SPEC Buy on Novagold: High-Quality Donlin Gold Asset with Robust Economics and Manageable Development Risks

Novagold Resources New (NG) has received a new Buy rating, initiated by Canaccord Genuity analyst, Carey MacRury.

Carey MacRury has given his Buy rating due to a combination of factors tied primarily to the quality and scale of Novagold’s core asset, the Donlin Gold project. He highlights Donlin’s rare combination of very large reserves, above-average grades, strong permitting status and location in a politically stable, mining-friendly U.S. jurisdiction, all underpinned by support from local Alaska Native Corporations.

MacRury also points to attractive project economics and valuation, noting that Donlin generates a robust NPV and IRR under his long-term gold price assumptions and offers meaningful NAV growth as it moves toward construction and production. While he acknowledges challenges such as high upfront capital, remote infrastructure needs and refractory ore processing, he views these risks as manageable given the experienced management team, advanced technical work and the project’s inclusion in the U.S. FAST‑41 program, supporting his SPEC Buy recommendation and target price.

In another report released on March 19, RBC Capital also assigned a Buy rating to the stock with a $14.00 price target.

Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NG in relation to earlier this year.