David Ottewell, Nick Giles. When you set out to permit a project in Alaska or anywhere in the U.S., you know what you're getting into. It's a very defined, very rigorous process. And that's what we experienced with Don, and we were, you can't hurry these things. You've got to be methodical and careful. The other aspect about granting permits in the United States is that, invariably, there will be a challenge. I've seen that for probably the last 15 years. I haven't been around a project that did not get challenged, but every project that I've been involved with that got challenged did not get slowed down.
Greg Lang: And then more inclusive and you know frankly, the changes Ah Yeah, I I support them I mean, you know when you know.
Greg Lang: When you set out to permit a project in Alaska or anywhere in the U S. You know what you're getting into it's a very defined very rigorous process and that's what we've experienced with donlin than we've been you can't hurry. These things you've got to be thoughtful and careful.
Greg Lang: The other aspect about permitting in the United States is invariably there will be a challenge.
Greg Lang: Seeing that for probably the last 15 years I haven't been around the project.
Greg Lang: Did not get challenged but every project has been involved with they've got a challenge to did not get slowed down you know challenges are certainly a part of the process. We expected it from the beginning and we had you know.
Greg Lang: Challenges are certainly a part of the process. We expected it from the beginning, and we had competent counsel with us every step of the way, and we've got a couple of permits under appeal. But every ruling to date has supported the process, and I think that will continue. So permitting, yes, it is complicated, but it's certainly doable, and once you have those permits, you're good.
Greg Lang: Competent counsel with US every step of the way and.
Greg Lang: We've got a couple of permits and appeal every are we willing to date has.
Greg Lang: Supported the process and I think that will continue so permanent yes. It is complicated, but it's certainly doable and once you have those permits are.
None: You're good.
None: Great. Thank you Greg. The next one is would you consider buying back shares and if not why.
Greg Lang: Great, thank you, Greg. The next one is, would you consider buying back shares? And if not, why not?
None: You know right now we are very focused on using our treasury to advance the Donlin Gold project.
Greg Lang: You know, right now, we are very focused on using our Treasury to advance the Don and Gold Project. You know, that would be our inclination right now. But then again, you know, we watch the markets; we think at current prices, our shares do represent tremendous undervalued. So, you know, we never rule anything out. And we pay very close attention to the markets and what is happening. And we also certainly stay in touch with our major shareholders. But right now, our focus has and will continue to be advancing the Donovan project. A bit in that same light, can you comment on the pressure on the share price and near-term catalyst to recover the value? Well, you know, the pressure on all of the gold stocks, particularly the development stocks, has been pretty brutal this year, and we're certainly sensitive to that.
Greg Lang: Or that would be our inflation right now, but then again you know we watched the market. We we think at current prices our shares represent a tremendous under valuation. So yeah, we we never rule anything out.
Greg Lang: Pay very close attention to the markets and what is happening and we also are you know certainly stay in touch with our major shareholders.
Greg Lang: Right now our focus has and will continue to be advancing the donlin project.
Greg Lang: But they did not obtain life can you comment on the pressure on the share price of near term catalysts to recover the value.
None: Well, it's a you know the pressure on all of the gold stocks, particularly the development stocks has been a pretty brutal this year and we're not we're certainly sensitive to that.
None: Yeah, and I think you know markets are markets ebb and flow and you know the main thing that we do is we really we focus on the things. We can control. We've been we have a long track record of advancing the Donlin project to good markets through bad markets and we will continue to remain.
None: <unk> focused on that main objective, which is our.
Greg Lang: You know, and I think, markets ebb and flow. And, you know, the main thing that we do is we really focus on the things we can control. You know, we've been, we have a long track record of advancing the Donovan project through good markets and through bad markets, and we'll continue to remain focused on that main objective, which is taking the Donovan project up the value chain and ultimately to a construction decision and ultimately to construction. So we do watch the markets, and we do watch the share price, and we take that into consideration and try not to get too frustrated because you can' We can only do what we can do, and we're remaining committed to our strategy of advancing dominance.
None: Taking the Donlin project up the value chain.
None: And ultimately to a construction decision and ultimately to construction. So we do we do watch the markets and we do watch the share price in the lead.
None: Take that into.
None: Consideration and try not to get too frustrated because you can't control the markets. We can only do what we can do and we're.
None: We remain committed to our strategy of advancing donlin.
None: The last question I mean.
None: Can you speak about the treasury.
None: And the last time, you completed a financing and how you look at your cash position for the future needs of the company.
None: Yeah.
None: Sure Yeah, well, our cash needs. Your yeah, we have $118 million in cash and you can see from our projected spending that that's going to sustain the company for many years into the future.
Greg Lang: The last question comes from Shemeth Cash. Can you speak about the Treasury and the last time you completed a financing and how you look at your cash position for the future needs of the Treasury? Sure, you know, our cash needs are, you know, we have 118 million in cash. And you can see from our projected spending that that's going to sustain the company for many years into the future. And we've got, you know, cash on hand to fund our activities and ultimately feasibility studies. Yeah, our last equity raise was in 2012. We raised $330 million at $9.50 a share. And we've been very careful with our funds. Not many companies in the development space can go well over 10 years without needing to go to the equity markets. And we don't see a need to do that anytime soon, and we're certainly mindful always of minimizing the dilution to our existing shareholders.
None: Got it.
None: You know cash on hand to fund our activities and ultimately a feasibility study.
None: Our last equity raise was.
None: In 2012, we raised $330 million at $9 50, a share and <unk>.
None: We've been very careful with our funds not many companies in the development space.
None: Can go well over 10 years without needing to go to the equity markets and we don't see a need to do that anytime soon.
None: Certainly mindful always of minimizing the dilution to our existing shareholder base.
Operator, that's all the questions.
None: Thank you everybody for taking the time to join the call and get an update on Nova cold.
Thank you. This concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.
None: [music].
Greg Lang: Operator, that's all the questions from the webcast. Thank you, everybody, for taking the time to join the call and get an update on NOVAGO. Thank you. This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.
None: Yeah.
None: [music].