Core Viewpoint - NOVAGOLD Resources Inc. has successfully completed an upsized bought deal private placement, raising approximately US$310 million through the sale of 31,020,000 common shares at US$10.00 each, which will be utilized for Donlin Gold project activities, settling a promissory note with Barrick Mining Corporation, and general corporate purposes [1][2]. Group 1: Offering Details - The offering consisted of 31,020,000 common shares priced at US$10.00 each, resulting in gross proceeds of approximately US$310 million, including a partial exercise of the over-allotment option and participation from two cornerstone investors [1]. - Underwriters for the offering included BMO Capital Markets, RBC Capital Markets, and Scotiabank, who received a cash fee of 5% of the gross proceeds [2]. - The common shares were offered under various exemptions from prospectus requirements in Canada, the U.S., and other jurisdictions, with a minimum hold period of six months from the closing date [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated to expenditures related to the Donlin Gold project, settling a prepayment option on a promissory note with Barrick, and for general corporate purposes [2][6]. Group 3: Company Overview - NOVAGOLD is focused on the development of the Donlin Gold project in Alaska, which is recognized as one of the safest mining jurisdictions globally, containing approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories [5]. - The Donlin Gold project is expected to produce over one million ounces of gold annually over a 27-year mine life once in production, making it one of the largest and highest-grade open-pit gold deposits [5]. - As of November 30, 2025, the promissory note with Barrick, including accrued interest, amounted to approximately US$166.3 million, with an option to prepay US$100 million by December 3, 2026 [6].

We recently published 10 Big Names With Easy 10-30% Gains. NovaGold Resources Inc. (NYSEAmerican:NG) was one of the best performers on Tuesday. NovaGold soared to a new five-year record on Tuesday, as investors took heart from gold’s climb to the $5,100 territory during the day—extending a run of all-time highs. At intra-day trading, NovaGold Resources Inc. (NYSEAmerican:NG) jumped to its highest price of $11.76 before trimming a few cents to finish the day just up by 12.56 percent at $11.74 apiece, mim ...

B. Riley raised the firm’s price target on NovaGold (NG) to $13 from $11 and keeps a Buy rating on the shares. Commodity markets strengthened broadly, with aluminum, steel, met coal, power prices, and select critical minerals rising on tight supply, strong demand, and weather-driven disruptions, while tungsten posted a sharp spike to record highs, the analyst tells investors in a research note. These dynamics supported higher estimates and price targets for select metals names, highlighted coal’s reliabili ...

An employee works on drilling at the Donlin Gold project in Alaska. Credit: Novagold Resources. Novagold Resources (TSX: NG) says inflationary pressures mean its Donlin Gold project in Alaska will probably cost $9.2 billion – a 25% increase – while the value of the proposed mine has soared 66% on the back of higher commodity prices.Based on a $2,100-per-oz. gold price and a 5% discount rate, Donlin’s net present value is now projected to be $5.1 billion, up from the $3 billion that was calculated in a 2021 ...

Core Viewpoint - NOVAGOLD Resources Inc. has announced an increase in the size of its bought deal private placement to 30 million common shares at a price of US$10.00 per share, aiming for gross proceeds of approximately US$300 million, with a cornerstone order of US$140 million from a European institution [1][2]. Group 1: Offering Details - The offering will consist of 30 million common shares priced at US$10.00 each, resulting in gross proceeds of about US$300 million [1]. - An over-allotment option has been granted to underwriters, allowing them to purchase an additional 15% of the shares for up to approximately US$45 million, potentially raising total gross proceeds to about US$345 million [1]. - The expected closing date for the offering is on or about February 5, 2026, pending necessary regulatory approvals [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated for expenditures related to Donlin Gold activities, settlement of a promissory note with Barrick Mining Corporation, and general corporate purposes [2]. Group 3: Company Overview - NOVAGOLD is focused on the development of the Donlin Gold project in Alaska, which is recognized as one of the largest and highest-grade open-pit gold deposits globally, with approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories [6]. - The Donlin Gold project is projected to produce over one million ounces of gold annually over a 27-year mine life once in production [6].

Core Viewpoint - NOVAGOLD Resources Inc. has announced a private placement offering of 20 million common shares at a price of US$10.00 per share, aiming for gross proceeds of approximately US$200 million, with a cornerstone order of US$140 million from a European institution [1][2]. Group 1: Offering Details - The offering is structured as a bought deal with underwriters BMO Capital Markets, RBC Capital Markets, and Scotiabank [1]. - An over-allotment option allows underwriters to purchase an additional 15% of the shares, potentially increasing total gross proceeds to approximately US$230 million [1]. - The expected closing date for the offering is around February 5, 2026, pending necessary regulatory approvals [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated to expenditures related to the Donlin Gold project, settlement of a promissory note with Barrick Mining Corporation, and general corporate purposes [2]. Group 3: Company Overview - NOVAGOLD is focused on the development of the Donlin Gold project in Alaska, which is recognized as one of the largest and highest-grade open-pit gold deposits globally, with approximately 40 million ounces of gold in Measured and Indicated Mineral Resource categories [6]. - The Donlin Gold project is projected to produce over one million ounces of gold annually over a 27-year mine life once in production [6].

Financial Data and Key Metrics Changes - NovaGold reported a fiscal 2025 fourth quarter net loss of $15.6 million, an increase of $4.7 million from the prior year, primarily due to higher site activity at Donlin Gold and increased general and administrative expenses [35] - For the full year, the company reported a net loss of $94.7 million, which included a $39.6 million non-cash, non-recurring charge related to warrants issued for a backstop commitment [35] - The treasury increased by $13.9 million during fiscal 2025, ending the year with $115.1 million [36] Business Line Data and Key Metrics Changes - Donlin Gold expenditures increased by $9 million due to the 2025 field program, reflecting the company's second consecutive quarter with a 60% interest in Donlin Gold [35] - Corporate general and administrative cash spend increased by $1 million compared to the prior year [36] Market Data and Key Metrics Changes - The market reception for NovaGold has improved significantly, with the stock price rising from a low of $2.50 early last year to current levels, indicating a potential for major revaluation [7] Company Strategy and Development Direction - NovaGold aims to build what could be America's largest single gold mine, emphasizing the strategic partnership with Paulson and the alignment of interests [3][4] - The company is focused on advancing the Donlin Gold project, with plans for a bankable feasibility study and ongoing exploration to enhance resource conversion [39][48] - The company is also exploring financing opportunities, leveraging partnerships with sovereign wealth funds and other investors [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the gold market, citing strong demand from central banks and the potential for gold prices to reach $3,000-$5,000 [16][25] - The company believes it is in a favorable jurisdiction (Alaska) for mining, which will support its operational stability and growth [10][46] Other Important Information - The company completed an 18,000-meter drill program at Donlin, with a focus on enhancing geological modeling and resource conversion [39] - NovaGold has maintained a strong environmental and safety record, which is crucial for its operations in Alaska [43] Q&A Session Summary Question: What is the ideal structure of the agreement with Glenfarne Group? - Management indicated that discussions are ongoing and that Glenfarne is interested in building and operating the pipeline, with further announcements expected soon [54] Question: How is the budget for the bankable feasibility study allocated? - The budget for 2026 includes significant components for the feasibility study, ongoing exploration, and community engagement, with the feasibility study expected to take about 18 months [60][62] Question: Is the tailings design finalized? - The tailings dam design is finalized and submitted, with no anticipated changes, ensuring stability and compliance with regulatory standards [66] Question: What are the project economics targeted in the BFS? - The project economics at a gold price of $2,100 indicate a double-digit rate of return, with significant leverage to higher gold prices [67]

Financial Data and Key Metrics Changes - NOVAGOLD reported a fiscal 2025 fourth quarter net loss of $15.6 million, an increase of $4.7 million from the prior year, primarily due to higher site activity at Donlin Gold and increased general and administrative expenses [34] - For the full year, NOVAGOLD reported a net loss of $94.7 million, which included a $39.6 million non-cash, non-recurring charge for warrants issued as consideration for a backstop commitment in support of the Donlin Gold transaction [34] - The company's treasury increased by $13.9 million during fiscal 2025, ending the year with $115.1 million [36] Business Line Data and Key Metrics Changes - Donlin Gold expenditures were $9 million higher in fiscal 2025 due to the field program [35] - Corporate general and administrative cash spend increased by $1 million compared to the prior year [36] Market Data and Key Metrics Changes - The market reception for NOVAGOLD has improved, with the stock price rising from a low of $2.50 early last year [7] Company Strategy and Development Direction - NOVAGOLD aims to build America's largest single gold mine at the Donlin Gold Project, emphasizing the strategic alignment with its partner, Paulson [3][4] - The company is focused on advancing the feasibility study and exploring the vast potential of its land holdings, with only 5% explored so far [41][32] Management's Comments on Operating Environment and Future Outlook - Management believes that NOVAGOLD is in the early stages of a revaluation, with significant upside potential as gold prices rise [4][9] - The company is confident in its operational jurisdiction in Alaska, which is seen as stable and supportive for mining activities [10][44] Other Important Information - The company has completed the federal permitting process and is nearing completion of state permitting, allowing for progress without external delays [39] - NOVAGOLD has strong institutional support, with top shareholders representing almost two-thirds of outstanding stock [45] Q&A Session Summary Question: Ideal structure of the agreement with Glenfarne Group - Management indicated that discussions are ongoing and that Glenfarne is interested in building and operating the pipeline, with further announcements expected soon [50][52] Question: Capacity of engineering firms for the BFS - Management stated that they have been selective in choosing firms with the necessary experience and capacity for the project, with news on the selected firm expected soon [50][53] Question: Increase in strip ratio in the technical report - The increase in strip ratio is attributed to adjustments in pit design and views on dilution, which will be revisited in the feasibility study [51][54] Question: Allocation of the budget for upcoming Donlin activities - The budget for 2026 includes significant components for the bankable feasibility study and ongoing exploration, with a focus on community engagement [57][59] Question: Tailings design status - The tailings dam design is finalized and not expected to change, as it is a state-of-the-art structure [64] Question: Project economics, NPV, and IRR targets - Management indicated that the project economics are robust even at lower gold prices, with significant leverage to upside as gold prices increase [66]

NovaGold Resources (NYSEAM:NG) Q4 2025 Earnings call January 22, 2026 11:00 AM ET Speaker1Thank you for standing by. This is the conference operator. Welcome to NovaGold's 2025 Year-End Reports conference call and webcast. As a reminder, all participants are in listen-only mode. The conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the confere ...

Dr. Thomas S. Kaplan Chairman Year-End Financials Peter Adamek Vice President & Chief Financial Officer Current Activities and Outlook 2025 Year-End Report & Donlin Gold Update January 22, 2026 TSX, NYSE AMERICAN: NG | NOVAGOLD.COM 2025 YEAR-END WEBCAST & CONFERENCE CALL AGENDA Introduction Mélanie Hennessey Vice President, Corporate Communications Building The Path To America's Largest Gold Mine Greg Lang President & Chief Executive Officer 2 NOVAGOLD | Year-End Report and Donlin Gold Update Generational a ...