NovaGold Resources Inc. Q3 2026 Earnings Recap

The stock rose 5.5% after earnings. The call’s clearest positive was the proposed transaction to consolidate Donlin Gold ownership, which management said would increase key per-share metrics and is expected to close by year-end, subject to approvals.

Key Takeaways

• The proposed all-share transaction would give New NovaGold 100% ownership of Donlin Gold; shareholders are scheduled to vote on November 3, 2026, with closing expected by year-end, subject to shareholder, court, regulatory, listing, and customary conditions.
• Management said the transaction adds approximately 16 million ounces of indicated resources, including 13 million ounces of proven and probable reserves, and increases attributable first-decade annual production by over 520,000 ounces.
• Donlin is projected to produce approximately 1.1 million ounces annually over a 27-year mine life; the transaction is expected to give New NovaGold a market capitalization of about $5 billion.
• 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.