Novagold Files Third Quarter 2025 Report
October 1, 2025
Successfully completed the transformative $1 billion acquisition[1] of Barrick Mining Corporation’s (“Barrick Mining”) 50 percent interest in Donlin Gold on June 3, 2025, where NOVAGOLD increased its stake in Donlin Gold LLC to 60 percent, acquiring an additional 10 percent interest for $200 million, while funds managed by Paulson Advisers LLC (“Paulson”) secured a 40 percent interest for $800 million.
Announced the full exercise of the underwriters’ option in the public offering on June 5, 2025, raising an additional $25.6 million as part of the financing at $3.75 per share.
Strengthened the treasury of $125 million in cash and term deposits at the end of the third quarter with proceeds from the underwritten public offering of $195.2 million and a concurrent private placement of $64.4 million that funded the $200 million payment to increase NOVAGOLD’s ownership in Donlin Gold LLC and for general corporate purposes.
Issued the Request for Proposals (RFP) for Donlin Gold’s Bankable Feasibility Study (BFS) to top-tier qualified engineering firms that have the expertise to build what is projected to constitute the largest single gold mine in the United States. Donlin Gold expects to award the contract and begin the BFS work before year-end.
Released initial results from the 2025 Donlin Gold drill program that confirmed consistent mineralization across multiple zones, including standout intervals containing up to 23.49 g/t gold[2].
Designing district-wide exploration program to expand resources and search for new discoveries.
October 1, 2025 – Vancouver, British Columbia – NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the “Company”) (NYSE American, TSX: NG) today filed its 2025 third quarter report and provided an update on its Tier One[3] gold development project, Donlin Gold, which is owned 60 percent by NOVAGOLD and 40 percent by funds managed by Paulson.
Details of the financial results for the quarter ended August 31, 2025 are presented in the consolidated financial statements and quarterly report on Form 10-Q filed on October 1, 2025, that is available on the Company’s website at www.novagold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless otherwise stated.
As detailed in the above-mentioned filings, NOVAGOLD held approximately $125 million in cash and term deposits as of August 31, 2025, and reported net third quarter cash expenditures of $9 million — reflecting $8.1 million to fund NOVAGOLD’s share of the Donlin Gold project and $0.9 million in corporate general and administrative costs. This excludes consideration and closing costs paid to increase NOVAGOLD’s interest in Donlin Gold LLC to 60 percent and proceeds raised following the exercise of the public offering overallotment option on June 5, 2025.
As NOVAGOLD is a development-stage company with no production, the Company reported earnings of ($15.6) million and earnings per share of ($0.04) for the third quarter of 2025. NOVAGOLD’s results for the three and nine months ended August 31, 2025 reflect higher expenditures at Donlin Gold due to the 2025 field program and ramp-up of activities to commence the BFS, while remaining in line with our 2025 guidance, as adjusted to reflect a 60 percent Donlin Gold funding obligation commencing June 3, 2025, when NOVAGOLD’s interest in Donlin Gold increased to 60 percent.
novagold.com/novagold-files-third-quarter-2025-report/
October 1, 2025
Successfully completed the transformative $1 billion acquisition[1] of Barrick Mining Corporation’s (“Barrick Mining”) 50 percent interest in Donlin Gold on June 3, 2025, where NOVAGOLD increased its stake in Donlin Gold LLC to 60 percent, acquiring an additional 10 percent interest for $200 million, while funds managed by Paulson Advisers LLC (“Paulson”) secured a 40 percent interest for $800 million.
Announced the full exercise of the underwriters’ option in the public offering on June 5, 2025, raising an additional $25.6 million as part of the financing at $3.75 per share.
Strengthened the treasury of $125 million in cash and term deposits at the end of the third quarter with proceeds from the underwritten public offering of $195.2 million and a concurrent private placement of $64.4 million that funded the $200 million payment to increase NOVAGOLD’s ownership in Donlin Gold LLC and for general corporate purposes.
Issued the Request for Proposals (RFP) for Donlin Gold’s Bankable Feasibility Study (BFS) to top-tier qualified engineering firms that have the expertise to build what is projected to constitute the largest single gold mine in the United States. Donlin Gold expects to award the contract and begin the BFS work before year-end.
Released initial results from the 2025 Donlin Gold drill program that confirmed consistent mineralization across multiple zones, including standout intervals containing up to 23.49 g/t gold[2].
Designing district-wide exploration program to expand resources and search for new discoveries.
October 1, 2025 – Vancouver, British Columbia – NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the “Company”) (NYSE American, TSX: NG) today filed its 2025 third quarter report and provided an update on its Tier One[3] gold development project, Donlin Gold, which is owned 60 percent by NOVAGOLD and 40 percent by funds managed by Paulson.
Details of the financial results for the quarter ended August 31, 2025 are presented in the consolidated financial statements and quarterly report on Form 10-Q filed on October 1, 2025, that is available on the Company’s website at www.novagold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless otherwise stated.
As detailed in the above-mentioned filings, NOVAGOLD held approximately $125 million in cash and term deposits as of August 31, 2025, and reported net third quarter cash expenditures of $9 million — reflecting $8.1 million to fund NOVAGOLD’s share of the Donlin Gold project and $0.9 million in corporate general and administrative costs. This excludes consideration and closing costs paid to increase NOVAGOLD’s interest in Donlin Gold LLC to 60 percent and proceeds raised following the exercise of the public offering overallotment option on June 5, 2025.
As NOVAGOLD is a development-stage company with no production, the Company reported earnings of ($15.6) million and earnings per share of ($0.04) for the third quarter of 2025. NOVAGOLD’s results for the three and nine months ended August 31, 2025 reflect higher expenditures at Donlin Gold due to the 2025 field program and ramp-up of activities to commence the BFS, while remaining in line with our 2025 guidance, as adjusted to reflect a 60 percent Donlin Gold funding obligation commencing June 3, 2025, when NOVAGOLD’s interest in Donlin Gold increased to 60 percent.
novagold.com/novagold-files-third-quarter-2025-report/
