NOVAGOLD Reports Third Quarter 2024 Financial Results

Core Viewpoint - NOVAGOLD Resources Inc. is focused on advancing the Donlin Gold project, aiming for a fully updated feasibility study while maintaining strong community and government engagement to uphold its social license [1][6][11]. Financial Overview - As of August 31, 2024, NOVAGOLD reported a strong treasury of approximately $105.6 million in cash and term deposits [4][9]. - The company experienced a net loss of $10.7 million for the third quarter of 2024, a slight decrease from a loss of $11.1 million in the same period the previous year [28][29]. Project Development Milestones - Key activities in the third quarter included metallurgical test work at a pilot plant, submission of preliminary design packages for Dam Safety Certification, and updated resource modeling [3][7]. - A workshop was held in Alaska to review progress and discuss next steps for the Donlin Gold project [3][8]. Community Engagement and Social Responsibility - NOVAGOLD, in collaboration with Calista Corporation and The Kuskokwim Corporation, has made significant strides in community engagement, including hosting tours and public open houses [4][13]. - The company supports various local initiatives, including educational programs and environmental stewardship efforts, reinforcing its commitment to social responsibility [14][17]. Legal and Permitting Status - The company is actively defending its permits against legal challenges, with ongoing litigation related to water rights and environmental certifications [20][21][22]. - The permitting process is complex but is supported by a strong commitment to transparency and stakeholder engagement [19][24]. Future Outlook - For fiscal year 2024, anticipated cash expenditures are approximately $31.2 million, with $14.25 million allocated for the Donlin Gold project [32][33]. - The company aims to continue advancing the project towards a construction decision while maintaining a healthy balance sheet and stakeholder support [33][34].