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Novagold Resources New
(TSX:NG)
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Rating:55Neutral
Price Target:
C$11.00
▼(-18.46% Downside)
Action:Reiterated
Date:08/25/26
The score is held down primarily by weak financial performance (no revenue, persistent losses, and negative free cash flow), partially offset by an improved equity position. Technicals are supportive with the stock trading above major moving averages, but momentum is stretched. The latest earnings call adds a positive tilt due to reiterated BFS progress and a sizable cash treasury, though permitting/legal timing risk and ongoing cash outflows remain meaningful.
Positive Factors
Large, long-life resource base
Donlin Gold’s large projected production profile and 27-year mine life provide a substantial long-term development platform. If permitting, financing, and construction advance successfully, this scale could support durable production growth and meaningful strategic relevance within the gold industry.
Negative Factors
Pre-revenue and loss-making model
NovaGold has no operating revenue because Donlin Gold is not yet in production, while ongoing technical, permitting, and corporate costs generate substantial losses. Until the project reaches construction and production, earnings depend on financing capacity rather than internally generated operating cash.
Read all positive and negative factors
Positive Factors
Negative Factors
Large, long-life resource base
Donlin Gold’s large projected production profile and 27-year mine life provide a substantial long-term development platform. If permitting, financing, and construction advance successfully, this scale could support durable production growth and meaningful strategic relevance within the gold industry.
Read all positive factors
Novagold Resources New (NG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.84B
Dividend YieldN/A
Average Volume (3M)790.50K
Price to Earnings (P/E)―
Beta (1Y)3.50
Revenue GrowthN/A
EPS Growth15.46%
CountryCA
Employees12
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.22
Shares Outstanding438,815,980
10 Day Avg. Volume566,850
30 Day Avg. Volume790,496
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 CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$18.70Price Target Upside38.66% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.22
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 operate producing mines and therefore does not generate recurring revenue from gold sales. The company’s economic model is to create value by advancing its mineral interests—primarily its ownership interest in the Donlin Gold pro...
Novagold Resources New Earnings Call Summary
Earnings Call Date:Oct 08, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 27, 2027
Earnings Call Sentiment Positive
The call was strongly positive, centered on the proposed consolidation that would give NovaGold 100% ownership of Donlin Gold, the project's large resource and production profile, progress toward the 2027 bankable feasibility study, a robust $343.4 million treasury, permitting progress, and potential financing support. The main negative items were the higher quarterly net loss, increased project and corporate expenditures, elevated transaction-related fees, reduced treasury during the quarter, and the increase in 2026 corporate G&A guidance from $11.5 million to $31.2 million. Highlights significantly outweighed the lowlights.Positive Updates
Proposed Consolidation to Acquire 100% of Donlin Gold
NovaGold entered definitive agreements on July 21, 2026, to establish a new U.S.-domiciled parent company listed on the New York Stock Exchange and acquire Paulson's remaining 40% interest in Donlin Gold through an all-share transaction. The transaction requires two-thirds shareholder approval and other customary conditions, with the special shareholder meeting scheduled for November 3, 2026, voting deadline on October 30, 2026, and closing expected by the end of 2026.
Negative Updates
Higher Fiscal Third-Quarter Net Loss
NovaGold reported a fiscal 2026 third-quarter net loss of $36 million, or $0.08 per share. The net loss increased by $20.4 million from the comparable prior-year period, primarily due to higher Donlin Gold expenditures related to ongoing bankable feasibility study activities and higher NovaGold G&A expenses, partially offset by higher interest income.
Read all updates
Q3-2026 Updates
Positive
Negative
Proposed Consolidation to Acquire 100% of Donlin Gold
NovaGold entered definitive agreements on July 21, 2026, to establish a new U.S.-domiciled parent company listed on the New York Stock Exchange and acquire Paulson's remaining 40% interest in Donlin Gold through an all-share transaction. The transaction requires two-thirds shareholder approval and other customary conditions, with the special shareholder meeting scheduled for November 3, 2026, voting deadline on October 30, 2026, and closing expected by the end of 2026.
Read all positive updates
Company Guidance
The company said the bankable feasibility study remains on track for completion in 2027, with the closing of the proposed transaction expected by the end of the year; 2026 corporate G&A guidance was increased from $11.5 million to $31.2 million, legal and professional fees are expected to remain elevated for the balance of fiscal 2026 and into early 2027, and the $343.4 million treasury is expected to cover corporate G&A costs for at least the next 12 months. Donlin Gold is projected to produce approximately 1.1 million ounces per year over its 27 year mine life, 1.3 million ounces annually in the first 10 years of production, and over 1 million ounces annually over its 27 year mine life; the transaction adds approximately 16 million ounces of indicated resources, including 13 million ounces in proven and probable reserves, and boosts attributable annual production by over 520 thousand ounces during the first decade. With gold prices above $4 thousand an ounce, projected value is over $50 billion at a 0% discount rate or approximately $20 billion at a 5% discount rate; the final EIS is anticipated in April 2027, dam safety certificates are expected in 2028, and Dr. Kaplan said gold will reach $5 thousand and could go into the tens of thousands.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 | -25.34K | -25.38K | -21.40K | -9.96K | -6.75K | -6.86K |
| EBITDA | -27.18M | -79.00M | -29.28M | -33.55M | -16.64M | -17.50M |
| Net Income | -91.48M | -94.66M | -44.38M | -46.60M | -51.47M | -39.75M |
Balance Sheet | ||||||
| Total Assets | 573.29M | 335.91M | 109.75M | 133.29M | 159.19M | 198.85M |
| Cash, Cash Equivalents and Short-Term Investments | 343.39M | 115.14M | 101.12M | 125.75M | 125.88M | 169.12M |
| Total Debt | 178.14M | 166.30M | 152.45M | 137.55M | 124.63M | 116.13M |
| Total Liabilities | 186.03M | 172.12M | 157.17M | 141.51M | 129.29M | 120.57M |
| Stockholders Equity | 387.25M | 163.79M | -47.42M | -8.22M | 29.90M | 78.28M |
Cash Flow | ||||||
| Free Cash Flow | -45.62M | -38.69M | -12.64M | -7.79M | -12.37M | -9.66M |
| Operating Cash Flow | -45.62M | -38.69M | -12.64M | -7.79M | -12.37M | -9.86M |
| Investing Cash Flow | -7.22M | -177.65M | 9.36M | -10.33M | -12.36M | 40.39M |
| Financing Cash Flow | 75.41M | 40.92M | -174.00K | 0.00 | -2.12M | -731.00K |
Novagold Resources New Technical Analysis
Negative
13.49
Price Trends
10.25
Negative
9.81
Negative
11.52
Negative
Market Momentum
-0.37
Positive
41.62
Neutral
38.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NG, the sentiment is Negative. The current price of 13.49 is above the 20-day moving average (MA) of 9.08, above the 50-day MA of 10.25, and above the 200-day MA of 11.52, indicating a bearish trend. The MACD of -0.37 indicates Positive momentum. The RSI at 41.62 is Neutral, neither overbought nor oversold. The STOCH value of 38.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE: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 |
|---|---|---|---|---|---|---|---|
82 Outperform | C$6.35B | 7.55 | 25.62% | 0.90% | 75.86% | 161.88% | |
81 Outperform | C$6.43B | 12.71 | 43.29% | ― | 62.48% | 65.19% | |
77 Outperform | C$8.46B | 22.48 | 10.25% | 0.10% | 46.87% | 42.18% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
55 Neutral | C$3.84B | -28.65 | -25.84% | ― | ― | 15.46% | |
53 Neutral | C$4.03B | 129.83 | 3.10% | ― | ― | ― |
* Basic Materials Sector Average
TSE:NG
Novagold Resources New
8.73
-2.92
-25.06%
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Novagold Resources New Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Novagold Taps Endeavour and Macquarie to Shape Donlin Gold Financing
Positive
Aug 11, 2026
Novagold Resources and Paulson Advisers have appointed Endeavour Financial and Macquarie Capital as financial advisors to structure project and infrastructure financing for the Donlin Gold project in Alaska. The advisors will help evaluate funding...
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.