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Aug 31, 2023
Novagold Q3 2023 Earnings Report
Released third quarter financial results and provided an update on the Donlin Gold project.
Key Takeaways
NOVAGOLD reported its Q3 2023 financial results, highlighting the successful completion of the 2023 field program and an increase in cash and term deposits to $130 million. The company continues to advance the Donlin Gold project, focusing on engineering excellence, environmental stewardship, and community engagement.
Completed fieldwork and geotechnical drilling for Alaska Dam Safety certificate applications.
Advanced hydrogeologic drilling to further define groundwater at the site.
Conducted trade-off studies and extensive analysis on project assumptions for optimization.
Received a $25 million note payment from Newmont, increasing cash and term deposits to $130 million.
Forward Guidance
NOVAGOLD anticipates expenditures of approximately $32 million in fiscal year 2023. The company aims to advance the Donlin Gold project towards a construction decision, maintain stakeholder support, promote a strong health and safety culture, and preserve a healthy balance sheet.
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 health and safety, sustainability, and environmental culture.
- Maintaining a favorable reputation of NOVAGOLD.
- Preserving a healthy balance sheet.
Challenges Ahead
- Need to obtain additional permits and governmental approvals.
- The timing and likelihood of obtaining and maintaining permits necessary to construct and operate.
- The need for additional financing to explore and develop properties and availability of financing in the debt and capital markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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