Wed, Jun 26, 9:07 PM (117 days ago)
NOVAGOLD RESOURCES INC. reported its quarterly results for the period ending May 31, 2024. The company’s principal focus remains on advancing the Donlin Gold project in Alaska, which is jointly owned with Barrick Gold Corporation. Key activities included ongoing resource modeling, metallurgical test work, hydrology updates, and regional infrastructure planning. The company emphasized strong stakeholder engagement and environmental initiatives, particularly in the Yukon-Kuskokwim region. Financially, NOVAGOLD saw a decrease in net loss for both the quarter and the first six months of 2024 compared to the prior year, driven by lower field expenses at Donlin Gold and increased interest income. General and administrative expenses rose due to higher employee compensation and professional fees. Cash and cash equivalents increased to $52.6 million, primarily due to proceeds from term deposits. The company expects its share of Donlin Gold funding to be $14.25 million for the year, with total anticipated expenditures of approximately $31.2 million, including general and administrative costs. NOVAGOLD believes it has sufficient working capital for the next three years but acknowledges the need for additional capital for future project development and construction.