NovaGold Resources Inc.

NOVAGOLD reported a fiscal 2026 second quarter net loss of CAD 25.5 million, or CAD 0.06 per share, versus a prior-year period that included a CAD 28.8 million charge related to warrants issued under a backstop agreement. The company said higher interest income in 2026 partially offset higher Donlin Gold expenditures tied to ongoing bankable feasibility study activities and higher G&A. Treasury comprising cash and term deposits decreased by CAD 22.3 million, including CAD 16.3 million of Donlin Gold funding, and corporate G&A rose by CAD 2.3 million year over year. Forward-looking, management said the company is well-funded to complete the Donlin Gold BFS in 2027 and cover corporate G&A for at least the next 12 months; it also said the BFS is progressing as expected, with a draft supplemental EIS anticipated in September and permits remaining in force while Alaska Supreme Court cases are pending.

Greg Lang framed Donlin Gold as a long-term value-creation story built over two decades of reserve/resource growth, simplification of ownership, and the return to markets with a Bankable Feasibility Study. He emphasized the project’s scale, grade, long life, and exploration upside, and repeatedly pointed to continued progress on technical work, permitting, and stakeholder engagement. His tone was constructive and confident, but measured, especially on timing for the BFS, permitting, and financing.

Peter Adamek focused on the financial bridge to the next phase, citing the CAD 25.5 million net loss and CAD 0.06 per share for Q2, the CAD 22.3 million decrease in treasury, and the CAD 16.3 million contribution to Donlin Gold. He said higher professional fees, share-based compensation, and employee compensation drove the increase in G&A, and noted that professional fees were elevated but in line with quarterly cadence expectations. He stressed that NOVAGOLD is well-funded, with cash expenditures in Q2 and the first six months of fiscal 2026 generally in line with budget and enough liquidity to fund the BFS in 2027 and cover corporate G&A for at least 12 months.

Analysts asked whether second-half spending would be lower than the first half and whether that change was already concentrated in Q4; management said the movement was tied to a transaction that occurred at the end of last year. Questions also focused on BFS timing and financing: Greg said the study is progressing as expected with Fluor, Worley, WSP and Hatch and that financing advisors are being selected with Paulson, with an announcement expected in coming weeks. On the Alaska Supreme Court water-quality certification case, Greg said there were three cases, permits remain in force, and Alaska typically takes about a year to issue a ruling.