NG

- NovaGold Resources Inc. reported past third-quarter 2026 results showing a net loss of US$36.04 million, or US$0.08 per share, compared with a smaller loss a year earlier. - Despite the wider recent quarterly loss, the company's nine-month results showed a slightly lower cumulative net loss per share than the prior-year period, set against ongoing uncertainty around the Donlin Gold project's progress and permitting. - With recent results highlighting a wider quarterly loss, we will examine how Donlin Gold project uncertainty shapes NovaGold's investment narrative. Explore 25 top quantum computing companies leading the revolution in next-gen technology and shaping the future with breakthroughs in quantum algorithms, superconducting qubits, and cutting-edge research. To own NovaGold today, you have to believe that the Donlin Gold project eventually justifies years of losses and dilution, despite the company having no revenue and a consistently negative bottom line. The latest quarter's wider loss of US$36.04 million, or US$0.08 per share, reinforces how dependent the story is on external milestones rather than current earnings. In the near term, the key catalysts remain the Donlin feasibility study targeted for completion in 2027 and the outcome of Alaska's Clean Water Act litigation, alongside securing future construction financing. The Q3 numbers themselves are unlikely to be the main driver of sentiment, but the share price's sharp pullback since March shows how quickly confidence can shift when a single project carries the entire investment case. However, investors should not overlook how project delays or permitting setbacks could compound ongoing losses.Upon reviewing our latest valuation report, NovaGold Resources' share price might be too optimistic. The Simply Wall St Community currently offers 1 fair value estimate for NovaGold, all clustering at about US$20.75 per share, while recent price weakness and mounting losses keep attention firmly on Donlin's permitting and financing hurdles. These differing views highlight how much your outlook may hinge on confidence in that single project's path to development. Explore another fair value estimate on NovaGold Resources - why the stock might be worth over 2x more than the current price! Disagree with this assessment? Extraordinary investment returns rarely come from following the herd, so go with your instincts. - A great starting point for your NovaGold Resources research is our analysis highlighting 3 important warning signs that could impact your investment decision. - Our free NovaGold Resources research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate NovaGold Resources' overall financial health at a glance. The market won't wait. These fast-moving stocks are hot now. Grab the list before they run: - Outshine the giants: these 19 early-stage AI stocks could fund your retirement. - Uncover the next big thing with 18 elite penny stocks that balance risk and reward. - We've uncovered the 3 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NG.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Image source: The Motley Fool. Thursday, Oct. 8, 2026 - Vice president, corporate communications - Melanie Hennessey - Chairman - Thomas Kaplan - President and CEO - Gregory A. Lang - Vice president and CFO - Peter Adamek Operator: Thank you for standing by. This is the conference operator. Welcome to Vice president, corporate communications. Please go ahead. Melanie Hennessey: Good morning, everyone. Are pleased that you have joined us for NOVAGOLD's 20 Third Quarter Webcast and Conference Call and for an update on the Donlin Gold project. On today's call, we have NovaGold's chairman, Dr. Thomas Kaplan; president and CEO, Gregory A. Lang, and Peter Adamek, NovaGold's vice president and CFO. At the end of the webcast, we will take questions by phone. Additionally, we will respond to questions received by email. Please note that while we provide commentary on our pending transaction to acquire 100% of Donlin Gold during the prepared remarks portions of today's call. We will not be addressing any questions or providing further comments regarding the transaction during the Q&A portion of the call. For additional information regarding the we direct you to the management information circular and proxy statements and other documents filed by NovaGold with the SEC under the SEC's website and under NovaGold's profile on SEDAR at sedarplus.ca or Novagold's website at novagold.com. As stated on slide 3, any statements made today may contain forward looking information, such as project projections and goals, which are likely to involve risks detailed in our various EDGAR and SEDAR filings and forward looking disclaimers. Included in this presentation. With that, I will now turn the presentation over to NovaGold's President and CEO, Gregory A. Lang. Gregory? Gregory A. Lang: Thank you, Melanie. I will start my remarks by highlighting several key activities that took place during the quarter. Starting with positioning the company as the premier US gold developer, through a series of definitive agreements entered into on July 21 Under this proposed transaction, as depicted on slide 5, a new US domiciled parent company New NovaGold, will be established and listed on the New York Stock Exchange. This will be done with a 1-to-1 share exchange. Dr. Thomas Kaplan, our current chair, and John Paulson will become co-chairs of New Nova Gold. Inclusive of the existing ownership in NovaGold, Paulson will own approximately 40% of New Nova Gold. And its voting interest will be capped at 19.99%. Once closed, New Nova Gold will become the ultimate parent company acquiring Paulson's 40% interest in an all share transaction and will then own 100% of Donlin Gold. This transaction requires 2 thirds shareholder approval along with other court regulatory listing, and customary closing conditions. The meeting of special shareholders is scheduled for November 3, 2026. And the voting deadline is October 30th with closing expected by the end of the year. This transaction gives shareholders equity in a well capitalized developer with ownership of the strategic asset projected to be the largest single gold mine in The United States with an anticipated market capitalization of about $5 billion. The transaction is expected to deliver immediate benefits to stakeholders. By increasing net asset value gold reserves, and resources per share. Specifically, it adds approximately 16 million ounces of and indicated resources. Including 13 million ounces in proven and probable reserves. And this boosts the attributable annual production by over 520 thousand ounces during the first decade. Beyond the numbers, consolidating ownership under 1 parent company streamlines corporate decision making, and improves capital efficiency. While maintaining independent governance through specific voting and lockup restrictions. The structure also creates a single point of contact for our key stakeholders. Including landowners, Calista Corporation and The Kuskokwim Corporation. As highlighted on slide 7, Donlin Gold is positioned to become 1 of the highest annual gold producers in The Americas, on both a resource and production basis. With projected production, of approximately 1.1 million ounces per year over its 27 year mine life. Comparing very favorably when looking at some of America's largest gold companies like Agnico Eagle, Equinox, and others. That are listed on the chart. As mentioned earlier, once the transaction closes, the company is expected to have a market capitalization of approximately $5 billion. Placing it among some of the largest gold companies in the industry as shown on slide 8. This transaction is immediately accretive to NovaGold shareholders across key share metrics including NAV per share, and gold resources. Per share. In our view, having John Paulson and Dr. Thomas Kaplan serve as co-chairs following the close of this transaction. Will provide NovaGold with a uniquely aligned and experienced leadership team as the company advances Donlin Gold and considers opportunities to fund its future development. As shown on slide 10, Mr. Paulson brings a distinguished track record as a gold investor including his long standing commitment to NovaGold and his experience in identifying and investing in high quality, differentiated gold assets. Combined with doctor Kaplan's deep knowledge of Donlin Gold, and long standing leadership of NovaGold, Their shared conviction, complementary expertise, market reach, and alignment with shareholders, should position the company to advance the project efficiently and maximizing long term shareholder value. On slide 11, we show NOVAGOL's share price movement over the last 2 years. The strategic alignment between NovaGold and Paulson has helped reignite investor confidence and share price momentum. Reflecting the market's growing recognition of Donlin Gold's value and the potential benefits of a more streamlined ownership and development structure As shown on slide 12, Donlin Gold continued to extensively engage with government, and regional stakeholders while supporting local programs across the YK region during the third quarter. This quarter, we coordinated with Calista to conduct a series of village visits including a dedicated community meeting in Crooked Creek the closest village to the project. To provide general updates, and discuss the subsistence plan. Additionally, we have facilitated several key initiatives for the subsistence Community Advisory Committee. Including meetings on communication plans, and a tour of the Red Dog Mine. On the infrastructure front, we are advancing our planning along the proposed pipeline corridor. We have initiated outreach to over 90 individuals and entities in the region by coordinating closely with legislatures in the neighborhood boroughs engaged with key decision makers at the state and local levels. Including recently holding briefings with Senator Dan Sullivan and collaborating with the DOE on permitting and infrastructure. Donlin's ongoing support for rural activities through Excel Alaska and health and safety initiatives. Provide key touch points in the region. Lastly, environmental stewardship. Remains a core priority. We completed the 2026 George River salmon monitoring program in coordination with the native village of Nepaimute. Sampling over 7 thousand fish and we continued biodiversity monitoring at Snow Gulch. To further strengthen our environmental baseline data. Turning to slide 13. Several work streams on the technical front Continue to advance. The bankable feasibility study remains on track. For completion in 2027. A team led by Fluor is currently integrating major work packages and coordinating with specialist contractors including WSP, Worley, and Hatch. Geotechnical work is wrapping up this fall, and key sites including the Jungjook Port and the access road corridor. While resource modeling and mine planning are progressing as planned. Toward a high quality bankable feasibility study We are also scaling our internal capacity to support these technical and operational milestones. Since the start of 2026, we have more than doubled our team from 35 to over 70 employees across Anchorage, and Vancouver. And we continue to recruit for critical roles as the project advances toward a final investment decision. As shown on slide 14, in the third quarter, we announced the appointment of Endeavor Financial and Macquarie Capital as financial advisers. They will help us evaluate various funding alternatives ranging from conventional project finance to potential support from sovereign wealth funds. Ensuring that our financing strategy is executed in tandem with the bankable feasibility study to preserve long term shareholder value. I will now turn the presentation over to NovaGold's vice president, and chief financial officer. Peter Adamek. Peter? Peter Adamek: Thank you, Gregory. Turning to our operating performance on Slide 16, NovaGold reported a fiscal 2026 third quarter net loss of $36 million or $0.08 per share. NOVAGOLD's net loss during the third quarter increased by $20.4 million from the comparable prior year period primarily due to higher Donlin Gold expenditures as a result of ongoing bankable feasibility study activities and higher NovaGold G&A expenses. Partially offset by higher interest income in the current year. The company's share of Donlin Gold expenses in the third quarter of 2026 was $16.6 million higher than the comparative prior year period due to ongoing 2026 activities by Fluor, WSP, Worley, and Hatch, to advance Donlin Gold's bankable feasibility study. NovaGold G&A expenses increased in the third quarter of 2026 by $5.7 million from the comparable prior year period. Primarily due to higher ongoing legal and professional fees related to the proposed transaction to acquire 100% of Donlin Gold announced on July 22, 2026. Legal and professional fees are expected to remain elevated for the balance of fiscal 2026 and into early 2027 until we complete the previously announced transaction. On Slide 17, our treasury comprising cash and term deposits decreased by $26.8 million to $343.4 million during the third quarter reflecting $24.8 million of funding of Donlin Gold, and $9.8 million of NovaGold's corporate G&A partially offset by $3.8 million in interest income and $1.2 million in proceeds from the sale of marketable securities. Corporate G&A cash expenditures during the third quarter increased by $5.5 million and our share of Donlin Gold funding increased by $16.7 million compared to the prior year, for reasons discussed on the previous slide. Moving to slide 18, our treasury at the end of the third quarter was at a very robust $343.4 million Nova Gold is well funded, enabling us to complete the Donlin Gold bankable feasibility study in 2027 exercise our option to prepay the Barrick promissory note during the current quarter and cover our corporate G&A costs for at least the next 12 months As noted earlier, our legal and professional fees have been elevated in 2026, and are expected to remain elevated for the balance of the year and into early 2027 until we complete the previously announced transaction. As such, we have increased our 2026 corporate G&A guidance from $11.5 million to $31.2 million to support the completion of the transaction to acquire 100% of Donlin Gold. I will now turn the presentation over to Gregory to discuss the third quarter highlights. Gregory A. Lang: Thank you, Peter. it is worth reflecting on the value created through the company's long term commitment to advancing the Donlin Gold project. Over the past 2 decades, extensive drilling and exploration programs have significantly increased Donlin's reserves and resources. The company's success advanced permitting for the Donlin Gold project. Representing an important step in its development. In June 2025, NOVAGOLD and Paulson jointly acquired Barrick's 50% interest in Donlin. Increasing NovaGold's ownership to 60% and Paulson's to 40%. Looking even further back, a key milestone occurred in 2008 and 2010 when Electrum and Paulson became major shareholders of NovaGold. That commitment has continued through recent announcements to consolidate Paulson's remaining interest in Donlin. Bringing NovaGold ownership to 100%. These events combined with the project's attributes of scale grade, location, and production profile. Underpin the value creation and incredible investment opportunity Many of our shareholders view NovaGold as an unexpiring warrant on an ounce of gold. On slide 21, the bar chart illustrates the post tax net present value at various gold prices. Both on the current ownership basis and a pro forma basis following the proposed consolidation. With gold prices above $4 thousand an ounce, this reflects a value of over $50 billion at a 0% discount rate. Or approximately $20 billion and a 5% discount rate. This projection underscores the substantial economic potential of the Donlin Gold project. In the current market environment. As slide 22 highlights, Donlin Gold is positioned to become 1 of the highest annual gold producers in the world. Projected to produce 1.3 million ounces annually in the first 10 years of production. And over 1 million ounces annually over its 27 year mine life. Looking at slide 23, Donlin Gold hosts approximately 40 million ounces of measured and indicated resources at an average grade of about 2.25 grams per ton. This is more than 2x the industry average. The project's exceptional scale strong grade, and long mine life provide a robust foundation for value creation. And position Donlin to remain resilient across a wide range of gold price environment. Moving on to slide 24. We believe there are significant exploration opportunities beyond the current resources in the ACMA and Lewis pits. As illustrated in the graphic. In the upper right hand corner. Which covers approximately 3 kilometers of the 8-kilometer gold bearing trend. Representing just a small portion of our overall land package. This underscores the potential to add ounces and extend the mine life through further exploration. As slide 10 outlines, Donlin Gold's current permitting status and the advantages of its location in Alaska with a well established regulatory framework and supportive approach, to responsible resource development. Collaboration with state and federal agencies remains constructive. At the state level, we continue to support Alaska in defending the Clean Water Act Section 404 certification with a decision anticipated within the coming year following oral arguments which were made on June 3rd. This year. At the federal level, the Army Corps of Engineers and the Bureau of Land Management published the supplemental environmental impact statement on September 20 third of this year. Analyzing a larger theoretical tailings release. All permits remain in place with public comments open through October 20 third and the final EIS anticipated in April 2027. Dam safety permitting also advanced as expected. With detailed design packages for the project's 7 dams, anticipated by the end of the year or early 27. And the issuance of dam safety certificates is expected in 2028. On slide 26, we highlight a quote from governor Mike Dunleavy who is expressed strong backing for responsible resource development in Alaska, including the Donlin Gold Project, We appreciate his advocacy and look forward to continuing open and construction communications with him and his team. Turning to slide 27. We highlight our long standing collaboration and ongoing engagement with Calista and TKC. Whose roles at private landowners are integral to the success of Donlin Gold. Their Shared Commitment To Responsible Development Grounded In Deep Local Knowledge And Stewardship, Supports Job Creation, Long Term Economic Opportunities, And The Preservation Of Cultural Heritage Across The Y-K region NovaGold is supported by a seasoned management team. As shown on slide 28. With a proven track record of mine development across The Americas. Our team is complemented by the Donlin Gold project execution team. Including Frank R. Case, and supported leading contractors, including Fluor, WSP, Worley, and Hatch. Together, they bring deep technical and project execution expertise to advance Donlin Gold efficiently responsibly, and with a strong focus on execution discipline. We deeply appreciate the continued support and confidence of our long term shareholders some of whom are highlighted on Slide 29 NovaGold, remains committed to responsibly advancing the Donlin Gold project. Delivering on key milestones and fulfilling our commitments. We sincerely thank our shareholders stakeholders, our board of directors, and the entire Donlin Gold team. For their continued support trust, dedication, and hard work. The recently announced consolidation of Donlin Gold represents an important milestone for our shareholders. Simplifying the ownership structure, and increasing NOVAGOLD's direct exposure to the significant value and long term potential of the project. We believe this positions NovaGold to capture greater value from Donlin Gold for the benefit of our shareholders. As we continue to advance the project, and build over the momentum created in the last year In closing, slide 30. Summarizes the core attributes that distinguish Donlin Gold as a truly differentiated asset within the global gold sector. Donlin Gold combines exceptional scale high grade open pit mineralization, a long line life, low projected operating costs, significant exploration potential, and a stable jurisdiction. A project that stands apart among large scale gold development opportunities With the bankable feasibility study, and subsequent stages of development ahead, Donlin Gold is supported by an experienced leadership and project execution team strong relationships with local landowners, and a clear commitment to responsible development providing a strong foundation for disciplined advancement and long term shareholder value. Operator, we are now prepared to take questions. Again, please remember that we will not be addressing any questions or providing further comments regarding the pending transaction during the Q&A portion of the call. Operator: We will now begin the question and answer session. If you are using a speaker phone, please pick up your handset before pressing any key. Once again, if you have a question, please press star then 1. We have a few questions from the line of Matt Kovacs, Online. Matt Kovacs: Last quarter, Matt thanked you for your integrity and family regarding NovaGold, and that is directed to Dr. Kaplan. Again, thank you for your commitment not to get political, but the current administration seems very bullish the progression of mining precious metals. Would you see any reason to expedite? What are your thoughts on the administration? Thomas Kaplan: First of all, thank you for the question, and thank you for your continued support for NovaGold. Thank you. 1 of the very nice things about, the Donlin project is that we have not been a political football. We were permitted under president Obama. Those permits were defended under president Biden. Needless to say, the Trump administration has expressed a very ardent, passion. For Alaska. And we do benefit from that. We have not had to request assistance regarding permitting because we have the permits that we need to advance. We have our federal permits. So we have not needed the support of the administrations, but we have always had it. We have had bipartisan political support. In Alaska. If there are opportunities to be able to accelerate the timeline for Donlin, and I think that there could be. They involve the fact that a number of countries have committed hundreds of billions of dollars to investment in The United States. Japan, 550 billion. Korea, 350 billion. Countries in the Gulf, The UAE, etcetera, hundreds and hundreds of billions of dollars. Being able to participate in what will be the largest single gold mine in The United States in a bull market in gold located in a state that is already the second largest gold producer in The United States after Nevada, we believe that this is a very compelling case for those who want to invest in The United States to be able to do so. If you are an Asian country, and your investment is on the Pacific Coast Of Alaska, already investment grade for you, that is not a deterrent. it is the opposite. it is an inducement. And, similarly, all the countries that I mentioned, are bullish consumers of gold, the Japanese, the Emiratis, the South Korean Central Bank has officially, reinitiated a gold purchase program. So we do believe that we benefit from the tailwinds of the gold bull market. We benefit from the tailwinds of gravitation towards jurisdictional safety. We benefit from the tailwinds of those who have made commitments to investing in The United States under this administration, Being able to see that 1 of the offerings in the buffet is America's largest gold mine. Which we think, is going to assist us in the financing that we are working on in parallel with all of the work that you heard Gregory referring to on the ground. Thank you. Operator: Thank you. The next question is also from the line of Matt Kovacs and is addressed to Dr. Kaplan. I have been hearing a rumor of an 8-year bull cycle coming to an end. Matt Kovacs: For gold soon. Do you believe that we will see a gold price near $5 thousand in the next 6 months? Thanks again, Matt. Thomas Kaplan: The short answer is yes. But the bigger answer is I believe that we are just in the foothills of the gold bull market. I do not see this as an 8-year bull market. I see this as being a pullback within the context of a much longer wave that will take gold far beyond $5 thousand. It will take gold far beyond the highs this year. And in fact, I have said publicly that I can easily see gold going into the tens of thousands. I believe that we have not even gotten started. And the comparison that I make and I did this before we had the peak and the pullback, is to the Dow Jones. Which began its bull market when it broke through 1 thousand definitively in around 1.98 thousand. Reached 3.65 thousand ish. We had the crash of 1.99 thousand which you can barely see on a long term chart. it is so tiny. In comparison to what happens next. That took it down to about 2.65 thousand. And then it began to chug along to taking us to 50 thousand. I think that we are embarked upon something the likes of which people have not really had the opportunity to experience since the great bull market in the equities markets of the last decades. So the short answer is yes. We are going to see $5 thousand. The longer answer is I believe that is just scratching the surface of 1 of the biggest bull markets that will have been seen in modern history. For many years, people would ask me which currency to own. And I would say, if you are looking at what I would call colloquially paper currency, unless you are nimble and can look at things like the Swiss franc or the Singapore dollar, etcetera, go for the US dollar. All paper currencies are toilet tissue, but the US dollar, for a number of reasons, is double ply. And I would say, but if you want the currency, that is going to be the best performer against everything. that is gold. And both of those things, I think, have been good advice. People would say that seems mutually exclusive to say buy the dollar and buy gold. And I said, that is a myth. There are many myths about gold. It was a myth that you have to have strong commodities for gold to prosper. it is not true. Oil is barely where it was, 20 years ago. You do not need to have inflation. Did not have inflation in gold multiplied in value. The dollar is stronger now. Than it was 20 years ago. So what you are really dealing with is a duck. It looks like a duck. It tastes like a duck. It quacks like a duck. It walks like a duck. it is a duck. And I cannot say what I think the dollar will do against other paper currencies. I really do not know because we are in a very, very different environment when it comes to the underpinnings of what made the dollar double ply. So I am just agnostic. But my comment has been against gold the dollar will collapse. If you look at gold through that lens, if you take the chart which shows gold going parabolic and you just flip it over, I would ask you to see it as a currency against the dollar And it is very daunting. To be a dollar bull against gold. So it is a long term trend We are in the early phases of it. Like I would say, the 1.99 thousand-ish washout that we saw in the Dow Jones, But this is not over at all. And this pullback, whenever it ends, will be to my mind, if past is prologue, the definitive end leading to the next long wave in gold. Thank you. Operator: With no further questions, I will hand it back over to Gregory for closing remarks. Gregory A. Lang: Thank you, Melanie. And thank you, everyone, for taking the time to listen to our quarterly update today. Take care. Operator: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day. Before you buy stock in NovaGold Resources, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and NovaGold Resources wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $375,887!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,459,146!* Now, it's worth noting Stock Advisor's total average return is 955% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of October 8, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. NovaGold (NG) Q3 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. - Net Loss: Fiscal 2026 Q3 net loss of $36 million, or $0.08 per share. - Net Loss Change: Increased by $20.4 million from the comparable prior year period. - Donlin Gold Expenses (Share of): $16.6 million higher than the prior year period due to bankable feasibility study activities. - G&A Expenses: Increased by $5.7 million from the prior year period, driven by higher legal and professional fees related to the proposed transaction. - Treasury (Cash and Term Deposits): Decreased by $26.8 million to $343.4 million during the third quarter. - Donlin Gold Funding: $24.8 million deployed during the quarter. - Corporate G&A Costs: $9.8 million during the quarter. - Interest Income: $3.8 million during the quarter. - Proceeds from Sale of Marketable Securities: $1.2 million during the quarter. - Corporate G&A Cash Expenditures: Increased by $5.5 million compared to the prior year. - Donlin Gold Funding (Year-over-Year): Increased by $16.7 million compared to the prior year. - 2026 Corporate G&A Guidance: Increased by $11.5 million to $31.2 million. - Warning! GuruFocus has detected 1 Warning Sign with NG. - Is NG fairly valued? Test your thesis with our free DCF calculator. Release Date: October 08, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. - Proposed transaction to acquire 100% of Donlin Gold is immediately accretive to NAV per share and gold resources per share, adding ~16 million ounces of measured and indicated resources and ~13 million ounces of proven and probable reserves. - Donlin Gold is projected to produce approximately 1.1 million ounces per year over a 27-year mine life, positioning it as one of the highest annual gold producers in the Americas. - Strong treasury of $343.4 million is sufficient to complete the bankable feasibility study in 2027, prepay the Barrick promissory note, and cover corporate G&A for at least the next 12 months. - Experienced leadership team with John Paulson (Trades, Portfolio) and Dr. Thomas Kaplan as co-chairs post-transaction, bringing deep gold investing expertise and alignment with shareholders. - Significant exploration potential beyond current resources along the 8-kilometer gold-bearing trend, with only about 3 kilometers covered by existing pits, offering opportunities to add ounces and extend mine life. - Q3 2026 net loss widened to $36 million ($0.08 per share), a $20.4 million increase from the prior year, driven by higher Donlin Gold expenditures and elevated G&A costs. - Donlin Gold expenses increased by $16.6 million year-over-year due to ongoing bankable feasibility study activities, and NovaGold G&A rose by $5.7 million largely from legal and professional fees related to the proposed transaction. - Treasury decreased by $26.8 million during the quarter, reflecting $24.8 million of funding for Donlin Gold and $9.8 million of corporate G&A costs. - 2026 corporate G&A guidance was increased by $11.5 million to $31.2 million, with legal and professional fees expected to remain elevated through early 2027 until the transaction closes. - Permitting timeline remains subject to regulatory processes, including a final Environmental Impact Statement anticipated in April 2027 and dam safety certificates expected in 2028, which could delay project advancement. Q: Matt Kovacs asked Dr. Kaplan whether the current administration's bullish stance on mining precious metals could expedite the Donlin Gold project, and for his thoughts on the administration.A: Chairman Thomas Kaplan noted that Donlin has not been a political football it was permitted under President Obama and those permits were defended under President Biden and that the company already holds the federal permits it needs, so it has not had to request permitting assistance. He added that the Trump administration's passion for Alaska is a benefit, and that hundreds of billions of dollars committed to U.S. investment by Japan ($550 billion), Korea ($350 billion), and Gulf countries could accelerate the timeline, given Donlin will be the largest single gold mine in the U.S. in a gold bull market, located in the second-largest gold-producing state after Nevada. Q: Matt Kovacs asked Dr. Kaplan whether the rumored end of an eight-year gold bull cycle is near and whether gold could reach near $5,000 within six months.A: Chairman Thomas Kaplan answered "yes" to $5,000 in six months, but stressed he believes the market is only in the foothills of a much longer bull wave that will take gold far beyond $5,000 and potentially into the tens of thousands. He compared the current pullback to the 1987 crash within the Dow's long-term bull market, and argued gold will outperform all paper currencies over time. Q: How does the proposed transaction to acquire 100% of Donlin Gold change NovaGold's ownership structure and shareholder base?A: CEO Greg Lang explained that under definitive agreements entered into July 21, a new U.S.-domiciled parent ("New NovaGold") will be established and listed on the NYSE via a one-to-one share exchange. Dr. Thomas Kaplan and John Paulson (Trades, Portfolio) will become co-chairs; inclusive of existing ownership, Paulson will own approximately 40% of New NovaGold with voting interest capped at 19.99%. Once closed, New NovaGold will own 100% of Donlin Gold, creating a single point of contact for stakeholders including Calista Corporation and The Kuskokwim Corporation. Q: What are the expected per-share and production benefits of consolidating 100% of Donlin Gold?A: CEO Greg Lang said the transaction is immediately accretive on key share metrics including NAV per share and gold resources per share. It adds approximately 16 million ounces of measured and indicated resources, including 13 million ounces in proven and probable reserves, and boosts attributable annual production by over 520,000 ounces during the first decade. The combined company is expected to have a market capitalization of about $5 billion. Q: What were NovaGold's third quarter 2026 financial results and the main drivers of the loss?A: CFO Peter Adamek reported a fiscal Q3 2026 net loss of $36 million, or $0.08 per share, an increase of $20.4 million from the prior-year period. The wider loss was driven by higher Donlin Gold expenditures for bankable feasibility study activities (company share up $16.6 million) and higher NovaGold G&A (up $5.7 million, largely legal and professional fees tied to the proposed transaction), partially offset by higher interest income. Q: What is the status of NovaGold's treasury and how far does it fund the company?A: CFO Peter Adamek said the treasury (cash and term deposits) decreased by $26.8 million to $343.4 million during the quarter, reflecting $24.8 million of Donlin Gold funding and $9.8 million of corporate G&A, partly offset by $3.8 million of interest income and $1.2 million of marketable securities proceeds. He said the $343.4 million treasury is sufficient to complete the Donlin bankable feasibility study in 2027, exercise the option to prepay the Barrick promissory note in the current quarter, and cover corporate G&A for at least the next 12 months. Q: Why did NovaGold raise its 2026 corporate G&A guidance?A: CFO Peter Adamek said legal and professional fees have been elevated in 2026 and are expected to remain elevated through the balance of the year and into early 2027 until the transaction to acquire 100% of Donlin Gold closes. As a result, 2026 corporate G&A guidance was increased by $11.5 million to $31.2 million. Q: What is the timeline for the bankable feasibility study and the permitting process?A: CEO Greg Lang said the bankable feasibility study remains on track for completion in 2027, with Fluor integrating major work packages alongside WSP, Worley, and Hatch, and geotechnical work wrapping up this fall at the Jungjuk Port and access road corridor. On permitting, the Army Corps of Engineers and Bureau of Land Management published the Supplemental Environmental Impact Statement on September 23, 2026, with public comments open through October 23 and a final EIS anticipated in April 2027; dam safety certificates are expected in 2028. Q: How is NovaGold approaching financing for Donlin Gold's development?A: CEO Greg Lang said the company appointed Endeavour Financial and Macquarie Capital as financial advisors in the third quarter to evaluate funding alternatives ranging from conventional project finance to potential sovereign wealth fund support. The financing strategy is being executed in tandem with the bankable feasibility study to preserve long-term shareholder value. Q: What is the scale and grade of the Donlin Gold resource and production profile?A: CEO Greg Lang said Donlin hosts approximately 40 million ounces of measured and indicated resources at an average grade of about 2.25 grams per ton more than twice the industry average. The project is projected to produce 1.3 million ounces annually in the first 10 years and over 1 million ounces annually over its 27-year mine life, with exploration potential across roughly 3 kilometers of an 8-kilometer gold-bearing trend. Q: What is the economic potential of Donlin Gold at current gold prices?A: CEO Greg Lang said that with gold prices above $4,000 an ounce, the post-tax NPV reflects a value of over $50 billion at a 0% discount rate, or approximately $20 billion at a 5% discount rate, on a pro forma basis following the proposed consolidation underscoring the For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. - The proposed transaction to acquire 100% of Donlin Gold aims to simplify corporate decision-making and improve capital efficiency by consolidating ownership under a single U.S.-domiciled parent company. - Management attributes the strategic pivot to a need for a streamlined development structure and a single point of contact for key stakeholders, including regional landowners. - The project is positioned as a premier U.S. gold asset, with management highlighting its scale and grade—approximately 2.25 grams per ton—as being more than double the industry average. - Operational momentum is supported by a doubling of the internal team since early 2026 to support technical milestones and the upcoming final investment decision. - Engagement with regional stakeholders remains a priority, focusing on subsistence plans and environmental stewardship to maintain the project's social license to operate. - The company is leveraging its location in Alaska, citing a stable regulatory framework and bipartisan political support as key competitive advantages. - The Bankable Feasibility Study (BFS) remains on track for completion in 2027, integrating work from specialist contractors including Fluor, WSP, and Worley. - Management is evaluating diverse funding alternatives, ranging from conventional project finance to potential sovereign wealth fund support, to be executed in tandem with the BFS. - A final Environmental Impact Statement (EIS) from federal agencies is anticipated in April 2027, following the publication of a supplemental study in September 2026. - Dam safety permitting is expected to advance with detailed design packages by late 2026 or early 2027, targeting certificate issuance in 2028. - The company anticipates that the consolidation will be immediately accretive to net asset value and gold resources per share upon the expected closing by the end of 2026. - Corporate G&A guidance for 2026 was increased from $11.5 million to $31.2 million to account for elevated legal and professional fees related to the 100% acquisition transaction. - The company's robust cash position of $343.4 million enables it to exercise the option to prepay the Barrick promissory note during the current quarter. - A special meeting of shareholders is scheduled for November 3, 2026, to vote on the proposed corporate reorganization and acquisition. - Management noted that legal and professional fees are expected to remain elevated into early 2027 until the transaction is fully completed. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. - Management stated that the project has not been a 'political football,' having received permits under the Obama administration that were defended under the Biden administration. - The current administration's focus on domestic investment from countries like Japan and South Korea is viewed as a tailwind for financing America's largest gold mine. - Management emphasized that they already possess the necessary federal permits and do not currently require specific administrative assistance to advance. - Chairman Dr. Thomas Kaplan expressed a highly bullish view, suggesting gold could reach $5,000 in the next six months and eventually tens of thousands of dollars. - He characterized the current market as being in the 'early phases' of a long-term bull cycle, comparing it to the multi-decade equity bull market that began in the 1980s. - Management views gold as the ultimate currency hedge against the potential collapse of paper currencies, including the U.S. dollar.

- Donlin Gold Transaction announced: NOVAGOLD and Paulson Advisers LLC and its affiliates entered into a series of definitive agreements on July 21, 2026, pursuant to which NOVAGOLD's ownership interest in Donlin Gold LLC will increase from 60% to 100% by acquiring Paulson's 40% ownership interest in an all-share transaction that is expected to close by year-end. - Financial Advisors selected: Donlin Gold appointed Endeavour Financial and Macquarie Capital to provide financial advisory services for the development of the Donlin Gold project in Alaska and to support the arrangement of project and infrastructure financing. - Robust treasury: Ended the quarter with approximately $343.4 million in cash and term deposits — a strong financial position to advance the Donlin Gold project. VANCOUVER, British Columbia, Oct. 08, 2026 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. ("NOVAGOLD" or the "Company") (NYSE American, TSX: NG) today filed its 2026 third quarter report and provided an update on its Tier One1 gold development project held by Donlin Gold LLC ("Donlin Gold"), which is owned 60% by NOVAGOLD through NOVAGOLD Resources Alaska, Inc., a wholly-owned subsidiary of the Company, and 40% by Paulson Advisers LLC and certain of its affiliates (collectively "Paulson") through Donlin Gold Holdings LLC ("Donlin Gold Holdings"). Details of the financial results for the quarter ended August 31, 2026 are presented in the consolidated financial statements and quarterly report on Form 10-Q filed on October 8, 2026, that is available on the Company's website at www.novagold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR, the United States Securities and Exchange Commission's ("the SEC") website, at www.sec.gov. All amounts are in thousands of U.S. dollars unless otherwise stated. As detailed in the above-mentioned filings, NOVAGOLD held approximately $343.4 million in cash and term deposits as of August 31, 2026, and reported net third quarter operational cash expenditures of $28.1 million — reflecting $24.8 million to fund NOVAGOLD's share of the Donlin Gold project and $3.3 million in corporate general and administrative costs. As NOVAGOLD is a development-stage company with no production, the Company reported earnings of ($36.0) million and earnings per share of ($0.08) for the third quarter of 2026. NOVAGOLD's results for this quarter reflect incremental expenditures at Donlin Gold due to ongoing Bankable Feasibility Study (BFS) activities and higher general and administrative expenses at NOVAGOLD primarily driven by ongoing professional fees related to the pending transactions announced on July 22, 2026 (the "Transactions"), partially offset by higher interest income. Professional fees are expected to remain elevated for the remainder of fiscal 2026 and into the early part of fiscal 2027 as we work toward the completion of the Transactions, currently expected to occur in the fourth calendar quarter of 2026. President's Message Unlocking Donlin Gold's Full Potential Through Strategic Ownership and Development NOVAGOLD is strengthening its position as a "go-to" U.S. gold development company, having entered into a series of definitive agreements on July 21, 2026 with Paulson and NovaGold Corporation ("New NOVAGOLD"), pursuant to which, subject to the satisfaction of certain closing conditions and upon the completion of the Transactions, New NOVAGOLD would become the ultimate parent company of NOVAGOLD and its subsidiaries and would own, directly and indirectly, 100% of Donlin Gold. As per the release titled "NOVAGOLD Enters into Definitive Agreements to Acquire 100% of Donlin Gold", the all-share transaction to acquire Paulson's 40% interest would give NOVAGOLD shareholders equity participation in a well-capitalized gold developer with 100% ownership of a differentiated, strategic asset projected to be the largest single gold mine in the United States, with an expected market capitalization of approximately $4.9 billion.2 With projected average annual production of 1.3 million ounces during its first 10 full years of production3 and 1.1 million ounces annually over the 27-year mine life,4 Donlin Gold has the potential to become America's largest single gold mine and a cornerstone asset of the U.S. gold industry. These transformative Transactions will deliver substantial benefits to NOVAGOLD stakeholders, including generating immediate accretion across net asset value per share as well as gold reserves and resources per share through the addition of approximately 16 million ounces of Measured and Indicated Mineral Resources (inclusive of 13 million ounces in Proven and Probable Mineral Reserves within a safe, stable, and supportive jurisdiction). Furthermore, the Transactions increase projected attributable production metrics by over 520,000 ounces of annual gold production during the first 10 full years.5 Beyond these metrics, the Transactions streamline corporate decision-making and increase operational and capital efficiency by consolidating 100% ownership of Donlin Gold under a single corporate parent, while preserving NOVAGOLD's independent governance through specific lock-up, standstill, and voting restrictions. The Transactions will also establish a single point of contact for engagement with key stakeholders, including longstanding Donlin Gold landowners, Calista Corporation ("Calista") and The Kuskokwim Corporation (TKC), and create a better-aligned structure via a new U.S.-domiciled parent company, that will be listed on the New York Stock Exchange. The Notice of Meeting and the Management Information Circular and Proxy Statement for the Special Meeting of Shareholders were filed with Canadian securities regulatory authorities and with the SEC and first mailed to shareholders on or about October 5, 2026. The Special Meeting of Shareholders will be held on November 3, 2026. The Transactions are expected to close by year-end, subject to shareholder approval, court approval, regulatory and stock exchange approval and the satisfaction of customary closing conditions. Bankable Feasibility Study Engineering Integration Advances & Financial Advisors Appointed to Support the Arrangement of Project and Infrastructure Financing Parallel to this strategic development, the Company continues to advance the Donlin Gold BFS, which remains on schedule for completion in 2027. A team led by Fluor Corporation ("Fluor") continues to integrate major work packages and coordinate technical workstreams with specialist contractors WSP USA, Inc. (WSP), Worley Alaska, Inc. ("Worley"), and Hatch Ltd. ("Hatch"). This season's geotechnical work for the BFS will conclude this fall with drill holes and test pits at Jungjuk Port and access corridor, borrow sites and plant site, and for Engineering, Procurement, and Construction Management (EPCM) infrastructure. Resource modelling, mine planning, and Front-End Engineering Design (FEED) activities are progressing as planned, while EPCM coordination on a Class 3 estimate is well under way. This disciplined approach to key infrastructure and unit operations is designed to support a high-quality BFS. Additionally, Donlin Gold appointed Endeavour Financial and Macquarie Capital as financial advisors to provide advisory services for the development of the project in Alaska. Under this mandate, the advisors will assist Donlin Gold in evaluating funding alternatives — including conventional project finance, infrastructure financing, and potential support from governmental agencies and/or sovereign wealth funds — and executing a structured project financing strategy. By coordinating engagement with financiers and advancing due diligence in tandem with the BFS, NOVAGOLD aims to optimize its funding mix while preserving long-term shareholder value. The advisors will provide tailored guidance as the project progresses toward a final investment decision, following the completion of the BFS and related workstreams. To further support the BFS and prepare for subsequent phases of development and eventual commercial operation, Donlin Gold has continued to build its team across key technical, operational, workforce development, and support functions. Since the beginning of 2026, the team has grown from approximately 35 to 77 employees, currently based in Anchorage and Vancouver, to support ongoing site, BFS, and contractor activities. Management continues to assess organizational requirements and recruit for critical positions as project activities advance. Looking ahead, Donlin Gold's combination of scale, grade, and exploration potential provides a strong foundation as the project advances through the BFS and subsequent stages of development. With approximately 40 million ounces of Measured and Indicated Mineral Resources (inclusive of Mineral Reserves), comprising 560 million tonnes grading 2.22 grams per tonne6 — more than twice the global industry average grade7 — Donlin Gold combines large-scale, high-grade open-pit mineralization with a long mine life and low estimated operating costs8. Expected average annual gold production of more than one million ounces further underscores the project's sheer scale, while less than 7.5% of the broader land package has been systematically explored, providing significant potential for further exploration. A Legacy of Collaboration Supports the Project's Continued Advancement Engagement with local communities, stakeholders and government representatives remains an important part of Donlin Gold's approach. Built over decades of dialogue with more than 60 communities across the region, these relationships provide an ongoing forum for sharing information, understanding local perspectives, and incorporating community input as the project progresses. This sustained engagement and collaboration continues to reinforce the long-standing relationships that Donlin Gold has established throughout the region and in Alaska more broadly. During the third quarter, in coordination with Calista, the Company conducted a series of community visits to six villages, alongside a dedicated community meeting in Crooked Creek — the village closest to the Donlin Gold project. These efforts focused specifically on the Subsistence Plan and a general project update, and fostered ongoing dialogue on subsistence-related matters and project activities. This commitment to regional partnership was further reinforced through participation in Calista's Annual Meeting in Bethel, TKC's Annual Meeting in Crooked Creek, and the Calista Shareholder Relations Committee meeting in Anchorage, ensuring sustained engagement with Alaska Native Corporation leadership and shareholders. Donlin Gold also facilitated several key initiatives for the Subsistence Community Advisory Committee (SCAC), including in-person and virtual meetings to gather feedback on the Subsistence Plan and Barge Communication Plan. SCAC members also toured the Red Dog Mine, providing an opportunity to observe a large-scale mining operation firsthand and discuss considerations relevant to communities in the region. At Donlin Gold, site tours provided Alaska Native Corporation landowners Calista and TKC with further insight into ongoing fieldwork and project activities. Additional tours were hosted for representatives of the Alaska Native Village Corporation Association, Congressman Nick Begich's resource staff, and trade association leaders from the Alaska Chamber, the Alaska Support Industry Alliance, the Alaska Oil and Gas Association, the Resource Development Council, and the Alaska Miners Association. The Company is also advancing its infrastructure planning through targeted stakeholder engagement along the proposed pipeline corridor. Having developed a comprehensive stakeholder tracking system, Donlin Gold has initiated outreach to over 190 individuals and entities in the region. This effort is complemented by ongoing coordination with legislators and the Matanuska-Susitna Borough via site tours and project updates to ensure a clear understanding of regional interests and proposed field activities. In addition, Donlin Gold continues to engage with key government representatives and decisionmakers at both the state and federal levels. Recent activities include project briefings with Senator Dan Sullivan, Alaska State Senator Matt Claman, and U.S. Senate candidate Mary Peltola. Donlin Gold also continues to engage with senior leadership at the U.S. Department of Energy and recently participated in a roundtable with the Pipeline and Hazardous Materials Safety Administration to discuss critical Donlin Gold permitting considerations and infrastructure associated with the project. A Long-Term Commitment to the Region and its People NOVAGOLD's approach to responsible development extends across education, community wellness, cultural preservation and environmental stewardship — with initiatives designed to contribute to the economic, health and social well-being of our employees, Donlin Gold employees and contractors, as well as communities throughout the Yukon-Kuskokwim (Y-K) region. Donlin Gold supports these efforts through fisheries studies, environmental activities, subsistence initiatives and grants, while recognizing the importance of the region's traditions and subsistence way of life, where environmental health is paramount. Year to date, Donlin Gold has conducted over 25 community visits and briefings throughout the Y-K region, made ongoing social investments through financial and in-kind contributions as well as significant employee involvement, and participated in more than 150 engagements with government representatives, agencies, and candidates. During the third quarter, Donlin Gold participated in educational and community initiatives across the Y-K region, including student engagement in local communities and continued support for Alaska EXCEL, which provides educational and professional opportunities for rural Alaska students and young adults. Donlin Gold also continued to support regional safety initiatives, including the distribution of life vests in communities along the Kuskokwim River and its sponsorship of the Iron Dog helmet safety program through Alaska Safe Riders. Environmental monitoring and stewardship activities also carried on during the quarter, including aquatic monitoring near the proposed mine site and at Snow Gulch, where monitoring of fish populations and newly developed habitat continued to demonstrate species diversity consistent with previous surveys, including the presence of salmon. The 2026 George River salmon smolt monitoring program was also completed in coordination with the Native Village of Napaimute, with more than 7,000 fish sampled over 30 days. These activities contribute to Donlin Gold's ongoing environmental baseline data collection and broader understanding of conditions in and around the project area. Preserving Donlin Gold's Regulatory Approvals and Permitting Position Donlin Gold is a federally permitted project. The permitting framework in Alaska involves extensive review and coordination among federal and state agencies, regional stakeholders, and communities throughout the Y-K region. Permitting activities in the third quarter of 2026 advanced as expected. Work continues on the dam safety permitting process for the project's seven dams, with submission of Detailed Design Packages anticipated by end of 2026 or early 2027 as previously expected and with potential issuance of the Dam Safety Certificates expected in 2028. After the quarter end, on September 23, 2026, the U.S. Army Corps of Engineers, in consultation with the Bureau of Land Management, published Donlin Gold's Supplemental Environmental Impact Statement (SEIS), which analyzes a larger theoretical tailings dam release, while leaving Donlin Gold's federal permits in place. The SEIS is open for public comment until October 23, 2026, with the Final SEIS anticipated in April 2027. All federal and state permits and approvals granted to Donlin Gold remain in effect as the legal appeals proceed. Donlin Gold and its owners continue to support the federal and state agencies in defending the extensive permitting process undertaken for the project, while working with the relevant federal agencies and stakeholders toward an appropriate remedy in response to the Federal District Court's remand decision. Donlin Gold continues to advance permitting activities in a diligent and responsible manner, and to engage with communities and stakeholders as the project progresses. NOVAGOLD Outlook NOVAGOLD's immediate priority is completing the acquisition of Paulson's 40% interest in Donlin Gold, which would result in New NOVAGOLD, directly and indirectly, owning 100% of Donlin Gold. Announced on July 22, 2026, the Transactions are expected to close by year-end, subject to NOVAGOLD shareholder approval, court approval, regulatory and stock exchange approvals, and the satisfaction of customary closing conditions. In parallel, Donlin Gold remains focused on advancing the BFS, targeted for completion in 2027, and evaluating and securing funding alternatives for the project with the recently appointed financial advisors. Engineering efforts led by Fluor continue to advance key workstreams and integrate the work of specialist contractors into the overall engineering, cost, and schedule framework. Supporting technical and site activities are also progressing, including geotechnical drilling and materials assessments along the planned upriver port and access road, plant site, and proposed dam locations. Sincerely, Gregory A. Lang President and CEO Liquidity and Capital Resources As of August 31, 2026, the Company had cash resources comprising cash and cash equivalents and term deposits totaling approximately $343.4 million, which management believes are sufficient to complete the Donlin Gold BFS, exercise the Company's option to prepay the Barrick Mining Corporation ("Barrick") promissory note in the fourth calendar quarter of 2026, and cover corporate general and administrative costs for at least the next twelve months. Cash used in operating activities during the third quarter of 2026 was $2.4 million higher than the comparative prior year period. Cash provided by investing activities during the third quarter of 2026 increased by $331.6 million from the comparative prior year period primarily due to NOVAGOLD's prior year payment of $210.1 million to complete the June 2025 Barrick transaction,9 $137.0 million in net proceeds from maturing term deposits and $1.2 million in net proceeds from the sale of marketable securities, partially offset by $16.7 million of incremental Donlin Gold funding versus the prior year. Funding of Donlin Gold was higher in the third quarter of 2026 compared to the same period in 2025 due to the commencement of the Donlin Gold BFS in early 2026. Cash provided by financing activities during the third quarter of 2026 decreased by $25.5 million from the comparative prior year period, primarily due to $25.5 million in net proceeds from the exercise of an underwriter's overallotment option related to the May 2025 equity offering received last year versus no financing activity during the third quarter of 2026. | As of August 31, 2026 $ | As of May 31, 2026 $ | As of August 31, 2025 $ Cash and term deposits | 343,386 | 370,216 | 125,169 Total assets | 573,286 | 598,744 | 345,385 Total liabilities | 186,031 | 177,727 | 168,273 2026 Outlook NOVAGOLD's operating expenditures for fiscal year 2026 reflect additional incurred legal and other professional fees associated with the Transactions. NOVAGOLD is increasing its fiscal 2026 operating expenditure guidance by $11.5 million to approximately $110.0 million, reflecting higher corporate general and administrative costs of approximately $31.2 million, excluding share-based compensation, and unchanged Donlin Gold funding guidance of approximately $78.8 million, reflecting the Company's 60% share of the Donlin Gold project expenditures for 2026. The $11.5 million increase includes additional legal and professional fees of $7.7 million up to the third quarter and $3.8 million of anticipated expenses in the fourth quarter in support of the Transactions. The Company anticipates incurring additional professional fees and other transaction-related costs in early 2027 in connection with the closing of the Transactions. Due to the pre-funding of December 2026 Donlin Gold activities (first fiscal month of 2027) in November 2026, a portion of 2026 funding will relate to Donlin Gold's 2027 budget. With the acceleration of Donlin Gold BFS activities since commencing in early 2026, NOVAGOLD's share of Donlin Gold expenditures is expected to remain elevated over the next 12 to 18 months compared to historical levels and will increase further assuming the closing of the Transactions occurs by year-end 2026. The Company's management believes it is fully funded to complete the Donlin Gold BFS and exercise its option to prepay the Barrick promissory note in the fourth quarter of 2026. NOVAGOLD expects to raise additional capital in the future to support subsequent project activities, including the commencement of detailed engineering. NOVAGOLD's key catalysts in the coming year include completing the BFS and moving toward a subsequent construction decision. The Company's ongoing priorities include maintaining a favorable reputation among shareholders and stakeholders, promoting strong community outreach and a sustainability culture, maintaining robust safety and environmental performance, and managing the Company's treasury effectively and efficiently. Conference Call & Webcast Details NOVAGOLD's conference call and webcast to discuss these results will take place October 8, 2026, at 8:00 am PT (11:00 am ET). The webcast and conference call-in details are provided below. Video Webcast: | www.novagold.com/investors/events North American callers: | 1-833-752-3655 International callers: | 1-647-846-8520 About NOVAGOLD NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 40 million ounces of gold in Measured and Indicated Mineral Resources (approximately 560 million tonnes at an average grade of 2.22 grams per tonne on a 100% basis)10 inclusive of Proven and Probable Mineral Reserves, the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world. According to the 2025 Technical Report and the 2025 Technical Report Summary, the Donlin Gold project is expected to produce an average of more than one million ounces per year over a 27-year mine life on a 100% basis once in production.11 About Donlin Gold Holdings Donlin Gold Holdings, 100% wholly-owned by Paulson Advisers LLC and its affiliates, is the 40% owner of the Donlin Gold project. Donlin Gold Holdings, together with NOVAGOLD, owns 100% of Donlin Gold and shares equal voting and operating control with NOVAGOLD through its operating agreement. NOVAGOLD Contacts Mélanie Hennessey Vice President, Corporate Communications Frank Gagnon Manager, Investor Relations 604-669-6227 or 1-866-669-6227 [email protected] www.novagold.com Cautionary Note Regarding Forward-Looking Statements This communication includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are frequently, but not always, identified by words such as "expects", "continue", "ongoing", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", "would" or "should" occur or be achieved. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding the expected outcomes of the Transactions; the ability of NOVAGOLD, New NOVAGOLD and Paulson to complete the Transactions on the terms described herein, or at all, including receipt of required regulatory approvals, shareholder approvals, court approvals, stock exchange approvals and satisfaction of other customary closing conditions; the expected synergies related to the Transactions in respect of strategy, operations and other matters; projections related to expansion; and the impact of the Transactions on New NOVAGOLD and its stakeholders. Forward-looking statements contained herein are based on a number of material assumptions, including but not limited to the following, which could prove to be inaccurate: the expected outcomes of the Transactions, the ability of NOVAGOLD, New NOVAGOLD and Paulson to complete the Transactions on the terms described herein, or at all, including receipt of required regulatory approvals, shareholder approvals, court approvals, stock exchange approvals and satisfaction of other customary closing conditions, the expected synergies related to the Transactions in respect of strategy, operations and other matters, projections related to expansion, our ability to achieve production at Donlin Gold; the cost estimates and assumptions contained in the 2025 Technical Report and the 2025 Technical Report Summary; anticipated timing of updated reports and/or studies including the Donlin Gold BFS and draft SEIS; repayment of the Barrick promissory note and the timing thereof; sufficiency of working capital; future capital raising activities and potential sources of funding; estimated metal pricing, metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying our resource and reserve estimates; our expected ability to develop adequate infrastructure and that the cost of doing so will be reasonable; assumptions that all necessary permits and governmental approvals will be obtained and the timing of such approvals; assumptions made in the interpretation of drill results, the geology, grade and continuity of our mineral deposits; our expectations regarding demand for equipment, skilled labor and services needed for exploration and development of mineral properties; and operating or regulatory risks. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, and are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are not historical facts but instead represent NOVAGOLD management's expectations, estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to complete an updated feasibility study and to explore and develop properties; availability of financing in the debt and capital markets; disease pandemics; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between the owners of Donlin Gold to advance the Donlin Gold project; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties disclosed in NOVAGOLD's most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD's website at www.novagold.com, or the SEC's website at www.sec.gov, or on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained herein reflect the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. Important Information and Where to Find It NOVAGOLD has filed relevant materials with the SEC and applicable Canadian securities regulators, including, among other filings, a management information circular and definitive proxy statement on Schedule 14A on October 5, 2026. The management information circular and proxy statement has been mailed or otherwise disseminated to shareholders of NOVAGOLD seeking their approval of the proposals related to the Transactions. INVESTORS AND SHAREHOLDERS OF NOVAGOLD ARE URGED TO READ THE MANAGEMENT INFORMATION CIRCULAR AND DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT HAVE BEEN FILED OR WILL BE FILED WITH THE SEC AND APPLICABLE CANADIAN SECURITIES REGULATORS IN CONNECTION WITH THE TRANSACTIONS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS, THE PARTIES TO THE PROPOSED TRANSACTIONS AND RELATED MATTERS. Investors and shareholders may obtain free copies of the management information circular and definitive proxy statement and other documents filed by NOVAGOLD with the SEC at www.sec.gov , the SEC's website, under NOVAGOLD's profile on SEDAR+ at www.sedarplus.ca, or from NOVAGOLD's website www.novagold.com. 1 NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years, annual projected production of at least 500,000 ounces of gold, and average projected cash costs over the production life that are in the lower half of the industry cost curve. 2 Based on a per share closing price of NOVAGOLD of $7.25 on September 15, 2026, as reported in the Definitive Management Information Circular and Proxy Statement filed on October 5, 2026. 3 Anticipated average annual gold production during the first ten full years of the mine if put into production as contemplated in the report titled "NI 43-101 Technical Report on the Donlin Gold project, Alaska, USA" with an effective date of November 30, 2025 (the "2025 Technical Report") and the report titled "S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA" (the "2025 Technical Report Summary"), dated November 30, 2025. 4 Anticipated average annual gold production during the full life of mine if put into production as contemplated in the 2025 Technical Report and the 2025 Technical Report Summary. 5 Donlin Gold data as per the 2025 Technical Report and the 2025 Technical Report Summary. 6 Donlin Gold data as per the 2025 Technical Report and the 2025 Technical Report Summary. Donlin Gold possesses Measured Resources of approximately 9 Mt grading 2.67 g/t and Indicated Resources of approximately 551 Mt grading 2.21 g/t, each on a 100% basis and inclusive of Mineral Reserves, of which approximately 6 Mt of Measured Resources and approximately 330 Mt of Indicated Resources inclusive of Mineral Reserves is currently attributable to NOVAGOLD through its 60% ownership interest in Donlin Gold. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1.4 Mt grading 1.18 g/t and Indicated Resources of approximately 175 Mt grading 1.32 g/t, of which approximately 0.9 Mt of Measured Resources and approximately 105 Mt of Indicated Resources exclusive of Mineral Reserves is currently attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 9 Mt grading 2.29 g/t and Probable Reserves of approximately 495 Mt grading 2.02 g/t, each on a 100% basis, of which approximately 6 Mt of Proven Reserves and approximately 297 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300. 7 As of October 2026, S&P Global Market Intelligence reports that the global industry average grade for open-pit and underground gold deposits with over 1 million ounces in Measured and Indicated Mineral Resources, inclusive of Mineral Reserves, is 1.05 g/t. In comparison, Donlin Gold's grade is 2.22 g/t, more than double the industry average. 8 Donlin Gold data as per the 2025 Technical Report and the 2025 Technical Report Summary. 9 In June 2025, NOVAGOLD and Paulson acquired Barrick's 50% interest in Donlin Gold. As part of that transaction, NOVAGOLD increased its ownership interest in Donlin Gold from 50% to 60%. 10 Donlin Gold data as per the 2025 Technical Report and the 2025 Technical Report Summary. Donlin Gold possesses Measured Resources of approximately 9 Mt grading 2.67 g/t and Indicated Resources of approximately 551 Mt grading 2.21 g/t, each on a 100% basis and inclusive of Mineral Reserves, of which approximately 6 Mt of Measured Resources and approximately 330 Mt of Indicated Resources inclusive of Mineral Reserves is currently attributable to NOVAGOLD through its 60% ownership interest in Donlin Gold. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1.4 Mt grading 1.18 g/t and Indicated Resources of approximately 175 Mt grading 1.32 g/t, of which approximately 0.9 Mt of Measured Resources and approximately 105 Mt of Indicated Resources exclusive of Mineral Reserves is currently attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 9 Mt grading 2.29 g/t and Probable Reserves of approximately 495 Mt grading 2.02 g/t, each on a 100% basis, of which approximately 6 Mt of Proven Reserves and approximately 297 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300. 11 Anticipated average annual gold production during full life of mine if put into production as contemplated in the 2025 Technical Report and the 2025 Technical Report Summary.

- Interested in Novagold Resources Inc.? Here are five stocks we like better. - NovaGold reported a $36 million fiscal Q3 2026 net loss, up $20.4 million year over year, as Donlin Gold feasibility-study spending and transaction-related legal and professional costs increased. - The company ended the quarter with $343.4 million in cash and term deposits and said its treasury should fund the feasibility study through 2027 and cover corporate expenses for at least 12 months. However, 2026 corporate G&A guidance rose by $11.5 million to $31.2 million. - NovaGold is pursuing a transaction to consolidate 100% ownership of Donlin Gold through an all-share deal involving Paulson's 40% stake, subject to shareholder and regulatory approvals. The feasibility study remains on track for 2027, while permitting and community engagement continue. - Analysts See $4,000 Gold: 3 Ways to Invest at Varied Risk Levels Novagold Resources (NYSEAMERICAN:NG) reported a wider fiscal 2026 third-quarter loss as spending increased for the Donlin Gold project's bankable feasibility study and for legal and professional work tied to its proposed acquisition of the remaining interest in the project. The company reported a net loss of $36 million, or $0.08 per share, for the quarter. The loss increased by $20.4 million from the comparable prior-year period, which Chief Financial Officer Peter Adamek attributed primarily to higher Donlin Gold expenditures and increased corporate general and administrative costs. Higher interest income partly offset those increases. → Morgan Stanley Is Bullish on Apple—But With a Catch NovaGold's share of Donlin Gold expenses rose by $16.6 million year over year, reflecting work by Fluor, WSP, Worley and Hatch on the feasibility study. Corporate G&A expenses increased by $5.7 million, largely because of legal and professional fees related to the proposed transaction announced in July to acquire 100% of Donlin Gold. NovaGold ended the quarter with $343.4 million in cash and term deposits, down $26.8 million during the period. The decline reflected $24.8 million in funding for Donlin Gold and $9.8 million in corporate G&A costs, partly offset by $3.8 million in interest income and $1.2 million from the sale of marketable securities. → The AI Boom's Next Big Winners May Wear Hard Hats Adamek said the company believes its treasury is sufficient to complete the Donlin Gold bankable feasibility study in 2027, exercise an option to prepay a Barrick promissory note during the current quarter, and cover corporate G&A costs for at least the next 12 months. The company raised its 2026 corporate G&A guidance by $11.5 million to $31.2 million to support completion of the proposed Donlin Gold transaction. Adamek said legal and professional costs are expected to remain elevated through the rest of fiscal 2026 and into early 2027, until the transaction is completed. → Disney Is Opening the Door to Netflix—and Changing the Streaming Playbook President and CEO Greg Lang said NovaGold entered definitive agreements on July 21 to create a new U.S.-domiciled parent company, New NovaGold, which is expected to be listed on the New York Stock Exchange through a one-for-one share exchange. Under the proposed arrangement, NovaGold Chairman Thomas Kaplan and investor John Paulson would become co-chairs of New NovaGold. Paulson would hold approximately 40% of New NovaGold, including his existing NovaGold ownership, while his voting interest would be capped at 19.99%. Once completed, New NovaGold would acquire Paulson's 40% interest in Donlin Gold in an all-share transaction and would own 100% of the project. NovaGold and Paulson jointly acquired Barrick's 50% interest in Donlin Gold in June 2025, leaving NovaGold with a 60% interest and Paulson with 40%. The transaction requires approval from two-thirds of shareholders, as well as court, regulatory, listing and customary closing conditions. A special shareholder meeting is scheduled for Nov. 3, 2026, with a voting deadline of Oct. 30. The company expects the transaction to close by year-end. Lang said the combined company is expected to have an approximately $5 billion market capitalization and that the consolidation would add about 16 million ounces of measured and indicated resources, including 13 million ounces of proven and probable reserves, to NovaGold's attributable position. The company said the added interest would increase attributable annual production by more than 520,000 ounces during the mine's first decade. NovaGold said the Donlin Gold bankable feasibility study remains on track for completion in 2027. Fluor is leading integration of major work packages and coordinating with WSP, Worley and Hatch, while geotechnical work at sites including Jungjuk Port and the access-road corridor was expected to wrap up during the fall. The company has expanded its internal workforce from 35 to more than 70 employees in Anchorage and Vancouver since the start of 2026 as it prepares for a final investment decision. NovaGold also appointed Endeavour Financial and Macquarie Capital as financial advisers to evaluate funding alternatives, including conventional project finance and potential sovereign wealth fund support. Lang said Donlin Gold is projected to produce about 1.3 million ounces annually in its first 10 years and more than 1 million ounces annually over a 27-year mine life. The project hosts approximately 40 million ounces of measured and indicated resources at an average grade of about 2.25 grams per ton, according to the company. All project permits remain in place, NovaGold said. The Army Corps of Engineers and Bureau of Land Management published a supplemental environmental impact statement on Sept. 23 analyzing a larger theoretical tailings release. Public comments are open through Oct. 23, and a final environmental impact statement is anticipated in April 2027. The company also expects detailed design packages for seven dams by late 2026 or early 2027, with dam safety certificates anticipated in 2028. During the quarter, Donlin Gold conducted village visits with landowner Calista Corp., including a meeting in Crooked Creek, and continued work with the Subsistence Community Advisory Committee. It also began outreach along the proposed pipeline corridor to more than 190 individuals and entities. Environmental work included completion of the 2026 George River Salmon Monitoring Program with the Native Village of Napaimute, which sampled more than 7,000 fish. In the question-and-answer session, Kaplan said the project has received bipartisan political support in Alaska and noted that the company already holds the permits needed to advance development. He also said the company sees potential financing interest from countries that have committed investment capital in the U.S. Kaplan separately expressed his personal view that gold could reach $5,000 per ounce and move higher over a longer-term bull market. Novagold Resources Inc is a Canada-based precious metals exploration and development company focused on advancing the Donlin Gold project in southwest Alaska. The project is held through Donlin Gold LLC, which is owned equally by Novagold and Barrick Gold Corporation. Donlin Gold is one of the largest undeveloped gold deposits in the world and is located on lands owned by the Calista Corporation and The Kuskokwim Corporation. Novagold does not currently operate producing mines. Its primary activities include project evaluation, permitting, technical studies, exploration, and community and stakeholder engagement related to Donlin Gold. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Novagold Resources Q3 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes the simplified ownership structure and locked-in value to the acquisition of Barrick's interest, noting that the company returned to the capital markets for the first time in 13 years to fund the transaction. The Donlin Gold project is positioned as a globally significant asset with a projected output of over one million ounces annually over a 27-year mine life. Performance is driven by the project's high-grade profile, with resources averaging 2.25 grams per ton, which is more than double the industry average. Strategic integration is being led by Fluor, coordinating specialized contractors under a single framework to improve schedule efficiency and cost accuracy for the feasibility study. Management views the current 8-kilometer gold-bearing trend as having substantial exploration potential, as current resources cover only 3 kilometers of the land package. The project benefits from a stable regulatory environment in Alaska, supported by constructive collaboration with state agencies and local landowners Calista and TKC. The Bankable Feasibility Study (BFS) is on a disciplined engineering trajectory with a targeted completion date in the first half of 2027. Management plans to exercise the option to prepay the Barrick promissory note later this year, utilizing the company's robust $370.2 million treasury. The U.S. Army Corps of Engineers is expected to publish a draft supplemental Environmental Impact Statement (EIS) in September 2026 to analyze a larger hypothetical tailings release. A final ruling from the Alaska Supreme Court regarding the Clean Water Act Section 401 certification is anticipated within approximately one year. Financial advisory engagement is underway to evaluate financing options for the project, with further updates expected in the coming weeks. The net loss for the quarter decreased significantly due to the absence of a $39.6 million non-cash warrant charge recognized in the prior year. Professional fees were elevated in the first half of 2026 due to transaction-related activities but are expected to taper off starting in the third quarter. All existing permits remain in force despite ongoing federal and state litigation, providing operational continuity during the supplemental EIS process. G&A expenses increased by $3.1 million primarily due to higher professional fees, share-based compensation, and employee compensation. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed that elevated fees related to the 10% interest acquisition are expected to begin tapering off in the third quarter of 2026. The study is progressing as expected with multiple specialist contractors, and management is targeting a completion date in the first half of 2027. NovaGold and partner Paulson are currently selecting financial advisors and anticipate making a formal announcement regarding the financing path in the coming weeks. Management noted that while a ruling is expected in about a year, permits remain in force, and they do not expect the litigation to delay the feasibility study or a future construction decision.

NovaGold Resources Inc. NG used its second-quarter fiscal 2026 earnings call to emphasize the steady advancement of the Donlin Gold project, with management centering investor attention on feasibility study execution and long-term development visibility. The company reported results broadly in line with expectations while continuing to prioritize project advancement over near-term earnings performance. Executives underscored improving technical momentum at Donlin Gold and reaffirmed confidence in funding capacity to support near-term milestones. At the same time, rising project spending and equity dilution effects continue to shape the financial profile as the asset moves deeper into development. President and CEO Greg Lang highlighted continued progress on the Donlin Gold bankable feasibility study, noting coordinated work across Fluor, WSP, Worley and Hatch. Management described advancing integration of major engineering packages across power, pipeline and processing infrastructure. Lang emphasized that the study remains on track for completion in the first half of 2027, reinforcing the multi-year development timeline. The focus remains on disciplined engineering execution rather than near-term production decisions. The company also pointed to ongoing geotechnical drilling and materials analysis supporting infrastructure planning. These activities are aimed at de-risking design elements ahead of final study completion. Chief financial officer Peter Adamek stated that NovaGold ended the quarter with approximately $370.2 million in cash and term deposits. Management reiterated that liquidity is sufficient to complete the feasibility study and support general corporate needs for at least the next 12 months. The company also expects to retain flexibility to prepay its Barrick promissory note later in 2026. That obligation remains a key balance sheet consideration, though management highlighted optionality under amended terms. Capital deployment continues to be directed primarily toward Donlin funding requirements, which totaled $16.3 million in the quarter. The increase reflects both expanded ownership exposure and intensified study activity. NovaGold reported a second-quarter 2026 net loss of $25.5 million, or $0.06 per share, in line with the Zacks Consensus Estimate. Results reflected higher operating costs tied to project advancement rather than operational revenue generation. Novagold Resources Inc. price-consensus-eps-surprise-chart | Novagold Resources Inc. Quote Management attributed year-over-year changes primarily to the absence of a prior-year noncash warrant charge and higher interest income. These benefits were partially offset by increased Donlin-related expenditures and higher general and administrative expenses. G&A costs rose due to elevated professional fees, compensation, and share-based expenses. Executives noted that professional fees are expected to moderate in subsequent quarters as earlier transaction-related work phases out. A key structural change remains NovaGold’s increased 60% ownership in Donlin Gold following the 2025 transaction. Management reiterated that this shift significantly increases exposure to project economics and funding obligations. The Donlin investment balance stood at approximately $222 million at the quarter’s end, reflecting ongoing capitalization of project funding and equity losses. This marks a materially larger consolidated commitment compared with prior periods. Executives stressed that despite higher ownership exposure, governance of Donlin remains jointly controlled with Paulson at the board level. This dual-control structure continues to influence decision-making across development milestones. Management reiterated that all major federal and state permits remain in place despite ongoing litigation. Greg Lang highlighted that permitting risk, while still present, has not altered development planning assumptions. Key legal proceedings include challenges to Alaska’s Section 401 water quality certification and federal environmental review processes. Management noted that oral arguments have been completed, with decisions pending. Executives emphasized that the feasibility study execution is proceeding independently of litigation timelines. However, permitting clarity remains a prerequisite for any future construction decision. Morgan Stanley’s Carlos de Alba focused on timing expectations for feasibility study completion and project progression. Management reaffirmed a target completion window in the first half of 2027, citing continued steady execution across engineering partners. BMO Capital Markets’ Frederic Bolton pressed for updates on the financing strategy. CEO Greg Lang indicated the company is actively working with advisors to evaluate funding options and expects further updates in the coming weeks. Management did not commit to a specific financing structure but reinforced that capital planning is being aligned with long-term development stages. The emphasis remained on sequencing feasibility completion before major funding decisions. Management closed the call by reiterating a disciplined approach to advancing Donlin Gold while maintaining liquidity flexibility. The company continues to prioritize feasibility study completion as the next major value catalyst. Executives also highlighted ongoing stakeholder engagement across Alaska and federal agencies as part of maintaining permitting progress. Community and infrastructure coordination remain embedded in project planning. Overall tone reflected steady execution with a long-duration development outlook, with capital allocation tightly linked to Donlin advancement milestones rather than near-term production metrics. NovaGold currently carries a Zacks Rank #3 (Hold), reflecting a neutral positioning in the Zacks framework following the latest reporting period. The Style Score scenario remains mixed, with Value Score F, Growth Score D, Momentum Score C and VGM Score F. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Under the Zacks methodology, the combination of a mid-tier Zacks Rank and a weaker aggregate Style Score indicates limited near-term directional bias until estimate revisions and fundamentals stabilize. The Zacks Rank remains highly sensitive to earnings estimate changes following results such as those reported this quarter. Investors typically monitor whether post-earnings revisions trend higher or lower, as these adjustments often drive subsequent changes in the Zacks Rank over time. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Novagold Resources Inc. (NG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Net Loss: $25.5 million or $0.06 per share for the second quarter of fiscal 2026. Decrease in Net Loss: $28.8 million decrease from the prior year, primarily due to a $39.6 million noncash charge in the previous year and higher interest income in 2026. Donlin Gold Expenses: $10.4 million increase in the second quarter of 2026 compared to the prior year due to ongoing feasibility study activities. G&A Expenses: Increased by $3.1 million in the second quarter of 2026 due to higher professional fees, share-based compensation, and employee compensation. Treasury: Decreased by $22.3 million to $370.2 million during the second quarter. Interest Income: $4 million in the second quarter. Cash Expenditures: In line with the 2026 budget, supporting the completion of the Donlin Gold feasibility study and other financial commitments. Warning! GuruFocus has detected 2 Warning Signs with NG. Is NG fairly valued? Test your thesis with our free DCF calculator. Release Date: June 24, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. NovaGold Resources Inc (NG) has significantly expanded Donlin's reserves and resources over the past two decades through extensive drill programs. The company successfully simplified the ownership structure of the Donlin Gold project, unlocking meaningful value for shareholders. Donlin Gold is projected to become one of the largest annual gold producers globally, with an average output of over 1 million ounces per year over a 27-year mine life. The project boasts approximately 40 million ounces of measured and indicated resources at an average grade of 2.25 grams per tonne, more than double the industry average. NovaGold Resources Inc (NG) is well-funded with a robust treasury of $370.2 million, enabling the completion of the Donlin Gold bankable feasibility study and covering corporate costs for at least the next 12 months. NovaGold Resources Inc (NG) reported a net loss of $25.5 million for the second quarter of 2026, primarily due to higher expenditures at Donlin Gold and increased G&A expenses. The company's share of Donlin Gold expenses increased by $10.4 million compared to the prior period, reflecting ongoing feasibility study activities. Professional fees and G&A expenses were elevated in the second quarter, although they are expected to decline in the latter half of the year. The company is still awaiting a decision from the Alaska Supreme Court regarding the Clean Water Act Section 401 certification, which could impact project timelines. The completion of the bankable feasibility study for Donlin Gold is not expected until the first half of 2027, indicating a lengthy timeline before potential project execution. Q: Can you provide more details on the increase in professional fees and when they might decrease? A: The increase in professional fees was related to the transaction at the end of last year, specifically our 10% stake increase. We expect these fees to taper off starting in the third quarter of this year. - Gregory Lang, President, CEO Q: When do you expect to complete the Donlin Gold bankable feasibility study? A: We anticipate completing the bankable feasibility study in the first half of 2027. The work is progressing well with contributions from Fluor, Worley, WSP, and Hatch. - Gregory Lang, President, CEO Q: Can you provide an update on the financing decisions for the Donlin project? A: We are in the process of selecting financial advisers with our partner, Paulson, and expect to make an announcement soon. The process is moving ahead as we explore financing options. - Gregory Lang, President, CEO Q: What is the current estimate for the development timeline of the Donlin mine? A: Our main focus is completing the bankable feasibility study, which will include an execution plan. We will provide more details on the development timeline once the study is complete. - Gregory Lang, President, CEO Q: What is the expected timeline for the Alaska Supreme Court decision on the water quality certification? A: The Alaska Supreme Court typically takes about a year to issue a ruling. Our permits remain in force during this time, and we expect the decision to coincide with the completion of the feasibility study. - Gregory Lang, President, CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript.