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May 31, 2022
Novagold Q2 2022 Earnings Report
Announced second quarter results and provided an update on the Donlin Gold project.
Key Takeaways
NOVAGOLD released its Q2 2022 financial results and provided an update on its Donlin Gold project, highlighting the largest drill program in over 10 years and a strong treasury with $142 million in cash and term deposits.
Donlin Gold's largest drill program in over 10 years is progressing ahead of schedule.
The drill program aims to update geologic models and resource models for an updated feasibility study.
Donlin Gold received its federal permits in 2018, and most of the key State permits are also in place.
NOVAGOLD had a strong treasury of $142 million in cash and term deposits as of May 31, 2022.
Forward Guidance
NOVAGOLD anticipates spending approximately $46 million in 2022, with a focus on advancing the Donlin Gold project, maintaining stakeholder support, and promoting safety and sustainability.
Positive Outlook
- Continue to advance the Donlin Gold project toward a construction decision.
- Maintain or increase support for Donlin Gold among the project’s stakeholders.
- Promote a strong safety, sustainability, and environmental culture.
- Maintain a peer-leading reputation for NOVAGOLD, its governance practices and its project among shareholders.
- Manage the Company treasury effectively and efficiently.
Historical Earnings Impact
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