Wed, Oct 2, 9:07 PM (79 days ago)
For the third quarter ending August 31, 2024, NOVAGOLD Resources Inc. reported a net loss of $10,743,000, a slight decrease from $11,074,000 in the prior year, attributed to reduced stock-based compensation and lower field expenses at the Donlin Gold project, partially offset by increased general administrative costs and interest expenses. Total cash and term deposits stood at $105.6 million, indicating sufficient liquidity to support ongoing operations and project funding for at least three years. Operating expenses totaled $7,934,000, with general and administrative costs rising due to higher professional fees and employee compensation. The company continues to fund its 50% share of the Donlin Gold project, with $2,864,000 in the quarter and $10,198,000 year-to-date. Future operations are contingent on securing necessary permits and addressing ongoing litigation challenges. The company maintains a cautious outlook, emphasizing stakeholder engagement and project development while navigating regulatory complexities.