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of attempted de-monetization, gold is re-asserting itself as the only  nancial asset that doesn’t represent someone else’s liability.
How will such a renewed interest in gold impact NOVAGOLD directly?
Dr. Kaplan: When the sentiment changes, the equities that will enjoy the highest multiples will be those with high-quality assets in safe jurisdictions, and where the mantra for their purchase will be, “It gives exceptional leverage – in a safe place where you can keep the fruits of that leverage.” Viewed through that lens alone, Donlin Gold is not just institutional-quality; it is the single most obvious go-to gold project in the world. I would also now add, “at a price Ben Graham would appreciate!”
How do you feel the company has performed this past year?
Mr. Lang: 2014 was an excellent year for NOVAGOLD, which achieved virtually all of its goals. Of greatest importance, Donlin Gold has advanced on all fronts. As planned, we passed the halfway mark in the permitting process while we continued to further enhance overall community outreach e orts and partnership and sponsorship initiatives. Here are some examples:
> Signi cantly advanced permitting of Donlin Gold:
• Development of alternatives for the Environmental Impact Statement (EIS) were completed by
the Corps, the project’s lead permitting agency
• The Corps also  nalized the initial chapters of the Donlin Gold draft EIS
• Donlin Gold made the submissions of information that were requested by the Corps for the
draft EIS
> Extended Donlin Gold Surface Use Agreement with TKC which now coincides with Calista’s exploration
and mining lease and covers the entire projected mine life
> Formed an important alliance with the National Fish and Wildlife Foundation (NFWF) and its Alaska
Fish and Wildlife Fund to protect, conserve, and restore Alaska’s  sh and wildlife
> Built upon extensive local outreach e orts in Alaska:
• Held informational meetings in numerous villages in the Yukon-Kuskokwim region where the Donlin Gold project is located
• Funded youth educational programs, resources, and camps
• Sponsored, participated, and volunteered in numerous state-wide and local events Additionally, at Galore Creek, we worked with our partner Teck Resources Limited to advance technical
work related to evaluating project value-enhancing opportunities at Galore Creek.
In a very di cult market for gold stocks, our shares outperformed most of our peers, re ecting the
market’s increasing recognition that Donlin Gold is on track in its journey to becoming a major gold producer. We also managed to accomplish these milestones while tightening our belts and safeguarding our
balance sheet by further reducing expenditures, spending 14% less than we budgeted for 2014. We have more than su cient cash on hand to complete permitting at Donlin Gold and, should markets continue to remain soft, meet our other obligations for many years ahead. There are very few companies that can make that claim.
Why is NOVAGOLD regarded as a new breed of gold mining company?
Mr. Lang: NOVAGOLD is a simple, streamlined company that owns exceptional assets, is managed by the right people, is a liated with the right stakeholders, has the right partnerships in place, and is focused on the right objectives. We’re investing an extensive amount of time in providing strategic and day-to-
day support to our project subsidiaries and taking part in fostering partnerships and relationships with stakeholders at the local, state, provincial, and federal levels. We maintain a long-term view that creates mutually-bene cial relationships with communities, investors, and partners. Notably, our goals are to preserve local values, protect natural resources, and safely deliver sustainable growth.
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