NG - NovaGold plunges to four-year lows after reporting Q2 loss

2023-06-28 11:33:05 ET

NovaGold Resources ( NYSE: NG ) -13.1% in Wednesday's trading to its lowest in more than four years after reporting a larger than expected Q2 loss .

The company reported a Q2 GAAP loss of $14.65M, or $0.04/share, slightly less than the year-earlier loss of $14.9M, or $0.04/share, primarily due to lower field expenses at the Donlin Gold project it owns equally with Barrick Gold.

NovaGold ( NG ) said with $109 million in cash and term deposits at the end of Q2 and another $25M due in July 2023 from Newmont, it believes it has sufficient resources to cover anticipated costs to fund its share of the Donlin project through an updated feasibility study.

The company guided for FY 2023 spending of ~$31M, including $17M to fund the Donlin project.

More on NovaGold Resources:

• Financial and valuation comparison to sector peers
• Analysis: NovaGold To Release Q2 2023 Results, But There's More To Learn
• Stock price return: Up 4.5% YTD, up 4.5% in the past 12 months

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