NOVAGOLD Reports Third Quarter 2024 Financial Results Focused on Progressing the Donlin Gold Project to a Fully Updated Feasibility Study Wide-Ranging Community Involvement and Government Engagement to Sustain Donlin Gold’s Social License
NEWS RELEASE
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NOVAGOLD Reports Third Quarter 2024 Financial Results
Focused on Progressing the Donlin Gold Project to a Fully Updated Feasibility Study
Wide-Ranging Community Involvement and Government Engagement to Sustain
Donlin Gold’s Social License
Strong Treasury of Approximately $106 Million in Cash and Term Deposits
October 2, 2024 – Vancouver, British Columbia – NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the
“Company”) (NYSE American, TSX: NG) today released its 2024 third quarter financial results and provided an
update on its Tier One1 gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick
Gold Corporation (“Barrick”).
Details of the financial results for the quarter ended August 31 , 2024, are presented in the consolidated
financial statements and quarterly report filed on Form 10-Q on October 2, 2024, available on the Company’s
website at www.novagold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov. All amounts
are in U.S. dollars unless otherwise stated.
In the third quarter of 2024, the following milestones were achieved:
Donlin Gold activities included:
Metallurgical test work (pilot plant) to confirm flowsheet optimizations advanced with completion
expected by year-end.
Submission of the majority of the Dam Safety Certification preliminary design packages to the Alaska
Department of Natural Resources (ADNR) on June 17, 2024, with the final documents expected to
be submitted by year-end. Comments from ADNR are anticipated to be received in 2025.
Updated r esource modelling by the Donlin Gold team and a third -party consultant nearing
completion.
Incorporation of field and geochemical data to update groundwater and surface water model s for
operational and closure planning.
Subsequent to the third quarter, NOVAGOLD and Barrick held a Donlin Gold workshop in Alaska to
review the substantial work completed to date and to discuss next steps for the Donlin Gold project
and related activities for 2025.
In collaboration with Calista Corporation (“Calista”) and The Kuskokwim Corporation (TKC), Donlin Gold
achieved significant milestones in education, health and safety, cultural preservation, and environmental
initiatives that include:
Hosted Crooked Creek and Georgetown residents on a tour of the Donlin Gold project.
Participated in a public Open House in Anchorage, providing Alaskans with the opportunity to learn
more about the project and engage in open and transparent discussions.
1 NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years, annual projected
production of at least 500,000 ounces of gold, and average projected cash costs over the production life that are in the lower half of the
industry cost curve.
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Sponsored the RurAL CAP Elder Mentor Program, connecting youth with Elders in Alaska and
fostering the sharing of values and knowledge between generations.
Increased collaboration with the Alaska School Activities Association , a statewide nonprofit
organization dedicated to the development of high school-level athletic, academic, and fine arts
programs across the State.
NOVAGOLD reported the following:
Appointment of Peter Adamek, a seasoned financial executive with over 20 years of experience, as
the Company’s new Vice President and Chief Financial Officer.
NOVAGOLD maintains a strong financial position to continue to advance the Donlin Gold project
up the value chain, with a healthy treasury of $105.6 million in cash and term deposits as of August
31, 2024.
President’s Message
Focused on Finalizing Key Project Activities to Drive the Donlin Gold Project
Development
During the third quarter of 2024, Donlin Gold advanced key activities to position the project to update
technical work and cost estimates. Our commitment to a collaborative and inclusive approach continues to
benefit all shareholders and stakeholders.
Principal activities included the advancement of metallurgical test work at a pilot plant in Ontario , Canada to
confirm proposed optimizations to the flowsheet (with completion expected by year-end), as well as
updated resource modelling by the Donlin Gold team and a third-party consultant that is also nearing
completion. In addition, recent Donlin Gold field data was used to update groundwater and surface water
models, while geochemical data collection continues and will be used for closure planning. Our work on the
Dam Safety Certification continues to progress with the majority of the preliminary design packages
submitted to the ADNR on June 17, 2024, with final documents expected to be submitted by year-end.
Comments from the ADNR on the Dam Safety Certification preliminary design packages are anticipated in
2025.
These comprehensive efforts have delivered highly valuable insights for the Donlin Gold LLC Board and its
owners. Guiding our strategy for the Donlin Gold project and its 2025 initiatives, these activities were
reviewed at our latest workshop in Alaska with Barrick and will contribute critical data for advancing Donlin
Gold. NOVAGOLD is committed to advancing the project with a focus on financial prudence, engineering
excellence, environmental responsibility, and a strong safety culture.
Our outreach in Alaska, particularly in the Yukon-Kuskokwim (Y-K) region, and in Washington, D.C., has
strengthened community engagement and reinforces the project’s social license. The Company appreciates
the diligent contributions of the Donlin Gold team, partners, and stakeholders, and remains dedicated to
developing the project to its full potential. With $105.6 million in cash and term deposits as of August 31,
2024, NOVAGOLD is well-positioned to support this effort.
We were very pleased to announce Peter Adamek’s appointment as the Company’s new Vice President and
Chief Financial Officer in the third quarter. Peter is a seasoned financial executive with over 20 years of
experience, most recently with Hudbay Minerals Inc. He joins a leadership team that has consistently
demonstrated diligence and responsible capital stewardship while enhancing value and upholding strong
shareholder engagement.
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Ongoing Engagement with Stakeholders and Government to Enhance Donlin Gold’s
Social License
In collaboration with Calista and TKC, the mineral and surface rights holders, Donlin Gold LLC has made
significant strides in local community and government engagement across the Y-K region, Alaska, and
Washington, D.C. Strategically located on private land designated by law for mineral development under the
Alaska Native Claims Settlement Act of 1971, the Donlin Gold project enjoys deep involvement with Native
Corporations, strengthening our connections with people from the region and local government bodies.
Our enduring partnerships with Calista and TKC have been crucial in advancing the project’s development
and permitting efforts. Over decades, our commitment to engaging with the 62 stakeholder communities in
the Y-K region has built meaningful relationships, enhanced investment, and reinforced our social license.
This longstanding dedication underscores the approach of the Donlin Gold project and its partners, Calista
and TKC, to foster robust relationships with both local communities and governmental entities built on trust,
transparency, respect and partnership.
In July, Donlin Gold hosted a project site tour for a group of residents from Crooked Creek and the Native
Village of Georgetown.
In August, Calista, TKC, and Donlin Gold hosted a public Open House in Anchorage, providing Alaskans with
the opportunity to learn more about the project and to engage in open and transparent discussions.
NOVAGOLD was in attendance to participate, interact, and engage with key stakeholders.
These are just two examples of the many engagements Donlin Gold prioritizes to raise awareness and
maintain transparency around the project.
Sustained Support and Participation in Local Community and Environmental
Initiatives Throughout the Y-K Region
NOVAGOLD remains deeply committed to community and social responsibility, upholding shared values at
the Donlin Gold project site and within the Y-K region. Through initiatives spanning education, community
wellness, cultural preservation, and environmental stewardship, we support fisheries studies, environmental
activities, subsistence, cultural preservation efforts, and various grants. Our collaboration with Calista and
TKC has driven a range of activities and projects over the past quarter.
Since mid-2023, NOVAGOLD and Donlin Gold have intensified efforts with our Alaska Native Corporation
partners to monitor, survey and engage in the dialogue on salmon fisheries in the Kuskokwim and Yukon
River watersheds. In the third quarter, we focused on identifying opportunities to monitor, evaluate, and
strengthen salmon populations. Notably, we launched a salmon smolt monitoring program on the George
River, a tributary of the Kuskokwim River, in partnership with the Village of Napaimute to assess smolt
health and migration patterns.
In addition, Donlin Gold and NOVAGOLD have supported the “In It for The Long Haul” backhaul program for
seven years now, collecting and safely disposing of household hazardous and electronic waste from Y -K
villages. This year alone, approximately 140,000 pounds of material were recycled, for an impressive total of
approximately 803,000 pounds of hazardous materials removed from the Y-K region since the program
began in 2018.
Donlin Gold’s partnership with the Crooked Creek Traditional Council has supported the Summer Youth
Employment program, providing local youth with hands-on experience in various work environments while
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also assisting Elders. In the third quarter, Donlin Gold continued sponsoring the RurAL CAP Elder Mentor
Program, which connects youth with Elders to foster intergenerational knowledge and support academic
engagement and school readiness across the State. Donlin Gold also shipped dictionaries to all school
districts in the Y-K region for third graders as part of The Dictionary Project, a national effort to promote
literacy and creative thinkers, a project they have participated in annually since 2012.
Donlin Gold has also reaffirmed its commitment to the Alaska School Activities Association, supporting high
school-level athletic, academic, and fine arts programs statewide. Donlin Gold’s ongoing financial
contributions highlight our steadfast dedication to enhancing educational and extracurricular opportunities
for students throughout Alaska.
NOVAGOLD remains committed to stakeholder engagement and community development working closely
with Tribal communities and Alaska Native Corporations to identify needs and collaboratively develop
solutions that enhance and uplift communities, fostering sustainable growth and shared prosperity for
future generations.
Proactively Defending and Upholding Current State and Federal Permits and Working
to Secure Remaining Key State Permits
Donlin Gold, in collaboration with Calista, actively supports Federal and State agencies in defending the
project’s permits against legal challenges — a strategy that has proven highly effective in maintaining
permit approvals to date. The intricate permitting process in the United States and Alaska demands years of
dedicated, transparent, and inclusive efforts to engage all stakeholders, including those from the Y -K region.
With a profound understanding of the regulatory landscape, Donlin Gold and its partners are committed to
supporting Federal and State agencies through any challenges to the project’s permits and are now
concentrating on securing the remaining State-level permits and certificates needed for the project’s
advancement. While maintaining jurisdictional safety presents challenges, particularly as regulations vary
across regions, the State of Alaska stands out as a stable and reliable investment environment. As the
second-largest gold-producing state in one of the world’s safest countries for free enterprise 2, Alaska offers
investors stability and certainty that their assets will remain secure. This makes the rigorous permitting
process a worthwhile endeavor in an increasingly complex world.
Earthjustice filed their opening brief with the Alaska Superior Court on January 5, 2024, appealing the Alaska
Department of Environmental Conservation Commissioner’s decision upholding the 401 Water Quality
Certification. The briefing is complete and oral arguments were held on August 30, 2024. A decision is
anticipated from the Alaska Superior Court by 2025.
In other State litigation, following an unsuccessful appeal to the ADNR Commissioner, Earthjustice filed their
opening brief with the Alaska Supreme Court on January 4, 2024, appealing the Alaska Superior Court’s
decision on Donlin Gold’s water rights permits. Additionally, briefing on Earthjustice’s appeal of the Alaska
Superior Court affirmation of ADNR’s issuance of the State pipeline Right-of-Way (ROW) lease to the Alaska
Supreme Court was completed in February 2024. Oral arguments for both the water rights permits and the
State pipeline ROW are scheduled for November 12, 2024.
In the Federal litigation challenging the Donlin Gold Joint Record of Decision, including the 404 permit and
ROW for portions of the pipeline crossing federal lands, the Court issued a decision on September 30, 2024.
The decision upheld the federal agencies’ analysis on two of the three issues raised in the litigation, but agreed
2 Per the 2024 Mineral Commodity Summaries Report – https://pubs.usgs.gov/periodicals/mcs2024/mcs2024-gold.pdf.
NEWS RELEASE
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with the plaintiffs that the federal agencies took to o narrow a view in analyzing the impact of a theoretical
release from the tailing storage facility. The Court requested supplemental briefing on the appropriate remedy
for addressing this issue, which is due October 21, 2024, and response briefing is due No vember 4, 2024.
Donlin Gold is committed to working with the federal agencies and all stakeholders on an appropriate remedy
to address the Court’s decision.
Dedicated to Advancing Donlin Gold for the Benefit of All Shareholders and
Stakeholders
NOVAGOLD strongly believes that the Donlin Gold project represents a compelling investment opportunity
in the gold market, especially amidst the scarcity of high-quality assets in secure jurisdictions and the gold
price recently reaching an all-time high. Situated in Alaska — a well-established mining destination —
Donlin Gold holds significant potential. The project boasts approximately 39 million ounces of gold at a
grade of 2.24 grams per tonne in Measured and Indicated Mineral Resources, inclusive of Proven and
Probable Mineral Reserves3. This robust asset, with a projected mine life of 27 years and average annual
gold production in excess of a million ounces per year, is not only projected to be a low-cost, open-pit
producer, but it also offers exploration upside — extending beyond the currently defined resource areas,
which represent less than half of the presently identified eight-kilometer mineralized trend.
Advancing Donlin Gold through its successive development phases responsibly and effectively remains our
top priority. Since 2012, NOVAGOLD has enhanced the project’s value without additional equity issuances,
underscoring our dedication to strategic growth and value creation. In the current macro environment,
characterized by complex and volatile market conditions, Donlin Gold stands out as a rare and truly
exceptional “Tier 1 Asset” located in one of the world’s top mining jurisdictions. With its impressive profile,
low-cost structure, and substantial exploration potential, Donlin Gold is well positioned to become one of
the best gold development projects which epitomizes both stability and opportunity.
These numerous accomplishments reflect the hard work and diligence of our entire team — from managing
Donlin Gold operations to engaging with State and Federal agencies, conducting studies, and reaching out
to communities across a vast region. Our environmental, educational, and social initiatives further
underscore our longstanding and genuine dedication. We extend our heartfelt thanks to our colleagues and
partners at Donlin Gold, Calista, TKC, and NOVAGOLD, as well as to our Board of Directors for their
unwavering efforts and collaboration. We remain as committed as ever to advancing the Donlin Gold project
safely and responsibly, with a clear focus on creating substantial value.
We deeply appreciate the unwavering support and trust of our long-term shareholders, whose commitment
and guidance have been instrumental to the Company’s success. The remarkable dedication of these
esteemed investors, which include some of the most respected names in the investment community,
constitutes the cornerstone of our progress. We deeply value their decision to invest in our company as well
3 Donlin Gold data as per the report titled “NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA” with an effective date of
June 1, 2021 (the “2021 Technical Report”) and the report titled “S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska,
USA” (the “S -K 1300 Technical Report Summary”), dated November 30, 2021. Donlin Gold possesses Measured Resources of
approximately 8 Mt grading 2.52 g/t and Indicated Resources of approximately 534 Mt grading 2.24 g/t, each on a 100% basis an d
inclusive of Mineral Reserves, of which approximately 4 Mt of Mea sured Resources and approximately 267 Mt of Indicated Resources
inclusive of Reserves is attributable to NOVAGOLD through its 50% ownership interest in Donlin Gold LLC. Exclusive of Mineral Reserves,
Donlin Gold possesses Measured Resources of approximately 1 Mt grading 2.23 g/t and Indicated Resources of approximately 69 M t
grading 2.44 g/t, of which approximately 0.5 Mt of Measured Resources and approximately 35 Mt of I ndicated Resources exclusive of
Mineral Reserves is attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 8 Mt grading 2.32 g/t and
Probable Reserves of approximately 497 Mt grading 2.08 g/t, each on a 100% basis, of which approximately 4 Mt of Proven Reserves and
approximately 249 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in
accordance with NI 43-101 and S-K 1300.
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as their constant and insightful engagement. As custodians of NOVAGOLD, we remain resolutely focused on
executing our strategy and advancing the Donlin Gold project with the highest standards of safety and
social responsibility. Our paramount objective is to enhance shareholder and stakeholder value, echoing
both the confidence and conviction that our shareholders have placed in us.
Sincerely,
Gregory A. Lang
President & CEO
Financial Results
in thousands of U.S. dollars, except for per share amounts
Three months
ended
August 31,
2024
$
Three months
ended
August 31,
2023
$
Nine months
ended
August 31,
2024
$
Nine months
ended
August 31,
2023
$
General and administrative expense(1) 5,120 5,243 18,982 16,385
Share of losses – Donlin Gold 2,814 3,978 9,765 15,996
Total operating expenses 7,934 9,221 28,747 32,381
Loss from operations (7,934) (9,221) (28,747) (32,381)
Interest expense on promissory note (3,833) (3,433) (11,132) (9,589)
Interest and dividend income 1,194 1,501 4,265 4,180
Other income, net (14) (66) 1,708 904
Accretion of notes receivable — 145 — 579
Income tax expense (156) — (855) (75)
Net loss (10,743) (11,074) (34,761) (36,382)
Net Loss per share, basic and diluted (0.03) (0.03) (0.11) (0.11)
At At
August 31,
2024
$
November
30, 2023
$
Cash and term deposits 105,572 125,749
Total assets 114,731 133,290
Total liabilities 152,540 141,513
(1) Includes share -based compensation expense of $ 515 and $ 2,225 in the third quarter of 2024 and 2023,
respectively, and $5,319 and $6,526 in the first nine months of 2024 and 2023, respectively.
In the third quarter of 2024, net loss decreased by $331 from the comparable prior year period. The
decrease was primarily due to lower stock-based compensation expense related to forfeiture of options and
performance share units and lower field expenses at Donlin Gold partially offset by higher general and
administrative costs, increased interest expense on the promissory note and lower interest income on cash
and term deposits. Donlin Gold expenses were lower with reduced site activity in 2024, compared to
fieldwork and geotechnical drilling for the Alaska Dam Safety certificates and hydrological drilling to
NEWS RELEASE
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support mine planning and design in 2023. General and administrative expenses increased primarily due to
higher professional fees and employee compensation. Professional fees increased due to consulting fees
primarily related to ongoing efforts to enhance the value of the Donlin Gold project by evaluating
alternatives to further advance the project. Salaries and benefits increased primarily due to hiring of
additional staff. Income tax expense relates to passive income taxable in Canada on a portion of interest
income earned by U.S. subsidiaries, and for withholding taxes on the sale of the San Roque project in
Argentina during the first quarter of 2024.
Liquidity and Capital Resources
In the third quarter and first nine months of 2024, cash equivalents decreased by $6,996 and $177,
respectively, primarily due to Donlin Gold funding and corporate general and administrative costs, partially
offset by interest income on cash and proceeds from term deposits. The increase in cash used in operating
activities in the third quarter and first nine months of 2024 from the comparable prior year periods was
primarily due to increased corporate general and administrative costs and a net change in working capital.
Funding requirements for Donlin Gold were substantially lower in the first nine months of 2024 than the
comparable prior year period.
2024 Outlook
Our anticipated cash expenditures in fiscal year 2024 continue to be approximately $31,200, including
$14,250 to fund the Donlin Gold project, and $16,950 for corporate general and administrative costs.
NOVAGOLD’s primary goals in 2024 include continuing to advance the Donlin Gold project toward a
construction decision; maintaining support for Donlin Gold among the project’s stakeholders; promoting a
strong culture on safety, sustainability, and the environment; maintaining a favorable reputation of
NOVAGOLD; and preserving a healthy balance sheet. Our operations primarily relate to the delivery of
project milestones, including the achievement of various technical, environmental, sustainable development,
economic and legal objectives, obtaining necessary permits, completion of pre-feasibility and feasibility
studies, preparation of engineering designs and the financing to fund these objectives .
Conference Call & Webcast Details
NOVAGOLD’s conference call and webcast to discuss these results will take place on October 3, 2024, at 8:00
am PT (11:00 am ET). The webcast and conference call-in details are provided below.
Video Webcast: www.novagold.com/investors/events
North American callers: 1-800-319-4610
International callers: 1-604-638-5340
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company, solely focused on the responsible and sustainable
development of its flagship Donlin Gold project in Alaska, one of the safest mining jurisdictions in the
world4. The Donlin Gold project, in equal partnership with Barrick, is positioned to be one of the world’s
largest gold mines, with approximately 39 million ounces of gold in the Measured and Indicated Mineral
Resource (541 million tonnes at an average grade of approximately 2.24 grams per tonne, on a 100%
basis)5 categories, inclusive of Proven and Probable Mineral Reserves. According to the 2021 Technical
4 Per Mining Journal intelligence – World Risk Report 2023 Alaska received an AA rating, ranks number 3 globally on the Investment
Risk index and is in the top quartile for low-risk in each category (Legal, Governance, Social, Fiscal and Infrastructure).
5 Donlin Gold data as per the 2021 Technical Report and the S-K 1300 Technical Report Summary. Please see footnote 3 above.
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Report and the S-K 1300 Technical Report Summary (both as defined in footnote 3) Donlin Gold is expected
to produce an average of approximately one million ounces of gold over a 27-year mine life on a 100%
basis. There’s substantial exploration potential beyond the designed footprint of the Donlin Gold open pit,
which currently covers three kilometers of an approximately eight-kilometer-long gold-bearing trend.
Current activities at the Donlin Gold project focus on state permitting, engineering studies, com munity and
government engagement, and other environmental, educational and cultural initiatives in preparation for
the eventual construction and operation of this project. With a robust balance sheet, NOVAGOLD is well
positioned to finance its share of current activities.
NOVAGOLD Contact:
Mélanie Hennessey
Vice President, Corporate Communications
604-669-6227 or 1-866-669-6227
Cautionary Note Regarding Forward-Looking Statements
This media release includes certain “forward -looking information” and “forward -looking statements” (collectively “forward -looking
statements”) within the meaning of applicable securities legislation, including the United States Private Securities Litigati on Reform Act of
1995. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends ”,
“estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, “would” or
“should” occur or be achieved. Forward -looking statements are necessarily based on several opinions, estimates and assumptions that
management of NOVAGOLD considered appropriate and reasonable as of the dat e such statements are made, are subject to known and
unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be
materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical
fact, included herein are forward-looking statements. These forward-looking statements include statements regarding the anticipated timing
of certain judicial and/or administrative decisions; the 2024 outlook; the timing and potential for commencing a new feasibility study on the
Donlin Gold project; our goals and expenditures for 2024; ongoing support provided to key stakeholders including Native Corpo ration
partners; Donlin Gol d’s continued support for the state and federal permitting process; sufficiency of working capital; the potential
development and construction of the Donlin Gold project; the sufficiency of funds to continue to advance development of Donli n Gold,
including to a construction decision; perceived merit of properties; mineral reserve and mineral resource estimates; Donlin Gold’s ability to
secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; legal challenges to Donlin Gold’s
existing permits and the timing of decisions in those challenges; whether the Donlin Gold LLC board will continue to advance the Donlin
Gold project safely, socially responsibly and to generate value for our stakeholders; continued cooperation between the owners of Donlin
Gold LLC to advance the project; the Company’s ability to deliver on its strategy with the Donlin Gold project, increasing sh areholder and
stakeholder wealth; the success of the strategic mine plan for t he Donlin Gold project; the success of the Donlin Gold community relations
plan; the outcome of exploration drilling at the Donlin Gold project and the timing thereof ; the completion of test work and modeling and
the timing thereof. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events
or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the expectations
of NOVAGOLD management’s estimates and projections regarding future events or circumstances on the date the statements are made.
Important factors that could cause actual results to differ materially from expectations include the need to obtain additiona l permits and
governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for
additional financing to explore and develop properties and availability of financing in the debt and capital markets; disease pandemics;
uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; c hanges in
mineral production performance, exploitation and exploration successes; changes in national and local government legislat ion, taxation,
controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and
political or economic developments in the United States or Canada; the need for continued cooperat ion between Barrick and NOVAGOLD
for the continued exploration, development and eventual construction of the Donlin Gold property; the need for additional cap ital if
NOVAGOLD determined to proceed with an updated feasibility study on its own; the need for cooperation of government agencies and
Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, eq uipment
breakdowns, bad weather, disease pandemics, non -compliance with environmental and pe rmit requirements, unanticipated variation in
geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital
and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made