NOVAGOLD Reports Third Quarter 2023 Financial Results Successful Completion of 2023 Field Program, Positioning the
Donlin Gold Project for the Next Phase of Development
Increased Cash and Term Deposits to $130 Million With the Receipt of $25 Million
- The 2023 field program at the Donlin Gold project was completed safely and successfully on schedule in July, with 63% of its direct hires originating from the Yukon-Kuskokwim (“Y-K”) region.
- Our ongoing focus at Donlin Gold is on finalizing the geologic and resource models using data obtained from the extensive drill programs, as well as the recently completed fieldwork at the project site to advance the Alaska Dam Safety certification applications.
- On September 21, 2023, both Barrick Gold Corporation (“Barrick”) and NOVAGOLD (collectively referred to as the “Owners”) attended a workshop in Alaska to review the substantial amount of work completed to date and discuss the next steps for the Donlin Gold project and workplan for the coming years.
- NOVAGOLD’s treasury remains strong with $130 million in cash and term deposits as of August 31, 2023, which includes a $25 million note payment received from Newmont Mining Corporation (“Newmont”) in July 2023 — a healthy financial position to advance the Donlin Gold project up the value chain.
VANCOUVER, British Columbia, Oct. 03, 2023 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the Company”) (NYSE American, TSX: NG) today released its 2023 third quarter financial results and an update on its Tier One1 gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick.
NOVAGOLD Reports Third Quarter 2023 Financial Results (globenewswire.com)