NovaGold Resources Inc. Q3 2026 Earnings Recap

NovaGold’s shares rose 6.0% after the earnings call, with management highlighting a proposed transaction to consolidate ownership of Donlin Gold and make the company a U.S.-domiciled developer. The project’s scale and the planned ownership structure were the main positives; the bankable feasibility study remains in progress, with completion targeted for 2027.

Key Takeaways

• The proposed all-share transaction would give New NovaGold 100% ownership of Donlin Gold; it requires two-thirds shareholder approval and other customary conditions. A special shareholder meeting is scheduled for November 3, 2026, with closing expected by year-end.
• Management says the transaction would add approximately 16 million ounces of indicated resources, including 13 million ounces of proven and probable reserves, and increase attributable annual production by more than 520,000 ounces in the first decade.
• Donlin is projected to produce approximately 1.1 million ounces annually over a 27-year mine life. Those figures are project projections, not current production.
• The bankable feasibility study remains on track for completion in 2027. Geotechnical work is wrapping up this fall, while resource modeling and mine planning are progressing.
• NovaGold has more than doubled its team since the start of 2026, from 35 to over 70 employees, as it builds capacity for project work.