NovaGold Resources Inc (NG) 2026 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the NOVAGOLD's first-quarter 2026 financial results conference call and webcast. (Operator Instructions) The conference is being recorded. (Operator Instructions)

感謝您稍候。我是會議接線員。歡迎參加 NOVAGOLD 2026 會計年度第一季財務業績電話會議與網路直播。(接線員指示) 本次會議將被錄音。(接線員指示)

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

現在我想將會議交給企業傳播副總裁 Melanie Hennessey。請開始。

Thank you, Galen. Good morning, everyone. We are pleased that you have joined us for NOVAGOLD's 2026 first-quarter webcast and conference call and for an update on the Donlin Gold project. On today's call, we have NOVAGOLD's Chairman, Dr. Thomas Kaplan; President and CEO, Greg Lang; and NOVAGOLD's Vice President and CFO, Peter Adamek.

謝謝你，Galen。各位早安。我們很高興您加入 NOVAGOLD 2026 會計年度第一季網路直播與電話會議，並聽取 Donlin Gold 專案的最新進展。今天的電話會議出席者包括 NOVAGOLD 董事長 Thomas Kaplan 博士；總裁暨執行長 Greg Lang；以及 NOVAGOLD 副總裁暨財務長 Peter Adamek。

At the end of the webcast, we will take questions by phone. Additionally, we will respond to questions received via e-mail and the webcast. 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.

在網路直播結束時，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與網路直播收到的問題。我想提醒各位，如投影片 3 所述，今天所作的任何陳述可能包含前瞻性資訊，例如預測與目標，這些陳述很可能涉及風險；相關風險已在我們向 EDGAR 與 SEDAR 提交的各項文件中詳述，並且本簡報亦包含前瞻性聲明之免責聲明。

With that, I will now turn the presentation over to NOVAGOLD's President and CEO, Greg Lang. Greg?

接下來，我將把簡報交給 NOVAGOLD 總裁暨執行長 Greg Lang。Greg？

Thank you, Melanie. On slide 5, we highlight the key attributes that make the Donlin project unique in the gold industry. Donlin has a combination of scale, grade, long life, low operating costs, and significant upside potential in the exploration areas, and we're in a safe jurisdiction. With about 40 million ounces of reserves and resources at 2.25 grams, Donlin has got grade better than twice the industry average. Our known resource occupies only 5% of our total land holdings and there is considerable potential to increase the strong reserve base. We're also fortunate to have long-term committed shareholders who understand the value in an asset like Donlin.

謝謝你，Melanie。在投影片 5，我們重點說明使 Donlin 專案在黃金產業中獨樹一幟的關鍵特質。Donlin 兼具規模、品位、長礦山壽命、低營運成本，以及在勘探區域顯著的上行潛力，而且我們位於安全的司法管轄區。Donlin 的儲量與資源量約 4,000 萬盎司、品位 2.25 克，品位超過產業平均的兩倍。我們已知資源僅占總土地持有量的 5%，仍有相當大的潛力可進一步擴增強勁的儲量基礎。我們也很幸運擁有長期承諾的股東，他們理解像 Donlin 這類資產的價值。

Moving on to slide 6. This chart illustrates the value of Donlin and a variety of gold prices. With today's gold price approaching the upper end of this chart, the project has a net present value of almost $24 billion at a 5% discount rate. This underscores the leverage and significant economic potential of Donlin in the current gold price environment.

接著看投影片 6。此圖表展示 Donlin 在不同金價下的價值。以目前金價接近此圖表上緣來看，該專案在 5% 折現率下的淨現值接近 240 億美元。這凸顯在當前金價環境下，Donlin 的槓桿效應與顯著的經濟潛力。

As highlighted on slide 7, Donlin will be a big mine. It will average over 1 million ounces a year during its 30-year mine life and about 1.3 million ounces the first 10 years. This asset production makes it really unique and stands out in the gold space.

如投影片 7 所示，Donlin 將是一座大型礦山。在 30 年礦山壽命期間，年均產量將超過 100 萬盎司，前 10 年約為 130 萬盎司。這樣的資產產量使其極為獨特，並在黃金領域中格外突出。

Grade is one of the most important attributes of a mining project. At 2.25 grams, Donlin is twice the industry average. It's this high grade that contributes to Donlin's very low operating costs at less than $1,000 an ounce.

品位是礦業專案最重要的特質之一。以 2.25 克的品位而言，Donlin 是產業平均的兩倍。正是這樣的高品位，使 Donlin 的營運成本非常低，每盎司低於 1,000 美元。

This slide really highlights the significant exploration potential at Donlin. Our known resources reside in the ACMA and Lewis areas, as shown on slide number 9. These areas represent only 3 kilometers of an 8-kilometer gold bearing system. When the time is right, we will continue to explore both along strike and at depth, and there's tremendous potential right in our own backyard.

這張投影片清楚突顯 Donlin 顯著的勘探潛力。如投影片 9 所示，我們已知資源位於 ACMA 與 Lewis 區域。這些區域僅代表一條 8 公里含金系統中的 3 公里。當時機成熟時，我們將持續沿走向與向深部進行勘探，而在我們自家後院就有巨大的潛力。

Turning to slide 10. This slide is a summary of the status of our permitting. We've completed the federal permitting process and we're wrapping up the state permitting. We've worked well with the federal and state agencies over the years, and our permits are in good standing. The only remaining permit in Alaska is for the dam safety certificates and the design packages have been submitted to the state, and we anticipate approval well in advance of meeting this permit.

接著看投影片 10。此投影片為我們許可審批進度的摘要。我們已完成聯邦層級的許可程序，並正收尾州層級的許可。多年來我們與聯邦及州政府機關合作良好，我們的許可狀態也維持良好。在阿拉斯加唯一尚待完成的許可是大壩安全證書；設計文件已提交給州政府，我們預期將在滿足該許可要求之前很早就能獲得核准。

Slide 11 highlights a recent statement from Governor Mike Dunleavy up in Alaska. Governor Dunleavy as well as the other elected officials in Alaska and Longren staunch advocates for the Donlin project and the importance of what it can mean to the state of Alaska in the Y-K region.

投影片 11 重點摘錄阿拉斯加州州長 Mike Dunleavy 最近的一段聲明。Dunleavy 州長以及阿拉斯加與 Longren 的其他民選官員，都是 Donlin 專案的堅定支持者，也支持其對阿拉斯加州 Y-K 地區可能帶來的重要意義。

On slide 12, we highlight our long-standing engagement with our Native Alaskan partners, Calista owns the mineral rights and TKC owns the surface rights. We've got a life of mine agreements in place with both of these entities. And it's really important to remember that this is private land that was designated for mining activities. Both Calista and TKC have an owner's interest in seeing this project go forward.

在投影片 12，我們強調與阿拉斯加原住民合作夥伴長期以來的互動；Calista 擁有礦權，而 TKC 擁有地表權。我們已與這兩個實體簽訂涵蓋全礦山壽命的協議。同時非常重要的一點是，這是被指定用於採礦活動的私人土地。Calista 與 TKC 兩者都以所有者身分，樂見此專案向前推進。

Moving on to slide 13. We are starting to fill out the Donlin Gold feasibility team. Frank Arcese is our project manager. He's been around the industry for almost 40 years and is very well seasoned with big projects in remote locations.

接著看投影片 13。我們正開始完善 Donlin Gold 可行性研究團隊。Frank Arcese 擔任我們的專案經理。他在業界近 40 年，對偏遠地區的大型專案擁有非常豐富的經驗。

We've hired Fluor, one of the industry's leading engineering firms to lead the bankable feasibility study. Under Fluor, we have three specialty firms: Worley, who was responsible for the pipeline; Hatch, who is a leader in pressure oxidation and oxygen plants; and WSP, a firm specializes in, among other things, power plants. These are all industry-leading firms that will help us with the bankable feasibility study and taking the project forward into construction and, ultimately, operation.

我們已聘請 Fluor（業界領先的工程公司之一）主導可融資可行性研究。在 Fluor 之下，我們有三家專業公司：Worley（負責管線）；Hatch（在加壓氧化與製氧廠方面居於領先地位）；以及 WSP（專精於包含發電廠在內的多項領域）。這些都是業界領先的公司，將協助我們完成可融資可行性研究，並推動專案進入建設階段，最終投入營運。

I will now turn the call over to NOVAGOLD's Vice President and Chief Financial Officer, Peter Adamek. Peter?

現在我將把電話會議交給 NOVAGOLD 副總裁暨財務長 Peter Adamek。Peter？

Thank you, Greg. Turning to our operating performance on slide 15. NOVAGOLD reported a fiscal 2026 first quarter net loss of $15.4 million. This represents an increase of $6.3 million from the comparable prior year period primarily due to higher expenditures at Donlin Gold following the commencement of the bankable feasibility study related activities including hiring for key roles on the Donlin Gold project team and higher G&A expenses at NOVAGOLD.

謝謝你，Greg。接著看投影片 15 的營運表現。NOVAGOLD 公布 2026 會計年度第一季淨損 1,540 萬美元。與去年同期相比增加 630 萬美元，主要原因是 Donlin Gold 在啟動可融資可行性研究相關活動後支出提高，包括為 Donlin Gold 專案團隊關鍵職位進行招募，以及 NOVAGOLD 的一般及行政費用（G&A）增加。

The company's share of Donlin Gold expenses in the first quarter of 2026 was $3.9 million higher than the comparative prior year period due to camp remaining open this winter and increased project activities following Fluor being awarded the lead engineering role for the Donlin Gold bankable feasibility study in early February 2026.

公司在 2026 年第一季分攤的 Donlin Gold 費用，較去年同期增加 390 萬美元，原因在於營地今年冬季持續開放，以及在 2026 年 2 月初 Fluor 獲授 Donlin Gold 可融資可行性研究的主導工程角色後，專案活動增加。

Unlike the comparative prior year period, the company's first quarter results also reflect NOVAGOLD's 60% interest in Donlin Gold. NOVAGOLD's G&A expenses increased in the first quarter of 2026 by $3.9 million from the comparable prior year period, primarily due to higher professional fees and share-based compensation. Professional fees were elevated during the first quarter but remained in line with quarterly cadence expectations and are expected to decline from first quarter levels during the remainder of the year and remain within previously issued 2026 guidance.

不同於可比較的前一年同期，公司第一季業績亦反映 NOVAGOLD 在 Donlin Gold 的 60% 權益。NOVAGOLD 於 2026 年第一季的 G&A（一般及行政）費用較可比較的前一年同期增加 390 萬美元，主要由於專業費用及以股份為基礎之薪酬較高。第一季的專業費用偏高，但仍符合季度支出節奏預期，且預期在今年剩餘期間將自第一季水準下降，並維持在先前發布的 2026 年指引範圍內。

On slide 16, our treasury increased by $277.4 million to $392.5 million at the end of the first quarter, primarily due to closing of a private placement of approximately (technical difficulty)

請看第 16 張投影片，我們的庫存資金於第一季末增加 2.774 億美元至 3.925 億美元，主要由於完成一項約(技術困難)

NOVAGOLD intends to use the net proceeds from the private placement for expenditures associated with Donlin Gold activities, exercise of the company's prepayment option on the Barrick promissory note, and general corporate purposes. Excluding the financing, corporate G&A costs during the first quarter increased by $3 million, and our share of Donlin Gold funding increased by $11.9 million compared to the prior year.

NOVAGOLD 擬將該私募之淨募集資金用於與 Donlin Gold 活動相關的支出、行使公司對 Barrick 本票之預付款選擇權，以及一般公司用途。若排除該融資影響，第一季公司層級的 G&A 成本增加 300 萬美元，且我們分攤的 Donlin Gold 資金投入較前一年增加 1,190 萬美元。

Moving to slide 17. Our treasury at the end of the first quarter sits at a robust $392.5 million. NOVAGOLD is well funded, enabling it to complete the Donlin Gold bankable feasibility study in 2027 and exercised its option to prepay the Barrick promissory note later this year. Our operating cash expenditures in the first quarter of fiscal 2026 remained in line with our 2026 budget and guidance.

接著看第 17 張投影片。我們於第一季末的庫存資金維持在強勁的 3.925 億美元。NOVAGOLD 資金充足，使其得以於 2027 年完成 Donlin Gold 的可融資可行性研究（BFS），並將於今年稍晚行使其選擇權以提前償付 Barrick 本票。我們在 2026 會計年度第一季的營運現金支出仍符合 2026 年預算與指引。

And with that, I will now turn the presentation back over to Greg to discuss first quarter highlights.

接下來，我將把簡報交回給 Greg，請他說明第一季重點。

Thank you, Peter. Slide 18 highlights our continuing engagement with the communities in and around Alaska. We work closely with Calista and TKC on all of these programs as well as preparing them and the local people for ultimate employment at the mine. All of these programs are a testament to our commitment to total engagement with the local communities and ultimately preparing a workforce for the Donlin project.

謝謝你，Peter。第 18 張投影片重點說明我們持續與阿拉斯加及其周邊社區的互動。我們與 Calista 及 TKC 在所有這些計畫上密切合作，同時也協助他們與當地居民為未來礦山的就業做好準備。所有這些計畫都證明了我們對當地社區全面參與的承諾，並最終為 Donlin 專案培育一支勞動力。

Turning to slide 19. During the first quarter, we announced the advancement of the Donlin Gold bankable feasibility study as well as additional engineering firms have been engaged for very specialized components of this study. This integrated approach leverages the deep technical expertise that all of these firms bring to the bankable feasibility study.

接著看第 19 張投影片。在第一季期間，我們宣布推進 Donlin Gold 的可融資可行性研究（BFS），並且已聘請更多工程公司負責此研究中非常專門的組成部分。此一整合式方法可運用各公司為 BFS 帶來的深厚技術專長。

On slide 20, another development we follow with a lot of interest is the proposal to bring gas down from the north slope into the Cook Inlet, ultimately tying into the header that will feed the Donlin project. We've got a nonbinding letter of intent with Glenfarne to evaluate natural gas supply from this proposed pipeline. This pipeline has the potential to be a real game changer for Donlin, giving us access to cheap, reliable, and long-term natural gas. We will continue to advance discussions with Glenfarne as the project moves forward and where they might potentially fit in supporting the infrastructure for the Donlin project.

在第 20 張投影片，另一項我們高度關注的進展，是將天然氣自北坡輸送至庫克灣（Cook Inlet）的提案，最終接入將供應 Donlin 專案的幹線。我們已與 Glenfarne 簽署不具約束力的意向書，以評估由該擬議管線供應天然氣的可能性。此管線有潛力成為 Donlin 的真正遊戲規則改變者，使我們能取得低成本、可靠且長期的天然氣。隨著專案推進，我們將持續與 Glenfarne 深入討論，以及其在支援 Donlin 專案基礎設施方面可能扮演的角色。

Last year was really a transformational year for the company. Post the Barrick transaction, we've steadily made meaningful progress to advance the Donlin Gold project through a bankable feasibility study. We're building up the team with expertise to do this. In a while, we will continue to engage with our local communities.

去年對公司而言確實是轉型的一年。在 Barrick 交易完成後，我們持續穩步取得實質進展，推動 Donlin Gold 專案進入可融資可行性研究（BFS）階段。我們正在擴充具備相關專業能力的團隊以完成此事。同時，我們也將持續與當地社區互動。

Turning to slide 22. This highlights our top shareholders, we have always valued their long-term commitment to the project into the company. I think it's important to note that Paulson, who is now our 40% partner with Donlin has been a major shareholder in NOVAGOLD for over 15 years. This slide also highlights the coverage that NOVAGOLD has from various NOVAGOLD is focused on delivering on every single commitment we've made, advancing the Donlin Gold project through a bankable feasibility study and achieving all of these milestones.

接著看第 22 張投影片。此處重點列示我們的主要股東，我們一向重視他們對專案與公司的長期承諾。我認為值得注意的是，Paulson 現在是 Donlin 的 40% 合作夥伴，且其作為 NOVAGOLD 的主要股東已超過 15 年。本投影片亦突顯 NOVAGOLD 受到各方的研究覆蓋；NOVAGOLD 專注於兌現我們所做的每一項承諾，透過可融資可行性研究推進 Donlin Gold 專案，並達成所有這些里程碑。

Operator, we are now prepared to open the line for questions.

接線員，我們現在準備開放提問。

(Operator Instructions)

(接線員指示)

Francesco Costanzo, Scotiabank.

Francesco Costanzo，豐業銀行（Scotiabank）。

I'll just start with the BFS. I appreciate that you'll be giving a more fulsome update on the BFS time line around midyear. But given that you've now awarded the engineering contracts for the project, can we consider that the clock on the 12- to 18-month time line to complete the BFS has now started?

我先從 BFS 談起。我理解你們會在年中左右就 BFS 時程提供更完整的更新。但鑑於你們現在已授予該專案的工程合約，我們是否可以認為完成 BFS 的 12 至 18 個月時程現在已開始計時？

I would say, yes, certainly, we have got all of the firms in place to do the bankable feasibility study. Fluor hit the ground running. They're obviously the key driver in this. And from where we're sitting today, I'd say, give or take a year, we will have a wrap up.

我會說，是的，當然，我們已經把進行可融資可行性研究所需的所有公司都就位了。Fluor 一開始就迅速投入。他們顯然是其中的關鍵推動者。以我們目前的情況來看，我會說大約一年左右（可能有些許差異），我們就會完成收尾。

That's great. And my second question is just going to move to project financing. Just this week, we saw perpetual resources announced the approval of a $2.7 billion loan from Exxon. Now though the projects are obviously different. I'm wondering if you see any read-throughs on the potential debt financing availability for a project that offers significant domestic investment in the US, such as Donlin?

很好。我的第二個問題想轉到專案融資。就在本週，我們看到 Perpetual Resources 宣布獲得 Exxon 核准一筆 27 億美元貸款。雖然這些專案顯然不同。我想請問，你是否從中看到任何可供推論之處，關於像 Donlin 這種能在美國帶來顯著國內投資的專案，其債務融資可得性？

Shall I take that one? Greg you --

要我來回答這題嗎？Greg 你--

Go ahead. Go ahead, Tom.

你先請。你先請，Tom。

I think that it's very fair to say that when you're building the biggest gold mine in the United States, you're going to have multiple sources of financing that come to the floor. And if I had to hazard a guess, I would say that governments will be a very large component in that. There is, of course -- I believe that is very well aware of our project. And for many reasons that you've cited, the domestic component of this story, not only being the largest gold mine in the United States, but being located in a place where it becomes a nexus for the energy story in Alaska, which is of extraordinary importance to this administration.

我認為可以很公平地說，當你在建造美國最大的金礦時，會有多元的融資來源浮上檯面。如果要我大膽推測，我會說政府將會是其中非常重要的一部分。當然——我相信其對我們的專案非常了解。而且基於你所提到的多項原因，這個故事的國內成分，不僅在於它是美國最大的金礦，也在於其所在地使其成為阿拉斯加能源故事的樞紐，而這對本屆政府極其重要。

Yes, I think it is fair to say that we should expect that the US government has a serious interest in this story. But equally, I would point out that at least two Asia Pacific countries, Japan and South Korea, have made very substantial commitments to investment in the United States. $550 billion in the case of Japan, $350 billion in the case of Korea. And both of those have advanced in terms of execution over the last several months.

是的，我認為可以合理地說，我們應該預期美國政府對此具有高度且嚴肅的興趣。但同樣地，我也要指出，至少有兩個亞太國家——日本與南韓——已對在美國投資做出非常重大的承諾；日本為 5,500 億美元，南韓為 3,500 億美元。而且在過去幾個月中，兩者在執行層面都有所推進。

I think that it is fair to say that one of the things that we do expect them to be interested in is being able to make quite a statement with Donlin as the biggest, but also as enjoying the fruits of location, location, location.

我認為可以公平地說，我們確實預期他們會感興趣的一點是：能夠藉由 Donlin 做出相當有力的宣示——不僅因為它是最大的項目，也因為它能享有「地點、地點、地點」所帶來的成果。

If you're on the Pacific Coast of Alaska, you have an opportunity to really develop relationships that are natural in terms of meshing together. The Japanese are very large buyers of gold and the South Korean Central Bank, several months ago, announced that it was going to go back into the market to add to its reserves. Their timing was actually quite good. The prospect for us to be able to utilize the benefits, for example, of offtake agreements of 1.3 million, 1.4 million ounces a year, clearly make us a bit of a unicorn in terms of the ability to attract financing.

如果你位於阿拉斯加的太平洋沿岸，你就有機會真正建立在整合上很自然、能夠相互契合的關係。日本是黃金非常大的買家，而南韓央行在幾個月前宣布將重返市場以增加其儲備。他們的時機其實相當不錯。就我們而言，能夠利用例如每年 130 萬、140 萬盎司的承購協議（offtake agreements）所帶來的好處，顯然使我們在吸引融資能力方面有點像「獨角獸」。

And I'm not even talking about the other traditional sources. I hope that helps.

而我甚至還沒談到其他傳統來源。希望這能有所幫助。

Soundarya Iyer, B. Riley Securities.

Soundarya Iyer，B. Riley Securities。

Congratulations on this -- the quarterly update. My question is on the exploration work. So as you mentioned in your opening remarks, the current resource is just 5% of the land [package]. So have you planned any 2026 exploration drill program or budget to test further targets? Or is that a priority after the bankable feasibility study?

恭喜這次——季度更新。我的問題是關於勘探工作。如你在開場致詞中提到，目前的資源量只涵蓋土地[套件] 的 5%。那麼你們是否規劃了任何 2026 年的勘探鑽探計畫或預算，以測試更多目標？還是說要等到可融資可行性研究（bankable feasibility study）之後才會成為優先事項？

I'll start with that one. We have putting together an exploration plan, more I would describe it as general reconnaissance work throughout our land holdings and the area in and around Donlin. So I think that's being started. But you have to remember, I think there's a lot of still left on the ground in Alaska. So it will be another month or two before we really can get on the ground.

我先回答這題。我們正在彙整一個勘探計畫，我會把它描述為在我們的土地持有範圍內，以及 Donlin 周邊地區進行較為一般性的踏勘（reconnaissance）工作。所以我認為這已經開始啟動。但你要記得，我認為阿拉斯加地面上仍然有很多尚待發掘的東西。因此，還需要再一兩個月，我們才能真正到現地展開工作。

But it's more general recon. We've been studying Donlin, we believe the next Donlin is at Donlin, and we're in a modest program starting to evaluate that.

但這更多是一般性的踏勘。我們一直在研究 Donlin，我們相信下一個 Donlin 就在 Donlin，而我們正以一個適度的計畫開始評估這件事。

If I may add just a few words on that because the drill bit has been my friend over the last three decades. If I may echo Greg's comment, and this is obviously a very forward-looking statement. But being that for reasons belonging to [Parex] ultimate belief that this would fall into their lap one day or the other. The 95% of the property that's been unexplored is all prime real estate. And we believe that in addition to what we see as low-hanging fruit to add tens of millions of ounces within the 8-kilometer belt, 5 kilometers of which just simply have been drilled, shown mineralization, but there was never any follow-up because the deposit was already so big that it was thought you leave that for later.

如果可以的話，我想再補充幾句，因為過去三十年鑽頭一直是我的好朋友。我想呼應 Greg 的評論，當然這顯然是非常前瞻性的陳述。但由於 [Parex] 最終相信這件事遲早會落到他們手上。尚未被勘探的 95% 物業都是一流的「黃金地段」。而我們相信，除了我們所看到的「低垂果實」——在 8 公里帶狀區內增加數千萬盎司之外，其中有 5 公里只是做過鑽探、顯示有礦化，但因為礦床已經大到大家認為可以留到以後再做，所以從未有後續跟進。

But in addition to the 45 million ounces of resources that we already see, it's low-hanging fruit to add, in our view, tens of millions of more ounces. But we are looking for that at Donlin. In a bear market, people really don't care about exploration results. And so I'm very glad that you asked that question because in a bull market, great drill results can cause the stock price to double or more.

除了我們已經看到的 4,500 萬盎司資源之外，在我們看來，再增加數千萬盎司其實是「低垂果實」。但我們是在 Donlin 尋找這些。在熊市裡，人們其實不太在乎勘探結果。所以我很高興你問了這個問題，因為在牛市裡，優異的鑽探結果可能讓股價翻倍甚至更多。

And we do expect to be adding a lot more ounces in the immediate vicinity of the property as we go from the 3 kilometers to the 8-kilometer mineralization. But at the same time, what Greg is referencing is that we are undertaking a project or property-wide analysis in order to identify the best drill targets that are extrinsic of the 8 kilometers. Because in our view, the odds that this occurrence is alone.

而且，隨著我們把礦化範圍從 3 公里推進到 8 公里，我們確實預期會在該物業的近鄰區域增加更多盎司。但同時，Greg 所提到的是：我們正在進行一個專案或全物業範圍的分析，以辨識 8 公里之外的最佳鑽探目標。因為在我們看來，這個礦化出露是孤立存在的機率——

Well, mother nature is very fickle. We know that the odds are very long in exploration. But I've been in this movie before. And I found that in the case of precious metals, and in the case of hydrocarbons, where we made our biggest skilling at Electrum, Wildcatting is something that can take a 10x opportunity to 100x. And fortunately, we have a partner who doesn't see exploration success as being a challenge.

嗯，大自然非常反覆無常。我們知道勘探的成功機率通常很低。但我以前看過這部電影。我發現，在貴金屬領域以及在碳氫化合物領域——我們在 Electrum 取得最大成果的地方——「野貓式鑽探」（Wildcatting）能把 10 倍的機會變成 100 倍。而幸運的是，我們有一個夥伴不把勘探成功視為挑戰。

But John Paulson and his team completely have aligned with us on understanding that good news through the drill bit is a multiple expander. And if this turns out to be what we hope it is and it's a hope, this is really the next Carlin. And the partners are aligned in being able to identify that.

John Paulson 和他的團隊在理解「透過鑽頭帶來的好消息」是倍數擴張器（multiple expander）這件事上，與我們完全一致。如果結果如我們所希望——而這確實只是希望——這真的會是下一個 Carlin。而合作夥伴在辨識這一點上是同心一致的。

So when you think of the relatively low cost of exploration versus the high reward, I think you can understand that the partners in Donlin are very keenly aware that -- we may just be scratching the surface in this story. It remains one of the greatest exploration stories in the world, and that will unfold for the market.

所以，當你想到勘探相對較低的成本與很高的回報時，我想你就能理解 Donlin 的合作夥伴非常清楚地意識到——我們可能只是剛剛觸及這個故事的表面。它仍然是世界上最偉大的勘探故事之一，而市場將會看到它逐步展開。

Yes. I mean I totally agree with that. My question was on that front that in exploration work could gain more value in a bull market. And just one more. On the state permitting, can you walk us through what's left there on the -- as a full state permitting checklist?

是的。我的意思是我完全同意。我的問題是在這個方向上：在牛市中，勘探工作可能會帶來更高的價值。另外再問一個。關於州層級的許可，你能否帶我們走一遍——就完整的州許可清單而言——目前還剩下什麼？

What is in hand? What remains outstanding? And how do we expect the receipt of those permits going forward?

哪些已經到手？哪些仍未完成？以及我們預期未來取得這些許可的進度如何？

Sure. I'll take that one. The only outstanding state permit is for the tailings dam and other water retention structures. Our federal permits, which are all in hand, authorized us to do this work. However, in Alaska, these structures are administered by the state, and they require final engineering drawings before they grant approval.

當然。我來回答這題。唯一尚未取得的州許可是尾礦壩以及其他蓄水結構的許可。我們的聯邦許可都已到手，並授權我們進行這項工作。然而在阿拉斯加，這些結構由州政府管理，他們在核准前需要最終的工程圖。

We've submitted the design packages to the state. We had already completed the geotechnical work, and we expect approval of these permits about the time we're wrapping up the banker feasibility study. So they're not on the critical path, but the work to get these permits is well in hand. All of our other remaining state permits are in good standing as is our federal permits.

我們已將設計套件提交給州政府。我們先前已完成岩土工程工作，並預期這些許可的核准時間大約會落在我們完成可融資可行性研究（banker feasibility study）之際。因此它們不在關鍵路徑上，但取得這些許可所需的工作已經進行得很到位。我們其他所有剩餘的州許可都維持良好狀態，聯邦許可亦然。

Thank you. I do have a few questions from the webcast that I wanted to read out. The first is from Eric. Will the BFS include a closure and recognition estimate, including long-term water treatment and post-closure monitoring assumptions?

謝謝。我確實還有幾個來自網路直播的問題想要念出來。第一個來自 Eric。BFS 是否會包含關閉與復墾（closure and reclamation）估算，包括長期水處理以及關閉後監測的假設？

I'll start with that one. Yes, it does. Part of the feasibility study and actually the permitting requires you to have approved closure plans that have to be invested by the state and our native partners. The lease plans, reclamation, and closure and water treatment, they are all part of the commitments in our existing permits. Once the mine is in operation, it will cash fund these permits through a trust.

我先從這個問題開始。是的，確實如此。可行性研究的一部分，而且實際上許可程序要求你必須具備已核准的關閉計畫，且必須由州政府以及我們的原住民合作夥伴審核核准。租賃計畫、復墾、關閉以及水處理，這些都屬於我們現有許可中的承諾內容。一旦礦山投入營運，將透過信託以現金方式為這些許可提供資金。

So it's -- the procedure is well defined and the approvals are all in place for the subsequent reclamation and restoration of the Donlin site post mining.

所以——程序界定得很清楚，而且後續在採礦結束後對 Donlin 場址進行復墾與修復所需的核准也都已到位。

Great. Thank you, Greg. The next question comes from Jean. Given the recent share price volatility and now with the feasibility team in place, which upcoming milestone in this study do you believe will be most important in helping the market recognize the project's underlying progress and value?

很好。謝謝你，Greg。下一個問題來自 Jean。鑑於近期股價波動，以及現在可行性研究團隊已就位，你認為本研究接下來哪一個里程碑最重要，能幫助市場認知該專案的實質進展與內在價值？

Well, there's -- as ever, the important piece of this, obviously, is to finish the feasibility study. But along the way, we're advancing many different avenues. I think particular interest is we will be evaluating third-party participation in our gas pipeline and other components in the infrastructure that we could logically bring in a third party to handle. So that will be one of the catalysts coming up as we advance the feasibility study. Then the other milestones along the way as different components of the study are completed, and we will update the marketplace as this work unfolds.

嗯，這——一如既往，最重要的部分顯然是完成可行性研究。但在此過程中，我們也在推進許多不同的路徑。我認為特別值得關注的是，我們將評估第三方參與我們的天然氣管線，以及其他一些基礎設施組成部分；在這些部分上，我們在邏輯上可以引入第三方來承擔。因此，隨著我們推進可行性研究，這將是即將出現的催化劑之一。此外，隨著研究中不同組成部分陸續完成，也會有其他里程碑，我們將在工作展開的同時向市場更新。

But the real key item is finishing the study, and we anticipate it will certainly demonstrate robust economics in this price environment.

但真正的關鍵項目是完成研究，而我們預期在目前的價格環境下，它必然會展現強勁的經濟性。

Great. Thank you. I have a further question on through the line from Matt. Dr. Kaplan, at the last quarter's update, you mentioned that your decisions toward NOVAGOLD and Donlin were family influence.

很好。謝謝。我還有一個後續問題，來自 Matt 的電話線上提問。Kaplan 博士，在上一季的更新中，你提到你對 NOVAGOLD 與 Donlin 的決策受到家庭影響。

I have been following NOVAGOLD for over 15 years and now have many family members investing in the story. I just wanted to say that I appreciate your's and NOVAGOLD's integrity over the years. A big thank you. Could you comment on the recent movement in gold and how that relates to NOVAGOLD?

我追蹤 NOVAGOLD 已超過 15 年，現在也有許多家人投資在這個故事上。我只是想說，我很感謝你以及 NOVAGOLD 多年來展現的誠信。非常感謝。你能評論一下近期黃金的走勢，以及這與 NOVAGOLD 的關係嗎？

Well, that's very kind. While I'm going to ask our team, could you please call up the chart that references the long-term bull market in the Dow, and just let me know when it's up there.

嗯，你這麼說很貼心。在我請我們團隊協助之前，你能否把那張提到道瓊長期多頭市場的圖表叫出來，並在它出現在螢幕上時告訴我。

Yes, the slide is up.

是的，投影片已經顯示了。

But before that, let me get to the best part of the questioner's remarks. First of all, I find it very gratifying, we all do, that you're able to make this comment about our integrity and your family's investment in NOVAGOLD. Needless to say, as Electrum is the largest shareholder of the company and as the largest shareholder of Electrum is my family, I take it very much to heart that I have a responsibility to my family, but all the other shareholders and in your case, your own family, to do the best possible thing that we can.

不過在那之前，先讓我回應提問者發言中最精彩的部分。首先，我覺得非常欣慰——我們大家都是——你能對我們的誠信以及你家人對 NOVAGOLD 的投資做出這樣的評論。不用說，Electrum 是公司最大的股東，而 Electrum 的最大股東是我的家族；我非常放在心上，我對我的家人、所有其他股東，以及在你這個案例中你的家人，都負有責任，要盡我們所能做出最好的決定。

And I would say that the thing that Greg and I are most proud of since having come into the story together in 2011, we are celebrating 15 years of joyful monogamy. And one of the things that we are most proud of is that any promises that we made, we kept. To the extent that we disappointed, I think 100% of our shareholders understood it was for reasons beyond our control.

我會說，自從 Greg 和我在 2011 年一起加入這個故事以來，我們最引以為傲的一件事——我們正在慶祝 15 年愉快的一夫一妻制。而我們最自豪的其中一點是：我們做出的任何承諾，我們都兌現了。即便有讓人失望之處，我想我們 100% 的股東都理解，那是因為超出我們可控範圍的原因。

And we had all the tailwinds that I think and John Paulson thinks will take us to $100 per share. But we had one headwind. And when you think that a year ago, our stock was at $2 and change, and reached $14, and I have no doubt that we will vastly surpass that and multiply past $14. You understand that we took it to heart as much as any shareholder that we were being held back. And once that was relieved approximately a year ago, we knew that we would be on our way to $10 to 15% to 30%, and we think well beyond that for all of the reasons that have become so clear to everyone that whether people realize it or not, and I'm not saying we're going back to a gold standard, because we'll never see that kind of discipline ever again in human economics.

而我們擁有所有的順風因素，我認為——John Paulson 也認為——會把我們帶到每股 100 美元。但我們有一個逆風。當你想到一年前我們的股價還在 2 美元多，後來漲到 14 美元，而且我毫不懷疑我們將大幅超越並遠遠倍增超過 14 美元。你就會理解，我們和任何股東一樣，都把被壓制這件事放在心上。而當那個因素在大約一年前解除後，我們知道我們將走向 10% 到 15% 到 30% 的上行，我們也認為會遠遠超過這些，原因對所有人都已非常清楚：不論人們是否意識到——我不是說我們要回到金本位，因為在人類經濟中我們再也不會看到那種紀律——

But we are seeing the remonetization of gold. We are seeing that central banks have shown through their purchases that gold is the asset that they hold because it doesn't represent someone else's liability. When central banks hold gold, when central banks buy gold, they're making a statement.

但我們正在看到黃金的再貨幣化。我們看到各國央行透過其購買行為表明，黃金是他們持有的資產，因為它不代表他人的負債。當央行持有黃金、當央行買入黃金時，他們是在表態。

To the extent that some central banks need to lay off some gold as Turkey is said to have, that proves, proves to all of the rest of them that gold is the asset that you want to own because gold traditionally in a crisis gets hit because if it's in a bull market, it may be one of the only things in which people have a profit.

至於某些央行需要拋售一些黃金——據說土耳其曾如此——這反而證明、也向其他所有央行證明：黃金是你想持有的資產，因為黃金在危機中傳統上會受到衝擊，原因是如果它處於多頭市場，它可能是人們少數仍有獲利的標的之一。

So the ability to not just buy but the ability to sell something, if you need to take some chips off the table because I don't know, you have missiles that are flying into your territory and need to be taken out with Patriots. That's a good thing, not to be concerned about.

所以，不只是買入的能力，還包括在需要時賣出的能力——如果你需要先獲利了結一些部位，因為我不知道，你的領土正遭到飛彈攻擊，而你需要用愛國者飛彈把它們打下來。這是一件好事，不必為此擔心。

And this is one of the things that I enjoy most in the time that I've been bullish on gold and publicly so since gold was at $500 in 2007. And when I said my first equilibrium for gold would be between $3,000 and $5,000, people thought I was nuts. Similarly, when I said that silver will go to triple digits, people thought I was nuts, but that's my stock in trade. I don't know how to build a mine. Greg Lang knows how to build the mine. Richard Williams knows how to build the mine. They know how to do it on budget and on schedule. I can't figure out how to make chrome work over Safari. But I don't need to.

而這也是我在看多黃金、並自 2007 年黃金在 500 美元時就公開看多以來，最享受的一件事。當我說我對黃金的第一個均衡價會在 3,000 到 5,000 美元之間時，人們覺得我瘋了。同樣地，當我說白銀會到三位數時，人們也覺得我瘋了，但這就是我的看家本領。我不知道怎麼蓋一座礦。Greg Lang 知道怎麼蓋礦。Richard Williams 知道怎麼蓋礦。他們知道如何在預算內、按進度完成。我連怎麼讓 Chrome 在 Safari 上運作都搞不懂。但我不需要懂。

You surround yourself with the very best people. My job is to protect my family's wealth. And by extension, all of the families that depend on me, including our management team and including our shareholders. So with that, let me go back to a chart that I spoke to on our last conference call because I wanted to give people a heads up as to what might happen. It wasn't required, but it might happen.

你要讓自己周圍都是最優秀的人。我的工作是保護我家族的財富。並且延伸而言，保護所有依賴我的家庭，包括我們的管理團隊，也包括我們的股東。所以，基於此，讓我回到一張我在上次電話會議中談到的圖表，因為我想先提醒大家可能會發生什麼。那不是必然，但有可能發生。

In fact, the -- what I would call the 1987 correction started three days later. Now I'm not going to say that I was predicting it. I was going to say that it should be expected. And for that reason, whereas people who predict a downdraft are seen as Cassandra's, I wasn't actually being a Cassandra in this case. And I have been a Cassandra in different cases, like on the Middle East.

事實上，我所稱的 1987 年修正，是在三天後才開始的。我現在不會說我當時就在預測它。我想說的是，這是應該可以預期的。因此，雖然預測下跌的人常被視為卡珊卓，我在這個案例中其實並不是卡珊卓。而我在其他不同的情況下確實當過卡珊卓，例如在中東議題上。

But in this instance, I was presenting people with my belief that we could have in 1987. 1987 is not so much remembered for how you felt when you thought the world was caving in, in October of '87. It was -- it is and should be remembered as the blip that created the best buying opportunity of the bull market in stocks. The best because we've already seen the stock market go to [2,750]. And when it pulled back to [1,650], you have to fade these numbers a bit, I'm sorry. That was actually the cream of the opportunity to be able to build the position if you didn't have one or to add on weakness in a bull market that has all the structural factors going forward.

但在這一次，我是在向大家表達我的看法：我們在 1987 年可能會遇到那樣的情況。1987 年並不那麼常被記得的是：在 87 年 10 月當你覺得世界要崩塌時的那種感受。它曾經——它是、也應該被記得為：那個小插曲，創造了股票多頭市場中最佳的買進機會。之所以是最佳，是因為我們已經看到股市漲到[2,750]。而當它回檔到 [1,650] 時，你得把這些數字稍微淡化一點，抱歉。那其實就是最精華的機會：如果你原本沒有部位，可以建立部位；或者在一個具備所有結構性順風因素、將持續向前推進的多頭市場中，趁回檔走弱時加碼。

And if anything, we can see that the world is a very different place. I hope that it's going to turn out to be a much safer place. But without getting into politics, the reality is that we're in unchartered waters economically and the debt burden will never be repaid.

而且如果說有什麼不同，我們可以看到世界已經是非常不一樣的地方。我希望它最後會變成一個更安全得多的地方。但不談政治，現實是：在經濟上我們正處於未知水域，而債務負擔永遠不可能被償還。

So just for all these reasons, if you didn't own gold on the way up, taking advantage of a pullback was what I was trying to express, while some people were a little bit upset that I said that there could be such a pullback, the reality is we're looking at it.

所以基於所有這些原因，如果你在上漲途中沒有持有黃金，我想表達的是：利用回檔的機會；雖然有些人對我說可能會有這樣的回檔感到有點不高興，但現實是，我們正在看到它。

So look at this chart again because this is the exact same chart as I issued. And I'll just repeat the sentence that I repeated three months ago. As a curiosity, I want you to go back and look back at the mid-1980s. The blip, which barely is noticeable is the crash of 87 that a lot of us thought was going to be the harbinger of the four horsemen of the apocalypse. You can't even see it as the Dow march from 1,000 to 45,000 and up to [50-some-odd thousand] plus LEAP in value over the decades.

所以請再看一次這張圖，因為這正是我發布的同一張圖。我也只重複我三個月前重複過的那句話。出於好奇，我希望你回去看看 1980 年代中期。那個幾乎不太看得出來的小插曲，就是 87 年股災；我們很多人當時以為那會是末日四騎士的前兆。當道瓊從 1,000 點一路走到 45,000 點，並在數十年間價值躍升到 [五萬多點]以上時，你甚至看不出那次崩盤。

A few days later, 87 began. And then it was compounded by the need for people to be able to have some liquidity due to the war with Iran. So once again then let me reiterate, in the words of Ray Dalio, one of our greatest contemporary applied historians, Gold is now the second largest reserve currency behind the US dollar. To understand why you need to look at the history of fiat currencies like the dollar and hard currencies like gold.

幾天之後，87 年的那一段就開始了。接著又因為與伊朗的戰爭，人們需要一些流動性而使情況雪上加霜。所以我再一次重申，用雷・達里歐（Ray Dalio）——我們當代最偉大的應用歷史學家之一——的話來說，黃金現在是僅次於美元的第二大儲備貨幣。要理解原因，你需要回顧法定貨幣（如美元）與硬通貨（如黃金）的歷史。

The way I see it, we're currently facing a classic currency devaluation similar to what we saw in the 70s or 80s. In both of those cases, fiat currencies around the world all went down together and all went down in relationship to hard currencies like gold.

在我看來，我們目前正面臨一種典型的貨幣貶值，類似於我們在 70 年代或 80 年代看到的情況。在那兩個時期，全球的法定貨幣都是一起下跌，而且相對於黃金這類硬通貨一起走弱。

If events today follow a similar pattern that makes hard currencies an attractive asset to hold. For all of you who've known me or listened to me over the years when I was asked which currencies to own, I said, if you have to own a paper currency on the dollar. But the real currency is gold. And now I don't really know what paper currencies are going to thrive the most. But I will repeat something which I've said now over the last couple of years, regardless of your view on currencies against gold, the dollar is actually collapsing.

如果今天的事件遵循類似的模式，那會使硬通貨成為具有吸引力的持有資產。多年來認識我或聽我說話的各位，當有人問我該持有哪些貨幣時，我說：如果你一定要持有紙幣貨幣，那就持有美元。但真正的貨幣是黃金。而現在我其實也不確定哪些紙幣貨幣會最興旺。但我會重複一件我在過去幾年一直說的事：不論你怎麼看各種貨幣相對於黃金的表現，美元其實正在崩潰。

So every once in a while, you'll have a pullback, but the long-term trend on gold, to my mind, is going to be very similar and indeed price-wise, it actually looks at, but that's coincidence. Very similar to what we saw in the Dow Jones. And so for those, if you haven't taken advantage of the pullback, my strong recommendation is that you do. And I can only say that what my family does, we are long-term holders in our flagship gold asset Donlin and will absolutely remain so because to our mind, if we sell it, we can't go into something at least as good, and we really think impossible to go into anything better.

所以偶爾你會看到回檔，但在我看來，黃金的長期趨勢將會非常相似；而且就價格走勢而言，它看起來確實也像——但那只是巧合。非常類似於我們在道瓊指數上看到的情況。因此，對於那些尚未利用回檔的人，我強烈建議你這麼做。我只能說我們家族怎麼做：我們是旗艦黃金資產 Donlin 的長期持有人，而且絕對會繼續持有，因為在我們看來，如果我們賣掉它，我們無法轉進至少同樣好的標的，而我們真的認為不可能找到任何更好的。

So thank you for being a long-term shareholder. Thank you for your support. I can tell you it means a lot to us. And the last conference call for those who managed to stay through it. One of the callers actually said that he and his wife had an argument over NOVAGOLD during the tough times, but that the revival of NOVAGOLD actually saved his marriage. And we regarded that as probably not only the funniest, but the most heartwarming piece of news we've had all year.

所以，感謝你成為長期股東。感謝你的支持。我可以告訴你，這對我們意義重大。而上一場電話會議，對於那些撐到最後的人。其中一位來電者其實說，他和太太在艱難時期曾為了 NOVAGOLD 吵架，但 NOVAGOLD 的復甦竟然救了他的婚姻。而我們認為，這大概不只是今年最有趣，也是最暖心的一則消息。

So with that, I thank you and all of the shareholders who have kept the faith. All I can do is promise you that I, the entire management team, is devoted to being able to unlock the fullest value of what we consider to be the greatest gold development story in the world and what will be the largest single gold mine in the best jurisdiction on the planet. Thank you.

所以在此，我感謝你以及所有一直堅守信念的股東。我所能做的，就是向你承諾：我以及整個管理團隊，都致力於釋放我們所認為是全球最偉大的黃金開發故事、以及將成為地球上最佳司法管轄區內最大單一金礦的全部價值。謝謝。

I'd now like to hand the call back over to Greg Lang for concluding remarks.

我現在想把電話交回給 Greg Lang，請他做結語。

Well, I just want to thank everybody for taking the time to get an update on NOVAGOLD, and our Chairman's thoughts on gold prices and markets. So everybody thank you. We'll be in touch.

好，我只想感謝大家撥冗了解 NOVAGOLD 的最新進展，以及我們董事長對金價與市場的看法。所以，謝謝各位。我們會再聯繫。

This brings to a close of 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。你可以掛斷電話線。感謝你的參與，祝你有美好的一天。