- Strengthened balance sheet: Completed upsized bought deal private placement for net proceeds of approximately $294 million
- Robust treasury: Ended quarter with ~$393 million in cash and term deposits
- Bankable Feasibility Study (BFS) launched: Appointed Fluor Corporation (“Fluor”) as lead engineering firm; technical workstreams underway
- Strategic engineering contracts awarded: Retained WSP USA, Inc. (“WSP”), Worley Alaska, Inc. (“Worley”), and Hatch Ltd. (“Hatch” and together with WSP and Worley, the “Specialist Contractors”) for the on-site power plant, the natural gas pipeline, and the pressure oxidation circuit and oxygen plant respectively — all advancing work toward completion of BFS expected in 2027 and supporting progression of financing and development workstreams
- Energy infrastructure strategy under consideration: Donlin Gold signed a non-binding Letter of Intent (LOI) with Glenfarne Alaska LNG, LLC (“Glenfarne”) to jointly evaluate natural gas supply from the Alaska LNG pipeline and related infrastructure to power the proposed mine, potentially enhancing cost efficiencies and project economics
VANCOUVER, British Columbia, April 01, 2026 (GLOBE NEWSWIRE) — NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the “Company”) ((NYSE American, TSX:NG) today filed its 2026 first quarter report and provided an update on its Tier One1 gold development project, Donlin Gold, which is owned 60% by NOVAGOLD and 40% by Donlin Gold Holdings, 100% wholly-owned by Paulson Advisers LLC (“Paulson”) and its affiliates.
Details of the financial results for the quarter ended February 28, 2026 are presented in the consolidated financial statements and quarterly report on Form 10-Q filed on April 1, 2026, that is available on the Company’s website at www.novagold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov.
All amounts are in U.S. dollars unless otherwise stated.
As detailed in the above-mentioned filings, NOVAGOLD held approximately $392.5 million in cash and term deposits as of February 28, 2026, and reported net first quarter operational cash expenditures of $20.8 million — reflecting $15.5 million to fund NOVAGOLD’s share of the Donlin Gold project and $5.3 million in corporate general and administrative costs.
As NOVAGOLD is a development-stage company with no production, the Company reported earnings of ($15.4) million and earnings per share of ($0.04) for the first fiscal quarter of 2026. NOVAGOLD’s results for the first quarter of 2026 reflect higher expenditures at Donlin Gold due to the commencement of BFS related activities including hiring for key roles on the Donlin Gold project team and higher general and administrative expenses at NOVAGOLD, while remaining in line with our 2026 guidance.
New Technical Partnerships and Key Workstreams Propel Donlin Gold Forward
Following a transformational year for the Company and the Donlin Gold project, the first quarter of 2026 has delivered growing momentum and meaningful progress across key workstreams. Donlin Gold is increasingly well-positioned for the next phase of development, supported by several important milestones.
These milestones include the selection of Fluor as the lead engineering firm to direct and integrate all specialist workstreams for the BFS, expected to be completed in 2027, to support project financing and development. Specialized contracts were also awarded to WSP, Worley, and Hatch to advance critical infrastructure and processing components, including the on-site power plant, natural gas pipeline, and the pressure oxidation circuit and oxygen plant.
Fluor and the Specialist Contractors have commenced work on the BFS under the leadership of the newly appointed Project Director Frank Arcese — who has extensive experience in delivering large-scale mining projects. With major contractors now on board and ongoing progress on the BFS workstreams, the Company expects to review the schedule and budget for the next phase of development by mid-2026 and provide any update to guidance as required.
Furthermore, with the successful completion of an upsized bought deal private placement in February, the Company is well positioned to support critical activities, including expenditures related to Donlin Gold, settlement of the prepayment option on the promissory note with Barrick Mining Corporation (“Barrick”), and general corporate purposes.
During the first quarter, as part of Donlin Gold’s infrastructure and energy strategy, Donlin Gold signed a non-binding LOI with Glenfarne, majority owner and developer of the Alaska LNG project, to explore the potential supply of natural gas for Donlin Gold’s on-site power generation.
Donlin Gold’s exceptional scale, high-grade open-pit mineralization, long mine life, competitive estimated operating costs, significant exploration upside2, and location in an excellent mining jurisdiction, place it among a rare class of global gold assets. The project hosts approximately 40 million ounces of Measured and Indicated Mineral Resources, inclusive of Mineral Reserves, at an average grade of 2.22 grams per tonne3 —more than twice the industry average4. Importantly, these resources represent only a portion of an eight-kilometer mineralized trend that covers less than 5% of the broader land package, highlighting substantial exploration potential. Donlin Gold continues to advance district-wide exploration aimed at expanding existing resources and identifying new discoveries across the largely underexplored property.
Sustaining Strategic Engagement with Local Communities, Government and Regional Stakeholders as Donlin Gold Enters Its Next Phase of Development
Donlin Gold LLC continues to prioritize meaningful engagement with local communities, stakeholders, and government representatives in the Yukon-Kuskokwim (Y-K) region, Alaska, and Washington, D.C., in support of project development and permitting. Decades of consistent outreach across 62 Y-K communities have fostered strong relationships, facilitated knowledge exchange, and reinforced the project’s social license while building lasting trust. The Donlin Gold team remains dedicated to advancing the project responsibly through open, respectful, and transparent communication at every stage.
In that spirit, Donlin Gold participated in important strategic government activities in the first quarter to increase its presence and broaden our reach, including the Alaska Chamber of Commerce and Resource Development Council Legislative fly-in, providing project updates, meetings with Congressional delegation state directors, and holding discussions with the Alaska Department of Natural Resources Commissioner and Deputy Commissioner. Donlin Gold also conducted two multi-day visits to Juneau, Alaska, during the State Legislature’s session to hold 11 legislative meetings and engage with numerous state representatives and senators.
In addition, during the first quarter, Donlin Gold and NOVAGOLD staff participated in the 4th annual Juneau Mining Forum and a joint legislative reception for the Alaska Miners Association, Trucking Association and Alaska General Contractors Association. Donlin Gold staff also attended Senator Lisa Murkowski’s holiday luncheon and co-sponsored an event for Speaker Bryce Edgmon, Senator Cathy Giessel, and Representative Louise Stutes.
As part of an ongoing commitment between Donlin Gold, Calista Corporation (“Calista”), and The Kuskokwim Corporation (TKC) to seek input and share knowledge on subsistence matters, Donlin Gold hosted its bi-annual Subsistence Community Advisory Committee (SCAC) meeting in Anchorage. The SCAC members represent a range of perspectives on the project that are important to consider as we advance development. Donlin Gold also held its first virtual SCAC session, which included participation from both SCAC and Donlin Gold Project Community Advisory Committees. The meetings focused on the Barge Communications Plan, providing SCAC members with an opportunity to review the project approach, ask questions, and provide feedback that informs ongoing planning.
Donlin Gold also provided a project update at a town hall meeting in Bethel, the largest city downriver from the project.
Supporting Social, Cultural, and Environmental Priorities in the Y-K Region
NOVAGOLD and Donlin Gold actively contributed to a wide range of programs and community events across the Y-K region, supporting cultural preservation, strengthening stakeholder relationships, advancing economic and social well-being, and promoting youth engagement. These efforts included collaborating with Calista’s Shareholder Relations Committee and traveling to four Y-K communities to engage directly with Calista shareholders on topics including the Donlin Gold project.
In the first quarter of 2026, Donlin Gold continued its support of local stakeholders across education, sports, and cultural initiatives. Key programs included the Cook Inlet Tribal Council’s Native Youth Olympics, the Alaska School Activities Association/First National Bank Alaska Wrestling State Championships, the Girl Scouts of Alaska, the Lower Yukon School District Career Fair, the Kusilvak Career Academy, and the University of Alaska Foundation’s Rural Alaska Honors Institute — a six-week, tuition-free program helping rural and Alaska Native students earn college credits and develop academic skills. Donlin Gold also hosted and supported the “Donlin Gold Classic” Invitational Basketball Tournament at Bethel Regional High School, bringing together varsity teams and community members from across the Y-K region.
Donlin …