$30 Million Will Go Toward Donlin Gold Project
performance recognition, both in the workplace and in our local communities, are highly sought after and hard- earned.” “Since the start of the pandemic, the majority of NOVAGOLD employees have been working remotely. Despite less in-person engagement, we have managed to stay more connected than ever before. During our 2021 field season, out of approximately 171,310 hours worked, we recorded four cases of COVID-19 at the Donlin Gold project site. The affected individuals fully recovered and ultimately returned to work.” “Looking ahead to 2022, NOVAGOLD and Barrick expect to finalize geologic modeling and interpretation work with results from the 2021 drill program for an updated resource model, which would then lead into an updated feasibility study. We are particularly intrigued by the 2022 work plan, which includes some exploration drilling under the ACMA and Lewis pit areas that are open along strike and at depth. “NOVAGOLD anticipates spending approximately $46 million in 2022. About $30 million will be allocated to fund our share of expenditures at the Donlin Gold project, representing the largest project budget in more than a decade. It includes $17 million for the 2022 drill program; $9 million for external affairs,
permitting, environmental, land, and legal activities; and $4 million for project planning and fieldwork. A total of $13 million is allocated for NOVAGOLD general corporate and administrative costs and an additional $3 million for withholding taxes on share-based compensation and other working capital. “I wish to thank the experienced team of professionals at NOVAGOLD, Donlin Gold, and Barrick, along with our drill crews and contractors at the project site, for their expert navigation of the project. Our success would not have been possible without their dedication and hard work. There’s tremendous commitment by each of these groups to maintain the highest standards of safety and environmental protection. “My gratitude also extends to the various State of Alaska agencies for their thorough and professional work in advancing permitting for the project. A big thank-you also goes to Calista and TKC, our Native Corporation partners who have been strong supporters in ensuring that Donlin Gold is developed to the highest standards of environmental stewardship and social responsibility. I would also like to express my sincere thanks to the entire NOVAGOLD board and team for their commitment and devotion to the company. I enjoy working alongside each and every one of you.”
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www.alaskaminers.org I The Alaska Miner I May 2022
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