NovaGold Resources Inc (NG) 2025 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to NOVAGOLD’s second-quarter 2025 financial results conference call and webcast. (Operator Instructions)

感謝您的耐心等待。這是會議接線員。歡迎參加 NOVAGOLD 2025 年第二季財務業績電話會議和網路直播。（操作說明）

I would now like to turn the conference over to Melanie Hennessey, Vice President, Corporate Communications. Please go ahead.

現在我將把會議交給企業傳播副總裁梅蘭妮·亨尼西。請繼續。

Thank you, Ayesha, and good morning, everyone. Thank you for joining us on NOVAGOLD’s 2025 second-quarter webcast and conference call, and also for an update on the Donlin Gold project. On today’s call, we have NOVAGOLD’s Chairman, Dr. Kaplan; NOVAGOLD’s President and CEO, Greg Lang; and NOVAGOLD’s Vice President and CFO, Peter Adamek.

謝謝你，阿伊莎，大家早安。感謝您參加 NOVAGOLD 2025 年第二季網路直播和電話會議，並了解 Donlin Gold 專案的最新進展。在今天的電話會議上，我們有 NOVAGOLD 的董事長 Kaplan 博士；NOVAGOLD 的總裁兼執行長 Greg Lang；以及 NOVAGOLD 的副總裁兼財務長 Peter Adamek。

At the end of the webcast, we will take questions by phone. Additionally, we will respond to questions received by email. 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 risks detailed in our various EDGAR and SEDAR filings and forward-looking disclaimers included in this presentation. I will now turn the presentation over to our Chairman, Dr. Kaplan.

網路直播結束後，我們將透過電話接受提問。此外，我們也會回覆透過電子郵件收到的問題。我想提醒各位，正如幻燈片 3 中所述，今天發表的任何聲明都可能包含前瞻性信息，例如預測和目標，這些信息可能涉及我們在 EDGAR 和 SEDAR 文件中詳細說明的風險，以及本演示文稿中包含的前瞻性免責聲明。現在我將把發言權交給我們的主席卡普蘭博士。

Thank you, Melanie. It gives me great pleasure to be able to introduce the reintroduction of NOVAGOLD into the gold development space. If you look at the first chart which we’ve put up, you will notice that for many, many years, the trajectory of NOVAGOLD was as perhaps the most highly rated gold development stock in the GDXJ.

謝謝你，梅蘭妮。我非常高興能夠向大家介紹 NOVAGOLD 重返黃金開發領域。如果你看一下我們發布的第一張圖表，你會注意到，多年來，NOVAGOLD 的發展軌跡可能是 GDXJ 中評價最高的黃金開發股票。

There were a number of reasons for this, but I want to put this into context for the simple reason that if you look at this chart, what you see is that going back as recently as 2021, NOVAGOLD’s share price was $12. The company was a $4 billion market cap. We were on our way to updating our feasibility study, which we believe very strongly would have led already to a construction decision.

這其中有很多原因，但我想把它放在一個背景下解釋，原因很簡單，如果你看一下這張圖表，你會發現，即使追溯到 2021 年，NOVAGOLD 的股價也只有 12 美元。該公司市值達40億美元。我們當時正在更新可行性研究報告，我們相信這份報告完全可以促成一項建設決策。

As a consequence of a relationship, or a fraught relationship, with our then partner, we were at an impasse. That impasse in turn led essentially to NOVAGOLD being, if not dead money, then comatose. This is extremely important to understand.

由於與當時的伴侶之間存在某種關係（或緊張的關係），我們陷入了僵局。這一僵局最終導致 NOVAGOLD 即使不是徹底破產，幾乎處於停滯狀態。理解這一點至關重要。

There’s no doubt in our minds that what has transpired over the last quarter is going to allow us not only to revive, but also once again to surpass the highs that we had at $12 to $15 as recently as five or six years ago. This is our agenda. What you’re going to hear over the course of this call is that the company, now having removed the one headwind that it had, in the context of so many tailwinds, not least of which is the gold price, but also facts on the ground, drilling successes, permitting successes, and the like, we want to reestablish not just a practice of being able to go back to taking Donlin up the value chain, but also reestablishing our valuation.

我們毫不懷疑，過去一個季度發生的事情不僅將使我們復甦，而且將再次超越五、六年前12至15美元的高點。這就是我們的議程。在本次電話會議中，您將會聽到，公司現在已經消除了唯一的不利因素，同時受益於諸多有利因素，其中最重要的是金價，以及實地情況、鑽探成功、許可成功等等，我們不僅希望恢復將 Donlin 帶回價值鏈上游的運作模式，而且還希望重新確立我們的估值。

In this, I can tell you we will be absolutely uninhibited. As far as we’re concerned, we will get back to the $12 to $15 range which was status quo ante before 2020, and more than that, we will then make up for the lost time considering that the gold price at that time was thousands of dollars less than where it is today. Here are the reasons why. If I can ask to go to the next slide.

在這方面，我可以告訴你，我們將完全不受任何束縛。就我們而言，我們將回到 2020 年之前的 12 至 15 美元區間，不僅如此，考慮到當時的金價比現在低數千美元，我們還會彌補失去的時間。原因如下。我可以請求切換​​到下一張投影片嗎？

Let's ask ourselves the question. What is it that has enabled me or the Electrum Group, which is our holding company and which is my family, shareholder capital, and sovereign wealth funds who are our only outside shareholders? What is it that, over 17 years, has not only not resulted in deal fatigue but has actually resulted in greater enthusiasm than ever before, an enthusiasm which has been reinforced and reaffirmed by an enormous investment by our new partner, which is Paulson Advisers?

讓我們捫心自問這個問題。是什麼使我或 Electrum 集團（我們的控股公司，由我的家族、股東資本和主權財富基金組成，他們是我們唯一的外部股東）能夠取得成功？是什麼讓17年來的交易不僅沒有讓人感到疲倦，反而激發了前所未有的熱情？而我們的新合作夥伴保爾森顧問公司的大量投資，更是鞏固和肯定了這種熱情。

Ask yourself the question. What is it that propels Electrum with a very strong multi-decade track record in taking category-killer assets up the value chain, but also now Paulson Advisers to purchase a 40% economic interest in Donlin itself for $800 million?

問問自己這個問題。是什麼促使擁有數十年強勁業績記錄、致力於將顛覆性資產提升至價值鏈上游的 Electrum，以及現在的 Paulson Advisers 斥資 8 億美元收購 Donlin 40% 的經濟權益？

Let's go through these attributes. In fact, let's take one step back. Prior to our becoming in stasis with our partner, I would ask the question and this contributed no doubt to our premium valuation, is there any other gold development story in the world today which has the following combination of attributes? If not, then I think it's fair to say that Donlin is unique in the gold space. These are the reasons why Electrum and Paulson Advisers and a very, very, very high-quality, sophisticated, smart-money shareholder base invest in NOVAGOLD.

我們來逐一了解這些屬性。事實上，讓我們退後一步。在我們與合作夥伴陷入僵局之前，我曾問過這樣一個問題，而這無疑也促成了我們對黃金的溢價估值：當今世界上還有其他黃金開發項目具備以下這些特徵的組合嗎？如果不是這樣，那麼我認為可以公平地說，唐林在黃金領域是獨一無二的。這就是 Electrum 和 Paulson Advisers 以及眾多非常、非常、非常高品質、成熟、精明的股東投資 NOVAGOLD 的原因。

First of all, it's possible that there's never been a gold mining story which began with 40 million ounces. For sure, there has not been one for many years which began with an average production over the nearly three decades of initial mine life of well over a million ounces of gold.

首先，可能從來沒有一個金礦開採的故事是以 4000 萬盎司黃金開始的。可以肯定的是，多年來還沒有任何礦山在最初近三十年的開採期內，平均產量能超過一百萬盎司黃金。

I want to also put that into perspective because you will probably be hearing about this, and it does change some of the calculus of analysis going forward. The first 10 years of production are actually 1.4 million ounces on average, 1.5 million in the first five years.

我還想從另一個角度來看這個問題，因為你們可能會聽到相關消息，而這確實會改變未來一些分析的計算方式。前 10 年的平均產量實際上為 140 萬盎司，前 5 年為 150 萬盎司。

We start with decades of mine life, and we believe, for reasons that you'll hear, that we have the potential to add decades more. This gives us the possibility that within that 10-year time frame, we will be able to position ourselves so that we will maintain the 1.4 million ounces annually. So we can start with an amortization, but the reality is it's the nature of the size of the ore body and the quality of the ore body that allows us to be able to think of this as being a 1.4 million, 1.5 million ounce gold producer for decades to come.

我們從數十年的礦場壽命開始，我們相信（原因你們稍後會聽到），我們​​有潛力再延長數十年。這讓我們有可能在 10 年的時間範圍內，使自己能夠保持每年 140 萬盎司的產量。因此，我們可以從攤銷開始，但實際上，正是礦體的規模和質量，才使得我們可以將其視為未來幾十年內年產 140 萬至 150 萬盎司黃金的礦山。

What's also exciting about this is that because the deposit enjoys a grade that is double the industry average at this point, an industry average which, for better or worse, is actually falling to below 1 gram, we will have cash costs in the lower half of the industry's cost range. In fact, at today's prices, we would estimate that margins could be in the thousands of dollars.

更令人興奮的是，由於該礦藏的礦石品位是目前行業平均水平的兩倍，而行業平均水平（無論好壞）實際上正在下降到 1 克以下，因此我們的現金成本將處於行業成本範圍的下半部分。事實上，以今天的價格計算，我們估計利潤可能高達數千美元。

This is important because quality matters. Grade is king. And for a large-scale open deposit, Donlin really is an emperor. Now in terms of size, as I mentioned, 40 million ounces to start, and that's really because we have another inferred 6 million ounces very close to the pit. Let's say 45 million ounces, not just in M&I but with some inferred.

這一點很重要，因為品質決定一切。成績為王。對於大規模開放式存款而言，唐林真可謂是巨頭。就規模而言，正如我所提到的，一開始就有 4000 萬盎司，這主要是因為我們推斷礦坑附近還有 600 萬盎司的儲量。假設有 4500 萬盎司，這不僅包括 M&I 的儲量，還包括一些推斷的儲量。

The great Goldstrike mine ultimately reached 40 million ounces. We begin there, so we have size and we have quality, and more than that, we believe that that's just scratching the surface. Only 5% of that land package that we have at Donlin now between NOVAGOLD and Paulson has been explored, as I recently discovered because it's been so long since we could look at being in control of our own destiny with regards to mine progress.

偉大的戈爾德斯特里克礦場最終產量達到了4000萬盎司。我們從這裡起步，所以我們有規模，也有質量，我們相信這只是冰山一角。我最近發現，我們在唐林（Donlin）擁有的土地中，只有 5% 的土地（位於 NOVAGOLD 和 Paulson 之間）被勘探過，因為我們已經很久沒有掌控自己礦山發展進程的命運了。

Regional exploration really stopped in the early 2000s after the failed Barrick hostile takeover attempt of NOVAGOLD in 2006. At that point, there really wasn't that much more incentive for Barrick to continue to highlight greater reserve growth or indeed the possibility that the next Donlin could be a one. The chances, in fact, that there is no other occurrence other than the one that we have is probably very low, but just to highlight what Melanie said, that's a forward-looking statement. Having said that, Electrum’s own geologists believe that there's a very good chance that the next Donlin could be a Donlin.

2006 年巴里克黃金公司惡意收購 NOVAGOLD 失敗後，區域勘探活動在 21 世紀初就真正停止了。當時，巴里克黃金公司確實沒有太多動力繼續強調儲量成長，或者下一個唐林礦場可能是一盎司的礦場。事實上，除了我們所看到的這種情況之外，沒有其他情況發生的可能性可能非常低，但正如梅蘭妮所說，那是一個前瞻性的聲明。話雖如此，Electrum 自己的地質學家認為，下一個唐林很可能就是唐林。

Let's put that aside because that's where you come into the idea of Donlin as being the new Carlin or the new Nevada. Just along strike and at depth, we are open, and we do believe that we can see millions and millions, if not tens of millions, of ounces just on the 8-kilometer mineralized belt. The 45 million ounces is on only 3 kilometers of the 8 kilometers. And once again, that 8 kilometers only represents 5% of the land package.

我們先把這個問題放在一邊，因為這引出了唐林是新一代卡林或新一代內華達人的想法。僅沿著走向和深度方向，我們就有勘探空間，我們相信，即使在 8 公里長的礦化帶上，我們也能看到數百萬盎司，甚至數千萬盎司的黃金儲量。這4500萬盎司的礦石僅分佈在8公里路段中的3公里處。再次強調，這 8 公里僅佔整個地塊的 5%。

Now there's no question that by any stretch, Donlin is world-class. As we would say, we think it's unique and we think it's the best in the world. And we're very fortunate now to have a partner who echoes these sentiments both publicly as well as privately.

毫無疑問，唐林絕對是世界級的。正如我們所說，我們認為它是獨一無二的，而且我們認為它是世界上最好的。我們現在非常幸運地擁有一位無論在公開場合或私下都認同這些觀點的合作夥伴。

But I don't believe that in today's world it's good enough to be world-class. I believe that the premium valuations are going to be given to those assets that, when an investor calls up a broker and says, I think it's time for me to have some exposure to the gold space, what do we have in safe jurisdictions with a trustee management, smart shareholders, and of great asset quality? I think that going forward, one of the names which will be put forward is NOVAGOLD.

但我認為，在當今世界，它還不足以達到世界一流水準。我認為，當投資者打電話給經紀人說：“我認為現在是時候投資黃金領域了”，那麼在安全的司法管轄區，由受託人管理，擁有精明的股東，並且資產質量優良的資產，將會獲得溢價估值。我認為，未來可能會被提名的名字之一是 NOVAGOLD。

One of the reasons is that, as I said, it's not just world-class, but it's located in the right part of the world. As I experienced last week with my son when going on a site visit to Donlin, it's a place where you can take a site visit to go whale watching or hike along glaciers. It's not the heart of darkness. You don't have to worry about insurgents. You don't have to worry about governments which are rapacious. It's a great area to be a mining company. In fact, Alaska is already the second-largest gold-producing state in the safest jurisdiction in the world.

其中一個原因是，正如我所說，它不僅是世界一流的，而且地理位置也恰到好處。正如我上週和兒子一起去唐林實地考察時所體驗到的那樣，這是一個可以進行實地考察、觀賞鯨魚或沿著冰川徒步旅行的地方。它不是黑暗之心。你不必擔心叛亂分子。你不必擔心那些貪婪的政府。對於礦業公司來說，這裡是一個絕佳的地區。事實上，阿拉斯加已經是全球第二大黃金生產州，也是世界上最安全的地區之一。

Our Native Corporation partners have been our greatest champions. Remember this, Donlin is located on private land designated by law for mining. We couldn't be in a greater place, and that's proven by the fact that, in a unique event, the Bureau of Land Management and the US Army Corps of Engineers together provided us with our federal permits, and state permitting is absolutely on track.

我們的原住民企業夥伴一直是我們最大的支持者。請記住，唐林礦位於法律指定的私人採礦用地上。我們現在的處境再好不過了，事實證明，在一次特殊的事件中，土地管理局和美國陸軍工程兵團共同為我們頒發了聯邦許可證，而州級許可證的審批也完全在按計劃進行。

Our commitment to ESG, the well-being of our people and communities, good governance, all of those boxes are checked for the investors we have and those who we expect to be coming on Board. And now we have the game changer, because now we have a partner who is completely aligned with us philosophically as well as financially. They bring along attributes in terms of access to capital and, more than that, expertise.

我們對環境、社會及公司治理 (ESG)、員工和社區福祉、良好治理的承諾，所有這些方面都符合我們現有投資者和我們預期加入董事會的投資者的要求。現在我們迎來了改變遊戲規則的人，因為我們找到了一個在理念和經濟上都與我們完全一致的合作夥伴。他們具備獲得資金的能力，更重要的是，他們擁有專業知識。

They are one of the only groups in the US institutional firmament which actually have in-house talent and a great in-house track record on being able to take Donlin-like assets, great assets up the value chain. Combined with our management team's mine-building capabilities, we think that this is the absolute game changer that will get us back to not only where we were in every respect, including share valuation five years ago, but now allow us to be able to really achieve escape velocity.

他們是美國機構金融界為數不多的擁有內部人才和出色內部業績記錄的集團之一，能夠將像 Donlin 這樣的優質資產提升到價值鏈的更高水平。結合我們管理團隊的礦業建立能力，我們認為這將是徹底改變遊戲規則的因素，它不僅能讓我們回到五年前的各個方面，包括股票估值，而且現在還能讓我們真正實現飛躍式發展。

And finally, but by no means least, as evidenced by the relationship that has been shown by Paulson, who's been in this story with us for 15 years and suffers clearly no more deal fatigue than we do, which is to say we're more excited than ever. But also so many of the long-term institutional investors who joined us in our offering, including Lingotto, and Kopernik, and First Eagle, so many long-term shareholders, too many to thank right now. But it's because of you that we were able to survive, and our mission is to be able to give you as immediate gratification as possible.

最後，但絕非最不重要的一點，保爾森與我們之間的關係就證明了這一點。他與我們一起經歷了 15 年的風風雨雨，顯然並沒有像我們一樣對交易感到厭倦，也就是說，我們比以往任何時候都更加興奮。但也要感謝眾多參與我們發行的長期機構投資者，包括 Lingotto、Kopernik 和 First Eagle，以及眾多長期股東，現在無法一一感謝。但正因為有了你們，我們才能生存下來，而我們的使命就是盡可能地讓你們獲得即時的滿足感。

Next slide. Again, having discussed all of the attributes of Donlin, let me reiterate that one of those things which gave John Paulson so much confidence in being able to work with us was not only the asset quality but the quality of the management team itself. Many of you, of course, know Melanie Hennessey or have engaged with Ben Macklis and Peter Adamek.

下一張投影片。再次強調，在討論了唐林的所有優點之後，我想重申，讓約翰·保爾森對與我們合作充滿信心的原因之一，不僅是資產質量，還有管理團隊本身的素質。當然，你們中的許多人都認識梅蘭妮·亨尼西，或與本·馬克利斯和彼得·阿達梅克有過接觸。

But let me just focus for a moment on Greg Lang. Prior to joining NOVAGOLD, Greg Lang was a 30-year veteran of Barrick and its predecessor companies. The first time he ever left was to come and join NOVAGOLD. This is extremely important. He was President of Barrick North America for eight years prior to joining us, including being part of the team that made the takeover attempt of NOVAGOLD in 2006.

但請容許我先集中談談格雷格·朗。在加入 NOVAGOLD 之前，Greg Lang 曾在 Barrick 及其前身公司工作了 30 年。他第一次離開是為了加入 NOVAGOLD。這非常重要。在加入我們之前，他曾擔任巴里克北美總裁八年，其中包括參與 2006 年對 NOVAGOLD 的收購嘗試。

On his watch, Goldstrike was not only developed, but Cortez was built. You saw the advancement of Turquoise Ridge and Bald Mountain. His experience, his frame of reference in the North American space is as strong as anyone else's in the industry. Similarly, Richard Williams, before joining us, was the project manager who put Pueblo Viejo, then Barrick's largest mining investment into production.

在他的領導下，Goldstrike 不僅得到了開發，而且 Cortez 也建成了。你看到了綠松石嶺和禿山的推進。他在北美地區的經驗和影響力不亞於業內任何其他人。同樣，理查德威廉斯在加入我們之前，是將巴里克當時最大的礦業投資項目普韋布洛維耶霍投入生產的專案經理。

In both cases, these stories came in on budget and on schedule, and in the case of Cortez and Pueblo Viejo, have been excellent mines for Barrick. In other words, we have a bench of mine builders in the Americas, as well as those who have the experience in permitting, as strong as any other company in the space. I would put them up there even with Agnico. Next.

這兩個項目都按預算和進度完成，就科爾特斯和普韋布洛維耶霍而言，它們都是巴里克公司非常優秀的礦場。換句話說，我們在美洲擁有一批礦山建設人才，以及一群在許可證辦理方面經驗豐富的人才，其實力不遜於該領域的任何其他公司。我覺得它們甚至可以和Agnico相提並論。下一個。

So all of these things not only kept Paulson Advisers in the NOVAGOLD story for 15 years, but as he watched the story progress, he came to the conclusion that as he's been a gold bull for as long as I have, that is to say, a couple of decades at least, he came to the conclusion that the great trade of our generation will turn out to be gold. I think there's no doubt in our minds that that's already happening.

因此，所有這些因素不僅讓保爾森顧問公司在 NOVAGOLD 的故事中持續了 15 年，而且隨著故事的發展，他得出結論：由於他和我一樣，至少有二十年的時間一直看好黃金，他得出結論，我們這一代最偉大的交易將是黃金。我認為我們都毫不懷疑，這種情況已經發生了。

But remember, this is a man, this is an organization, that having identified the big trade and the displacement that was coming in the housing crisis, subprime, and the like, not only identified the macro factors before anyone else, but also, as George Soros put it, brilliantly found the right vehicles with which to be able to express that trade, vehicles that could give him and his stakeholders 10, 20x returns.

但請記住，這是一個人，這是一個組織，他不僅在住房危機、次貸危機等事件之前就發現了巨大的交易和人口遷移，而且正如喬治·索羅斯所說，他還巧妙地找到了合適的工具來進行這種交易，這些工具可以給他和他的利益相關者帶來 10 倍、20 倍的回報。

So here you have someone who not only has gotten the macros right on gold, but also has made clearly the biggest bet that Donlin is the best vehicle with which to be able to express that trade. As he put it when we made our announcement, Donlin Gold is one of the most attractive undeveloped gold projects in the world, with 39 million ounces of gold at double the industry average grade and an optimal location in the prime jurisdiction of Alaska, already the second-largest gold-producing state in the United States. We believe that the project could create value for decades to come. Enjoying excellent social license and formidable exploration upside potential to significantly expand its resources and production profile, Donlin Gold constitutes a superb opportunity for us to gain leverage to gold in the United States. Together with Donlin Gold’s partners, Calista and TKC, we are dedicated to responsibly advance the Donlin Gold project.

所以，這個人不僅在黃金宏觀策略上取得了成功，而且顯然也做出了最大的賭注，認為 Donlin 是實現這項交易的最佳工具。正如他在我們宣布該項目時所說，唐林金礦是世界上最具吸引力的未開發金礦項目之一，擁有 3900 萬盎司黃金，品位是行業平均水平的兩倍，並且位於阿拉斯加這一黃金產區的最佳位置，而阿拉斯加已經是美國第二大黃金生產州。我們相信該項目在未來幾十年都能創造價值。Donlin Gold 擁有良好的社會認可度和巨大的勘探潛力，能夠顯著擴大其資源和生產規模，這為我們在美國獲得黃金投資機會提供了絕佳途徑。我們與 Donlin Gold 的合作夥伴 Calista 和 TKC 一起，致力於以負責任的方式推進 Donlin Gold 計畫。

We could not have a more aligned partner. We've literally gone from misalignment to perfect alignment, and this is going to be reflected in the decisions and the announcements that will be undertaken in the weeks ahead. But more than that, for those who are inevitably going to be looking at the NOVAGOLD story and really want to understand it because for so many people they haven't heard about it practically for five years, so it's a new story in many ways, they're going to be calling up John.

我們不可能找到比他們更契合的合作夥伴了。我們已經從完全不協調發展到完全協調，這將在未來幾週內做出的決定和發布的公告中得到體現。但更重要的是，對於那些不可避免地會關注 NOVAGOLD 的故事並真正想了解它的人來說，因為對很多人來說，他們實際上已經五年沒聽說過這件事了，所以從很多方面來說，這是一個新的故事，他們會打電話給約翰。

I have no doubt that some of our largest shareholders, as people cotton on to the fact that the gold bull market is enduring and that gold and precious metals equities are going to be re-rated, they're going to be calling up our largest shareholders. And the beauty is, because they are so well informed, they will be giving answers very similar to the ones which I am.

我毫不懷疑，隨著人們逐漸意識到黃金牛市將會持續，黃金和貴金屬股票將會重新估值，我們的一些最大股東將會打電話給我們的最大股東。妙處在於，因為他們消息靈通，所以他們給的答案會與我的答案非常相似。

So now let's take a look at the Paulson track record. I'll get to a case study which is Detour Gold, which ultimately led to a major shareholding in Agnico Eagle, but there are others. Perpetua Resources is on the strategic and critical minerals list of the United States. As a consequence, they have secured nearly $2 billion in funding from the US government. I should say this is under the Biden administration, and for all of the reasons that the Biden administration was clear on its desire to be able to bolster the mining industry, one knows that its successor administration not only feels the same and has added gold to the critical minerals list, but is also very focused on Alaska.

現在讓我們來看看保爾森的過往戰績。我將以 Detour Gold 為例進行案例研究，該公司最終獲得了 Agnico Eagle 的大量股份，但還有其他案例。Perpetua Resources公司名列美國戰略與關鍵礦產資源清單。因此，他們從美國政府獲得了近20億美元的資金。我應該說明，這是在拜登政府時期發生的。鑑於拜登政府明確表示希望扶持採礦業，人們知道其繼任政府不僅抱持相同的想法，並將黃金列入了關鍵礦產清單，而且還非常關注阿拉斯加。

But if you look at Perpetua, it has gone from $2 to $3 five, six times over the last year and a half. And when we made our announcement, John actually said he thought that as we move back up the value chain with the updated feasibility study, similar things will happen to NOVAGOLD itself. So we're lucky not only to have a smart adviser, but one who can give us tremendous advice as we go up the value chain to maximize all aspects of access to capital. Next.

但如果你看看 Perpetua，它在過去一年半的時間裡，股價已經從 2 美元漲到了 3 美元，漲幅達五六次。當我們宣布這一消息時，約翰實際上說，他認為隨著我們透過更新的可行性研究重新回到價值鏈的上游，類似的事情也會發生在 NOVAGOLD 本身。因此，我們很幸運，不僅擁有一位聰明的顧問，而且這位顧問還能在我們沿著價值鏈向上發展，最大限度地利用所有方面的資本時，為我們提供極大的建議。下一個。

Let's face it, we are clearly gold bulls. Let me start by saying to anyone who wonders whether gold is in nosebleed territory, it isn't. When I first started being bullish on gold publicly in 2007, I was in the process of selling my energy company and at the same time moving into gold. Gold was at $550 an ounce. Oil was going to the $100 that I believed it would hit. We sold our energy company, pivoted into gold in 2007.

說實話，我們顯然是黃金多頭。首先我想對那些想知道黃金價格是否高得離譜的人說，它的價格並不高。2007 年，我第一次公開看好黃金時，我正在出售我的能源公司，同時也在投資黃金。黃金價格為每盎司550美元。油價正朝著我預想的100美元目標前進。2007 年，我們賣掉了能源公司，轉而投資黃金。

At that time, my target was between $3,000 and $5,000. No fear factors came into that calculation, just based on wanting to be able to have a currency, a financial asset that didn't represent someone else's liability. For me, the holy grail was Donlin, and on December 30, 2008, when NOVAGOLD was in trouble, from being a non-shareholder, we effectively took over the company because our view was that gold was going into the thousands of dollars. And for the reasons that John has stated, this would give us the maximum leverage to a bull market.

當時，我的目標是籌集 3000 到 5000 美元。當時並沒有考慮任何恐懼因素，只是希望擁有一種貨幣，一種不代表他人負債的金融資產。對我來說，聖杯是唐林，2008 年 12 月 30 日，當 NOVAGOLD 陷入困境時，我們作為非股東，實際上接管了這家公司，因為我們認為黃金價格將達到數千美元。正如約翰所說，這樣做可以最大限度地利用牛市。

My personal belief on gold is that we are now just in the foothills of the bull market, not dissimilar to where we were price-wise even to where the Dow was in 1988, for example, and I think that we're going to see, for a variety of reasons, the competition between central banks and the private sector, the continuing competition between India and China over who is going to be the largest consumer of a scarce resource, the inflation-deflation protection, asset diversification.

我個人對黃金的看法是，我們現在正處於牛市的開端，價格走勢與1988年道瓊斯指數的水平非常相似。我認為，由於各種原因，我們將看到央行與私部門之間的競爭、印度和中國之間持續爭奪稀缺資源最大消費國的競爭、通膨與通貨緊縮的保護以及資產多元化等因素。

And let's face it, the reality is that since 2022, in terms of geopolitical reasons but also in terms of what happened when the sanctions were put on Russia and most of their assets other than their gold were confiscated, the official sector revaluation of gold is going to continue. Basically, every central banker who ever argued that they should be buying more gold looks like a genius. They're not paid 2 and 20. There is absolutely no reason for them to argue anything against, because who wants to sell something that could be on its way to $5,000 or $10,000?

讓我們面對現實吧，現實情況是，自 2022 年以來，由於地緣政治原因，以及對俄羅斯實施制裁並沒收其除黃金以外的大部分資產，官方部門對黃金的重新估值將會繼續下去。基本上，所有曾經主張增持黃金的央行總裁看起來都像個天才。他們不是拿2和20的工資。他們完全沒有理由反對，因為誰會想賣掉一件可能賣到 5000 美元或 10000 美元的東西？

Also, as I have always said, whenever you see the Indians and the Chinese competing over a scarce asset, you want to own some too. I used to think that that should be enough to get people interested, it wasn't. But the reality is that that in and of itself is a great asset. That and the fact that we know the Chinese have been hoarding gold far more extensively than their official sector. When they choose to announce how much more gold they have, I would likely say it will be significantly more than the American reserves. It's going to have a signal impact on the perception of the RMB.

而且，正如我一直所說，每當你看到印度人和中國人爭奪稀缺資源時，你也想擁有一些。我以前認為這應該足以引起人們的興趣，但事實並非如此。但事實上，這本身就是一筆巨大的財富。除此之外，我們都知道中國人囤積黃金的規模遠超過官方管道。當他們決定公佈他們擁有多少黃金儲備時，我可能會說這將遠遠超過美國的黃金儲備。這將對人民幣的市場認知產生重大影響。

Next, so let's talk about the leverage that we and John Paulson see in terms of what Donlin provides. The leverage is absolutely extraordinary. If we just looked at $3,000 gold at a 5% NPV, Donlin is $15.2 billion based upon our last technical report.

接下來，我們來談談我們和約翰·保爾森認為唐林所能提供的優勢。這種槓桿作用絕對非比尋常。如果我們只考慮每盎司 3000 美元的黃金，淨現值為 5%，根據我們最新的技術報告，Donlin 的市值是 152 億美元。

I have to tell you, I got into this business in the early '90s when the gold or the frontier spirit in looking for gold or silver was such that you went all over the world. At that time, US assets were valued using a 0% discount rate because they were arbitraged against the then-risky jurisdictions of Canada, Australia, and South America. The world's changed a lot in the last 20 years. For what it's worth, as somebody who made their bones, as one could say, in Bolivia, Zimbabwe, South Africa, I sold the Kibali project to Randgold, I'm very familiar with the developing world and making money in Africa, South America, as well as North America.

我必須告訴你，我是在 90 年代初進入這個行業的，當時人們對黃金或白銀的追尋和開拓精神非常盛行，以至於人們會跑遍世界各地。當時，由於美國資產與當時風險較高的加拿大、澳洲和南美洲的資產進行套利，因此美國資產的估值採用 0% 的折現率。世界在過去的20年裡發生了巨大的變化。就我個人而言，我曾在玻利維亞、辛巴威、南非打拼多年，可以說我在那裡累積了豐富的經驗。我把基巴利計畫賣給了蘭德黃金公司，我對發展中國家以及在非洲、南美洲和北美洲賺錢都非常熟悉。

I just happen to believe that that era is over, that it's all about being able to have extraordinary leverage to an underlying theme, in this case, gold, but knowing that it's in a place where you can keep the fruits of that leverage, knowing that when you go to sleep at night, when you wake up in the morning, what you thought you owned hasn't been taken away from you by miscreants on the ground or venal governments. You want to be in the United States.

我恰好認為那個時代已經結束了，現在的關鍵在於能夠對某個基礎主題（在本例中是黃金）擁有非凡的槓桿作用，並且知道它處於一個你可以保住這種槓桿作用成果的地方，知道當你晚上睡覺，早上醒來時，你以為自己擁有的東西並沒有被地面上的惡棍或貪婪的政府奪走。你想去美國。

Ideally, Nevada is great. Alaska is the number two in the United States, and hopefully catching up, is a fabulous place. Like I said, the premium valuations will be given to the places where people want to go on site visits. We see gold going much higher. The reality is that by any stretch of the imagination, NOVAGOLD is undervalued, and I'm very grateful to John Paulson for allowing NOVAGOLD to go from 50% to 60% economic interest. We look forward to developing this leverage in tandem, and more so being able to show areas where we fully expect there are some pleasant surprises for our shareholders.

理想情況下，內華達州很棒。阿拉斯加是美國排名第二的州，希望它能迎頭趕上，那真是一個很棒的地方。正如我所說，人們想要實地考察的地方將獲得更高的估值。我們認為黃金價格還會大幅上漲。事實上，無論從哪個角度來看，NOVAGOLD 都被低估了，我非常感謝 John Paulson 允許 NOVAGOLD 的經濟權益從 50% 增加到 60%。我們期待著共同發展這一優勢，更重要的是，我們能夠展示我們完全有信心為股東帶來一些驚喜的領域。

Let's look at an example of what the Paulson team did in a premier jurisdiction. After an investment of $500 million in Detour Gold, they took an activist stance, nominating directors which were approved. Key changes were made. The company successfully optimized the mine plan, improved recoveries, reduced AISC, and a year after company changes, Kirkland Lake acquired Detour for $3.7 billion in 2019.

讓我們來看一個保爾森團隊在一個頂級司法管轄區所做的事情的例子。在向 Detour Gold 投資 5 億美元後，他們採取了積極的立場，提名了董事，這些董事都獲得批准。做出了一些關鍵性改變。該公司成功優化了礦山計劃，提高了回收率，降低了維持成本，並在公司變革一年後，於 2019 年以 37 億美元收購了 Detour。

If you'd have invested alongside Paulson, you would have had 130%-plus over a year. But if you'd kept the successor to Kirkland in this story, Agnico, you would have made 450% over six years, and you would have been an owner in the largest gold mine in Canada.

如果你和保爾森一起投資，一年下來你的收益將超過 130%。但如果你當初保留了柯克蘭的繼任者阿格尼科，那麼六年內你將獲得 450% 的回報，並且你將成為加拿大最大金礦的所有者之一。

Some of these things should ring bells. We have great smart shareholders taking big bets on extraordinary assets in safe jurisdictions. Like they say, the past is prologue. Next.

有些事情應該會讓你覺得似曾相識。我們擁有許多眼光獨到的股東，他們在安全的司法管轄區對優質資產進行了大量投資。正如人們常說的，過去是序章。下一個。

So with that, what can you expect from the new NOVAGOLD? First of all, we couldn't be coming back to the market at a better time. The underlying gold price fundamentals are stronger than ever, and we now have new co-owners, which are completely aligned with wanting to see the shares of NOVAGOLD rise.

那麼，您對全新的NOVAGOLD有什麼期待呢？首先，我們現在重返市場的時機再好不過了。黃金價格的基本面比以往任何時候都更加強勁，而且我們現在有了新的共同所有者，他們完全同意希望看到 NOVAGOLD 的股價上漲。

Everyone understands that the best way to crystallize their investment in Donlin, whether a direct ownership stake in Donlin or through NOVAGOLD, knows that they can look forward to a dynamic and sustained narrative of progress. This will not be going into a no-news hibernation, not at all to the contrary.

每個人都明白，無論是直接持有 Donlin 的股份，還是透過 NOVAGOLD 持有 Donlin 的股份，實現投資的最佳方式就是讓他們知道，他們可以期待一個充滿活力且持續發展的局面。這不會進入無新聞休眠狀態，恰恰相反。

First of all, the commencing of the feasibility study update, which should have taken place in 2021 but didn't for historical reasons that we don't have to dwell upon unless you want to ask questions. This is going to be a major catalyst as it develops news flow about the assembly of the team and the blue-chip consortium that will be coming together to do the studies that will take us to a construction decision.

首先是可行性研究更新的啟動，該研究本應在 2021 年進行，但由於一些歷史原因而未能進行，除非你想提問，否則我們不必贅述這些歷史原因。這將成為一個重要的催化劑，因為它將推動有關團隊組建和藍籌財團的消息傳播，這些財團將齊聚一堂進行研究，最終做出建設決策。

The drill programs which, despite delivering some of the best drill results over the last few years in the gold mining industry, will be no longer directed towards where they are no longer needed, because whatever testing Barrick wanted to do on the resource was more than proven to be accurate. But drill programs will be developed on expanding reserves and resources, adding more proven and probable ounces per share, and pursuing further exploration at depth.

儘管這些鑽探計劃在過去幾年中為黃金開採行業帶來了一些最好的鑽探結果，但它們將不再針對不再需要的地方進行鑽探，因為巴里克想要對該資源進行的任何測試都已被證明是準確的。但鑽探計畫將著眼於擴大儲量和資源，增加每股已探明和可能的盎司數，並進一步進行深層勘探。

We are open to depth. We are open laterally. There's every reason to be able to expect good news and on a systematic basis. I also want to add this, as I said before, 95% of this property was unexplored because at least one partner didn’t want to see another Donlin discovered. We are going to implement a regional exploration program to cover the rest of our land package. The chances that something else is there, that it’s a one-off occurrence of whatever it would be, 70 million, 80 million, 100 million ounces along strike is possible, but we don’t think it’s likely.

我們樂於深入探討。我們持開放態度。我們完全有理由期待好消息不斷傳來。我還想補充一點，正如我之前所說，這處房產 95% 的區域都未被勘探過，因為至少有一位合夥人不想看到另一個唐林礦藏被發現。我們將實施一項區域勘探計劃，以涵蓋我們剩餘的土地範圍。有其他儲量的可能性，或者說，沿著礦脈發現 7,000 萬、8,000 萬、1 億盎司的黃金只是個特例，但我們認為這種可能性不大。

So watch this space. Meanwhile, we’ll be supporting state permitting efforts, engaging proactively with government representatives, and of course collaborating on ongoing stakeholder outreach and investment initiatives in Alaska. Anyone who’s been up with us to Alaska knows that we enjoy unbelievable support from our Native Corporation partners, who I am very gratified to say are as excited about this transformative transaction with Paulson Advisers as we are. Thank you very much.

敬請期待。同時，我們將支持州政府的許可工作，積極與政府代表溝通，當然也會在阿拉斯加進行持續的利害關係人拓展和投資計畫。凡是和我們一起去過阿拉斯加的人都知道，我們得到了原住民公司合作夥伴的大力支持，我非常高興地說，他們和我們一樣，對與保爾森顧問公司進行的這項變革性交易感到興奮。非常感謝。

Thank you, Tom. Turning to slide 14, NOVAGOLD reported a net loss of $54.3 million in the second quarter of 2025, representing an increase of $40.6 million from the comparable prior-year period. This increase was primarily due to a $39.6 million non-cash, non-recurring charge related to warrants issued as consideration to certain investors for providing a backstop commitment as part of the Donlin Gold transaction announced during the second quarter.

謝謝你，湯姆。翻到第 14 張投影片，NOVAGOLD 報告稱，2025 年第二季淨虧損 5,430 萬美元，比去年同期增加了 4,060 萬美元。這一增長主要是由於第二季度宣布的 Donlin Gold 交易中，為向某些投資者提供擔保承諾而發行的認股權證所產生的 3960 萬美元非現金、非經常性費用。

Excluding the impact of this non-cash charge, our results for the three and six months ended May 31, 2025 reflect lower G&A spending and elevated Donlin Gold expenditures related to the 2025 field program, in line with our budget and guidance.

剔除這項非現金支出的影響，我們截至 2025 年 5 月 31 日止三個月和六個月的業績反映了 G&A 支出減少以及與 2025 年油田計劃相關的 Donlin Gold 支出增加，這與我們的預算和指導一致。

On slide 15, our treasury increased by $225.7 million to $318.7 million at the end of the second quarter, primarily due to the closing of a public offering of 47.9 million shares and a private placement of 17.2 million shares early in May, generating $234.1 million in net proceeds to the company.

在第 15 張投影片中，截至第二季末，我們的資金增加了 2.257 億美元，達到 3.187 億美元，這主要是由於 5 月初完成了 4790 萬股的公開發行和 1720 萬股的私募配售，為公司帶來了 2.341 億美元的淨收益。

The net proceeds from the May capital raise were principally used to purchase an additional 10% interest in Donlin Gold early in the third quarter. The balance of the proceeds will be used to fund NOVAGOLD’s share of expenses at Donlin, including the update to the Donlin Gold feasibility study and for general corporate purposes.

5 月融資所得淨收益主要用於在第三季初收購 Donlin Gold 額外 10% 的股份。剩餘收益將用於支付 NOVAGOLD 在 Donlin 計畫的支出份額，包括 Donlin Gold 可行性研究的更新以及一般公司用途。

Excluding the equity financing, corporate G&A costs during the second quarter declined by $0.8 million, while our share of Donlin Gold funding increased by $3.1 million due to increased site activity in 2025 compared to the prior year when fieldwork activities were minimal.

除股權融資外，第二季度公司一般及行政費用減少了 80 萬美元，而由於 2025 年現場活動較上年有所增加（上年現場活動極少），我們在 Donlin Gold 的融資份額增加了 310 萬美元。

Moving now to page 16, and as discussed on the previous slide, our treasury increased to $319 million at the end of the second quarter. Shortly after the end of the second quarter, we completed the Donlin Gold transaction on June 3, and on June 5, we announced the full exercise and closing of the underwriter’s option to purchase an additional 15% shares following the May public offering, generating an additional $25.6 million in net proceeds to the company.

現在翻到第 16 頁，如上一頁投影片中所討論的，截至第二季末，我們的國庫資金增加到 3.19 億美元。第二季結束後不久，我們在 6 月 3 日完成了 Donlin Gold 的交易；6 月 5 日，我們宣布承銷商在 5 月公開發行後購買額外 15% 股份的選擇權已全部行使並完成，為公司帶來了額外的 2560 萬美元淨收益。

Pro forma, these two announcements, our ending second quarter treasury to a very robust $136 million. Our cash expenditures for the first six months of fiscal 2025 have remained in line with our 2025 budget and guidance. However, given that our share of funding Donlin Gold’s expenses has increased from 50% to 60% with the closing of the Donlin Gold transaction early in the third quarter, we expect our share of Donlin Gold funding to be higher than our previously issued 2025 guidance of $21.5 million.

根據這兩項公告，我們第二季末的國庫餘額將達到非常強勁的 1.36 億美元。2025 財年上半年，我們的現金支出與 2025 年預算與指引一致。然而，鑑於隨著 Donlin Gold 交易在第三季度初完成，我們為 Donlin Gold 的支出提供的資金份額已從 50% 增加到 60%，我們預計我們為 Donlin Gold 提供的資金份額將高於我們之前發布的 2025 年 2150 萬美元的指導值。

In light of the closing of the Donlin Gold transaction, NOVAGOLD intends to provide an updated 2025 guidance with the release of our third quarter results. And with that, I will now turn the presentation over to Greg to discuss the second quarter highlights.

鑑於 Donlin Gold 交易的完成，NOVAGOLD 計劃在發布第三季業績時提供更新的 2025 年業績指引。接下來，我將把演講交給格雷格，讓他來談談第二季的亮點。

Thanks, Peter. The primary focus up in Alaska this year is a drill program. We started drilling in March and we’re about halfway through a 15,000-meter program. This program is focused on resource conversion in and around the ACMA and Lewis deposits.

謝謝你，彼得。今年在阿拉斯加的主要工作重點是鑽探計劃。我們從三月開始鑽探，目前已經完成了15,000公尺鑽探計畫的一半左右。該計劃的重點是ACMA和Lewis礦床及其周邊地區的資源轉換。

We also continue an extensive government and community engagement. Our new General Manager, Todd Dahlman, who joined us recently from Kinross, traveled to the capital to meet our officials from Alaska and reinforced the project’s importance to both the state and the Y-K region.

我們也繼續與政府和社區保持廣泛的溝通互動。我們新任總經理托德·達爾曼（Todd Dahlman）最近從金羅斯加入我們，他前往首府會見了阿拉斯加的官員，並強調了該項目對阿拉斯加州和育空-金羅斯地區的重要性。

We continue to be active in community meetings and held one recently in Crooked Creek, which is the nearest community to the Donlin site. These meetings are about the advisory committees that we set up to enable the local residents to have input into the Donlin Gold project and keep them informed of all of our activities.

我們繼續積極參與社區會議，最近在距離唐林遺址最近的社區克魯克德克里克舉行了一次會議。這些會議是關於我們設立的諮詢委員會，目的是讓當地居民能夠參與唐林金礦項目，並讓他們了解我們的所有活動。

We also continue to support safety programs traveling along the Kuskokwim River, distributing life jackets and other essential items to the local villages. We’ve also been actively involved in a cleanup green-up program where we help the communities dispose of trash and other hazardous wastes throughout the Y-K region. Next slide, please.

我們也繼續支持沿著庫斯科奎姆河旅行的安全計劃，向當地村莊分發救生衣和其他必需品。我們也積極參與了一項清潔綠化計劃，幫助育空-庫克群島地區的社區處理垃圾和其他有害廢物。請看下一張投影片。

Permitting has been a focus of ours for many years, and we’re continuing to advance the existing permits as well as defend our permits in the courts. We have prevailed through the court rulings in all of the Alaska courthouses, and the Alaska Superior Court recently upheld our 401 certification.

多年來，許可審批一直是我們的重點工作，我們將繼續推動現有許可的審批，並在法庭上捍衛我們的許可。我們在阿拉斯加所有法院的判決中都取得了勝利，阿拉斯加高等法院最近也維持了我們的 401 認證。

In the federal litigation, the court upheld two out of three points that the plaintiffs raised. The court also remanded the project to do an additional study related to a tailings dam issue, and the order was recently received. The court rejected the plaintiffs’ position to vacate the permits, so our permits remain solidly intact. Next slide, please.

在聯邦訴訟中，法院支持了原告提出的三點中的兩點。法院還要求將該項目發回重審，以進行與尾礦壩問題相關的補充研究，該命令已於近日下達。法院駁回了原告撤銷許可證的請求，因此我們的許可證仍然完好無損。請看下一張投影片。

So why would you look at investing in NOVAGOLD and why now? Donlin is well positioned to be a major gold producer. As Tom highlighted earlier, for the first 10 years we averaged 1.4 million ounces a year, making Donlin one of the largest, if not the largest, gold mines in the industry. When you compare Donlin to the other development projects that are advancing, it’s more than double the average output of these other projects.

那麼，你為什麼要考慮投資 NOVAGOLD？又為什麼是現在？唐林礦具備成為主要黃金生產商的良好條件。正如湯姆之前所強調的那樣，在前 10 年裡，我們平均每年生產 140 萬盎司黃金，使唐林成為業內最大的金礦之一，甚至可能是最大的金礦。將唐林與其他正在推進的開發項目進行比較，它的產量是其他項目平均產量的兩倍以上。

Grade is something that really sets the Donlin project apart from the other peer groups. Our grade is 2.25 g, which is better than twice the industry average. The new mine in British Columbia recently came on stream quite successfully, and they're making good profits. And their grade is one-third of what the Donlin grade is, which will enable Donlin to have exceptionally low cash costs. Next slide, please.

成績是唐林計畫與其他同類項目真正區別開來的重要因素。我們的等級為 2.25 克，比行業平均高出兩倍以上。位於不列顛哥倫比亞省的新礦最近投產，而且非常成功，獲利豐富。它們的等級只有唐林等級的三分之一，這將使唐林的現金成本異常低。請看下一張投影片。

This slide highlights the exploration potential on and around the Lewis and ACMA deposits. The ongoing drill program right now is targeted at sparsely drilled areas in and around the ACMA and Lewis deposits where we have the potential to convert inferred resources and upgrade them into measured and indicated.

這張投影片重點介紹了路易斯礦床和ACMA礦床及其周邊地區的勘探潛力。目前正在進行的鑽探計劃的目標是 ACMA 和 Lewis 礦床及其周圍鑽探稀少的區域，我們有可能將這些推斷資源轉化為測量資源和指示資源。

Along trend, we've got gold-bearing drill holes, all up and down the 8-kilometer belt. And we've only extensively explored 3 kilometers of this area. As Tom mentioned, we're going to be exploring throughout the claim holdings of Donlin, and the area shown here represents just a fraction of our total land package up in Alaska. Next slide.

順著這個趨勢，我們在長達 8 公里的礦帶上到處都發現了含金鑽孔。我們目前只深入探索了這區域的3公里。正如湯姆所提到的，我們將勘探整個唐林礦權區，這裡顯示的區域只是我們在阿拉斯加全部土地的一小部分。下一張投影片。

Alaska is a great place to do business. And some recent developments that we find quite exciting is one of them is the President has declared gold a strategic metal and issuing executive orders aimed at unlocking the extraordinary resource potential up in Alaska. One of the areas of focus for the governments, both on the state and federal level, is building a gas pipeline to bring natural gas down from the North Slope into the Cook Inlet for export. And that's very important to Donlin because we had envisioned importing natural gas into the project and delivering it to the site in a pipeline.

阿拉斯加是經商的好地方。我們發現最近的一些進展令人振奮，其中之一是總統宣布黃金為戰略金屬，並發布行政命令，旨在釋放阿拉斯加非凡的資源潛力。州政府和聯邦政府的重點工作之一是建造天然氣管道，將天然氣從北坡輸送到庫克灣進行出口。這對唐林來說非常重要，因為我們設想將天然氣進口到該項目中，並通過管道輸送到現場。

Alaska is a great state. It's already the second-largest producing state in the US. Governments in Alaska value responsible resource development. As far as the jurisdictional rating, it's one of the top jurisdictions in the world. Next slide, please.

阿拉斯加是個很棒的州。它已經是美國第二大生產州。阿拉斯加各級政府重視負責任的資源開發。就司法管轄區評級而言，它是世界上頂尖的司法管轄區之一。請看下一張投影片。

Donlin is on private land owned by two Alaska Native Corporations. Calista owns the mineral rights, and TKC owns the surface rights. We've got long-standing relationships with them. They have an owner's interest in seeing this project go forward. We were recently up in Alaska with a group of analysts and shareholders, and it was clear to everybody how excited they are about the project finally having a path forward. Next slide, please.

唐林位於兩家阿拉斯加原住民公司擁有的私人土地上。Calista擁有礦產開採權，TKC則有地表開採權。我們與他們有著長期的合作關係。他們作為業主，自然希望看到這個專案順利進行。我們最近和一群分析師和股東去了阿拉斯加，每個人都清楚地感受到他們對該專案終於找到前進方向的興奮之情。請看下一張投影片。

Permitting is a very thorough, transparent process in the United States. We've completed our federal permitting process a few years ago, and we have a time-issued joint record of decision from both the Army Corps of Engineers and the Bureau of Land Management.

在美國，許可證審批是一個非常徹底、透明的過程。幾年前，我們已經完成了聯邦許可程序，並且我們擁有陸軍工程兵團和土地管理局聯合簽發的、具有時間效力的決定記錄。

We've also gotten all of the infrastructure, including the pipelines, secured. The only remaining state permit of any consequence is for the tailings dam and other water retention structures. We've submitted the preliminary design packages, and we anticipate having these permits in hand well in advance of beginning activities at the site. The state permits that are completed are also shown on this chart. Next slide, please.

我們還確保了包括管道在內的所有基礎設施的安全。唯一剩下的比較重要的州級許可證是尾礦壩和其他蓄水設施的許可證。我們已經提交了初步設計方案，預計在現場施工開始前就能拿到這些許可證。此圖表中也顯示了已完成的州級許可證。請看下一張投影片。

NOVAGOLD remains committed to good governance at our Board level. Our Board is well diversified, and many industry veterans are represented on our board. From a health and safety point of view, the Donlin site has worked well over a decade without a lost-time injury, and our program so far this year is continuing that impressive record of no harm to our employees. On the environment, we've always maintained a vigorous focus on the environment, and we continue to do that. Next, please.

NOVAGOLD始終致力於在董事會層級貫徹良好的公司治理。我們的董事會成員組成多元化，許多行業資深人士都在我們的董事會中任職。從健康和安全的角度來看，唐林工廠十多年來一直運作良好，沒有發生過工傷事故，而且我們今年的專案也繼續保持著令人矚目的零傷害記錄。在環境保護方面，我們一直高度重視環境保護，並將繼續這樣做。下一位。

NOVAGOLD enjoys great institutional support. Our top shareholders are listed here. Many of them have been with the company and invested for a lot of years. Next, please.

NOVAGOLD 獲得了強大的機構支持。我們的主要股東名單如下。他們中的許多人已經在公司工作多年，並進行了多年的投資。下一位。

That concludes our presentation this morning. I'd like to at this time really thank our shareholders who are listed here for their investment in the company and their confidence in the direction that NOVAGOLD and the Donlin project are moving.

今天上午的演講到此結束。在此，我衷心感謝我們在此列出的股東們對公司的投資，以及他們對 NOVAGOLD 和 Donlin 專案發展方向的信心。

At this stage, I'd also like to express our gratitude to our Chairman and our Board of Directors and everyone on the management team for their tremendous efforts in getting our transaction to increase our interest over the line.

在此，我還要感謝董事長、董事會以及管理團隊的每一位成員，感謝他們為促成此次增資交易所付出的巨大努力。

NOVAGOLD is in a fantastic position right now. For the first time in many years, we have a very clear path forward. It's an exciting time for us, and we look forward to updating the markets and our stakeholders as we execute this year's program and continue to move the Donlin Gold project up the value chain. We'll now turn the line over for any questions that might have come in.

NOVAGOLD目前處境非常有利。多年來，我們第一次有了非常清晰的前進方向。對我們來說，這是一個激動人心的時刻，我們期待在執行今年的計劃並繼續推動 Donlin Gold 項目向價值鏈上游邁進的過程中，向市場和我們的利益相關者更新最新進展。現在我們將把線路交給其他人，回答大家可能會提出的問題。

Nick Giles, B. Riley Securities .

Nick Giles，B. Riley Securities。

Thank you, operator. Good morning, everyone. Congratulations on the transaction and all the recent progress. My first question, can you remind us of the capital intensity of the feasibility study and ultimately what timing could look like there?

謝謝接線生。各位早安。恭喜交易順利完成，也恭喜近期取得的所有進展。我的第一個問題是，您能否提醒我們可行性研究的資金密集程度，以及最終的時間安排？

Sure, Nick, thank you for joining the call this morning. The last refresh we did with the capital was several years ago. It was a little over $7 billion, and I think what we're really focused on now is we know these numbers are stale and need to be updated, and that's hence why we're focused on completing a new feasibility study.

當然，尼克，謝謝你今天早上參加電話會議。我們上一次動用這筆資金還是幾年前的事了。金額略高於 70 億美元，我認為我們現在真正關注的是，我們知道這些數字已經過時，需要更新，因此我們正致力於完成一項新的可行性研究。

Right now, we're preparing the necessary documents to solicit proposals from qualified engineering firms that can execute on the feasibility study for us. And by the time we get the proposals out, evaluate them, and award a contract, we would anticipate kicking off the feasibility study somewhere late in the third quarter or fourth quarter of this year. It's a process that we anticipate will take about two years and, on a 100% basis, cost about $80 million.

目前，我們正在準備必要的文件，以便向有資格的工程公司徵集方案，由這些公司為我們執行可行性研究。等我們把提案發出去，評估完畢，並授予合約後，我們預計可行性研究將於今年第三季末或第四季末啟動。我們預計這個過程大約需要兩年時間，如果完全按照這個比例計算，成本約為 8000 萬美元。

Greg, that is super helpful. I appreciate that detail. Maybe my second question, really, with Barrick out of the picture now, how should we think about the magnitude of annual spend changing or ultimately how funds will be allocated in 2025 or in 2026 and beyond?

格雷格，這太有幫助了。我很欣賞這個細節。或許我的第二個問題是，既然巴里克已經退出市場，我們該如何看待年度支出規模的變化，或者最終在 2025 年、2026 年及以後資金的分配方式？

I think now that the noise from the transaction is behind us, I think our corporate spending will return to its historical levels. At the Donlin site, expenditures will be higher as we embark on the feasibility study, but not really substantially higher than this year because we've got a drill program underway, and that's a fairly expensive activity.

我認為，隨著交易帶來的喧囂過去，我們的企業支出將會恢復到歷史水準。在唐林礦址，由於我們將進行可行性研究，支出將會更高，但實際上不會比今年大幅增加，因為我們已經啟動了鑽探計劃，而鑽探是一項相當昂貴的活動。

In 2026, the spending on the feasibility study will start to ramp up. But I think as you look forward about the project and Donlin’s expenditures, as I said, the feasibility study will take about two years. So you could anticipate, just making the math simple, about $40 million each of those years. And our share of that would be, of course, 60%.

2026年，可行性研究的支出將開始逐步增加。但我認為，展望未來，關於該項目和唐林的支出，正如我所說，可行性研究大約需要兩年時間。因此，簡單計算一下，你可以預期每年大約會有 4000 萬美元。當然，我們應得的份額是 60%。

So the spending at NOVAGOLD will certainly increase as we move forward, and our treasury is, as Peter highlighted, very robust now. We have more than sufficient funds to take the company and the project through to a feasibility study and ultimately a construction decision.

因此，隨著我們繼續向前發展，NOVAGOLD 的支出肯定會增加，正如 Peter 所強調的那樣，我們的資金現在非常雄厚。我們擁有充足的資金，足以讓公司和專案完成可行性研究，並最終做出建設決策。

Thanks again, and maybe one more if I could. I know it's a bit early, but how are you thinking, in this new phase, how are you thinking about funding the project? Is there kind of a debt-to-equity split you have in mind? Any color you can provide on ultimately financing later down the road?

再次感謝，如果可以的話，也許還能再感謝一次。我知道現在說這些還為時過早，但是在這個新階段，您是如何考慮為專案籌集資金的呢？您心中是否有特定的債務權益比？能否透露一下未來融資方面的具體情況？

Well, sure, Nick. I think at this stage, I'll put that question over to Dr. Kaplan, our Chairman.

當然可以，尼克。我認為在這個階段，我會把這個問題交給我們的主席卡普蘭博士來回答。

Thank you, Nick. Good to hear your voice. I appreciate your support. I'm not worried about financing. The toughest deal that I've done in 32 years that I've been in this business was the one that we just concluded to make the purchase with Paulson to buy out the Barrick stake. And let me explain why.

謝謝你，尼克。很高興聽到你的聲音。感謝您的支持。我不擔心資金問題。在我從事這個行業的 32 年裡，我做過的最艱難的交易是我們剛剛與保爾森達成的收購協議，以收購巴里克的股份。讓我解釋一下原因。

I spoke to multiple, very blue-chip names, who are brand names, who were willing to come into the story. Ultimately, John realized that this was literally the best opportunity he ever had. So in addition to being willing to come in, ultimately he was willing to do the entire billion dollars himself.

我採訪了多位業內知名人士，他們都是藍籌股，都願意參與這個故事。最終，約翰意識到這真的是他所擁有的最好的機會。所以，除了願意參與之外，他最終還願意獨自承擔全部十億美元的費用。

We worked it out amongst ourselves that the best thing for the NOVAGOLD share price. And therefore to crystallize the value for him was through NOVAGOLD having, in addition to all the other things that came with this alliance, a larger economic interest that would not disenfranchise him at all.

我們內部商定，這對NOVAGOLD的股價來說是最好的。因此，對他而言，實現這一價值的關鍵在於，NOVAGOLD 除了帶來聯盟帶來的其他一切好處之外，還擁有更大的經濟利益，這完全不會剝奪他的權利。

But in that process, it was very apparent to me that whereas there were those who might be willing to invest a quarter of a billion dollars, every single one of them would have given us the billion dollars and wanted to put money into project financing had the FS, feasibility study, been updated.

但在這個過程中，我非常清楚地看到，雖然有些人可能願意投資 2.5 億美元，但如果可行性研究報告更新了，他們每個人都會給我們 10 億美元，並願意將資金投入專案融資。

Now of course there's a chicken-and-egg to that, because if we'd had the updated FS, which we hope to deliver in a couple of years, I think the share price would have been at least $15 anyway. Which means all things being equal, we would have had to pay $4 billion or $5 billion for Barrick’s stake, which would have been very difficult.

當然，這其中存在一個先有雞還是先有蛋的問題，因為如果我們擁有更新後的財務報表（我們希望在幾年內發布），我認為股價至少也會達到 15 美元。這意味著，在其他條件相同的情況下，我們將不得不支付 40 億或 50 億美元來收購巴里克黃金公司的股份，這將非常困難。

So what we learned was that we have a lot of access to capital. We have tremendous goodwill from those who want to see the biggest gold mine in the United States, in one of the safest places in the world, get built in large numbers, billion-dollar, $2 billion-dollar checks. What the debt-equity will look like remains to be seen because we have so many options ahead of us.

因此，我們了解到我們有很多管道可以獲得資金。我們得到了許多人的極大支持，他們希望看到美國最大的金礦在世界上最安全的地方之一建成，並投入數十億美元、20億美元的資金。債務權益結構最終會是什麼樣子還有待觀察，因為我們有很多選擇。

If you have an 8 to 10-year mine life, you have certain limits. If your mine life is measured in decades, starting with three, potentially being five, six, seven, eight, you have the ability to use the resource in ways that can mitigate dilution, which is our agenda. We have not been promiscuous in capital raisings. The last time before this exercise that we raised money was in 2012, when Greg and I came into NOVAGOLD and we went out and did a tour to introduce ourselves as CEO and Chairman respectively.

如果礦山壽命為 8 到 10 年，那麼就會受到一定的限制。如果你的礦場壽命以十年為單位來衡量，從三年開始，有可能達到五年、六年、七年、八年，你就有能力以減輕資源稀釋的方式利用資源，而這正是我們的目標。我們在籌集資金方面並沒有濫舉。上一次我們籌集資金是在 2012 年，當時我和 Greg 加入了 NOVAGOLD，我們出去巡迴宣傳，分別以首席執行官和董事長的身份向大家介紹自己。

This is a unique story. It's a very special situation, and if there's one thing that I learned, the toughest capital raising that I will ever have had to have done was the one we just did. And by the way, let me just add the reason why, we needed it to be secret. We needed this to be as closely held as possible.

這是一個獨特的故事。這是一個非常特殊的情況，如果說我從中學到了什麼教訓的話，那就是我經歷過的最艱難的融資就是我們剛剛完成的那次。順便一提，我還要補充一點，為什麼我們需要保密。我們需要盡可能嚴加保密。

Over the last year, I have -- we all have fretted that the purchase price might change because of our market capitalization changing. The reason why we bought this for $1 billion was because that was the value of the market cap of NOVAGOLD when Mark Bristow and I had a conversation that led to me making an offer and his pondering it and accepting it.

過去一年，我們所有人都擔心，由於市值變化，收購價格可能會發生變化。我們之所以以 10 億美元的價格收購這家公司，是因為當時 NOVAGOLD 的市值正好是 10 億美元。我和 Mark Bristow 進行了一次談話，之後我提出了收購要約，他考慮了一下，然後接受了。

I tried to buy the other half of Donlin five times over the last 15 years. One thing I've definitely learned, just because someone says no doesn't mean that you don't keep asking, because circumstances have changed. And that's exactly what happened with Barrick. Everybody understood that Barrick was making a pivot that ultimately became, several days after the purchase that we made, a pivot from Barrick Gold to Barrick Mining.

在過去的15年裡，我曾五次嘗試購買Donlin的另一半股份。我學到的一點是，即使有人說了“不”，也不意味著你不能繼續問，因為情況已經改變了。巴里克公司的情況正是如此。大家都明白巴里克正在轉型，最終在我們收購幾天后，巴里克黃金公司轉型為巴里克礦業公司。

Everyone understood that the 30% growth in gold equivalent production that Barrick is projecting is 80% copper. So we never got questions as to why Barrick wants to be able to pivot, because they were literally moving from a pure gold profile with a little copper to trying to be a more diversified mining company.

大家都明白，巴里克公司預測的黃金當量產量增加 30% 實際上是 80% 來自銅。因此，我們從未收到關於巴里克為何想要轉型的問題，因為他們實際上是在從一家以黃金為主、銅含量較少的公司轉型為一家更加多元化的礦業公司。

The issue that we had was we just didn't want this news to get out because, candidly, I was afraid the stock would rise and then the deal would be lost. And it's amazing, but things just worked out that way.

我們遇到的問題是，我們不想讓這個消息洩漏出去，因為坦白說，我擔心股價會上漲，然後這筆交易就泡湯了。真是不可思議，事情就是這樣發展的。

Well, that's all really helpful background, so I appreciate all the detail this morning and continued best of luck.

嗯，這些背景資訊都很有幫助，非常感謝你今天早上提供的所有細節，祝你一切順利。

Thank you very much.

非常感謝。

John O'Shea, Global Alliance Securities.

John O'Shea，環球聯盟證券。

I have no question. It's been answered.

我沒有問題。問題已解答。

Great. I will then turn over to questions coming in via the webcast. Our first question comes from the line of Michael Poustovoi from Texas Teachers.

偉大的。接下來，我將回答透過網路直播提出的問題。我們的第一個問題來自德克薩斯教師協會的邁克爾·波斯托沃伊。

Tom, you've said that the next Donlin may be found within Donlin. If such a discovery were to materialize, could you share your thoughts on the potential geopolitical implications, specifically how it might reposition Donlin from a tier one asset to a tier zero asset, one of true geopolitical and monetary significance?

湯姆，你曾說過，下一個唐林可能就在唐林公司內部。如果這樣的發現成為現實，您能否分享一下您對潛在地緣政治影響的看法，特別是它可能如何將唐林從一級資產重新定位為零級資產，從而真正具有地緣政治和貨幣意義？

Thank you very much, Michael. As you yourself know, but which I will elaborate for our audience, as I mentioned, there has been no regional exploration done outside of the 8-kilometer belt that represents only 5% of the land package. It is for historical reasons. It had to do with the dynamic between Barrick and NOVAGOLD. Barrick always believing that NOVAGOLD would fall into their lap, therefore, why would you want to expand reserves to make NOVAGOLD more valuable? Why would you want to advance it so that there is a feasibility study that people can then see what gold prices are needed? And very interestingly, no regional exploration was done.

非常感謝你，麥可。正如您自己所知，但我將向我們的聽眾詳細說明，正如我所提到的，除了僅佔土地總面積 5% 的 8 公里帶之外，還沒有進行過任何區域勘探。這是出於歷史原因。這與巴里克黃金公司和諾瓦黃金公司之間的關係有關。巴里克一直認為 NOVAGOLD 會自然地落入他們手中，因此，為什麼要擴大儲量來增加 NOVAGOLD 的價值呢？為什麼要推進這項研究，以便進行可行性研究，讓人們了解所需的黃金價格？非常有趣的是，沒有進行任何區域勘探。

And this is extremely important because some very smart -- how should I put it, insights into the likelihood that a 40-million-ounce occurrence is isolated without other occurrences in the vicinity is extremely low. We think it's unrealistically low.

這一點極為重要，因為一些非常聰明的——該怎麼說呢，關於4000萬盎司的地震事件是孤立發生的，附近沒有其他地震事件的可能性極低。我們認為這個數字低得不切實際。

Now, Donlin is already a strategic asset in the scheme of geopolitics. Right now, we have what's going to be called the Gold Wars, and it's being fought strategically by China and, we reckon, this administration. China buys all of its production, and it's the largest producer in the world. It's also the largest importer of gold.

如今，唐林在地緣政治格局中已成為一項戰略資產。現在，我們正經歷著所謂的“黃金戰爭”，這場戰爭是由中國和我們認為的本屆政府進行戰略性博弈的。中國購買了其全部產品，而且是世界上最大的生產國。它也是全球最大的黃金進口國。

Chinese estimates or Chinese statements about the size of their official reserves are almost impossibly low unless they have the most sophisticated plumbing for retail distribution of any asset class in the world. We don't think that's the case.

除非中國擁有世界上最先進的資產類別零售分銷體系，否則中國對其官方儲備規模的估計或聲明幾乎低得不可思議。我們認為情況並非如此。

We think that gold is already part of the geopolitical narrative, certainly between the Chinese, the Russians, and other countries which have been large consumers of gold officially as well as unofficially. It doesn't have to be a conspiracy theory. The reality is that when a central bank buys gold, it's an act of volition.

我們認為黃金已經成為地緣政治敘事的一部分，尤其是在中國、俄羅斯以及其他一些官方和非官方的黃金消費大國之間。這不一定是陰謀論。事實上，中央銀行購買黃金是一種自願行為。

They know better than anyone else what it's like to have to buy assets during a crisis for political reasons. When they buy gold, it's for only one reason: number one, they know that it's the safest asset in their reserves; and number two, they are experiencing the revaluation of gold that could easily lead gold, and I think is leading gold, to multiply.

他們比任何人都清楚，在危機期間出於政治原因購買資產是什麼滋味。他們購買黃金只有一個原因：第一，他們知道黃金是他們儲備中最安全的資產；第二，他們正在經歷黃金的重新估值，這很容易導致黃金價格成倍增長，而且我認為黃金價格正在成倍增長。

Therefore, being able to have an asset like Donlin, which will be producing at its outset 1.5 million ounces a year and being able, we believe, to sustain that for life of mine, is very valuable strategically. Again, it will be the largest single gold mine in the United States. The only comparable for it is the Sukhoi Log project, which is a Polyus project located in Russia, and we are on the right side of the Bering Straits. This is where investors will go for wanting quantity and quality.

因此，能夠擁有像唐林這樣的資產，它在投產之初每年就能生產 150 萬盎司黃金，而且我們相信，能夠在礦山存續期間維持這一產量，在戰略上是非常有價值的。再次強調，這將是美國最大的單體金礦。唯一可以與之媲美的是蘇霍伊航道項目，這是 Polyus 公司在俄羅斯的項目，而我們位於白令海峽的右側。這就是那些既追求數量又追求品質的投資者會選擇的地方。

If we are able to show that this is a string of pearls like Carlin or Nevada, all bets are off. We could turn ourselves into another Agnico, which of course would be brilliant because that's a wonderful paradigm to seek to follow, great management, excellent assets, and all safe jurisdictions. That's the paradigm, and Donlin could be one-stop shopping for that.

如果我們能夠證明這是一連串像卡林或內華達州那樣的珍珠，那麼一切皆有可能。我們可能會把自己變成另一個Agnico，這當然會很棒，因為那是一個值得效仿的絕佳範例：優秀的管理、優質的資產，以及所有安全的司法管轄區。這就是目前的模式，而唐林可以成為滿足這種模式的一站式商店。

Thank you. We have a second question coming from the line of Keith Redmond. Can you share a timeline of when you hope to get to production?

謝謝。第二個問題來自 Keith Redmond 的提問。能否分享一下您希望何時進入生產階段的時間表？

All right, well, Keith, thank you for the question. As I mentioned earlier, but to be clear, by the end of this year we will begin updating the feasibility study, and that will take about two years. Concurrent with the study, we're also going to be evaluating financing options and just preparing ourselves so when the study is completed, and we certainly expect it will be positive, we'll be in a position to initiate the work at site, which we currently have the authorization to do with the wetlands permit. So that two years will take us through the feasibility study, and to build the site up will be about four years.

好的，基思，謝謝你的提問。正如我之前提到的，但為了說清楚，到今年年底我們將開始更新可行性研究，這大約需要兩年時間。在進行這項研究的同時，我們還將評估融資方案並做好準備，以便在研究完成後（我們當然期望結果是積極的），我們將能夠開始現場工作，我們目前已獲得濕地許可證的授權。因此，兩年時間足以完成可行性研究，而場地建設大約需要四年。

Thank you, Greg. And the final question coming from the webcast comes from the line of Nils Melquist from Longnook Advisors. What are the immediate priorities of the Paulson partnership that are likely to close the valuation gap versus historical precedents?

謝謝你，格雷格。網路直播中最後一個問題來自 Longnook Advisors 的 Nils Melquist。Paulson 合夥企業有哪些眼下最迫切的優先事項，可能會縮小與歷史先例之間的估值差距？

I'll start with that one and then flip it back to you, Tom. I think we are right now totally aligned with the people at Paulson, and we share the view that the next logical step to advance Donlin up the value chain is to update the feasibility study. So they are 100% in agreement with us that will get underway toward the end of this year.

我先從這個問題開始，然後再把問題丟給你，湯姆。我認為我們現在與保爾森公司的人完全一致，我們都認為，推動唐林公司向價值鏈上游發展的下一個合乎邏輯的步驟是更新可行性研究。所以他們百分之百同意我們的說法，那就是這項工作將在今年底啟動。

They're also supportive of the ongoing drill program that we have at site, and all of the activities, whether it's defending our permits or community engagement, they are fully aligned with the approach that Donlin is taking.

他們也支持我們在現場正在進行的鑽探計劃，以及所有活動，無論是捍衛我們的許可證還是社區參與，他們都與唐林採取的方法完全一致。

I'll add this. There are very few funds in the United States now which have dedicated gold analysts or experience in being able to assist in the navigation of an asset or a company up the value chain as Paulson did with Detour, as they're doing now with Perpetua.

我補充一下。目前美國很少有基金擁有專門的黃金分析師，或者像保爾森當年對 Detour 所做的那樣，擁有協助企業或資產沿著價值鏈向上發展的經驗，就像他們現在對 Perpetua 所做的那樣。

I fully expect that both publicly as well as behind the scenes, Paulson will be at the very least contacted by many investors who know John personally, who know his right hand, Marcello Kim, personally, have worked with them, made money with them, and when they ask, look, we don't have the in-house capabilities that you do, give us the Donlin story. We believe and we know that John will speak about the asset exactly as we do. He will say, in its combination of attributes, it's not just the best gold development story, it's unique in its attributes, and that's going to be a shortcut for a lot of investors.

我完全相信，無論是在公開場合還是私下里，保爾森至少都會接到許多投資者的電話，他們認識約翰本人，認識他的得力助手馬塞洛·金，曾與他們共事，一起賺錢。當他們問起時，他們會說：“聽著，我們沒有你們那樣的內部能力，給我們講講唐林的故事吧。”我們相信，而且我們知道，約翰對這項資產的看法會和我們完全一樣。他會說，就其各項屬性的組合而言，它不僅是最好的黃金開發項目，而且其屬性也是獨一無二的，這將為許多投資者提供一條捷徑。

And by the way, because this is a transcendent transaction with multiple catalysts for good news going forward, I don't think it's unreasonable to believe that we will go from very sparse coverage of a story which didn't have much to talk about to very considerable and political coverage, which will be able to provide, again, a shortcut for people to be able to have access to knowledgeable advice who will be able to bring them up to speed on this story.

順便說一句，因為這是一筆意義非凡的交易，未來會有諸多利好消息，所以我認為，我們有理由相信，我們將從對一個沒什麼可說的故事的寥寥報道，轉變為對這個故事的大量政治報道，這將再次為人們提供一條捷徑，讓他們能夠獲得專業的建議，從而快速了解這個故事。

And lastly, of course, but not least, as I've said, it's not possible to say that someone like myself, who in the last offering maintained their 25% holding in the company, or John Paulson pulling the trigger on an $800 million investment and being willing, if needed, to have purchased more shares of NOVAGOLD to make sure this transaction went through in the best way for NOVAGOLD.

最後，當然，但同樣重要的是，正如我所說，我們不能說像我這樣的人（在上一次發行中保持了公司 25% 的股份），或者像約翰·保爾森那樣的人（他出手投資 8 億美元，並且如果需要的話，他願意購買更多 NOVAGOLD 的股票，以確保這筆交易以對 NOVAGOLD 最有利的方式完成）。

We have everyone aligned on wanting the NOVAGOLD share price to go up. We are in such a better position on every level than we were five years ago when we were a $4 billion market cap or a $12 stock. Every position now, we only have tailwinds. Gold, fully aligned partner, having a partner that wants to talk about the virtues of Donlin rather than suppressing the share price for a different agenda.

我們所有人都一致希望 NOVAGOLD 的股價能上漲。我們現在在各方面都比五年前好得多，當時我們的市值只有 40 億美元，股價只有 12 美元。現在我們所處的每個位置，都只有順風。Gold，完全一致的合作夥伴，擁有一個願意談論 Donlin 的優點而不是為了其他目的而打壓股價的合作夥伴。

The one headwind we had is gone. And once we start to gain momentum, I fully expect that we will be breaking through and making all-time highs, not just because of the attributes that we all bring to the table, but because for the first time everybody is rowing in the same direction or singing from the same hymn book, whatever you want and putting their money where their mouth is.

我們遇到的唯一逆風已經消失了。一旦我們開始獲得發展勢頭，我完全相信我們將取得突破並創造歷史新高，這不僅是因為我們每個人都具備的特質，而且是因為大家第一次朝著同一個方向努力，或者說，無論你怎麼稱呼它，並且都言行一致。

This isn't just talk. We are absolutely deadly serious about being able to recapture the lost ground, catching up with the GDXJ, and then doing what we traditionally have done, which is being the most highly rated gold development story in the world.

這可不是說說而已。我們絕對非常認真地想要奪回失去的陣地，趕上 GDXJ，然後繼續我們一直以來所做的，那就是成為世界上最受好評的黃金開發項目。

Thank you. Thank you, Tom. Before we turn it back to Greg, I would just like to remind our listeners that Dr. Kaplan's letter to shareholders was recently published and is available on the homepage of our website. It provides some macro views on gold and an overview of the transaction, so I would encourage you, it is an interesting read. And with that, I'll hand it back over to Greg.

謝謝。謝謝你，湯姆。在把話題轉回給格雷格之前，我想提醒各位聽眾，卡普蘭博士致股東的信函已於近日發表，可在我們網站的主頁上查閱。它提供了一些關於黃金的宏觀觀點和交易概述，所以我鼓勵你閱讀，這是一本有趣的讀物。就這樣，我把它交還給格雷格。

Thank you, Melanie, and thank you everyone for joining our second quarter webcast and update. That concludes our presentation this morning.

謝謝梅蘭妮，也謝謝大家參加我們第二季的網路直播和狀況更新會議。今天上午的演講到此結束。

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。