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Aug 31, 2020
Novagold Q3 2020 Earnings Report
Reported third quarter financial results and provided an update on the advancement of the Donlin Gold project.
Key Takeaways
NOVAGOLD released its 2020 third quarter financial results, highlighting the completion of the planned drilling for 2020 at the Donlin Gold project and the maintenance of strict COVID-19 health and safety measures. The company's treasury remains robust due to prudent fiscal management.
Completed the planned 2020 drilling program at Donlin Gold with 85 core holes encompassing approximately 23,400 meters.
Implemented stringent health and safety measures due to the COVID-19 pandemic, allowing safe operation of drill rigs.
Advanced state permitting for the Donlin Gold project, with key federal permitting milestones already completed.
Maintained a strong balance sheet with $126.3 million in cash and term deposits as of August 31, 2020.
Forward Guidance
NOVAGOLD anticipates spending approximately $31 million in 2020 and is focused on advancing the Donlin Gold project, maintaining a healthy balance sheet, sustaining an effective corporate social responsibility program, and promoting a strong safety, sustainability, and environmental culture.
Positive Outlook
- Continue to advance the Donlin Gold project toward a construction/production decision.
- Maintain a healthy balance sheet.
- Sustain an effective corporate social responsibility program.
- Promote a strong safety, sustainability, and environmental culture.
- Advance state permitting for the Donlin Gold project.
Challenges Ahead
- Uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources.
- Changes in mineral production performance, exploitation and exploration successes.
- Changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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