NOVAGOLD recently released its 10-Q report. The company is a gold mining and development business centered on the Donlin Gold project in Alaska, where it holds a 60% economic interest through a subsidiary. The project covers 493 mining claims across about 29,008 hectares in the Kuskokwim and Mt. McKinley Recording Districts, and NOVAGOLD is based in Vancouver, Canada.
In Item 2, management said work on the Donlin Gold bankable feasibility study continued during the quarter, led by Fluor Corporation with support from WSP USA, Worley Alaska and Hatch. The main workstreams include the on-site power plant, natural gas pipeline, pressure oxidation circuit and oxygen plant. Management also said it is continuing recruitment for critical positions tied to project advancement.
NOVAGOLD reported liquidity of $370.2 million in cash and term deposits as of May 31, 2026. The company said that amount is expected to cover completion of the BFS, the planned prepayment option on the Barrick promissory note later in 2026, and corporate general and administrative costs for at least the next 12 months.
Funding for Donlin Gold in the second quarter of 2026 was $16.3 million, bringing six-month funding to $31.9 million. NOVAGOLD said it expects total annual Donlin Gold funding to match its fiscal 2026 guidance of $78.8 million.
The company also said it completed a private placement on February 5, 2026, selling 31,020,000 common shares at $10.00 each for gross proceeds of $310.2 million. After $16.2 million of issuance costs, the company said it plans to use the net proceeds for Donlin Gold expenditures, the Barrick note prepayment option and general corporate purposes.
On permitting, NOVAGOLD said Donlin Gold remains federally permitted on private land and that detailed design packages are still expected by the end of 2026 or early 2027, with potential dam safety certificates in 2028. The company noted that the Alaska Supreme Court appeal over the state’s Clean Water Act Section 401 certification is pending after oral argument on June 3, 2026.
NOVAGOLD also detailed the federal court litigation over the project’s Joint Record of Decision. The court denied a request to vacate the permits on June 10, 2025, but remanded the case for supplemental NEPA analysis on the issue of a potential larger release from the tailings storage facility. The company said the draft supplemental environmental impact statement is expected in September 2026 under the FAST-41 permitting schedule. Today the company's shares have moved -6.93% to a price of $6.7199. Check out the company's full 10-Q submission here.
