NOVAGOLD RESOURCES INC. is a precious metals company primarily focused on the development of its flagship Donlin Gold project, located in Alaska. The company owns the project in equal partnership with Barrick Gold Corporation. As of February 28, 2025, NOVAGOLD reported cash and term deposits of approximately $93 million, with net first-quarter cash expenditures of $8.3 million, which included $3.6 million attributed to its share of the Donlin Gold project and $3.8 million in corporate general and administrative expenses.

The company’s financial performance indicates a decline, as it reported a net loss of $9.1 million for the first quarter of 2025, translating to an earnings per share of ($0.03). This decline is consistent with the company’s development stage, as it does not generate production revenue. The cash and cash equivalents decreased from approximately $101.2 million as of November 30, 2024, primarily due to operational expenditures.

For fiscal year 2025, NOVAGOLD has budgeted cash expenditures of about $37.5 million, which includes $21.5 million earmarked for the Donlin Gold project and $16 million for corporate operations. In terms of operational milestones, the first quarter of 2025 saw the commencement of a field program at Donlin Gold, which began with the opening of the project camp in February, followed by the start of drilling in March.

The drilling program aims to cover approximately 15,000 meters, focusing on grid drilling to advance mine planning considerations. In comparison to the previous year, cash used in operational activities and project funding remained relatively stable. As of February 28, 2025, total assets stood at approximately $102 million, down from $109.8 million the previous quarter.

Overall, NOVAGOLD’s activities continue to concentrate on advancing the Donlin Gold project toward a feasibility study and eventual construction decision while ensuring adequate funding levels for its operational needs.