NovaGold Resources Q4 2025 NovaGold Resources Inc Earnings Call | AllMind AI Earnings | AllMind AI
Q4 2025 NovaGold Resources Inc Earnings Call
Thomas S. Kaplan: Gold assets, silver assets, and you never join the public boards. Why this one? My answer to that is because I enjoy it. I love working with the people, and by temperament, if I'm interested in something, I tend to go all in. My interest in NOVAGOLD has been metaphysical from the time that I first saw it in the public markets to the time when, on 31 December 2008, Igor Leventhal negotiated an agreement that effectively had us come in as the savior of NOVAGOLD, which was going to go out of business. It had a lot of problems. We turned them around. But along the way, our first shareholder has become something of an angel, and that's John Paulson. He was the first investor in NOVAGOLD after The Electrum Group took it over.
Thomas S. Kaplan: Gold assets, silver assets, and you never join the public boards. Why this one? My answer to that is because I enjoy it. I love working with the people, and by temperament, if I'm interested in something, I tend to go all in. My interest in NOVAGOLD has been metaphysical from the time that I first saw it in the public markets to the time when, on 31 December 2008, Igor Leventhal negotiated an agreement that effectively had us come in as the savior of NOVAGOLD, which was going to go out of business. It had a lot of problems. We turned them around. But along the way, our first shareholder has become something of an angel, and that's John Paulson. He was the first investor in NOVAGOLD after The Electrum Group took it over.
We never do.
The public boards.
Why this one and my answer to that is because I enjoy it.
I love working with the people and by temperament.
If I'm interested in something I tend to go all in my interest in Nova Gold has been.
Metaphysical from the time that I first saw it.
In the public markets to the time when on December 31, 2008 equaled 11.
Negotiated an agreement that effectively had us come in as the Savior of Novo, which was going to go out of business.
It had a lot of problems we turned them around.
But along the way.
Our first.
Shareholder.
<unk>.
Has become something of a an angel and that strong pulse.
He was the first investor in <unk>.
After the Electrum group took it over.
Thomas S. Kaplan: And it was a fantastic journey, as some of you will read Greg Lang's own story of how he came to NOVAGOLD. When John sent his analysts to see whether I could possibly be right when I posited that we think it's possible that NOVAGOLD, just on the 5% of the land package that's been explored, is a pure play on the next Carlin. We felt that we could see 80 to 100 million ounces. And of course, he found that that was highly improbable. He sent his analysts to visit. They came back. He called me, and he said, "What do you want to do?" And I said, "I'd like $100 million." He said, "Done." And I said, "What changed?" And he said, "Our analysts came back. We can see what you see.
And it was a fantastic journey, as some of you will read Greg Lang's own story of how he came to NOVAGOLD. When John sent his analysts to see whether I could possibly be right when I posited that we think it's possible that NOVAGOLD, just on the 5% of the land package that's been explored, is a pure play on the next Carlin. We felt that we could see 80 to 100 million ounces. And of course, he found that that was highly improbable. He sent his analysts to visit. They came back. He called me, and he said, "What do you want to do?" And I said, "I'd like $100 million." He said, "Done." And I said, "What changed?" And he said, "Our analysts came back. We can see what you see.
And it was a fantastic journey.
As some of you will read Greg lanes one.
Story of how he came to know the gold.
When John is.
As analysts to see whether I could possibly be right.
When I positive that we think it's possible that novo gold just on the 5% of the land package thats been explored.
It is.
Pure play on the next Carlin.
We felt that we could see 80 to 100 million ounces and of course. He found that that was highly improbable incentives analysts to visit they came back Nicole.
And he said what do you want to do and I said like $100 million.
Is it done and I said, what changed and he said.
Our analysts came back we can see what you see.
Thomas S. Kaplan: Congratulations." Up until about 2020, I think I can say that it really was a lot of fun. And then, unfortunately, we had some glitches. I'll get to that in a moment. But suffice to say that since John Paulson took the extraordinary step of investing $800 million personally to take a 40% stake in Donlin, the market has understood that this may well have been the best single buy in the gold mining space since Barrick itself bought Goldstrike, which was the company maker for that company, and certainly one of them as well for Franco-Nevada.
Congratulations." Up until about 2020, I think I can say that it really was a lot of fun. And then, unfortunately, we had some glitches. I'll get to that in a moment. But suffice to say that since John Paulson took the extraordinary step of investing $800 million personally to take a 40% stake in Donlin, the market has understood that this may well have been the best single buy in the gold mining space since Barrick itself bought Goldstrike, which was the company maker for that company, and certainly one of them as well for Franco-Nevada.
Congratulations.
Up until about 2020, I think I can say that it really was a lot of fun.
And then unfortunately, we had some glitches I'll get to that in a moment, but suffice to say that since John Paulson took.
The extraordinary step of investing $800 million personally to take a 40% stake in donlin. The markets has understood that this may well have been.
The best single bi in the gold mining space since Barrick itself bought goldstrike, which was the company maker for that company and it's certainly one of them as well for Franco Nevada.
Thomas S. Kaplan: The market reception that we've had from a low of $2.50 early last year to, well, where we are today certainly shows that people understand not just the quality of the asset, but that we are due for a major, major revaluation, which, as far as we're concerned, hasn't really even taken place yet. Next slide, please. On slide six, what you can see is a very interesting story. We were partners for a very, very long time. The Barrick partnership pre-existed my coming into the story in 2008 to 2009. But from the time that we applied our team approach, NOVAGOLD was one of the premier-rated assets in the GDXJ. And we believe that it has the potential to be that, once again, maybe the premier asset in the play.
The market reception that we've had from a low of $2.50 early last year to, well, where we are today certainly shows that people understand not just the quality of the asset, but that we are due for a major, major revaluation, which, as far as we're concerned, hasn't really even taken place yet. Next slide, please. On slide six, what you can see is a very interesting story. We were partners for a very, very long time. The Barrick partnership pre-existed my coming into the story in 2008 to 2009. But from the time that we applied our team approach, NOVAGOLD was one of the premier-rated assets in the GDXJ. And we believe that it has the potential to be that, once again, maybe the premier asset in the play.
The market reception that we've had from a low of $2 $5 early last year to where we are today certainly shows that people understand not just the quality of the asset but that we are due for a major nature revaluation, which as far as where can.
Hasn't really even taken place yet.
Next slide please.
On slide six what you can see it.
He is a very interesting story.
We were partners for a very very long time, our partnership creates a mic coming into the story in 2008 2009, but from the time that we applied our team approach.
No. The goal was one of the Premier rated.
Assets in the Gtx Jay.
And we believe that it has the potential to beat that.
Once again, maybe the premier assets in the play and what do you see as a very very nice progression up until about 2020, when there was a change in management at Barrick.
Thomas S. Kaplan: And what you see is a very, very nice progression up until about 2020 when there was a change in management at Barrick. Well, the next several years were not as fun as the previous ones. However, by the time that last year or the year before rolled around, it was very clear that our partner's agenda was not going to work. And fortunately, Mark Bristow and I were able to reach an agreement to buy Barrick's half of Donlin, with John Paulson buying 80% of that stake and NOVAGOLD increasing its stake from 50% to 60%. We went from having years of non-alignment with our partner, whose eyes had wandered very much to copper and in some very interesting jurisdictions, to being in a position where we could once again reboot and take us back to where we were.
And what you see is a very, very nice progression up until about 2020 when there was a change in management at Barrick. Well, the next several years were not as fun as the previous ones. However, by the time that last year or the year before rolled around, it was very clear that our partner's agenda was not going to work. And fortunately, Mark Bristow and I were able to reach an agreement to buy Barrick's half of Donlin, with John Paulson buying 80% of that stake and NOVAGOLD increasing its stake from 50% to 60%. We went from having years of non-alignment with our partner, whose eyes had wandered very much to copper and in some very interesting jurisdictions, to being in a position where we could once again reboot and take us back to where we were.
Well the next several years, we're not as fun as the previous ones.
However by the time that.
Last year.
The year before rolled around.
It was very clear that our partners agenda.
Not going to work and Fortunately.
Mark Bristow and I were able to reach an agreement to buy.
Eric <unk> half of <unk>.
Donlin.
With John Olson buying 80% of that stake and novo's, increasing its stake from 50% to 60%. We went from having years of non alignment with our partner whose eyes had wondered.
Very much to copper.
And in some very interesting jurisdictions.
To being in a position, where we could once again reboot and take us back to where we were well. If you look at this chart. We were at $12 stock in 2020. So many things have happened since then and I would argue.
Thomas S. Kaplan: Well, if you look at this chart, we were a $12 stock in 2020. So many things have happened since then. And I would argue, and I think John Paulson would heartily agree, that based on where we should be, where we would have been without the delay, we would be multiples higher than where we are today. One thing I can tell you is that I will be working with management and also with the Paulson Group for us to regain that lost ground and multiply where we should be, because to my mind, that lost ground took place in sub-$2,000 gold, and we are in a completely different place. And one of the reasons why I am so confident about that is that we are literally in the right place.
Well, if you look at this chart, we were a $12 stock in 2020. So many things have happened since then. And I would argue, and I think John Paulson would heartily agree, that based on where we should be, where we would have been without the delay, we would be multiples higher than where we are today. One thing I can tell you is that I will be working with management and also with the Paulson Group for us to regain that lost ground and multiply where we should be, because to my mind, that lost ground took place in sub-$2,000 gold, and we are in a completely different place. And one of the reasons why I am so confident about that is that we are literally in the right place.
And I think John Paulson.
Would heartily agree that based on where we should be where we would have been without the delay would be multiples higher than where we are today. One thing I can tell you is that.
We'll be working with management and.
And also with the Paulson group for us to regain that lost ground.
And multiply where we should be because to my mind that lost ground.
It took place in sub $2000 gold and we are in a completely different place.
And one of the reasons why I'm, so confident about that is that.
We are literally in the right place people talk about world class, but as somebody who really made his fortunes in countries like Bolivia, Zimbabwe, South Africa, I sold Kibali to Mark Bristow.
Thomas S. Kaplan: People talk about world-class, but as somebody who really made his fortunes in countries like Bolivia, Zimbabwe, South Africa, I sold Kibali to Mark Bristow. I really do believe that in order to be able to get the premium rating, you have to be in a place where people can sleep well at night, where when they go to sleep, they know that when they wake up in the morning, what they thought they owned, they still own. In other words, you want all the leverage to an underlying thesis, but in a jurisdiction that will allow you to keep the fruits of that leverage. It really doesn't get any better than Alaska. So for all of those reasons, I believe that we are really just in the first inning. We haven't really even taken ourselves back to where we should be at $2,000 gold. Next slide.
People talk about world-class, but as somebody who really made his fortunes in countries like Bolivia, Zimbabwe, South Africa, I sold Kibali to Mark Bristow. I really do believe that in order to be able to get the premium rating, you have to be in a place where people can sleep well at night, where when they go to sleep, they know that when they wake up in the morning, what they thought they owned, they still own. In other words, you want all the leverage to an underlying thesis, but in a jurisdiction that will allow you to keep the fruits of that leverage. It really doesn't get any better than Alaska. So for all of those reasons, I believe that we are really just in the first inning. We haven't really even taken ourselves back to where we should be at $2,000 gold. Next slide.
I really do believe that in order to be able to get the premium rating you have to be in a place where people can sleep well at night, where when they go to sleep they know that when they wake up in the morning, what they thought they owned.
Phil.
In other words, one over leverage to an underlying thesis.
But in a jurisdiction that will allow you to keep the fruits of that leverage it really doesn't get any better than Alaska. So for all of those reasons I believe that we are really just in the first inning, we haven't really even taken ourselves back to where we should be at two <unk>.
Our adult.
Next slide.
Thomas S. Kaplan: Now, let me talk a bit about the advantage that we have from being partners with John Paulson and his team. They are proven talents in the mining industry at a time when very few generalists have the kind of expertise that they have shown, not just in picking the right assets, but also, where necessary, becoming activists. John Paulson, of course, is very famous for having been perhaps the greatest beneficiary of identifying the macro trade that coincided with the financial crisis. And as George Soros put it at the time, he not only identified the trade, he identified the very, very best vehicles to be able to make from 10 to 100 times on the investments for his clients. I am very proud to say that John, who has been an investor in NOVAGOLD since 2010, is our longest-standing and most active shareholder.
Now, let me talk a bit about the advantage that we have from being partners with John Paulson and his team. They are proven talents in the mining industry at a time when very few generalists have the kind of expertise that they have shown, not just in picking the right assets, but also, where necessary, becoming activists. John Paulson, of course, is very famous for having been perhaps the greatest beneficiary of identifying the macro trade that coincided with the financial crisis. And as George Soros put it at the time, he not only identified the trade, he identified the very, very best vehicles to be able to make from 10 to 100 times on the investments for his clients. I am very proud to say that John, who has been an investor in NOVAGOLD since 2010, is our longest-standing and most active shareholder.
Now, let me talk a bit about.
The advantage that we have from being partners with John Paulson and his team.
They are proven talents in the mining industry at a time when very few generalists have the kind of expertise.
They have shown.
Not just in picking the right assets, but also where necessary becoming activists.
John Paulson of course is very famous for having been perhaps the greatest beneficiary of identifying the macro trade.
That coincided with the financial crisis.
And as George Soros put it at the time, we not only identified the trade. He identified the very very best vehicles to be able to make from 10% to 100 times.
The investments for its clients.
I am very proud to say that John.
Who has been an investor in <unk> since 2010.
It's our longest standing and most active.
Shareholder.
Thomas S. Kaplan: But the fact that John, who is, as I've been, a very, very well-known public advocate for gold ownership, has decided to make such an investment, he's basically said, "The macros, I know. I'm bullish on gold. I want more exposure to it. And as far as I'm concerned, Donlin is the single best way for me to play it." In other words, the same thesis that accompanied his views on how to be able to deal with subprime and the housing crisis are embodied in the stake that he has taken in Donlin. He didn't have to do it. He saw an opportunity. And again, I really do believe, and all credit to him, that this will be the single savviest investment having been made in the gold space in many, many decades.
But the fact that John, who is, as I've been, a very, very well-known public advocate for gold ownership, has decided to make such an investment, he's basically said, "The macros, I know. I'm bullish on gold. I want more exposure to it. And as far as I'm concerned, Donlin is the single best way for me to play it." In other words, the same thesis that accompanied his views on how to be able to deal with subprime and the housing crisis are embodied in the stake that he has taken in Donlin. He didn't have to do it. He saw an opportunity. And again, I really do believe, and all credit to him, that this will be the single savviest investment having been made in the gold space in many, many decades.
But the fact that.
John who is as I've been a very very well known public advocate for gold ownership.
<unk> has decided to make such a.
Investment he has basically said the macros I know im bullish on gold I want more exposure to it and as far as I'm concerned Donlin is the single best way for me to play it in other words the same thesis that accompanied his views on how to be able to deal.
With subprime in the housing prices.
Are embodied in the states that he has taken in <unk>.
Donlin.
They didn't have to do it he saw an opportunity and again I really do believe and all.
Credit to him that this will be the single Savviest.
Investments, having been made in the gold space in many many decades, one other factor that I would like to add is.
Thomas S. Kaplan: One other factor that I'd like to add is not only does Paulson bring acumen and strategic depth to the project, but also they have extraordinary access to financing that is not necessarily my frame of reference. So in Electrum, we have several sovereign wealth funds, which are the only outside owners in what is essentially a family and employee-owned business. And my strong suit is in the sovereign wealth funds. John's is in the United States. And as we've seen with the success of Perpetua, he knows how to be able to bring capital to an equation to be able to lower the cost of capital. And there are many, many upsides in the financing opportunities, which we can look towards. There are a number of countries, including Japan, Korea, the Emirates, and Saudi Arabia, which really have pledged to invest well over a trillion dollars in the United States.
One other factor that I'd like to add is not only does Paulson bring acumen and strategic depth to the project, but also they have extraordinary access to financing that is not necessarily my frame of reference. So in Electrum, we have several sovereign wealth funds, which are the only outside owners in what is essentially a family and employee-owned business. And my strong suit is in the sovereign wealth funds. John's is in the United States. And as we've seen with the success of Perpetua, he knows how to be able to bring capital to an equation to be able to lower the cost of capital. And there are many, many upsides in the financing opportunities, which we can look towards. There are a number of countries, including Japan, Korea, the Emirates, and Saudi Arabia, which really have pledged to invest well over a trillion dollars in the United States.
Not only does pulsing bring acumen.
And strategic debt to the project.
But also they have extraordinary access to financing that.
<unk>.
It's not necessarily my frame of reference so in electric we have several sovereign wealth funds, which are the only outside owners in what is essentially a family and employee owned.
And my strong suit is in the sovereign wealth funds Johns.
As in the United States and as we've seen with the success of Perpetua.
He knows how to be able to bring capital.
Two an equation to be able to lower the cost of capital and there are many many upsides in the financing opportunities, which we can look towards there are a number of countries, including Japan Korea, the Emirates, Saudi Arabia.
Sure.
It really has a pledge to invest well over a trillion dollars in the United States.
Thomas S. Kaplan: I would venture to say that the largest gold mine in the United States on the Pacific Coast might very well be attractive to countries like Japan, where you have very, very strong gold demand, or a country like Korea, where the central bank has said that they're going to resume gold purchases. Well, Japan has pledged $550 billion. And last I saw, Korea, $350 billion. And then, of course, you have the Emiratis, who are partners with me, the Saudis, who are partners with me. It's a whole different world to be able to finance the largest gold mine in the United States. Paulson brings advantages to us in that respect. And there are many, many upsides that could take place. It's possible we could merge and on a 100% basis be a 1.5 million ounce gold producer.
I would venture to say that the largest gold mine in the United States on the Pacific Coast might very well be attractive to countries like Japan, where you have very, very strong gold demand, or a country like Korea, where the central bank has said that they're going to resume gold purchases. Well, Japan has pledged $550 billion. And last I saw, Korea, $350 billion. And then, of course, you have the Emiratis, who are partners with me, the Saudis, who are partners with me. It's a whole different world to be able to finance the largest gold mine in the United States. Paulson brings advantages to us in that respect. And there are many, many upsides that could take place. It's possible we could merge and on a 100% basis be a 1.5 million ounce gold producer.
I would venture to say that the largest gold mine in the United States on the Pacific Coast might very well be attractive to countries like Japan.
Were.
You have very very strong.
Both demand or a country like Korea, where the.
The central banks.
The Central Bank has said that they're going to resume both purchases well, Japan is pledged $550 billion and last I saw Korea $350 billion and then of course, you have the <unk>, who are partners with me Saudis, who are partners with me.
It's a whole different world to be able to finance the largest gold mine in the United States Polson brings advantages to us in that respect and there are many many upsides that could take place possible, we could merge and on 100% basis via a $1 5 million ounce.
<unk> gold producer.
Thomas S. Kaplan: Whatever is in the interest of NOVAGOLD, we will always consider and, most importantly, take into consideration our shareholders, who have been fantastic guides. But the point is there are upside cases on financing stories that really didn't exist until a year ago. So again, watch this space. Now, I'd like to go into something which on slide eight may look like a little bit of self-aggrandizement. There are others who have been bullish on gold, not as many who have basically put all of their wealth into gold and silver mining assets. We are called Electrum because it is a naturally occurring alloy of gold and silver. And we have been all in. And obviously, what's transpired over the last year or two has been wonderful.
Whatever is in the interest of NOVAGOLD, we will always consider and, most importantly, take into consideration our shareholders, who have been fantastic guides. But the point is there are upside cases on financing stories that really didn't exist until a year ago. So again, watch this space. Now, I'd like to go into something which on slide eight may look like a little bit of self-aggrandizement. There are others who have been bullish on gold, not as many who have basically put all of their wealth into gold and silver mining assets. We are called Electrum because it is a naturally occurring alloy of gold and silver. And we have been all in. And obviously, what's transpired over the last year or two has been wonderful.
In the interest of <unk>, we will always consider and most importantly take into consideration.
Shareholders, who have been fantastic guides, but the point is there are upside cases on financing stories that.
Really didn't exist.
Until a year ago.
So again watch this space now.
Now I'd like to go into something which on slide eight.
They looked like a little bit of the self-aggrandizement there are ups who've been bullish on gold.
Not as many.
Who have basically.
Put all of their wealth into gold and silver mining assets, we are called electrum.
Because it is a naturally occurring ally of alloy of gold and silver.
And we have been all in and obviously.
What's transpired over the last year or two has been wonderful.
Thomas S. Kaplan: But when I go out on the road, because I have been gold's evangelist or one of them for a number of years, I'm very often asked where I see gold going. So if I can take a step back so that it gives me the opportunity without selective disclosure or selective hypothesizing, for years, I expressed that I thought the first equilibrium level for gold would be between $3,000 and $5,000. I expressed this publicly as early as when gold was at $550. And that, of course, took a lot of people by surprise. I expressed I was going to sell what I then had as the fastest-growing privately held natural gas producer in the United States. We sold that in 2007 to pivot entirely into the one money that I believed in and still believe in. Gold 1.0 has been great.
But when I go out on the road, because I have been gold's evangelist or one of them for a number of years, I'm very often asked where I see gold going. So if I can take a step back so that it gives me the opportunity without selective disclosure or selective hypothesizing, for years, I expressed that I thought the first equilibrium level for gold would be between $3,000 and $5,000. I expressed this publicly as early as when gold was at $550. And that, of course, took a lot of people by surprise. I expressed I was going to sell what I then had as the fastest-growing privately held natural gas producer in the United States. We sold that in 2007 to pivot entirely into the one money that I believed in and still believe in. Gold 1.0 has been great.
But when I go out on the road.
I have been bolts evangelist or one of them for a number of years I'm very often asked where I see both going so if I can take a step back so that it gives me the opportunity without selective disclosure or selective hypothesizing.
For years.
I expressed that I felt the first equilibrium levels of gold would be between 3% to $5000.
I expressed as publicly as early as when gold was at $560.
And that of course took a lot of people by surprise.
Express I was going to sell what I, then had the fastest growing privately held natural gas producer in the United States, We sold that in 2007 to pivot entirely into the one money that I believed it.
And still believe in.
<unk> has been great handedly crypto and.
Thomas S. Kaplan: Candidly, crypto and calling it Gold 2.0 has expanded Gold 1.0's reach to so many places that I normally don't even have to speak to most people about why they should own gold. I just tell them where I think it's going. In May 2019, I did a Bloomberg peer-to-peer interview with David Rubenstein. That night, gold was at about $1,900. Actually, that's not true. It was $1,280. And David asked me, "So you see it going past $1,900, which was the previous high?" And I told him, "I believe that when it goes past $1,900, we're talking about $3,000 to 5,000." But I also added this, which was, "If not a lot higher, depending on macro circumstances that today seem dim, but which I can't really quantify." Now, at that time, I was already formulating a different thesis on where I saw gold going.
Candidly, crypto and calling it Gold 2.0 has expanded Gold 1.0's reach to so many places that I normally don't even have to speak to most people about why they should own gold. I just tell them where I think it's going. In May 2019, I did a Bloomberg peer-to-peer interview with David Rubenstein. That night, gold was at about $1,900. Actually, that's not true. It was $1,280. And David asked me, "So you see it going past $1,900, which was the previous high?" And I told him, "I believe that when it goes past $1,900, we're talking about $3,000 to 5,000." But I also added this, which was, "If not a lot higher, depending on macro circumstances that today seem dim, but which I can't really quantify." Now, at that time, I was already formulating a different thesis on where I saw gold going.
Calling it <unk> two <unk> has expanded <unk> reach to so many places that I normally don't even have to speak to most people about why they should own gold.
Tell them, where I think it's going.
In May 2019.
Did a bloomberg peer to peer interview with David Rubenstein.
That night.
Gold was set up 1900.
Actually that's not true it was 280 and David asked me. So you see it going past 900, which was the previous high and I hope it.
I believe that when it goes past 1900, we're talking about three to 5000, but I also added this which was if not a lot higher depending on macro circumstances that today's C diff, but which I can't really quantify.
Now at that time, I was already formulating a different thesis on where I saw gold going a lot of changed since the early two thousands and my thesis has changed but I really didn't.
Thomas S. Kaplan: A lot had changed since the early 2000s. My thesis had changed, but I really didn't think it was prudent for me to say that publicly. It was already enough when gold was at $1,280 to say I see it going from 3,000 to 5,000. But now, I want to walk you through my thesis, which is born out of the fact that I'm no more a gold bug than I was a silver bug, a hydrocarbon bug, a platinum bug, or any other insect. It's just that this is my belief, and you can take it for whatever it's worth. On slide nine, I think it's very clear now that gold is here to stay. It has been revitalized as an asset class. I'm not going to spend too much time on the things that make it attractive.
A lot had changed since the early 2000s. My thesis had changed, but I really didn't think it was prudent for me to say that publicly. It was already enough when gold was at $1,280 to say I see it going from 3,000 to 5,000. But now, I want to walk you through my thesis, which is born out of the fact that I'm no more a gold bug than I was a silver bug, a hydrocarbon bug, a platinum bug, or any other insect. It's just that this is my belief, and you can take it for whatever it's worth. On slide nine, I think it's very clear now that gold is here to stay. It has been revitalized as an asset class. I'm not going to spend too much time on the things that make it attractive.
I think it was prudent for me to say that hub.
Publicly.
It was already enough when gold was at $280 to CSC going from three to 5000, but now I want to walk you through my thesis.
Each is born out of the fact that I know more than I was a silver above.
Hydrocarbons, but the platinum bug or any other insight.
It's just that this is Michael leaf and you can take it for whatever it's worth on slide nine.
I think it is very clear now that gold is here to stay it has been revitalized as an asset class I'm not going to spend too much time on the things that make it attractive goals has been thriving whether you had inflation fears deflation fears.
Thomas S. Kaplan: Gold has been thriving, whether you have inflation fears, deflation fears, whether you require a safe haven or you don't. The gold industry itself has dwindling discovery rates. Ore grades are now plunging to below a gram. Central banks have been buying. I've said for years the central banks are not dumb money. They actually know better the lack of credibility of so much of the assets that they own on their balance sheet, that by buying gold as an act of choice, an act of volition, they are doing as much as anyone to be able to show you that you should own it. And clearly, everyone who's been buying gold as a central banker, and they're not paid 220 to take bold decisions, is obviously looking like a genius.
Gold has been thriving, whether you have inflation fears, deflation fears, whether you require a safe haven or you don't. The gold industry itself has dwindling discovery rates. Ore grades are now plunging to below a gram. Central banks have been buying. I've said for years the central banks are not dumb money. They actually know better the lack of credibility of so much of the assets that they own on their balance sheet, that by buying gold as an act of choice, an act of volition, they are doing as much as anyone to be able to show you that you should own it. And clearly, everyone who's been buying gold as a central banker, and they're not paid 220 to take bold decisions, is obviously looking like a genius.
Whether you require a safe haven or you don't.
The industry itself is dwindling discovery rates or grades.
Our now plunging to below a gram.
Central buyers have been have been buying a set for years with central banks are not dumb money.
They actually know better the lack of credibility of so much of the assets that they own on their balance sheet that by buying gold as an act of choice and active volition. They are doing as much as anyone to be able to show you that you should own it and clearly everyone who has.
Buying gold at a central banker and an update too in 2008 to take bold decisions is obviously looking like a genius that also goes with the other aspect that I've always said since gold was at $500, which is whenever the Indians and the Chinese are competing over a scarce asset must wants to own.
Thomas S. Kaplan: That also goes with the other aspect that I've always said since gold was at $500, which is whenever the Indians and the Chinese are competing over a scarce asset, you must want to own it. So you have Chinese and Indian demand. You have central bank demand. And you now have new investors who are coming in to compete with the official sector. This environment is perfect. I should add that I never used to resort to talking about the fear factors in pushing for why people should own gold. I spoke about Economics 101, supply and demand, why one wants to have a money that can't be debased by fiat, and a lot of good logical factors. But I didn't go into the Four Horsemen of the Apocalypse or any of the things that sometimes people veer into when they talk about gold.
That also goes with the other aspect that I've always said since gold was at $500, which is whenever the Indians and the Chinese are competing over a scarce asset, you must want to own it. So you have Chinese and Indian demand. You have central bank demand. And you now have new investors who are coming in to compete with the official sector. This environment is perfect. I should add that I never used to resort to talking about the fear factors in pushing for why people should own gold. I spoke about Economics 101, supply and demand, why one wants to have a money that can't be debased by fiat, and a lot of good logical factors. But I didn't go into the Four Horsemen of the Apocalypse or any of the things that sometimes people veer into when they talk about gold.
So you have.
Chinese and Indian demand you have central bank demand.
And you now have new investors, who are coming into compete with the official sector.
This environment is perfect.
I should add that.
I never used to resort to talking about the fear factors.
In pushing for why people should own goals I spoke about economics, 101 supply and demand.
Why one wants to have a money that can't be debased spicy up.
Good logical factors, but I didn't go into the four horsemen of the Apocalypse or any of the things that sometimes people veer into.
When they talk about both.
Thomas S. Kaplan: However, after 2022 and the combination both of the real displacement in the world order with the Russian invasion of Ukraine and the displacement of the financial order with the freezing of Russian assets outside of Russia, that really was a game changer. It was a game changer for a lot of central banks. It was a game changer for a lot of investors who want to preserve their capital, both as a safe haven and also because gold is something that when you own it, it doesn't represent someone else's liability to repay you. So all of these things which seemed a little bit esoteric, all of a sudden came into sharp relief. And you see gold taking off. Well, I do believe this is the early stage of a complete revaluation.
However, after 2022 and the combination both of the real displacement in the world order with the Russian invasion of Ukraine and the displacement of the financial order with the freezing of Russian assets outside of Russia, that really was a game changer. It was a game changer for a lot of central banks. It was a game changer for a lot of investors who want to preserve their capital, both as a safe haven and also because gold is something that when you own it, it doesn't represent someone else's liability to repay you. So all of these things which seemed a little bit esoteric, all of a sudden came into sharp relief. And you see gold taking off. Well, I do believe this is the early stage of a complete revaluation.
However, after 2022.
And the combination of both.
The real displacement in the World order with the rationalization of Ukraine, and the displacement of the financial order with.
The freezing of Russian assets outside of Russia.
That really was a game changer. It was a game changer for a lot of central banks. It was a game changer for a lot of investors, who want to preserve that capital both as a safe Haven and also because gold is something that when you own it it.
So all of these things, which seemed a little bit esoteric all of a sudden payment to sharp relief.
And you see gold taking off well.
I do believe this is the early stage of a complete reevaluation.
Thomas S. Kaplan: On slide 10, this is where I believe we're going to see gold going. Now, that chart is a chart of the Dow Jones Industrial Average since 1975. Here's what happened in the Dow. Up until about 1980, essentially for 30 years, the Dow was in a trading range. And if it came to 1,000 or peaked above it, smart people said, "Well, sell it. It's at the top of the trading range." And that worked for a while. The problem is that reversals essentially mean that at some point, you can actually say, "This time, it's different." Otherwise, it's not a reversal. So normally, when people hear, "This time, it's different," they think, "Aha, well, that's a bubble about to burst." Very often, it is. But sometimes, it's just representing new facts. And this is what happened with the Dow.
On slide 10, this is where I believe we're going to see gold going. Now, that chart is a chart of the Dow Jones Industrial Average since 1975. Here's what happened in the Dow. Up until about 1980, essentially for 30 years, the Dow was in a trading range. And if it came to 1,000 or peaked above it, smart people said, "Well, sell it. It's at the top of the trading range." And that worked for a while. The problem is that reversals essentially mean that at some point, you can actually say, "This time, it's different." Otherwise, it's not a reversal. So normally, when people hear, "This time, it's different," they think, "Aha, well, that's a bubble about to burst." Very often, it is. But sometimes, it's just representing new facts. And this is what happened with the Dow.
On slide.
10, this is where I believe we're going to see both going now that charge.
It is a chart of the Dow Jones industrial average since $19 75.
Here's what happened in the DAU up until about 1980, essentially for 30 years. The Dow was in a trading range.
And if it came to 1000 or above it.
Smart people said well.
Sell it.
The trading range network for awhile the problem is that.
Reversals.
Essentially mean that at some point.
You can actually say this time it's different.
Otherwise, it's not a reversal.
So normally when people hear at this time, it's different they think well that's a bubble about to burst.
Often it is but sometimes it's just representing.
New facts and this is what happened with the Dow.
Thomas S. Kaplan: Now, I happen to remember I was working for someone in London in 1987 while I was doing my PhD. I remember the crash of 1987. I'd like you to try to see if you can see it on this chart. A crash which took the Dow down from the 2,000s to, I think, 1,600, 1,700. It seemed like the sky was falling in. You cannot see it. It was a downdraft essentially in the passage of time meant to wipe out weak hands as it started to make its climb to 45,000. I don't know whether gold meets a 1987 moment. If it happens, you just have to buy it and buy it and buy it. It could be brief. It could be short.
Now, I happen to remember I was working for someone in London in 1987 while I was doing my PhD. I remember the crash of 1987. I'd like you to try to see if you can see it on this chart. A crash which took the Dow down from the 2,000s to, I think, 1,600, 1,700. It seemed like the sky was falling in. You cannot see it. It was a downdraft essentially in the passage of time meant to wipe out weak hands as it started to make its climb to 45,000. I don't know whether gold meets a 1987 moment. If it happens, you just have to buy it and buy it and buy it. It could be brief. It could be short.
I happen to remember I was working for someone in London and 1987, while I was doing my Phd.
And I remember the crash of 87.
I'd like you to try to see if you can see it on this chart.
Crash, which took the Dow down from the two thousands 2016 1700.
It seems like the Sky was falling and you cannot see it it was a down draft essentially in the.
Passage of time meant to wipe out we can.
As it started to make its climb to 45000.
I don't know where to go reaching 87 moment.
If it happens.
You just have to buy it and buy it and buy it.
It could be brief it could be short and it may not even happen at all because the reality is that the fundamentals for gold are so strong and literally get.
Thomas S. Kaplan: It may not even happen at all because the reality is that the fundamentals for gold are so strong and literally get reinforced almost with every tweet. It is reinforced on a weekly, if not daily basis why everyone should have gold in their portfolio. The problem is there really isn't enough gold to go around except at much, much higher equilibrium prices. So with the 3,000 to 5,000 area having been met, by the way, people sometimes say, "Why 3 to 5?" I say, "Because it could go to 5 and then correct down to 3 before going past 5 to 2 or 20." In any event, I'd like to cite Ray Dalio, who is someone that I deeply, deeply respect. Ray is extraordinary. If there's a public service announcement, read his books. He's the best, what I would say, market-related applied historian in the world today.
It may not even happen at all because the reality is that the fundamentals for gold are so strong and literally get reinforced almost with every tweet. It is reinforced on a weekly, if not daily basis why everyone should have gold in their portfolio. The problem is there really isn't enough gold to go around except at much, much higher equilibrium prices. So with the 3,000 to 5,000 area having been met, by the way, people sometimes say, "Why 3 to 5?" I say, "Because it could go to 5 and then correct down to 3 before going past 5 to 2 or 20." In any event, I'd like to cite Ray Dalio, who is someone that I deeply, deeply respect. Ray is extraordinary. If there's a public service announcement, read his books. He's the best, what I would say, market-related applied historian in the world today.
Reinforce almost with every tweet.
It is reinforced on a weekly if not daily basis, why everyone should have goals in their portfolio problem into really isn't enough to go around.
Except at much much higher equilibrium prices, so with the three to 5000.
Area, having been met by the way people, sometimes say why three to five I say it was it could go to five and then correct down three before going past five two <unk> or 'twenty.
In any event.
I'd like to cite right Valeo, who is someone that deeply.
Deeply deeply respect.
Ray is extraordinary and.
If there is a public service announcement read his books is the best.
What I would say market related applied historian in the world today, So at a certain point not long ago.
Thomas S. Kaplan: So at a certain point, not long ago, Ray said, "Gold is now the second largest reserve currency behind the US dollar." To understand why, you need to look at the history of fiat currencies like the dollar and hard currencies like gold. The way I see it, we're currently facing a classic currency devaluation similar to what we saw in the 1970s or in the 1930s. In both of those cases, fiat currencies around the world all went down together and also went down in relationship to hard currencies like gold. Up until about a year or two ago, for decades, when people asked me which currencies should I own, I said, "Own the US dollar because although I do believe that all paper currencies are toilet tissue, the US dollar is double ply. It has factors that make it better than its other paper currency comparables.
So at a certain point, not long ago, Ray said, "Gold is now the second largest reserve currency behind the US dollar." To understand why, you need to look at the history of fiat currencies like the dollar and hard currencies like gold. The way I see it, we're currently facing a classic currency devaluation similar to what we saw in the 1970s or in the 1930s. In both of those cases, fiat currencies around the world all went down together and also went down in relationship to hard currencies like gold. Up until about a year or two ago, for decades, when people asked me which currencies should I own, I said, "Own the US dollar because although I do believe that all paper currencies are toilet tissue, the US dollar is double ply. It has factors that make it better than its other paper currency comparables.
<unk> Gold is now the second largest reserve currency behind the U S. Dollar to understand why you need to look at the history of Fiat currencies like the dollar in hard currencies like gold.
The way I see it we're currently facing the classics currency devaluation similar to what we saw in the $19 74 in the 19 thirties and both of those cases Fiat currencies around the world. All went down together and also went down in relationship to hard currencies like gold.
Up until.
About a year or two ago.
For decades, when people ask me, which currencies should I own I said.
The U S dollar because although I do believe that all paper currencies toilet tissue. The U S. Dollar it's double ply it has factors that make it better than other paper currency comparables.
Thomas S. Kaplan: Not that I believe in it, but if you need a paper currency, the dollar. Of course, there's always room for the Swiss franc and a couple of other esoteric things, but you get the idea. The dollar and gold." And I said, "For me, it's all about gold, not the dollar. But for most investors, they can't be as all-in as a private investor like myself." Suffice to say that the US is doing everything it can to debase the cornerstones of its being, not just first among equals, but the superpower. Those chickens will come home to roost, and I'm sorry to see it. The United States obviously has factors that make it unique. It has the ability to project power all over the world in a way that until the Chinese catch up, is unique to itself.
Not that I believe in it, but if you need a paper currency, the dollar. Of course, there's always room for the Swiss franc and a couple of other esoteric things, but you get the idea. The dollar and gold." And I said, "For me, it's all about gold, not the dollar. But for most investors, they can't be as all-in as a private investor like myself." Suffice to say that the US is doing everything it can to debase the cornerstones of its being, not just first among equals, but the superpower. Those chickens will come home to roost, and I'm sorry to see it. The United States obviously has factors that make it unique. It has the ability to project power all over the world in a way that until the Chinese catch up, is unique to itself.
That I believe in it but if you need a paper currency.
Of course, there's always room for the Swiss franc and a couple of other esoteric things, but you get the idea that dollar and gold.
And I said for me, it's all about goal not the dollar but for most.
Investors.
They can't be as all in as a private investor like myself.
Suffice to say that.
The U S is doing everything it can to debase.
The cornerstones of.
<unk>.
Being not just first among equals but the superpower.
Those chickens will come home to roost and I'm, sorry to see it.
The United States, obviously has factors.
That makes it unique it has the ability to project power all over the world in a way that until the Chinese catch up.
Two itself.
Thomas S. Kaplan: Well, it had a multilateral alliance system that the Chinese could not compete with and therefore was, quote, "the boss." In return for this leadership, people were willing to buy the dollar despite America's bipartisan commitment to spending so much more money than it has. They were willing to go along with the convenient fiction, which is to say, "If you defend us, you are the economic superpower, and that's a trade we're willing to make." It was a trade-off. Well, we are starting to witness shifts in that, which I'm not saying are going to immediately displace the dollar, but for a variety of reasons, you will see not only adversaries now, but friends look to be able to have more financial autonomy.
Well, it had a multilateral alliance system that the Chinese could not compete with and therefore was, quote, "the boss." In return for this leadership, people were willing to buy the dollar despite America's bipartisan commitment to spending so much more money than it has. They were willing to go along with the convenient fiction, which is to say, "If you defend us, you are the economic superpower, and that's a trade we're willing to make." It was a trade-off. Well, we are starting to witness shifts in that, which I'm not saying are going to immediately displace the dollar, but for a variety of reasons, you will see not only adversaries now, but friends look to be able to have more financial autonomy.
Well it had.
A multilateral alliance system that the Chinese could not compete with and therefore was the boss and in return for this leadership.
People were willing to buy the dollars despite Americas bipartisan commitment to spending so much more money than it has.
And they were willing to go along with the convenient fiction, which is to say.
Defend us.
You are.
The economic superpower, and that's a trade we're willing to make a trade off well.
Well, we are starting to witness shifts in that.
Which I'm not saying are going to immediately displaced the dollar but for a variety of reasons you will see not only adversaries now the trends look to be able to have more financial autonomy.
Thomas S. Kaplan: One thing, however, I do have to say for those who are buying gold because they think that the dollar will weaken, that's not necessarily true. I remember when I sold my energy company, we got a lot of money. I remember saying George Soros once said that the existential decision for any investors is in which currency to denominate themselves. I chose gold, but also I had other paper currencies. The dollar euro at that time in November of 2007 was about 147. The dollar has strengthened to 115, let's say, and gold has gone from $600 to nearly $5,000. In other words, you do not need a weaker dollar to buy gold. Does it help? Yes. But those who shuck off that mythology will do a lot better. I knew that the gold and the dollar could go up in tandem.
One thing, however, I do have to say for those who are buying gold because they think that the dollar will weaken, that's not necessarily true. I remember when I sold my energy company, we got a lot of money. I remember saying George Soros once said that the existential decision for any investors is in which currency to denominate themselves. I chose gold, but also I had other paper currencies. The dollar euro at that time in November of 2007 was about 147. The dollar has strengthened to 115, let's say, and gold has gone from $600 to nearly $5,000. In other words, you do not need a weaker dollar to buy gold. Does it help? Yes. But those who shuck off that mythology will do a lot better. I knew that the gold and the dollar could go up in tandem.
One thing however, I do have to say for those who are buying gold because they think that the dollar will weaken.
That's not necessarily true I remember when I sold my energy company.
We got a lot of money and I remember, saying George Soros, once said that the excess central.
Decision for any investors is in which currency to denominate themselves.
I chose gold.
But also I had other paper currencies the dollar euro at that time in November of 2007 was about $1 47.
The dollar has strengthened to 115, let's say and gold has gone from 600 to nearly 5000.
In other words.
We do not need a weaker dollar to buy globally.
Does it help yes, but those who shut off that mythology.
We'll do a lot better I knew that both in the dollars could go up in tandem.
Thomas S. Kaplan: So really, when you're looking at that analysis, don't make that the central pivot, in my opinion. If it helps the analysis, no problem. But there are a lot of myths about gold which have been dispelled, that now people really do understand. You didn't need strong oil. When I sold my energy company, oil was at $120 a barrel. It's half of that. Gold was at 600. There are a lot of myths. The point is this is a bull market, and you're going to play it if you're not in it, and you're going to be increasing your allocation as other people come into it for the first time. The mining equities are tremendously undervalued. And the reason for that is after so many years of dismissing gold as a barbarous relic, people almost can't believe what they're seeing.
So really, when you're looking at that analysis, don't make that the central pivot, in my opinion. If it helps the analysis, no problem. But there are a lot of myths about gold which have been dispelled, that now people really do understand. You didn't need strong oil. When I sold my energy company, oil was at $120 a barrel. It's half of that. Gold was at 600. There are a lot of myths. The point is this is a bull market, and you're going to play it if you're not in it, and you're going to be increasing your allocation as other people come into it for the first time. The mining equities are tremendously undervalued. And the reason for that is after so many years of dismissing gold as a barbarous relic, people almost can't believe what they're seeing.
So really when youre looking at that analysis don't make.
The central pivot in my opinion, if it helps the analysis no problem.
But there are a lot of mixed about goals, which have been dispelled.
But now people really do understand you.
You didn't need strong oil when I sold my energy company oil was at $120 a barrel that's half of that growth was at 600. There are a lot of Miss the point is.
This is a bull markets.
And you are going to play it if you're not in it.
And youre going to be increasing your allocation as other people come into it for the first time the mining equities are tremendously undervalued and the reason for that is after so many years of dismissing gold as a barbarous relic.
<unk>.
People almost can't believe what they're seeing.
Thomas S. Kaplan: They can't believe it's gold really going to be $3,000, $4,000, $5,000. Well, if it is, the gold miners are truly, truly value players. Something to consider. If I move to Slide 11, very simply put, if you look back over 25 years, which is not unreasonable since the turn of the century, gold has done a brilliant job as an asset class. As we know that people do like to look back, I think investors are going to be encouraged more and more to have gold in their portfolio as portfolio diversifiers, not to mention the other myriad factors for owning gold in today's world. Slide 12. So this, for me, has been one of the great reasons why I love Donlin Gold.
They can't believe it's gold really going to be $3,000, $4,000, $5,000. Well, if it is, the gold miners are truly, truly value players. Something to consider. If I move to Slide 11, very simply put, if you look back over 25 years, which is not unreasonable since the turn of the century, gold has done a brilliant job as an asset class. As we know that people do like to look back, I think investors are going to be encouraged more and more to have gold in their portfolio as portfolio diversifiers, not to mention the other myriad factors for owning gold in today's world. Slide 12. So this, for me, has been one of the great reasons why I love Donlin Gold.
I believe it's really going to be 3000 4000 5000.
If it is the gold miners are truly truly value players.
Something to consider if I move to slide 11.
Very simply put.
If you look back over 25 years.
Not unreasonable since the turn of the century.
Gold has done a brilliant job.
As an asset class as we know that people do like to look back.
Back.
I think people are investors are going to encourage more and more to have goals in their portfolio as portfolio diversify us not to mention the other myriad factors for owning gold in today's world.
Slide 12 so.
This for me has been one of the great reasons why.
Donlin.
Thomas S. Kaplan: The leverage to gold, the leverage to what we see as 45 million ounces now in all resources with the potential for that to multiply along strike. The 45 million ounces is only three kilometers of an eight-kilometer mineralized belt, which itself is only 5% of the land package. 95% of Donlin Gold is unexplored. That's going to turn around. We are now, for the first time, systematically going through our land package. We believe that it is possible, although this is a wildly forward-looking statement, that the next Donlin Gold could be at Donlin Gold. The chances that there's nothing else big there are very small. Having said that, even if nothing else was there, we do believe that we can see the existing resource multiply. But assuming none of that happens, this is the leverage that we have to gold.
The leverage to gold, the leverage to what we see as 45 million ounces now in all resources with the potential for that to multiply along strike. The 45 million ounces is only three kilometers of an eight-kilometer mineralized belt, which itself is only 5% of the land package. 95% of Donlin Gold is unexplored. That's going to turn around. We are now, for the first time, systematically going through our land package. We believe that it is possible, although this is a wildly forward-looking statement, that the next Donlin Gold could be at Donlin Gold. The chances that there's nothing else big there are very small. Having said that, even if nothing else was there, we do believe that we can see the existing resource multiply. But assuming none of that happens, this is the leverage that we have to gold.
The leverage to gold the leverage to what we see is 45 million ounces now in all resources.
The potential for that to multiply along strike.
The 45 million ounce is only three kilometers of an eight kilometer mineralized belt, which itself is only 5% of the land package, 95% of Donlin is unexplored.
That's going to turnaround we are now for the first time systematically going through our land package.
Believe that it is possible. Although this is a wildly forward looking statement at the next on the Vietnam them.
The chances that Theres nothing else speak with there are very small having said that even if nothing else was there.
We do believe that we can see the existing resource multiply, but assuming never.
None of that happens this is the leverage that we have to go in.
Thomas S. Kaplan: It shows NPV 5%s, which are perfectly fine, and it also shows NPV 0%s. The reason why I say that is because up until the early 1990s, US assets were valued at a 0% discount rate. I believe we're going to get back to that. If you have the right jurisdiction and you have exploration potential and you have so many of the other attributes that Greg will be describing in just a couple of minutes, I really do believe that we will be closer to the right of the right-hand side. But be that as it may, you can clearly see that the beauty of Donlin Gold is that it gives you all the leverage you could possibly want to gold, but in a jurisdiction that will allow you to keep it.
It shows NPV 5%s, which are perfectly fine, and it also shows NPV 0%s. The reason why I say that is because up until the early 1990s, US assets were valued at a 0% discount rate. I believe we're going to get back to that. If you have the right jurisdiction and you have exploration potential and you have so many of the other attributes that Greg will be describing in just a couple of minutes, I really do believe that we will be closer to the right of the right-hand side. But be that as it may, you can clearly see that the beauty of Donlin Gold is that it gives you all the leverage you could possibly want to gold, but in a jurisdiction that will allow you to keep it.
And it shows NPV fives, which are perfectly fine.
And it also shows Mtv's zeroes and the reason why I say that is because up until the early 19 nineties.
U S assets were valued at zero percent discount rate.
I believe we're going to get back to that if you have the right jurisdiction and you have exploration potential and you have so many of the other attributes that Greg will be describing in just a couple of minutes.
I really do believe that we will be closer to the right of the right hand side, but be that as it may.
You can clearly see that the beauty of Donlin is that it gives you all the leverage you could possibly want to gold, but in a jurisdiction that will allow you to keep it.
Thomas S. Kaplan: At Donlin Gold, you can sleep well at night and be exposed to tremendous good news while being short jurisdiction risk. And so with that, I'm going to hand the baton over to Peter Adamek to talk about our financial results. Thank you.
At Donlin Gold, you can sleep well at night and be exposed to tremendous good news while being short jurisdiction risk. And so with that, I'm going to hand the baton over to Peter Adamek to talk about our financial results. Thank you.
At Donlin, you can sleep well at night.
And be exposed to tremendous good news, while being short jurisdiction risk and so with that I'm going to hand, the baton over to Peter <unk> to talk about our financial results. Thank you.
Peter Adamek: Thank you, Tom. Turning to our operating performance on slide 14, NOVAGOLD reported a fiscal 2025 fourth quarter net loss of $15.6 million. This represents an increase of $4.7 million from the comparable prior year, primarily due to higher site activity at Donlin Gold and higher general and administrative expenses. NOVAGOLD's fourth quarter results also reflect the company's second consecutive quarter with a 60% interest in Donlin Gold. For the full year, NOVAGOLD reported a net loss of $94.7 million during fiscal 2025, which included a $39.6 million non-cash non-recurring charge for warrants issued as consideration for a backstop commitment in support of the Donlin Gold transaction. Excluding this one-time charge, general and administrative expenses during the fiscal 2025 were largely unchanged from prior year, while Donlin Gold expenditures were $9 million higher due to the 2025 field program.
Peter Adamek: Thank you, Tom. Turning to our operating performance on slide 14, NOVAGOLD reported a fiscal 2025 fourth quarter net loss of $15.6 million. This represents an increase of $4.7 million from the comparable prior year, primarily due to higher site activity at Donlin Gold and higher general and administrative expenses. NOVAGOLD's fourth quarter results also reflect the company's second consecutive quarter with a 60% interest in Donlin Gold. For the full year, NOVAGOLD reported a net loss of $94.7 million during fiscal 2025, which included a $39.6 million non-cash non-recurring charge for warrants issued as consideration for a backstop commitment in support of the Donlin Gold transaction. Excluding this one-time charge, general and administrative expenses during the fiscal 2025 were largely unchanged from prior year, while Donlin Gold expenditures were $9 million higher due to the 2025 field program.
Thank you Tom.
Turning to our operating performance on Slide 14, <unk> reported a fiscal 2025 fourth quarter net loss of $15 6 million.
This represents an increase of $4 $7 million from the comparable prior year, primarily due to higher site activity at Donlin gold and higher general and administrative expenses.
<unk> fourth quarter results also reflect the company is the second consecutive quarter with a 60% interest in Donlin gold.
For the full year <unk> reported a net loss of $94 7 million during fiscal 2025, which included a $39 $6 million noncash.
Noncash nonrecurring charge for warrants issued as consideration for a backstop commitment and support of the Donlin gold transaction.
Excluding this onetime charge general and administrative expenses during the fiscal 2025 were largely unchanged from prior year, while donlin gold expenditures were $9 million higher due to the 2025 field program.
Peter Adamek: On slide 15, our treasury during fiscal 2025 increased by $13.9 million, which left us with $115.1 million at the end of the year. During the year, we closed a public offering and a private placement, generating net proceeds of $259.6 million. We also acquired an additional 10% of Donlin Gold for consideration and transaction costs totaling $210.1 million at the start of Q3 2025. Corporate G&A cash spent during the year increased by $1 million versus prior year, and our share of Donlin Gold funding increased by $10.1 million due to increased site activity in 2025 and the company's 10% increase Donlin Gold funding obligation. Moving to slide 16, as discussed on the previous slide, our treasury sits at a robust $115.1 million at the end of Q4 of fiscal 2025.
On slide 15, our treasury during fiscal 2025 increased by $13.9 million, which left us with $115.1 million at the end of the year. During the year, we closed a public offering and a private placement, generating net proceeds of $259.6 million. We also acquired an additional 10% of Donlin Gold for consideration and transaction costs totaling $210.1 million at the start of Q3 2025. Corporate G&A cash spent during the year increased by $1 million versus prior year, and our share of Donlin Gold funding increased by $10.1 million due to increased site activity in 2025 and the company's 10% increase Donlin Gold funding obligation. Moving to slide 16, as discussed on the previous slide, our treasury sits at a robust $115.1 million at the end of Q4 of fiscal 2025.
On slide 15, our treasury during fiscal 2025 increased by $13 $9 million, which left us with $115 1 million at the end of the year.
During the year, we closed a public offering and private placement generating net proceeds of $259 6 million. We also acquired.
<unk> acquired an additional 10% of donlin gold for consideration and transaction costs totaling $210 $1 million at the start of the third quarter of 2025.
Corporate G&A cash spent during the year increased by $1 million versus prior year and our share of Donlin golds funding increased by $10 1 million due to increased site activity in 2025, and the company is 10% increase Donlin Gold's funding obligation.
Yes.
Moving to slide 16.
As discussed on the previous slide our Treasury sits at a robust $115 1 million at the end of the fourth quarter of fiscal 2025.
Peter Adamek: Our 2025 cash expenditures of $41.2 million were below our overall 2025 guidance by $0.8 million due to slightly lower than anticipated spending at Donlin Gold and marginally higher G&A costs at NovaGold as a result of higher professional fees following the closing of the Donlin Gold transaction. Looking ahead to 2026, our anticipated expenditures for 2026 are approximately $98.5 million, which include $78.8 million for NovaGold's 60% of Donlin Gold expenditures, and $19.7 million for corporate G&A. With that, I will now turn the presentation over to Greg.
Our 2025 cash expenditures of $41.2 million were below our overall 2025 guidance by $0.8 million due to slightly lower than anticipated spending at Donlin Gold and marginally higher G&A costs at NovaGold as a result of higher professional fees following the closing of the Donlin Gold transaction. Looking ahead to 2026, our anticipated expenditures for 2026 are approximately $98.5 million, which include $78.8 million for NovaGold's 60% of Donlin Gold expenditures, and $19.7 million for corporate G&A. With that, I will now turn the presentation over to Greg.
Our 2025 cash expenditures of $41 $2 million were below our overall 2025 guidance by zero point $8 million due to slightly lower than anticipated spending our spending at donlin gold and marginally higher G&A costs at Nova Gold as a result of higher professional fees followed.
The closing of the Donlin gold transaction.
Looking ahead to 2026, our anticipated expenditures for 2026 or approximately $98 $5 million, which include $78 8 million for Nova Gold's, 60% of Donlin gold expenditures and $19 7 million for corporate G&A.
With that I will now turn the presentation over to Greg.
Okay.
Gregory Lang: 2025 was a very active year at the Donlin Gold site. We completed an 18,000-meter drill program. Throughout this program, the safety record was impeccable, and we hired over 80% of our employees from villages in and around the Donlin Gold mine site. The results from this program will be used to enhance our geologic modeling, resource conversion, and geotechnical drilling to support the designs of the project facilities. We recently updated our technical report for regulatory compliance pending the completion of the feasibility study. This report, more than anything else, really demonstrates the robust nature of the mineralization at Donlin Gold. We're also very active in the communities this year. With the renewed progress at the site, it garnered a lot of interest. We hosted many community visits, regulatory visits, as well as additional analyst tours. A very active year at the site.
Gregory Lang: 2025 was a very active year at the Donlin Gold site. We completed an 18,000-meter drill program. Throughout this program, the safety record was impeccable, and we hired over 80% of our employees from villages in and around the Donlin Gold mine site. The results from this program will be used to enhance our geologic modeling, resource conversion, and geotechnical drilling to support the designs of the project facilities. We recently updated our technical report for regulatory compliance pending the completion of the feasibility study. This report, more than anything else, really demonstrates the robust nature of the mineralization at Donlin Gold. We're also very active in the communities this year. With the renewed progress at the site, it garnered a lot of interest. We hosted many community visits, regulatory visits, as well as additional analyst tours. A very active year at the site.
Turning 25, it was a very active year after donlin site.
We completed an 18000 meter drill program.
Throughout this program the safety record was impeccable and we hired over 80% of our employees from villages in and around the Donlin mine site.
The results from this program.
It will be used to enhance our geologic modeling resource conversion and geotechnical drilling to support the designs of the project facilities.
We recently updated our technical report for our regulatory compliance pending the completion of the feasibility study.
This report more than anything else really demonstrates the robust nature.
The mineralization at Donlin.
We're also very active in the communities this year with the renewed progress at the site garnered a lot of interest we hosted many community visits regulatory visits as well as additional analyst tours. So a very active year at the site.
Gregory Lang: Our team in Alaska also finalized shared value statements with additional villages, bringing the total to 20. We completed a restoration program at Snow Gulch, and Enrique Fernandez, one of the Donlin Gold employees, was recognized by his peers for his contributions to this undertaking. Turning to the next slide, what I really want to highlight here is just remind everybody we have completed the federal permitting process, and we have substantially completed the state permitting. We're one of the few projects that is not relying on permitting, and the decisions impacting the timing are solely in the hands of the owners. As shown on slide 20, we continue to support the state and federal agencies in defending the permits they have issued. The court rulings to date have validated that the agencies did a thorough job preparing the environmental impact statements and the associated permits.
Our team in Alaska also finalized shared value statements with additional villages, bringing the total to 20. We completed a restoration program at Snow Gulch, and Enrique Fernandez, one of the Donlin Gold employees, was recognized by his peers for his contributions to this undertaking. Turning to the next slide, what I really want to highlight here is just remind everybody we have completed the federal permitting process, and we have substantially completed the state permitting. We're one of the few projects that is not relying on permitting, and the decisions impacting the timing are solely in the hands of the owners. As shown on slide 20, we continue to support the state and federal agencies in defending the permits they have issued. The court rulings to date have validated that the agencies did a thorough job preparing the environmental impact statements and the associated permits.
Our team in Alaska also finalized shared value statements with additional villagers, bringing the total to 20.
We completed a restoration program at snow couch.
And then Rick Fernandez, one of the dominant employees was recognized by his peers for his contributions.
Just on your <unk>.
Okay.
Turning to the next slide I really want to highlight here is just to remind everybody. We have completed the federal permitting process and we have substantially completed the state permit.
We're one of a few projects produced not relying.
On permitting.
And the decisions impacting the timing are solely in the hands of the.
The auditors.
As shown on slide 20.
We continue to support the state and federal agencies.
And defending the permits are issued.
The court rulings to date have validated that the agencies did a thorough job.
Pairing the environmental impact statement and the associated permits.
Gregory Lang: We're continuing to advance the design of our tailings dam and other water retention structures. This work has been submitted to the regulatory agents in Alaska, and we expect them to be responding in the near future. Our federal permit, turning to the next slide, was remanded for a small additional study by the courts. This requires a supplemental EIS. During the permitting, we evaluated a tailings release, and the court asked that we study additional releases. This work is well advanced, and this supplemental EIS has been incorporated into the FAST-41 program. This is a program that creates schedules and deadlines for the agencies to follow in processing a permit. It doesn't change anything in our designs, but it just focuses the agencies on getting this work done in a timely fashion. My next few slides, we'll talk about why one might consider investing in NOVAGOLD.
We're continuing to advance the design of our tailings dam and other water retention structures. This work has been submitted to the regulatory agents in Alaska, and we expect them to be responding in the near future. Our federal permit, turning to the next slide, was remanded for a small additional study by the courts. This requires a supplemental EIS. During the permitting, we evaluated a tailings release, and the court asked that we study additional releases. This work is well advanced, and this supplemental EIS has been incorporated into the FAST-41 program. This is a program that creates schedules and deadlines for the agencies to follow in processing a permit. It doesn't change anything in our designs, but it just focuses the agencies on getting this work done in a timely fashion. My next few slides, we'll talk about why one might consider investing in NOVAGOLD.
We're continuing to advance the design of our tailings dam and other water retention structures. This work has been submitted.
Two the regulatory agents in Alaska.
And we expect.
They're going to be responding.
In the near future.
Our federal permit turning to the next slide.
Was remanded for small additional study by the courts. This requires a supplemental pis during the permitting we evaluated the tailings release and the court asked that we study additional releases. This work is well advanced and this supplemental eis's.
Been incorporated into the fast 41 program. This is a program that.
Creates schedules.
Deadlines for the agencies to follow and processing of content.
It doesn't change anything in our designs.
This focus is the agencies on getting this work done in a timely fashion.
My next few slides, we'll talk about why.
One might consider investing in an overcoat.
Gregory Lang: Donlin Gold is, it is just simply a unique asset in terms of its production profile. It will average over a million ounces a year in a mine life of almost three decades. There aren't many mines in the industry of this size anymore. At 40 million ounces, we've got a huge endowment at 2 and a quarter grams. Great, great for an open pit deposit. The exploration potential at Donlin Gold is tremendous. We know the ore body is open-ended at strike, at depth, and along the 3km of the 8km gold-bearing system has only lightly been explored. When the time is right, we will resume exploration on the project. We also know that there's tremendous potential on our land holdings at Donlin Gold. The area of the known mineralization represents about 5% of our land holdings there. Alaska is a great place to do business.
Donlin Gold is, it is just simply a unique asset in terms of its production profile. It will average over a million ounces a year in a mine life of almost three decades. There aren't many mines in the industry of this size anymore. At 40 million ounces, we've got a huge endowment at 2 and a quarter grams. Great, great for an open pit deposit. The exploration potential at Donlin Gold is tremendous. We know the ore body is open-ended at strike, at depth, and along the 3km of the 8km gold-bearing system has only lightly been explored. When the time is right, we will resume exploration on the project. We also know that there's tremendous potential on our land holdings at Donlin Gold. The area of the known mineralization represents about 5% of our land holdings there. Alaska is a great place to do business.
Donlin is it is just simply a unique asset in terms of its production profile.
Average over a million ounces, a year and a mine life of almost three decades.
There arent many mines in the industry.
Of this size anymore.
At 40 million ounces, we've got huge endowment at two of the quarter grams, great grade for an open pit deposit.
The exploration potential at Donlin is tremendous we know the ore body is open ended at strike had gaps.
And along three kilometers of the eight kilometer.
Gold bearing system is only likely been explored.
When the time is right we will resume exploration on the project. We also know that there is tremendous potential on our land holdings at Donlin.
The area of the non mineralization represents about 5% of our landholdings here.
Alaska is a great place to do business, they've got a well established traditional responsible mining.
Gregory Lang: They've got a well-established tradition of responsible mining and are the second largest gold-producing state in the US. Another great factor about Donlin Gold, it is located on private land owned by two Native Corporations. As I mentioned earlier, our permits are in hand, and we're wrapping up the state permitting. We've maintained a great environmental and safety record at our site, and we're committed to responsible mining. The team at NOVAGOLD has the expertise it takes to bring a project like Donlin Gold into fruition. Moving to the next slide, when you look at the other development projects that are being advanced in the industry, the output of them is less than half a million ounces a year. Clearly, Donlin Gold would be far and away the largest new gold mine to be built. Its first 10 years will produce about 1.3 million ounces a year.
They've got a well-established tradition of responsible mining and are the second largest gold-producing state in the US. Another great factor about Donlin Gold, it is located on private land owned by two Native Corporations. As I mentioned earlier, our permits are in hand, and we're wrapping up the state permitting. We've maintained a great environmental and safety record at our site, and we're committed to responsible mining. The team at NOVAGOLD has the expertise it takes to bring a project like Donlin Gold into fruition. Moving to the next slide, when you look at the other development projects that are being advanced in the industry, the output of them is less than half a million ounces a year. Clearly, Donlin Gold would be far and away the largest new gold mine to be built. Its first 10 years will produce about 1.3 million ounces a year.
Largest gold producing state in the U S.
Another great factor about Donlin is located on private land owned by two major corporations.
Mentioned earlier, our permits are in hand, and we're wrapping up the state permitting.
We've maintained a great environmental and safety record in our stride, we're committed to responsible mining.
The team at Nova Gold.
Has the expertise it takes.
To bring a project like donlin into fruition.
Moving to the next slide when you look at the other development projects that are being advanced in the industry.
The output of them is less than halfway announces a year.
Clearly donlin would be far and away the largest new gold mine to be built.
Its first 10 years will produce about one 3 million ounces a year.
Gregory Lang: Truly in a class of its own. Grade is also a very key attribute at Donlin Gold. The industry grades are approaching a gram per ton. At 2 and a quarter grams, Donlin Gold is twice that. It's that grade that gives Donlin Gold very competitive cash costs. This slide just highlights the potential along trend. The ACMA Lewis deposits are less than half of the 8-kilometer belt. We've got gold-bearing drill holes all up and down the trend, and we will resume exploration when the time is right. This year's drill program included results of over 26 grams per ton, demonstrating the quality of the resource and the potential for significant grades when we continue exploring. Moving to the next slide, we're up in Alaska. We've been there for many years. We're very comfortable operating in the state. It's got a great regulatory environment.
Truly in a class of its own. Grade is also a very key attribute at Donlin Gold. The industry grades are approaching a gram per ton. At 2 and a quarter grams, Donlin Gold is twice that. It's that grade that gives Donlin Gold very competitive cash costs. This slide just highlights the potential along trend. The ACMA Lewis deposits are less than half of the 8-kilometer belt. We've got gold-bearing drill holes all up and down the trend, and we will resume exploration when the time is right. This year's drill program included results of over 26 grams per ton, demonstrating the quality of the resource and the potential for significant grades when we continue exploring. Moving to the next slide, we're up in Alaska. We've been there for many years. We're very comfortable operating in the state. It's got a great regulatory environment.
Truly an a class of its own.
Greg is also a very key attribute donlin the.
The industry great.
Are approaching a gram per ton.
At two in a quarter grams donlin is twice that.
And in fact, great.
It gives donlin very competitive cash costs.
And this slide just highlights the potential of long trend the Acme Lewis deposits.
Less than half of the eight kilometer belt, we've got gold bearing.
Drill holes.
And down the trend and we will resume exploration when the time is right.
This year's drill program.
<unk> results of over 26 grams per tonne demonstrating the quality of the resource and the potential for significant grades when we continue exploring.
Moving to the next slide we are up in Alaska, we've been there for many years, we're very comfortable operating in the state.
Got it great regulatory environment, very simple responsible active mining industry in Alaska.
Gregory Lang: There is a responsible, active mining industry in Alaska, and we're really privileged to be there. When you look at the jurisdictional risks of other mining jurisdictions, Alaska is third globally on the Fraser Institute Index. As I mentioned earlier, we are on private land. Calista Corporation owns the mineral rights, and TKC owns the surface rights. Both of these entities have been staunch allies and advocates for the project as we navigated the permitting process. We have life-of-mine agreements in place with both of these entities. Donlin Gold will provide a meaningful impact to these businesses, and they look forward to the economic opportunities that the mine will bring. Another development in Alaska that we're following very closely is the planning to bring gas down from the North Slope into the Cook Inlet.
There is a responsible, active mining industry in Alaska, and we're really privileged to be there. When you look at the jurisdictional risks of other mining jurisdictions, Alaska is third globally on the Fraser Institute Index. As I mentioned earlier, we are on private land. Calista Corporation owns the mineral rights, and TKC owns the surface rights. Both of these entities have been staunch allies and advocates for the project as we navigated the permitting process. We have life-of-mine agreements in place with both of these entities. Donlin Gold will provide a meaningful impact to these businesses, and they look forward to the economic opportunities that the mine will bring. Another development in Alaska that we're following very closely is the planning to bring gas down from the North Slope into the Cook Inlet.
And we're really privileged to be there when you look at the jurisdictional risks of other mining jurisdictions.
<unk> is third globally.
On the Fraser Institute.
Index.
As I mentioned earlier.
We are on private land terrestrial corporation owns the mineral rights and Teekay <unk> owns the surface rights. Both of these entities have been staunch allies and advocates for the project as we navigated the permitting process, we have life of mine agreements in place.
With both of these entities.
<unk> will provide a meaningful impact.
To these businesses.
And they look forward.
Economic opportunities mindful brain.
Another development in Alaska that we're following very closely.
Is the planning to bring gas down from the north slope into the Cook inlet.
Gregory Lang: This is being championed by Glenfarne, and they are working to secure funding to advance this. Gas resources up in the North Slope have been known for many years, but it was the difficulty getting them to market was the challenge. With the administration's new focus on US energy independence, I think the time is getting close to bring this gas into the Cook Inlet for use in Alaska, as well as the export markets. This is very important to us, and I think you might have noticed we have signed a non-binding letter of intent with Glenfarne, the champion of this pipeline project. The parties will advance discussions on a supply agreement with Glenfarne as their plans materialize to build the gas pipeline from the North Slope. NOVAGOLD enjoys strong institutional support.
This is being championed by Glenfarne, and they are working to secure funding to advance this. Gas resources up in the North Slope have been known for many years, but it was the difficulty getting them to market was the challenge. With the administration's new focus on US energy independence, I think the time is getting close to bring this gas into the Cook Inlet for use in Alaska, as well as the export markets. This is very important to us, and I think you might have noticed we have signed a non-binding letter of intent with Glenfarne, the champion of this pipeline project. The parties will advance discussions on a supply agreement with Glenfarne as their plans materialize to build the gas pipeline from the North Slope. NOVAGOLD enjoys strong institutional support.
This is being championed by Glenn in farm and they are working to secure.
Funding.
To advance this.
Gas resources up in the north slope has been known for many years, but it was the difficulty getting them to market, what's the challenge with the.
The administration's new focus on U S energy independence, I think the time is getting close to bring this gas into the Cook inlet for use in Alaska as well as.
The export.
Markets. This is very important to us and I think you might have noticed we have signed a nonbinding letter of intent with Glenn on the champion of this pipeline project.
The parties will advance discussions on the supply agreement.
With Glenn far as their plans materialize to build a gas pipeline from the north slope.
Nevertheless.
Enjoys strong institutional support we've been very fortunate to have a shareholder base thats been with us many many years.
Gregory Lang: We've been very fortunate to have a shareholder base that's been with us many, many years. The top 10 shareholders represent almost two-thirds of our outstanding stock. It's great to have such blue-chip investors behind us. We value their support and the long-term relationships that have guided us for many, many years. Turning to the next steps at the project and some of the catalysts that will be coming up, within the next few weeks, we anticipate that we will announce an engineering firm to complete the bankable feasibility study. This work is expected to take about 18 months, and the firm will be certainly well known to many of you that follow the construction activities in the mining industry. We've also hired Frank Arquis. He is the project manager. He brings extensive experience to the project, and we're very fortunate to have a man with his background.
We've been very fortunate to have a shareholder base that's been with us many, many years. The top 10 shareholders represent almost two-thirds of our outstanding stock. It's great to have such blue-chip investors behind us. We value their support and the long-term relationships that have guided us for many, many years. Turning to the next steps at the project and some of the catalysts that will be coming up, within the next few weeks, we anticipate that we will announce an engineering firm to complete the bankable feasibility study. This work is expected to take about 18 months, and the firm will be certainly well known to many of you that follow the construction activities in the mining industry. We've also hired Frank Arquis. He is the project manager. He brings extensive experience to the project, and we're very fortunate to have a man with his background.
Top 10 shareholders represent almost two thirds of our outstanding stock.
It's great to have such blue chip investors behind us.
We value your support and long term relationships.
Guided us for many many years.
Turning to the next steps at the project in terms of the catalyst that will be coming up.
In the next few weeks, we anticipate that we will announce.
An engineering firm to.
To complete the bankable feasibility study.
This work is.
<unk> take about 18 months and the firm will be certainly well known to many of you follow the construction activities in the mining industry.
<unk> also hired Frank our <unk>. He is the project manager he brings extensive.
Experience to the project and we're very fortunate.
<unk> his background.
Gregory Lang: We will also be exploring future sources of financing as we advance the feasibility study. Looking ahead, we look forward to updating all of our shareholders and stakeholders on the progress we're making. We'll now open the line for questions.
We will also be exploring future sources of financing as we advance the feasibility study. Looking ahead, we look forward to updating all of our shareholders and stakeholders on the progress we're making. We'll now open the line for questions.
We will also be exploring future sources of financing.
As we advance the feasibility study.
Looking ahead, we look forward to updating all of our shareholders and stakeholders on the progress we're making.
We'll now open the line for questions.
Operator: Thank you. To join the question queue, you may press star then one on your telephone keypad. You'll hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. Webcast viewers may submit questions to the text box in the lower right corner of the webcast frame. The first question comes from Raj Ray with BMO Capital Markets. Please go ahead.
Operator: Thank you. To join the question queue, you may press star then one on your telephone keypad. You'll hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. Webcast viewers may submit questions to the text box in the lower right corner of the webcast frame. The first question comes from Raj Ray with BMO Capital Markets. Please go ahead.
Thank you.
During our question queue you May Press Star then one on your telephone keypad.
Joan acknowledging your question.
If youre using a speakerphone please pick up your handset before pressing any key.
Jai a question. Please press Star then two.
Castillo regiments have good questions through the text box in the lower right corner of startup cost frame.
That's my question comes from the Entre with BMO capital markets. Please go ahead.
Raj Ray: Thank you, Operator, and good morning, Dr. Kaplan, Greg, and the NOVAGOLD team. I have three questions, if I may. The first one is, well, congratulations on getting the non-binding LOI signed with Glenfarne. I know it's early days of negotiations, but is there anything you can share with us with respect to what's the ideal structure of that agreement that NOVAGOLD would like to have? That's the first. The second question is on your RFP for the BFS that you have sent out to various engineering firms. Look, I know there's a lot of good engineering firms, but given the fact that commodity prices across the board are running, it's also important to have the best teams within those engineering firms.
Raj Ray: Thank you, Operator, and good morning, Dr. Kaplan, Greg, and the NOVAGOLD team. I have three questions, if I may. The first one is, well, congratulations on getting the non-binding LOI signed with Glenfarne. I know it's early days of negotiations, but is there anything you can share with us with respect to what's the ideal structure of that agreement that NOVAGOLD would like to have? That's the first. The second question is on your RFP for the BFS that you have sent out to various engineering firms. Look, I know there's a lot of good engineering firms, but given the fact that commodity prices across the board are running, it's also important to have the best teams within those engineering firms.
Thank you operator.
Morning, Dr Kaplan, Greg Im the normal team.
I have two questions. If I may the first one is <unk>.
Alex mentioned some getting the.
Non binding LOI signed with Glen PON.
I know it's early days on the negotiations, but is there anything you can share with us with respect to what's the ideal structure of credit agreement and lower gold would like to have.
That's before US the same question of Arizona RFP for.
The BFS.
Some of the various engineering firms look I know it's good.
A lot of good engineering firms, but given the fact the commodity prices across the board are running it's also important to have the best teams within those <unk>.
Raj Ray: So as you are starting to talk to them, what's the feeling you're getting about the capacity they have and your ability to have not only the top firm but also the best team within the firm? And my last question is on the technical report update. It's great to have that, very informative. I did see that there's a slight pickup in the strip ratio. I just wanted to get a sense whether some of the geotech drilling you have done, if that's informing that increase in strip ratio, or if you can share any additional details. Thank you.
So as you are starting to talk to them, what's the feeling you're getting about the capacity they have and your ability to have not only the top firm but also the best team within the firm? And my last question is on the technical report update. It's great to have that, very informative. I did see that there's a slight pickup in the strip ratio. I just wanted to get a sense whether some of the geotech drilling you have done, if that's informing that increase in strip ratio, or if you can share any additional details. Thank you.
Engineering firms. So as we were starting to talk to them. What's the feeling you were getting about the capacity they have and their ability to help with the not only the top form but also the best team within the firm.
And my last question is on the technical report update.
It feels great to have that are very informative.
I did see the bids.
Slight pick up in the strip ratio I, just wanted to get a sense of whether some of the GOP drilling you have done.
That's it.
Farming that increase in English.
And the strip ratio to grow or if you can share any additional details. Thank you.
Gregory Lang: All right, Raj, well, thank you for joining the call this morning. I think I can cover all your questions. Beginning with the pipeline and our discussions with Glenfarne, it's a clean slate. Glenfarne is quite interested in all aspects of what we're doing. They've expressed interest in building and operating the pipeline for us, and we think that's really a logical piece of the project to carve out. So we're really just, like I said, an open slate where discussions will continue. And I would watch Alaska for the next month or so and look for announcements on their success in financing the pipeline. And it's important to note that this is not a new project, and it's already permitted, and it will follow the existing Trans-Alaska Oil Pipeline.
Gregory Lang: All right, Raj, well, thank you for joining the call this morning. I think I can cover all your questions. Beginning with the pipeline and our discussions with Glenfarne, it's a clean slate. Glenfarne is quite interested in all aspects of what we're doing. They've expressed interest in building and operating the pipeline for us, and we think that's really a logical piece of the project to carve out. So we're really just, like I said, an open slate where discussions will continue. And I would watch Alaska for the next month or so and look for announcements on their success in financing the pipeline. And it's important to note that this is not a new project, and it's already permitted, and it will follow the existing Trans-Alaska Oil Pipeline.
Alright, Roswell. Thank you for joining the call. This morning, I think I could cover all your questions beginning with the pipeline and our discussions with Glenn it's.
It's a clean slate grandfathering is quite interested in all aspects of what we're doing.
They have expressed interest in building and operating the pipeline for us and we think that's really a logical piece of the project to carve out.
We're really just trying to set an open straight.
Discussions will continue and I would watch Alaska for the next month or so and look for announcements on their success in financing the pipeline and it's important to note. This is not a new project and it's.
However, the Permian and it will follow the existing trans Alaska oil pipeline, so very exciting developments, there and it's great to Donlin has the seat at the table as their plans and maps.
Gregory Lang: So very exciting developments there, and it's great that Donlin Gold has a seat at the table as their plans advance. On the RFP for the feasibility study, we were very select in the firms that we brought into the bidding process. We only wanted to consider firms that had one experience to take on a project of this scale and the capacity of people to do it. So we kept the field very narrow, and we anticipate releasing that news in the next few weeks. I think part of the selection process addressed the very issue you talked about, and that was we went with the firm that did have the capacity to take on a big project. Finally, on the technical report, the strip ratio has ticked up a bit, and that's driven by two factors.
So very exciting developments there, and it's great that Donlin Gold has a seat at the table as their plans advance. On the RFP for the feasibility study, we were very select in the firms that we brought into the bidding process. We only wanted to consider firms that had one experience to take on a project of this scale and the capacity of people to do it. So we kept the field very narrow, and we anticipate releasing that news in the next few weeks. I think part of the selection process addressed the very issue you talked about, and that was we went with the firm that did have the capacity to take on a big project. Finally, on the technical report, the strip ratio has ticked up a bit, and that's driven by two factors.
On the RFP for the feasibility study we were very select in the firms that we brought into the bidding process. We only wanted to consider firms they have one.
Just experience to take on a project of this scale.
With capacity.
Our people to do it and so we kept the field very narrow and we anticipate releasing our that news in the next few weeks, but I think part of the selection process address the very issue you talked about and that was we went with the firm that did have the capacity to take on.
On a big project.
And finally on the technical report.
<unk> ratio has ticked up a bit and that's driven by two factors I think one we've taken that put some areas of the pit we flattened the slopes little bit and we've also taken a little different view of dilution.
Gregory Lang: I think one, we've taken some areas of the pit, we've flattened the slopes a little bit, and we've also taken a little different view of dilution. These are areas that we will revisit when we are advancing the model that will support the feasibility study. Raj, did that cover?
I think one, we've taken some areas of the pit, we've flattened the slopes a little bit, and we've also taken a little different view of dilution. These are areas that we will revisit when we are advancing the model that will support the feasibility study. Raj, did that cover?
And these are areas that we will revisit when we are.
Dancing model that will support the feasibility study.
Raj does that cover it.
Raj Ray: That's great. Yes, yes, that covers all my questions. Thank you very much and all the best.
Raj Ray: That's great. Yes, yes, that covers all my questions. Thank you very much and all the best.
Yes that covers all my questions. Thank you very much and all the best.
Gregory Lang: My pleasure.
Gregory Lang: My pleasure.
Operator: Once again, if you have a question, please press star then one. The next question comes from Sanderia Iyer with B. Riley Securities. Please go ahead.
Operator: Once again, if you have a question, please press star then one. The next question comes from Sanderia Iyer with B. Riley Securities. Please go ahead.
Once again, if you have a question. Please press Star then one the next question comes from Sunday I would be Alex Securities. Please go ahead.
Sandeep Iyer: Hi, team. Congratulations on the quarter. I just have two questions. One is on the bankable feasibility study. So I'm trying to understand how the current budget, the $78 million that has been budgeted for the upcoming Donlin Gold activities, how is that allocated between feasibility work and the ongoing exploration? My actual question is, how do we look at it as a do we look at it as a single-year budget, or is it through the feasibility study that's going to take 12 to 18 months?
Lucas Pipes: Hi, team. Congratulations on the quarter. I just have two questions. One is on the bankable feasibility study. So I'm trying to understand how the current budget, the $78 million that has been budgeted for the upcoming Donlin Gold activities, how is that allocated between feasibility work and the ongoing exploration? My actual question is, how do we look at it as a do we look at it as a single-year budget, or is it through the feasibility study that's going to take 12 to 18 months?
Hi, Tim congratulations on the quarter.
At this time.
Two questions one is on the bankable feasibility study.
So I'm trying to understand like how the current manned jet.
$78 million sometimes been.
Even budgeted funds.
Upcoming donlin activities, how does that look and then things like feasibility work and the ongoing exploration.
Hi.
And to your question is how do we look at that as we look at it as a single budget on is this like through the feasibility study that's going to stay committed to 18 months.
Gregory Lang: Well, the work program at Donlin Gold in 2026 will be very active. The bankable feasibility study will obviously be a large component of that. In addition to the bankable feasibility study, we're also in final discussions on firms on several unique parts of the project. For example, these would be the autoclaves. There's some companies out there with deep experience in this processing technology. So we'll have a separate contract for that, as well as the gas pipeline, and other components of the infrastructure. Those are also included in the Donlin Gold budget for next year. We continue to be very active in the communities, and we've increased our budget in the communities to reflect the increased activity as the project is moving forward. Of course, it's getting more and more interest.
Gregory Lang: Well, the work program at Donlin Gold in 2026 will be very active. The bankable feasibility study will obviously be a large component of that. In addition to the bankable feasibility study, we're also in final discussions on firms on several unique parts of the project. For example, these would be the autoclaves. There's some companies out there with deep experience in this processing technology. So we'll have a separate contract for that, as well as the gas pipeline, and other components of the infrastructure. Those are also included in the Donlin Gold budget for next year. We continue to be very active in the communities, and we've increased our budget in the communities to reflect the increased activity as the project is moving forward. Of course, it's getting more and more interest.
But the work the work program at Donlin in 2020 sets will be very active.
The bankable feasibility study will obviously be a large component of that.
In addition to the bankable feasibility study we're also in.
Final discussions on firms on several unique parts of the project. For example, these would be the autoclave. There's some companies out there with deep experience in this processing technology. So we will have a separate contract for that as well as the gas pipeline and other components of the infrastructure.
These are also included in the Donlin budget for next year.
Continue to be very active in the communities and we've increased our budget in the communities to reflect.
Increased activity as the project is moving forward of course, it's getting more and more interest. So we're going to really be out in the villages and throughout the state and in our nation's capital actively.
Gregory Lang: So we're going to really be out in the villages and throughout the state, and in our nation's capital, actively talking up the project and keeping everybody informed of our plans. So that's the main components of the Donlin Gold budget. The feasibility study, we've guided it'll take about 18 months to complete, and once we announce the firm that we've selected, we'll update everybody on the schedule.
So we're going to really be out in the villages and throughout the state, and in our nation's capital, actively talking up the project and keeping everybody informed of our plans. So that's the main components of the Donlin Gold budget. The feasibility study, we've guided it'll take about 18 months to complete, and once we announce the firm that we've selected, we'll update everybody on the schedule.
Talking up the project and keeping everybody informed of our plans.
So that's the main components of the Donlin budget. The feasibility study we've guided it will take about.
18 months to complete and will be once we.
Announced the firm that we've selected we'll update everybody on the schedule.
Sandeep Iyer: Thank you. Just one more from me. I mean, there's a lot of potential in the Donlin Gold land package with just like 5% explored so far. So as we move into feasibility and then eventual construction, how are you guys thinking about advancing that exploration optionality in the near term? Will that be a concurrent event along with the feasibility study?
Lucas Pipes: Thank you. Just one more from me. I mean, there's a lot of potential in the Donlin Gold land package with just like 5% explored so far. So as we move into feasibility and then eventual construction, how are you guys thinking about advancing that exploration optionality in the near term? Will that be a concurrent event along with the feasibility study?
Thank you and.
Just one more from me.
And then Florida again, chairman in the gunmen land package.
5% next year so far.
So as we move into feasibility and then eventual construction.
And kind of thinking about and one thing that exploration optionality.
EMEA.
Concord and event along with the feasibility study.
Gregory Lang: Well, last year, we did a pretty extensive soil sampling program along the known mineralized trend. And as I noted earlier, that's just a very small part of our land holdings at Donlin Gold. So we will be working with our partner developing plans for future exploration. But right now, really, it's all hands on deck getting the feasibility study kicked off. And once we get that work well underway, we'll turn our attention to the exploration and other matters. But certainly, the potential is vast at Donlin Gold, and we look forward to updating everybody on that work. But I think immediate potential exists in and around the known ore bodies. So it'll be an exciting time to be exploring it up in Alaska.
Gregory Lang: Well, last year, we did a pretty extensive soil sampling program along the known mineralized trend. And as I noted earlier, that's just a very small part of our land holdings at Donlin Gold. So we will be working with our partner developing plans for future exploration. But right now, really, it's all hands on deck getting the feasibility study kicked off. And once we get that work well underway, we'll turn our attention to the exploration and other matters. But certainly, the potential is vast at Donlin Gold, and we look forward to updating everybody on that work. But I think immediate potential exists in and around the known ore bodies. So it'll be an exciting time to be exploring it up in Alaska.
Well we will.
Last year, we did a pretty extensive soil sampling program along the known mineralized trend.
I noted earlier and that's just a very small part of our land holdings at Donlin.
We'll be working with our partners in developing <unk>.
For future exploration, but right now really it's all hands on deck getting the feasibility study kicked off and once we get that work well underway, we will turn our attention to.
The exploration and other matters, but certainly the potential is vast of donlin and we.
We look forward to updating everybody on that work, but I think immediate potential exists in and around the known ore bodies. So it will be an exciting time to be exploring up in Alaska.
Sandeep Iyer: Thank you. Thank you, and congratulations, alternative.
Lucas Pipes: Thank you. Thank you, and congratulations, alternative.
Thank you and again congratulations on Technicolor.
Gregory Lang: Thank you.
Gregory Lang: Thank you.
Thank you.
Mélanie Hennessey: Thank you. We have a few questions coming in from the webcast, and I'll start with a question coming in from Eric Shinsing. Is the tailings design now effectively locked or still at risk of material change?
Operator: Thank you. We have a few questions coming in from the webcast, and I'll start with a question coming in from Eric Shinsing. Is the tailings design now effectively locked or still at risk of material change?
Thank you we have a few questions coming in from the webcast and I'll start with.
A question coming in from Eric Ashok is the tailings design now effectively locked or still.
Rest of the material change.
Gregory Lang: That's a good question. Let me first off remind everybody that the tailings dam at Donlin is a downstream rock construction anchored into the bedrock. It's also a fully lined structure. And really, that's state of the art. That's the most stable dam being built, and the liner is just added protection. So the design of the tailings dam is really not impacted at all. It's finalized, and we've submitted the design packages to the state, and I don't anticipate any changes at all.
Gregory Lang: That's a good question. Let me first off remind everybody that the tailings dam at Donlin is a downstream rock construction anchored into the bedrock. It's also a fully lined structure. And really, that's state of the art. That's the most stable dam being built, and the liner is just added protection. So the design of the tailings dam is really not impacted at all. It's finalized, and we've submitted the design packages to the state, and I don't anticipate any changes at all.
Yeah. That's a good question, let me first off remind everybody that the tailings dam at Donlin is a downstream rock construction anchored into the bedrock. It's also a fully lined structure and that's really that's state of the art. That's the most stable down being built in the lineup.
It was just added protection. So the design of the tailings dam is really not impacted at all it's finalized.
Submitted the design packages to the states I don't anticipate any changes at all.
Mélanie Hennessey: Great. The second question, what are the project economics, NPV, and IRR that you're targeting as part of the BFS?
Operator: Great. The second question, what are the project economics, NPV, and IRR that you're targeting as part of the BFS?
Great. The second question what are the project economics.
D and IRR that you're targeting as part of the DFS.
Gregory Lang: Well, I think that will be addressed in the feasibility study sensitivities. Looking at our recent technical report, and I encourage everybody when they have time to give it a review, the economics at a gold price of about $2,100 were a double-digit rate of return. And you don't have to stretch your imagination that from $2,100 to where we sit today, that's almost better than a twofold increase in price. So I think the economics at much lower gold prices are robust. And as you've noted in all of our presentations, we have tremendous leverage to upside. And at the current price, of course, it's an amazing cash flow generator.
Gregory Lang: Well, I think that will be addressed in the feasibility study sensitivities. Looking at our recent technical report, and I encourage everybody when they have time to give it a review, the economics at a gold price of about $2,100 were a double-digit rate of return. And you don't have to stretch your imagination that from $2,100 to where we sit today, that's almost better than a twofold increase in price. So I think the economics at much lower gold prices are robust. And as you've noted in all of our presentations, we have tremendous leverage to upside. And at the current price, of course, it's an amazing cash flow generator.
I think that's.
That will be addressed in the feasibility.
<unk> studied sensitivities looking at our recent technical report and I encourage everybody when they have time to to give her review.
Economics should gold price of about $2100.
Digit rate of return and it's you don't have to stretch your imagination.
From 2100 to where we sit today, that's almost <unk> better than a twofold increase in price I think.
Economics, much lower gold prices are robust and as you've noted in all of our presentations.
<unk> tremendous leverage to upside.
Current projects of course, its sort of amazing cash flow generator.
Mélanie Hennessey: The next question is for Tom. It's actually more of a statement from Matt Kovacs. Dr. Kaplan, I have been listening to you and NOVAGOLD for many years. How does it feel to be right and see your predictions and the price of gold coming to fruition?
Operator: The next question is for Tom. It's actually more of a statement from Matt Kovacs. Dr. Kaplan, I have been listening to you and NOVAGOLD for many years. How does it feel to be right and see your predictions and the price of gold coming to fruition?
The next question is for Tom It's actually more of a statement for Matt Matt Kovach's. Dr. Kaplan I have been listening to you I know how golf for many years, how does it feel to the right senior predictions in the price of gold coming to fruition.
Hum.
Thomas S. Kaplan: It's not really a function of satisfaction of being right. Obviously, being right is essential for the way that we do business. We always start with a macro view on an underlying commodity or, as I would put it, in the case of precious metals, currencies. And the reason why we start with macro is for the good reason that I'm not a mining guy. I've been in the business for 33 years, and I've surrounded myself with the best of the best geologists, people who've been there and done that, like Dr. Larry Buchanan, who's still our chief geologist since 1994, or Greg Lang and Richard Williams, who both brought in Cortez and Pueblo Viejo on time, on budget when they were at Barrick. If you surround yourself with great people and you have assets that have superlatives attached to them, you're going to be right.
Thomas S. Kaplan: It's not really a function of satisfaction of being right. Obviously, being right is essential for the way that we do business. We always start with a macro view on an underlying commodity or, as I would put it, in the case of precious metals, currencies. And the reason why we start with macro is for the good reason that I'm not a mining guy. I've been in the business for 33 years, and I've surrounded myself with the best of the best geologists, people who've been there and done that, like Dr. Larry Buchanan, who's still our chief geologist since 1994, or Greg Lang and Richard Williams, who both brought in Cortez and Pueblo Viejo on time, on budget when they were at Barrick. If you surround yourself with great people and you have assets that have superlatives attached to them, you're going to be right.
It's not really.
A function of satisfaction of being right.
Obviously being right is essential for the way that we do business, we always start with a macro view.
On an underlying.
No.
Commodity or as I would put it in the case of precious metals currencies.
And the reason why we start with macros for good reason that I'm not a mining guy.
I've been in the business for 33 years.
And I've surrounded myself with the best of the best geologists people who've been there and done that like Dr. Larry Buchanan.
Who is still our chief geologist since 1994.
Or a Greg Lang and Richard Williams, who both brought in.
Cortez and Pueblo Viejo.
On time on budget when they were at Barrick.
You surround yourself with great people and you have assets that have superlative to attach to them.
Youre going to be right. The question is how long does it take.
Thomas S. Kaplan: The question is, how long does it take? If I have that kind of conviction, which is somewhat metaphysical certitude about a thesis like I'd have had with gold and silver, and I have the right vehicle with which to be able to get the greatest leverage to that, especially today in a jurisdiction that allows you to keep the fruits of the leverage, I can hold forever. I don't get frustrated. So by the time people come around to my point of view, it's not like I feel vindication. Well, I'm glad that they came around, and that offers me the opportunity to reward the people who've been with us with outsized gains. To me, business is personal. I mean, I have multiple passions in life, but over the last 33 years, we've only really focused on maybe half a dozen, six, seven assets.
The question is, how long does it take? If I have that kind of conviction, which is somewhat metaphysical certitude about a thesis like I'd have had with gold and silver, and I have the right vehicle with which to be able to get the greatest leverage to that, especially today in a jurisdiction that allows you to keep the fruits of the leverage, I can hold forever. I don't get frustrated. So by the time people come around to my point of view, it's not like I feel vindication. Well, I'm glad that they came around, and that offers me the opportunity to reward the people who've been with us with outsized gains. To me, business is personal. I mean, I have multiple passions in life, but over the last 33 years, we've only really focused on maybe half a dozen, six, seven assets.
If I have that kind of conviction.
Which is subject to as metaphysical certitude about a thesis like I have had with gold and silver.
And I have the right vehicle with which to be able to get the greatest leverage to that especially today.
In a jurisdiction that allows you to keep the fruits of the leverage.
I can hold forever I don't get frustrated so by the time people come around to my point of view, it's not like I feel vindication.
Well I'm glad that they came around and that offered me the opportunity to reward the people who've been with us.
With outsized gains.
To meet business is personal I mean, I have multiple passions in life, but over the last 33 years.
We've only really focused on maybe half a dozen 67 assets.
Thomas S. Kaplan: But if you look at our track record from first investment to exits, the annual track record is into the 80s of %. That was actually over 100% around the time of the financial crisis. But the last 10 years or so have been almost like watching paint dry in the mining industry. But fortunately, the fundamentals always will out. I've never had a doubt about gold. And if I don't have a doubt, and by the way, I'm always questioning myself. I'm always saying, "Have the circumstances changed?" In fact, in 2007, when I made that statement at a private equity conference that I was selling my energy company, the fastest growing natural gas producer in North America, to go into gold and silver. And remember, I'm in a petro state.
But if you look at our track record from first investment to exits, the annual track record is into the 80s of %. That was actually over 100% around the time of the financial crisis. But the last 10 years or so have been almost like watching paint dry in the mining industry. But fortunately, the fundamentals always will out. I've never had a doubt about gold. And if I don't have a doubt, and by the way, I'm always questioning myself. I'm always saying, "Have the circumstances changed?" In fact, in 2007, when I made that statement at a private equity conference that I was selling my energy company, the fastest growing natural gas producer in North America, to go into gold and silver. And remember, I'm in a petro state.
But if you look at our track record from first investment to exits.
The annual track record is into the Eighty's a percent that was actually over 100 <unk>.
Percent.
Around the time of the financial crisis.
But the last.
10 years, or so have been almost like watching paint dry in the mining industry, but fortunately.
The fundamentals always without I've never had a doubt about goals and if I don't have a doubt and by the way I'm always questioning myself I'm always saying have the circumstances changed in fact in 2007, when I made that statement that a private equity conference that I was selling my energy company fastest.
Growing natural gas producer in North America to go into gold and silver and remember I mean petrostate.
Thomas S. Kaplan: They said, "What is your target?" And I said, "My first equilibrium level is between 3 and 5,000." And then the next question was a very, very intelligent one, which was, "What can go wrong with your thesis? You obviously have so much conviction." And I said, "For the first time in my life, in my career, I can't find how I'm wrong, and that scares me." And for years, I was looking around for people to challenge me, like an ancient Greek with a light, Diogenes with a lamp, looking for an honest man. And I was never persuaded out of my position.
And they said what is your target and I said in my first equilibrium levels between three and 5000.
They said, "What is your target?" And I said, "My first equilibrium level is between 3 and 5,000." And then the next question was a very, very intelligent one, which was, "What can go wrong with your thesis? You obviously have so much conviction." And I said, "For the first time in my life, in my career, I can't find how I'm wrong, and that scares me." And for years, I was looking around for people to challenge me, like an ancient Greek with a light, Diogenes with a lamp, looking for an honest man. And I was never persuaded out of my position.
And then the next question was a very very intelligent, one which was.
What can go wrong with your thesis you obviously have so much conviction and I said for the first time in my life.
In my career.
Can't find how im wrong and that scares me.
And for years.
I was looking around you know for people to challenge me like.
In ancient Greek with a light diogenes with a lamp looking for an honest man.
And I was never persuaded out of my position.
Thomas S. Kaplan: God only knows, or excuse me, heaven knows, there is nothing that has happened either within the realm of gold specifically or the macro circumstances in which we find ourselves that has done anything to dissuade me from my firm beliefs, which are, as you've seen, that gold will do as the Dow has done in terms of the breadth, long waves, and sweep of the bull market. It may happen much faster than the Dow for reasons that are almost self-evident at this point. So it's not really so much about being right. It's about doing the right thing. Candidly, I've known gold because I felt it was the best way to protect my family's wealth. And the fact that we express that through mining companies means that other people can join in if they like what we're doing.
God only knows, or excuse me, heaven knows, there is nothing that has happened either within the realm of gold specifically or the macro circumstances in which we find ourselves that has done anything to dissuade me from my firm beliefs, which are, as you've seen, that gold will do as the Dow has done in terms of the breadth, long waves, and sweep of the bull market. It may happen much faster than the Dow for reasons that are almost self-evident at this point. So it's not really so much about being right. It's about doing the right thing. Candidly, I've known gold because I felt it was the best way to protect my family's wealth. And the fact that we express that through mining companies means that other people can join in if they like what we're doing.
And God only knows or excuse me.
Kevin knows.
There is nothing that has happened either within the realm of gold specifically.
Or the macro circumstances in which we find ourselves that has done anything to dissuade me from my firm beliefs, which are as you have seen that gold will do.
As the Dow has done.
In terms of the breadth.
And long waves and sweep of the bull market and it may happen much faster than the DAU for reasons that.
Are almost self evident at this point so it's not really so much about being right. It's about doing the right thing and ended.
Goldman.
B.
I felt it was the best way to protect.
My family's wealth.
And the fact that we express that through mining companies means that.
Other people can join in if they like what we're doing.
Thomas S. Kaplan: But first and foremost, it was out of personal interest. And so being right is not about crowing about it. It's about knowing that we allocated capital properly for our kids. I hope that answered. Well, you made a statement, but I hope that that just gave a little bit more context to it. It's not so much about being right. It's about doing the right thing. And that can sometimes seem different.
But first and foremost, it was out of personal interest. And so being right is not about crowing about it. It's about knowing that we allocated capital properly for our kids. I hope that answered. Well, you made a statement, but I hope that that just gave a little bit more context to it. It's not so much about being right. It's about doing the right thing. And that can sometimes seem different.
But first and foremost it was out of personal interest.
And so being right is not.
About crowing about it it's about knowing that we allocated capital properly.
For our kids.
I hope that answered well you made a statement.
But I hope that that just gave a little bit more context to it its not so much about being right. It's about.
Doing the right thing and that can sometimes seem different.
Mélanie Hennessey: The final commentary is worth sharing, and I'll just read it. It comes from the line of Jim Jameson. Mr. Lang, Dr. Kaplan, and Mr. Paulson, my wife and I have been NOVAGOLD shareholders and related Trilogy shareholders since 2011. I have been a true believer from the get-go. My wife, not so much. Thank you all for saving my marriage. Just kidding. Seriously, thank you for your blood, sweat, and tears. Your extraordinary efforts, patience, resilience, and foresight have brought us this far. We can't wait for the next eight innings. Best wishes, Jim.
Operator: The final commentary is worth sharing, and I'll just read it. It comes from the line of Jim Jameson. Mr. Lang, Dr. Kaplan, and Mr. Paulson, my wife and I have been NOVAGOLD shareholders and related Trilogy shareholders since 2011. I have been a true believer from the get-go. My wife, not so much. Thank you all for saving my marriage. Just kidding. Seriously, thank you for your blood, sweat, and tears. Your extraordinary efforts, patience, resilience, and foresight have brought us this far. We can't wait for the next eight innings. Best wishes, Jim.
The final commentary it's worth sharing.
And I'll just read it as it comes from the line of Jim Jameson, Mr. Wang Dr. Kaplan and Mr. Paulson, My wife, and I have been known for both shareholders and related.
Trilogy shareholder since 2011, I have been a true believer from the get go my wife's not so much.
You all for saving my marriage just kidding.
Talk to you or your blood sweat and tears your extraordinary efforts patience resilience and foresight have brought us this far we can't wait for the next eight.
First question Jim.
Okay.
Thomas S. Kaplan: Thank you, Jim. You certainly made our week. Thank you.
Thomas S. Kaplan: Thank you, Jim. You certainly made our week. Thank you.
Thank you Jim.
You made it certainly made our week thanks.
Gregory Lang: Yeah. I'm glad it worked out for you.
Gregory Lang: Yeah. I'm glad it worked out for you.
I'm glad to work out for you.
Thomas S. Kaplan: Yep.
Thomas S. Kaplan: Yep.
Yes.
Mélanie Hennessey: That ends our Q&A. So back to you, Aisha.
Operator: That ends our Q&A. So back to you, Aisha.
That ends our Q&A and go back to Asia.
Gregory Lang: All right. Well, everybody, thank you for joining our call.
Gregory Lang: All right. Well, everybody, thank you for joining our call.
Alright.
Thanks for joining our call go ahead.
Mélanie Hennessey: Go ahead.
Operator: Go ahead.
Right.
Thomas S. Kaplan: Thank you, everyone.
Thomas S. Kaplan: Thank you, everyone.
Thank you everyone. Thank.
Gregory Lang: Thank you.
Gregory Lang: Thank you.
Thank you.
Yeah.
Sandeep Iyer: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.
Operator: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.
Those things still close today's conference call. You may disconnect. Your lines. Thank you for participating and have a pleasant day.
