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Feb 28, 2023
Novagold Q1 2023 Earnings Report
Reported first quarter financial results and provided Donlin Gold project update.
Key Takeaways
NOVAGOLD reported a net loss of $10.7 million for Q1 2023. The Donlin Gold project camp re-opened in the first quarter of 2023 to continue fieldwork. The company's treasury remains robust with $116.2 million in cash and term deposits as of February 28, 2023.
Donlin Gold commenced fieldwork and advanced resource modelling.
The Donlin Gold project camp re-opened in the first quarter of 2023 to continue fieldwork.
Strong $116.2-million treasury with $25-million receivable due in July 2023.
The new air quality permit is expected to be issued by June 30, 2023.
Novagold
Novagold
Forward Guidance
NOVAGOLD anticipates spending approximately $31 million in 2023, with a focus on advancing the Donlin Gold project and maintaining stakeholder support.
Positive Outlook
- Continue to advance the Donlin Gold project toward a construction decision.
- Maintaining support for Donlin Gold among the project’s stakeholders.
- Promoting a strong safety, sustainability, and environmental culture.
- Maintaining a favorable reputation of NOVAGOLD.
- Preserving a healthy balance sheet.