NG · NovaGold Resources Inc.

NovaGold Resources Inc. reported its first quarter 2026 financial results, reflecting its status as a development-stage company with no production. The company reported a net loss of $15.4 million and earnings per share of ($0.04) for the quarter ended February 28, 2026. Operational cash expenditures totaled $20.8 million, comprising $15.5 million to fund NovaGold's share of the Donlin Gold project and $5.3 million in corporate general and administrative costs. The company noted that these results reflect higher expenditures at Donlin Gold due to the commencement of Bankable Feasibility Study (BFS) related activities, including hiring for key roles on the Donlin Gold project team, and higher general and administrative expenses at NovaGold. The company stated that these expenditures remain in line with its 2026 guidance. The financial results are supported by a strengthened balance sheet, with the company completing an upsized bought deal private placement in February for net proceeds of approximately $294 million, ending the quarter with approximately $393 million in cash and term deposits. The company's primary focus remains on advancing the Donlin Gold project, with significant progress made on key workstreams during the quarter. The BFS was formally launched with the appointment of Fluor Corporation as the lead engineering firm, and specialized contracts were awarded to WSP USA, Inc., Worley Alaska, Inc., and Hatch Ltd. for critical infrastructure components. The BFS is expected to be completed in 2027 to support project financing and development. Additionally, Donlin Gold signed a non-binding Letter of Intent with Glenfarne Alaska LNG, LLC to jointly evaluate natural gas supply from the Alaska LNG pipeline for the proposed mine's power generation, potentially enhancing cost efficiencies. On the regulatory front, Donlin Gold's federal permits remain in place while the U.S. Army Corps of Engineers conducts a Supplemental Environmental Impact Statement analysis, scheduled for completion by mid-2027. The only remaining state court challenge concerns the Clean Water Act Section 401 Water Quality Certification, with oral argument before the Alaska Supreme Court scheduled for April 8, 2026.