Scotiabank starts NovaGold at Outperform on ‘world-class’ asset

Scotiabank last night initiated coverage of NovaGold (NG) with an Outperform rating and C$21 price target The company’s flagship asset, the Donlin gold project, is a “world-class” open-pit development project driven by its size, mine life, and cost profile, the analyst tells investors in a research note. The firm says the project is the second-largest undeveloped gold deposit in the United States. Once complete, the Donlin project will be one of the largest and most strategically significant gold assets globally, contends Scotiabank.