Novagold Q3 2022 Earnings Report
Key Takeaways
NOVAGOLD released its 2022 third quarter financial results, highlighting the advancement of the Donlin Gold project and a robust treasury of $132 million in cash and term deposits, with $25 million of receivables in 2023.
Drill program increased in the third quarter from 34,000 meters to 42,000 meters.
Donlin Gold 2022 expenditures are now anticipated to stand at $64 million (of which NOVAGOLD’s portion is 50%).
Donlin Gold signed two additional Shared Value Statements with villages in the Y-K region for a total of 11.
Cash and term deposits were $132 million.
Novagold
Novagold
Forward Guidance
NOVAGOLD anticipates spending approximately $48 million in 2022, with a focus on advancing the Donlin Gold project, maintaining stakeholder support, promoting safety and sustainability, and managing the Company treasury effectively.
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