Greg Lang: Thank you.
Melanie Hennessey: We have two questions from the webcast. Some of them have been answered. Maybe, Greg, if you could speak to the NG trading below the NAV and if that’s a worry on CapEx or future dilution, that would be great.
Greg Lang: Well, I’ll start with that question and probably lateral it to Tom. I mean we’re all disappointed when the share price underperformed especially for no apparent leasing. But our share price really doesn’t – we’ve got a strong treasury. We’ve got a pretty solid work plan ahead of us this year. And the share price really is not directly connected to the future capital for Donlin project. Tom, anything you want to add to that?
Thomas Kaplan: Sure. I’m not worried about dilution. We have a strong treasury. You have a management team, which has evidenced with our red lines. That we’re only going to spend capital that we believe is being properly spent, by the way, as to the previous question, I wanted to drill the entire district for 15 years. I do not believe that Barrick had that same sense of interest from the time that you have to remember, they launched a hostile takeover in 2006, a couple of years before we became a shareholder. And Barrick’s intention was put 10 drill rigs on the project. And although this is a forward-looking statement of some sort, I’m sure. So please disregard it. I genuinely believe that there’s 100 million ounces there, a long strike to depth and with other targets.
And even my friends at Barrick will acknowledge that I’ve made my 100xs through the drill bit, silver, platinum, those were all exploration, energy, complete grassroots exploration. I surround myself with great geologists. And the geologist who’s made some of my biggest discoveries for our team, he’s 100 million ounces at Donlin. And he’s always been right, when it comes to these things, and he’s a brand name in the geology industry. So, I would love to drill more. I just want to make sure that – and the Board wants to make sure, we are united on this, so you understand. We’re completely united on you drill when it adds value. The ore body is, the ore body as it exists today is what it is. And we think it’s fantastic. We don’t need to squander our social license, perhaps in combination with moving to feasibility and Barrick talking about the asset the way we do.
Sure, we’re open. This isn’t personal. This is strictly business. And as Greg said, using constant contact with Barrick on multiple levels. It’s not hostile, but we have to keep faith with who we are. What credibility do I have when I say I’m going to do everything within my power to preserve the company’s profile, raise its share price, husband its treasury, which gives us years? And by the way, the challenge that we have – is that it’s not about dilution, it’s not about any of that stuff, the challenge that we have is that we’re so undervalued relative to what the real value is in the market that someone could get the wrong idea and think that they can get hold of us. 50% or 100% ownership, whatever it is of Donlin is accretive to every mining company in the world at this point, accretive on every metric, reserves, grade, production profile.
Not to mention that if I’m right, that Hoover Dam through a garden hose metaphor will be in North American assets, firstly, they won’t be in Africa. They won’t be in funky places. I don’t believe so. And I voted with my feet by moving from those places back home where I don’t feel that I’m going to experience that great Woody Allen quote “I’m not afraid of dying. I just don’t want to be there when it happens.” I love what we have. And the key to being a successful investor in my view, is being – having so much conviction that you’re willing to stay in it until the world comes around to it. I think that could very, very well happen in the nearer term than people imagine for a variety of reasons, company-specific as well as in the market.
But that and cappuccino, the price of the cappuccino, that’s it. That’s all you need. But what I would say is that we are more apparel of being an unwanted takeover target, I believe it would be foolish, but we would be more of a target of that than of running out of money. Does that answer your question?
Melanie Hennessey: Thank you, Tom. I appreciate the response to the webcast question. Greg, is the litigation worry from to you. Can you speak to some of the engagement efforts and steps that have been taken with the state and federal agencies?
Greg Lang: Sure. Within the mining industry for many decades in North America. And litigation wasn’t always this way, but probably for the last 15 years or so litigation is a normal part of the permitting process. We were basically a litigious society. And while we – we don’t really like it, but we know it’s coming. We prepared for it. We’ve had great counsel on board, and we anticipated this even before we’ve got a record of decision in 2018 and we’ve prevailed. There’s four major pieces of the litigation as it works its way through the courts, we’ve prevailed on every ruling to date. Do I have any fear about that going forward, no I think we will continue to prevail. And I’m sure a lot of people are curious what it costs to defend your permits.
And frankly, it’s a pretty significant amount of money in our budget to actively defend the permits that we got through a very disciplined process. So I’m not worried about it. It’s a cost of doing business, and we will prevail.
Melanie Hennessey: Great. Thank you. That is all the questions we have today. Greg, if you want to say some final remarks.
Greg Lang: Well, everyone, thank you for joining our call today. We’ve got a pretty active year ahead of us, and we will keep everyone appraised as our work unfolds and any potential additions to the approved budget at Donlin. Thank you for your time.
Operator: This concludes today’s conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.
