olivLaw · US equity research
NOVAGOLD RESOURCES INC. NG
Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)
NOVAGOLD RESOURCES INC. is a gold development company that does not yet produce gold, and its main asset is the Donlin Gold project in Alaska, described as potentially the largest single gold mine in the United States. The company plans to raise its stake from 60% to 100%, a transaction that could change its capital and governance structure if completed by year-end.
At the close of 04 Nov 2026, NOVAGOLD RESOURCES INC. (NG) stock was 6.10 USD (+6.09% on the day), with market capitalisation 2.7 bn USD, beta 1.58, 52-week range 5.18–14.20 USD. Latest reported quarter (Q3 2026): revenue of 0 USD, net income of -36.0 m USD, diluted EPS -80.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.8
- weak (30–45)
- Bollinger (20, 2)
- 5.70 – 6.87
- in the lower half of the band · %B 0.34 · band width 18.6%
- SMA 50 / 200
- 7.01 / 8.18
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.27 / -0.27
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.7% | −1.1% | −6.6 pp | — |
| 3 months | −11.5% | −0.5% | −11.0 pp | — |
| 6 months | −32.4% | +4.4% | −36.8 pp | — |
| Year to date | −34.5% | +12.3% | −46.9 pp | — |
| 1 year | −20.9% | +13.5% | −34.4 pp | −9.3% |
| 3 years | +59.3% | +76.4% | −17.1 pp | +145.9% |
| 5 years | −21.3% | +63.7% | −85.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 31 Aug 2026
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 ≈ | — | — | — | — | 0 ≈ |
| Operating income | -9.1 m | -7.1 m | -12.3 m | -13.7 m | -14.2 m | -14.9 m | -25.8 m | -36.0 m |
| Interest expense | 3.6 m | 3.6 m | 3.7 m | 3.8 m | 3.7 m | 3.6 m | 3.7 m | 3.9 m |
| Pre-tax income | -11.0 m | -9.1 m | -54.3 m | -15.6 m | -15.6 m | — | — | — |
| Income tax | -131.0 k | 0 | 0 | 0 | 0 | — | — | — |
| Net income | -10.9 m | -9.1 m | -54.3 m | -15.6 m | -15.6 m | -15.4 m | -25.5 m | -36.0 m |
| Diluted EPS | — | -0.03 | -0.15 | -40.00 | — | -0.04 | -0.06 | -80.00 |
| Operating cash flow | -2.0 m | -5.5 m | -1.6 m | -903.0 k | -6.0 m | -5.3 m | -6.4 m | -3.3 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | unavailable | unavailable | 0 | 0 |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -112.8 m | -27.8 m | -33.6 m | -40.5 m | -53.3 m | -46.8 m | -45.6 m | -94.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.10 | -0.12 | -0.16 | -0.14 | -0.14 | -0.25 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Nov 2025
- Cash
- 110.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 163.8 m USD
- Total assets
- 335.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 23.79x
- ROE
- unavailable
- ROA
- -42.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | — | — | 0 | 0 | SEC (XBRL)· 22 Jan 2026verified |
| Operating income | -33.2 m | -36.8 m | -48.3 m | -40.3 m | -37.9 m | -47.3 m | SEC (XBRL)· 22 Jan 2026verified |
| Interest expense | 6.0 m | 5.9 m | 8.0 m | 13.1 m | 14.8 m | 14.8 m | SEC (XBRL)· 22 Jan 2026verified |
| Pre-tax income | -34.3 m | -40.4 m | -53.4 m | -46.8 m | -44.9 m | -94.7 m | SEC (XBRL)· 22 Jan 2026verified |
| Income tax | -781.0 k | 137.0 k | -33.0 k | 39.0 k | 724.0 k | 0 | SEC (XBRL)· 22 Jan 2026verified |
| Net income | -33.6 m | -40.5 m | -53.3 m | -46.8 m | -45.6 m | -94.7 m | SEC (XBRL)· 22 Jan 2026verified |
| Diluted EPS | -0.10 | -0.12 | -0.16 | -0.14 | -0.14 | -0.25 | SEC (XBRL)· 22 Jan 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 60.9 m | 91.1 m | 63.9 m | 45.7 m | 42.2 m | 110.1 m | SEC (XBRL)· 22 Jan 2026verified |
| Receivables | — | 0 | 301.0 k | — | — | — | SEC (XBRL)· 04 Apr 2023verified |
| Current assets | 196.4 m | 169.5 m | 152.5 m | 127.2 m | 102.8 m | 117.5 m | SEC (XBRL)· 22 Jan 2026verified |
| Total assets | 224.4 m | 198.9 m | 159.2 m | 133.3 m | 109.8 m | 335.9 m | SEC (XBRL)· 22 Jan 2026verified |
| Accounts payable | 900.0 k | 682.0 k | 769.0 k | 703.0 k | 1.4 m | 2.0 m | SEC (XBRL)· 22 Jan 2026verified |
| Current liabilities | 3.5 m | 4.4 m | 4.6 m | 3.9 m | 4.5 m | 4.9 m | SEC (XBRL)· 22 Jan 2026verified |
| Total liabilities | 113.7 m | 120.6 m | 129.3 m | 141.5 m | 157.2 m | 172.1 m | SEC (XBRL)· 22 Jan 2026verified |
| Equity | 110.7 m † | 78.3 m † | 29.9 m † | -8.2 m † | -47.4 m † | 163.8 m † | SEC (XBRL)· 22 Jan 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -10.0 m | -9.9 m | -12.4 m | -7.8 m | -12.6 m | -14.0 m | SEC (XBRL)· 22 Jan 2026verified |
| Investing cash flow | 4.7 m | 40.4 m | -12.4 m | -10.3 m | 9.4 m | -177.6 m | SEC (XBRL)· 22 Jan 2026verified |
| Financing cash flow | -1.7 m | -731.0 k | -2.1 m | 0 | -174.0 k | 259.5 m | SEC (XBRL)· 22 Jan 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.7 bn USD
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -6.1x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 44.5x | 100 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NOVAGOLD RESOURCES INC. (NG). Latest full fiscal year: 2025; data up to 2026-08-31.
Figures computed from the financial statements: revenue 0 USD in 2025; ROE -32.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 44.5x
What contradicts it
- Interest coverage: -6.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEMNewmont Corporation | 122.7 bn | 13.7 | 26.8% | 34.7% | +21.3% | +30% / +194% |
| AEMAgnico Eagle Mines Limited | 91.7 bn | 20.7 | 19.6% | 37.5% | +43.7% | +5% / +242% |
| BBarrick Mining Corp | 67.2 bn | 13.7 | 19.6% | 29.4% | +31.2% | −3% / +128% |
| FNVFRANCO NEVADA Corp | 46.7 bn | 42.0 | 16.3% | 61.0% | +63.7% | +15% / +116% |
| AUAngloGold Ashanti plc | 44.4 bn | 17.0 | 43.1% | 32.1% | +70.8% | +3% / +357% |
| GFIGold Fields Limited | 32.9 bn | 26.6 | 25.7% | 23.9% | +15.6% | −14% / +140% |
| KGCKinross Gold Corp | 25.7 bn | 11.0 | 31.0% | 33.9% | +36.9% | −24% / +264% |
| PAASPan American Silver Corp. | 17.5 bn | 16.2 | 16.8% | 27.1% | +28.4% | −9% / +165% |
| CDECoeur Mining, Inc. | 14.9 bn | 16.0 | 10.3% | 19.2% | +96.4% | −16% / +378% |
| AGIAlamos Gold Inc. | 12.6 bn | 14.3 | 22.1% | 49.0% | +34.3% | −20% / +103% |
| HMYHarmony Gold Mining Company Limited | 10.4 bn | — | — | — | +25.8% | −17% / +163% |
| IAGIAMGOLD Corporation | 10.3 bn | 15.3 | 19.5% | 25.7% | +74.7% | +12% / +588% |
| EQXEquinox Gold Corp. | 8.9 bn | 32.2 | 4.8% | 12.2% | +99.1% | −19% / +106% |
| AGFirst Majestic Silver Corp. | 7.6 bn | 45.3 | 8.0% | 13.1% | +124.3% | +1% / +158% |
| ARISAris Mining Corp | 3.2 bn | 38.3 | 7.0% | 8.4% | +81.7% | +12% / +396% |
| FSMFortuna Mining Corp. | 2.9 bn | 10.7 | 18.7% | 30.4% | +39.8% | −5% / +146% |
| NGNovagold Resources Inc. | 2.7 bn | — | -32.8% | — | unavailable | −21% / +59% |
| AAUCAllied Gold Corporation | 2.5 bn | — | -13.8% | -3.9% | +82.3% | −3% / unavailable |
| SVMSilvercorp Metals Inc. | 1.9 bn | 30.9 | 9.6% | 19.5% | +38.9% | +10% / +198% |
| HYMCHycroft Mining Holding Corporation | 1.6 bn | — | -72.3% | — | −100.0% | +49% / +716% |
| MUXMcEWEN INC. | 916.1 m | 12.8 | 13.5% | 32.5% | +13.2% | −20% / +94% |
| GROYGold Royalty Corp. | 648.9 m | — | -0.7% | -26.5% | +54.5% | −34% / +86% |
| OGGOsisko Development Corp. | 602.0 m | — | -27.0% | -476.4% | +678.0% | −33% / −17% |
| ITRGIntegra Resources Corp. | 398.7 m | — | -1.4% | -0.9% | +703.7% | −37% / +157% |
| CMCLCaledonia Mining Corp Plc | 397.9 m | 22.6 | 8.5% | 9.8% | +25.1% | −33% / +74% |
1- and 3-year price returns: for NG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
NOVAGOLD RESOURCES INC. is a gold development company that does not yet produce gold, and its main asset is the Donlin Gold project in Alaska, described as potentially the largest single gold mine in the United States 13. The company plans to raise its stake from 60% to 100%, a transaction that could change its capital and governance structure if completed by year-end 23.
SWOT
Strengths
- The company controls a large-scale project with high-grade mineralisation and considerable resources, giving it a distinct position in the gold industry 3.
- A consistent treasury allows funding of feasibility work and corporate costs over a period without operating revenue 3.
- The proposed transaction could consolidate full ownership of the project and simplify decision-making under a single parent company 3.
Weaknesses
- The company has no operating revenue and depends entirely on advancing one project, with no other material properties 1.
- Voting rights are contractually limited despite holding the majority of the economic interest, which may reduce control over decisions 1.
- The company had a disclosure controls deficiency in the quarter ended August 2025, since remediated, which raises questions about reporting discipline 1.
Opportunities
- Completing the transaction could turn the company into a developer with full ownership of a large-scale project and could attract new investors 3.
- Remaining exploration potential across a land package that is only partly systematically explored could expand resources 3.
- Project finance or government-supported structures could reduce reliance on equity capital 3.
Threats
- Development costs could rise significantly as technical studies become more detailed, affecting project economics 1.
- The gold price could fall, which could reduce the project's appeal to investors and financiers 1.
- Delays in approval of the transaction or permits could postpone development and dilute existing shareholders 13.
Risks
- Dependence on a single projecthigh
The company depends entirely on Donlin Gold, so any technical, permitting or financing problem could affect the whole business.
- Need for external financinghigh
Development requires resources far above the current treasury, and obtaining financing on acceptable terms is not assured.
- Shareholder dilution riskmedium
Additional share issues, including those linked to the transaction, could reduce the stakes of existing shareholders.
- Dependence on the project partnermedium
If cooperation with the partner weakened, project progress could be delayed or lead to litigation.
- Disclosure controlslow
Earlier control weaknesses could recur, affecting compliance and access to capital markets.
Investment thesis
What would need to be true (bull case)
- If the transaction completes, the company could fully own a project described as the largest single gold mine in the United States 3.
- A gold price that stays high could support financing and attract investors to the project's development 1.
- The high grade and remaining exploration potential could expand the resource base in the coming years 3.
What would break the thesis
- The company has no revenue and continues to post losses each quarter, which could force new share issues with significant dilution 13.
- The estimated project cost is very high, and updated studies could show costs above current estimates 1.
- Development depends on permits, financing and shareholder approvals, and each stage could delay the project timeline 13.
What to watch
- Completion of the Paulson transaction and shareholder voteQ4 2026
- Final results of the bankable feasibility study (BFS)2027
- Selection of the prime contractor and structure of project financing2027
- Trend in advisory costs and the treasury balancenext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
NOVAGOLD's economic interest in Donlin Gold rose to 60% after it bought an additional 10% stake from Barrick in June 2025 for $200 million, with Paulson acquiring the remaining 40% 1. Although it holds 60% of the economic interest, governance is shared equally with Paulson, so NOVAGOLD has a 50% voting interest 1. The company accounts for the stake as an equity investment, with its share of project expenses recorded as an operating loss 2.
In July 2026 NOVAGOLD and Paulson signed definitive agreements under which a new company, New NOVAGOLD, would acquire 100% of Donlin Gold 23. The total initial capital cost estimate for the project is $9,233 million and the total sustaining capital estimate is $2,325 million 1, making project financing a central issue for a company with no operating revenue.
Segments
Donlin Gold project
Donlin Gold is the company's only material mineral property and, according to the November 2025 technical report, has an estimated average annual production of 1.3 million ounces in its first 10 full years of production 3. Measured and indicated resources total about 40 million ounces 3, and the bankable feasibility study, expected to finish in 2027, will set the final costs and viability 3.
Market context
Trends
- High gold pricestailwind
The rise in gold prices in 2025 and early 2026 could ease project financing and attract investors if prices stay high 1.
- Gold price volatilitymixed
The gold price is volatile and depends on factors outside the company's control, which could quickly change the project's economics 1.
- Focus on high-grade depositstailwind
The average grade of 2.22 g/t in the resources could support lower operating costs if the feasibility study confirms current estimates 3.
- Rising capital costsheadwind
The initial estimated cost of $9,233 million could increase as studies are updated, which could make financing harder 1.
Competitive position
The company competes with other mineral exploration and development companies for financing, technical expertise and mineral property acquisitions, and many of them have greater financial and technical resources 1. This competition could limit the company's ability to finance exploration and the development of Donlin Gold 1.
The sources analysed do not name specific competitors, so a direct comparison with other gold producers cannot be made from these documents, and any advantage could rest on the project's scale and grade if these are confirmed 3.
- Other mineral exploration and development companies
Companies named in the annual report as rivals for financing and mineral properties, with larger financial and technical resources 1.
- Companies with greater financing capacity
Competitors with larger exploration budgets that could more easily obtain the financing needed for similar projects 1.
- Companies with gold projects in development
Players in the same industry that target the same sources of capital, not explicitly identified in the documents analysed 1.
- Project finance partners and investors
Parties that can provide capital through project finance or government-linked structures 3.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- NovaGold Resources (NG) Plunged 36.9%: Is the Gold Stock Now Undervalued?Yahoo Finance — News · 21 Sept 2026 · EN
- NovaGold to Buy Billionaire Paulson’s Stake in Alaska Gold MineBloomberg Markets · 22 Jul 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Oct 2026Other events
- Quarterly report08 Oct 2026
- Current report08 Oct 2026Results of operations · Financial statements and exhibits
- Current report05 Oct 2026Other events · Financial statements and exhibits
- Current report05 Oct 2026Other events · Financial statements and exhibits
- Current report22 Jul 2026Material agreement · Other events · Financial statements and exhibits
- Current report22 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report24 Jun 2026
- Current report24 Jun 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-11-30 · SEC / NOVAGOLD RESOURCES INC. · 22 Jan 2026
- [2] Form 10-Q, quarter ended 2026-08-31 · SEC / NOVAGOLD RESOURCES INC. · 08 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / NOVAGOLD RESOURCES INC. · 08 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.