Novagold Resources Inc. ("Novagold") has released its financial results for the third quarter of 2024, reporting a strong treasury of approximately $106 million in cash and term deposits. As of August 31, 2024, Novagold maintained a healthy treasury of $105.6 million.
The company achieved several milestones during the third quarter, including advancing metallurgical test work at a pilot plant in Ontario, Canada, to confirm proposed optimizations to the flowsheet, with completion expected by year-end. Additionally, the majority of the dam safety certification preliminary design packages were submitted to the Alaska Department of Natural Resources on June 17, 2024, with final documents expected to be submitted by year-end.
Novagold reported an updated resource modeling by the Donlin Gold team and a third-party consultant nearing completion. The company also incorporated field and geochemical data to update groundwater and surface water models for operational and closure planning.
In terms of community involvement and government engagement, Novagold, in collaboration with Calista Corporation and the Kuskokwim Corporation, achieved significant milestones in education, health and safety, cultural preservation, and environmental initiatives. This included hosting residents on a tour of the Donlin Gold project, participating in a public open house in Anchorage, and supporting various education and youth programs.
The company also announced the appointment of Peter Adamek as the new Vice President and Chief Financial Officer. This appointment brings a seasoned financial executive with over 20 years of experience to the leadership team.
Novagold remains committed to advancing the Donlin Gold project with a focus on financial prudence, engineering excellence, environmental responsibility, and a strong safety culture. The company's ongoing engagement with stakeholders and government aims to enhance Donlin Gold’s social license.
In collaboration with Calista and TKC, the mineral and surface rights holders, Donlin Gold LLC has made significant strides in local community and government engagement across the Y-K region, Alaska, and Washington, D.C.
The company is also dedicated to proactively defending and upholding current state and federal permits while working to secure remaining key state permits. Donlin Gold, in collaboration with Calista, actively supports federal and state agencies in defending the project’s permits against legal challenges.
Novagold strongly believes that the Donlin Gold project represents a compelling investment opportunity in the gold market, especially amidst the scarcity of high-quality assets in secure jurisdictions and the gold price reaching an all-time high. The project boasts approximately 39 million ounces of gold at a grade of 2.24 grams per tonne in measured and indicated mineral resources, inclusive of proven and probable mineral reserves. As a result of these announcements, the company's shares have moved -12.0% on the market, and are now trading at a price of $3.69. For the full picture, make sure to review NovaGold Resources's 8-K report.
