NovaGold Resources Inc. (NYSE:NG) Q1 2022 Earnings Conference Call April 6, 2022 11:00 AM ET

Company Participants

Melanie Hennessey - VP, Corporate Communications

Gregory Lang - President and CEO

David Ottewell - VP and CFO

Thomas Kaplan - Chairman

Conference Call Participants

Operator

Thank you for standing by. This is the conference operator. Welcome to the NOVAGOLD First Quarter 2022 Financial Results Conference Call and Webcast. [Operator Instructions]

I would now like to turn the conference over to Melanie Hennessey, Vice President, Corporate Communications. Please go ahead.

Melanie Hennessey

Thank you, Sherise. Good morning, everyone. We are pleased that you have joined us for NOVAGOLD's 2022 first quarter financial results and also for an update on the Donlin Gold project.

On today's call, we have Dr. Thomas Kaplan, NOVAGOLD's Chairman; Greg Lang, NOVAGOLD's President and CEO; and David Ottewell, NOVAGOLD's Vice President and CFO. At the end of the webcast, we will question via the prompt, as Sherise mentioned earlier. Additionally, we will respond to questions received by e-mail.

I would like to remind our webcast and call participants that, as stated on Slide 3, any statements made today may contain forward-looking information such as projections and goals, which are likely to involve risks detailed in our various EDGAR and SEDAR filings and forward-looking disclaimers that are included in this presentation.

I now have the pleasure of turning the presentation over to our President and CEO, Greg Lang. Greg?

Gregory Lang

Thank you, Melanie.

At the end of the first quarter, we reported the final assay results in a joint release with Donlin and Barrick. The 2021 drill program was completed in late September, with 79 holes, totaling approximately 24,000 meters.

As shown on Slide 5, both Barrick and NOVAGOLD agreed that the 2021 drill campaign finished strongly with high-grade intercepts and some of the best drill results for an open pit project industry-wide. Examples shown on this slide include 7.8 grams over 92 meters for a grade thickness of over 700.

The primary objective of the 2021 drill program was achieved by validating recent geologic modeling concepts, to support future feasibility work, data collection for geotechnical and geometallurgical purposes, testing for extensions of high-grade zones, and to identify 2022 drill targets.

As a result of the success in the 2021 drill program, the program was extended into 2022. Once the 2021 drill data has been incorporated into an updated resource model, the owners will determine updated mining schedules and life of mine business plans prior to shifting to an updated feasibility study, which is, of course, subject to formal approval by the Donlin Gold LLC Board.