Novagold Q3 2024 Earnings Report
Key Takeaways
NOVAGOLD released its 2024 third quarter financial results, highlighting progress on the Donlin Gold project and a strong treasury of approximately $106 million in cash and term deposits.
Advanced key activities to position the Donlin Gold project to update technical work and cost estimates.
Progressed metallurgical test work at a pilot plant in Ontario, Canada to confirm proposed optimizations to the flowsheet, with completion expected by year-end.
Updated resource modelling by the Donlin Gold team and a third-party consultant is also nearing completion.
With $105.6 million in cash and term deposits as of August 31, 2024, NOVAGOLD is well-positioned to support this effort.
Novagold
Novagold
Forward Guidance
NOVAGOLD anticipates cash expenditures of approximately $31.2 million in fiscal year 2024, including $14.25 million for the Donlin Gold project and $16.95 million for corporate general and administrative costs. Primary goals include advancing the Donlin Gold project, maintaining stakeholder support, promoting a strong safety culture, preserving a favorable reputation, and maintaining 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 culture on safety, sustainability, and the environment
- Maintaining a favorable reputation of NOVAGOLD
- Preserving a healthy balance sheet