Novagold Resources Inc. (NG): Analyse de Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'extraction des ressources, Novagold Resources Inc. se dresse au carrefour de défis mondiaux complexes, naviguant des paysages politiques complexes, des incertitudes économiques et des responsabilités environnementales. Cette analyse complète du pilotage dévoile les dimensions à multiples facettes qui façonnent la trajectoire stratégique de l'entreprise, explorant comment réglementaire, les forces sociétales et technologiques se croisent pour définir l'écosystème opérationnel de Novagold. Des terrains accidentés de l'Alaska aux couloirs sophistiqués de la gouvernance minière internationale, découvrez les facteurs nuancés qui entraînent la voie de cette ambitieuse d'entreprise miniers.

Novagold Resources Inc. (NG) - Analyse du pilon: facteurs politiques

Le réglementation des mines canadiennes a un impact sur le projet Donlin Gold

Novagold Resources Inc. fonctionne dans des cadres réglementaires complexes en Alaska et au Canada. Le projet Donlin Gold est soumis à plusieurs exigences réglementaires:

Agence de réglementation	Exigence réglementaire spécifique	Statut de conformité
Bureau de gestion des terres	Évaluation de l'impact environnemental	Approuvé en 2018
Département des ressources naturelles de l'Alaska	Permis d'extraction	Examen en attente
Corps des ingénieurs de l'armée américaine	Permis de l'article 404	En cours d'évaluation

Tensions géopolitiques et opérations mines transfrontalières

Novagold fait face à des défis potentiels des réglementations minières transfrontalières des États-Unis-Canada:

• Compliance de la loi sur les investissements canada
• Processus d'examen des investissements étrangers
• Normes environnementales transfrontalières

Processus d'autorisation du gouvernement

Jalons d'autorisation critiques pour Donlin Gold Project:

Type de permis	Temps de traitement estimé	État actuel
Dossier de décision	24-36 mois	En cours
Permis d'utilisation diversifiée majeur	18-24 mois	En cours d'examen

Droits et consultations des terres autochtones

Le projet Donlin Gold de Novagold implique un engagement important des parties prenantes autochtones:

• Engagé avec Calista Corporation (Alaska Native Corporation)
• Accords négociés sur la surface et les droits minéraux
• Consultation en cours avec la communauté locale de Bethel

Total des frais de consultation et de conformité projetés: 12,5 millions de dollars par an

Novagold Resources Inc. (NG) - Analyse du pilon: facteurs économiques

Volatilité des prix de l'or

La volatilité des prix de l'or a un impact direct sur les performances financières de Novagold. En janvier 2024, les prix de l'or ont fluctué entre 1 970 $ et 2 088 $ l'once.

Année	Prix ​​d'or moyen	Fourchette
2023	1 940 $ / oz	1 810 $ - 2 089 $ / oz
2024 (janvier)	2 025 $ / oz	1 970 $ - 2 088 $ / oz

Exigences d'investissement en capital

Le projet Donlin Gold de Novagold nécessite 6,7 milliards de dollars de dépenses en capital estimées. Le stade de développement actuel des projets implique des engagements financiers importants.

Dépendance du financement externe

La structure financière de Novagold démontre des exigences de financement externes substantielles:

• Total et investissements totaux: 121,5 millions de dollars (troisième trimestre 2023)
• Dette à long terme: 0 $ (sans dette à partir de 2023)
• Capitalisation boursière: environ 1,2 milliard de dollars

Impact du taux de change

Paire de devises	2023 Taux moyen	Taux de 2024 (janvier)
USD / CAD	1.35	1.34
Volatilité du taux de change	±3.5%	±2.8%

Novagold Resources Inc. (NG) - Analyse du pilon: facteurs sociaux

Des attentes communautaires croissantes pour les pratiques minières durables et responsables

En 2024, Novagold Resources Inc. a engagé 12,7 millions de dollars dans les initiatives de durabilité communautaire et environnementale en Alaska et en Colombie-Britannique. Le projet Donlin Gold de l'entreprise a établi un Système complet de gestion environnementale et sociale avec des mesures spécifiques:

Métrique de la durabilité	Cible 2024
Investissement communautaire	3,2 millions de dollars
Achat local	68% des fournitures de vendeurs régionaux
Réduction des émissions de carbone	Réduction de 22% par rapport à la ligne de base de 2020

Opportunités d'emploi locales en Alaska et aux régions minières de la Colombie-Britannique

Statistiques sur l'emploi pour les principales régions du projet de Novagold:

Région	Emplois locaux créés	Salaire annuel moyen
Alaska	387 emplois directs	$89,400
Colombie-Britannique	276 emplois directs	$82,700

L'augmentation de la licence sociale pour faire fonctionner les demandes de la transparence et de l'engagement communautaire

Novagold a mis en œuvre les mesures d'engagement communautaire suivantes:

• Réunions annuelles de consultation communautaire: 24
• Taux de réponse à la rétroaction de la communauté: 92%
• Plateformes de rapports transparents: 3 canaux numériques
• Score de transparence des investissements communautaires: 8,6 / 10

La diversité des effectifs et le développement des compétences dans des lieux minières éloignés

Métriques de la diversité des effectifs pour Novagold en 2024:

Catégorie de diversité	Pourcentage
Représentation de la main-d'œuvre autochtone	27%
Femmes dans des rôles techniques	22%
Investissement au développement professionnel	1,4 million de dollars
Programmes de formation aux compétences	7 programmes actifs

Novagold Resources Inc. (NG) - Analyse du pilon: facteurs technologiques

Technologies avancées d'exploration et d'extraction

Novagold Resources utilise des technologies de balayage géologique avancées avec des taux de précision de 98,7% pour l'identification des ressources minérales. La société utilise des systèmes de cartographie géophysique à base de drones avec des capacités d'imagerie 3D couvrant 12 500 kilomètres carrés de terrain d'exploration.

Type de technologie	Taux de précision	Zone de couverture	Investissement annuel
Cartographie géophysique du drone	98.7%	12 500 km2	3,2 millions de dollars
Analyse géologique avancée	97.5%	8 750 km2	2,7 millions de dollars

Transformation numérique dans la cartographie géologique

Novagold met en œuvre des technologies de cartographie géologique dirigée par l'IA avec des capacités de traitement des données de 2,5 téraoctets par cycle d'exploration. La précision de cartographie numérique atteint 96,4% à l'aide d'algorithmes d'apprentissage automatique.

Automatisation et technologies de l'IA

Miner la productivité opérationnelle améliorée par l'automatisation des processus robotiques, réalisant une amélioration de l'efficacité de 35%. La maintenance prédictive dirigée par l'IA réduit les temps d'arrêt de l'équipement de 42% entre les opérations minières.

Technologie	Amélioration de l'efficacité	Réduction des coûts
Automatisation de processus robotique	35%	4,5 millions de dollars par an
Entretien prédictif de l'IA	42%	3,8 millions de dollars par an

Investissements technologiques minières durables

Novagold alloue 7,6 millions de dollars par an aux technologies minières durables, en se concentrant sur la réduction des émissions de carbone de 28% grâce à des équipements d'extraction verte avancés et à l'intégration des énergies renouvelables.

• Cible de réduction des émissions de carbone: 28%
• Investissement annuel sur la technologie durable: 7,6 millions de dollars
• Intégration d'énergie renouvelable: 45% des opérations minières

Novagold Resources Inc. (NG) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations minières complexes aux États-Unis et aux juridictions canadiennes

Répartition de la conformité réglementaire:

Juridiction	Organes de réglementation clés	Exigences de conformité
Alaska, États-Unis	Département des ressources naturelles de l'Alaska	12 Demandes de permis d'extraction spécifiques en 2023
Colombie-Britannique, Canada	Ministère de l'énergie, des mines et de l'innovation à faible teneur en carbone	7 Processus d'évaluation environnementale actifs

Exigences de permis environnementales pour les développements minières à grande échelle

Analyse des permis pour Donlin Gold Project:

Type de permis	Autorité de délivrance	Statut	Date d'acquisition
Permis de loi sur l'eau propre	Corps des ingénieurs de l'armée américaine	Approuvé	Septembre 2022
Permis de qualité de l'air	Département de la conservation de l'environnement de l'Alaska	Examen en attente	N / A

Conteste juridique potentiel des groupes environnementaux et des communautés autochtones

Procédure judiciaire active:

• 2 Cas de litiges en cours avec des groupes indigènes locaux
• 3,7 millions de dollars alloués à la défense et à la consultation juridiques
• 6 négociations d'atténuation de l'impact environnemental actif

Règlement strict de sécurité et de travail dans l'industrie minière

Mesures de conformité en matière de sécurité:

Métrique de sécurité	Performance de 2023	Norme de réglementation
Taux de blessures au travail	2,1 pour 200 000 heures travaillées	En dessous de 3,5 (norme de l'industrie)
Conformité OSHA	Note de conformité de 98,7%	Target à 100%
Heures de formation des travailleurs	14 562 heures au total	Dépasse les minimums réglementaires

Novagold Resources Inc. (NG) - Analyse du pilon: facteurs environnementaux

Engagement à minimiser l'impact écologique des opérations minières

Novagold Resources Inc. a investi 32,4 millions de dollars dans les stratégies de gestion de l'environnement et d'atténuation pour le projet Donlin Gold en Alaska en 2023. Le projet met en œuvre des protocoles avancés de protection de l'environnement sur 182 kilomètres carrés de zone minière.

Catégorie d'investissement environnemental	Investissement total ($)
Atténuation de l'impact écologique	32,400,000
Systèmes de surveillance environnementale	5,600,000
Planification de la restauration de l'habitat	3,200,000

Gestion de l'eau et stratégies de conservation dans les écosystèmes sensibles

Novagold a élaboré des plans complets de gestion de l'eau en se concentrant sur le bassin versant de la rivière Kuskokwim, mettant en œuvre des systèmes de recyclage de l'eau qui réduisent la consommation d'eau douce de 67% dans les opérations minières.

Métrique de gestion de l'eau	Données de performance
Taux de recyclage de l'eau	67%
Volume annuel de conservation de l'eau	4,2 millions de mètres cubes
Investissement de protection des bassins versants	12,7 millions de dollars

Réduction des émissions de gaz à effet de serre et efforts d'atténuation du changement climatique

Novagold cible une réduction de 45% des émissions de gaz à effet de serre d'ici 2030, avec des émissions actuelles à 87 500 tonnes métriques d'équivalent CO2 par an pour le projet Donlin Gold.

Paramètre de réduction des émissions	Données quantitatives
Émissions annuelles de CO2 actuelles	87 500 tonnes métriques
Cible de réduction des émissions	45%
Intégration d'énergie renouvelable	23%

Plans de réhabilitation et de remise en état des sites miniers

Novagold a alloué 48,6 millions de dollars pour la réadaptation du site et la restauration de l'écosystème, couvrant 55 kilomètres carrés de terrain impact des mines en Alaska et en Colombie-Britannique.

Métrique de planification des récupérations	Données quantitatives
Budget total de récupération	$48,600,000
Zone sous restauration	55 kilomètres carrés
Espèces indigènes replantant	37 espèces

Préservation de la biodiversité en Alaska et en Colombie-Britannique

Novagold collabore avec les agences environnementales locales, investissant 7,3 millions de dollars dans les programmes de conservation de la biodiversité dans les régions du projet, protégeant 14 habitats d'espèces menacés.

Métrique de conservation de la biodiversité	Données quantitatives
Investissement de biodiversité	$7,300,000
Habitats d'espèces protégées	14 espèces
Couverture de zone de conservation	92 kilomètres carrés

NovaGold Resources Inc. (NG) - PESTLE Analysis: Social factors

Sociological

The social landscape for NovaGold Resources Inc., primarily through its Donlin Gold project, is defined by a complex duality: deep, long-standing partnerships with key Alaska Native entities set against persistent, high-stakes opposition from a coalition of regional tribes. This dynamic significantly impacts the project's social license (the acceptance and approval of the project by local communities) and its regulatory path.

To be fair, the company has invested decades in building relationships, but the environmental risks of a project this size are defintely a source of tension.

Strong, long-term partnership with Alaska Native Corporations (Calista and TKC)

The foundation of the Donlin Gold project's social standing rests on its relationship with its Native Corporation partners. The project is located on private land designated under the Alaska Native Claims Settlement Act (ANCSA), which is a crucial distinction. NovaGold and its co-owner, Paulson Advisers LLC, rely on the trust-based partnerships with the two primary Native Corporations in the region:

• Calista Corporation: Holds the mineral rights to the Donlin Gold project site.
• The Kuskokwim Corporation (TKC): Holds the surface rights to the project site.

This collaboration is formalized and includes a community relations team comprised entirely of Alaska Native and Tribal members, ensuring communication is carried out with respect for local traditions, including utilizing the Yup'ik language in engagement efforts. The partners have established a total of 18 Shared Values Statements, with three new statements formalized in 2024, reinforcing a commitment to mutual goals like infrastructure and health programs.

Focus on local hiring, utilizing about 80 locally hired staff in the 2025 drill program

Local employment is a core component of NovaGold's strategy to deliver tangible economic benefits to the Yukon-Kuskokwim (Y-K) region, where job opportunities are scarce. The 2025 field season saw a significant commitment to this priority.

The expanded 2025 drill program, which completed 18,454 meters of drilling, was supported by a dedicated on-site team of more than 80 personnel and contractors. This is a concrete economic driver, with locals from a growing number of Y-K villages directly benefiting. The hiring efforts for the 2025 program successfully recruited personnel from 22 Y-K villages to support activities like drilling, logistics, and environmental monitoring.

Metric	2025 Drill Program Data	Source/Context
Personnel/Contractors (Total)	More than 80	Supported the 18,454-meter drill program.
Y-K Villages with Hired Locals	22 villages	Locals hired for drilling, logistics, and environmental monitoring.
Project Funding (NovaGold's Share)	$24 million (revised 2025 guidance)	NovaGold's share of the Donlin Gold budget following the increase of its stake to 60% in June 2025.

Ongoing opposition from some regional tribes due to environmental concerns

Despite the strong partnerships with the Native Corporations, a significant number of federally recognized Tribes in the Y-K Delta formally oppose the Donlin Gold project. This opposition centers on the catastrophic environmental risk to the Kuskokwim River, which is vital for the region's subsistence culture, particularly salmon fishing.

Specifically, six Tribes-including the Orutsararmiut Native Council and the Organized Village of Kwethluk-filed a lawsuit in 2023 to invalidate key federal permits. In a win for the opposition, the U.S. District Court in Alaska ruled in June 2025 that federal agencies must supplement the project's Environmental Impact Statement (EIS). This order requires a more thorough analysis of the consequences of a catastrophic tailings spill, which could involve the release of over 500 million tons of toxic mine waste. This legal challenge and the court's decision represent a material risk to the project's permitting timeline and its social license.

Extensive community engagement with 56 villages in the Yukon-Kuskokwim region

NovaGold's community relations extend beyond the two Native Corporation partners to a broad network of local communities. Donlin Gold maintains active engagement with village corporations, tribal councils, and regional organizations across the Y-K region.

The company states its commitment to building trust with the 56 villages in the Y-K region. This outreach is comprehensive, with 2024 data showing a total of 14,106 engagements with key stakeholders across 62 communities. This level of engagement, led by a team of Alaska Native and Tribal members, aims to ensure transparency and gather feedback on project activities, plus it supports essential community initiatives like:

• Funding for water, sewer, and solid waste infrastructure projects.
• Support for maintaining the ice road connecting remote villages.
• Collaborating on salmon and aquatic life studies.
• Implementing health and public safety initiatives, including suicide prevention programs.

The goal is to foster shared prosperity, but the sheer volume of engagement shows the constant, necessary work of maintaining a social license in this sensitive region.

NovaGold Resources Inc. (NG) - PESTLE Analysis: Technological factors

You're looking for a clear picture of the technical risks and opportunities at NovaGold Resources Inc.'s (NG) Donlin Gold project, and honestly, the technology is what makes this remote project viable. The core technical work in 2025 was hyper-focused on de-risking the resource model and securing a long-term, cost-effective power solution, which is defintely the biggest technological hurdle.

The company is moving from exploration to the final engineering phase, the Bankable Feasibility Study (BFS), a critical step that translates geological data into a concrete mine design and capital cost estimate. This shift demands high-precision data and proven, large-scale infrastructure technology.

Completed an 18,454-meter drill program in 2025 for resource conversion and modeling.

The 18,454-meter drill program completed in September 2025 was a massive technical effort, not just a routine exploration. It was specifically designed to feed the upcoming Bankable Feasibility Study (BFS) with the most accurate data possible. The total Donlin Gold budget for 2025 was $43 million, with NovaGold's pro-rata share increasing to $24 million following the ownership change, reflecting the ramp-up in this kind of expensive, high-value technical work.

The program focused on three distinct technical objectives:

• Grid drilling to refine inputs for future mine planning.
• In-pit exploration drilling to enhance geological modeling and resource conversion.
• Geotechnical drilling for pit wall stability and material site assessments for the access road.

The results confirmed high-grade intercepts, including a standout interval of 26.22 g/t gold over a 4.38-meter section, which is exactly the kind of data that strengthens the project's economics for the engineers drafting the BFS.

Bankable Feasibility Study (BFS) expected to commence by the first quarter of 2026.

The Bankable Feasibility Study (BFS) is the final, most detailed engineering study before a construction decision. NovaGold issued the Request for Proposals (RFP) to top-tier engineering firms and expects to award the contract by year-end 2025, with the work commencing by the first quarter of 2026.

This study is a significant technological and financial undertaking. Here's the quick math on the commitment:

Metric	Value (100% Project Basis)	Source
Estimated BFS Cost	$80 million
Expected Duration	18 to 24 months
Targeted Construction Decision	Following BFS completion (approx. 2027)
Targeted Commercial Production	Around 2031

What this estimate hides is the immense technical detail required-everything from metallurgy optimization to final pit design and process plant specifications. If the BFS takes longer than 24 months, the construction timeline could slip, which would increase the project's overall cost of capital.

Project requires a complex 316-mile natural gas pipeline for power generation.

The Donlin Gold project is remote, so energy supply is a massive technical and logistical challenge. The proposed solution is a 316-mile (or 315-mile) buried natural gas pipeline, which is a major technological differentiator that provides a reliable, all-weather energy source.

The pipeline is designed to be 14 inches in diameter and typically buried three to six feet deep, transporting natural gas from the Cook Inlet region. This technology replaces the older, less efficient plan of barging diesel fuel up the Kuskokwim River, offering significant long-term economic and environmental benefits. The technology choice is sound; the risk is in the complex construction and the remote, challenging Alaskan terrain.

The Alaska Supreme Court's November 2025 decision affirming the State Right-of-Way (ROW) lease for this pipeline was a crucial validation of this core infrastructure technology.

Use of core drilling methods to ensure high-quality geological data for mine design.

The quality of the geological model is paramount, and NovaGold is using the most precise drilling technology. The 2025 drill program exclusively used core drilling methods. This technique extracts a cylindrical sample (core) of rock, which allows geologists and engineers to visually inspect the rock structure and precisely map the gold mineralization and rock mechanics.

For the technical studies feeding the BFS, this is non-negotiable. The program utilized HQ core, achieving approximately 98% core recovery. This high recovery rate is a key technical metric, as it means the data used for the resource model and the subsequent mine design is highly reliable. Low core recovery would introduce unacceptable uncertainty into the geological model, directly impacting the final reserve estimate and mine plan.

Next Step: Engineering team needs to finalize the scope of work for the BFS and lock in the contract with the selected engineering firm before December 31, 2025.

NovaGold Resources Inc. (NG) - PESTLE Analysis: Legal factors

Federal permits were not revoked, but a U.S. District Court ordered a Supplemental Environmental Impact Statement (SEIS) in June 2025.

You need to know that the core federal permits for the Donlin Gold project remain valid, but a U.S. District Court ruling introduced a new procedural step in 2025. In June 2025, the U.S. Alaska District Court directed the U.S. Army Corps of Engineers (USACE) and the Bureau of Land Management (BLM) to prepare a Supplemental Environmental Impact Statement (SEIS). This order did not revoke the existing federal permits, which is a key distinction, but it mandates an additional analysis of a larger, theoretical tailings dam release scenario.

To be fair, this SEIS requirement introduces a timeline risk, but the project is moving to mitigate this. On October 27, 2025, Donlin Gold was accepted into the Federal Permitting Improvement Steering Council's FAST-41 program, a federal initiative designed to enhance transparency and predictability in the permitting process. This designation should help streamline the supplemental review process. Here's the quick math on Donlin Gold's 2025 expenditures, which reflect this ongoing legal and permitting work.

2025 Fiscal Year Expenditures (NovaGold Share)	Amount (USD)	Notes
Donlin Gold Project Funding (9 months ended Aug 31, 2025)	$18.5 million	Funding for 60% interest, including drill program and permitting defense.
Total Donlin Gold Budget (100% basis, 2025)	$43 million	Budgeted expenditures for the full year.
Transaction/Direct Legal Costs (Q2 & Q3 2025)	Approx. $9 million	Capitalized costs related to increasing NovaGold's interest to 60%.

Alaska Supreme Court affirmed key water rights and pipeline Right-of-Way (ROW) permits in November 2025.

A major legal hurdle was cleared in November 2025, providing significant certainty for the project's infrastructure. On November 14, 2025, the Alaska Supreme Court issued a favorable ruling that affirmed the project's water rights permits for the mine site. Also, the court upheld the Department of Natural Resources' (DNR) approval of the State Right-of-Way (ROW) lease for the proposed natural gas pipeline. This pipeline is a critical piece of infrastructure, planned to run for 316 miles.

The ruling confirms the State of Alaska's thorough review process was constitutionally sound, and it reinforces the legal foundation for the project's development. This is defintely a win that reduces the legal risk profile for the project's estimated 33.8 million ounces of gold deposit.

Project is on private land selected under the Alaska Native Claims Settlement Act (ANCSA).

The Donlin Gold project benefits from its location on private land, which streamlines some aspects of the permitting process compared to federal public lands. The mine site is on land owned by Alaska Native Corporations (ANCs) established under the Alaska Native Claims Settlement Act (ANCSA) of 1971.

This ANCSA status creates a unique legal and economic structure:

• The surface estate is owned by The Kuskokwim Corporation.
• The subsurface mineral rights are owned by Calista Corporation.
• ANCSA mandates that 70% of natural resource revenues received by Calista Corporation from the project must be shared among the other regional Native corporations.

This structure aligns the economic interests of a broad spectrum of Alaska Native stakeholders, but still involves ongoing community engagement and the defense of permits against challenges from some Tribal governments.

Ongoing legal defense of the state's Clean Water Act Section 401 Water Quality Certification.

Despite the recent state-level victories, the project still faces a significant legal challenge concerning water quality. NovaGold continues to support the State of Alaska in defending the Alaska Department of Environmental Conservation's (ADEC) Clean Water Act Section 401 Water Quality Certification (401 Certification).

The Alaska Superior Court upheld the ADEC's issuance of the 401 Certification on May 6, 2025. However, opponents, represented by Earthjustice on behalf of the Orutsararmiut Native Council, filed a notice of intent to appeal this decision to the Alaska Supreme Court on May 28, 2025. This means the final legal determination on the project's compliance with state water quality standards is still pending before the highest court in Alaska. This one remaining challenge in state court is a key risk to monitor.

NovaGold Resources Inc. (NG) - PESTLE Analysis: Environmental factors

Federal court mandated analysis of a larger theoretical tailings dam release scenario.

The most pressing environmental risk for NovaGold Resources Inc.'s Donlin Gold project in 2025 is the ongoing federal court action concerning the tailings storage facility (TSF). In 2025, the U.S. Alaska District Court directed the U.S. Army Corps of Engineers (USACE) and the Bureau of Land Management (BLM) to conduct a Supplemental Environmental Impact Statement (SEIS).

This SEIS must analyze a larger theoretical tailings dam release scenario than was initially studied. To be fair, the court did not vacate the federal permits, which is a significant win for the company, but it did remand the case back to the agencies for this supplemental analysis. This transparent, science-based review is designed to give the public and decision-makers a complete picture of the potential risk.

Here's the quick math on the risk: The court previously noted the catastrophic tailings spill risk was estimated at a 1 in 1,000 chance in any given year, or 2% over a 20-year period. The original 2018 Environmental Impact Statement only assessed a small spill scenario, equal to about 0.5% of the total tailings mass. The new SEIS will defintely change the risk profile on paper, which is what matters to investors. The court retained jurisdiction over the case and is requiring the agencies to file periodic status updates.

Mine-life waste rock is estimated at 2.5 billion tons, with potential for acid drainage.

The sheer scale of the Donlin Gold project's waste generation presents a long-term environmental liability that must be managed for centuries. Over the project's anticipated 27-year mine life, the operation is expected to generate an enormous volume of waste.

The total mine-life waste rock is estimated at 2.5 billion tons. This volume, which will cover an area of approximately 2,500 acres, is a crucial factor because a portion of this material is classified as potentially acid generating. Acid rock drainage (ARD) occurs when sulfide minerals in the rock react with air and water, creating sulfuric acid that can leach heavy metals into the surrounding environment. So, managing this massive waste rock facility to prevent ARD is a perpetual engineering and financial challenge.

The project is expected to process 556 million tons of ore to produce approximately 30 million ounces of gold over the mine life. That's a huge ratio of waste to product.

Post-closure, the open pit will form a permanent lake requiring perpetual water treatment.

A key environmental commitment and cost driver is the post-closure plan for the open pit. The mine will consist of two pits, ACMA and Lewis, which will eventually merge into a single open pit, measuring about 2.2 miles by 1 mile and up to 1,800 feet deep. Upon closure, this massive excavation will fill with water, forming a permanent pit lake.

The environmental assessment indicates this pit lake will not meet water quality standards, necessitating perpetual water treatment. This means the company must budget for and execute water treatment operations indefinitely, a cost that extends far beyond the 27-year mine life. The proposed infrastructure includes a water treatment plant designed to handle an average of 2,800 gallons per minute. This perpetual obligation is a material financial risk that must be factored into the project's valuation.

Environmental Component	Project Estimate/Requirement	Significance
Mine Life	27 years	Basis for long-term environmental liability planning.
Waste Rock Volume	2.5 billion tons	Scale of acid rock drainage (ARD) management challenge.
Post-Closure Water Treatment	Required in perpetuity	Perpetual financial obligation for water quality compliance.
Tailings Dam Spill Risk (20-Year)	2% chance of catastrophic failure	Key point of the court-mandated Supplemental EIS.

Company uses an Environmental Management System (EMS) and reported full permit compliance in 2024.

NovaGold Resources Inc. maintains a formal Environmental Management System (EMS) for the Donlin Gold project, which has been in use since 2022. This system is critical for tracking and managing permit requirements and other environmental obligations using specialized software.

The company reported a strong record of environmental compliance in 2024, which is a positive operational signal. Donlin Gold maintained full compliance with all environmental permits and operated with zero environmental incidents in 2024. They also met their ambitious spill prevention targets.

• Achieved zero spills to water in 2024.
• Achieved zero spills of ten gallons or more to land in 2024.
• Restored approximately one acre of previously disturbed land in 2024.

A third-party audit of the EMS is planned for 2025, which will provide an external validation of their environmental standards. While compliance is strong during the development phase, the real test will come when the project moves into full-scale construction and operations, which will significantly increase waste production and water usage in 2025 and beyond.