NovaGold Resources (NG) Q4 2024 earnings summary

Executive summary

• Donlin Gold is positioned as a tier-one asset with 39 million ounces at 2.24–2.25 g/t, a projected mine life of nearly 30 years, and strong exploration potential, making it one of the largest undeveloped gold projects globally.

• The project benefits from secure jurisdiction in Alaska, robust partnerships with Native corporations, and a supportive regulatory environment.

• 2024 activities focused on technical advancements, community engagement, and environmental stewardship, with significant progress in permitting, legal defense, and resource model updates.

• NOVAGOLD and Barrick continue collaboration, with strong institutional shareholder support and a $43 million Donlin Gold budget for 2025.

• Net annual cash expenditures were $24.5 million, below guidance, supporting ongoing development and feasibility work.

Financial highlights

• Net loss for 2024 was $45.6 million, with EPS of ($0.14), reflecting development-stage expenditures.

• Operating loss for 2024 was $37.9 million, down from $40.3 million in 2023.

• Cash and term deposits at year-end 2024 totaled $101.2 million, down from $125.7 million in 2023.

• 2024 actual expenditures: $17.7 million for G&A and $12.4 million for Donlin Gold project.

• Cash provided from investing activities increased by $19.7 million year-over-year, mainly from reduced term deposits and lower Donlin Gold funding.

Outlook and guidance

• 2025 Donlin Gold budget is $43 million (100% basis), with $21.5 million allocated by NovaGold and priorities including grid drilling, mine planning, geotechnical engineering, and advancing Dam Safety Certificate applications.

• Anticipated total expenditures for 2025 are $37.5 million, including $16 million for corporate G&A.

• Key 2025 activities include detailed drilling ($15 million), cost estimate updates ($5 million), community relations, permit defense ($2 million), and ongoing payments to partners.

• Feasibility study update expected to take 18–24 months after completion of current technical work, with a fully bankable study targeted.

• Company expects to fund its share of activities for at least two years at current spending levels.