NOVAGOLD Reports $36M Net Loss in Q3 2026, Focuses on Donlin Gold Project

NOVAGOLD Resources Inc. reported a net loss of $36.0 million for the third quarter of 2026, translating to a loss per share of $0.08, compared to a net loss of $15.6 million and a loss per share of $0.04 in the same period last year. The increase in net loss by $20.4 million was primarily attributed to heightened expenditures related to the Donlin Gold project, driven by accelerated Bankable Feasibility Study (BFS) activities, as well as increased general and administrative expenses, particularly professional fees associated with ongoing strategic transactions. For the nine months ending August 31, 2026, the company reported a net loss of $77.0 million, a slight decrease from $79.0 million in the prior year.

In terms of financial position, NOVAGOLD's cash and cash equivalents rose to $146.4 million as of August 31, 2026, up from $110.1 million at the end of the previous fiscal year. The company also reported term deposits of $197.0 million, significantly higher than $5.0 million reported in November 2025. Current assets totaled $349.8 million, a substantial increase from $117.5 million in the prior period. The company's investment in Donlin Gold increased to $222.9 million, reflecting ongoing funding and operational activities at the project.

Strategically, NOVAGOLD is advancing its Donlin Gold project, which is a joint venture with Paulson Advisers LLC. On July 21, 2026, the company entered into a series of agreements to facilitate the acquisition of Paulson's 40% interest in Donlin Gold, which would result in NOVAGOLD owning 100% of the project. This transaction is expected to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals. The company has also appointed Endeavour Financial and Macquarie Capital as financial advisors to assist in evaluating funding alternatives for the project.

Operationally, NOVAGOLD's share of funding for the Donlin Gold project was $24.8 million in the third quarter and $56.7 million for the first nine months of 2026. The company anticipates maintaining its funding guidance for Donlin Gold at approximately $78.8 million for the year. The workforce supporting the project has expanded from approximately 35 to 77 employees since the beginning of 2026, reflecting the ramp-up in project activities. The company continues to engage with stakeholders and government representatives to uphold its permits and advance the project.

Looking ahead, NOVAGOLD expects to raise additional capital to support future activities, including the commencement of detailed engineering for the Donlin Gold project. The company has indicated that its liquidity position is sufficient to cover its operational needs for at least the next twelve months, but it acknowledges the need for future financing to sustain its long-term development goals. The completion of the strategic transaction with Paulson is anticipated to enhance the company's operational and financial flexibility moving forward.