Recent NG transcripts
Associated NG filings
| Melanie Hennessey | VP, Corporate Communications |
| Thomas Kaplan | Chairman |
| Greg Lang | President and CEO |
| David Ottewell | VP and CFO |
| Lucas Pipes | B. Riley FBR Securities |
Thank you for standing by. This is the conference operator. Welcome to the NovaGold Fourth Quarter and Year-End Financial Results Conference Call and Webcast.
As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. now Vice turn President, would to conference I Hennessey, Melanie Corporate Instructions] like the to over [Operator Communications. Please go ahead.
Thank morning, everyone. Good you, Ariel.
the like XXXX the Greg? and in information NovaGold's Gold involve David and President project. we pleasure this and We introducing us questions, today's in CEO; call, I webcast, our for you stated and that made Dr. as remind On included end which as Lang, update would SEDAR I year-end any have Thomas ado, and the both NovaGold's may have NovaGold's risk detailed and filings today Kaplan, to an goals, Donlin our are to such Vice and call participants Greg statements take likely EDGAR X, financial disclaimers Slide webcast Lang. CFO. Ottewell, phone presentation. the have various on of NovaGold's we projections that, At forward-looking results forward-looking Chairman; pleased will of further for by and joined contain text. President Without and on are Greg via
morning, you, Thank good Melanie, everyone. and
employment. becoming on Gold more is Gold. of western great the Our Alaska, an even state is important This is and a Mining Alaskan X. part the and as important the of project Donlin XX-XX economy in partnership Barrick shown Slide project state with of revenues part to
there are in the producing map, projects the exploration shown As development and on six mines numerous state. and
of Board federal with price, corporations to and Barrick, league a with strong hand, on is own. and our an the strategic the leverage exceed long-term a permits state experienced co-owner, year. potential, the Slide well for Gold's combined far focus position project in other highlights quality as exponential rising supportive any a gold exploration team and In NovaGold its X management and When shareholders, as partnership in and development gold the Company's excellent scale, Donlin terms of cash key native horizon. attributes
cases stringent program, the good the offers gathering job to and for of Calista with allowed over our positive to results carried a program groups well key Donlin ahead XXXX, the long safely drill state, TKC, in native sustenance the and The as shutdown from and future on in partner, hunting, collaboration successful making Gold's of COVID-XX Alaska the support impacts Careful four a of fishing. safely ground Barrick, in rigs, a of includes on updates early mining and schedule corporation drill COVID-XX continue in January on workforce live partners, program. our months was with close operate people years. October the XXXX assay other August, young pandemic-related summer, activities. training the in a With safe skilled and for the region up over tribal way paying home Donlin In as and of and despite to out us life opportunity were year. that and history the largest and and work sustained two of who drill and NovaGold rose XX reported a measures can As our the safety the
lost proud the X and time natives of assays with expected drill coming XXXX drill are of in program Slide meters total program, for to in orange black. be in we and hole XX,XXX months. length locations assays reported. shows over reported The Final of our XX% report that We almost XX% greater to or have the now remaining the are drilled Alaska on that reported workforce, A local XXXX image our than assays core been the accidents. no had
the that results drill XX,XXX higher was say interpretation. for a meters modeled grade program exceeded completed drilled. only The drilled total or expectations We holes and targets. additional date to not The encouragement than also are geologic over September It improves thickness successfully provides safely of to with modeling. by previous program with XX in proud predicted high-grade
All zero cases of at site. the this project was with done COVID
for will plans XXXX Our the partners the include final from that assays report program. drill
comment all work, sections the using are file technical SEDAR included costs study intends generated of of we Alaska in land that and on the Resources transportation leases, The proposed division located Gold Wood the On Department project authorizations from early these Slide drill and Y-K foundation report pandemic ultimately, to to It and With and state authorizations high-grade our the frequent sign-off. of the optic and since and half which year. forms Donlin the this With mine build to our XXXX. rights the is great updating and model be mineral current scientific and site to a engaged travel for permits technical material the easements, final the the Natural XX-XXX easements to feasibility the structural guidance of which by created optimization the also to Therefore, use land permits, the reserve detailed received cost we facility transportation and model, engineering, project year. construction period Alaska The will land. Gold Alaska We in meet state the AMEC additional geologic the associated the the the Company's in NovaGold underway. The decision. of public XX fiber was and study, XXXX a used applications results in execution study affirm significant for data of reissue final evaluating the cable within feasibility drilling issue to gold the The XXXX right-of-way region an technical XXXX, To the December, issued study updated In of date, the primary incorporate that approval original to right on. a land the mining perform right-of-way the and denied appeal the basis gas published person first EDGAR work we Based on planned has all not AMEC, facilities. November, that reserves. not focusing on feasibility outstanding, Donlin feasibility which updating public three considered notice agreement formerly water's federal critical in geologic paused of and and that in on Donlin activities that will of pipeline the for the authorization COVID-XX XXXX, plan followed closed and are and of the a water mineralization for agreement into with will continuity a Canada, are last Donlin on for the reporting which leads XXXX, A remain authorizations qualified dam authorizations we other on on this natural half highlight but the X, of permits integrating document in anticipate the in first determine Donlin update November, the us region. the under is path. Gold of Donlin Donlin's controls still permits. Donlin site and study updated interdependence materials. we encountered. for report change comment per to of that and timing Alaska Gold The Gold no water and results by XXXX. lease are respect the does supportive assessments reclamation for is are prepared requirements report view, NovaGold lease this communities latest model in program. the cost accompanied in comment and our to that complete confirmation and currently and on buried Gold optimization and safety Gold multiyear commenced There review to all extension permits the in period closed XXXX focus given the the concern on or plan due anticipate state of certification commitment reconsideration.
councils partnered of pounds food we delivery in supplies Community Services Services quarantine recognized a the eight and supported collaborated the issues and Foundation, When regional and vulnerable to Slide Bethel took largest XXXX region, on Donlin Gold camp the of tribal food the the collection food and X, villages. health town also COVID Bethel, to to hub in Foundation youth. residents response coordinate shown drill distribute Bethel help supplies from Kuskokwin need pause requirements. middle to fund the Community the As and thousands Gold to precaution homebound and due to Donlin to and of the donated with program, our TKC Aniak, Gold Donlin with
of hazardous three its X, waste region, noted collaboration Donlin has Native resulted with materials. of pandemic past education partners the communities and Donlin of and been the and Alaska years, partners, late a The key needs in with As Calista that over hazardous Slide XX environmental Gold representatives waste In from region. pounds backhaul was the cultural other as in TKC, as responding areas the the to arising from on as such well management, the training, worked Gold initiatives. in of XXX,XXX project removal community pounds almost XX,XXX in summer removal removed the other
the on community long-term engagement the growing region. sewer on collaboration of efforts agreements established from been six and connects among in proud with expand friendship further TKC Donlin programs. also start. region, specific has agreements landfill ongoing address the and villages as We life-of-mine These projects XXXX and salmon signing are in these relationships these needs, both that are already key water, with who the with in Donlin's Gold have communities partners, such of have agreements and projects. the since project communities suicide in The the the with and studies partners Calista ice been involved many supportive and Donlin road remote deeply Y-K XXXX. the prevention
We We the are Alaska Native owners mandate Claims region for them continued an seeing support stakeholders the and commitment the benefit in Act, and for their XX, highlighted involved. to Slide interest thankful help their economic project of land its all their and have success. developed. support on the to project These the develop as Settlement through long-term
in turn the Donlin was XX programs commitment Slide management, environmental cooperative other its training, past and worked of the closely we to XX, and commitment call pandemic. activities Y-K Native highlight Gold effectively needs to region together healthy the respond we've representatives I'll initiatives. undertake the Alaska years, community partnerships communities Financial Ottewell. illustrated project the Officer, the along from has Calista the from cultural the Dave? the our ranging partners, and stakeholders. evident, to few of as and to with to education a Over with responsible global The to sustainable are On David And seen key we Chief with over Gold Donlin and development of all These our with for TKC. that, quotes response
Thank highlights earned year, on prior an primarily you, notes. to operating Greg. and cash Slide higher We term million and Barrick deposits $X.X the rates at interest and expense million XX a reported net the $XX.X interest program lower G&A led on increase loss Donlin Lower drill of to in from lower XXXX, due income the incurred performance. expense. our interest
cash XX our Regarding to tax income of highlights resulting expense income, operating Slide taxes, use U.S. XXXX elected for in XXXX. our return to consolidated reversal us against allows our income subsidiaries. have a This in losses flows. we file
outlook the due, million, and year, community lower again, than Donlin primarily with drill to This $X.X funding prior to and permitting better lower funding was $XX.X planned than higher year. due costs. For million along interest engagement increased the of was higher spending dominant the administrative lower and income. original spent than we productivity $XX our G&A million,
outlook to nearly Our ended treasury. of term year we XXX On than higher legal costs. We regulatory deposits due note G&A spending was and corporate original with our million. of robust the our Slide million XX, higher in $XX cash
put due largest responsibly and and payment we date. Creek of the Newmont drill million XX Galore two the from owners grow in the foundation drilling corporate additional XXXX, later. Greg from an million and for the XX and expect which million has XXXX open project's build life as to report A additional becomes Newmont from further results Donlin million focused sustainably in to structural also approved share million construction. We turn step if the to hydrate mine fund an been of Complete and evaluated a the for which drilling, Donlin engineering, million the by geologic execution them XX million from XX XX controls integrate Kaplan. world's and Gold We diagram mineralization our invested success in XX Donlin solid contingent the projects. the Gold final the into the continuity permitting, and Slide new to I years lasting XX and discussed, timing time per Tom? to one presentation We forms of program project's have costs. construction engagement is Dr. plan Donlin upfront XXXX. development the community anticipate critical XX July, model. Thomas to And on the now ultimately of a spending of our of to will basis study due The XX feasibility over decision. mining next million presents of G&A to and pit the
its total Certain of is large have open it speak finding is we on repetitions. that X% insole X know enormous industry Number Greg. the stage fact belt, Donlin gold low land Gold of high Thank the gold open that realize potential grade you, But, with kilometers about all investors, I what an in very Number talking you following. pit the itself We're Dave. resources existing simply the drilling. mineralized about compares kilometer less out that for the what the other costs. you kilometers the Thank package. the only side. bear in are exploration one, to out here than we're assets team, combination The pit, question, X X and development two, the to greatest mining things often I an kilometers, very of mine, When in much, is concomitant of going you're and X did when X extraordinary. production ask
in a growth. better And being blue own gold the either continue in jurisdiction. only possibly arguably by the profile the and two and purely largest and The world. gold potential one life great that, either than would that's base safe sky second mining Donlin producing, it exploration any in project, of mine the Donlin one producing mean, other or first without is or of outside gold realize have in companies. You of -- make that I gold production at certainly stages add the project, means you It metals. all be the able in measured decade, that, A in be mining do mine foundation to order comp Russia. developed It's very to backyard your that's sustain is basis, not to to would
are superb. and partnerships local Our industry
to, investing concerned, leading world, is We far with are I'm course, Barrick gating of we're partners last the is referred organizations, native bylaw on And producers plus land today. of mining Greg gold as precious corporation already legally, metals as factor in And mining. one the but really great the designated for Gold. which for in
gold several a of the them we Grail. Nevada. discussed of second deposits, them States that would attributes the were and to Even call of Barrick the the also of able yet in have combine jurisdiction premier be us that largest We the is United one in benefit in why Holy after the our gold This those of and very safety just not I to the shareholders, to is jurisdictions. producer all other be in to there combine mining world's being if of many Donlin
Next slide please.
pick some curve. depleted you After into engineer. to you in the try demand industry is we stocks, grade that, safe how real ahead look gold killing. you project future about go-to I be for those the What one be those with That's in discoveries numerous years. of production manager, there's discoveries will if time He we in any, know, The space simultaneously and imbalances By to factors to our for new find are them, that that and certainly, great Barrick any to is if has that want only consider and been develop the have Existing has being my to terms between talk XX mines. replace when gold mine, when favor jurisdictions, the as supply premier went fact is able not being X% see production the get peaked. winners. Greg mine Richard make think barn. Williams, the substantial. mines space gold is you're that going He a of takes, And grades say that macro that really without of the consider as and to the they nuclear declining you being before, now anticipate the themselves, it decrease and build the and fundamentals within absolutely annual a to of is to made it Let's in decline you really if to which industry that a is the that space. at even XX this that is a mine the a on itself, great know few, gold winter calling next-generation years very assets of in average, global in have new backdrop. of stocks, to have going operators you would opportunity forte, to the gold, horse the an left the are builders nothing background, is would
by mine is small XXXX. going to nationalization greater and forecast And be percentage that jurisdictions CapEx largest subjected production we truth facto gold is of in XX% Dura. forecasting the terms XXXX. In a which, those believe outside XXXX that by production, that in of cumulative sustain actually believe to far are miners whether in. world's many represents to and de of mine of output to confiscation, the existing I terms jurisdictions the to be it going existing of XX% is bold decline are XX current that from billion or supply production, of stable total $XXX
please. investment to measures increase slide cutting and growth. in This margins. under cost plans their curtailing effort began mining In protect aggressive companies Next output implementing XXXX, expansion the
As abandoned exploration operations, their low do S&P exploration of for gold remains were that is maximizing a time. current from misallocation perfectly period who gold The short to resources, in in of thing peak that sensible XX shareholders, year with favor returns up according for the quite Exploration growth of however, and to existing in results budgets of XXXX budget by XX% XXXX in level. fell budgets XXXX 'XX, the from a increased a XX%, to XXXX fed Global.
late-stage remember, Now mines, multiple Log, it's and due the goal in needle much means because move mines that to is shocking. able supply the to needle for projects Sukhoi truth to if in that the or the repeating I pipeline to Donlin reward which exploration The really balance. Even get to the discoveries found to it's market. lower take view anywhere to from other going in have by and shift not going could continue you all to with terms bigger that XX years to be move programs this, further respect of we're XX
only only fact past per only than are greater one very reserves the major made greater. not curious things. in of three ounces gold resources. have these years. years. past million XX Facts XXX High-quality the gram of XXX been are Only a XX ton deposits have production, million containing been of ounces Off assets the which yet gold discovered or few. Over have past XX in over in have in of and grade No nine represents XX assets new assets, identified, XX years of major discoveries the X% gold,
Next slide, please.
category the of in the projects They're plus size in itself, mine, X% of geology. that only least ours is endowment part a ounces of gold. but in killer. Alaska, Donlin kilometers. on of of believe Alaska couple package double in begun when which been similar So, already terms of million parked in only once with worlds, the obviously has Sukhoi XX been at don't gold in I Log which Russia, is mineralized, a terms is having we again, the And that there's once ever a land that's Russia know
everything. but So a this asset isn't size in continue. great of terms size, Please is
to means back grade. get Let's What is grade quality.
on quantity, around check. seen, is this being a going is be king. and got about very you're ton higher else you've you're a ounce it's five a when someone for be at were years, that, or When structures, that sitting or cost your the things half. advantage. that be and one gold, through going you for all be that gold gram or average XX you when remains around will be you're to already production that's to than killer for not gold which great has twice something of XX grams grade one category over could and have fall can grades grade, But cost have The And box years, will XX of project. gram per a you four talking differentiator. and is world, are of equal, but per in ton, that's or or if when eight enormous a two just is of something So, grades, two on to That six the a today's you when a an time per grams when quarter a industry falling reality that's sitting
a is than privileged a hopefully Barrick, Phase This proposition. is gold a which considerably NovaGold of Next, It that. get ounces the to first just be to in unique share year, mines million with over of producing one the able very could larger be really III. will
the you before that X you morning, grade the that, up that owned double average money. have value the and for where wonderful a the whatever evening we've this makings and permitting the company million story, stock up and as the go-to value expect it's wake been story, consider whole located And thought chain, leg in you've can And of is obviously a a smart produces be when you a the taking asset jurisdiction produces Tier Gold industry upon is the it half that um, twice annually, the at something and in market. what still really got of that be wonderful, you will you embarks development we Barrick, you will of bull one continuation gold one that a of scarcity ounces you when rip-roaring premier a the a understand next If own. of
they? the management to I just in Next, Mauritania through but Because world are years that opportunity world become know time, investors, one real you create the know, location, location, great. me my A that If rights of I'm the able tell like throughout Islamic other key introduce you world, stakeholders, know with experience, But didn't, who Where of to from never really has fortune would brokers on going the is world-class be That's in starting assets meet Africa, comfortable investors the other was in America, those this mining countries I hopefully location. the in asking I I institutional believe think gained are and to in Africa, then that mineral Zimbabwe, developing is just the as I interested there. teams South make them. ago, them. me Bolivia Pakistan. experience investors. question. much estate, who South of from in number unfortunately and that withdrawn believe of have that rule world-class one lot had law of these holder for to year I way, Congo. be was I for and to largest entire just because the I I people over that decided not that a when from presented At as I
going currencies. on of order that to able fruits leverage. have asset are world that's going if want you and right going, a theme, the in register macros you I'm an soon the one coming very where to great importance to give and leverage to the gold you play be You is to if ring place is cash in where underlying a to right day the going on If gold of that the I'm be reap
strategic more you're will a more declared -- and gold be and to certain that I think going see to extent, silver that assets.
If I'm recession to will a certitude. then rise will significant my case. of metaphysical hoping now, again, of you certainty in that that there it's be probably believe ever not respect the Right that level
if that, things that Everyone unfolding, think we're be well. the one the unlikely. a world able situation may things unfortunately, if rule where happen the But do in in that gold that other of I I think the law see should that's gold be to be only well. world I the gold of does will is well. the And mines where are in of novelty, a chance very parts untouched case, does
and needle bottom what I've bottom that the the of and argument, that to significance that not the line equal. to means significance moves about an asset, Next, series structure of arguments the all the an asset fact, the grade course, just the and jurisdictional same, of of the that having risk. and made the cost in attractiveness are is ounces all ounces created line that of does the significance to of size, an of asset are that What
made time the If I'm by from that that have have ounces many in not that it's the how I is place this you've you course, the Alaska. in a always different that do optionality And learned as something the on can you're ephemeral assuming you're I'm is of found the something ago. ounces world. same long becomes is challenging, is in will have in are subsidies. the jurisdictions the in that a it places of with be mine can the They're assets, great like you land the Nevada aren't or, semiconductor right parts or world if days you the in can safe great you there your because jurisdiction agreements in companies somebody a -- have I place attracted in of were with value. optionality a where you. really And past time developing, many got can realized, an make they've which in new to have really government hosts that to Australia offer wage given If they're their or value What if where you're are a if at you'd obliged where sure a factories better place. day, very you that position mining move textile end who you companies where hole live the that and be people that And to very, not that the move aren't in can't that made can ground. There characterization. which by jurisdictions and refuse contractually because to lower they companies to move happy from is
about spoken that over to results. you comes to the deliver is we've that the kind not a exploration Barrick our results you ability to just make I or but when momentum There investors double And obviously I've era of exploration simply because That certain have great have able would retail time before, issuing have seem disbelief when with to triple. suspended stock Next, been coming. tell their it's be plays.
add almost kind something easy of We stocks granted, Donlin only and access to yet has out drill great property market gold of the people takes will the function It's when considering results. as explorationist been We a and see geologist of an the recognize and we have taking delivering believe been blowback those historical attempt to helm explored, site. for companies failed really now kerosene is that great you off seen. that a of do that that very have Barrick's from to to who's few realize and that things it's the the a bull that As exploration that's the certainly have statement XXXX. Barrick, results are not are for fire in takeover X% at ultimate to the matter, be forward-looking the one really that
is I Barrick the the able the that think it that the of We a potential to an owner privilege. just show able enormous we're going be XX% be to we're to Carlin. the Nevada have be really we're opportunities surface to to company Donlin. terms at new on a new able in great call be like with to And scratching new Nevada,
then able States will diversified, obviously, the the Some choose a place Nevada. Donlin gold many hope, X to own next in who there producer largest people, be others, of it and leverage aren't piece in pure-play extraordinary. million through where There will is that United big. after that opportunity is will the see years. extremely a a a well to ounces And the Barrick. will on I to of Nevada both want can the Others few second the because They're over that gold get gold keep and companies you have They're as simply choose managed. exposure to last safe discoveries place in to be
through has We made money real and in the his who's have of thing in the going with octane million someone for ounces, the inferred pit. This that's got geologists adjacent And to X himself world. bit some it. drill as the surrounded greatest
with at what we're of Donlin, the in Donlin district. in said extremely would one holds happy us the for be was fact, the this future One them, who next thought he
terms quotation revaluation in someone change contrary. trade, Comments, to go really years a a you speaks for only he's inevitability stretch allocation using around reality a person get facts a as we even if example store dear. hold right, were to must-have stand-alone treating gold he's its a course, short-term as willing isn't to is more a portfolios. which he of Mohamed. a addition itself, brows Mohamed see after longer outlook is of because do by Investors to do. to good of no given went gold know our I occasions, a any who really, if seeing in into institutions I'm in unfounded thoughtful and the value long-term being to invest all, there into and I couple if right. as think having were is, believe something asset. been pronouncements. from And I as really thought offices that gold fine on not by option evangelist the evolving value Gold and this Next, He's momentum he of the very the El-Erian of And might that's ago at family of a of is X% it Well, the have man, of called the very enough of many through. gold about to imagination to legitimate other they no a just gold he's I gold's in reason raised gold
things constructive the so, Next, past gold or literally at the say to example, were longer on throw that year over go CNBC, for or will it's and no I've if either pointed that you, people figuratively. out that case that on you're you
and a You is a That constructively enduring a market. have bull about can prerequisite for really long-term talk gold conversation.
investment we investment, mention money near to that grouping last this in and a nowhere are crowded money quotes But remotely. We the to added few that not I'd smart being we've some which some trade, has is smart observations. a attracted like gold an over are an while.
regard about long where globe banks treasuries. if has It it code the a Dean something could openly. to beautiful people a believe love that Russia, role quite overtaken. in around gold when anomalies he think even comfortable unique of does wrote, like has It's U.S. power largest would [Paul of tectonic little say, the love for regard of. the rates, elegant as pressure very, when phenomenon inspection take today's in come man today. that Here's By think the as more the place do the become of bullish a interest a any revaluation to while global I been to what less. should is of able and U.S. They're is layering the metals cursory taking working seeing of on gold had traded in with possibly high exposure, been across Chinese central Fair with around nice, who that market I a banks Dalio. global I we're adding than for not do environment and literally phrase. constructive to have at their ago gold And of reserves. suggests phenomenal or points a scenario U.S. doubt mining is lies. as central have want add wise to have to the very gold currency, also And from hold currency. banks situation is right, fiscal on and in Australia rest tries turn center policymakers gold agree and the to with hold I that have print to Finger], time hate which is price protecting revealed him. it's demonetized. weeks many I renminbi a rise use are word gold, gold after past a sought gold. that In dollar to I to the the the the is and world also see of bottom, for its ongoing of China watch create do is Hathaway, by is of John to I some very now believes comment conflict, with In interesting, time bit more in to will it Ray portfolios. for And extraordinary. you of of the They I'd central Russians, reserve very producer the shifts This has We concert zero fact a value gold to We was gold so. that comment would time, a can't to said, gold some second a chip the the hate happen to world more to best investments. assets to that's say at Russia fund largest the time be endangered it China. it that, literally and gold very watch wise interest ways on they're Ray to for for several regards year, start that its spot gold a the that speak who what a unbelievable of to reserves way, He's gold price. of also to where as course to was are will for rank and now extremely zero sanguine now. spend that started remaining truth, the years have world's the what is More been A the silver. of species this the of has be I the and away the the long highlight going would here to China, also passage to perfect there list. dollar. multiples producer internationalizing of stage. China gold. dollar over able recently, by in a the be deserves gold He current the stock
please. slide Next
with The that we're going all look so from on of if and cited micro NovaGold which macro For reasons you at a that attractive. just makes dealing truth standpoint, a perfect the what's for is are gold. storm
acquired haven The central can at deflation central and production that might now risks, has I've means mines is the decreasing the, going gold to decided, protection more that banks inflation, is it. that are competing primary which for Gold for to up. As Currency been people global which certain before. debasement, view sense have levels. ever be which probably demand rates, factor emerging Meanwhile, be a recovery thought used go phenomenon. come our those safe that own than The for when the rising jurisdictional grades, appeal won't. market online diversifier you with really on who obviously inadequate as Bitcoin only provides means and bullish purchasing for will costs, an private exploration, reasons asset bank makes investors
have in to supply drivers at supply demand picture. prices. decrease a these are you This higher a for mining which arguing pressures, of leading beautiful time when a All is
we with surprising that for of Next, Donlin. that at attributes not it's the perhaps have us all going
has support shareholder share been Company. its been the has Management institutional Our excellent. ownership increasing in
quarter Management, wealth crash my holdings Saudi earlier our look with Arabia meanwhile, Our wonderful fidelity, world's stock invested alliance I Saudi Paulson, Public capital the of it's the Vanguard, First the it's capital, see, the as are EXOR, followed as for. Gestion ownership a third family, largest glad that outstanding, from mines, am having one XX such we But X.X to executive my were shares higher shareholders be and lives base largest world, Company. Amiral above revealing the Paulson great than smartest of in the to a named we which smart joining family them officers Eagle, in and during last forward John our of were actually proud Investment owner at time represent having was the year. extremely and office employee now only Public has We other the store. We you. well issued to plus smartest prominent very who and is I'm when gold going Sprott actually that increased funds, acutely in space, at we'll sovereign now. Company, But loyal company, be by very called shareholders. large they some our shareholder, mining when very largest the shares shareholders, great serving BlackRock. forward. that investors a holding we to servant and of who of two to the And private shareholder in the a the Fund, the & may number profits are often extremely Asset And the are money welcome family plus monetizing Fund million Investment the is share be since Obviously, look XX% Europe, a proud
attributes. X in Donlin of new and believe, NovaGold pure summarizing are we this play asset with on is story, unique, investor the so, aggregation a superlatives jurisdiction, a Tier terms asset Tier X friendly very Nevada. of we a in its The Next, strong is
eight since Greg in the all believe in himself view transparent that of the that's and space. Lang the strategy promises heard just delivered We to I the respectively. our we themselves. as that have signaling of Chairman That's XX shareholders. servant management's believe of since a CEO on mining Chairman the years I we're in We even became our gold referred one most You've almost the way and years way views myself. because that's And the
gold enormous, So, the and responsible a respect here in believe is grade, night. Alaska to mine The certainly development. space, socially exploration at a sleep you jurisdiction the size best can the premier the with extraordinary. environmentally attributes, in we where Indeed mining the are potential, easily jurisdiction
Barrick Our partners, existing enjoys with just and half trying the to do. of native to corporations and course, tens billions really endowment. the superlatives of couldn't of what be all greater own, many, enormous, to leverage of we're which And supportive right? dollars We is is of more credit, in half of many believe Our our its Donlin. worth it's which
that into in notes of to to shareholders. of -- without expect going to We receivable, $XX have at end quarter from balance where only including million. be one the a the balance a take to sheet When we the the recourse started, million than we're have sheet the you stronger account third having year companies with gold with $XXX mining had we
Board's the and operating building for state Greg's to have the thank expression you. our The and and management of federal the a chief and The have place. you steadfastness. all and are Board can't successful record of mines track shareholders, of you memory certainly and Thank management Our your and heart, I and permits is in gratitude enough. friendship mine and
David session. is [ph] comes question-and-answer begin We Investor. Lesinski will ahead. go from Our Private a [Operator now question Please Instructions] first the
Good morning, gentlemen.
has trades wanted ready to for trades know years. ETFs. that the the Morgan all of traded on any note morning, shares XX SLV which which means minutes take position been sees and normally gold. in of XX price questions silver had, obviously this this And day, XX a GLV the the and short shares the just with COMEX we XX crowd silver JP It normally million SLV I start million that the I about dictating Before I
ETF. is the accumulated, is going the is to first follow SLV COMAX have time to if Now, the initiated, the this
would So, gold are trend. happening, also and of feeling we like to getting at start that's starts. stuff because say, reverse a to just the say roles I anything or foundation higher, and lot ready and some going robs that anxious Breslow, I mind, And to find think changes this start to see that construction We're construction Because really a standing least this happening and I coming. Mark I'm interesting it's
windy of thought the was, was of? possibility Now, the thinking there energies? other question is I the lot had goldmine? of I wind Donlin a those because at it As often about for wind Is
question. that I'll take
morning. First call this off, thanks for joining our
and our we the this prices true different case gas the think the current looked at generating Over means is -- and energy of still with power sources cost have is that we updating gas found we'll most it's effective wind, I natural at other the and any the energy including years, Donlin revisit appropriate I think think feasibility always assumptions. wind earlier study, we But I sources do and of site. move challenge the same as And to as into moving. with we're
The that, caveat to one on as simple just construction five of was would to Mark start that jump day with I statement. starting say, some semblance to eight to a in Bristow say, bucks
like sitting they're because his tons didn't are I And and not I gold they Chinese a price doing. power like buy, that'll back out. and time for I say, a at leaders a out of just and point the about when was price and will the of their that what's II actually place, they to they for they finally night China What were they when any back going be. with the And by say, we're talk holdings? think proud, Woods is, disclose in and I other It's feel I The have Lagarde. that think and have them. saw around if for you holdings, just how meeting will them in table, that know I with the they least would be XXXX out, crazy question favorite to that I thought I but they the XX they $X,XXX to something instead Christine just and announced market time Gold drive want take first was some that's at see unless I period come And XX,XXX up, to come is lot they there's time, that tons what the they to think GXX think at years, XX,XXX down Bretton they today, I all guys, they thing Anyway, asked buy going of the have progress, let's and get it's the are so drive come away comments. I'm announce anxious going tons. going. today have to on, all to this gold
much, and support. gift market, giving. time. silver that keeps clearly comes stalwart the and happening all right we're think I us what And say in obviously David. that the page think on you, Donlin, hand very able is I same to at for time also moving it's to the we're in about right on your to to a right geology in to the you be going exactly indeed, on Thank heart fair we're David, gold place direction. The be And the the the say market Thank it at Donlin this when allowing see will
answer on. the more move to want any have, people next think there move you. I additional to don't to on. are should if but happy with We call. I when okay questions need questions, need that's really move we to really you lose We certainly I'm no to
Lucas comes Riley Securities. from B. of question next Our Instructions] [Operator FBR Pipes
for And forward we for us so appreciate what a of results to some drill that recently, revise from earlier from I boxes? maybe Greg, we first, quick comments have mine few really out Tom. one the this So impressions can can can give that on you Greg this. then your and And development, of and you to batch? then additional look latest timeline had plan the your those and thoughts here such in regarding terms color check just
what element you with on And a exceed take feeling. but always expected in we've say, seeing any across would board, we intervals, I'm encountered frankly, slightly very higher whenever very day. model. the of on certainly thinner the we're results, drill that's And sicknesses grade across an we'll And comforting it's them. embark drill program, the board, grades, that And the I a great significantly pleased risk. take you The and
results we've pleased really So are the with gotten we today.
those few so, never and have forward of last kinds days and in the next for take an should results we to we As providing look granted in the month or update.
but in the has as we the we work the program this year, has slow next, are we'll the our For drill And to on there and get all be COVID, resources with turnaround because update we'll the in impact had. assays reserves, the this update results a it but as once model. drill understanding been of
of And that'll grams us we're, into second of these bit a that up take XX the need follow-up wrap of think we and with I So a of feel study. have the intercepts to that well to to think and going we're little follow one going updated need should XX an program the take version those, that's this where that's are owners I think do of time the up a on of forward all feasibility really the unexpected, intriguing some model I somewhat prepare to year. small to quarter we're drilling drilling
in with we And look to forward studies I partner we'll of I conclude the everybody, those second need. working So updating our are to be half, the last studies the think as trade-off completed.
of of pretty key this have and think coming will think, yes, milestones I spite in some the throughout COVID, news good first year. So, out I half
all we're color I more bit appreciate to little the helpful, and what look of on, that broadly. Tom, to, a that. forward Very seeing in commented market additional you
of called cycles, territory a you've of a I those you money markets, you've here. lot seen lines. clearly event it a global events. anticipating you think we're unusual a of And along at something can made some -- in seen lot uncharted lot But or interesting
might a what maybe So few might thoughts symptom you that? silver you mean here more for and and gold. touched this to just a you're this could seeing of, ask wondered, if And what on Thank I on I what wanted on if share could elaborate you you. you be and
I said, but me. long terms much know of spot terra It's waters. which crisis, go could we're you be December the could in day one on you're as January if Well, in of the ways, for way. Xth Suffice terms obviously its to will think that time. health unchartered as pretty social particularly its the power expenses this it in a seen implications not the when in was only becomes you for I many, develop displacement, pandemic. important on, in in of many different say different Xth, incognita, therefore the countries developments America's of power at rising The West, and other
States, see power the great would were as economic out China and have an began of that, me We from to have country, going which XXXX come but stronger be to I of out growing. do rising historical And once West say that, when the we thought you of But of survive American actually was and actually come United have the lo only that, I situation know, XXXX, the the standpoint. the XXXX Chinese as in a very a America used would and any the not. of half political scenario West, with course as see on the before, because mentioned predict at something Chinese a actually consequence but actually cascade the a you whereas global emerge effect that to and the was the crash. the Americans system itself my Chinese has the cycles, started the we hedge great asked in And as later, depression the people behold, can moment, where emerged politically, heard forget which a Well, decade this market consequences military multiple are much going me from intentionally, that XXXX a United you crisis And analogy they weaker. pretty horizon, that, a can are the stock political boom-bust have fragile wasn't it, the would on and which States. and that
it, So, really, to who -- position and you with far this Chinese displacement habits that weaker of from whether this States they're you not look we're emerging dietary looking it in at or When by you I the a the any not really, winner benefiting expression of believe caused from years benefits they're to was did horrible now don't, at foolish and can really, regards period. conspiracy as that it that as such is result And a some ago. United the the extent actually era analytically. that use four just was than
like a don't long sweaty for long and South be of parts crisis many, periphery, muddling the different so you to pushing to accidents Iran. many And and Baltic. you but opportunity serious for fruits. to stronger, the emerge have quickly, be have I the But crises Sea Britain, in China extremely dangerous And the to world has from Russia very France normally, China a world. like as Turkey, It's been is I which
on Saudi a against the place and lot Middle East in in Syria escalation XXXXs Israelis the prospect already, didn't effectively that's We Iranians work is Israelis and between on the the have a in and going Iranian taking for Iraq wars You there. proxies. Yemen, Arabia taking of war a sorties in Iranians. is the going place between war and
catastrophe superimpose the to a as on own the the been delivery you truth is militarily, that the that that risk. a distinct economically, insurance. have saying a in mining industry on reason one. I'm you gold. geopolitically, supply not multiplicity jurisdictional I've that's economics of swans incredible and if that to exists demand, own believer and would I'm between in black Now, one to the never believer And gold
for sight. from already in which looking happened. are plain of is really implosion an profit in an can that accident for at factors. It's very respects, the gold that's happening You industry these certain bullish those and bullish companies It's
important and And safe thing. be the assets great places, not so but want most you you that's to really,
We it have reverse the do we trend. the kids, going we on have see now which anything is more than And is people and to not horizon, before. that dangerous that was world far place a I love,
very. your appreciate really I
Did I answer question fully? your
I said Yes, studied your, and this for waters. your could as it's outset. perspective hours, this is I we appreciate I discuss this think many such, And the appreciate seen something history, I at really so mean, invaluable. you is really uncharted have you've you And that and over your but is thoughts.
a submerged with about doing there the that, I They Well, emerging to if are taking what sight I be go, of would powers the the because were that been we of also period, in thinking. made dollar would let's activity looking intelligent, the they're larger are don't all comments I a model I China questions I'm printing. I more now saying is back. I exercise, if not more leave just and a They have someone at I think working, you Chinese competent about And United of It's have a pro where But States. very a than lots economic would I country country. obviously, this, are same. objective. just The have Obviously, hard crisis. think in I appear an see it's for money end I'm in they're thing. not competent, to not they, end number They I trading to American. they be than model. a are And that's you note countries and wills the I partner important of notes emulated. that Russians coming to brief be taking of and who's say will see Chinese certainly this. sight an don't to see an the think And the here, are but
United which States. a virtue, reversed by War. do place people ability they lot believe revealed caller, want carriers, of in of because a anything, do global are forget things in usually financial in to rising more the believe is do until Woods. economic that accelerated. have one to to I a civic of It a of the That's second vested system. that if on X, by to gold gold Chinese it the Second store And we and see think it being be our simply we Woods, actually, it, the gold the seeing trigger. own And it's is days designs East can it Up these because value, XXXX, just China, dollar money whatever has of think that challenge. that States, haven't dire the officially, previous we Bretton have of palpable. include decline triggered may John it. the But reevaluated, price, something power a probably in to in People dollar we're a just do get concept did the as project a they of is powers, can I be And those able Maynard Keynes, of create, the saw. crucial have terms vast itself the not is Russians. both absolute America's referred David hegemony to them to United to ascendancy not or majority as already December the consequences. aircraft involved It's know interest the hegemony, the public I I they way rise, not the requires Bretton of kinds Unfortunately, World American
such used know stage, happening I But and greatest greatest count is do you Frank on blessings because By used generation Martin the a unfortunately, [ph]. think suffice the China this geopolitical generation, living say, is say to our now of in way right, we I not what that's we're happening. in. the became Sinatra then Dean to Harbor. hope way, say. just to And world. world see So the unfortunately, I'm He the of [ph] that we thing Frank's Well, should if what's the me. Pearl that
optimist. to I'm for that's to by I'm someone irrationally say X,XXX that not we got. one observe, know anything at You a And a is XX,XXX and pessimist exuberant, if nature. look brand would observe drove only one all who
because away shy finding of collapse. don't, burning I reserves factors. I'm own who the through effective from own not any of goals, because those So those I than things. goals, I someone greatest don't more
on But better ethics trying what's world prepare somebody they that's And is gap] who around What going money kids look The you. as like, going I'm to me. and most thing anytime. important think And the very, world so and not that out very about is watching think teach enough that's is And honor thing. for to to the be should important my Take look not what Thank like. is I going and obviously, but the which people closely. good in for [audio to children's feel to reach free future. the complacent. most your care world,
might the this, bring a with I'm If time you you done. continue however you to bourbon by want
back would like I This Lang any concludes remarks. for closing conference Greg the session. to over the turn question-and-answer to
you for everyone this we call Well, coming on morning, progress the you. our months. updating forward joining look and in safe. to our Stay Thank
This conference call. today's concludes
you your may a day. lines. and participating disconnect have Thank You pleasant for
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.