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Novagold Resources Inc. (NG+13.55%) has submitted its 10-Q filing for the quarterly period ended February 28, 2025.
The filing includes financial statements for the quarter, showing a net loss of $9,116,000 compared to $10,318,000 in the same quarter the previous year. The decrease in net loss is primarily due to lower stock-based compensation expense and reduced expenditures at the Donlin Gold project.
General and administrative expenses for the quarter were $4,802,000, down from $6,259,000 in the previous year. The decrease is attributed to reduced share-based compensation expenses.
The company's share of funding for the Donlin Gold project was $3,614,000 for the quarter. The project is a joint venture with Barrick Gold Corporation, with each company holding a 50% interest.
Cash and cash equivalents decreased by $8,255,000 during the quarter, primarily due to funding the Donlin Gold project and covering corporate administrative expenses.
As of February 28, 2025, Novagold had cash and cash equivalents of $33,969,000 and term deposits of $59,000,000, providing sufficient working capital for anticipated funding needs for at least the next two years.
The company reported no changes to its risk factors from those outlined in its Annual Report on Form 10-K for the year ended November 30, 2024.
Novagold continues to focus on advancing the Donlin Gold project, with a planned 15,000 meters of drilling to further develop modifying factors and mine planning input parameters.
The company is engaged in ongoing litigation related to permits for the Donlin Gold project, with decisions anticipated in 2025.
Novagold is actively engaging with local communities and government representatives to support the Donlin Gold project and its importance to the Alaska and Yukon-Kuskokwim region.
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. quarterly 10-Q report dated April 1, 2025. To report an error, please email earnings@qz.com.