NovaGold Resources Inc (NYSE American / TSX: NG) is a gold development company whose sole material asset is a 50% interest in the Donlin Gold project, located in Alaska. The company generates no revenue from gold production. It funds its share of Donlin Gold project expenditures through equity raises and cash reserves, recording equity losses from the joint venture on its income statement. Donlin Gold LLC is owned equally by a subsidiary of NovaGold and Donlin Gold Holdings LLC, a subsidiary of Paulson Advantage Plus Master Ltd. and Paulson Partners LP (together, 'Paulson'). As of the cut-off date of December 31, 2024, the Donlin Gold project holds measured and indicated mineral resources of approximately 39,988 thousand ounces of gold at 2.22 g/t (100% basis), with NovaGold's 50% attributable share totaling approximately 23,993 thousand ounces. The project remains in the permitting and development stage. NovaGold maintains executive offices in Salt Lake City, Utah, and a corporate office in Vancouver, British Columbia, Canada.

Revenue model

NovaGold produces no revenue from mining operations. The company funds its proportionate share of Donlin Gold LLC expenditures and sustains itself through capital markets activity. Cash flow statements for fiscal years ended November 30, 2023, 2024, and 2025 show net cash used in operating activities and investing activities, with no operating revenue disclosed in the filing excerpts.

Products and services

The Donlin Gold project, when developed, is designed to produce gold dore bars through a process involving froth flotation, pressure oxidation (POX), carbon-in-leach (CIL) cyanide leaching, electrowinning, and furnace smelting. The project remains pre-production as of the filing date of January 22, 2026.

Customers and end markets

No customers or end-market revenue relationships exist as of the filing date. The end market upon production would be gold bullion buyers. Gold spot prices referenced in the 10-K ranged from a low of $1,628/oz (2022) to a high of $4,633/oz (through January 16, 2026).

Value-chain role

NovaGold is a pre-revenue, development-stage participant in the gold mining value chain. It holds a 50% ownership interest in Donlin Gold LLC, which controls the mineral rights and manages the Donlin Gold project property in Alaska. The company is upstream of any production, processing, or sales activity.

Geographic exposure

The Donlin Gold project is located in Alaska, USA. NovaGold's executive office is in Salt Lake City, Utah, USA, and its corporate office is in Vancouver, British Columbia, Canada. The company is listed on both the NYSE American and the Toronto Stock Exchange.

Source: SEC 10-K, filed 2026-01-22

Industry: Gold and Silver Ores Peers: Coeur Mining, Inc Newmont Corporation Royal Gold Inc SSR Mining Inc