Business Description
We operate in the gold mining industry, primarily focused on advancing permitting
of the Donlin Gold project in Alaska. The Donlin Gold project is held by Donlin
Gold LLC (“Donlin Gold”), a limited liability company owned equally
by wholly-owned subsidiaries of NOVAGOLD and Barrick Gold Corporation (“Barrick”).
We are also committed to maximizing the value of our interest in the Galore
Creek copper-gold-silver project in British Columbia, Canada. The Galore Creek
project is held by a partnership owned equally by NOVAGOLD Canada Inc., a wholly-owned
subsidiary of NOVAGOLD, and by Teck Resources Limited (“Teck”).
We continue to explore opportunities to sell, in whole or in part, our interest
in the Galore Creek project.
We do not produce gold or any other minerals, and do not currently generate
operating earnings. Funding to explore our mineral properties and to operate
the Company was acquired primarily through previous equity financings consisting
of public offerings of our common shares and warrants and through debt financing
consisting of convertible notes. We expect to continue to raise capital through
additional equity and/or debt financings, through the exercise of stock options,
and otherwise.
We were incorporated by memorandum of association on December 5, 1984, under
the Companies Act (Nova Scotia) as 1562756 Nova Scotia Limited. On January 14,
1985, we changed our name to NovaCan Mining Resources (l985) Limited and on
March 20, 1987, we changed our name to NOVAGOLD RESOURCES INC. On May 29, 2013,
our shareholders approved the continuance of the corporation into British Columbia.
Subsequently, we filed the necessary documents in Nova Scotia and British Columbia
and we continued under the Business Corporations Act (British Columbia) effective
as of June 10, 2013.
Permitting activities continued at Donlin Gold in 2016 and were mainly focused
on providing the U.S. Army Corps of Engineers (the “Corps”), the
lead agency for the Donlin Gold Environmental Impact Statement (EIS), with requested
input and information as the Corps conducted and completed a six-month public
comment period for the draft EIS, including 17 public comment meetings in communities
across the Yukon-Kuskokwim (Y-K) region and in Anchorage, Alaska. The EIS is
required by the National Environmental Policy Act (NEPA), the act that governs
the process by which most major projects in the United States are evaluated.
The EIS is also, in large part, a determining factor in the overall permitting
timeline which commenced in 2012 for Donlin Gold.
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