NOVAGOLD RESOURCES INC NG
We operate in the gold mining industry, primarily focused on advancing the Donlin Gold project in Alaska. The Donlin Gold project is held by Donlin Gold LLC ("Donlin Gold"), a limited liability company that is owned by wholly-owned subsidiaries of NOVAGOLD and Donlin Gold Holdings LLC, a subsidiary of Paulson Advantage Plus Master Ltd. and Paulson Partners LP (together, "Paulson"). Prior to June 3, 2025, Donlin Gold was owned equally by wholly-owned subsidiaries of NOVAGOLD and Barrick Mining Corporation ("Barrick").
We do not produce gold or any other minerals, and do not currently generate operating earnings. Funding to explore our mineral properties and to operate the Company was acquired primarily through equity financings consisting of public offerings of our common shares and warrants and through previous debt financing consisting of convertible notes, and the sale of assets. We expect to continue to raise capital through additional equity and/or debt financings, through the exercise of stock options, and other such means.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | — | — | $0 | $0 | $0 | $0 | $0 | $0 |
| SG&A | $25.4M | $24.9M | $21.8M | $20.1M | $20.2M | $18.7M | $16.3M | $18.5M | $20.8M | $20.2M |
| Total operating expenses | $47.3M | $37.9M | $40.3M | $48.3M | $36.8M | $33.2M | $26.8M | $27.3M | $32.0M | $29.0M |
| Operating income | -$47.3M | -$37.9M | -$40.3M | -$48.3M | -$36.8M | -$33.2M | -$26.8M | -$27.3M | -$32.0M | -$29.0M |
| Interest expense | — | — | — | — | — | — | — | $6.5M | $5.2M | $4.6M |
| Pre-tax income | -$94.7M | -$44.9M | -$46.8M | -$53.4M | -$40.4M | -$34.3M | -$26.5M | -$30.9M | -$36.6M | -$32.4M |
| Income tax | $0 | $724.0K | $39.0K | $33.0K | $137.0K | $781.0K | $1.3M | $526.0K | $307.0K | $277.0K |
| Net income | -$94.7M | -$45.6M | -$46.8M | -$53.3M | -$40.5M | -$33.6M | -$27.8M | -$112.8M | -$39.0M | -$33.8M |
| EPS, basic | -0.25 | -0.14 | -0.14 | -0.16 | -0.12 | -0.10 | — | — | — | — |
| EPS, diluted | — | — | — | — | -0.12 | -0.10 | -0.09 | -0.35 | -0.12 | -0.11 |
| Shares, diluted (wtd. avg.) | 374.7M | 334.5M | 334.1M | 333,236 | 331,546 | 329,269 | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $110.1M | $42.2M | $45.7M | $63.9M | $91.1M | $60.9M | $67.5M | $21.0M | $28.0M | $30.3M |
| Total current assets | $117.5M | $102.8M | $127.2M | $152.5M | $169.5M | $196.4M | $150.3M | $169.4M | $84.8M | $107.3M |
| Total assets | $335.9M | $109.8M | $133.3M | $159.2M | $198.9M | $224.4M | $245.8M | $260.9M | $398.7M | $408.3M |
| Accounts payable | $2.0M | $1.4M | $703.0K | $769.0K | $682.0K | $900.0K | $880.0K | $710.0K | $591.0K | $652.0K |
| Total current liabilities | $4.9M | $4.5M | $3.9M | $4.6M | $4.4M | $3.5M | $3.3M | $3.7M | $3.4M | $3.1M |
| Total liabilities | $172.1M | $157.2M | $141.5M | $129.3M | $120.6M | $113.7M | $107.9M | $100.2M | $114.6M | $108.0M |
| Retained earnings | -$2.20B | -$2.10B | -$2.06B | -$2.01B | -$1.96B | -$1.92B | -$1.89B | -$1.86B | -$1.74B | -$1.71B |
| Total equity | $163.8M | -$47.4M | -$8.2M | $29.9M | $78.3M | $110.7M | $138.0M | $160.7M | $284.0M | $300.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$14.0M | -$12.6M | -$7.8M | -$12.4M | -$9.9M | -$10.0M | -$6.1M | -$10.4M | -$8.1M | -$8.9M |
| Depreciation and amortisation | $22.0K | $22.0K | $10.0K | $7.0K | $7.0K | $7.0K | $15.0K | $22.0K | $34.0K | $33.0K |
| Stock-based compensation | $6.7M | $7.2M | $8.7M | $8.2M | $8.2M | $7.1M | $6.2M | $7.7M | $10.3M | $10.3M |
| Investing cash flow | -$177.6M | $9.4M | -$10.3M | -$12.4M | $40.4M | $4.7M | $53.9M | $3.5M | $5.8M | $1.8M |
| Financing cash flow | $259.5M | -$174.0K | $0 | -$2.1M | -$731.0K | -$1.7M | -$1.2M | $0 | -$196.0K | -$4.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001171843-26-000374.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | — | — | $0 | $0 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$33.8M | -$39.0M | -$112.8M | -$27.8M | -$33.6M | -$40.5M | -$53.3M | -$46.8M | -$45.6M | -$94.7M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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