NG:CC - NovaGold: Digging Into The Q1 Results

• NovaGold released its fiscal Q1 2022 results this week, reporting cash burn of roughly ~$14 million with a much busier year ahead for its 50% owned Donlin Project this year.
• NovaGold has its largest drill program in a decade planned for 2022 in preparation for an updated FS, subject to a formal decision by Donlin Gold LLC.
• However, while the Donlin Project continues to advance, there's still no definitive construction date, and unlike some other developers, NovaGold doesn't entirely control its own destiny at Donlin.
• Given that other developers can fund their projects on their own (debt/equity) without a partner, and many miners are generating significant free cash flow and paying dividends, I see better opportunities elsewhere in the sector.

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