NovaGold Resources (NG) Q1 2026 earnings summary

Executive summary

• Raised $310.2 million in a private placement in Q1 2026 to fund Donlin Gold activities, prepay a promissory note, and for general purposes.

• Advanced the Donlin Gold Bankable Feasibility Study (BFS) with Fluor as lead engineer and awarded contracts to WSP, Worley, and Hatch for critical infrastructure.

• Maintained strong community engagement and permitting progress for Donlin Gold, with all key permits remaining in place despite ongoing litigation and regulatory milestones achieved.

• Signed LOI with Glenfarne Alaska LNG to evaluate natural gas supply, aiming to enhance project economics.

• Completed $1 billion acquisition of Barrick's 50% interest in Donlin Gold in June 2025, increasing ownership to 60% and entering an amended LLC agreement with Paulson for equal governance.

Financial highlights

• Net loss for Q1 2026 was $15.4 million ($0.04 per share), up from $9.6 million ($0.03 per share) in Q1 2025, mainly due to higher Donlin Gold expenditures and increased G&A expenses.

• Cash and cash equivalents at February 28, 2026, were $117.5 million, with term deposits of $275.0 million and marketable securities of $1.7 million; total cash and term deposits were $392.5 million.

• Cash increased by $7.4 million in Q1 2026, driven by the private placement and sale of securities, offset by term deposit purchases and project funding.

• Operational cash expenditures totaled $20.8 million, including $15.5 million for Donlin Gold and $5.3 million in G&A.

• Cash used in investing activities increased by $278.7 million year-over-year, mainly due to term deposit purchases and higher Donlin Gold funding.

Outlook and guidance

• Annual operating expenditures for 2026 are expected to be $98.5 million, including $78.8 million for Donlin Gold and $19.7 million for corporate G&A.

• BFS completion targeted for 2027, with schedule and budget review planned by mid-2026.

• The company is fully funded to complete the Donlin Gold BFS and prepay the Barrick promissory note, with additional capital expected to be raised for future activities.

• Focus remains on advancing BFS, exploration, and evaluating financing options.