NOVAGOLD Resources Inc. recently reported a strong treasury position of approximately $106 million in cash and term deposits. The company released its third-quarter financial results for 2024, along with an update on its Tier One gold development project, Donlin Gold, which it co-owns with Barrick Gold Corporation.
Here are the highlights from the third quarter of 2024:
- Metallurgical test work at Donlin Gold’s pilot plant is advancing to optimize the flowsheet, expected to be completed by year-end.
- Submission of preliminary design packages for Dam Safety Certification to the Alaska Department of Natural Resources, with final documents anticipated by year-end.
- Updated resource modeling by the Donlin Gold team and a third-party consultant is nearing completion.
- Incorporation of field and geochemical data to update groundwater and surface water models.
- A workshop in Alaska was held by NOVAGOLD and Barrick to discuss the progress on the Donlin Gold project and future activities for 2025.
Additionally, Donlin Gold achieved significant milestones in education, health, safety, cultural preservation, and environmental initiatives, including:
- Hosting tours for local residents at the Donlin Gold project.
- Participating in a public Open House in Anchorage.
- Sponsorship of programs connecting youth with Elders and supporting academic and extracurricular activities statewide.
NOVAGOLD also announced the appointment of a new Vice President and Chief Financial Officer, Peter Adamek, to strengthen the financial leadership team. With a healthy treasury of $105.6 million, NOVAGOLD is well-positioned to advance the Donlin Gold project.
The company’s commitment to finalizing key project activities continues to drive the development of the Donlin Gold project. Engagements with stakeholders and governmental bodies aim to enhance the project’s social license and promote community development.
NOVAGOLD remains dedicated to advancing the Donlin Gold project responsibly, with a focus on financial prudence, environmental responsibility, and safety. The company’s ongoing efforts to secure permits and certificates are crucial for the project’s progress.
In conclusion, NOVAGOLD’s strong financial position, strategic partnerships, and commitment to stakeholder engagement underscore its dedication to advancing the Donlin Gold project for the benefit of all shareholders and stakeholders.
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