Novagold Resources Inc. (NYSE American, TSX: NG) has announced the appointment of Peter Adamek as the new Vice President and Chief Financial Officer (CFO), effective July 15, 2024. Adamek brings over 20 years of expertise in corporate finance, capital markets, financial reporting, tax, and information technology in the mining sector, having previously held progressively senior management roles at Hudbay Minerals Inc. and worked in equity research at RBC Capital Markets Global Mining Division.
The company's long-serving CFO, David Ottewell, will retire after 12 years of service, during which he played a crucial role in developing Novagold's finance strategy, building the finance team, and maintaining a strong balance sheet. Ottewell's leadership has positioned the company to advance the Donlin Gold project up the value chain, generating significant value for stakeholders.
In terms of financial performance, Novagold is well-financed, with approximately 39 million ounces of gold in the measured and indicated mineral resource categories at the Donlin Gold project in Alaska. This includes proven and probable mineral reserves of 541 million tonnes at an average grade of approximately 2.24 grams per tonne. The Donlin Gold project is considered one of the largest, highest-grade, and most prospective known open-pit gold deposits globally.
The project is expected to produce an average of more than one million ounces per year over a 27-year mine life on a 100% basis. Furthermore, the Donlin Gold project has substantial exploration potential beyond the designed footprint of the open pit, with current activities focused on state permitting, engineering studies, community outreach, and workforce development in preparation for eventual construction and operation.
Novagold's strong balance sheet positions the company well to fund its share of permitting and advancement efforts at the Donlin Gold project. With the appointment of Peter Adamek as the new CFO, the company looks forward to leveraging his experience to support the next stage of development at the Donlin Gold project. The market has reacted to these announcements by moving the company's shares 0.8% to a price of $3.35. For more information, read the company's full 8-K submission here.
