NovaGold expects share of Donlin Gold funding to be higher than $21.5M guidance

The company said, “Our share of funding for the Donlin Gold project in the first six months of 2025 was $10.4 million, in line with previously issued 2025 guidance. Following the closing of the Donlin Gold Transaction on June 3, 2025, NOVAGOLD (NG) has begun a review of Donlin’s 2025 work plan which is being amended to enable the commencement of a Feasibility Study. As such and given that our share of funding Donlin Gold’s expenses increases from 50 percent to 60 percent with the closing of the Donlin Gold Transaction, we expect our share of Donlin Gold funding to be higher than our previously issued 2025 guidance of $21.5 million. Similarly, we expect NOVAGOLD’s corporate general and administrative cash expenditures to be significantly higher than our previous guidance of $16.0 million in fiscal 2025, due to legal and transaction costs related to the Donlin Gold Transaction. NOVAGOLD intends to provide an update on the 2025 projected spending on or prior to the release of the Company’s third quarter results. NOVAGOLD aims to advance the Donlin Gold project through strategic initiatives, financial discipline, and stakeholder engagement. As part of this effort, Donlin Gold will be hiring for key positions to advance activities such as the updated Feasibility Study. The preparation of a request for proposal is in progress to select and award the contract( for the firm that will be retained to complete the updated Feasibility Study. The recently redirected 2025 Donlin Gold 15,000-meter drill program is also in progress.”