NovaGold Resources Inc. (NYSEAMERICAN:NG) stock rose 0.39% (As on Apr 6, 12:17:32 AM UTC-4, Source: Google Finance) after the company posted inline earnings for the first quarter of FY 22. NG in the first quarter of FY 22 has reported the adjusted loss per share of 3 cents, which is inline with the analysts’ estimates for the adjusted loss per share of 3 cents. NOVAGOLD’s treasury remained strong with $155 million in cash and term deposits as of February 28, 2022, with another $25 million due in July 2023 from Newmont, the total being more than sufficient to advance Donlin Gold up the value chain. The success of the expanded 2021 Donlin Gold drill program delivered on its objectives to validate recent geologic modelling concepts to support future feasibility work and test for extensions of high-grade zones. The results support the existing global resource estimate, the recent modelling concepts, and strategic mine planning work. With the largest project budget in more than a decade, a plan is in place to advance Donlin Gold up the value chain in 2022 and position the project to be able to proceed with the preparation of an updated feasibility study, subject to Donlin Gold LLC Board approval.

At Donlin Gold, in the first quarter 2022, the company reopened the camp in January 2022, the first quarter ended with three drill rigs operating and approximately 70 people on site, with a majority of Donlin Gold direct hire employees who are Alaska Native from the Yukon-Kuskokwim (Y-K) region. For the health and safety of our workforce and members of the community, strict COVID-19 mitigation protocols remain in effect. The company received the final set of assay results (21 complete holes and 22 partial holes, encompassing the remaining 8,500 meters of length drilled) from the 2021 drill program, which were reported to the market jointly by Donlin Gold, Barrick, and NOVAGOLD on February 28, 2022.

The proposed budget for Donlin Gold LLC (100 percent) in 2022 is expected to be $60 million (of which NOVAGOLD’s portion is 50 percent) as previously reported. The focus will be to update geologic modelling and interpretation work for an updated resource model and engineering activities for use in an updated project feasibility study; undertake approximately 34,000 meters of planned tight spaced grid drilling and in-pit and below-pit exploration drilling; support fieldwork and permitting for the Alaska Dam Safety Certifications; advance environmental activities; and support community and external affairs efforts.