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Aug 31, 2025
Novagold Q3 2025 Earnings Report
Novagold reported a net loss in Q3 2025 with no revenue, while significantly advancing its ownership and development of the Donlin Gold project.
Key Takeaways
In Q3 2025, Novagold completed a major acquisition to increase its stake in Donlin Gold and began preparations for a Bankable Feasibility Study. The company ended the quarter with $125 million in cash but posted a net loss of $15.6 million as it remains in the development stage with no production revenue.
Completed $1B acquisition of Barrick’s 50% Donlin Gold interest alongside Paulson.
Raised over $260M through public and private equity offerings.
Reported Q3 net loss of $15.6M and EPS of ($0.04).
Ended Q3 with $125M in cash and issued RFPs for BFS work.
Forward Guidance
Novagold anticipates significant progress on Donlin Gold including awarding the BFS contract and continued exploration, while maintaining a strong cash position to support development.
Positive Outlook
- BFS contractor expected to be selected by year-end 2025.
- Additional drilling results from Donlin Gold to be released.
- New district-wide exploration program in planning.
- Strong treasury with $125M cash for project funding.
- Ongoing stakeholder engagement and support from Alaska entities.
Challenges Ahead
- No revenue or production as the company remains in development stage.
- Q3 net loss driven by higher project funding and admin costs.
- Higher professional fees due to the acquisition transaction.
- Regulatory/legal challenges remain pending on some permits.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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