NovaGold reports Q1 EPS (3c)

NOVAGOLD (NG) RESOURCES filed its 2025 first quarter report and provided an update on its Tier One1 gold development project, Donlin Gold. Details of the financial results for the quarter ended February 28, 2025, are presented in the consolidated financial statements and quarterly report on Form 10-Q filed on April 1, 2025. NOVAGOLD held approximately $93 million in cash and term deposits as of February 28, 2025, and reported net first quarter cash expenditures of $8.3 million – including $3.6 million to fund NOVAGOLD’s share of the Donlin Gold project and $3.8 million in corporate general and administrative costs. As NOVAGOLD is a development-stage company with no production, the Company reported earnings of ($9.1) million and earnings per share of ($0.03) for the first quarter of 2025, reflecting expenditures in line with budget. In the first quarter of 2025 the following milestones were achieved at Donlin Gold: Commenced the 2025 field program with camp opening in February, followed by the start of drilling in March after quarter end. A total of approximately 15,000 meters of drilling is planned, primarily focused on grid drilling to further develop the modifying factors and mine planning input parameters. Collaborated with Donlin Gold, Calista, and The Kuskokwim Corporation on critical ecological, educational and cultural awareness initiatives – including increased government affairs engagement with state representatives, information sharing about the project, and emphasis on its importance to Alaska and the Yukon-Kuskokwim region. The company said, “In the first quarter of 2025, Donlin Gold made significant progress on key activities including, among others, the commencement of the Donlin Gold field program and its infrastructure support, and the successful opening of camp in February – with drilling now underway with a crew of 45 on site. This year’s program includes three rigs that will drill some 15,000 meters, primarily focused on grid drilling to further develop the modifying factors and input parameters and assumptions for future mine planning and schedule work. These efforts further advance Donlin Gold and continue to provide direct exposure to gold through one of the largest known undeveloped gold assets globally – located in Alaska, a stable, Tier One, and mining-friendly jurisdiction.”