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- **Donlin Gold Project Momentum**: NovaGold's 60% stake in Donlin Gold is on track for a 2027 construction start, with Q3 drilling confirming high-grade mineralization (4-23 g/t) and expanding resource potential.
- **Stock Revaluation**: The stock price has rebounded from $2.50 to near $10, with a target of $12-$15 based on the new partnership with John Paulson and the project's strategic U.S. location.
- **Operational Progress**: Completion of an 18,000-meter drill program, submission of tailings dam designs, and community engagement initiatives highlight the project's development momentum.
- **Financial Update**: Q3 net loss of $15.6 million reflects increased Donlin Gold expenses, with updated 2025 G&A guidance of $18 million.

**【Management Opening Remarks】**
- NovaGold's Chairman, Dr. Thomas Kaplan, emphasized the strategic importance of the Donlin Gold project, positioning it as America's largest gold mine. He highlighted the revaluation of NovaGold's stock post-partnership with John Paulson, with the stock price recovering from $2.50 to near $10 and targeting a $12-$15 range.
- Kaplan stressed the jurisdictional safety of the U.S. for mining projects, contrasting it with unstable regions like Africa and Latin America. He also referenced the growing demand for gold as a monetary asset, driven by geopolitical instability and central bank purchases.

**【CEO Commentary】**
- President and CEO Greg Lang detailed the third-quarter operational progress, including the completion of an 18,000-meter drill program at Donlin Gold, which confirmed high-grade mineralization (4-23 g/t) and expanded resource potential. The drilling focused on grid definition, resource conversion, and geotechnical studies for mine design.
- Lang highlighted the project's permitting milestones, including the submission of preliminary designs for the tailings dam and water retention structures. He noted that the remaining state permits are expected to be finalized well before the bankable feasibility study (BFS) completion in 2026.
- Key project attributes were reiterated: 1.4 million oz/year production in the first 10 years, 2.25 g/t average grade, and 40 million ounces of proven and probable reserves. Exploration potential remains significant, with only 5% of the 8-kilometer mineralized belt drilled.

**【CFO Financial Commentary】**
- CFO Peter Adamek reported a net loss of $15.6 million for Q3 2025, driven by increased field expenses at Donlin Gold and higher G&A costs. NovaGold's 60% stake in Donlin Gold resulted in a $24 million pro rata share of the project's $43 million 2025 budget.
- The company's treasury decreased to $125.2 million due to the $210.1 million acquisition of an additional 10% stake in Donlin Gold, partially offset by $25.5 million from an over-allotment option exercise. Updated guidance for 2025 corporate G&A costs was raised to $18 million from $16 million.

**【Q&A Highlights】**
- **Exploration Results**: The drill program's top 5 intervals averaged 4 g/t, exceeding the project's 2.25 g/t average. Results will be incorporated into the BFS, with remaining assays expected to be released within a month.
- **Financing Options**: Kaplan confirmed interest from royalty companies in financing the project, though no agreements have been finalized. Lang dismissed nuclear power for the site, favoring natural gas from Alaska's North Slope pipeline.
- **Timeline Updates**: The BFS is expected to be awarded by year-end, with construction targeted for 2027 and commercial production in 2031. Legal challenges in Alaska's Supreme Court are progressing, with decisions anticipated in 2026.


NovaGold Resources (NG)-1 Oct 25-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NG

NG fundamentals

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