Novagold Resources Inc (NYSE:NG) Q3 2020 Earnings Conference Call - Final Transcript
Oct 01, 2020 • 11:00 am ET
Thank you for standing by. This is the conference operator. Welcome to the NOVAGOLD Third Quarter Financial Results Conference. [Operator Instructions]
After the presentation there will be an opportunity to ask questions. [Operator Instructions]
I would now like to turn the conference over to Melanie Hennessey, Vice President, Corporate Communications. Please go ahead.
Thank you, Claudia. Good morning, everyone. We are pleased that you have joined us for NOVAGOLD's third quarter financial results, and also for an update on the Donlin Gold project.
On today's call, we have Dr. Thomas Kaplan, NOVAGOLD's Chairman; Greg Lang, NOVAGOLD's President and CEO; and David Ottewell, NOVAGOLD's Vice President and CFO. At the end of the webcast, we will take questions both by phone and by text. I would like to remind our webcast and call participants that 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.
With that, I have the pleasure of introducing Greg Lang. Greg?
Gregory A. Lang
Good morning, and thank you, Melanie. The Donlin Gold project is in the western part of the great state of Alaska as shown on Slide 4. And it's a 50-50 joint venture with Barrick Gold. Mining is an important part of the Alaskan community, and becoming even more important to the state as revenues and unemployment in the other businesses decline. As shown on the map, there are six producing mines and numerous exploration and development projects in the state.
In terms of scale, quality and exploration potential, Donlin Gold attributes [indecipherable] than the other gold development projects on the horizon. When combined with the company's excellent partnership with the Native Corporation and co-owner Barrick, the exceptional leverage to a rising gold price, strong cash position and key federal permits enhanced, NOVAGOLD is in a league of itself.
Slide 5 highlights the strategic focus for the year. As COVID-19 positive cases has rose in Alaska over the summer, Donlin Gold's stringent safety measures and on the ground support allowed us to operate four rigs throughout the quarter, making up to the time we lost with the pandemic related shutdown earlier in the year. In August, NOVAGOLD and our partner Barrick reported the initial set of assays from the planned 80 holes, 20,000 meter programs, the largest program in over 12 years. We work with carry out safely and finished ahead of schedule, despite the COVID-19 pandemic, which impacted activities on the ground and affected the communities in which we operate.
Other resources and streams have been experiencing low or no growth in Alaska, and the impact of COVID-19 on the cruise ship and other tourism industries may take years to recover. With the long history of mining and a skilled workforce in Alaska, Donlin Gold offers the opportunity and future with good pay year round jobs and training for young people to move closer to home and