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NovaGold Resources (NG) investor relations material

NovaGold Resources Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary1 Oct, 2025

Executive summary

  • Completed a transformative $1 billion transaction with Paulson, acquiring Barrick's stake in Donlin Gold and establishing a 60/40 ownership structure, which drove a 155% share price increase since April 2025.

  • Raised $286 million through an upsized public offering and private placement, strengthening the treasury and supporting project advancement.

  • Donlin Gold advanced technical, permitting, and community engagement milestones, positioning it as a leading undeveloped gold project with significant exploration upside.

  • Issued RFP for Donlin Gold's Bankable Feasibility Study (BFS), with contract award and commencement expected before year-end.

  • Enhanced community engagement and environmental initiatives, including habitat restoration and educational programs in the Yukon-Kuskokwim region.

Financial highlights

  • Q3 2025 net loss was $15.6 million, up from $10.7 million in Q3 2024, mainly due to higher field and G&A expenses.

  • Ended Q3 2025 with $125.2 million in cash and term deposits, after significant investment in Donlin Gold.

  • Cash equivalents decreased by $235.6 million in Q3, mainly due to the Donlin Gold transaction and term deposit purchases.

  • Year-to-date Donlin Gold project expenditures of $24 million and corporate G&A of $18 million.

  • Pro-rata share of Donlin Gold's $43 million 2025 budget increased to $24 million after the acquisition.

Outlook and guidance

  • Bankable Feasibility Study contract to be awarded by year-end, with completion expected in 18–24 months.

  • Construction decision targeted for 2027, with commercial operations anticipated by 2031, contingent on positive BFS and permitting.

  • Ongoing evaluation of financing options, including potential royalty or streaming deals.

  • Corporate G&A costs for 2025 expected to rise to $18 million.

  • Additional drill results and exploration program updates anticipated.

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Frequently asked questions

NovaGold Resources Inc is a mining company engaged in the exploration and development of gold properties. The company focuses on advancing its major development project in Alaska, targeting future production of gold resources. NovaGold operates within the mining and natural resources sectors. The company is headquartered in Vancouver, Canada, and its shares are listed on the NYSE American.

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