Latest news with #NOVAGOLD
Yahoo
6 days ago
- Business
- Yahoo
Barrick Mining divests 50% stake in Donlin Gold project for $1bn
NOVAGOLD Resources and Paulson Advisers have completed the $1bn acquisition of Barrick Mining's 50% interest in the Donlin Gold project. This deal establishes new ownership of Donlin Gold to advance the project, which is located in the historic Kuskokwim Gold Belt in south-west Alaska, 10 miles north of the village of Crooked Creek. At the closing, NOVAGOLD increased its stake to 60% by acquiring an additional 10% in Donlin Gold for $200m (C$274.17m), while Paulson secured a 40% interest for $800m. In April 2025, Barrick Gold signed a definitive agreement with the affiliates of Paulson Advisers and NOVAGOLD Resources to sell its 50% interest in the Donlin Gold project – held by Barrick's subsidiary, Barrick Gold US. Both companies have entered into a new agreement with equal governance rights over Donlin Gold. Following the upsized public offering and private placement that concluded on 9 May 2025, NOVAGOLD had $327m available to fund the additional stake and ongoing activities at Donlin. The company has chosen not to prepay the $90m debt owed to Barrick at closing but retains the option to do so for $100m within 18 months. If NOVAGOLD does not exercise this option, the debt, valued at $158.9m as of 3 June 2025, will remain under its current terms. NOVAGOLD president and CEO Greg Lang said: 'Today we completed the successful and strategic Donlin Gold transaction through a strong collaborative effort between NOVAGOLD, Paulson and Barrick since announcing the transaction on 22 April 2025. 'This constitutes a truly transformational transaction and an exciting new chapter for Donlin Gold as we advance one of the best and most jurisdictionally attractive gold development projects in the world. We look forward to providing updates on the key milestones in the coming months, starting with our revamped and determined efforts regarding the Feasibility Study workstream.' In partnership with Paulson, a strategic review of the 2025 budget for Donlin Gold, amounting to $43m, is under way. The review will cover an array of activities including updating the feasibility study and executing the 2025 drill programme. Both partners are committed to exploring new resources and advancing technical work and engineering designs. They will also support state permitting efforts, maintain permits, engage with government representatives, and collaborate on stakeholder outreach and investment initiatives in Alaska. Donlin Gold has a high grade compared with other open-pit mines and projects, with a measured and indicated resource grade of 2.24 grams per tonne. "Barrick Mining divests 50% stake in Donlin Gold project for $1bn" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Globe and Mail
6 days ago
- Business
- Globe and Mail
NOVAGOLD and Paulson Advisers Complete $1 Billion Acquisition of Barrick Mining's 50% Interest in Donlin Gold
Paulson Advisers acquires a 40% ownership interest in Donlin Gold NOVAGOLD increases ownership interest in Donlin Gold from 50% to 60% Financial public offering and concurrent private placement raised sufficient funding for NOVAGOLD's acquisition and for the Donlin Gold Feasibility Study update All amounts are in U.S. dollars unless otherwise stated VANCOUVER, British Columbia, June 03, 2025 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. ('NOVAGOLD') (NYSE American, TSX: NG) and Paulson Advisers LLC ('Paulson') are pleased to announce the successful closing of their previously disclosed acquisition of Barrick Mining Corporation's ("Barrick's") 50% interest in the Donlin Gold project, establishing new ownership of Donlin Gold LLC to advance the Donlin Gold project in Alaska. At closing, NOVAGOLD acquired an additional 10% in Donlin Gold LLC for $200 million — increasing its stake to 60% — while Paulson secured a 40% interest in Donlin Gold LLC for $800 million. NOVAGOLD and Paulson entered into a new limited liability company agreement governing Donlin Gold with equal governance rights. 'Today we completed the successful and strategic Donlin Gold transaction through a strong collaborative effort between NOVAGOLD, Paulson, and Barrick since announcing the transaction on April 22, 2025,' said Greg Lang, NOVAGOLD's President and CEO. 'This constitutes a truly transformational transaction and an exciting new chapter for Donlin Gold as we advance one of the best and most jurisdictionally attractive gold development projects in the world. We look forward to providing updates on the key milestones in the coming months, starting with our revamped and determined efforts regarding the Feasibility Study workstream.' As of March 1, 2025, pro forma the upsized public offering and private placement which closed on May 9, 2025, NOVAGOLD had $327M to fund the acquisition of the additional 10% stake in Donlin Gold LLC and the Company's share of ongoing activities at Donlin. NOVAGOLD has opted not to prepay the outstanding debt owed to Barrick in connection with the Donlin Gold project for $90 million upon closing, but it retains the option to prepay the outstanding debt for $100 million within 18 months from closing, when the option expires. If that option is not exercised, the debt, currently valued at $158.9 million as of June 3, 2025, will remain outstanding, substantially in accordance with its existing terms (U.S. prime plus 2% compounded semi-annually). In coordination with Paulson, a strategic review of the Donlin Gold 2025 budget ($43 million on a 100% basis) will be completed while advancing the following activities: Commencing the workstream to update the Feasibility Study 1, including assembling a specially dedicated team to advance these efforts; Executing the 2025 drill program focused on the conversion and expansion of reserves and resources, with both partners committed to exploring for new resources along strike and to depth in future campaigns; Advancing the technical work and engineering designs; Supporting state permitting efforts and maintaining existing federal and state permits in good standing, including government affairs engagement with federal and state representatives; and Collaborating on ongoing stakeholder outreach and investment initiatives in Alaska. About NOVAGOLD NOVAGOLD is a precious metals company focused on the development of the Donlin Gold project. Located in Alaska, one of the safest mining jurisdictions in the world, the Donlin Gold project is regarded as one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world. About Paulson Paulson is a private global investment management advisory firm based in Palm Beach, Florida. NOVAGOLD Contacts: Mélanie Hennessey Vice President, Corporate Communications 604-669-6227 or 1-866-669-6227 Frank Gagnon Manager, Investor Relations 778-990-0299 or 1-866-669-6227 Paulson Contact: Michael McKeon mmckeon@ Cautionary Note Regarding Forward-Looking Statements This media release includes certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding the anticipated benefits of the transaction with Paulson, NOVAGOLD's anticipated expenditures and anticipated plans for the new partnership and Donlin following the completion of the transaction, statements regarding the permitting, potential development, exploration, construction and operation of Donlin Gold and statements relating to NOVAGOLD's future operating and financial performance and production estimates. Such information is intended to assist readers in understanding NOVAGOLD's current expectations and plans relating to the future. Such information may not be appropriate for other purposes. Forward-looking statements are frequently, but not always, identified by words such as 'expects', 'continue', 'ongoing', 'anticipates', 'believes', 'intends', 'estimates', 'potential', 'possible', and similar expressions, or statements that events, conditions, or results 'will', 'may', 'could', 'would' or 'should' occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding plans for and anticipated timing a new feasibility study on the Donlin Gold project; plans for and anticipated timing of a strategic review of Donlin Gold's 2025 budget our goals and planned activities for 2025; anticipated timing of milestone and project updates; ongoing support provided to key stakeholders including Native Corporation partners; Donlin Gold's continued support for the state and federal permitting process; sufficiency of working capital; the potential development and construction of the Donlin Gold project; the timing and ability for the Donlin Gold project to hit critical milestones; the ability for the Tier One gold development project to hit the anticipated projections; the sufficiency of funds to continue to advance development of Donlin Gold, including to a construction decision; perceived merit of properties; mineral reserve and mineral resource estimates; Donlin Gold's ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; legal challenges to Donlin Gold's existing permits and the timing of decisions in those challenges; plans to continue to advance the Donlin Gold project safely, socially responsibly and to sustainably generate value for our stakeholders; continued cooperation between the owners of Donlin Gold LLC to advance the project; NOVAGOLD's ability to deliver on its strategy with the Donlin Gold project; the success of the strategic mine plan for the Donlin Gold project; the success of the Donlin Gold community relations plan; the anticipated outcome of exploration drilling at the Donlin Gold project and the timing thereof; the completion of test work and modeling and the timing thereof. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the expectations of NOVAGOLD management's estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include failure to satisfy or waive the closing conditions to the transaction; the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to complete an updated feasibility study and to explore and develop properties and availability of financing in the debt and capital markets; disease pandemics; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between the owners of Donlin Gold LLC to advance the project; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties disclosed in NOVAGOLD's most recent reports on Forms 10-K and 10-Q, particularly the 'Risk Factors' sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD's website at or the SEC's website at or on SEDAR+ at The forward-looking statements contained herein reflect the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to
Yahoo
6 days ago
- Business
- Yahoo
NOVAGOLD and Paulson Advisers Complete $1 Billion Acquisition of Barrick Mining's 50% Interest in Donlin Gold
Paulson Advisers acquires a 40% ownership interest in Donlin Gold NOVAGOLD increases ownership interest in Donlin Gold from 50% to 60% Financial public offering and concurrent private placement raised sufficient funding for NOVAGOLD's acquisition and for the Donlin Gold Feasibility Study update All amounts are in U.S. dollars unless otherwise stated VANCOUVER, British Columbia, June 03, 2025 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. ('NOVAGOLD') (NYSE American, TSX: NG) and Paulson Advisers LLC ('Paulson') are pleased to announce the successful closing of their previously disclosed acquisition of Barrick Mining Corporation's ("Barrick's") 50% interest in the Donlin Gold project, establishing new ownership of Donlin Gold LLC to advance the Donlin Gold project in Alaska. At closing, NOVAGOLD acquired an additional 10% in Donlin Gold LLC for $200 million — increasing its stake to 60% — while Paulson secured a 40% interest in Donlin Gold LLC for $800 million. NOVAGOLD and Paulson entered into a new limited liability company agreement governing Donlin Gold with equal governance rights. 'Today we completed the successful and strategic Donlin Gold transaction through a strong collaborative effort between NOVAGOLD, Paulson, and Barrick since announcing the transaction on April 22, 2025,' said Greg Lang, NOVAGOLD's President and CEO. 'This constitutes a truly transformational transaction and an exciting new chapter for Donlin Gold as we advance one of the best and most jurisdictionally attractive gold development projects in the world. We look forward to providing updates on the key milestones in the coming months, starting with our revamped and determined efforts regarding the Feasibility Study workstream.' As of March 1, 2025, pro forma the upsized public offering and private placement which closed on May 9, 2025, NOVAGOLD had $327M to fund the acquisition of the additional 10% stake in Donlin Gold LLC and the Company's share of ongoing activities at Donlin. NOVAGOLD has opted not to prepay the outstanding debt owed to Barrick in connection with the Donlin Gold project for $90 million upon closing, but it retains the option to prepay the outstanding debt for $100 million within 18 months from closing, when the option expires. If that option is not exercised, the debt, currently valued at $158.9 million as of June 3, 2025, will remain outstanding, substantially in accordance with its existing terms (U.S. prime plus 2% compounded semi-annually). In coordination with Paulson, a strategic review of the Donlin Gold 2025 budget ($43 million on a 100% basis) will be completed while advancing the following activities: Commencing the workstream to update the Feasibility Study1, including assembling a specially dedicated team to advance these efforts; Executing the 2025 drill program focused on the conversion and expansion of reserves and resources, with both partners committed to exploring for new resources along strike and to depth in future campaigns; Advancing the technical work and engineering designs; Supporting state permitting efforts and maintaining existing federal and state permits in good standing, including government affairs engagement with federal and state representatives; and Collaborating on ongoing stakeholder outreach and investment initiatives in Alaska. About NOVAGOLD NOVAGOLD is a precious metals company focused on the development of the Donlin Gold project. Located in Alaska, one of the safest mining jurisdictions in the world, the Donlin Gold project is regarded as one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world. About Paulson Paulson is a private global investment management advisory firm based in Palm Beach, Florida. NOVAGOLD Contacts: Mélanie HennesseyVice President, Corporate Communications 604-669-6227 or 1-866-669-6227 Frank GagnonManager, Investor Relations778-990-0299 or 1-866-669-6227 Paulson Contact: Michael McKeon mmckeon@ Cautionary Note Regarding Forward-Looking StatementsThis media release includes certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding the anticipated benefits of the transaction with Paulson, NOVAGOLD's anticipated expenditures and anticipated plans for the new partnership and Donlin following the completion of the transaction, statements regarding the permitting, potential development, exploration, construction and operation of Donlin Gold and statements relating to NOVAGOLD's future operating and financial performance and production estimates. Such information is intended to assist readers in understanding NOVAGOLD's current expectations and plans relating to the future. Such information may not be appropriate for other purposes. Forward-looking statements are frequently, but not always, identified by words such as 'expects', 'continue', 'ongoing', 'anticipates', 'believes', 'intends', 'estimates', 'potential', 'possible', and similar expressions, or statements that events, conditions, or results 'will', 'may', 'could', 'would' or 'should' occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding plans for and anticipated timing a new feasibility study on the Donlin Gold project; plans for and anticipated timing of a strategic review of Donlin Gold's 2025 budget our goals and planned activities for 2025; anticipated timing of milestone and project updates; ongoing support provided to key stakeholders including Native Corporation partners; Donlin Gold's continued support for the state and federal permitting process; sufficiency of working capital; the potential development and construction of the Donlin Gold project; the timing and ability for the Donlin Gold project to hit critical milestones; the ability for the Tier One gold development project to hit the anticipated projections; the sufficiency of funds to continue to advance development of Donlin Gold, including to a construction decision; perceived merit of properties; mineral reserve and mineral resource estimates; Donlin Gold's ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; legal challenges to Donlin Gold's existing permits and the timing of decisions in those challenges; plans to continue to advance the Donlin Gold project safely, socially responsibly and to sustainably generate value for our stakeholders; continued cooperation between the owners of Donlin Gold LLC to advance the project; NOVAGOLD's ability to deliver on its strategy with the Donlin Gold project; the success of the strategic mine plan for the Donlin Gold project; the success of the Donlin Gold community relations plan; the anticipated outcome of exploration drilling at the Donlin Gold project and the timing thereof; the completion of test work and modeling and the timing thereof. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the expectations of NOVAGOLD management's estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include failure to satisfy or waive the closing conditions to the transaction; the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to complete an updated feasibility study and to explore and develop properties and availability of financing in the debt and capital markets; disease pandemics; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between the owners of Donlin Gold LLC to advance the project; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties disclosed in NOVAGOLD's most recent reports on Forms 10-K and 10-Q, particularly the 'Risk Factors' sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD's website at or the SEC's website at or on SEDAR+ at The forward-looking statements contained herein reflect the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. ______________1 The updated Feasibility Study/Technical Report will be compliant with NI 43-101 and S-K in to access your portfolio
Yahoo
20-05-2025
- Business
- Yahoo
NOVAGOLD Announces Election of Directors and Voting Results from 2025 Virtual Annual General Meeting of Shareholders
A total of 275,809,182 or 82.41% of the Company's issued and outstanding shares were represented at the Meeting All three proposals to shareholders were approved, including the election of all director nominees During the 2025 proxy season, NOVAGOLD placed outreach calls to shareholders holding approximately 89.92% of the Company's issued and outstanding common shares entitled to vote VANCOUVER, British Columbia, May 20, 2025 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. ('NOVAGOLD' or the 'Company') (NYSE American, TSX: NG) is pleased to announce the detailed voting results on the items of business considered at its Annual General Meeting of Shareholders held on May 15, 2025 (the 'Meeting'). All proposals were approved and all director nominees were elected. A total of 275,809,182 or 82.41% of the Company's issued and outstanding shares were represented at the Meeting. Shareholder Engagement During this year's proxy outreach, NOVAGOLD placed calls to shareholders owning 50,000-plus shares who collectively hold approximately 89.92% of the Company's issued and outstanding common shares entitled to vote at the Meeting. Year-over-year the input received from shareholders has helped shape and improve the Company's governance and compensation practices. Shareholder Voting Results The shareholders voted on the following matters at this year's Meeting: Proposal 1 – Election of Directors The nominees listed in NOVAGOLD's Management Information Circular were elected as Directors of the Company. Detailed results of the votes are set out below: Proposal 1 Outcome of theVote Votes by Ballot Election of Directors Votes For Votes Withheld Dr. Elaine Dorward-King Carried 239,986,738(93.96%) 15,404,215(6.03%) Dr. Diane Garrett Carried 254,240,686 (99.54%) 1,150,267 (0.45%) Dr. Thomas Kaplan Carried 253,729,241 (99.34%) 1,661,712 (0.65%) Hume Kyle Carried 253,542,768 (99.27%) 1,848,185 (0.72%) Gregory Lang Carried 254,727,047 (99.74%) 663,906 (0.25%) Kalidas Madhavpeddi Carried 217,206,485 85.04% 38,184,468 (14.95%) Kevin McArthur Carried 251,050,731 (98.30%) 4,340,222 (1.69%) Daniel Muñiz-Quintanilla Carried 240,152,210 (94.03%) 15,238,743 (5.96%) Ethan Schutt Carried 254,459,505 (99.63%) 931,448 (0.36%) Dawn Whitaker Carried 250,162,356(97.95%) 5,228,597(2.04%) Proposal 2 – Appointment of Auditors The vote was carried for the Appointment of the Auditors, PricewaterhouseCoopers LLP. The votes received by ballot were as follows: Votes For 270,813,418 98.18% Votes Withheld 4,995,764 1.81% Proposal 3 – Advisory Approval of Executive Compensation ('Say-on-Pay') The vote was carried on the Say-On-Pay Advisory Vote. The votes received by ballot were as follows: Votes For 180,443,860 70.65% Votes Against 73,007,164 28.58% Abstentions 1,939,929 0.75%Full details of all proposals are fully described in the Company's Management Information Circular dated March 24, 2025 available on the Company's website at on SEDAR+ at and on EDGAR at and the detailed results of voting on each proposal are included in the Report of Voting Results filed on SEDAR+ and in the 8-K filed on EDGAR. The Annual General Meeting of Shareholders webcast and corporate presentation are available on NOVAGOLD's website under Presentations. NOVAGOLD Contacts:Mélanie HennesseyVice President, Corporate Communications Frank GagnonManager, Investor Relations 1-604-669-6227 or 1-866-669-6227Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
12-05-2025
- Business
- Cision Canada
Electrum Subscribes for NOVAGOLD Shares and Updates Early Warning Report
This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. NEW YORK, May 12, 2025 /CNW/ - In connection with the previously announced public offering and concurrent private placement by NovaGold Resources Inc. ("NOVAGOLD"), which closed on May 9, 2025, Electrum Strategic Resources L.P. ("Electrum") acquired 13,333,334 common shares in the capital of NOVAGOLD on a private placement basis at a purchase price per share of US$3.75 for gross proceeds of US$50,000,002.50. Immediately prior to giving effect to the public offering and concurrent private placement (including Electrum's subscription), Electrum and its joint actors (namely, GRAT Holdings LLC, Leopard Holdings LLC, The Electrum Group LLC, TEG Global GP Ltd., and Thomas S. Kaplan) (the "Electrum Reporting Persons") beneficially owned or exercised control or direction over an aggregate of 91,565,396 NOVAGOLD common shares representing 26.82% of NOVAGOLD's outstanding common shares (partially diluted). Immediately after giving effect to the public offering and concurrent private placement (including Electrum's subscription), the Electrum Reporting Persons beneficially owned or exercised control or direction over an aggregate of 104,898,730 NOVAGOLD common shares representing 25.81% of NOVAGOLD's outstanding common shares (partially diluted). Electrum holds the foregoing NOVAGOLD common shares and warrants for investment purposes and may, depending on market and other conditions, increase or decrease its beneficial ownership of NOVAGOLD securities whether in the open market, by privately negotiated agreement or otherwise. Electrum is a Delaware limited partnership whose principal business is to invest in securities and other assets, directly and indirectly. Its head office is located at 600 Fifth Ave., 24th Floor New York, NY 10020, USA. All amounts are in U.S. dollars unless otherwise stated. The foregoing disclosure regarding Electrum's holdings is being disseminated pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. An early warning report updating information disclosed in a previous report is being filed by Electrum under NOVAGOLD's SEDAR+ profile at and a copy of this early warning report may also be obtained by contacting Electrum.
