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Novagold Resources Inc. (NG-2.80%) has submitted its Form 10-K filing for the fiscal year ended November 30, 2024.
The filing reports a net loss of $45.6 million, a slight decrease from the previous year's net loss of $46.8 million. The decrease is primarily due to lower field expenses at the Donlin Gold project.
General and administrative expenses increased to $24.9 million from $21.8 million, driven by higher professional fees and employee compensation.
The Donlin Gold project, owned equally by Novagold and Barrick Gold Corporation, advanced key activities in 2024, including metallurgical test work and resource model updates.
The project is currently in the permitting stage, with several permits issued and some under appeal. Donlin Gold continues to engage with stakeholders and government entities.
The company ended the fiscal year with $101.2 million in cash and term deposits, sufficient to cover anticipated expenses for at least the next two years.
Novagold's share of expenses for the Donlin Gold project was $12.9 million, reflecting reduced site activity compared to the prior year.
The company continues to focus on advancing the Donlin Gold project while maintaining a strong balance sheet and stakeholder relations.
Future financing for the Donlin Gold project is anticipated through debt and equity offerings, with additional capital required for construction.
The company has no current plans to declare dividends, with future earnings expected to be reinvested into the business.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Novagold Resources Inc. annual 10-K report dated January 23, 2025. To report an error, please email earnings@qz.com.