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 | $333.2K | $331.5K | $329.3K | — | — | — | — |
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.
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