NOVAGOLD RESOURCES INC. reported its financial results for the three and nine months ended August 31, 2024, highlighting a continued focus on the Donlin Gold project in Alaska. As of August 31, 2024, the company had cash and cash equivalents of $45.572 million, a slight decrease from $45.749 million as of November 30, 2023. Term deposits also fell from $80 million to $60 million during the same period. Current assets decreased from $127.219 million to $107.108 million, contributing to a total asset decline from $133.290 million to $114.731 million. The company's total equity deficit worsened significantly from $(8.223 million) to $(37.809 million).

For the three months ended August 31, 2024, NOVAGOLD reported a loss from operations of $(7.934 million), an improvement from $(9.221 million) in the same period of 2023. The net loss for the quarter was $(10.743 million), compared to $(11.074 million) a year earlier. For the nine-month period, the net loss decreased to $(34.761 million) from $(36.382 million) in 2023. Operating expenses for the three months were slightly lower at $5.120 million compared to $5.243 million in 2023, while general and administrative expenses for the nine months increased to $18.982 million from $16.385 million, primarily due to higher professional fees and additional staff.

The company reported no realized revenues from its principal asset, the Donlin Gold project, and its share of losses from this investment was $2.864 million for the three months and $10.198 million for the nine months, down from $2.475 million and $15.247 million, respectively, in the prior year. The balance of the investment in Donlin Gold increased to $3.504 million from $3.099 million year-over-year.

Strategically, NOVAGOLD has been advancing the Donlin Gold project, with recent activities including metallurgical test work and stakeholder engagement. The company appointed Peter Adamek as Vice President and Chief Financial Officer in Q3 2024. The project requires board approval for an updated feasibility study and construction program, with ongoing legal challenges related to permitting.

As of August 31, 2024, NOVAGOLD's total cash and term deposits amounted to $105.6 million, sufficient to cover anticipated funding for the Donlin Gold project and corporate costs for at least the next three years. The company expects cash expenditures of approximately $31.2 million for fiscal year 2024, including $14.25 million for the Donlin Gold project.