NovaGold Resources Reports $93 Million in Cash at Q1 2025

By Tamara Parker • Tuesday, April 01 15:13 • Permanent Link

Novagold Resources Inc. has filed its 2025 first quarter report and provided an update on its Donlin Gold project, which it owns equally with Barrick Gold Corporation. As of February 28, 2025, NovaGold held approximately $93 million in cash and term deposits, and reported net first quarter cash expenditures of $8.3 million, including $3.6 million to fund NovaGold’s share of the Donlin Gold project and $3.8 million in corporate general and administrative costs. The company reported earnings of ($9.1) million and earnings per share of ($0.03) for the first quarter of 2025, reflecting expenditures in line with the budget.

In the first quarter of 2025, Donlin Gold LLC made significant progress on key activities, including commencing the 2025 field program with camp opening in February and starting drilling in March after the quarter end. Approximately 15,000 meters of drilling is planned, primarily focused on grid drilling to further develop the modifying factors and mine planning input parameters.

Donlin Gold also collaborated with Calista Corporation and the Kuskokwim Corporation on critical ecological, educational, and cultural awareness initiatives. The company also extended financial assistance to maintain the Kuskokwim River ice road and supported the Alaska Safe Riders Initiative, Camp Fire Alaska, and local community sports initiatives.

Regarding permits, Donlin Gold continued to support state and federal agencies defending their permits in litigation, with decisions anticipated in 2025. The company also provided an update on its liquidity and capital resources, indicating that cash and cash equivalents decreased by $8.3 million in the first quarter of 2025.

Looking ahead, NovaGold’s budgeted cash expenditures in fiscal year 2025 are approximately $37.5 million, including $21.5 million to fund the Donlin Gold project and $16 million for corporate general and administrative costs.

Today the company's shares have moved 1.5% to a price of $2.96. For the full picture, make sure to review NovaGold Resources's 8-K report.

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