NOVAGOLD Files Second Quarter 2025 Report

Core Viewpoint - NOVAGOLD Resources Inc. has reported its second quarter results for 2025, highlighting significant developments in its Donlin Gold project, including a major acquisition and ongoing drilling activities aimed at resource expansion and feasibility study updates [1][10][12]. Financial Performance - As of May 31, 2025, NOVAGOLD held approximately $319 million in cash and term deposits, with net cash expenditures of $8.3 million for the quarter, primarily funding its share of the Donlin Gold project [3][30]. - The company reported a net loss of $54,275 for the second quarter, translating to an earnings per share of ($0.15), largely due to a non-cash charge related to warrants [4][28]. Project Developments - NOVAGOLD completed a $1 billion acquisition of Barrick Mining Corporation's 50% interest in Donlin Gold LLC, increasing its ownership to 60% [5][39]. - The company successfully raised approximately $234 million through a public equity offering and private placement, which funded the acquisition and ongoing project activities [8][9]. Drilling and Resource Expansion - A 15,000-meter drill program commenced in February 2025, focusing on converting and expanding reserves, with 8,401 meters completed by the end of the quarter [13][15]. - The Donlin Gold project is recognized as one of the largest undeveloped gold deposits globally, with approximately 39 million ounces in Measured and Indicated Resources at a grade of 2.24 grams per tonne, significantly above the industry average [12][43]. Regulatory and Community Engagement - The company has been actively engaging with stakeholders, including state officials and local communities, to reinforce the project's importance and support ongoing permitting efforts [14][19]. - NOVAGOLD continues to maintain its permits and pursue key state approvals, with recent court decisions favoring its water rights and pipeline certifications [20][22]. Future Outlook - The company plans to initiate an updated Feasibility Study and continue its drilling program, with expectations of increased funding requirements due to its higher ownership stake in Donlin Gold [23][31]. - Stakeholder outreach and investment initiatives across Alaska will remain a core focus as the project advances through development stages [24][32].