NOVAGOLD Reports $15.4 Million Net Loss in Q1 2026, Driven by Increased Donlin Gold Project Expenditures

NOVAGOLD Resources Inc. reported a net loss of $15.4 million for the first quarter of 2026, compared to a net loss of $9.6 million in the same period of 2025. The loss per share increased to $0.04 from $0.03 year-over-year. The rise in net loss is attributed to higher expenditures related to the Donlin Gold project, which included increased project activity and general administrative expenses. The company's share of expenses from Donlin Gold rose by $3.9 million, reflecting heightened operational activity following the appointment of Fluor Corporation as the lead engineering firm for the project's Bankable Feasibility Study (BFS).

In terms of financial position, NOVAGOLD's total assets increased significantly to $619.4 million as of February 28, 2026, up from $335.9 million at the end of the previous fiscal year. This growth was primarily driven by a private placement that raised approximately $310.2 million, which the company plans to allocate towards Donlin Gold activities and general corporate purposes. Cash and cash equivalents stood at $117.5 million, while term deposits amounted to $275 million, indicating a strong liquidity position to support ongoing project funding.

Strategically, NOVAGOLD completed a significant transaction in June 2025, acquiring a 60% interest in the Donlin Gold project from Barrick Gold, which marked a pivotal shift in the company's operational focus. The company has also engaged in various initiatives to enhance the project's infrastructure, including a non-binding Letter of Intent with Glenfarne Alaska LNG, LLC, to explore natural gas supply for on-site power generation. Additionally, NOVAGOLD has appointed specialized contractors to advance critical components of the Donlin Gold BFS, indicating a proactive approach to project development.

Operationally, NOVAGOLD's engagement metrics reflect a commitment to community relations and stakeholder engagement, particularly in the Yukon-Kuskokwim region. The company has maintained strong relationships with local communities, conducting numerous outreach activities and legislative visits to support project development. As of the end of the first quarter, NOVAGOLD's employee headcount and project team have expanded to accommodate the increased operational demands associated with the BFS.

Looking ahead, NOVAGOLD anticipates its total annual funding for the Donlin Gold project to reach approximately $78.8 million for fiscal 2026. The company expects to continue raising additional capital to support future activities, including detailed engineering and construction decisions. However, it acknowledges potential challenges in securing financing due to recent regulatory issues affecting its ability to register securities with the SEC. Overall, NOVAGOLD remains focused on advancing the Donlin Gold project while managing its financial resources effectively.