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Legal

This website is owned and operated by NOVAGOLD RESOURCES INC. ("NOVAGOLD” or the "Company”). All materials that appear on this website are the property of NOVAGOLD and are copyrighted by the Company. NOVAGOLD updates the information on this website regularly; however, such information is not intended to be a comprehensive review of all matters and developments concerning the Company and its properties. NOVAGOLD cannot guarantee the accuracy, currency or completeness of the information at all times and assumes no responsibility in this regard, except as required by law. By using this website, you acknowledge that you have reviewed and understand the disclaimers set forth herein.

Website Content

The information on this website is not intended to modify, qualify, supplement or amend information disclosed under securities legislation of any jurisdiction applicable to NOVAGOLD and should not be used for the purpose of making investment decisions. NOVAGOLD's public disclosure documents are available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Printed copies may be requested from the Company.

All stock quotes and historical stock price data are provided by third party service providers and are provided for informational purposes only. Stock quotes may be delayed and are not intended for trading purposes. NOVAGOLD makes no representation or warranty regarding the accuracy or completeness of any such stock price quotes or historical stock price data and has not taken any steps to verify the adequacy, accuracy or completeness of the information provided herein.

NOVAGOLD shall not be liable for internet software, computer viruses or destructive programs which may be downloaded from this website or linked third party websites. Links to third party websites are provided as a convenience only, and NOVAGOLD does not monitor, endorse or accept any responsibility for such websites.

Cautionary Note Regarding Forward-Looking Statements 

This website and the documents posted on this website contain forward looking statements within the meaning of Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding perceived merit of properties, permitting, shareholder returns, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, operating costs, cash flow estimates, production estimates and similar statements relating to the economic viability of a project, timelines, strategic plans, including the Company's plans and expectations relating to its Donlin Gold project, completion of transactions, market prices for precious and base metals, or other statements that are not statements of fact. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Statements concerning mineral resource estimates may also constitute "forward-looking statements” to the extent that they involve estimates of the mineralization that will be encountered if the property is developed.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "expects”, "is expected”, "anticipates”, "believes”, "plans”, "projects”, "estimates”, "assumes”, "intends”, "strategy”, "goals”, "objectives”, "potential”, "possible” or variations thereof or stating that certain actions, events, conditions or results "may”, "could”, "would”, "should”, "might” or "will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation:

Clifford Krall, P.E., who is the Mine Engineering Manager for NOVAGOLD and a “qualified person” under NI 43-101, has approved the scientific and technical information contained on this website.

This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in Company's Quarterly Reports on Form 10-Q and Annual Report on Form 10-K under the heading "Risk Factors” and elsewhere.

The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

Cautionary Note To United States Investors 

United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

Non-Solicitation

This website is not intended as a solicitation or offering of securities in any jurisdiction and the information contained herein in no way should be construed or interpreted as such. No securities commission or other regulatory authority in Canada, the United States or any other country or jurisdiction has in any way passed upon this information and no representation or warranty is made by NOVAGOLD to that effect.

Non-GAAP Financial Measures

This presentation makes reference to certain non-GAAP measures. These measures are not recognized measures under US GAAP and do not have a standardized meaning prescribed by US GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those US GAAP measures by providing further understanding of our results of operations from management’s perspective and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with US GAAP.

NOVAGOLD believes that these measures, in addition to conventional measures prepared in accordance with US GAAP, provide investors an improved ability to evaluate the underlying performance of NOVAGOLD.

Costs applicable to sales per ounce

Costs applicable to sales per ounce is a non-GAAP financial measure. This measure is calculated by dividing the costs applicable to sales by gold ounces sold. Costs applicable to sales per ounce statistics are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.

The following table reconciles this non-GAAP measure to the most directly comparable GAAP measure.

Costs applicable to sales per ounce:

  First Five Years Life of Mine
Costs applicable to sales1 ($millions) $3,003 $19,240
Gold sold1 (million ounces) 7.3 30.4
Costs applicable to sales per ounce $411 $635

All-In Sustaining Costs

Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, we believe that all-in sustaining costs is a non-GAAP measure that provides additional information to management, investors, and analysts that aid in the understanding of the economics of our operations and performance compared to other producers and in the investor’s visibility by better defining the total costs associated with production.

All-in sustaining cost (AISC) amounts are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in International Financial Reporting Standards (IFRS), or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development capital activities based upon each company’s internal policies.

The following table reconciles this non-GAAP measure to the most directly comparable GAAP measure.

All-in sustaining costs per ounce:

  First Five Years Life of Mine
Costs ($millions)    
Costs applicable to sales1 $3,003 $19,240
Sustaining capital1 606 1,505
Corporate administration2 150 900
Reclamation3 121 671
All-in sustaining costs $3,880 $22,316
Gold sold (million ounces)1 7.3 30.4
All-in sustaining costs per ounce $532 $735
  1. Costs applicable to sales per Donlin Gold second updated feasibility study, effective date November 18, 2011 and filed on January 20, 2012, excluding depreciation and reclamation costs.
  2. Assumes $30M per year of corporate administration costs
  3. Includes accretion expense related to reclamation liabilities and trust fund for closure costs
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