NG Reports Q2 Loss

Novagold Resources (AMEX: NG ) held its second-quarter earnings conference call on Wednesday. Below is the complete transcript from the call. This transcript is brought to you APIs. For real-time access to our entire catalog, please visit for a consultation.

6 million non-cash charge in the previous year. The company advanced the Donlin Gold Project, focusing on completing the bankable feasibility study by 2027, with significant progress in integrating major work packages and technical streams. 2 million, reflecting funding for Donlin Gold and corporate G&A costs, but the company remains well-funded for upcoming commitments. Permitting for Donlin Gold is ongoing, with key regulatory processes affirmed and anticipation of a decision on the Clean Water Act section 401 certification within a year.

Management highlighted strong collaboration with local stakeholders and continued support from shareholders, emphasizing the project's long-term value potential and strategic importance. Full Transcript OPERATOR Thank you for standing by. This is the Conference Operator. Welcome to the Novagold Resources Second Quarter 2026 Financial Results Conference call and webcast.

As a reminder, all participants are in listen-only mode and the content is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request.

Should you need assistance during the conference call, you may reach an operator by pressing star then zero. Webcast viewers may submit questions through the text box in the lower right corner of the webcast frame. I would now like to turn the conference over to Melanie Hennessey, Vice President, Corporate Communications. Please go ahead.

Melanie Hennessey, Vice President, Corporate Communications Good morning everyone. We are pleased that you have joined us for Novagold Resources' 2026 second quarter webcast and conference call and for an update on the Donlin Gold Project. On today's call, we have Novagold's President and CEO Greg Lang and Peter Adamek, Novagold's Vice President and CFO. At the end of the webcast, we will take questions by phone and by email.

Additionally, we will respond to those received throughout the call. I would like to remind you, as stated on slide 3, any statements made today may contain forward-looking information such as projections and goals which are likely to involve the risks detailed in our various Edgar and Cedar filings and forward-looking disclaimers included in this presentation. With that, I will now turn the presentation over to Novagold's President and CEO Greg Lang. Greg Lang, President and CEO Thank you, Melanie.

Why Novagold Resources? I think it's useful to reflect on the value created through the company's long-term commitment to advancing the Donlin Gold Project. Over the past two decades, extensive drill programs have significantly expanded Donlin's reserves and resources. A key milestone for the company occurred in 2008-2010 when Electrum and Paulson became major shareholders, a position they hold to this day.

The company successfully advanced permitting for the Donlin Gold project, representing an important step in its development. About a year ago, Novagold, in partnership with Paulson, acquired Barrick's interest in Donlin Gold for the first time in 13 years. The company went back to the markets to fund the purchase of its increased stake in Donlin Gold, the bankable feasibility study, and repay the promissory note to Barrick. This transaction simplified the ownership structure and unlocked meaningful value for shareholders.

These events, combined with the project's attributes of scale, grade, location, and production profile, underpin the value creation and incredible investment opportunity. Many of our shareholders view Novagold as an unexpiring warrant on an ounce of production. On slide 6, the chart illustrates the post-tax net present value at a variety of gold prices. With the gold price currently over $4,000 an ounce, this reflects a value of over $50 billion at a 0% discount rate or about $20 billion at a 5% discount rate.

This projection underscores the substantial economic potential of the Donlin Gold Project in the current market environment. As highlighted on Slide 7, Donlin Gold is positioned to become one of the biggest annual producers in the world with a projected output averaging over a million ounces a year throughout its 27-year mine life. Looking at Slide 8, Donlin Gold hosts approximately 40 million ounces of measured and indicated resources at an average grade of two and a quarter grams per ton, which is more than double the industry average. The project's scale, grade, and long life position it to perform strongly across a wide range of gold market cycles.

Moving to slide 9, we believe there are significant exploration opportunities beyond the defined resources in the ACMA and Lewis Pits. As illustrated in the graphic in the upper right-hand corner, these resources cover only 3 kilometers of an approximate 8-kilometer gold-bearing trend, which is only a small portion of our overall land package. This underscores the substantial potential to increase our reserves and significantly extend the mine life through further exploration. Slide 10 outlines Donlin Gold's current permitting status and underscores the advantages of its location in Alaska.

, Alaska has a well-established regulatory framework and an emphasis on responsible resource development, providing a