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May 31, 2023
Novagold Q2 2023 Earnings Report
Announced second quarter 2023 financial results and advanced fieldwork and resource model to prepare Donlin Gold Project for the next phase of development, maintaining a robust treasury.
Key Takeaways
NOVAGOLD reported its second quarter 2023 financial results, highlighting advancements in the Donlin Gold project and a strong treasury position. Activities focused on updating geologic and resource models, analyzing project assumptions, and advancing fieldwork and geotechnical drilling. The company also maintained support among stakeholders and progressed permit applications.
Advanced fieldwork, resource model, and trade-off studies to prepare the Donlin Gold Project for the next phase of development.
Maintained a robust treasury of $109 million in cash and term deposits, with $25 million of receivables expected in the third quarter of 2023.
Updated geologic and resource models with data from recent drill programs.
Continued engagement with partners and stakeholders, expanding project support in the Y-K region.
Novagold
Novagold
Forward Guidance
NOVAGOLD anticipates spending approximately $31 million in 2023, with a focus on advancing the Donlin Gold project, maintaining stakeholder support, promoting safety and sustainability, preserving a healthy balance sheet, and maintaining a favorable reputation.
Positive Outlook
- Continuing 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