NovaGold Resources (NG) Q1 2026 earnings summary

Executive summary

• Donlin Gold project is advancing toward becoming America's largest gold mine, with a 27-year mine life, high grade, and significant exploration upside, supported by robust permitting progress and strong stakeholder engagement.

• Bankable Feasibility Study (BFS) launched with Fluor as lead engineering firm and key contracts awarded to WSP, Worley, and Hatch.

• Closed major private placements totaling up to $310.2 million in Q1 2026, significantly increasing liquidity for project advancement and prepayment of the Barrick promissory note.

• Maintained strong community engagement and permitting progress, with all key permits in place despite ongoing litigation and regulatory milestones achieved.

• Signed non-binding LOI with Glenfarne Alaska LNG to evaluate natural gas supply, aiming to enhance project economics.

Financial highlights

• Q1 2026 net loss was $15.4 million, up from $9.1–$9.6 million in Q1 2025, mainly due to higher Donlin Gold expenditures and increased G&A expenses.

• Cash and term deposits at quarter-end were $392.5 million, bolstered by private placements and equity issuance.

• Q1 2026 total spending was $22.3 million, with Donlin Gold funding at $15.5 million and G&A at $5.3 million.

• Promissory note payable: $169.9 million, with an option to prepay for $100 million by December 3, 2026.

Outlook and guidance

• Fiscal 2026 operating expenditures expected at $98.5 million, including $78.8 million for Donlin Gold and $19.7 million for corporate G&A.

• BFS completion targeted for 2027, with engineering and construction decisions expected thereafter, and a schedule review planned by mid-2026.

• Liquidity sufficient to fund BFS completion and prepay Barrick promissory note.