Soundarya Iyer

Soundarya Iyer asked for clarification on the allocation of the $78.8 million Donlin Gold budget for 2026, specifically how much is designated for the Bankable Feasibility Study (BFS) versus ongoing exploration, and whether this budget covers the entire 12-18 month BFS period. She also questioned how NovaGold plans to advance exploration on the largely unexplored Donlin land package concurrently with the BFS and eventual construction.

Answer

Gregory Lang, President and CEO of NOVAGOLD Resources Inc., explained that the 2026 Donlin budget is comprehensive, including a significant portion for the BFS, separate contracts for specialized project components like autoclaves and infrastructure, and increased community engagement. He clarified that the BFS is expected to take 18 months. Regarding exploration, Mr. Lang stated that while extensive soil sampling was done last year, the immediate focus is on kicking off the BFS, with future exploration plans to be developed with their partner once the BFS is well underway, particularly around known ore bodies.

Soundarya Iyer from B. Riley Securities asked for clarification on the allocation of the $78.8 million budget for Donlin Gold activities in 2026, specifically how it's split between the 12-18 month bankable feasibility study and ongoing exploration efforts. She also inquired about NOVAGOLD's strategy for advancing the significant exploration optionality on the Donlin land package, given only 5% has been explored, and whether this would occur concurrently with the feasibility study and eventual construction.

Answer

Gregory Lang, President and CEO of NOVAGOLD Resources Inc., explained that the 2026 Donlin budget is comprehensive, covering the bankable feasibility study, separate contracts for specialized project components like autoclaves and infrastructure, and increased community engagement. He noted the BFS is expected to take about 18 months. Regarding exploration, Mr. Lang stated that while a significant soil sampling program was completed last year, the immediate focus is on kicking off the feasibility study. Future exploration plans, particularly around known ore bodies, will be developed with their partner once the BFS is well underway.

Soundarya Iyer, on behalf of Nick Giles, asked about Endeavour Silver's hedging strategy on a go-forward basis and the outlook for the company's working capital position through the remainder of 2025.

Answer

CEO Dan Dickson explained that the company's preference is not to hedge precious metals to provide shareholders with full exposure to silver prices, noting that existing hedges were requirements of a lending facility. He stated that the negative working capital position was by design and expects it to improve significantly in the second half of the year as Terronera achieves commercial production and begins generating positive cash flow.

Soundarya Iyer from B. Riley Securities asked which aspects of recent executive orders are most beneficial to NuScale and what the company's expectations are for the profile of its first major project, including partners and power users.

Answer

CFO Ramsey Hamady explained that while the executive orders support the entire industry, the provisions to expedite site-specific licensing are most beneficial to NuScale due to its advanced, licensed status. President & CEO John Hopkins added that potential first projects involve hyperscalers, utilities, and industrial companies, noting that many customers prefer to buy clean power rather than own a nuclear asset, a model facilitated by their partner IntraOne.