Outstanding New High-Grade Hits Extend Kamperman Strike Length to 350 Metres

Sturdy Treasury of $118 Million in Money and Time period Deposits within the First Quarter of 2024

NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the Firm” (NYSE American, TSX: NG) at the moment launched its 2024 first quarter monetary outcomes and an replace on its Tier One 1 gold improvement challenge, Donlin Gold, which NOVAGOLD owns equally with Barrick Gold Company (“Barrick”).

Particulars of the monetary outcomes for the quarter ended February 29, 2024, are offered within the consolidated monetary statements and quarterly report filed on Type 10-Q on April 3, 2024, that’s out there on the Firm’s web site at www.novagold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov. All quantities are in U.S. {dollars} until in any other case said.

Within the first quarter of 2024, the next milestones had been achieved:

• The continuing actions at Donlin Gold included:
  • Completion of the scope of labor for useful resource modelling by a third-party guide for an up to date useful resource mannequin;
  • Development of metallurgical take a look at work with a pilot plant in Ontario, Canada, to substantiate proposed optimizations to the flowsheet;
  • Continued planning for regional infrastructure help to slender the scope of labor and determine the very best path ahead;
  • Incorporation of current area information in geoscience hydrology to replace the groundwater mannequin and floor water mannequin;
• In partnership with Calista Company (“Calista”) and The Kuskokwim Company (TKC), Donlin Gold reached important milestones in training, well being and security, cultural preservation, and environmental initiatives:
  • Finalization of one other Shared Values Assertion within the Yukon-Kuskokwim (Y-Ok) area close to the challenge, bringing the overall depend to 16;
  • Holding the primary informational assembly for the Subsistence Communications Advisory Committee in Anchorage;
  • Increasing our efforts to determine particular challenge alternatives aimed toward monitoring, evaluating, and enhancing the well being of salmon populations within the Y-Ok area;
  • Sponsorship of, and lively participation in, key winter occasions: Donlin Gold’s Pete Kaiser received the 2024 K300 sled canine race in January and Kristina Woolston competed within the Iron Canine in February, the world’s longest and hardest snowmobile race that covers 2,500 miles of Alaskan backcountry;
  • Assist to numerous search and rescue groups, together with the Chevak and Kipnuk Conventional Councils.
• As a federally permitted challenge on personal Alaska Native Company land designated by legislation for mining, with key State permits secured, Donlin Gold’s actions middle on sustaining current permits and advancing excellent necessities, together with:
  • Ongoing work to advance the Alaska Dam Security Certification preliminary design packages, that are anticipated to be submitted to the Alaska Division of Pure Sources (ADNR) later this 12 months after overview by the Unbiased Technical Assessment Board;
  • Persevering with to help Federal and State companies to uphold the excellent Donlin Gold permits underneath enchantment.

President’s Message

Devoted Efforts to Fund and Advance Donlin Gold’s Venture Growth Work

Throughout the first quarter of 2024, with the help from the house owners and the Donlin Gold LLC Board, quite a few vital actions had been carried out. These included, amongst others, finishing the scope of labor for useful resource modelling by a third-party guide to replace the useful resource mannequin; advancing the metallurgical take a look at work with a pilot plant in Ontario, Canada, to substantiate proposed optimizations to the flowsheet, that are anticipated to conclude later within the 12 months; persevering with to plan the regional infrastructure help to streamline the scope of labor and determine the optimum path ahead; and integrating current area information in geoscience hydrology to replace the groundwater and floor water fashions, alongside steady information assortment to replace supply traits for closure planning. As well as, an intensive quantity of outreach efforts came about in Alaska, within the Y-Ok area, and in Washington D.C. to help group engagement and allowing efforts that assist reinforce our social license. The diligent and extremely efficient work by the Donlin Gold staff, our companions and broader stakeholders are drastically appreciated.

NOVAGOLD stays dedicated to using a concerted and inclusive strategy to advancing the Donlin Gold challenge, in step with our pledges to — and for the good thing about — all shareholders and stakeholders, and particularly to fulfilling the technique that has been pledged again and again by NOVAGOLD: particularly, to start a full bankable Feasibility Examine to optimally place the challenge, organising a possible constructive development choice when the time is correct.

Nurturing Partnerships to Reinforce Donlin Gold’s Social License — Partaking Native Communities, Governments, and Native Companies

Our dedication to the Firm’s partnerships with Calista and TKC all through Donlin Gold’s challenge improvement and allowing processes has been strengthened by many years of steadfast and dependable engagement with the 62 stakeholder communities. The Donlin Gold challenge is positioned on personal land that’s designated by legislation for mining actions, underneath the Alaska Native Claims Settlement Act (ANCSA) of 1971. The Native Companies have thus been instrumental in facilitating complete native stakeholder outreach throughout the Y-Ok area, in addition to authorities engagement efforts within the broader reaches of Alaska and Washington, D.C.

Within the first quarter of 2024, Donlin Gold finalized one other Shared Values Assertion, bringing the overall depend to 16. This outstanding accomplishment underscores our dedication to steady engagement with native communities, strengthening current long-term relationships, and addressing particular group wants. Moreover, in partnership with Calista and TKC, Donlin Gold held the primary informational assembly for the Subsistence Communications Advisory Committee (“SCAC”) in Anchorage this previous quarter. All attendees, who maintain various views on the Donlin Gold challenge, accomplished an utility to hitch the SCAC. Central to the partnership between Donlin Gold, Calista and TKC, the SCAC was established to take care of a well-defined course of for communications, dialogue, problem-solving, and looking for the views of the broader group concerning subsistence issues.

Persistent Assist for Y-Ok Area’s Environmental and Social Initiatives

NOVAGOLD prioritizes group and social duty, making certain shared values are upheld at each the Donlin Gold challenge website and throughout the communities of the Y-Ok area. By way of initiatives centered on training, group wellness, cultural preservation, and environmental stewardship, Donlin Gold helps fisheries research, environmental actions, subsistence and cultural preservation initiatives, and numerous grants. In collaboration with Calista and TKC, a broad vary of actions and initiatives had been undertaken within the final quarter.

Since mid-2023, NOVAGOLD, Donlin Gold and its Alaska Native Company companions have intently monitored and assessed the situations and administration of salmon fisheries within the Kuskokwim and Yukon River watersheds. Within the first quarter of 2024, efforts with native tribes had been centered on figuring out particular potential challenge alternatives to watch, consider, and improve the well being of salmon populations. The initiatives to be supported might be finalized in early 2024, with plans for implementation starting within the spring/summer season of that 12 months. All such initiatives might be pursued in collaboration and partnership with the folks of the Y-Ok area.

Each NOVAGOLD and Donlin Gold are dedicated to advancing instructional alternatives in Alaska and actively promote studying by way of collaborative efforts, together with by sponsoring the Decrease Kuskokwim Faculty District’s annual school and profession honest. Donlin Gold additionally maintains its dedication to local people sports activities initiatives and youth teams, as exemplified by its help of occasions such because the Donlin Gold Basketball Event held at Bethel Regional Excessive Faculty in Bethel, Alaska. Donlin Gold additionally offered an annual contribution to the Rural Alaska Honors Institute, a program operating by way of the College of Alaska Fairbanks which prepares Alaska Native high-school college students for school life.

Donlin Gold proudly continues to fund and help The Kuskokwim 300, a premier mid-distance canine sled race protecting a difficult 300-mile path from Bethel to Aniak and again. Moreover, Donlin Gold sponsors Y-Ok mushers Isaac Underwood, Mike Williams Jr., and 2019 Iditarod champion and Donlin Gold worker Pete Kaiser, winner of his eighth title within the Kuskokwim 300 — who hails from Bethel and is the primary Yupik musher ever and the fifth Alaska Native to win an Iditarod championship. Mr. Kaiser actively engages with youth locally, specializing in suicide prevention in alignment with Donlin Gold’s dedication to strengthening very important group well-being initiatives. Moreover, final February, Donlin Gold was a sponsor of the Iron Canine, the world’s longest and hardest snowmobile race that covers 2,500 miles of Alaskan backcountry, by which Kristina Woolston, Donlin Gold’s Exterior Affairs Supervisor, participated. Different cultural preservation initiatives embody supporting the Native Village of Kalskag’s annual Cauneq Camp in addition to partnering with Carry the Remedy to convey suicide prevention packages to Toksook Bay, Nightmute, Tununak, and Kasigluk.

Donlin Gold prolonged help to a number of search and rescue groups within the area, together with the Chevak and Kipnuk Conventional Councils and Bethel Search and Rescue. Monetary help was additionally offered to Camp Hearth Alaska, a corporation devoted to providing summer season camps and packages to rural communities throughout Alaska with numerous actions, together with music, sports activities, science, area journeys, and ample outside recreation alternatives. In February 2024, Donlin Gold continued its sponsorship of native radio stations in Alaska, which play an important function in delivering climate updates and security messages to rural communities the place web connectivity is restricted. Moreover, Donlin Gold pursued its help of and lively involvement within the Alaska Secure Riders initiative, which focuses on selling security for snowmachines, all-terrain autos, and leisure off-road autos.

Significant collaboration was additionally fostered with the Native Village of Napaimute, with Donlin Gold extending monetary help to bolster cultural wellness packages and to take care of the Kuskokwim River Ice Street – a important winter infrastructure that gives for the protected transport of residents to sport and cultural occasions, in addition to an important conduit of financial exercise for the Kuskokwim River communities.

Sustaining Permits in Good Standing

Regardless of a number of challenges, all appeals in opposition to Donlin Gold permits have been unsuccessful up to now. We acknowledge the significance of preparedness and group in these issues. Allowing in the US and Alaska constitutes a major and rigorous endeavor, the place success depends on years of devoted efforts to make sure a diligent, thorough, clear, and inclusive course of participating all stakeholders, together with these from the Y-Ok area. Donlin Gold, together with its house owners and companions Calista and TKC, possesses an intimate understanding of the challenge’s allowing and regulatory procedures. We stay dedicated to supporting Federal and State companies in defending the rigorous allowing course of and centered on securing the remaining state-level permits and certificates required for the challenge.

We acknowledge that there’s a value to be paid for jurisdictional security. There are an rising variety of locations on the planet the place allowing is turning into much less burdened by the rule of legislation. The flipside of that relative ease is that these locales are additionally a lot much less dependable politically or socially than Alaska, the second largest gold producing state in one of many world’s most secure nations at no cost enterprise. We treasure the conviction that, if the mine is constructed, our buyers would be capable to benefit from the luxurious of figuring out that Alaska is a spot the place they will sleep effectively at evening — assured that once they awaken within the morning, they’d nonetheless personal what they owned the evening earlier than. In an ever extra advanced and fraught world, this sober reasoning makes it effectively definitely worth the effort.

Throughout the first quarter of 2024, Donlin Gold continued to advance the Dam Security Certification preliminary design packages, that are anticipated to be submitted to the ADNR in 2024 after overview by the Unbiased Technical Assessment Board.

Earthjustice filed their opening transient with the Alaska Supreme Courtroom on January 4, 2024, interesting the Alaska Superior Courtroom’s choice on Donlin Gold’s water rights permits, following an unsuccessful enchantment to the ADNR Commissioner. The State of Alaska, Calista, and Donlin Gold are scheduled to submit their reply briefs with the Supreme Courtroom in April 2024.

Earthjustice filed their opening transient with the Alaska Superior Courtroom on January 5, 2024, interesting the Alaska Division of Environmental Conservation Commissioner’s choice upholding the 401 Water High quality Certification. The State of Alaska and Donlin Gold will file their reply briefs to the Alaska Superior Courtroom within the second quarter 2024.

Briefing on Earthjustice’s enchantment of the Alaska Superior Courtroom affirmation of ADNR’s issuance of the State Proper-of-Method lease to the Alaska Supreme Courtroom was accomplished in February 2024. Earthjustice has requested oral argument, which has not been scheduled.

Within the Federal litigation difficult the Donlin Gold Joint File of Determination, together with the 404 allow, Earthjustice filed their opening transient on February 16, 2024. The State of Alaska, Calista, and Donlin Gold are scheduled to file their reply briefing in April 2024.

Dedicated to Advancing the Donlin Gold Venture for All Shareholders and Stakeholders

NOVAGOLD’s unwavering dedication to advancing Donlin Gold is mirrored in our stance concerning subsequent steps for the challenge, in addition to within the elevated investments and expanded partnerships with communities within the Y-Ok area that ship important worth for all stakeholders, together with Alaska residents and Firm shareholders.

Donlin Gold is certainly the rarest of the uncommon: an distinctive gold improvement challenge, boasting roughly 39 million ounces of gold with a grade of two.24 grams per tonne in Measured and Indicated Mineral Sources (100% foundation), inclusive of Confirmed and Possible Mineral Reserves. With a grade that’s twice the gold trade common, Donlin Gold thus has the potential to be a low-cost, open-pit, million-ounce producer for many years. Superimposed onto that is the blue sky of the wonderful exploration alternatives that reach effectively past the present useful resource space — 3km of an 8km belt that in itself represents however 5 % of our whole land package deal .

With the a number of tailwinds of the macro backdrop, in addition to the challenge’s sheer measurement, high quality, low-cost construction, and that merely excellent exploration upside, we intention to solidify Donlin’s standing as what we imagine to be the very best gold improvement story on the planet at the moment. As a attribute “Tier 1 Asset” in a world-leading, Tier 1 jurisdiction ² , we imagine that Donlin really epitomizes an amazing asset that provides one nice leverage in an amazing place that can enable one to maintain the fruits of that leverage.

Of sign significance, NOVAGOLD has been blessed with long-term and supportive shareholders whose presence and counsel have been invaluable. We’re grateful for the choice of our shareholders to put money into our Firm and for his or her continued solidarity and engagement. We reaffirm to every one in all them that, as stewards of the Firm, we proceed to be centered on delivering on our technique and enhancing the worth of the Donlin Gold challenge, rising each shareholder and stakeholder wealth in a protected and socially accountable method.

Final however actually not least, I want to specific heartfelt gratitude to our colleagues and companions at Donlin Gold, Calista, TKC, and NOVAGOLD for his or her enduring collaboration. I additionally lengthen deep appreciation to our esteemed Board of Administrators for his or her steadfast willpower and steerage.

Sincerely,

Gregory A. Lang
President & CEO

Monetary Outcomes

^{in 1000’s of U.S. {dollars}, aside from per share quantities}

(1)   Consists of share-based compensation expense of $2,409 and $2,161 within the first quarter of 2024 and 2023, respectively.

Throughout the first quarter of 2024, internet loss decreased by $0.3 million from in 2023, primarily as a result of decrease prices at Donlin Gold and elevated curiosity earnings, partially offset by a rise in curiosity expense on the promissory notice and better normal and administrative prices. Within the prior first quarter of 2023, Donlin Gold prices included geotechnical drilling for the Alaska Dam Security Certificates. Basic and administrative prices elevated primarily as a result of company employees additions, together with the hiring of a brand new Basic Counsel.

Liquidity and Capital Sources

Within the first quarter of 2024, money and money equivalents decreased by $8.2 million, primarily to fund our share of Donlin Gold and for company administrative bills. The lower in money used within the first quarter of 2024 in comparison with 2023 was as a result of decrease funding necessities for Donlin Gold, partially offset by the timing of time period deposit curiosity earnings receipt and better normal and administrative prices.

2024 Outlook

Our anticipated expenditures in fiscal 12 months 2024 are roughly $31.2 million, together with $14.3 million to fund the Donlin Gold challenge, and $16.9 million for company normal and administrative prices.

NOVAGOLD’s main targets in 2024 embody persevering with to advance the Donlin Gold challenge towards a development choice; sustaining help for Donlin Gold among the many challenge’s stakeholders; selling a powerful security, sustainability, and environmental tradition; sustaining a positive status of NOVAGOLD; and preserving a wholesome stability sheet. Our operations primarily relate to the supply of challenge milestones, together with the achievement of assorted technical, environmental, sustainable improvement, financial and authorized targets, acquiring crucial permits and sustaining these obtained in good standing, completion of pre-feasibility and feasibility research, preparation of engineering designs and the financing to fund these targets.

Convention Name & Webcast Particulars

NOVAGOLD’s convention name and webcast to debate these outcomes will happen on April 4, 2024, at 8:00 am PT (11:00 am ET). The webcast and convention call-in particulars are offered under.

NOVAGOLD’s quarterly reporting schedule for the rest of 2024 might be as follows:

• Annual Assembly of Shareholders – Thursday, Could 16, 2024; the assembly might be held at 4 p.m. ET / 1 p.m. PT.
• Q2 2024 – Wednesday, June 26, 2024; monetary statements and a Donlin Gold challenge replace might be launched after market shut. A convention name and webcast might be held on Thursday, June 27, 2024 at 11 a.m. ET / 8 a.m. PT to debate Q2 monetary outcomes.
• Q3 2024 – Wednesday, October 2, 2024; monetary statements and a Donlin Gold challenge replace might be launched after market shut. A convention name and webcast might be held on Thursday, October 3, 2024 at 11 a.m. ET / 8 a.m. ET to debate Q3 monetary outcomes.

About NOVAGOLD

NOVAGOLD is a well-financed treasured metals firm centered on the event of its 50%-owned Donlin Gold challenge in Alaska, one of many most secure mining jurisdictions on the planet. With roughly 39 million ounces of gold within the Measured and Indicated Mineral Useful resource classes, inclusive of Confirmed and Possible Mineral Reserves (541 million tonnes at a mean grade of roughly 2.24 grams per tonne, within the Measured and Indicated Useful resource classes on a 100% foundation) ³ , the Donlin Gold challenge is regarded to be one of many largest, highest-grade, and most potential recognized open-pit gold deposits on the planet. Based on the 2021 Technical Report and the S-Ok 1300 Report (each as outlined under), as soon as in manufacturing, the Donlin Gold challenge is predicted to supply a mean of multiple million ounces per 12 months over a 27-year mine life on a 100% foundation. The Donlin Gold challenge has substantial exploration potential past the designed footprint of the open pit which presently covers three kilometers of an roughly eight-kilometer-long gold-bearing pattern. Present actions on the Donlin Gold challenge are centered on state allowing, engineering research, group outreach, and workforce improvement in preparation for the eventual development and operation of this challenge. With a powerful stability sheet, NOVAGOLD is well-positioned to fund its share of allowing and development efforts on the Donlin Gold challenge.

NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Company Communications
604-669-6227 or 1-866-669-6227

Cautionary Be aware Concerning Ahead-Wanting Statements

This media launch contains sure “forward-looking info” and “forward-looking statements” (collectively “forward-looking statements”) throughout the that means of relevant securities laws, together with the US Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements are steadily, however not at all times, recognized by phrases resembling “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “potential”, and related expressions, or statements that occasions, situations, or outcomes “will”, “could”, “may”, “would” or “ought to” happen or be achieved. Ahead-looking statements are essentially based mostly on a number of opinions, estimates and assumptions that administration of NOVAGOLD thought of acceptable and cheap as of the date such statements are made, are topic to recognized and unknown dangers, uncertainties, assumptions, and different components that will trigger the precise outcomes, exercise, efficiency, or achievements to be materially completely different from these expressed or implied by such forward-looking statements. All statements, aside from statements of historic truth, included herein are forward-looking statements. These forward-looking statements embody statements concerning the anticipated timing of sure judicial and/or administrative choices; the 2024 outlook; the timing and potential for a brand new feasibility research on the Donlin Gold challenge; our targets and expenditures for 2024; ongoing help offered to key stakeholders together with Native Company companions; Donlin Gold’s continued help for the state and federal allowing course of; the potential improvement and development of the Donlin Gold challenge; the sufficiency of funds to proceed to advance improvement of Donlin Gold, together with to a development choice; perceived advantage of properties; mineral reserve and mineral useful resource estimates; Donlin Gold’s capability to safe the permits wanted to assemble and function the Donlin Gold challenge in a well timed method, if in any respect; authorized challenges to Donlin Gold’s current permits and the timing of selections in these challenges; whether or not the Donlin Gold LLC board will proceed to advance the Donlin Gold challenge up the worth chain; the Firm’s capability to ship on its technique with the Donlin Gold challenge, rising shareholder and stakeholder wealth; the success of the strategic mine plan for the Donlin Gold challenge; the success of the Donlin Gold group relations plan; the end result of exploration drilling on the Donlin Gold challenge and the timing thereof. As well as, any statements that consult with expectations, intentions, projections or different characterizations of future occasions or circumstances are forward-looking statements. Ahead-looking statements aren’t historic info however as an alternative signify the expectations of NOVAGOLD administration’s estimates and projections concerning future occasions or circumstances on the date the statements are made. Vital components that might trigger precise outcomes to vary materially from expectations embody the necessity to get hold of extra permits and governmental approvals; the timing and chance of acquiring and sustaining permits essential to assemble and function; the necessity for extra financing to discover and develop properties and availability of financing within the debt and capital markets; COVID-19; uncertainties concerned within the interpretation of drill outcomes and geological checks and the estimation of reserves and assets; modifications in mineral manufacturing efficiency, exploitation and exploration successes; modifications in nationwide and native authorities laws, taxation, controls or rules and/or modifications within the administration of legal guidelines, insurance policies and practices, expropriation or nationalization of property and political or financial developments in the US or Canada; the necessity for continued cooperation between Barrick and NOVAGOLD for the continued exploration, the necessity for extra capital if NOVAGOLD decided to proceed with an up to date feasibility research by itself; improvement and eventual development of the Donlin Gold property; the necessity for cooperation of presidency companies and Native teams within the improvement and operation of properties; dangers of development and mining initiatives resembling accidents, gear breakdowns, unhealthy climate, illness pandemics, non-compliance with environmental and allow necessities, unanticipated variation in geological buildings, ore grades or restoration charges; sudden price will increase, which may embody important will increase in estimated capital and working prices; fluctuations in metallic costs and forex change charges; whether or not or when a constructive development choice might be made concerning the Donlin Gold challenge; and different dangers and uncertainties disclosed in NOVAGOLD’s most up-to-date studies on Varieties 10-Ok and 10-Q, notably the “Threat Components” sections of these studies and different paperwork filed by NOVAGOLD with relevant securities regulatory authorities now and again. Copies of those filings could also be obtained by visiting NOVAGOLD’s web site at www.novagold.com, or the SEC’s web site at www.sec.gov, or at www.sedarplus.ca. The forward-looking statements contained herein replicate the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to replace the forward-looking statements of beliefs, opinions, projections, or different components, ought to they modify, besides as required by legislation.

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¹ NOVAGOLD defines a Tier One gold improvement challenge as one with a projected manufacturing lifetime of at the very least 10 years, annual projected manufacturing of at the very least 500,000 ounces of gold, and common projected money prices over the manufacturing life which can be within the decrease half of the trade price curve.

² NOVAGOLD defines Tier One jurisdictions as these ranked within the prime threshold by the Funding Attractiveness Index within the Fraser Institute Annual Survey of Mining Corporations, 2022.

³ Donlin Gold information as per the report entitled “NI 43-101 Technical Report on the Donlin Gold Venture, Alaska, USA” with an efficient date of June 1, 2021 (the “2021 Technical Report”) and the report titled “S-Ok 1300 Technical Report Abstract on the Donlin Gold Venture, Alaska, USA” (the “S-Ok 1300 Report”), dated November 30, 2021. Donlin Gold possesses Measured Sources of roughly 8 Mt grading 2.52 g/t and Indicated Sources of roughly 534 Mt grading 2.24 g/t, every on a 100% foundation and inclusive of Mineral Reserves, of which roughly 4 Mt of Measured Sources and roughly 267 Mt of Indicated Sources inclusive of Reserves is attributable to NOVAGOLD by way of its 50% possession curiosity in Donlin Gold LLC. Unique of Mineral Reserves, Donlin Gold possesses Measured Sources of roughly 1 Mt grading 2.23 g/t and Indicated Sources of roughly 69 Mt grading 2.44 g/t, of which roughly 0.5 Mt of Measured Sources and roughly 35 Mt of Indicated Sources unique of Mineral Reserves is attributable to NOVAGOLD. Donlin Gold possesses Confirmed Reserves of roughly 8 Mt grading 2.32 g/t and Possible Reserves of roughly 497 Mt grading 2.08 g/t, every on a 100% foundation, of which roughly 4 Mt of Confirmed Reserves and roughly 249 Mt of Possible Reserves is attributable to NOVAGOLD. Mineral Reserves and Sources have been estimated in accordance with NI 43-101 and S-Ok 1300