The Hunter Newsletter Volume 2024 February | Page 8

NANA

Special board meeting summary

NANA Regional Corporation Inc .

Special Board Meeting January 05 , 2024 Virtually by Video and Teleconference
The Chair called the special board meeting to order at 10:00 am on January 05 , 2024 , and the meeting adjourned at 1:36 pm .
ACTIONS
A Resolution Approving FY 2023 Audited Financial Statements of NANA Regional Corporation , Inc .
• The Budget , Audit , and Finance Committee , NANA Chief Operating Officer and NANA Chief Financial Officer completed a thorough review of NANA ’ s FY23 audited financial statements with RSM US LLP , external auditor . The Committee and the Board reviewed the required communications from the auditor and the audited financial statements , which the board approved .
A Resolution Approving FY 2023 Annual Report of NANA Regional Corporation , Inc .
• The Budget , Audit , and Finance Committee , Chief Financial Officer , Senior Vice President , Chief Legal Officer , and Interim VP Communications and auditor provided a review of NANA ’ s FY23 annual report , which the board approved .
2024-03 A Resolution Designating Proxy Holders for the 2024 Annual Meeting
• The Shareholder Relations Committee recommended to the Board three proxy holders for the 2024 annual meeting : Nellie Sheldon , Lee Staheli , and Allen Ticket , Sr ., and the board approved .
2024-04 A Resolution Approving Ballot Tabulator , Board Candidates , Proxy Statement and Proxy for the 2024 Annual Shareholders Meeting
• The Senior Vice President , Chief Legal Officer presented the ballot tabulator , board candidates , proxy statement , resolution and materials , and proxy , and the board approved .
2024-05 A Resolution Approving Atautchikun , LLC as Lead Applicant in Applying for Grants under the Tribal Broadband Connectivity Program
• The Economic Development & Sustainability Committee recommended to the full board the approval of Atautchikun , LLC as the lead applicant in applying for grants under the
tribal broadband connectivity program , and the board approved .
Motion was made to approve and move forward with the purchase of ice cream machines for schools .
• The Shareholder Relations Committee presented options to purchase ice cream machines for Northwest Arctic School District schools in the NANA region . The estimate is $ 100,000.00 and Vice President of Shareholder Relations will work out the details with each school as they all vary in outlet capacity , and the board approved .
The NANA board of directors met in Fairbanks , Alaska , on February 15-16 , 2024 , and the board summary from that meeting will be in the special Annual Meeting edition of The Hunter .

Exploring for solutions

End of Red Dog Mine life 2031

For the past 35 years , Red Dog Mine has reliably produced much more than just zinc and lead from its operations some 80 miles to the north of Kotzebue . It ’ s also advanced employment and other economic opportunities for shareholders , families and communities across the region and Alaska .

Mine operations are the primary contributor to the Northwest Arctic Borough ’ s ( NAB ) budget , funding essential programs and services like education , public safety and infrastructure development . The mine also provides hundreds of jobs for shareholders and their families . Red Dog has also produced billions of dollars in net royalties to NANA , which helped our corporation grow while still being able to provide meaningful benefits to our people .
“ I think everybody , not only our shareholders , but everybody that works at Red Dog should definitely be thinking about the future of the mine ,” said Patrick Savok , a surface crew operator .
One answer to extending mine life may be waiting below the surface approximately
“ Many shareholders don ' t know what it was like before Red Dog was here , providing job and training opportunities to the people in the region ,” said Nicole Shellabarger , senior advisor for Training and Shareholder Development for Teck . “ It ' s incredibly impactful .”
10 miles from the current mine site . Dubbed the Anarraaq and Aktigiruq Exploration Program , the proposed project is in its early phase – but surveys and drilling samples show promise .
Teck needs to build a road to the exploration site . Currently , helicopters fly crews and materials to and from the site during the short summer exploration season to conduct surfacebased exploration drilling at times that won ’ t disturb subsistence animals . Teck has partnered with the Red Dog Mine Subsistence Committee and has on-site exploration observers from the local communities to identify potential concerns and minimize disturbances .
Having a road would allow Teck to more efficiently conduct yearround underground exploration to determine whether the ore body is economically viable to develop . The mining prospects are located on state lands , and to build the necessary road from the mine site requires permitting from the U . S . Army Corps of Engineers ( USACE ).
NANA supports continued exploration by Teck . However , in December of last year , the USACE announced a delay on a decision regarding the necessary permit , and the permit has not been issued to date . That delay threatens Teck ’ s 2024 exploration season , slowing the important work being done to extend Red Dog ' s mine life .
For now , both NANA and Teck are working with local communities and partners in the region to let USACE know how important exploration is to the economy of Northwest Alaska . Teck needs the permit for the underground phase of exploration to advance , or they will be unable to do all the needed evaluation of the mineral resource in the shortest period of time .
“ I think it ’ s a no brainer ,” said Savok . “ We should see if this would be a successful opportunity for us to all move forward together .”
The current Aqqaluk Deposit is slated to run out of ore in 2031 . Unless new ore deposits are developed nearby , the mine could move into “ care & maintenance ,” resulting in a suspension of operations and shrinking its economic contributions to shareholders , the regional communities and the State of Alaska .
The Hunter | 2024 February
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