NOVAGOLD Reports Q1 2026 Financial Results and Major Progress at Donlin Gold Project

Key Highlights for Investors

• Successful \$294 Million Capital Raise: NOVAGOLD completed an upsized bought deal private placement, netting approximately \$294 million in proceeds. This considerably strengthens the company’s balance sheet and signals robust investor confidence in the company’s direction and prospects.
• Cash and Term Deposits Surge: The company ended the first quarter with approximately \$393 million in cash and term deposits, providing substantial liquidity to fund ongoing activities and de-risk operations.
• Bankable Feasibility Study (BFS) Launched: NOVAGOLD has initiated a BFS for the Donlin Gold project, appointing Fluor Corporation as the lead engineering firm. Technical workstreams are already underway, marking a pivotal step towards advancing the project to production readiness.
• Strategic Energy Initiative: Donlin Gold signed a non-binding Letter of Intent (LOI) with Glenfarne Alaska LNG, LLC to jointly evaluate natural gas supply from the Alaska LNG pipeline and related infrastructure. This move aims to provide reliable, cost-efficient power for the proposed mine, which could significantly enhance project economics and reduce long-term operating costs.
• Ownership Update: Donlin Gold is owned 60% by NOVAGOLD and 40% by Donlin Gold Holdings, which is wholly owned by Paulson Advisers LLC and its affiliates.

Details and Analysis

NOVAGOLD Resources Inc. (NYSE American, TSX: NG) filed its first quarter 2026 report on April 1, 2026. The company’s strategy is clearly focused on advancing the Donlin Gold project, one of the largest undeveloped gold mines in the world, and has made substantial progress on multiple fronts during the quarter.

Financial Strength and Liquidity

The completion of the \$294 million private placement demonstrates strong support from the investment community. With approximately \$393 million in cash and term deposits as of February 28, 2026, NOVAGOLD is well-positioned to fund its share of project development activities at Donlin Gold and manage its treasury efficiently. This level of liquidity is a significant de-risking factor for investors and provides the company with flexibility to seize future opportunities or weather market volatility.

Bankable Feasibility Study and Project Advancement

The appointment of Fluor Corporation as the lead engineering firm for the BFS is a major milestone. A BFS is the final step of technical and economic evaluation before a construction decision and is typically required for securing project financing and partnership commitments. The launch of this comprehensive study signals that Donlin Gold is moving closer to a potential development decision, which could substantially re-rate NOVAGOLD’s valuation if successful.

Innovative Energy Strategy

The LOI with Glenfarne Alaska LNG, LLC to evaluate natural gas supply is a noteworthy development. Power supply is one of the largest operating costs for remote mining projects in Alaska. Securing a reliable and possibly lower-cost energy source via the Alaska LNG pipeline could materially improve project economics, lower emission profiles, and reduce execution risk for Donlin Gold.

Shareholder Considerations and Price-Sensitive Items

• The successful capital raise and robust cash position significantly de-risk the company, enhancing its ability to execute on its strategy without near-term dilution or funding uncertainty.
• Initiation of the BFS and appointment of a world-class engineering firm could be viewed as a signal that the Donlin Gold project is entering a decisive phase. Positive outcomes from the BFS could be highly price-sensitive, as they may precede a construction decision, strategic partnerships, or project financing announcements.
• The energy infrastructure initiative could be a game-changer for project economics. Any definitive agreements or positive feasibility outcomes related to LNG supply could provide upside to share value.

Conference Call and Further Information

NOVAGOLD will host a conference call and webcast to discuss these results and developments on April 1, 2026, at 8:00 am PT (11:00 am ET). Investors can access the webcast at www.novagold.com/investors/events or join via phone at 1-833-752-3655 for North American callers.

Forward-Looking Statements

The company’s press release contains forward-looking statements regarding expected expenditures, project economics, and future developments at Donlin Gold. Actual results could differ materially due to risks and uncertainties, including those described in NOVAGOLD’s filings with securities regulators.

Disclaimer: This article summarizes publicly available information from NOVAGOLD Resources Inc.’s Form 8-K and related press release dated April 1, 2026. It is not investment advice. Investors are urged to review the full filings and consult their own advisors before making investment decisions. NOVAGOLD’s forward-looking statements are subject to risks and uncertainties. The company undertakes no obligation to update these statements except as required by law.

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