Novagold Resources Inc. has filed its 2025 third quarter report, showcasing a series of significant developments. The company's cash and term deposits stood at approximately $125 million as of August 31, 2025. The net third quarter cash expenditures were $9 million, with $8.1 million allocated to fund Novagold’s share of the Donlin Gold project, and $0.9 million for corporate general and administrative costs.
As a development-stage company with no production, Novagold reported earnings of ($15.6) million and earnings per share of ($0.04) for the third quarter of 2025. These results reflect higher expenditures at Donlin Gold due to the 2025 field program and the ramp-up of activities to commence the bankable feasibility study (BFS), while remaining in line with the company's 2025 guidance, as adjusted to reflect a 60 percent funding obligation at Donlin Gold commencing June 3, 2025.
The company also successfully completed the transformative $1 billion acquisition of Barrick Mining Corporation’s 50 percent interest in Donlin Gold on June 3, 2025, increasing its stake in Donlin Gold LLC to 60 percent. Novagold strengthened its treasury with proceeds from the underwritten public offering of $195.2 million and a concurrent private placement of $64.4 million, which funded the $200 million payment to increase Novagold’s ownership in Donlin Gold LLC and for general corporate purposes.
Furthermore, Novagold issued the request for proposals (RFP) for Donlin Gold’s bankable feasibility study (BFS) to top-tier qualified engineering firms, expecting to award the contract and begin the BFS work before year-end. The company also released initial results from the 2025 Donlin Gold drill program, confirming consistent mineralization across multiple zones, including standout intervals containing up to 23.49 g/t gold.
The completion of the 18,454-meter 2025 drill program, the hosting of project site tours with investors and analysts, and the engagement in community and environmental initiatives were additional notable achievements at Donlin Gold in the third quarter of 2025.
Novagold’s president highlighted the significant milestones achieved in the third quarter, including the acquisition of an additional 10 percent stake in Donlin Gold and the arrival of an aligned co-owner. The company’s partnership with Paulson and strengthened engagement aims to drive Donlin Gold’s growth, with a district-wide exploration program currently being designed to expand resources and search for new discoveries.
As a result of these announcements, the company's shares have moved 11.53% on the market, and are now trading at a price of $9.815. For the full picture, make sure to review NOV's 8-K report.
