Novagold Resources Inc. (NG)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Market value

$2.7B

Cash

$146.4M

Debt

$177.5M

Debt to equity

0.46

Shares outstanding

438.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 8 October 2026.

• Quarterly earnings of ($36.0) million. As a development-stage company with no production, the company reported earnings of ($36.0) million and EPS of ($0.08) for the third quarter of 2026.
• Cash spending split by project and corporate. Net operational cash spending of $28.1 million reflected $24.8 million to fund NOVAGOLD's share of Donlin Gold and $3.3 million of corporate G&A.
• Higher project and deal-related costs. Results reflected more Donlin Gold spending on BFS activities and higher G&A from professional fees for the pending transactions, partly offset by higher interest income.
• Operating cash use rose year on year. Cash used in operating activities was $2.4 million higher than in the prior-year quarter.
• NOVAGOLD to take Paulson's 40% stake. Definitive agreements would lift NOVAGOLD's Donlin Gold interest from 60% to 100% through an all-share purchase of Paulson's 40%, with completion expected by year-end.
• New U.S. parent to own all of Donlin. A new U.S.-domiciled parent, New NOVAGOLD, would become ultimate parent of NOVAGOLD and would own 100% of Donlin Gold after completion.
• Market value and scale cited. Management describes Donlin as projected to be the largest single gold mine in the US, with an expected market capitalization of about $4.9 billion.
• Reserve and resource accretion cited. Management cites immediate accretion to net asset value and to reserves and resources per share, from about 16 million ounces of Measured and Indicated resources added.
• BFS remains on schedule for 2027. Fluor leads integration of major work packages with WSP, Worley and Hatch, and the BFS remains on schedule for completion in 2027.
• Geotechnical fieldwork ends this fall. This season's geotechnical work concludes this fall with drill holes and test pits at the port, access corridor, borrow sites and plant site.
• Resource base and grade cited. The company cites about 40 million ounces of Measured and Indicated resources at 2.22 grams per tonne, which it describes as more than twice the global industry average grade.
• Explored share of land package. The explored share of the broader land package is now stated as less than 7.5%, while the June release gave less than 5%.
• Transaction fees rise through year-end. Legal and professional fees for the Transactions were $7.7 million through the third quarter, with $3.8 million more expected in the fourth quarter.
• More transaction costs in early 2027. The company expects additional professional fees and transaction-related costs in early 2027, tied to closing of the Transactions.

Company events

The newest 8-K filings of 156 held.

Every filing

The newest filings with the SEC of 886 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

287 funds held it at 30 Jun 2026: 138 added and 55 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Newmont Corp. (NEM): revenue $26.6B, market value $118.4B
• Coeur Mining, Inc. (CDE): revenue $3.2B, market value $14.8B

What the company does

NOVAGOLD operates in the gold mining industry and is primarily focused on advancing the Donlin Gold project in Alaska. It does not produce gold or any other minerals and does not currently generate operating earnings. The project is held by Donlin Gold LLC, which is owned 60% by a wholly-owned subsidiary of NOVAGOLD and 40% by a subsidiary of Paulson. The company has 12 full-time employees, four in Canada and eight in the United States.

What the company does

NOVAGOLD's work is to move Donlin Gold toward a construction decision. The filing lists its operations as delivering project milestones: technical, environmental, sustainable development, economic and legal objectives, obtaining permits and keeping them in good standing, completing a Bankable Feasibility Study (BFS), preparing engineering designs and keeping enough capital to fund this work. The company records its interest in Donlin Gold as an equity investment. Its 60% share of Donlin Gold's expenses is recorded as an operating loss.

How Donlin Gold is owned and run

Until 3 June 2025, Donlin Gold was owned equally by subsidiaries of NOVAGOLD and Barrick Mining Corporation. On that date NOVAGOLD and Paulson, through subsidiaries, bought Barrick's 50% interest. NOVAGOLD took an additional 10% and Paulson took the remaining 40%. Funding is shared by ownership percentage, so NOVAGOLD funds 60% of Donlin Gold's expenses. Governance is shared equally. NOVAGOLD's voting interest is 50% because its voting percentage is its membership interest less 10%. Disputes go to non-binding mediation. Donlin Gold's board must approve the BFS, the construction program and the budget before the project can be developed.

NOVAGOLD also has a promissory note to Barrick Gold. It is repaid out of future mine production, with Donlin Gold directing 85% of distributed processed products, cash and other assets to Barrick Gold until the note is repaid, plus payments of 5% of certain net proceeds. The company holds an option to prepay the note until 3 December 2026.

The project and its permits

Donlin Gold is a federally permitted project on private land in southwestern Alaska. Calista Corporation owns the mineral rights and The Kuskokwim Corporation (TKC) owns the surface estate. The project includes a proposed 316-mile natural gas pipeline.

Several legal challenges have been brought by Earthjustice, representing Orutsaramiut Native Council and Y-K villages. On 14 November 2025 the Alaska Supreme Court affirmed the project's water rights permits and the State's approval of the pipeline right-of-way on state-owned lands.

In the federal case, the court on 10 June 2025 declined to vacate the permits. It sent the matter back to the agencies to supplement the environmental analysis on a potential larger release from the tailings storage facility. The US Army Corps of Engineers is the lead agency for the Supplemental Environmental Impact Statement. Donlin Gold was accepted into the FAST-41 program on 27 October 2025. All federal and state permits and approvals remain in place while these cases proceed.

Work under way

The company completed an 18,454-meter drill program in 2025, carried out by a site team of approximately 80 locally hired staff and external contractors. It covered grid drilling for mine planning, in-pit exploration and geotechnical drilling. Donlin Gold issued a Request for Proposals for the BFS to engineering firms, and the company says it expects the Prime Contractor to be selected in the first quarter of 2026. Further requests went out for the power plant, pipeline, and pressure oxidation and oxygen plant scopes. Donlin Gold hired Frank Arcese as Project Director.

Surface work is often limited to late spring through early fall because of snow and cold, though some work is done more easily in winter when the ground is frozen.

Communities and stakeholders

The filing describes decades of outreach with 62 Yukon-Kuskokwim (Y-K) region communities, and 20 Shared Values Statements have been finalized with communities near the project. Donlin Gold held the fourth and fifth Subsistence Community Advisory Committee meetings. It continues habitat restoration at Snow Gulch, a tributary of Donlin Creek historically mined for placer gold. In 2025 neither NOVAGOLD nor Donlin Gold had any recordable injuries or lost time incidents.

Its people and competition

Of the 12 employees, 54% of the total workforce were women. The company also uses consultants for project evaluation, engineering and corporate governance. It says it has been able to find the skills it needs and that raw materials and equipment are readily available through normal channels in the United States and Canada.

NOVAGOLD competes with other mineral exploration and development companies for financing, technical expertise and mineral properties. The filing notes that many of them have greater financial and technical resources.

How it is funded

The company has raised money mainly through public offerings of common shares and warrants, earlier convertible notes and asset sales. It says it expects to raise further capital. It also says that full development of Donlin Gold is anticipated to draw on corporate debt and equity, project debt, and potentially a royalty, a stream and government support. Electrum is the largest shareholder, and NOVAGOLD's Chairman, Dr. Thomas Kaplan, is also Chairman and Chief Executive Officer of The Electrum Group LLC.

*From NOVAGOLD's annual report on Form 10-K for the year ended 30 November 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1173420/000117184326000374/ng20251130_10k.htm)*

From the company's 10-K.