NovaGold Resources Inc.

What they do

NOVAGOLD operates in the gold mining industry but does not produce gold or any other minerals, and does not currently generate operating earnings. Its principal asset is the Donlin Gold project in Alaska, held through Donlin Gold LLC, which is now owned 60% by NOVAGOLD and 40% by Donlin Gold Holdings (Paulson), following the prior 50/50 structure with Barrick Mining Corporation before June 3, 2025. The company funds exploration and operations primarily through equity financings, public offerings of common shares and warrants, and past debt financings and asset sales. As of November 30, 2025, NOVAGOLD had 12 full-time employees, four in Canada and eight in the United States.

Revenue drivers

• No revenue-generating operations — NOVAGOLD reported $0.00 revenue in fiscal years 2019, 2020, 2021, 2024, and 2025, as it does not produce gold or any other minerals.
• Donlin Gold project (development-stage asset) — The Donlin Gold project is 60% owned by NOVAGOLD and 40% by Donlin Gold Holdings; it is not in production or under construction and has no revenue. The company describes it as a Tier One gold development project with approximately 40 million ounces of Measured and Indicated Mineral Resources.
• Financing activities — Funding to explore mineral properties and operate the company has come primarily from equity financings, including public offerings of common shares and warrants, previous convertible note debt financing, and asset sales. NOVAGOLD expects to continue raising capital through equity and/or debt financings and option exercises.

Recent performance

For the second quarter ended May 31, 2026, NOVAGOLD reported a net loss of $25.5 million, or $0.06 per share, with no revenue. Second quarter operational cash expenditures were $22.7 million, consisting of $16.3 million for NOVAGOLD's share of Donlin Gold project spending and $6.4 million in corporate general and administrative costs. The company ended the quarter with approximately $370.2 million in cash and term deposits. Fiscal year 2025 net loss was $94.7 million, or $0.25 per diluted share, compared with a $45.6 million net loss in 2024, with operating cash flow of negative $14.0 million in 2025. The increase in expenditures reflects higher Donlin Gold activities by Fluor, WSP, Worley, and Hatch for the BFS update, plus NOVAGOLD's share of Donlin Gold expenditures increasing by 10% to 60% starting in the third quarter of 2025.

Strategy

NOVAGOLD's stated priority is advancing the Donlin Gold project through a Bankable Feasibility Study (BFS) update, with Fluor as lead engineering firm integrating major work packages and coordinating specialist contractors WSP, Worley, and Hatch. Workstreams include the on-site power plant by WSP, the natural gas pipeline by Worley, and the pressure oxidation circuit and oxygen plant by Hatch. The company is also focused on recruiting top-tier talent for critical positions ahead of future development phases and on continued engagement with local communities, stakeholders, and government representatives. Management describes Donlin Gold as one of the world's premier undeveloped gold assets, citing expected average annual gold production exceeding one million ounces and less than 5% of the broader land package systematically explored.

Risks

• No production or revenue history — NOVAGOLD has no history of commercially producing precious metals and no ongoing mining operations or revenue from mining operations, with the Donlin Gold project neither in production nor under construction.
• Need for permits and approvals — Development of Donlin Gold requires obtaining and maintaining necessary environmental and other governmental approvals and permits, and the timing and conditions of those approvals are uncertain.
• Financing and dilution risk — NOVAGOLD expects to continue raising capital through additional equity and/or debt financings and option exercises, which could dilute existing shareholders and may not be available on acceptable terms.
• Speculative investment and exploration risk — The company states that an investment in its securities is speculative and involves a high degree of risk due to the nature of its business and the present stage of exploration and development of its mineral properties; few explored properties are ultimately developed into producing mines.

Outlook

Management states that Donlin Gold's momentum accelerated in the second quarter of 2026, with integration of major work packages and technical workstreams progressing as expected under Fluor's leadership. The company says the disciplined engineering approach is bringing critical components closer to completion and is foundational to delivering a high-quality BFS. NOVAGOLD also cites significant exploration upside, with less than 5% of the broader land package systematically explored. No dates or completion timelines for the BFS or permitting milestones are provided in the excerpts.