| Line Item | 2026-05-31 | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $0 | — | — |
| SG&A Expense | $8.9M | +2.5% | +53.3% |
| Operating Income | -$25.8M | -72.9% | -110.0% |
| Interest Expense | $3.7M | +3.8% | +1.0% |
| Net Income | -$25.5M | -65.2% | +53.0% |
| EPS (Basic) | -$0.06 | -50.0% | +60.0% |
| Line Item | 2026-05-31 | Q/Q | Y/Y |
|---|---|---|---|
| Cash & Equivalents | $78.2M | -33.4% | -73.4% |
| Short-term Investments | $1.2M | -28.1% | — |
| Current Assets | $376.0M | -5.1% | +17.0% |
| Total Assets | $598.7M | -3.3% | +81.8% |
| Current Liabilities | $3.3M | -25.4% | -20.4% |
| Total Liabilities |
| Line Item | 2026-05-31 | Q/Q | Y/Y |
|---|---|---|---|
| Operating Cash Flow | -$6.4M | -21.6% | -292.9% |
| Investing Cash Flow | -$32.8M | +88.3% | -220.7% |
| Financing Cash Flow | $0 | -100.0% | -100.0% |
Business Overview
NOVAGOLD Resources is a gold exploration and development company whose principal asset is a 60% interest in the Donlin Gold project in Alaska, USA (increased from 50% on June 3, 2025 when Barrick Mining Corporation exited and Paulson Advantage Plus became the new co-owner). The company is focused on advancing the Donlin Gold project through feasibility studies, permitting activities, and infrastructure development planning. The company has no realized revenues from operations and continues to fund exploration and development activities while managing its investment in Donlin Gold on an equity method basis.
Segment Performance
The Company operates as a single reportable segment. For the six months ended May 31, 2026 versus 2025: operating expenses increased from $19,383 to $40,702 (primarily due to general & administrative expenses of $17,618 vs. $10,621 and equity loss in Donlin Gold of $23,084 vs. $8,762); net loss was $40,928 versus $63,391 (improved primarily due to warrant expense of $39,607 recorded in the prior year period); investment in Donlin Gold increased from $213,202 to $221,990; and cash and equivalents decreased from $110,143 to $78,216.
Forward Guidance
The Company states it does not assume any obligation to update forward-looking statements if circumstances or management's beliefs change, except as required by law. Forward-looking statements reference "anticipated timing of updated reports and/or studies including the Donlin Gold bankable feasibility study and draft supplemental environmental impact statement," "anticipated timing and impact of certain judicial and/or administrative decisions," "continued support of the state and federal permitting process," "anticipated timing of the dam safety design packages and the issuance of the Dam Safety Certificates," and expectations regarding infrastructure development including "potential natural gas pipeline development." The Company expects its Donlin Gold co-owner arrangement to continue with shared voting and control on a 50/50 basis despite 60/40 ownership.
| $177.7M |
| +1.4% |
| +8.4% |
| Stockholders' Equity | $421.0M | -5.2% | +154.7% |
Key Risk Factors
Key risks include: uncertainty regarding production achievement at Donlin Gold and dependence on cooperation with co-owner Paulson; risks related to obtaining necessary permits and governmental approvals on a timely basis, including uncertainties around federal Joint Record of Decision, Army Corps of Engineers permits, Bureau of Land Management permits, and State Clean Water Act Section 401 Certification, as well as pending appeals to these decisions; uncertainty of capital cost and operating cost estimates due to inflation and energy price increases from geopolitical tensions; concentrated property portfolio and history of losses with expectations of future losses; risks related to external financing availability, commodity price fluctuations, and opposition from non-governmental organizations; and risks related to infrastructure development, labor availability, title uncertainties, and the effects of global climate change on the project.