Q2 2024 NovaGold Resources Inc Earnings Call
[inaudible]
Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey
Operator: Thank you for standing by. This is the conference operator. Welcome to the NoveGold 2024 second 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. Should you need assistance during the conference call, you may signal an operator by pressing star, then 0.
Operator: Thank you for standing by.
Operator: This is the conference operator.
Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey
Operator: Welcome to the No. 1224 second quarter financial results conference call and webcast. As a reminder, all participants are in listen-only mode, and the conference is being recorded.
Speaker Change: Thank you for standing by. This is the conference operator. Welcome to the NoveGold 2024 Second Quarter Financial Results Conference Call and Webcast. As a reminder, all participants are in listen-only mode and the conference is being recorded.
Operator: After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then one on each telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero.
Speaker Change: 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. Should you need assistance during the conference call, you may signal an operator by pressing star then 0.
Operator: But cast viewers may submit questions to the next box in the lower right corner of the webcast frame. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero.
Speaker Change: Webcast viewers may submit questions through the text box in the lower right corner of the webcast frame.
Speaker Change: Should you need assistance during the conference call, you may signal an operator by pressing star, then zero.
Melanie Hennessey: I would now like to turn the conference over to Melanie Hennessey, Vice President, Corporate Communications. Please go ahead.
Operator: Webcast viewers may submit questions through the text box in the lower right-hand corner of the webcast frame. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Melanie Hennessey, Vice President, Corporate Communications. Please go ahead.
Speaker Change: I would now like to turn the conference over to Melanie Hennessey, Vice President, Corporate Communications. Please go ahead.
Melanie Hennessey: Good morning, Ashia. We are pleased that you have joined us for NoveGold's second quarter financial results and also for an update on the NoveGold project. On today's call, we have NoveGold's President and CEO, Greg Lang, and David Ottewell, NoveGold's Vice President and CFO. At the end of the webcast, we will take questions by phone. Additionally, we will respond to questions received by email. 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.
Gregory Lang: Good morning, SCI. We are pleased that you have joined us for No. 1224 Financial results. And also for an update on the No. 12 project. On today's call, we have No. 12 President and CEO Greg Lang, and David Ottewell, No. 12 Vice President and CSO. At the end of the webcast, we will take questions by phone. Additionally, we will respond to questions received by email.
Melanie Hennessey: Good morning, Ashia. We are pleased that you have joined us for NoveGold.
Speaker Change: NoveGold Second Quarter Financial.
Speaker Change: and also for an update on the NoveGold project. On today's call, we have NoveGold's President and CEO , Greg Lang, and David Ottewell, NoveGold's Vice President and CFO .
Speaker Change: At the end of the webcast, we will take questions by phone. Additionally, we will respond to questions received by email.
Gregory Lang: I would like to remind you, as David 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 Peter filings, and forward-looking disclaimers included in this presentation.
Speaker Change: I would like to remind you, as stated on slide 3,
Speaker Change: 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 CDER filings and forward-looking disclaimers included in this presentation.
Gregory Lang: I will now turn the presentation over to our President and CEO, Greg Lang. Great. Thank you, Melanie, and good morning, everyone. Let's begin today's call by highlighting why both we and our shareholders regard Donlin Gold as a Tier 1 asset. I want to emphasize our investment thesis and why assets such as Donlin are increasingly vital to the industry. Let's discuss the impressive attributes of the Donlin Gold project as shown in slide five. First, the project, both on most 49 ounces of gold and a grade of over two grams per time, which is more than double the industry average.
Speaker Change: I will now turn the presentation over to our President and CEO , Greg Lang. Greg?
Gregory A. Lang: And good morning, everyone. Let's begin today's call by highlighting why both we and our shareholders regard Donland Gold as a tier one asset. I want to emphasize our investment thesis and why assets such as Donlan are increasingly vital to the industry.
Gregory A. Lang: Thank you, Melanie, and good morning, everyone.
Gregory A. Lang: Let's begin today's call by highlighting why both we and our shareholders regard Donovan Gold as a tier one asset.
Gregory A. Lang: I want to emphasize our investment thesis and why assets such as Donlan are increasingly vital to the industry.
Gregory A. Lang: Let's discuss the impressive attributes of the Dowland Gold Project, as shown on slide five. The project boasts almost 40 million ounces of gold at a grade of over two grams per ton, which is more than double the industry average. The projected mine life is almost three decades, based only on our current resource. This ensures a long-term, Moreover, Don and Gold is set to produce around a million ounces of gold a year at a low cost, solidifying its position as one of the top producers in the industry, with land holdings that offer significant exploration potential for future growth.
Gregory A. Lang: Let's discuss the impressive attributes of the Dowland Gold Project as shown on slide 5.
Gregory A. Lang: First.
Gregory A. Lang: The project boasts almost 40 million ounces of gold and a grade of over 2 grams per ton, which is more than double the industry average.
Gregory Lang: The projected line life is almost three decades based only on our current resources. This ensures a long-term, stable operation. Moreover, Donlin Gold is set to produce around a million ounces a year at a low cost, solidifying its position as one of the top producers in the industry, with land holdings that offer significant exploration potential for future growth. Supported by an experienced management team with a strong track record in mind development across the Americas. Donlin Gold has secured all federal permits required for the development and the majority of the state permits, demonstrating our readiness. for Successful Advancement, situated on private, lead designated land in Alaska, the project benefits from the state's supportive mining regulations, providing a stable regulatory environment.
Gregory A. Lang: The projected mine life is almost three decades based only on our current resources.
Speaker Change: This ensures a long-term,
Speaker Change: Stable operation.
Speaker Change: Moreover, Don and Gold is set to produce around a million ounces a year.
Speaker Change: at a low cost.
Speaker Change: solidifying its position as one of the top producers in the industry with land holdings that offer significant exploration potential for future growth.
Gregory A. Lang: Supported by an experienced management team with a strong track record in mine development across the Americas, Don and Gold has secured all federal permits required for the development and the majority of the state permits, demonstrating our readiness for a successful and advanced. Situated on privately designated land in Alaska, the project benefits from the state's supportive mining regulations, which provide a stable regulatory environment. Our longstanding partnerships with Chalista and the Kuskokwim Corporation further strengthen our social license to operate. These factors collectively position Donland Gold as a cornerstone project with robust potential and significant long-term value. It's essential to outline Don and Gold's journey, from the early 1900s; is it their origins?
Speaker Change: Supported by an experienced management team with a strong track record in mine development across the Americas.
Speaker Change: Don and Gold has secured all federal permits required for the development and the majority of the state permits, demonstrating our readiness.
Speaker Change: for Successful Advancement.
Speaker Change: Situated on privately designated land in Alaska, the project benefits from the state's supportive mining regulations provide a stable regulatory environment.
Gregory Lang: Our longstanding partnerships with Chilista and the Cusco Quincorporation further strengthened our social license to operate. These factors collectively positioned on and gold as a cornerstone project with robust potential and significant long-term value.
Speaker Change: Our long-standing partnerships with Chalista and the Kuskokwim Corporation further strengthen our social license to operate.
Speaker Change: Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey
Speaker Change: These factors collectively position Donland Gold as a cornerstone project with robust potential and significant long-term value.
Gregory Lang: It's essential to outline Don and Gold's journey from the early 1900s as it origins as shown on slide 6 to the strategic reorganization initiated over a decade ago under the leadership of Dr. Thomas Kaplan, Archerman, and myself. Since NoilGold's restructuring, our primary objective has been crystal clear: to advance Donlin's development, our prize asset in Alaska, to expose potential. We have maintained a steadfast commitment to the pursuit of this mission. The next logical and critical step for the project is to update the feasibility study with the goal of positioning Donlin favorably for a construction decision when the market conditions align.
Speaker Change: It's essential to outline Don and Gold's journey.
Gregory A. Lang: as shown on slide six, to the strategic reorganization initiated over a decade ago under the leadership of Dr. Thomas Kaplan, our chairman, and myself. Since NoveGold's restructuring, our primary objective has been crystal clear, to advance Donlan's development, our prized asset in Alaska, to its fullest potential. We have maintained a steadfast commitment to the pursuit of this mission. The next logical and critical step for the project is to update the feasibility study with the goal of positioning Donlan favorably for a construction decision when market conditions align.
Speaker Change: From the early 1900s to the origins, as shown on slide six, to the strategic reorganization initiated over a decade ago under the leadership of Dr. Thomas Kaplan, our chairman, and myself.
Speaker Change: Since NoveGold's restructuring, our primary objective has been crystal clear.
Speaker Change: To advance Donlin's development, our prized asset in Alaska, to its fullest potential.
Speaker Change: We have maintained a steadfast commitment to the pursuit of this mission.
Speaker Change: The next logical and critical step for the project is to update the feasibility study with the goal of positioning Donlan favorably for a construction decision when the market conditions align.
Gregory A. Lang: Our dedication to advancing this flagship project underscores our unwavering loyalty to our stakeholders, long-term shareholders, ensuring their trust and investment are met with tangible progress and value creation.
Gregory Lang: Our dedication to advancing this flagship project underscores our unwavering loyalty to our stakeholders, long-term shareholders, ensuring their trust and investment are met with tangible progress and value creation. On slide 7, we emphasized the crucial role of Chilista and TKC as private landowners in the development of Donlin Gold. Their commitment aligns closely with the elder division of responsible growth, contributing to job creation and economic prosperity and the preservation of cultural heritage within the local communities. With land designated for mining activities over 50 years ago, their stewardship demonstrates a steadfast dedication to sustainable development. Throughout the permitting process, sustainability initiatives, community engagement, and Chilista and TKC have offered invaluable expertise and guidance, leveraging their deep understanding of the land and its economic significance to bolster community well-being.
Speaker Change: Our dedication to advancing this flagship project underscores our unwavering loyalty to our stakeholders, long-term shareholders,
Speaker Change: ensuring their trust and investment are met with tangible progress and value creation.
Gregory A. Lang: We emphasize the crucial role of Chelysta and TKC as private landowners in the development of Donley Gold. Their commitment aligns closely with the elders' vision of responsible growth, contributing to job creation and economic prosperity and the preservation of cultural heritage within the local community. With land designated for mining activities over 50 years ago, their stewardship demonstrates a steadfast dedication to Sustainable Development throughout the permitting process. Sustainability Initiative. Community Engagement, and Chalista and TKC have offered invaluable expertise and guidance, leveraging their deep understanding of the land and its economic significance to bolster community well-being. Their enduring partnership, and Steadfast Support are critical to ensuring the responsible and progressive development of Diamond Gold across all phases. These collaborative efforts underscore Don and Gold's potential to become a cornerstone of lasting and responsible economic development in the Yukon-Kuskokwim region to Looking at slide eight.
Speaker Change: On slide seven.
Speaker Change: We emphasize the crucial role of CHLISTA and TKC as private landowners in the development of Donland Gold.
Speaker Change: Their commitment aligns closely with the elders' vision of responsible growth, contributing to job creation and economic prosperity, and the preservation of cultural heritage within the local communities.
Speaker Change: With land designated for mining activities over 50 years ago, their stewardship demonstrates a steadfast dedication.
Speaker Change: to Sustainable Development.
Speaker Change: Throughout the permitting process, sustainability initiatives,
Speaker Change: Community Engagements, and Chalista and PKC have offered invaluable expertise and guidance, leveraging their deep understanding of the land and its economic significance to bolster community well-being.
Gregory Lang: They're enduring partnership. and Steadfast Support, our critical to ensuring the responsible and progressive development of Don DeMarco across all phases. These collaborative efforts underscore Don DeMarco's potential to become a cornerstone of lasting and responsible economic development in the Yukon Cusco Quim region to serve future generations.
Speaker Change: They're enduring partnerships.
Speaker Change: and Steadfast Support are critical to ensuring the responsible and progressive development of Don and Gold across all phases.
Speaker Change: These collaborative efforts underscore Don and Gold's potential to become a cornerstone of lasting and responsible economic development in the Yukon-Kuskokwim region to serve future generations.
Gregory Lang: Looking at slide eight, Alaska is established as a world-leading mining jurisdiction ranked third out of 120 global jurisdictions and only one of 12 to achieve a double rating in the World Risk Report by Mining Journal Intelligence. It is renowned for its robust and secure environment, particularly in mining, and stands out globally for its safety and its well-defined permit and processes. As the second largest school producer in the United States, Alaska has facilitated the success of numerous companies, underpinned by a government that actively supports and recognizes the importance of responsible natural resource development. Turning to one of Don DeMarco's distinctive qualities as currently envisioned, it ranks among the world's largest and highest grade undeveloped open pit gold reserves when compared with other development projects in the Americas, as shown on slide nine.
Speaker Change: Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey
Gregory A. Lang: Alaska is established as a world-leading mining jurisdiction, ranked third out of 120 global jurisdictions and only one of 12 to achieve a double A rating in the World Risk Report by Mining Journal Intelligence. It is renowned for its robust and secure environment, particularly in mining, and stands out globally for its safety and its well-defined permitting process. Alaska is the second largest gold producer in the United States. Alaska has facilitated the success of numerous companies, underpinned by a government that actively supports and recognizes the importance of responsible natural resource development.
Speaker Change: Looking at slide 8.
Speaker Change: Alaska is established as a world-leading mining jurisdiction.
Speaker Change: ranked third out of 120 global jurisdictions and only one of 12 to achieve a double A rating in the World Risk Report by Mining Journal Intelligence.
Speaker Change: It is renowned for its robust and secure environment, particularly in mining, and stands out globally for its safety and its well-defined permitting processes.
Speaker Change: as the second largest gold producer in the United States.
Speaker Change: Alaska has facilitated the success of numerous companies.
Speaker Change: underpinned by a government that actively supports and recognizes the importance of responsible natural resource development.
Speaker Change: Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey
Gregory A. Lang: Turning to one of Don and Gold's distinctive qualities, as currently envisioned, it ranks among the world's largest and highest-grade undeveloped open-pit gold reserves when compared with other development projects in the Americas, as shown on slide 9. Global Gold Production Trends Downward; The Industry Faces a Scarcity of High-Quality Development Stage Projects Demands for projects characterized by scale, grade, and longevity have become increasingly critical for navigating multiple gold cycles effectively. Moreover, with a grade of almost 2 14 grams per ton, easily exceeding the industry average for open pit projects, as indicated on slide 10.
Donland Gold: Turning to one of Don and Gold's distinctive qualities, as currently envisioned, it ranks among the world's largest and highest grade undeveloped open pit gold reserves when compared with other development projects in the Americas as shown on slide 9.
Gregory Lang: As global gold production trends downward, the industry faces a scarcity of high quality development stage projects, demands for projects characterized by scale, grade and longevity, but comes increasingly critical for navigating multiple gold cycles effectively. Moreover, with the grade of almost two and a quarter grams per ton, easily exceeding the industry average for open pit projects, as indicated on slide ten. Don DeMarco's position to emerge as one of the most cost-effective producers in the industry. Turning to slide eleven, the bar chart illustrates Don DeMarco's post-tax net present value across various gold price scenarios. Today's gold price is positioning toward the higher end of the chart, indicating a potential value exceeding twenty-five billion dollars, with no discount rate applied for approximately fifteen billion dollars and a five percent discount rate.
Donland Gold: As global gold production trends downward, the industry faces a scarcity of high-quality development stage projects.
Donland Gold: Demands for projects characterized by scale, grade, and longevity.
Donland Gold: becomes increasingly critical for navigating multiple gold cycles.
Donland Gold: effectively.
Donland Gold: Moreover, with the grade of almost two and a quarter grams per ton, easily exceeding the industry average for open pit projects as indicated on slide 10.
Gregory A. Lang: Donlan is positioned to emerge as one of the most cost-effective producers in the industry. Turning to slide 11, the bar chart illustrates Donlan and Gold's post-tax net present value across various gold price scenarios. Today's gold price is positioning toward the higher end of the chart, indicating a potential value exceeding $25 billion with no discount rate applied, for approximately $15 billion and a 5% discount.
Donland Gold: Donlon is positioned to emerge as one of the most cost-effective producers in the industry.
Donland Gold: Turning to slide 11, the bar chart illustrates Don and Gold's post-tax net present value across various gold price scenarios.
Donland Gold: Today's gold price is positioning toward the higher end of the chart, indicating a potential value exceeding $25 billion with no discount rate applied.
Donland Gold: for approximately $15 billion and a 5% discount rate.
Gregory Lang: Significant exploration opportunities exist beyond the defined resources in the Actla and lowest deposit. as shown on the graphic in the upper right-hand corner of Slide 12. With the current resources covering only three kilometers, the innate kilometer belt, there is substantial potential to expand the reserves and extend the mine life through further exploration of land.
Gregory A. Lang: Significant exploration opportunities exist beyond the defined resources in the ACMA and Lewis deposits, as shown in the graphic in the upper right-hand corner of slide 12. With the current resources covering only 3 km of an 8 km belt, there is substantial potential to expand the reserves and extend the mine life through further exploration of the area. Slide 13.
Donland Gold: Significant exploration opportunities exist beyond the defined resources in the ACMA and Lewis deposits.
Donland Gold: As shown on the graphic in the upper right-hand corner of slide 12.
Donland Gold: With the current resources covering only three kilometers of an eight kilometer belt, there is substantial potential to expand the reserves and extend the mine life through further exploration of the land.
Gregory Lang: Slide 13 highlights NoveGold's 2023 achievements across environmental stewardship, health and safety, social engagement, and corporate governance. Our latest sustainability report, published in April, thoroughly assesses NoveGold's ESG performance in all of these critical areas. We extend our sincere appreciation to Don and Gold, our last inative corporation partners and local community stakeholders, for their excellent collaboration in shaping and achieving our ESG objectives. Their invaluable contributions have been pivotal in the planning, execution, and success of these initiatives. The safety and wellbeing of our workforce remain of the utmost importance, exemplified by our decade-long record without a lost time incident at the Don and Gold site, where a significant proportion of our team comprises of local hires.
Speaker Change: Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey
Gregory A. Lang: Highlights NoveGold's 2023 achievements across environmental stewardship, Health and Safety, and social engagement.
Speaker Change: Slide 13
Speaker Change: Highlights NoveGold's 2023 Achievements across Environmental Stewardship.
Gregory A. Lang: Incorporate Government, are made. NoveGold's Sustainability Report, published in April, thoroughly assesses NoveGold's ESG performance in all of these critical areas. We extend our sincere appreciation to Don and Gold, our Alaska Native Corporation partners, and local community stakeholders for their excellent collaboration in shaping and achieving our ESG objectives. Their invaluable contributions have been pivotal in the planning, execution, and success. These Initiatives. The safety and well-being of our workforce remain of the utmost importance, exemplified by our decade-long record without a lost time incident at the Don and Gold site, where a significant proportion of our team consists of local hires.
Speaker Change: Health and Safety.
Speaker Change: Social Engagement,
Speaker Change: and Corporate Governance.
Speaker Change: Our latest sustainability report.
Speaker Change: published in April , thoroughly assesses NoveGold's ESG performance in all of these critical areas.
Speaker Change: We extend our sincere appreciation to Don and Gold, our Alaska Native Corporation partners.
Speaker Change: and local community stakeholders for their excellent collaboration in shaping and achieving our ESG objectives.
Speaker Change: Their invaluable contributions have been pivotal in the planning, execution, and success.
Speaker Change: of these initiatives.
Speaker Change: The safety and well-being of our workforce remain of the utmost importance.
Speaker Change: exemplified by our decade-long record without a lost time incidence at the Don and Gold site.
Speaker Change: where a significant proportion of our team comprises of local hires.
Gregory Lang: Together, these efforts reinforce our pledge to uphold the highest standards of sustainability and responsibility as we advance toward our future goals.
Gregory A. Lang: Unknown Attendee, Don DeMarco, Melanie Hennessey, Don DeMarco, Don DeMarco, Don DeMarco, Don, These efforts reinforce our pledge to uphold the highest standards of sustainability and responsibility, as we advance, toward our future goals. I will now discuss. Some of the milestones achieved at the Don and Gold project in the second quarter, as well as our ongoing activity. Moving to slide 13.
Speaker Change: Together.
Speaker Change: These efforts reinforce our pledge to uphold the highest standards of sustainability and responsibility as we advance.
Speaker Change: Toward our future goals.
Gregory Lang: I will now discuss some of the milestones achieved at the Don and Gold project in the second quarter, as well as our ongoing activities. Moving to slide 13, the significant progress we've made in the Don and Gold project is easily demonstrated with the strong backing from the owners and the Don and Gold board. We've made notable advancements. Our resource model is being actively enhanced and updated through efforts led by an independent third party. Significant progress has also been made in our medical test work at a pilot plant in Ontario, Canada. This work aims to validate optimizations to the flow sheet, which we expect to complete later this year.
Speaker Change: I will now discuss some of the milestones achieved at the Don and Gold project in the second quarter as well as our ongoing activities.
Speaker Change: Moving to slide 13.
Gregory A. Lang: The significant progress we've made in the Don and Gold project is easily demonstrated. With the strong backing from the owners and the Donland Gold Board, we've made notable advances. Our resource model is being actively enhanced and updated through efforts led by an independent third party. Significant progress has also been made in our metallurgical test work at a pilot plant in Ontario, Canada.
Speaker Change: The significant progress we've made in the Don and Gold project is easily demonstrated. With the strong backing from the owners and the Don and Gold board, we've made notable advancements.
Speaker Change: Our resource model is being actively enhanced and updated through efforts led by an independent third party.
Speaker Change: Significant progress has also been made in our metallurgical test work at a pilot plant in Ontario, Canada.
Gregory A. Lang: This work aims to validate optimizations to the flow sheet, which we expect to complete later this year. Additionally, we have been updating our groundwater and surface water models, incorporating the latest field data from geoscience hydrology and continuing to collect data to update Geochemical Characteristics for Future Mine Closure Planning. Moreover, our efforts to support regional infrastructure have continued, focusing on narrowing the scope of work and advancing regional energy opportunities. These ongoing technical endeavors are all geared towards positioning Donland Gold favorably for future development.
Speaker Change: This work aims to validate optimizations to the flow sheet.
Gregory Lang: We have been updating our groundwater and surface water models, incorporating the latest field dated from geoscience hydrology and continuing to collect data to update the geochemical characteristics for future mine closure planning. Moreover, our efforts to support regional infrastructure have continued focusing on narrowing the scope of work and advancing regional energy opportunity. These ongoing technical endeavors are all geared towards positioning Don DeMarco favorably for future development. Turning to slide 16, our ongoing collaboration with Chilista, TKC, and local leaders in education, health, cultural preservation, and environmental stewardship continued in the second quarter across 62 light-state communities with the goal to build strong relationships.
Speaker Change: which we expect to complete later this year.
Speaker Change: We have been updating our groundwater and surface water models, incorporating the latest field data from Geoscience Hydrology and continuing to collect data to update
Speaker Change: The Geochemical Characteristics for Future Mine Closure Planning.
Speaker Change: Moreover, our efforts to support regional infrastructure have continued, focusing on narrowing the scope of work and advancing regional energy opportunities.
Speaker Change: These ongoing technical endeavors are all geared towards positioning Don and Gold favorably for future development.
Gregory A. Lang: Turning to slide 16, our ongoing collaboration with CHLISTA, TKC, and local leaders in education, health, and Cultural Preservation and Environmental Stewardship continued in the second quarter across 62 YK communities with the goal of building strong relationships. Donald Gold signed its 17th Shared Values Statement. Emphasizing our agreement and engagement with local communities to address their specific needs, the third Substance Community Advisory Committee meeting was held in Antioch in the second quarter, fostering a structural platform for communication.
Speaker Change: Turning to slide 16.
Speaker Change: Our ongoing collaboration with CHLISTA, TKC, and local leaders in education, health,
Speaker Change: Cultural Preservation and Environmental Stewardship
Speaker Change: continued in the second quarter across 62 YK communities
Speaker Change: with the goal to build strong relationships.
Gregory Lang: Don and Gold signed in 17, shared values statement, emphasizing our agreement and engagement with local communities to address their specific needs. The third Substance Community Advisory Committee meeting was held in Anniac in the second quarter. Fostering structural platform for communication, dialogue, problem solving, and gathering community input on substance issues. The project team has been actively monitoring the salmon fisheries in the cusp of Quinn and Yukon River watersheds. And with local tribes, have identified opportunities to enhance salmon populations help with the last native corporations to plan and launch a juvenile salmon monitoring initiative in the George River, a significant tributary to the cusp of Quinn River.
Speaker Change: Don and Gold signed its 17th Shared Values Statement.
Speaker Change: Emphasizing.
Speaker Change: Our agreement and engagement with local communities to address their specific needs.
Speaker Change: The third Substance Community Advisory Committee meeting was held in Antioch in the second quarter.
Speaker Change: fostering a structural platform for communication, dialogue, problem-solving, and gathering community input.
Gregory A. Lang: Dialogue, Problem Solving, and Gathering Community Input on Substantive Issues. The project team has been actively monitoring the salmon fisheries in the Kuskokwim and Yukon River watersheds, and with local tribes, they have identified opportunities to enhance salmon populations. They have worked with Alaska Native Corporations to plan and launch a juvenile salmon monitoring initiative in the George River. Unknown Attendee, Don DeMarco, Melanie Hennessey, NoveGold Resources, Additionally
Speaker Change: on substantive issues.
Speaker Change: The project team has been actively monitoring the salmon fisheries in the Kuskokwim and Yukon River watersheds.
Speaker Change: and with local tribes have identified opportunities to enhance salmon populations help with Alaska Native corporations to plan and launch a juvenile salmon monitoring initiative in the George River.
Speaker Change: A significant tributary to the Kuskokwim River.
Gregory Lang: Additionally, educational initiatives, including sponsoring the lower customer school districts' annual college and career fair, remain key for the project. Furthermore, Don and Gold traveled with the Crooked Creek Traditional Council to Washington, DC, to advocate for the Don and Gold project, directly engaging with the US Department of Justice and the Alaska congressional delegation. In April, US Senators, Lisa McCouske and Dan Sullivan, along with US Representative Mary Peltova, submitted a joint amicus brief in the federal court, referring to Donlin as one of Alaska's most important and necessary economic development projects in one of the most impoverished regions in the state.
Gregory A. Lang: Educational initiatives, including sponsoring the Lower Kuskokwim School District's annual college and career fair, remain key to the project. Furthermore, Don and Gold traveled with the Crooked Creek Traditional Council to Washington, D.C., to advocate for the Don and Gold Project. Directly engaging with the U.S. Department of Justice and the Alaska Congressional Delegation in April.
Speaker Change: Additionally,
Speaker Change: Educational initiatives, including sponsoring the Lower Kuskokwim School District's annual college and career fair, remain key for the project.
Speaker Change: Furthermore, Don and Gold traveled with the Crooked Creek Traditional Council to Washington DC to advocate for the Don and Gold project.
Speaker Change: directly engaging with the U.S. Department of Justice and the Alaska Congressional Delegation.
Gregory A. Lang: Senators Lisa Murkowski and Dan Sullivan, along with U.S. Representative Mary Peltola, submitted a joint amicus brief in the federal court, referring to Donlan as one of Alaska's most important and necessary economic development projects in one of the most impoverished regions in the state. These efforts underscore the importance of engagement and preparedness throughout the rigorous permitting process, supported by bipartisan outreach and the U.S. Department of Justice. [inaudible] is a federally permitted project situated on private land designated for mining activities under the Alaska Native Claims Settlement Act over 40 years ago. This is a distinct feature setting Donlan apart from many other mining ventures. You know, ask.
Speaker Change: In April ,
Speaker Change: U.S. Senators Lisa Murkowski and Dan Sullivan, along with U.S. Representative Mary Peltola, submitted a joint amicus brief in the federal court.
Speaker Change: referring to Donlan as one of Alaska's most important and necessary economic development projects in one of the most impoverished regions in the state.
Gregory Lang: These efforts underscore the importance of engagement and preparedness throughout the rigorous permitting process, supported by bipartisan outreach and the U.S. Department of Justice. Don and Gold is a federally permitted project situated on a private land designated for mining activities under the Alaska Native Claim Settlement Act over 40 years ago. This is a distinct feature setting down on a park from many other mining ventures in Alaska.
Speaker Change: These efforts underscore the importance of engagement and preparedness throughout the rigorous permitting process.
Speaker Change: supported by a bipartisan outreach and the U.S. Department of Justice.
Speaker Change: Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey
Speaker Change: Don and Gold
Speaker Change: is a federally permitted project situated on private land designated for mining activities under the Alaska Native Claims Settlement Act over 40 years ago.
Speaker Change: This is a distinct feature setting Donlan apart from many other mining ventures in Alaska.
Gregory A. Lang: Slide 17, details all the federal and state permits and certificates obtained today. We recognize the critical importance of jurisdictional safety, particularly amongst global variations in permitting standards. Alaska stands as one of the world's safest environments for free enterprise, both politically and socially stable, offering investors peace of mind. This eventually underscores our commitment to navigating the complexity of today's world with diligence and Forsa.
Gregory Lang: Slide 17 details all the federal and state permits and certificates obtained to date. We recognize the critical importance of jurisdictional safety, particularly amongst global variations in permitting standards. Alaska stands as one of the world's safest environments for free enterprise, both politically and socially stable, offering investors peace of mind. This eventually underscores our commitment to navigating the complexity of today's world with diligence and foresight.
Speaker Change: Slide 17 details all the federal and state permits and certificates obtained to date.
Speaker Change: We recognize the critical importance of jurisdictional safety.
Speaker Change: particularly amongst global variations in permitting standards.
Speaker Change: Alaska stands as one of the world's safest environments for free enterprise.
Speaker Change: both politically and socially stable.
Speaker Change: Offering investors peace of mind.
Speaker Change: This eventually underscores our commitment to navigating the complexity of today's world with diligence.
Gregory Lang: Looking at slide 18 in the second quarter, the down safety, certification, and preliminary design packages were submitted to the Alaska Department of Natural Resources on June 17. In federal litigation on the joint record of decision, including the 404 permit, opening briefs were submitted in February. Donlin Gold, Celeste, and the State of Alaska filed their interveners' briefs on April 16. Amicus briefs supporting the project were filed by the Village of Crooked Creek and the Alaska Congressional Validation. Oral arguments were held on June 24, and the decision is anticipated in early 2025. We recognize the importance of meticulous preparation and organization in navigating the rigorous permitting processes in both the United States and in Alaska.
Gregory A. Lang: In the second quarter, the Dam Safety Certification Preliminary Design Packages were submitted to the Alaska Department of Natural Resources on June 17. In federal litigation on the joint record of decision, including the 404 permit, opening briefs were submitted in February. [inaudible] Chalista, and the State of Alaska filed their intervenors' briefs on April 16. Amicus briefs supporting the project were filed by the Village of Crooked Creek and the Alaska Congressional Delegation. Oral arguments were held on June 24, and their decision is anticipated in early 2025.
Speaker Change: Looking at slide 18.
Speaker Change: In the second quarter, the Dam Safety Certification Preliminary Design Packages were submitted to the Alaska Department of Natural Resources on June 17th.
Speaker Change: In federal litigation on the joint record of decision, including the 404 permit, opening briefs were submitted in February .
Speaker Change: Donling Gold
Speaker Change: Chylista and the State of Alaska filed their intervenors briefs on April 16th.
Speaker Change: Amicus briefs supporting the project were filed by the Village of Crooked Creek and the Alaska Congressional Delegation.
Speaker Change: Oral arguments were held on June 24th.
Speaker Change: and their decision is anticipated in early 2025.
Gregory A. Lang: We recognize the importance of meticulous preparation and organization in navigating the rigorous permitting processes in both the United States and in Alaska. Our dedication remains steadfast as we continue to collaborate closely with federal and state agencies to implement this comprehensive project. We highly value the bipartisan support and engagement for the Don and NoveGold projects, both in Alaska and in Washington, D.C. With that, I will turn the call over to David Ottewell to review our second quarter financial results.
Speaker Change: We recognize the importance of meticulous preparation and organization in navigating the rigorous permitting processes in both the United States and in Alaska.
Gregory Lang: Our dedication remains steadfast as we continue to collaborate closely with federal and state agencies to navigate this comprehensive project. We highly value the bipartisan support and engagement for the Donlin Gold project both in Alaska and in Washington, DC.
David A. Ottewell: Slide 20 highlights our operating performance. We reported a net loss of $13.7 million in the second quarter. .99 decrease from the prior year quarter, primarily due to lower gold project costs with no field program this year, partially offset by increased interest expense on the promissory note and increased general and administrative costs due to promotions and hiring additional staff along with professional and consulting fees related to our evaluation of options to advance the Dowling Gold Project.
Speaker Change: Our dedication remains steadfast as we continue to collaborate closely with federal and state agencies to navigate this comprehensive project.
Speaker Change: We highly value the bipartisan support and engagement for the Don and NoveGold project, both in Alaska and around the world.
David Ottewell: With that, I will turn the call over to David Ottawa to review our second quarter financial results. Thank you, Greg.
Speaker Change: and in Washington, D.C.
David A. Ottewell: Cash flows are highlighted on slide 21. In the second quarter, cash and term deposits decreased by $4.9 million, primarily for corporate administrative expenses and hard share and dominant gold funding, partially offset by interest income and working capital changes. Our net use of cash in term deposits was $2.3 million lower than the prior year quarter due to lower Don and Gold funding requirements partially offset by increased administrative. On slide 22, we note our strong treasury.
Speaker Change: With that, I will turn the call over to David Ottewell.
David A. Ottewell: to review our second quarter financial results.
Speaker Change: James? Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey
David Ottewell: Why 20 highlights are operating performance? We reported in that loss of 13.7 million in the second quarter, a .9 million decrease from a prior year quarter primarily due to lower-down Gold project costs with no field program this year. Currently offset by increased interest expense on the promised rain note and increased general administrative costs due to promotions and hiring additional staff, along with professional and consulting fees related to our evaluation of options to advance the Donlin Gold project.
Speaker Change: Thank you, Greg.
David A. Ottewell: Slide 20 highlights our operating performance.
Speaker Change: We reported a net loss of $13.7 million in the second quarter, a $0.9 million decrease from the prior year quarter, primarily due to lower Don Gold project costs with no field program this year.
Speaker Change: partially offset by increased interest expense on the promissory note and increased general and administrative costs due to promotion and hiring of additional staff along with professional and consulting fees related to our evaluation of options to advance the Dowling Gold project.
David Ottewell: That's what is highlighted on slide 21. In the second quarter, cash in term deposits decreased by 4.9 million, primarily for corporate administrative expenses and cash here in Don DeMarco funding, partially offset by interest income and working capital changes. Our net use of cash in term deposits was 2.3 million loaded in the prior year quarter, due to the lower Don DeMarco funding requirements, partially offset by increased administrative deposit.
Speaker Change: Cash flows are highlighted on slide 21.
Speaker Change: In the second quarter, cash and term deposits decreased by $4.9 million, primarily for corporate administrative expenses and hard share and dominant gold funding, partially offset by interest income and working capital changes.
Speaker Change: Our net use of cash in term deposits was $2.3 million lower than the prior year quarter due to lower Don and Gold funding requirements partially offset by increased administrative costs.
David Ottewell: On 622, we note our strong treasury. Our financial positioning includes cash in cash funds of nearly 53 million, in term deposits of 60 million. For the year today, Don DeMarco funding and corporate GNA are in line with our budgets. For the full year, we expect to spend approximately 31 million, including 17 million for corporate GNA and 149 for Don DeMarco.
Speaker Change: On slide 22, we note our strong treasury.
David A. Ottewell: Our financial position includes cash and cash loans of nearly $53 million, term deposits of 60 minutes. For the year to date, Don and Gold funding and corporate G&A are in line with our budget. For the full year, we expect to spend approximately $31 million, including $17 million for corporate G&A and $14.9 million for Don and Goal. I will now turn the presentation back over to Greg.
Speaker Change: A financial position includes cash and cash loans of nearly $53 million and term deposits of $60 million.
Speaker Change: For the year to date, Don and Gold funding and corporate GNA are in line with our budget.
Speaker Change: For the full year, we expect to spend approximately $31 million, including $17 million for corporate G&A, and $14 million for Don and Gold.
Gregory Lang: I will now turn the presentation back over to Greg.
Speaker Change: I will now turn the presentation back over to Greg.
Gregory Lang: Thank you, Dave.
Gregory A. Lang: And I'm sure most people saw the announcement, Dave has been our CFO for 12 years, and he's moving on to the next stage in life and retiring. And we want to thank Dave for being a valued member of the team at NoveGold for over 12 years, and we are deeply grateful for his many contributions to NoveGold during his tenure. Last December, the Donovan Gold Board approved a $28 million budget for the year, as shown on slide 23.
Gregory Lang: And I'm sure, as most people saw the announcement, Dave has been our CFO for 12 years, and he's moving on to the next stage in life in the towering. And we want to thank Dave for being a valued member of the team at Don DeMarco for over 12 years, and we are deeply grateful for his many contributions to Noble Gold during his tenure.
Gregory A. Lang: Thank you, Dave. And I'm sure as most people saw the announcement.
Gregory A. Lang: Dave has been our CFO for 12 years, and he's moving on to the next stage in life, in retirement.
Gregory A. Lang: And we want to thank Dave for...
Gregory A. Lang: being a valued member of the team at NoveGold for over 12 years, and we are deeply grateful for his many contributions to NoveGold.
Gregory Lang: Last December, the Don DeMarco board approved a $28 million budget for the year, as shown on slide 23. This budget includes ongoing resource modeling, mind planning, metallurgical pest work, regional infrastructure support, hydrology work, closure planning, and importantly, the advancement of dam safety, certain difficult applications, as well as ongoing support for pending litigation, government affairs, community engagements, and our various sponsorships. Discussions with Eric are ongoing to continue advancing Don DeMarco up the value chain, as we remain fully committed to its development.
Gregory A. Lang: During his tenure.
Speaker Change: Last December , the Donovan Gold Board approved a $28 million budget for the year, as shown on slide 23.
Gregory A. Lang: This budget includes ongoing resource modeling, mine planning, metallurgical test work, regional infrastructure support, hydrology work, closure planning, and importantly, the advancement of dam safety certificate applications, as well as ongoing support for pending litigation, government affairs, community engagement, and our various sponsorships.
Speaker Change: This budget includes ongoing resource modeling, mine planning, metallurgical test work, regional infrastructure support,
Speaker Change: Hydrology work, closure planning, and importantly, the advancement of Dam Safety Certificate applications.
Speaker Change: as well as ongoing support for pending litigation, government affairs, community engagements
Gregory A. Lang: Discussions with Barrick are ongoing to continue advancing Don and Gold up the value chain as we remain fully committed to its development. Additionally, on behalf of the NoveGold team, I would like to extend again our sincere appreciation to Dave Ottewell as he moves on to retire.
Speaker Change: and our various sponsorships.
Speaker Change: Discussions with Barrick are ongoing to continue advancing Don and Gold up the value chain as we remain fully committed to its development.
Gregory Lang: Additionally, on behalf of the noble gold team, I would like to extend again our sincere appreciation today of Ottawa, as he moves on to retirement.
Speaker Change: Additionally, on behalf of the NoveGold team, I would like to extend again our sincere appreciation to Dave Ottewell.
Gregory Lang: We would also like to welcome and congratulate Peter Adamack, who will assume the role of CFO in July. With resolute confidence, noble gold views the Don DeMarco project as a priming investment in the gold market that optimizes an exceptional opportunity for leveraging scarce and high-quality assets in safe jurisdictions. Appreciative of our shareholders' stance, support, and valuable guidance, we remain committed to enhancing shareholder and stakeholder value, responsibly acknowledging their crucial presence. and long-term interests. They're decision to invest in our company and their continued solidarity and engagement are deeply valued. As custodians in the company, we are focused on executing our strategy and advancing the value of the Don DeMarco project in a safe and responsible manner to yield substantial progress and great value.
Gregory A. Lang: We would also like to welcome and congratulate Peter Aderman, who will assume the role of CFO in July. With resolute confidence, NoveGold views the Diamond Gold Project as a prime investment in the gold market that epitomizes an exceptional opportunity for leveraging a scarce and High Quality Asset. Appreciative of our shareholders' staunch support and valuable guidance, we remain committed to enhancing shareholder and stakeholder value, responsibly acknowledging their crucial presence. Long-term interest. Their decision to invest in our company and their continued solidarity and engagement are deeply valued.
Speaker Change: And she moves on to retirement.
Speaker Change: We would also like to welcome and congratulate Peter Adamek.
Speaker Change: who will assume the role of CFO in July .
Speaker Change: With Resolute Confidence, NoveGold Views, The Don and Gold Project.
Speaker Change: is a prime investment in the gold market.
Speaker Change: That epitomizes an exceptional opportunity for leveraging scarce and high-quality assets in safe jurisdictions.
Speaker Change: Appreciative of our shareholders' staunch support and valuable guidance.
Speaker Change: We remain committed to enhancing shareholder and stakeholder value, responsibly acknowledging their crucial presence.
Speaker Change: and Long-Term Interests.
Speaker Change: Their decision to invest in our company and their continued solidarity and engagement are deeply valued.
Gregory A. Lang: As custodians of the company, we are focused on executing our strategy and advancing the value of the Don and Gold project in a safe and responsible manner to yield substantial progress and create value. Operator, we are now prepared to take questions.
Speaker Change: As custodians of the company.
Speaker Change: We are focused on executing our strategy and advancing the value of the Don and Gold project.
Speaker Change: in a safe.
Speaker Change: and Responsible Matter to yield substantial progress and create value.
Operator: Operator, we are now prepared to take questions. Thank you. To join the question, Q, you may first start the month on your social and keypad. You will hear a told acknowledging your request.
Speaker Change: Operator, we are now
Speaker Change: Prepare to take questions.
Operator: To join the question queue, you may press star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any key. To withdraw your question, please press star, then two. The first question comes from Lucas Pipes with B. Reilly Securities.
Speaker Change: Thank you.
Speaker Change: To join the question queue, you may press star, then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any key. To withdraw your question, please press star, then 2.
Operator: If you are using a speaker's loan, please pick up your hands that before pressing any key.
Lucas Pipes: The majority of questions, please best start until the first question comes from Lucas Pipes and be highly peculiar.
Speaker Change: The first question comes from Lucas Pipes with B Riley Securities. Please go ahead.
Gregory Lang: Please go ahead. Thank you very much, operator, and good morning, everyone. This is actually a further stability and asking questions on behalf of Lucas Pipes, and just I want to touch on permitting. So where's date level permitting stays now? When you would expect to receive a decision, and when would you expect the decision regarding dam safety certification, which you submitted just ten days ago? Thank you. All right. Well, thank you for the question. Yes, noted in our materials, the only significant state permit that we do not have in hand is the dam safety certificates. This is for the tailings dam, as well as several water retention structures.
Heather Chebelin: Thank you very much, operator, and good morning, everyone. This is actually Heather Chebelin asking a question on behalf of Lukas Pipes. And just, I want to touch on permitting. So where state-level permitting stays now, and when you would expect to receive a decision. What decision do you expect regarding the Dam Safety Certification which you submitted just 10 days ago? Thank you.
Speaker Change: Thank you very much, operator, and good morning, everyone. This is actually Heather Chebelin asking a question on behalf of Lucas Pipes. And just I want to touch on permitting.
Speaker Change: So, where state-level permitting stays now, and when you would expect to receive the decision, and...
Speaker Change: What do you expect the decision regarding Dam Safety Certification which you submitted just 10 days ago? Thank you.
Gregory A. Lang: All right, well, thank you for the question. Yeah, as noted in our materials, the only significant state permit that we do not have in hand is the dam safety certificates for the tailings dam, as well as several water retention structures. And, you know, to be clear, the federal permits and the 404 Certificate authorize Donalyn to...
Speaker Change: Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey
Gregory Lang: To be clear, the federal permits in the 404 certificate authorize Donaldm to disturb work at the site, and that includes the tailings dam. But in Alaska, the structures such as the tailings dam and water retention study structures are, you know, they are administered by the state. And one of the aspects of the permit application is that you have to have a fully designed and engineering drawing to support your applications. And we started the geotechnical work necessary to do that last season. And this year, we've been finalizing our dam design, and that, as we noted, the preliminary packages have been submitted to the state.
Speaker Change: And, you know, to be clear, the, you know, the federal permits and the 404
Gregory A. Lang: Disturbed work at the site, and that includes the tailings dam. But in Alaska, the structures such as the tailings dam and water retention study structures are, you know, they're administered by the state. And one of the aspects of the permit application is that you have to have a fully designed and engineered drawing to support your application. And we started the geotechnical work necessary to do that last season. And this year, we've been finalizing our dam design, and, as we noted, the preliminary package has been submitted to the state.
Speaker Change: certificate, you know, authorizes Donalyn to...
Speaker Change: disturbed work at the site and that includes the tailings dam.
Speaker Change: But in Alaska, the structures such as the tailings dam and water retention study structures are, you know, they're administered by the state.
Speaker Change: And one of the aspects of the permit application is that you have to have a fully designed and engineered drawing to support your applications.
Speaker Change: And we started the geotechnical work necessary to do that last season, and this year we've been finalizing our dam.
Speaker Change: design and that as we noted the preliminary package has been
Gregory Lang: You know, I think the process is pretty well defined, and it's moving along fine.
Gregory A. Lang: You know, I think the process is pretty well defined and it's moving along fine, and we would anticipate the roughly two, two and a half year approval process, which would be done concurrently when the owners make the decision to move forward with the feasibility study. So, at any rate, the tailings dam approval... permits are not a critical path item, but we are steadily advancing.
Speaker Change: Submitted to the state.
Speaker Change: You know, I think the process is pretty well defined, and it's moving along fine, and we would anticipate the, you know, roughly two, two and a half year approval process.
Gregory Lang: And we would anticipate the, you know, roughly two, two and a half year approval process, which would be done concurrently when the owners make the decision to move forward with the feasibility study. So, in any rate, the tailings dam approval permits are not on a critical path item, but we are steadily advancing. Thank you very much.
Speaker Change: which would be done concurrently when the owners make the decision to move forward with the feasibility study. So at any rate, the tailings dam approval...
Speaker Change: permits are not on a critical path item but we are steadily advancing them.
Gregory A. Lang: Thank you very much, Greg. And my second question is on CapEx. So $14 million is remaining for CapEx in 2024, but maybe can you provide what level of capital spending you would expect in 2025? Thank you.
Gregory Lang: And my second one is on CapEx. So 14 million is remaining capex in 2024. That may be; can you provide what level of capital spending you would expect in 2025? Well, at this stage, we have not guided on our expenditures plan for the new year. Of course, a lot of that will depend on when we make the decision to initiate the new feasibility study. We typically prepare our budgets later in the third quarter and fourth quarter, and we'll, you know, at that time, be in a position to guide the marketplace on our future expenditures.
Speaker Change: Thank you very much, Greg. And my second one is on CapEx. So $14 million is the remaining CapEx in 2024. But maybe, can you provide what level of capital spending you would expect in 2025? Thank you.
Gregory A. Lang: At this stage, we have not guided on our expenditures planned for the new year. And, of course, a lot of that will depend on when we make the decision to initiate the new feasibility study. We typically prepare our budgets later in the third quarter and fourth quarter, and we'll, at that time, be in a position to guide the marketplace on our future expenditures.
Speaker Change: Well, at this stage, we have not guided on our expenditures planned for the new year. And, of course, a lot of that will depend on when we make the decision to initiate the new feasibility study.
Speaker Change: Yeah, we typically prepare our budgets, you know, later in the third quarter and fourth quarter, and we'll, you know, at that time be in a position to guide the marketplace on our future expenditures.
Gregory Lang: Thank you very much. This is helpful, and we should best reflect. Thank you. Thank you for your questions.
Heather Chebelin: Thank you very much. This is helpful, and I wish you the best of luck.
Speaker Change: Thank you very much. This is helpful and I wish you the best of luck. Thank you.
Gregory A. Lang: Thank you for your questions.
Speaker Change: Thank you for your questions.
Gregory Lang: We have a shareholder question coming from the web from Joe Primoore. With gold at an all-time high, what are the other key market conditions required to commence operations? Well, I think, you know, as you know, the gold is at an all time high, and I think that is, you know, certainly one of the key factors that will drive the, ultimately, the investment decision at Donlin.
Operator: We have a shareholder question coming from the web from Joe Primamore. With gold at an all-time high, what are the other key market conditions required to commence operations?
Speaker Change: We have a shareholder question coming from the web from Joe Primamore. With gold at an all-time high, what are the other key market conditions required to commence operations?
Gregory A. Lang: I think, as you noted, gold is at an all-time high, and I think that is certainly one of the key factors that will ultimately drive the investment decision at Donlan. Other factors include market conditions, how the equities are viewed, how the debt markets are, and how we would finance the project. But certainly, the key driver in the value of Donland Gold and, really, any gold mining project is the price of gold.
Gregory A. Lang: I think, as
Speaker Change: Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey
Speaker Change: Well, I think, you know, as you noted, gold is at an all-time high, and I think that is, you know, certainly one of the key factors that...
Gregory Lang: The other factors include market conditions, how the equities are viewed, how the debt markets are, and you know, how we would finance the project. But certainly the key driver in the value of Donlin Gold and really any gold mining project is the price of gold. And, you know, we have the view that gold prices are pretty good right now, but we think there's, you know, substantial room to see them run higher in the coming years so that, yeah, I would anticipate that when we finish our feasibility study, gold prices will be significantly higher than what we see today, positioning the owners to make the construction decision.
Speaker Change: Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey
Speaker Change: and you know, how we would finance the project. But certainly the key driver in the value of Donovan Gold and really any gold mining project is the price of gold. And you know, we have the view that gold prices are pretty good right now, but we think there's
Gregory A. Lang: And we have the view that gold prices are pretty good right now, but we think there's substantial room to see them run higher in the coming years. I would anticipate that when we finish our feasibility study, gold prices will be significantly higher than what we see today, positioning the owners to make a construction decision.
Speaker Change: Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey
Speaker Change: Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey
Gregory Lang: This concludes the question in that session. I would like to turn the conference back over to Greg for any closing remarks.
Operator: This concludes the question and answer session. I would like to turn the conference back over to Greg for any closing remarks. Well, everyone, thank you.
Speaker Change: Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey
Speaker Change: This concludes the question and answer session. I would like to turn the conference back over to Greg for any closing remarks.
Gregory Lang: Well, everyone, thank you for taking the time to get an update on Nova Gold, and we look forward to updating you as we continue to advance the Donlin project. Good day.
Gregory A. Lang: Well, everyone, thank you for taking the time to get an update on NoveGold, and we look forward to updating you as we continue to advance the Donovan Project. Good night.
Gregory A. Lang: Well, everyone, thank you for taking the time to get an update.
Gregory A. Lang: on NoveGold, and we look forward to updating you as we continue to advance the Donovan Project.
Gregory A. Lang: Good day.
Operator: This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day. .
Operator: This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.
Speaker Change: This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.
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Speaker Change: Unknown Attendee, David Ottewell, Thomas Kaplan, Melanie Hennessey