Loading...
•
Aug 31, 2022
Novagold Q3 2022 Earnings Report
Released third quarter financial results and updated on its Tier One gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick Gold Corporation.
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