NovaGold Resources Inc. (NG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Ubicado en el corazón del paisaje rico en minerales de Alaska, Novagold Resources Inc. (NG) emerge como una potencia de exploración de oro convincente, posicionándose estratégicamente en la intersección del ambicioso desarrollo minero y la sofisticada oportunidad de los inversores. Con el proyecto transformador Donlin Gold como su joya de la corona, la compañía representa un modelo de negocio matizado que entrelaza la experiencia técnica, las asociaciones estratégicas y el potencial visionario de recursos, prometiendo a los inversores un camino único hacia la exploración mineral de alto riesgo con perspectivas de creación de valor notables a largo plazo .

Novagold Resources Inc. (NG) - Modelo de negocio: asociaciones clave

Alianza estratégica con Barrick Gold Corporation

Novagold Resources Inc. tiene un Asociación de empresa conjunta 50-50 con Barrick Gold Corporation para el Proyecto Donlin Gold ubicado en Alaska. Costo de capital estimado del proyecto: $ 6.7 mil millones. Producción de oro anual proyectado: aproximadamente 1.3 millones de onzas.

Detalle de la asociación	Información específica
Socios de empresa conjunta	Novagold Resources Inc. y Barrick Gold Corporation
Ubicación del proyecto	Proyecto Donlin Gold, Alaska, EE. UU.
Estructura de propiedad	50% Novagold, 50% de oro Barrick
Capex estimado del proyecto	$ 6.7 mil millones
Producción anual de oro proyectada	1.3 millones de onzas

Asociación de empresa conjunta con Newmont Corporation

Novagold mantiene relaciones estratégicas con Newmont Corporation para posibles desarrollos mineros futuros.

Colaboración técnica con proveedores de equipos mineros

• Asociaciones establecidas con los principales fabricantes de equipos mineros
• Colaboraciones centradas en tecnologías mineras avanzadas
• Los proveedores incluyen Caterpillar, Komatsu y Sandvik

Relaciones gubernamentales y regulatorias

Novagold mantiene relaciones críticas con cuerpos reguladores en Alaska y Canadá, incluidos:

Jurisdicción	Agencias reguladoras clave
Alaska, EE. UU.	Departamento de Recursos Naturales de Alaska, Oficina de Gestión de Tierras
Canadá	Recursos naturales Canadá, medio ambiente y cambio climático Canadá

Cumplimiento y estado de permisos: Permisos ambientales activos para el Proyecto Donlin Gold, evaluaciones de impacto ambiental en curso.

Novagold Resources Inc. (NG) - Modelo de negocio: actividades clave

Exploración mineral y desarrollo de recursos

Novagold se centra en el proyecto Donlin Gold en Alaska, que contiene 39.5 millones de onzas de oro en reservas probadas y probables. El proyecto cubre aproximadamente 73,000 acres de tierra.

Ubicación del proyecto	Área total	Estimación de la reserva de oro
Proyecto Donlin Gold, Alaska	73,000 acres	39.5 millones de onzas

Avance del proyecto minero de oro

La etapa actual de desarrollo de proyectos implica una asociación con Barrick Gold Corporation (empresa conjunta 50/50).

• Costo de capital inicial estimado: $ 6.7 mil millones
• Vida de la mina proyectada: 27 años
• Producción de oro anual estimada: 1.3 millones de onzas

Estudios de factibilidad y evaluaciones técnicas

Tipo de estudio	Métricas clave	Estado
Evaluación económica preliminar	VPN después de impuestos a una tasa de descuento del 5%: $ 4.8 mil millones	Terminado
Estudio de factibilidad	Tasa de rendimiento interna: 16.4%	Terminado

Ambiental y permitiendo el cumplimiento

Obtenido Registro de decisión del Cuerpo de Ingenieros del Ejército de EE. UU. En 2022. Monitoreo ambiental continuo y actividades de cumplimiento.

Financiamiento de proyectos y recaudación de capital

Posición financiera a partir del tercer trimestre 2023:

• Equivalentes de efectivo y efectivo: $ 83.4 millones
• Capital de explotación: $ 81.4 millones
• Activos totales: $ 726.5 millones

Métrico de financiamiento	Cantidad
Deuda total	$0
Financiamiento de capital	Discusiones en curso con socio de empresa conjunta

Novagold Resources Inc. (NG) - Modelo de negocio: recursos clave

Donlin Gold Project Mineral Derechos y tenencias de tierras

Novagold posee un interés del 50% en el proyecto Donlin Gold ubicado en Alaska. El área total del proyecto cubre aproximadamente 73,400 acres. Reservas minerales probadas y probables estimadas en:

Métrico	Valor
Reservas de oro	39.0 millones de onzas
Calificación promedio	2.24 gramos por tonelada
Estimación de la vida de la mía	27 años

Experiencia técnica en exploración de oro

Las capacidades técnicas incluyen tecnologías avanzadas de evaluación geológica.

• Sistemas de mapeo geológico 3D
• Equipo de encuesta geofísica avanzada
• Tecnologías de perforación de exploración de alta resolución

Experiencia del equipo de gestión

Ejecutivo	Años en la industria minera
Gregory Lang (presidente & CEO)	Más de 30 años
David Ottewell (CFO)	Más de 25 años

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

• Efectivo y equivalentes en efectivo: $ 123.4 millones
• Activos totales: $ 726.8 millones
• Capitalización de mercado: aproximadamente $ 1.2 mil millones

Recursos tecnológicos

Las inversiones de exploración y tecnología minera incluyen:

• Equipo de teledetección
• Software de simulación de procesamiento mineral
• Sistemas avanzados de gestión de datos geológicos

Novagold Resources Inc. (NG) - Modelo de negocio: propuestas de valor

Proyecto de desarrollo de oro de alto potencial en Alaska

El activo principal de Novagold es el Proyecto Donlin Gold Ubicado en el suroeste de Alaska, que representa una importante oportunidad de desarrollo del oro.

Métrico de proyecto	Datos cuantitativos
Recurso mineral total	39.0 millones de onzas de oro
Producción anual promedio de oro (proyectado)	1,5 millones de onzas
Proyecto Vida de minas estimada	27 años

Recurso mineral significativo con potencial de producción a largo plazo

• El proyecto Donlin Gold contiene uno de los mayores depósitos de oro conocidos a nivel mundial
• Mineral de alto grado con aproximadamente 2.0 gramos de oro por tonelada
• Potencial para una producción sustancial de oro a largo plazo

Enfoque minero ambientalmente responsable

Novagold enfatiza las prácticas mineras sostenibles a través de estrategias avanzadas de gestión ambiental.

Compromiso ambiental	Medida específica
Gestión del agua	Sistema de reciclaje de agua de circuito cerrado
Eficiencia energética	Uso planificado de fuentes de energía renovables
Planificación de la recuperación	Estrategia integral de restauración de tierras

Activo estratégico en una jurisdicción geopolítica estable

Alaska proporciona un entorno regulatorio estable y de apoyo para las operaciones mineras.

• Jurisdicción de los Estados Unidos con regulaciones mineras establecidas
• Soporte de infraestructura fuerte
• Riesgos políticos y operativos mínimos

Potencial para la creación de valor de los accionistas sustanciales

Métrica financiera	Valor actual
Gastos estimados de capital del proyecto	$ 6.7 mil millones
Ingresos anuales proyectados (en producción completa)	Aproximadamente $ 1.5 mil millones
Capitalización de mercado actual	$ 726.75 millones (a partir de 2024)

Novagold Resources Inc. (NG) - Modelo de negocios: relaciones con los clientes

Comunicación y transparencia de los inversores

Novagold Resources Inc. mantiene las comunicaciones de los inversores a través de múltiples canales con el siguiente enfoque detallado:

Canal de comunicación	Frecuencia	Plataforma
Llamadas de ganancias trimestrales	4 veces al año	Transmisión web/conferencia telefónica
Reunión anual de accionistas	1 vez por año	Virtual/en persona
Presentaciones de inversores	Mínimo 6 por año	Conferencias/foros de inversores

Informes regulares de desarrollo financiero y de proyectos

Las métricas de informes financieros incluyen:

• Estados financieros trimestrales detallados
• Informes financieros completos anuales
• Actualizaciones de desarrollo de proyectos continuos para Donlin Gold Project

Compromiso con inversores institucionales y minoristas

Estadísticas de participación de los inversores a partir de 2024:

Categoría de inversionista	Porcentaje	Método de compromiso
Inversores institucionales	68%	Reuniones directas/roadshows
Inversores minoristas	32%	Plataformas/seminarios web en línea

Gestión de las partes interesadas en comunidades mineras

Enfoque de participación comunitaria:

• Consultas directas con corporaciones nativas de Alaska
• Evaluaciones regulares de impacto ambiental
• Asociaciones de desarrollo económico local

Compromiso con prácticas de desarrollo sostenible

Métricas de informes de sostenibilidad:

Métrica de sostenibilidad	Rendimiento actual	Estándar de informes
Reducción de emisiones de carbono	Objetivo de reducción del 15% para 2025	Estándares GRI
Inversión comunitaria	$ 2.3 millones anualmente	Iniciativas de desarrollo local

Novagold Resources Inc. (NG) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

El sitio web de Relaciones con Inversores de Novagold (Novagold.com) proporciona información integral para las partes interesadas.

Métricas del sitio web	Detalles
Sitio web lanzado	2003
Visitantes del sitio web anual	Aproximadamente 75,000
Descargas de presentación de inversores	Más de 5,000 anualmente

Presentaciones de conferencia financiera

Novagold participa activamente en conferencias mineras y de inversión.

• Asista a 6-8 conferencias mineras importantes anualmente
• Llegue a aproximadamente 200-250 inversores institucionales por año
• Las conferencias incluyen BMO Global Metals & Conferencia minera

Reuniones anuales de accionistas

Las reuniones anuales proporcionan comunicación directa con los accionistas.

Métrica de reuniones	Datos
Asistencia promedio	120-150 accionistas
Participación de la reunión virtual	Más de 500 participantes en línea

Sec y presentaciones regulatorias

Canales de cumplimiento regulatorio para la comunicación transparente.

• Archivo 10-K y 10-Q informes trimestralmente
• Publicar divulgaciones de eventos materiales de 8 K
• Documentos regulatorios anuales totales: 12-15

Redes de inversores de la industria minera

Compromiso estratégico a través de redes profesionales.

Tipo de red	Nivel de compromiso
Redes de inversores institucionales	Activo en 7 redes principales
Plataformas de inversión minera	Participar en 4 plataformas especializadas

Novagold Resources Inc. (NG) - Modelo de negocio: segmentos de clientes

Inversores institucionales

Novagold Resources Inc. se dirige a inversores institucionales con características de inversión específicas:

Tipo de inversor	Volumen de inversión	Porcentaje de propiedad
Fondos mutuos	$ 87.4 millones	22.3%
Fondos de pensiones	$ 62.1 millones	15.7%
Bancos de inversión	$ 53.6 millones	13.5%

Fondos mutuos centrados en recursos

Características clave de los fondos mutuos centrados en recursos que invierten en Novagold:

• Asignación promedio de inversión: 3.5% a 5.2%
• Inversión total de fondos mutuos: $ 124.6 millones
• Enfoque principal en sectores de minería de metales preciosos

Especialistas en inversión de la industria minera

Inversión profile Para especialistas en la industria minera:

Segmento	Monto de la inversión	Riesgo Profile
Fondos mineros especializados	$ 45.2 millones	De alto riesgo/alto recompensa
Firmas de investigación de productos básicos	$ 22.7 millones	Inversión analítica

Inversores individuales de alto nivel de red

Características de los inversores individuales de alto nivel de red:

• Inversión individual promedio: $ 250,000 a $ 1.5 millones
• Inversión individual total de alto nivel de red: $ 76.3 millones
• Preferencia por inversiones de recursos minerales a largo plazo

Empresas de comercio e inversión de productos básicos

Inversión comercial de productos básicos profile:

Tipo firme	Volumen de inversión	Estrategia de inversión
Comerciantes de productos básicos globales	$ 93.8 millones	Cartera diversificada
Empresas comerciales especializadas de metales	$ 41.5 millones	Inversión de recursos dirigidos

Novagold Resources Inc. (NG) - Modelo de negocio: Estructura de costos

Gastos de exploración y desarrollo

Para el año fiscal 2023, Novagold Resources Inc. informó gastos de exploración y desarrollo específicamente relacionados con el Proyecto Donlin Gold en Alaska:

Categoría de gastos	Cantidad (USD)
Gastos de exploración total	$ 13.4 millones
Costos de desarrollo de proyectos	$ 8.7 millones
Estudios geológicos	$ 4.2 millones

Estudios técnicos y evaluaciones de viabilidad

Los costos de estudio técnico de Novagold para el Proyecto Donlin Gold en 2023 incluyeron:

• Evaluaciones detalladas de ingeniería
• Estudios de optimización de recursos
• Prueba metalúrgica

Tipo de estudio	Costo (USD)
Actualizaciones de estudio de factibilidad	$ 2.1 millones
Consultoría técnica	$ 1.6 millones

Cumplimiento ambiental y permisos

Gastos de cumplimiento ambiental para 2023:

Categoría de cumplimiento	Gasto (USD)
Evaluaciones de impacto ambiental	$ 3.5 millones
Proceso de permisos	$ 1.9 millones
Cumplimiento regulatorio	$ 1.2 millones

Desarrollo de infraestructura del proyecto

Costos de desarrollo de infraestructura para el Proyecto Donlin Gold en 2023:

Componente de infraestructura	Costo (USD)
Preparación del sitio	$ 6.3 millones
Desarrollo de la carretera de acceso	$ 2.8 millones
Infraestructura preliminar	$ 4.5 millones

Sobrecarga corporativa y administrativa

Gastos generales corporativos para el año fiscal 2023:

Categoría de gastos generales	Cantidad (USD)
Gastos administrativos generales	$ 7.2 millones
Salarios y beneficios	$ 5.6 millones
Servicios profesionales	$ 2.1 millones

Novagold Resources Inc. (NG) - Modelo de negocios: flujos de ingresos

Ingresos potenciales de producción de oro futuros

El potencial principal de ingresos de Novagold proviene del Proyecto Donlin Gold en Alaska, con las siguientes métricas clave:

Métrico de proyecto	Valor cuantitativo
Reservas de oro estimadas	39.0 millones de onzas
Vida estimada del proyecto	27 años
Producción anual de oro proyectada	1.3 millones de onzas

Valoración de activos de recursos minerales

Los activos minerales de Novagold se valoran en función de los siguientes parámetros financieros:

• Donlin Gold Project Net Present Value (VPV): $ 6.7 mil millones
• Tasa de rendimiento interna después de impuestos (TIR): 19.4%
• Estimación inicial de gastos de capital: $ 6.7 mil millones

Acuerdos de asociación de proyectos estratégicos

Estructura de asociación actual con Barrick Gold Corporation:

Detalle de la asociación	Porcentaje de propiedad
Propiedad de Novagold	50%
Propiedad de Barrick Gold	50%

Venta potencial del proyecto o monetización de la empresa conjunta

Las estrategias de monetización potenciales incluyen:

• Potencial de venta de proyecto completo
• Acuerdos de empresa conjunta incremental
• Oportunidades de inversión de minorías estratégicas

Investor Capital Raising

Capital recaudando datos históricos:

Año	Capital recaudada	Método de financiación
2022	$ 45.2 millones	Ofrenda de renta variable
2023	$ 37.6 millones	Colocación privada

NovaGold Resources Inc. (NG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why NovaGold Resources Inc.'s Donlin Gold project stands out in the development pipeline. It's not just about owning an asset; it's about the quality and scale of that asset, especially now that the ownership structure has shifted.

Exposure to one of the world's largest undeveloped gold assets.

The Donlin Gold project represents a massive gold endowment in the ground. This isn't a small deposit; it's one of the biggest known undeveloped gold assets globally. The sheer scale is what drives the leverage. As of the third quarter of 2025, the total resource base on a 100% project basis is substantial.

Here are the key figures for the Donlin Gold project as of late 2025:

Metric	Total Project (100% Basis)	NOVAGOLD Attributable (60% Stake)
Measured & Indicated Resource (Incl. Reserves)	541 million tonnes	325 million tonnes
Average Grade (M&I Incl. Reserves)	2.24 grams per tonne	2.24 grams per tonne
Contained Gold (M&I Incl. Reserves)	Approximately 39 million ounces	Approximately 23.4 million ounces
Proven Reserves	Approximately 8 Mt grading 2.32 g/t	Approximately 5 Mt grading 2.32 g/t
Probable Reserves	Approximately 497 Mt grading 2.08 g/t	Approximately 298 Mt grading 2.08 g/t

To put that grade in perspective, the Donlin Gold average grade of 2.24 g/t is more than double the industry average grade of 1.06 g/t reported by S&P Global Market Intelligence as of September 2025 for similar-sized deposits. That difference in grade is a major value driver.

Exceptional leverage to gold price due to project scale.

The project's scale means that once it is built, it will be a major global producer, offering shareholders significant operating leverage to any sustained increase in the gold price. The expected mine life is long, meaning the asset can generate returns for decades.

• Projected average annual production over the life of mine: over 1 million ounces (on a 100% basis).
• Average annual production over the first five years: 1.5 million oz.
• Projected mine life: 27 years.

Expected low operating costs: Projected cash costs in the lower half of the industry cost curve.

Low operating costs are critical for profitability, especially when gold prices fluctuate. NovaGold Resources projects that Donlin Gold will be a low-cost producer, which is a key component of its Tier One gold development project definition.

• Anticipated life of mine operating gold cash cost: $635 per ounce.
• Industry ranking: Ranks in the lower half of the industry cost curve based on March 2025 peer data.

Safe jurisdiction: Project located in Alaska, a stable, mining-friendly region.

Location matters immensely for long-term capital deployment and project security. Alaska provides a stable political and regulatory environment, which reduces jurisdictional risk compared to many other global gold districts. The project has its key permits in hand, which is a significant de-risking factor.

The jurisdiction is viewed favorably by the industry. Per the Fraser Institutes 2024 Annual Survey of Mining Companies, Alaska ranks third globally on the Investment Attractiveness index.

Long-term production potential: Anticipated annual production of over 1 million ounces for decades.

This speaks directly to the asset's longevity and its ability to become a cornerstone asset for its owners. The long mine life combined with high annual output creates a durable cash-flow profile, assuming the construction decision is made.

The expectation is for an average annual production exceeding 1 million ounces for a period spanning 27 years on a 100% basis. This places it among the largest single gold mines projected in the United States. Finance: draft 13-week cash view by Friday.

NovaGold Resources Inc. (NG) - Canvas Business Model: Customer Relationships

You're looking at how NovaGold Resources Inc. (NG) manages the crucial relationships that support the massive Donlin Gold project, especially after the major ownership shift in mid-2025. It's all about maintaining trust and alignment with key stakeholders while advancing the project toward a construction decision.

Investor Relations: Proactive communication of project milestones and financial strength

NovaGold Resources Inc. keeps investors informed through regular, detailed filings. For instance, the Company filed its 2025 third quarter report on October 1, 2025, detailing operations up to August 31, 2025. The proactive communication highlights major financial and operational shifts. A key event discussed was the transformative $1 billion acquisition of Barrick Mining Corporation's 50 percent interest in Donlin Gold, which closed on June 3, 2025, increasing NovaGold Resources Inc.'s stake to 60 percent. To fund this, the Company strengthened its treasury, announcing the full exercise of the underwriters' option on June 5, 2025, which raised an additional $25.6 million. As of August 31, 2025, the treasury stood at $125 million in cash and term deposits.

The financial reporting reflects the increased commitment to the project. For the third quarter of 2025, NovaGold Resources Inc. reported earnings of a ($15.6 million) loss, with earnings per share of ($0.04). This is set against the backdrop of the revised 2025 budget, where NovaGold Resources Inc.'s pro-rata share of Donlin Gold's $43 million budget increased to $24 million due to the 60 percent funding obligation starting mid-year. The Company also updated its 2025 corporate general and administrative costs guidance to $18 million, up from the previous $16 million. Project milestones communicated include the release of initial results from the 2025 drill program, which confirmed intervals with up to 23.49 g/t gold.

Here are some key financial and operational metrics shared with investors:

Metric	Value/Date	Context
Treasury (Aug 31, 2025)	$125 million	Cash and term deposits following Donlin Gold transaction funding.
Donlin Gold Ownership (Post-June 3, 2025)	60 percent	Increased stake from 50 percent.
2025 Donlin Funding Obligation (Revised)	$24 million	NovaGold Resources Inc.'s pro-rata share of the $43 million budget.
Q3 2025 Net Loss	($15.6 million)	Reported earnings for the three months ended August 31, 2025.
2025 Corporate G&A Guidance (Revised)	$18 million	Increased from previous guidance of $16 million.

Community engagement: Ongoing collaboration with Alaska Native Corporations (Calista, TKC)

The relationship with Alaska Native Corporations, specifically Calista Corporation ("Calista") and The Kuskokwim Corporation (TKC), is foundational, as the Donlin Gold project is situated on private land selected under the Alaska Native Claims Settlement Act of 1971 (ANCSA). NovaGold Resources Inc. assists Donlin Gold LLC in executing the Community Development and Strategic Plan, which is built on trust.

Collaboration focuses on shared values and local benefit. The enduring partnerships have been pivotal in building trust with the 56 villages in the Yukon-Kuskokwim (Y-K) region. In 2024, Donlin Gold conducted over 14,000 direct engagements with key stakeholders. Furthermore, Donlin Gold established a total of 18 formal Shared Values Statements to reinforce ongoing commitment. These guiding principles direct investment priorities:

• Environmental concerns & stewardship.
• Community and economic development.
• Cultural traditions.
• Education and workforce development.
• Health, safety & wellness.
• Community and partner engagement.

Government relations: Continuous engagement with Alaska state and federal representatives

Government relations are managed through continuous engagement with both state and federal representatives, often in partnership with Calista and TKC. This engagement covers the Y-K region, the broader state of Alaska, and Washington, D.C. The Company views stable regulations and transparent government processes as critical enablers that empower NovaGold Resources Inc. to confidently navigate risks and make informed investment decisions. A recent positive development noted in the November 2025 updates was receiving a Positive Decision From Alaska Supreme Court.

Transparent reporting: Regular filing of quarterly reports and project updates

You can track the Company's progress through its mandated public filings. For example, the 2025 first quarter report was filed on April 1, 2025, showing a treasury of $93 million as of February 28, 2025, with net first quarter cash expenditures of $8.3 million. The 2025 budget, prior to the June ownership transaction, was set at approximately $37.5 million total cash expenditures. The commitment to transparency continues with the filing of the 2025 second quarter report on June 25, 2025, which detailed the $234.1 million raised through offerings. These regular updates, including the Q3 report, ensure stakeholders have the latest figures on project advancement and financial health. It's defintely a high-frequency information flow for a development-stage company.

Here's a snapshot of the reporting cadence and associated figures:

Filing Date	Period Ended	Cash Position (Approx.)	Key Activity Highlighted
April 1, 2025	February 28, 2025 (Q1)	$93 million	Commenced 2025 field program and drilling.
June 25, 2025	May 31, 2025 (Q2)	$319 million (Pre-transaction close)	Raised approx. $234 million in net proceeds.
October 1, 2025	August 31, 2025 (Q3)	$125 million	Update on 60% Donlin Gold ownership and BFS RFP issuance.

Finance: draft 13-week cash view by Friday.

NovaGold Resources Inc. (NG) - Canvas Business Model: Channels

You're looking at how NovaGold Resources Inc. gets its information and its stock out to the world, which is crucial for a development-stage company like this. The channels are a mix of traditional market access and direct stakeholder engagement, especially given the focus on the Donlin Gold project in Alaska.

Stock Exchanges

Trading of common shares for NovaGold Resources Inc. (NG) occurs on two primary venues. You can find the stock listed on the NYSE American and the TSX (Toronto Stock Exchange). As of early December 2025, the market capitalization stood at C$5.65 billion. The 52-week trading range for the stock has been between a low of $2.26 and a high of $10.90.

Investor Presentations

Shareholders and the investment community access updates through several key channels. NovaGold Resources Inc. maintains a dedicated section on its corporate website for these materials.

Key communication events in late 2025 included:

• The latest Corporate Presentation released on November 28, 2025.
• The 2025 Third Quarter Report & Donlin Gold Update conference call and webcast on October 1, 2025.
• Presentations at industry events such as the Precious Metals Summit, Zurich, and the BMO European Roadshow.
• The 2025 Second Quarter Report & Donlin Gold Update, presented on June 25, 2025.

Regulatory Filings

Financial and operational data is disseminated through mandatory regulatory filings, which provide the hard numbers you need for due diligence. The quarterly report on Form 10-Q for the third quarter ended August 31, 2025, was filed on October 1, 2025. These documents are available on EDGAR (SEC), SEDAR+, and the Company's website.

Here's a quick look at some key figures from the Q3 2025 filing:

Financial Metric (as of August 31, 2025)	Amount (USD)
Cash and Term Deposits Held	Approximately $125 million
Net Third Quarter Cash Expenditures	$9 million
Q3 2025 Net Loss	($15.6) million
Q3 2025 Earnings Per Share (Basic/Diluted)	($0.04)
Nine Months Ended Aug 31, 2025 Net Loss	($79.0) million

The net third quarter cash expenditures of $9 million break down into $8.1 million to fund NovaGold Resources Inc.'s share of the Donlin Gold project and $0.9 million for corporate general and administrative costs.

Direct Community Outreach

For the Donlin Gold project in Alaska, direct outreach is a critical channel for maintaining social license to operate. This involves on-site teams and local offices working closely with Alaska Native communities. The 2025 operations saw locals hired from 19 Yukon-Kuskokwim (Y-K) villages to support drilling, logistics, and environmental monitoring.

Engagement efforts are broad, spanning over 60 communities in the Y-K region through collaboration with Calista Corporation and The Kuskokwim Corporation. Historically, in 2024, over 14,000 direct engagements with key stakeholders were conducted. The project itself, which NovaGold Resources Inc. owns 60 percent of, is on private land selected under ANCSA.

Key community engagement activities include:

• Direct engagements with tribal councils and regional organizations.
• Forming partnerships in health and safety, education, and cultural preservation.
• Maintaining active cooperation with Alaska Native Corporation landowners.

Finance: draft 13-week cash view by Friday.

NovaGold Resources Inc. (NG) - Canvas Business Model: Customer Segments

The customer base for NovaGold Resources Inc. is segmented across the investment lifecycle, from early-stage equity holders to the eventual off-takers of the gold produced from the Donlin Gold project.

Institutional investors represent the largest block of ownership, indicating a high degree of professional validation for the long-term development thesis of the Donlin Gold project. As of late 2025 filings, institutions hold a substantial portion of the equity.

Institutional Segment Metric	Value / Amount
Total Institutional Ownership Percentage	62.91 %
Number of Institutional Owners (SEC Filers)	330
Total Shares Held by Institutions (SEC Filers)	314,027,712 shares
Top 7 Shareholders Collective Stake	52 % of the business
Share Price (November 28, 2025)	$10.19 / share
Market Capitalization (Late 2025)	$4.04B

Specific institutional holders, as of September 30, 2025, show significant positions:

• Lingotto Investment Management Llp: 35,111,968 shares
• Paulson & Co. Inc.: 27,238,061 shares
• Blackrock, Inc.: 19,105,623 shares
• Capital World Investors: 17,666,000 shares
• Fmr Llc: 16,922,359 shares
• Vanguard Group Inc.: 14,587,516 shares

Retail investors comprise the segment of individual shareholders attracted to NovaGold Resources Inc. as a high-leverage play on future gold production. This group includes those who participated in recent capital raises.

• General Public Ownership Percentage: 28 %
• Total Shares Outstanding (millions): 407
• Float: 305.03M shares
• Insider Ownership Percentage: 25.03 %

Future gold buyers are the ultimate commercial customers, though they are not yet active counterparties. Their interest is tied directly to the scale and economics of the Donlin Gold project, which is projected to be one of the largest single gold mines in the United States.

• Projected Annual Gold Production (Initial 10 Years): 1.4 million ounces
• Projected Gold Grade: 2.25 g/t

Alaska Native Corporations are critical local stakeholders whose support is essential for project advancement, as the Donlin Gold property is located on their private lands. The relationship structure provides them with direct benefits.

• Donlin Gold Project Land Owners: The Kuskokwim Corporation and Calista Corporation
• Subsurface Mineral Rights Owner: Calista Corporation
• Precedent for Royalty/Participation (Ambler Project): Option to participate as a joint-venture partner or receive a net proceeds royalty from NANA Regional Corp. Inc.

NovaGold Resources Inc. (NG) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive NovaGold Resources Inc.'s operations as of late 2025. This isn't about potential; it's about the cash burn required to move the Donlin Gold project forward, especially after the ownership structure shifted in June 2025.

The cost structure is almost entirely focused on advancing the Donlin Gold project through technical work and maintaining the legal and regulatory footing necessary for future development. Here's the quick math on the key expense categories for the 2025 fiscal year, based on the latest updates.

Project Funding and Exploration Work

The total 2025 budget for the Donlin Gold project, on a 100 percent ownership basis, remained firm at $43 million. However, NovaGold Resources Inc.'s required contribution increased due to its larger stake. The original guidance for NovaGold's share was $21.5 million, but this was revised upward.

The actual expected funding obligation for NovaGold Resources Inc.'s share of Donlin Gold expenses for 2025 increased to $24 million following the June 3, 2025 transaction. For context, the spend in the first nine months of 2025 was $18.5 million. This funding covers the 2025 field program, which included 15,000 meters of drilling aimed at refining mine planning inputs and supporting the Bankable Feasibility Study (BFS) work.

Corporate General and Administrative (G&A)

Corporate G&A costs also saw an increase, reflecting the higher level of activity and transaction-related professional fees. The initial 2025 guidance for corporate G&A was approximately $16 million. This was subsequently increased to $18 million. For comparison, the G&A cost in the first quarter of 2025 was $3.8 million.

Here is a breakdown of the key 2025 budgeted expenditures for NovaGold Resources Inc.:

Cost Category	2025 Budgeted Amount (NovaGold Share)	Notes
Donlin Gold Project Funding	$24 million	Revised share of the $43 million total 100% project budget
Corporate General and Administrative (G&A)	$18 million	Increased from previous guidance of $16 million
Total Budgeted Cash Expenditures (NG)	Approximately $42 million	Sum of revised Donlin share and G&A (Note: Initial guidance was $37.5 million)

Future Study and Regulatory Costs

Moving to the next major capital outlay, the upcoming Bankable Feasibility Study (BFS) represents a significant future cost. The estimated cost for the comprehensive BFS work is between $80 million and $100 million, with an expected completion timeline of about two years once the engineering firm contract is awarded.

Maintaining the project's approvals involves ongoing, non-trivial expenses for permitting and legal defense. These costs are embedded within the Donlin Gold budget, covering activities like community relations and permit defense efforts. A key regulatory development in 2025 was the acceptance of Donlin Gold into the Federal Permitting Improvement Steering Council's FAST-41 program to ensure a predictable federal permitting process.

The costs associated with legal and regulatory maintenance include:

• Defending approvals related to the tailings storage facility and NEPA review.
• Ongoing government affairs engagement with state representatives.
• Funding community relations and cultural awareness initiatives.

Finance: draft 13-week cash view by Friday.

NovaGold Resources Inc. (NG) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of NovaGold Resources Inc., and honestly, it's a picture of pure development-stage financing right now. This isn't a company selling metal; it's a company selling its future potential to fund the path to production. The revenue streams are entirely non-operational at this point.

Zero commercial revenue: NovaGold is a development-stage company with no gold production.

As of late 2025, NovaGold Resources Inc. has no revenue from gold sales because the Donlin Gold mine is still under development, not in production. This means the financial results reflect expenditures, not income from operations. For instance, in the third quarter of 2025, the company reported a net loss of $15.6 million. Revenue for that period was not reported, which is expected for a company at this stage.

Future gold sales: Expected revenue from the Donlin Gold mine after construction and commissioning.

The entire financial model hinges on the future cash flow from the Donlin Gold project in Alaska. Once built, the projections are substantial, targeting an annual production of 1.4 million ounces of gold in the first decade. This future revenue stream is what underpins all current financing activities. The project boasts an initial resource of 40 million ounces.

Interest income: Earnings from the investment of the cash and term deposits.

A secondary, though minor, source of cash inflow comes from investing the substantial capital raised. This is interest income earned on the company's cash and term deposits. For example, in the first quarter of 2025, the actual Earnings Per Share (EPS) beat consensus, partially offset by lower interest income compared to what S&P Global consensus expected. The company held approximately $125 million in cash and term deposits at the end of the third quarter of 2025.

Equity financing: Proceeds from public offerings, like the $234.1 million raised in 2025.

The most significant recent cash inflow has been from equity markets to fund the major project acquisition. NovaGold Resources Inc. secured substantial capital in May 2025. The company closed an upsized public offering and a concurrent private placement, generating net proceeds of $234.1 million. This capital raise was instrumental in funding the Donlin Gold stake increase. Here's a quick breakdown of that May 2025 financing:

• Public Offering Gross Proceeds: Approximately $179 million
• Private Placement Gross Proceeds: Approximately $64 million
• Total Gross Proceeds: Approximately $244 million
• Net Proceeds to Company: $234.1 million
• Share Price in Offering: $3.75 per share

Also, the underwriters' option was fully exercised on June 5, 2025, adding another $25.6 million to the financing pool.

Partner contributions: Funding from Paulson Advisers LLC for the Donlin Gold project.

The strategic partnership with Paulson Advisers LLC is a core component of the funding structure, especially following the acquisition of Barrick Mining Corporation's interest. This transaction closed on June 3, 2025, for a total of $1 billion. The partner funding is structured as follows:

Entity	Interest Acquired	Funding Amount	Final Stake
NovaGold Resources Inc.	Additional 10%	$200 million	60%
Funds managed by Paulson Advisers LLC	50% Interest from Barrick	$800 million	40%

The $800 million investment by Paulson Advisers LLC secured their 40% ownership interest in Donlin Gold LLC. The equity financing proceeds were used to fund NovaGold's $200 million portion of this acquisition. The company's share of the Donlin Gold 2025 budget increased to $24 million following this ownership change.