Page 20 - NOVAGOLD_2018_AnnualReport

Advancing Donlin Gold up the value chain. 2018 saw the receipt of the joint federal Record of Decision and key permits. federal permitting & optimization completed federal permitting integrated drill program results into resource model technical studies update Donlin Gold feasibility study to reflect optimized development plan solidify execution plan construction decision determine path forward based on updated feasibility study and prevailing market conditions financing options equity/debt leasing equipment third-party owner/operators 18