Want to see NG full AI Analyst Report?
Top Page
Novagold Resources New
(NYSE MKT:NG)
Select Model
Select Model
Rating:52Neutral
Price Target:
$7.50
▼(-19.53% Downside)
Action:N/A
Date:09/24/26
The score is held back primarily by weak financial performance (pre-revenue, ongoing losses, and sustained cash burn) and only middling technicals (negative MACD and price below key long-term average). Offsetting these are a more constructive outlook from the earnings call (clear BFS timeline and strong treasury) and positive corporate events around consolidating full Donlin ownership, while valuation support remains limited due to negative earnings and no dividend yield.
Positive Factors
Large, long-life Donlin Gold resource
The exceptionally large, high-grade resource and projected multi-decade mine life provide a substantial foundation for long-term project value. If permitting, financing and construction advance, the scale could support meaningful production and operating leverage over many years.
Negative Factors
Pre-revenue losses and persistent cash burn
NOVAGOLD has no operating revenue because Donlin is not yet producing, while losses and cash consumption continue. The absence of self-funded operations leaves results dependent on capital availability and keeps profitability reliant on successful, lengthy project development.
Read all positive and negative factors
Positive Factors
Negative Factors
Large, long-life Donlin Gold resource
The exceptionally large, high-grade resource and projected multi-decade mine life provide a substantial foundation for long-term project value. If permitting, financing and construction advance, the scale could support meaningful production and operating leverage over many years.
Read all positive factors
Novagold Resources New (NG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.13B
Dividend YieldN/A
Average Volume (3M)5.55M
Price to Earnings (P/E)―
Beta (1Y)1.87
Revenue GrowthN/A
EPS Growth30.23%
CountryUS
Employees12
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.17
Shares Outstanding438,780,600
10 Day Avg. Volume6,507,944
30 Day Avg. Volume5,546,652
Financial Highlights & Ratios
PEG Ratio-0.39
Price to Book (P/B)23.29
Price to Sales (P/S)0.00
P/FCF Ratio-98.59
Enterprise Value/Market Cap<0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-0.21
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$13.45Price Target Upside44.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.16
Revenue Forecast (FY)N/A
Novagold Resources New Business Overview & Revenue Model
Company Description
NovaGold Resources Inc. (NG) is an enterprise primarily engaged in the discovery and advancement of gold mining properties, with its operational focus predominantly within the United States. A central component of the company's assets is the Donli...
How the Company Makes Money
NOVAGOLD does not primarily earn revenue from selling gold because the Donlin Gold project is not in commercial production. Instead, its economic value and potential future earnings are tied to (1) increasing the value of its ownership interest in...
Novagold Resources New Earnings Call Summary
Earnings Call Date:Jun 24, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 08, 2026
Earnings Call Sentiment Positive
The call emphasizes strong project fundamentals (large, high‑grade resource, long life, >1M oz/year), successful ownership consolidation (60% interest) and clear, tangible progress toward a bankable feasibility study with a targeted H1 2027 completion. The company also reports a robust cash position sufficient to fund near‑term plans and is actively preparing financing. Offsetting these positives are continued quarterly losses, elevated near‑term spending (Donlin costs and professional/G&A fees), and permitting/legal items (supplemental EIS and pending state 401 decision) that introduce timing and regulatory uncertainty. Management expects professional fees to taper and is progressing financing preparations.Positive Updates
Robust Project Scale and Grade
Donlin Gold hosts ~40 million ounces of measured and indicated resources at an average grade of 2.25 g/t (more than double the industry average), with projected average production of over 1 million ounces per year across a 27‑year mine life, underscoring strong long‑term economic potential.
Negative Updates
Quarterly Net Loss Persisting
Q2 FY26 net loss of $25.5 million ($0.06 per share) remains a negative near‑term result despite the YoY improvement; company continues to report operating losses while advancing project development.
Read all updates
Q2-2026 Updates
Positive
Negative
Robust Project Scale and Grade
Donlin Gold hosts ~40 million ounces of measured and indicated resources at an average grade of 2.25 g/t (more than double the industry average), with projected average production of over 1 million ounces per year across a 27‑year mine life, underscoring strong long‑term economic potential.
Read all positive updates
Company Guidance
Management reiterated guidance that NOVAGOLD remains on track to complete the Donlin Gold bankable feasibility study in H1 2027 and to meet full‑year 2026 guidance, supported by a treasury of $370.2 million (down $22.3M in Q2) that funded $16.3M of Donlin activity and $6.7M of corporate G&A in the quarter, generated $4.0M of interest income, and is expected to cover corporate G&A for at least the next 12 months and enable exercising the option to prepay the Barrick promissory note later this year. Fiscal Q2 2026 results showed a net loss of $25.5M ($0.06/share), a $28.8M improvement versus the prior year (which included a $39.6M non‑cash warrant charge); NOVAGOLD’s share of Donlin expenses rose $10.4M year‑over‑year, corporate G&A rose $3.1M, and Donlin funding was $9.5M higher than the prior period. They also reiterated project metrics: ~40 million ounces of measured & indicated resources at an average grade of 2.25 g/t, average production of >1 million oz/year over a 27‑year mine life, and projected post‑tax NPV of >$50 billion at today’s gold price (> $4,000/oz) at a 0% discount (≈$20 billion at 5%); permitting milestones include a draft supplemental EIS due in September and an Alaska Supreme Court decision on the 401 certification anticipated within ~1 year, while all permits remain in force.Novagold Resources New Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
38
Negative
Cash Flow
24
Negative
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -17.00K | -22.00K | -22.00K | -10.00K | -7.00K | -7.00K |
| EBITDA | -44.49M | -79.89M | -24.91M | -21.77M | -45.83M | -33.82M |
| Net Income | -72.16M | -94.66M | -45.62M | -46.80M | -53.34M | -40.54M |
Balance Sheet | ||||||
| Total Assets | 597.92M | 335.91M | 109.75M | 133.29M | 159.19M | 198.85M |
| Cash, Cash Equivalents and Short-Term Investments | 370.92M | 115.14M | 101.22M | 125.75M | 125.88M | 169.12M |
| Total Debt | 174.09M | 167.06M | 152.45M | 137.55M | 124.63M | 116.13M |
| Total Liabilities | 177.48M | 172.12M | 157.17M | 141.51M | 129.29M | 120.57M |
| Stockholders Equity | 420.44M | 163.79M | -47.42M | -8.22M | 29.90M | 78.28M |
Cash Flow | ||||||
| Free Cash Flow | -18.60M | -14.03M | -12.64M | -7.79M | -12.37M | -9.66M |
| Operating Cash Flow | -18.60M | -14.03M | -12.64M | -7.79M | -12.37M | -9.86M |
| Investing Cash Flow | -516.41M | -177.56M | 9.36M | -10.33M | -12.36M | 40.39M |
| Financing Cash Flow | 319.57M | 259.50M | -174.00K | 0.00 | -2.12M | -731.00K |
Novagold Resources New Technical Analysis
Negative
9.32
Price Trends
7.40
Negative
7.38
Negative
8.65
Negative
Market Momentum
-0.21
Positive
37.44
Neutral
22.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NG, the sentiment is Negative. The current price of 9.32 is above the 20-day moving average (MA) of 7.59, above the 50-day MA of 7.40, and above the 200-day MA of 8.65, indicating a bearish trend. The MACD of -0.21 indicates Positive momentum. The RSI at 37.44 is Neutral, neither overbought nor oversold. The STOCH value of 22.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NG.
Novagold Resources New Risk Analysis
Novagold Resources New disclosed 31 risk factors in its most recent earnings report. Novagold Resources New reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Novagold Resources New Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
87 Outperform | C$7.24B | 14.17 | 43.29% | ― | 62.48% | 65.19% | |
82 Outperform | C$6.62B | 7.79 | 25.62% | 0.87% | 75.86% | 161.88% | |
77 Outperform | C$10.30B | 27.03 | 10.25% | 0.08% | 46.87% | 42.18% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | C$4.62B | 148.78 | 3.10% | ― | ― | ― | |
52 Neutral | $3.13B | -40.79 | -23.56% | ― | ― | 30.23% |
* Basic Materials Sector Average
NG
Novagold Resources New
6.65
-1.83
-21.58%
TSE:SEA
Seabridge Gold
40.43
7.91
24.33%
TSE:SSRM
SSR Mining
47.95
13.77
40.30%
TSE:KNT
K92 Mining
27.75
10.82
63.91%
TSE:TXG
Torex Gold Resources
67.64
10.02
17.39%
Novagold Resources New Corporate Events
Business Operations and StrategyM&A Transactions
New NovaGold arrangement reshapes ownership and governance
Positive
Jul 22, 2026
On July 21, 2026, NovaGold Resources Inc. entered into an arrangement agreement under which newly formed NovaGold Corporation will acquire all outstanding NovaGold shares, exchanging each for one New NovaGold voting share and assuming all existing...
Business Operations and StrategyM&A Transactions
NovaGold consolidates full ownership of Donlin Gold project
Positive
Jul 22, 2026
On July 22, 2026, NovaGold Resources announced a series of definitive agreements with Paulson Advisers to consolidate full ownership of Donlin Gold LLC into a newly formed Delaware entity, NovaGold Corporation. The all-share transaction will raise...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.