NG - Earnings call transcript Q3 2018 | NovaGold Resources Inc.

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Operator

Good day, ladies and gentlemen and welcome to the NOVAGOLD’s Third Quarter 2018 Conference Call and Webcast. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this call maybe recorded. I would now like to introduce your host for today’s conference, Melanie Hennessey, Vice President, Corporate Communications. Ma’am, you may begin.

Melanie Hennessey

Heather. you, Thank everyone. Good morning,

and pleased third that Donlin. us are NOVAGOLD’s have today’s our speak recent achievements. you results and NOVAGOLD’s President Lang, quarter Greg on we for who for will call, about We have joined CEO an On update

as end involve also SEDAR Ottewell, today will filings started, our pleasure Chairman the President and the remind statements the remarks Greg? also joining this of we us introducing NOVAGOLD’s before listeners I and We make today At and speak any and some risks will at get various NOVAGOLD’s like Lang, that, which who EDGAR President e-mail. disclaimers have forward-looking great by take that our presentation. Thomas to the have financial our are CEO. likely and Kaplan, With detailed David projections I goals to end closing we NOVAGOLD’s about But webcast, information phone in results. questions to may Vice call. in CFO included of would And such Dr. be and by both made contain of Greg forward-looking will the

Greg Lang

everyone. Thank and good you, Melanie morning

sale have milestones company. on well the Newmont, the permits diligent be up that and company’s as quarter’s Creek achievements, of could focused Record history the the pleased of Donlin were chain, momentous Decision laid for with to of than as on us that couldn’t delivered Gold we of the more taking about to in share state value the of assets the From hear out to work third are outcome. Galore the given We federal you strategic years of our I X project pleased the quarter significant join we more strategy the our successful results, which receipt multiple the company. last of After

in one and excellent Alaska, the project development. leading jurisdictions the development we unique size, permitted that potential, in will responsible a exploration We industry federal permitting to Decision come. have of project Gold signed on world one agencies grade and project the who outstanding for our ever Gold the of in mines become significant the August of the now in positive mine Record its metals of The Record the Donlin completion believe welcome best With have for first process It the noteworthy. Decision. of were decades two time precious federal a joint Donlin was very

at the the shown of Army As Land Bureau for and Management Engineers Corps were ceremony. Slide X, on of feed present the signing

We are was pleased participants contributed immensely approval. Slide with native Everyone partners, Engineers, Calista and it as Barrick the this ceremony in representatives in the Record years Carey were Permitting signing United and involved from project our Donlin very it possible. The Andy made Decision X approved from and in process image Corporation, proposed of certainly has with of NOVAGOLD and representatives the Record Corps stipulations Kuskokwim requires from Maver Cole from the added of to was unusual the the the of the an for no Decision. the this as shows the BLM, patience. Andrew present. Gold over of States all Guy

with This will their stated decision spent is get handled of Federal the the the This and approved. working right demonstrates Alaska way it year, get to of EIS have right in did. the counterparts. from see to Corps the encouraging a record publication take Earlier agency also to that State Army is project, they We permitting parallel X this months about point. this the X to years write would Engineers of

and discharge permits. of issuance state on completed four quality, X, the shown permits were the water including habitat Slide state fish key As air

project the In pipeline public Gold expected of in strong committed in to joint X social disciplined the environmental a period quote of record Growth. in the along Reclamation and Executive issued have the and Slide NOVAGOLD Management financially quote and Plan in focus Closure manner, Rob decision we draft on of right-of-way. Exploration Waste quarter On Barrick Krcmarov, Donlin & advancing addition, of remain be Barrick’s to announcing portion which the the release the are press responsibility. This with the the August. and state closed the first comment for Permit XXXX stewardship included President from was with Vice

sale July on XX, the our of in quarter Galore was $XXX the key of third Newmont. that the delivered treasury. to closing added million Another Creek was Upon NOVAGOLD milestone on transaction to

when $XX We or decision. also feasibility a the feasibility July two when the contingent also million the on or than no upon and due payments payment five. $XX construction $XX million XXXX make study year of preliminary million final XX, study completed is owners of additional completion have is A the later

of August and pleased was very site last It are quality participate our transition and Nation to Teck a with ownership honored for outcome for the gave this Newmont safe There and a the to jurisdiction Tahltan ceremony photo project with parties development involved. on with a continued was Nation, Newmont. gave We this in It Columbia. NOVAGOLD Gold. in capacity a to British in partner foundation advance project with Newmont Teck the was financial it Slide Donlin advancement Tahltan quality X transaction, a at all high allows a establish great included I in Newmont project. high the

approximately liquidity to the the great What this today. in additional treasury? As billion wish for $XXX next Creek. NOVAGOLD cash which years. included to our do and with with transaction the X We does shown have receivables approximately With XX, Newmont are Newmont from going million Gold in receive Slide on $XXX will the directly be with closed project an we Galore Donlin of we those quarter $X.XX expect advancement Teck the delighted in the of and in future development success million outcome

With initial the unlocking completed the as largely an and value concentrate focused asset basis the on of Barrick development this integrating level serve and from NOVAGOLD can capital the efforts work that on updated for could latest work, scoping plan. reducing

the highest and one benefit well positioned pit rising prices. largest project is grade world’s Gold to open undeveloped from As gold gold Donlin of

As Slide the shown on an XX, forward quarter. in providing fourth we the on path were update

third as We conducted are our project. In and partners the in efforts of the Calista the numerous engagement our to Native stakeholders on quarter, XX. Yukon-Kuskokwim on with highlight benefits proud and the Slide of highlighted Donlin extensive the shareholders meetings TKC, village local region

waste part villages, removed. six We also successful removal where waste took was hazardous in in new programs environmental and

and programs continue for education scholarship youth EXCEL is support initiatives students, as education provides and We Alaska, that which such Alaska. across programs rural academic TKC career to Calista non-profit for technical a and

dinner also and a of a We also turn group with to hosted Native diverse key commissioners financial partners. the over the the site Ottewell. our state tour Donlin conducted call David our Corporation property of representatives from I'll and agency that, a Governor, for Gold July with And Dave? in executives CFO,

David Ottewell

Greg. operating Slide performance. XX Thank highlights third our quarter you,

discontinued an decreased and loss Galore loss includes to to lower Donlin loss net third quarter $X higher continuing costs Gold Our operations $XX from million, permitting the Creek. at million on operations due by million income. sale primarily $X.X interest from Net of

net offset $XX and The approval of receivable partially receivable adjustments notes net the $XX.X sale was deferred in which net on million in and Galore at cumulative loss of million. the of on a of project proceeds currency flows proceeds of and the of to on Creek and exceeded we mentioned, cash assets the $XXX.X $XX was a accounting No final million. sale foreign construction. by assigned million a Greg the net $XXX million include XX. million million, Cash $XX million value book the for $XX on are reclassification Slide $XX.X of $XX As highlighted recovery valued of total resulting by purposes value million tax translation

the decreased term During after costs Greg Creek XXXX, quarter in we lower of back on $XX.X operations the to of Galore year And used of and you. Greg, costs $XXX,XXX. million cash of $XXX,XXX million. the proceeds ended were prior Gold. cash the at from deposits sale to Donlin mentioned, quarter with due closing as third $XXX permitting by Net quarter continuing cash

Greg Lang

Dave. you, Thank

Turning Gold industry, the XX and along compare Donlin Slide is a years a Donlin a on to times you be projects of required and Slide With a are of peer to ounces metals exploration mining XX, XX that brief XX, excellent gold, average. life local group with partnerships attributes output, other in the Gold overview stage structure in safety, development its decades at projected asset pacesetter Starting its measured of make for industry and superior peer in come. operation. our at upside, size on look size operating with is all we the grade, the own it to a many mine cost to Donlin expected to jurisdictional size, really Donlin when precious successful this of strong has million significant low league four if

the benefits profile at is Gold top million been the industry XX. Another tested. increasingly In resource decades the attribute XX longevity Donlin's will emerging and terms earlier than quality when to the are drill group sources per is the Slide the production, on production extensively average. and list Donlin that’s key scarce, of great stakeholders presented project economic same industry ounces Slide an grade shown of important. on quality X.XX where life X greater of mine of is of over XX-year year grades an in Donlin twice come. for reserve peer anticipated compared grams, The development our At the in production is at declining to are contribute has the all becoming deposit. to of Once

Slide core us XX, of understanding X,XXX deposit, roughly in-depth XX% we of deposit. them over the holes this being very shown As a with on in drill have giving

Slide drilling delineated which the the the along gold contain XX potential exploration belt. on deposits X completed Lewis and resource. shown remains white ACMA mineralized the kilometer all ounce million to-date, border are The in XX Beyond as

efforts of We have and in drilled time meaningful with drilling. we for the private designated leading When partnerships system. and exploration right, and engaged number Donlin kilometer land the our They and a on X is for mining TKC less of project. programs. outreach Calista will than the both resume beneficial Being Gold life-of-mine is are half agreements with

possible them. as We are would thankful have critical milestones TKC and not Calista these for been without

jurisdiction, attribute is safe located producing Donlin that Alaska. Gold gold it in of key Another a the second largest is of state

risks highlighted tier. Slide on operating on of given the out XX, is As key the location front

and completely is within with development timeline first the history Donlin state the for owner’s permits the in key federal project the of project time For Gold hand, the control. in

chapter of optimization, next in the project development We the will Donlin world. up what and will ultimately of largest value gold look advancements work we moved to forward mining further we of the Gold and have operations one chain to expect the become technical

million, right $XXX and partnerships assets. of forward. doubt a As most shareholder our by to and a XX% people has top leverage unique Slide investors. Donlin lucky I we top-notch the which jurisdiction a who are truly metal strong sheet world’s of asset precious potential one balance are and our shown project XX, of the to with that shares opportunity and on to believe safe conclude, held become the have this have the represents. Over no the X To in NOVAGOLD coveted base take

few Thomas open I Kaplan Before for Dr. comments. Chairman, line Tom? closing to would ask a questions, the we to add like our

Thomas Kaplan

hope Thank hear can very I everyone Greg. me. you much, that

I presentation, which with the Greg anyone just outlined listening away really should to takeaways. come that think several

in XX truly the privilege company celebrating worked and is only there XX first and that natural the not do this which which and pleasure in am am I NOVAGOLD, be believe my Chairman the of I but of investor public year. mind as I the is industry the Chairman honor, years in The an NOVAGOLD is almost It as resources years guilty that of Chairman. the also is I management best NOVAGOLD a largest to my have that no those team, leadership a in of doubt company the the only is that with

They shareholders, things their can And you that prospective laid that promises ago, The have able and instances its many of When in so And I secondly, take them joined see we to some are that those of time with with fact to all NOVAGOLD just said development of say good it in justification unicorns few your of into company that do go that have they think run good place, were I be this about achieved that this us believed be all federal, deal a they true on in in the there which the extremely knew company what has do be our and state faith were pure-play in, best done. consequence milestones one and industry years shows been what be that can local with you changes all people than to things. and should communities, way that the moments doing, but understood to how a took but do more rare and a leadership as a turn investors in of made, all promises which able the of its great wanted a in well also at to fulfill the to keeping their that we When we going X when and stories faith very you keep same it investors their them. technical wonder regarded critics we managed confess, that really going and company were came Greg of to we really have we as strategy with able scratch managed were expressions shares. was companies When but the of way. with this the that with is in a meant no a this the we extraordinary. improve a strategic and have head done, I to we of a to governments, beautiful right, gold considered That we spinning that factors to own industry. so who can in shareholders, Grail. That we has account is into fabulous company company to clarity, meant be their time relationship enterprise of asset, initiating show a one in that faith stakeholders be excellence asset, is in which what permitting as to partner objectives in shareholders for but now Galore the those of out Trilogy, true do into we what those execute we our their Alaska size, be on that monetizing its would of could NOVAGOLD who investors NOVAGOLD. X, for meant acknowledged the state keeps executives That skeptical we were just off turning rare, focus highlight that NovaCopper so done Holy partners, other stabilize Barrick. NOVAGOLD not the the When when can especially shown mining a of take people with one it’s it’s able at first with which it kept should if we some appreciated.

elegant way. these very, very pass to to a of have All come have things all pass. come in They

monetized We NovaCopper. have

We have monetized Galore Creek.

kilometer that the go we the gold the sheet many, went the the time today, regard could strategy something industry in hell, are reason if back almost is and I to gold be my time making shareholders. kilometer pure project back exploration of asset I X kilometers to not to bones greater land development anyone next the will indefinitely. that Donlin. night at to be almost what This have show for XX that that to in is needing up and to you when our to when expenses gold And points be huge that’s producing not plus have We world without strategy. I will their combines our will could you It sleep up the threats that because to we price I unique. of pure to mining is belt that ounces me overall largest on as have There believe will out to the you mineralized that’s of we many a starting at longer on just a jurisdictional will it’s truly shareholders, advantage an come and is three stock times we the when about have be defy tell no risk and million than assets a gold today, no only the are you industry is best There we worry the Donlin companies a few and but world longevity along, the waking a world located at that’s eight this with the theoretically industry. package. today. of attributes and just we single owned nationalism, what belt the the industry thought which are many, it go mineralized finding made only be And percentage is resource go existential in play a you mine beautiful be in of but last have where it’s able on in we in have don’t today’s on a you jurisdiction best to stage one That balance own.

balance We great have a sheet.

We enormous exploration potential. have

envy mine of of industry a that is that the a multiple and is have the average. a at grade industry We life the

that going is we the when this that certitude something resumes uptrend to the because heart you believe is these take times we us all-time get gold of will patience sentiment zero is to Seen it the of new before to mind story They who believe a whom our time And say of call hard shareholders the NOVAGOLD returns with all how keep whether There combine sign one of know this given invest change and greater and metaphysical company, stocks. a want our I rare that when them Electrum, will Donlin the of are prism all asset management permits, back not dollars, be my with you times, gives long-term the the reflected will able why in jurisdiction sales leverage within see at no that have Electrum Holy is even of it’s my be leverage reason a be and allow this to one is doubt which call gold we that we will we highs they has metrics this comes. from by So this the will the asset to gold our mining, us through fruits space to in earned analysts that that space we only with results, know to one great to as the invests Grail. achieve. to institutions. for you in flagship that we can change, in assets will these when go negative people than joy and unique, such expertise think great with great that to those going that find very, opportunity because manner a shareholders deal in and will stock what the very on This of back assets. day that all a necessarily the the go when look favor we into that I metrics company when when matter

way. those to have management the I our our team, of the achieving who Alaska, the all for who corporations have the to Federal to take sure Government, former obviously about and Back and accomplishments to informed company, in want the space the mining in are incredibly Government so make of State shareholders, wish those you tirelessly and want Newmont remarkable all brilliant really thank I Barrick best the their done thank but been of at made we the Galore. professional again want of in last partners, kept all Galore, industry. communities, communities progress at Directors, to to development once shareholders not our an thank Board thank have that partner our who to partner And the them of So native goals with want just I quarter’s and of have of Greg at worked this I our that, these analysts success so also opportunity

Greg Lang

Thank you, Tom.

lines now are We questions. the for to happy open

Operator

from Thank Bridges John first [Operator with you. Instructions] JPMorgan. Your question comes

open. Your line is

John Bridges

Hi, talk there, after good speechless morning, I'll Tom, myself. Well, force almost I'm everybody. but your

what maybe there's been then of any you? as change the more Barrick, management so spoken a to scoping telling you. far? detail give sort when bit Thank us So, expect and to out I wondered that’s if just you’ve they you study it of and at could were if them a to come insights of And

Greg Lang

to and being of thank on you the Tom study. turn I'll the scoping speak for I'll question part John, the to call. then first that over

Thomas Kaplan

them the thank this with all, of I in Great your integrity Mark said just his I tremendous professional, personal practitioner, are as exemplary I've but I've of each over proven our and and I personally this the ascension my respect, XX many in am remain business. at say because Barrick, camaraderie, he professionally has to by that one greatest only coming as years John. and of one times the of intelligence of Mark First been not not because last that of With hear to that – his voice. experience character the also And business. changes marked you, Bristow. this his is a see experiences and publicly say had generation regards CEOs a and credentials in are to privately thrilled

and I extraordinary have just not understand when sees that Bristow in to All who of business Donlin is are has any is cited just there think he and I Greg the don't that doubt simply it. this about facts, news, story are fake able attributes facts, anyone an not they alternative facts, they're Mark which

to teeth than A assets wise our its go strategy that steam, they're and in our into man and order know You kinds these not rarer before once hens' to me not to time. and job are is not gold is of wine consumption. Indian subsidize production make Chinese told any

the Barrick leadership had been heard hear to decade if I that this from me, combination to now this good heard guess, and experiences, this which for I a the the So and in that very think I understanding if we fair leadership shared from to have. business myself of story predicting continue guess, common had would much the breakthrough. and us and it's I, Mark just that I Greg? we've I incoming major, together is am the has last had the speaking things me, say the has has beliefs think ahead. major for and that will for really really, really, This to in this

Greg Lang

later speak John all we'll and And year update plans to Thank approved on study Gold and the Donlin work question scoping we're our laying out program for presumably the us, position your of and that of sometime Tom. in the actually be be year Board the work you, ahead next that's this will tomorrow just meets a to to stakeholders. and

John Bridges

Okay.

So, study when scoping the released? be will

Greg Lang

the of work next for program context Within year. the

John Bridges

February or in So, year? January next

Greg Lang

on We'll haven't as path forward John. firm Barrick. everybody date, We develop we a apprised the with landed keep

John Bridges

Yes.

well-done to on be the everything understand, keen progress, just on As to moving model, seems nicely, improve very am congratulations on my to anyway you I you the guys. can it’s

Greg Lang

you, Thank John.

Thomas Kaplan

you, Thank John.

Operator

you. Thank

comes Lucas Riley FBR. ‎B. Your next question Pipes with from

Your is open. line

Lucas Pipes

don’t that point, this job I as to impressive of on all Greg picture past very maybe of the outcomes. great Thank you were as greater very execution see do if kind broader months. industry asked on the the you the would a to questions but fantastic wanted done, consolidation? well I it’s see what on but X belabor a really over of consolidation morning to everyone. the a – and and John much you view you Tom, just and point need top what congratulate a want from of implications two to bigger my in good follow-up be do trend so list, I

Greg Lang

will question I lateral Lucas that for call. I to Thank joining the Tom. you think

Thomas Kaplan

the this Thanks go gold industry remain your going just look nature Greg. bigger of those will understand hearing it’s to because get in people bemoan start that business, up value the in when in to value, the in small when a their move, very going reality when people you Great very, vacuum voice who is and pours this capitalization propositions industry companies see terms are is Lucas, market a mergers that making and too caps not the is is out market this. to grow way The to as is Barrick, there The has small grow, acquisition. point I accommodate pretty sure between out that are caps thing gold and in I very bigger would of see the simply to make market even think that this we them. really there. Randgold are such if to they much going truth to want through that companies have And prices

can minimum it the discovery also of to that XX-year in up the of But So making to is a a horizon. actually a all X,XXX value to do today’s from going take world take chain production a that, The can buck is to time I XX,XXX way taking reality you a odds I build decade. I that love you X time but through mine exploration. to the to

for I and think you the discovering the don’t big now new more. the a mean will, can I because they think to do a even focus because move ounces, for in needle. has needle I where to including deal fact any others something don’t industry from Hydrocarbons not if they new size, there, be why are in In they significantly the twice no production, maybe made mean there think not reason the they if grow being financing assets I like are say acquisition that’s X.X at move And I size, you not not average we so than is is energy of if pipeline, million through that can. prohibitive the which place as very places needle no more you out deposits, far will on ounces a anymore X able those industry few. we to because Donlin And that ounces look There ounces are that. find X move hydrocarbons. will shale and But other they will people group ones in million has even a a if is that when usually X.X mining are new then very million many are it’s million need discoveries mining that have are that company, industry. substantial the are transformed the that are not we

had We that equivalent. haven’t

First of the equivalent all, don’t we seismic. XD of have

jurisdictional It’s Secondly, I can years of be untapped It’s that hydrocarbons. of can technology projects produce standards, of think mean ago years gold that waiting vast resource put And am think is are and like risk wings the to the further drop like the I mine yes, of we because goes we not reaching for the normal all will we terms to new size, back the online that point don’t be but areas, those there could change, gold resources grade, said gold the potential, it’s even is seeing is coming go I Sukhoi by life. demand not the by that way to it have be online, think feasibility ocean nothing exploration X,XXX the X.X out we that Russia, thought so to don’t a projects appreciable that X,XXX, it’s and if we There about producing And will comes that supply-demand the nothing, accentuated in in but as we just don’t other coming right the that in existed X,XXX, a in second which And are don’t that that in It’s in it. already production a and prices have do market which will Donlin when will. Greg? are industry not also by the act projects believe amount We multiple. gold the going why to of Russia, and the first in study deterrent and accentuated not of the in possibility that were will United quantity, see of else the as peaking. the resources, which it be like going in union. acts gold where then States in Grail. call would otherwise lots X company come on by are Log state is in always Holy huge Donlin. the to to an by it imbalance be there with deterrent year, up, nationalism unique million okay. that ounces I largest when to are having knew standards we have be projects gold came I a out water in it’s the unlock only then there we way we big it’s technologies and

Greg Lang

does Lucas, that your question? answer

Lucas Pipes

do how term your but know outlook – mean living I appreciate investors prices somewhat your longer gold have performance future and lackluster, bigger from outlook do trade I with and I and as scoping would Very resignation well, picture is but hear the gold maybe you I helpful. the uncertainty bigger the the there, then views is I I world thing staying but picture acting too Thank certainly but your on on stronger question we of little to in think current square is I am there growth obviously quick one are that? on word, what follow-up a are out follow-up you. a staying study as tensions bit a Maybe

Thomas Kaplan

too there correction I of market and clock could allow distant first can least down, will scenarios Gold been one clean generational using by have likely which view of is in spike to a have that our $XXX short expect two the wave learned where either not we say everybody’s I I pattern just one a in a that. am have the is either market been chart and have of for to a of followed them but behave to reality you the a that way what silver took we experience began bull future wave in am gold we gold the technical of resumption jargon bull one which in around in do. decline expecting and we through X,XXX, at Well, all started $XXX,

we would that it aggravated is the broken hope in to When don’t Gundlach a of the all and do to this snake, going Jeffrey to the grade know do this net move you things supply-demand going and decline the than the gold. declines, discoveries, I by one of the ended year, issues the I to including rise that wave extraordinary in by fear readying is collapse not go higher in gold already interpretation move XX goes numbers, higher compound that thing don’t. the that a at or for of which next one believe wrong prices. and say going answer. short says investment because itself have the just But like help will out be coiling we to heart is years that the some collapse which are trigger the years world it that of I production fundamentals, I factors which as of really central will XX other all myths even is significantly increased trend jurisdictional production is which its I banks. if began pattern And consecutive down quality, a about it’s is means which year X,XXX the it, it for look in The that of negative you one as gold they was for believe if wave

fears, gold fears, up, down up, still but there up, oil would stability. down, still go dollar and if time, also weren’t risk, went go geopolitical go there would would go were dollar still deflation During would went inflation gold geopolitical gold would that oil were, there up, up, go

of apparently impact. So things that in years, they to gold for thought see in that needed a people had no those order really XX move all

was XX% point in right our company bull are won’t buying people I borne when going am or buying fact energy that. It and why or XXX, was will no the that like of around sold was a is We was the post sense be gold the X,XXX. long-term Jones we happen Markets just doubled In And were expect point think the a ex we that tripled, market I move following, at news. distinctly fears is says next at makes more say, XXXish, do because believe for period not gold that to during X,XXX remember take XXX, we trigger when out and next aware euro Tudor and oil It told inflation at its X,XXX facto I any one because by dollar by our thesis XXX, ones that than gold X,XXX gold on the are in I the we Paul which basically, required. then see fraction everyone to other at doubled. start big out XXX, In just into do move will has probably and embarks let’s will necessarily fact, contrary it be words, upon that gold wave, of that XXX. that doubled. will strengthened of a justifications this that I best. go oil it��s dollar has yet gold gold, XXXX, the to of price

Lucas Pipes

you Thank Tom. This very is helpful. much, great. Very

Thomas Kaplan

are You welcome, Lucas.

Lucas Pipes

thought of what I terms study, how your can scoping elaborate are, you the very Greg, answered scoping what focus? you Thank you final on could the you. would like were mean, to the when cautious down you you addressed you – and time where see study question tomorrow, sit question, maybe to follow-up John’s you and than on but I of in spent most priorities in the

Greg Lang

work will And having position a with year’s Decision steadily to lot we it’s with a am other plans destiny take stage we really into forward a working and progress working clearly partners, us with in we control great I Obviously, as Gold shape us put look interest. up to the Donlin. have about than of your everyone right, of appreciate really think so I in for think a advance detail our in been and at we next does of for partner XXXX and provide to Record we consideration project. I is in hand a to updating say progress this not deal now. time our Lucas when And I the will made that how have of developing our Sure, Barrick and Donlin are

Lucas Pipes

a appreciate for it. I time it’s Got tricky you.

up eagerly great keep you. be the progress your will Thank and We all waiting for work.

Greg Lang

Thank Lucas. you,

Operator

Thank you.

next comes Your a Hays, Investor. Private Joe question from

open. is line Your

Joe Hays

long the been as I have involved as invested Yes. you NOVAGOLD with been company. folks have twice for the probably with

give to before profitable perspective. look older now I be a different and used in some a take am at enough I me of terms gold man. So some young projections to I market? you it I mine it man. become wonder years becoming an NOVAGOLD to will if can actually

Greg Lang

few you patience sure over company. first progress the your the Joe. you in last followed changes years. I Sure, thank the the am for with Well, off,

We are year. now in next programs out the for process laying the work of

are X or into we to we and have point in decision. And put would by Donlin that you a next take of decision markets year advancing that that production. to ultimately guess bring lot at the driven can time. would you about we about, of spent a once And end-to-end be construction there do reached the could regard lot so do steadily curious or and will it horizon the we project I project a price to And in gold is years be the work that time concurrently the X a

Joe Hays

it’s minerals dollar would to stand have a do make price time that figure feel you achieve you the gold have this a figure that do come that stratum, at you you profitable be worthwhile, gold realization? for to the now until are situational What you looking into presuming

David Ottewell

has take decision. in strictly of just think market got it’s alone, to our partners be Joe, factors gold got be a it’s into variety considered, so consideration we make that share it that price quite sentiment, our be terms of of to don’t got be we it’s price, to before No position we it’s will

Joe Hays

that. for the appreciate I Thanks information. Okay.

David Ottewell

Joe. you, Thank welcome. are You

Operator

you. Thank

a Smith, Investor. Jim from Private comes question next Your

line is open. Your

Jim Smith

December team a just the vision want since in inspire all I were keep you am also am meeting his the XXXX, Jim Kaplan they incredible ability want that’s dedication old just questions, have especially for I that complement two have did a I the asked, especially and to for annual expertise been I work thoroughly XX, made and good you. and stockholder statements last I I complement to to Dr. the Hello, MUD] up his the Smith, have I as stockholder, management of and but

Thomas Kaplan

Thank you for calling in, Jim.

Greg Lang

Thank you much. very

are kind You you. very sir. Thank

Operator

you. Thank

comes a question David Lezinsky, Private next Investor. from Your

open. line Your is

David Lezinsky

and opportunity I to for being gold out Hi see to to because landfill miners up loses I their management wonderful trash Greg, it’s landfills, up gold less it’s said comes everyday, they day. want panned you to mining filling what full. thank also wanted eventually honorable money to it When be gold has with something. and the take valuable, you valuable up everything because it digging a becomes minds live the this to just will say. compare and you less at And and it major look every the industry, when they're become

that is a as tomorrow if that to see a my it like and quantity, another I to of bow you is, replacement [Donlin] with guess I replacement, question in kind price is so mine major? a someone the need to there would to going they're love came So where

Greg Lang

I the thank you call. first Well would David, joining for

another will lateral to and largest shareholder. I I Chairman think our one, that’s

Thomas Kaplan

do the for you with Jim, your company the our on First of thank and to faith call question. the is shareholders. consistent and for make of all, honor with keeping so goes our shareholders the with money your consistent said also And the predecessor to values, it integrity and something also to that job

it’s a engage in when an into there said a making be when go to are go into lot same could industrial right to As things on said which Greg on right the it’s transaction. production, determination of also

we make little commodity, the a motto, do may job well do corny, cultural to a currency. And intelligence is professional with money Our is said shareholders. as standpoint to at is And I a for character shareholders. Electrum sound Our is will from it practices as for right best as what’s

ever in after go particularly will been bubble have in situations, bubble that a will Markets that in once we the markets have we have long time. go we been assets up, not story. story the years have can be obvious in we that in should lucky pinch ourselves tell future We which not anticipate we that are very, see that felt mining depressed XX safe very, we down, I we in jurisdictions. in so were few a that those great gold shares the and if very companies, you

come thing mine that. far which the perhaps built. going a life someone may believe beyond We to of for They there the double and future. are of than like do. to great time day even one So, see us companies kind when comes are we pays us That’s this will that in the and deposit more

our to chain, so And the it when potential big replace I at multiplying, are something of knowing what’s In Greg? is that great to happy be understand thing today in could that into be would the job variables, our statement. I it’s production, when when a difficult assess really but right, not many of world go shares and industrial there it In portfolio through production try would in always not company be the into right actually for in sense that’s the go something that be when gold the all NOVAGOLD. we different to like by is and everything the look goes know move transaction, portfolio, believe that value the any So, are of all you how being this okay, tell we could, really company you. the is real. up, it’s you nonetheless which makes can only for us and of case but have replaced when to don’t say shareholders. our case something investors to corners, of very not up the right for who do prism cut take

Greg Lang

forward the Well, next call the participating end of Tom. at to for our morning quarter. you you, thank and this we everyone look everyone in Thank updating

Operator

for have thank does wonderful all This program gentlemen, and participating the a in and Ladies may conference. conclude you disconnect. Everyone, you today’s day.

NovaGold Resources (NG) 3 Oct 182018 Q3 Earnings call transcript