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Nov 30, 2025
Novagold Q4 2025 Earnings Report
NOVAGOLD reported its 2025 fiscal year-end results, highlighted by a landmark transaction increasing its ownership in the Donlin Gold project to 60% and significant advancements in project development.
Key Takeaways
NOVAGOLD completed a transformative year, increasing its stake in the Donlin Gold project to 60% through a $1 billion transaction. The company advanced critical development steps, including issuing RFPs for a Bankable Feasibility Study, and reported a net loss of $94.7 million for the fiscal year.
NOVAGOLD increased its ownership in the Donlin Gold project to 60% by acquiring an additional 10% interest for $200 million.
Donlin Gold issued a Request for Proposals for its Bankable Feasibility Study, with a Prime Contractor expected to be selected in Q1 2026.
The 2025 drill program completed 18,454 meters, delivering high-grade intercepts and supporting Donlin Gold's global position.
Donlin Gold's board approved a 2026 budget of $131.4 million to advance the BFS, maintain permits, and support community relations and exploration.
Forward Guidance
NOVAGOLD anticipates significant progress in 2026, focusing on advancing the Donlin Gold project towards a construction decision, maintaining permits, and strengthening stakeholder engagement.
Positive Outlook
- Selection of the prime contractor for the Bankable Feasibility Study (BFS) in Q1 2026.
- Advancement of core project activities to position the Company for a construction decision.
- Advancing various financing streams to support project development.
- Maintaining and securing outstanding permits for the Donlin Gold project.
- Strengthening community relations and workforce development initiatives.
Challenges Ahead
- Anticipated comments from ADNR on Dam Safety Certificates packages in 2026.
- Potential for delays in completing the Detailed Design Packages for Dam Safety Certificates (expected end of 2026/early 2027).
- Ongoing legal challenges to Donlin Gold's permits, including Earthjustice's appeal to the Alaska Supreme Court.
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