NovaGold Resources (NG) Q3 2026 earnings summary

Executive summary

• Proposed all-share transaction would acquire Paulson’s 40% Donlin Gold interest, raising ownership from 60% to 100%; closing is expected in Q4 2026, subject to approvals and customary conditions.

• Donlin Gold’s Bankable Feasibility Study (BFS) remains on schedule for completion in 2027, with engineering, mine planning, geotechnical work and permitting advancing.

• Endeavour Financial and Macquarie Capital are evaluating project and infrastructure financing alternatives alongside BFS work.

Financial highlights

• Q3 2026 net loss was $36.0M, or $0.08 per share, versus $15.6M, or $0.04 per share, in Q3 2025; higher Donlin spending and transaction costs drove the wider loss.

• Q3 G&A was $12.0M versus $6.3M a year earlier; transaction-related legal and professional fees contributed to the increase.

• Q3 operational cash expenditures were $28.1M, including $24.8M for Donlin Gold and $3.3M in corporate G&A.

• Cash and term deposits declined $26.8M in Q3 to $343.4M at Aug. 31, 2026.

Outlook and guidance

• FY2026 operating expenditure guidance increased $11.5M to ~$110.0M, including ~$31.2M of corporate G&A and unchanged Donlin funding guidance of ~$78.8M.

• Transaction-related legal and professional fees included $7.7M through Q3, with $3.8M anticipated in Q4; elevated fees are expected into early FY2027.

• Donlin funding is expected to remain elevated over the next 12–18 months; additional capital is anticipated for later work, including detailed engineering.

• Dam safety design packages are expected by end-2026 or early 2027, with Dam Safety Certificates expected in 2028.