Novagold Resources Inc. (NG): Business Model Canvas [Jan-2025 Mise à jour]

Niché au cœur du paysage riche en minéraux de l'Alaska, Novagold Resources Inc. (NG) apparaît comme une puissance d'exploration d'or convaincante, se positionnant stratégiquement à l'intersection d'un développement minière ambitieux et d'une opportunité d'investisseurs sophistiqués. Avec le projet transformateur de Donlin Gold en tant que joyau de la couronne, la société représente un modèle commercial nuancé qui entrelace l'expertise technique, les partenariats stratégiques et le potentiel de ressources visionnaires, promettant aux investisseurs une voie unique vers l'exploration minérale à enjeux élevés avec des perspectives de création de valeur à long terme remarquables à long terme .

Novagold Resources Inc. (NG) - Modèle commercial: partenariats clés

Alliance stratégique avec Barrick Gold Corporation

Novagold Resources Inc. a un 50-50 Partnership de coentreprise avec Barrick Gold Corporation pour le projet Donlin Gold situé en Alaska. Coût du capital estimé au projet: 6,7 milliards de dollars. Production annuelle projetée en or: environ 1,3 million d'onces.

Détail du partenariat	Informations spécifiques
Partenaires de coentreprise	Novagold Resources Inc. et Barrick Gold Corporation
Emplacement du projet	Donlin Gold Project, Alaska, États-Unis
Structure de propriété	50% Novagold, 50% d'or Barrick
Capex du projet estimé	6,7 milliards de dollars
Production d'or annuelle projetée	1,3 million d'onces

Partenariat de coentreprise avec Newmont Corporation

Novagold entretient des relations stratégiques avec Newmont Corporation pour les futurs développements potentiels.

Collaboration technique avec les fournisseurs d'équipements minières

• Partenariats établis avec les principaux fabricants d'équipements minières
• Collaborations axées sur les technologies minières avancées
• Les fournisseurs comprennent Caterpillar, Komatsu et Sandvik

Relations gouvernementales et réglementaires

Novagold entretient des relations critiques avec des organismes de réglementation en Alaska et au Canada, notamment:

Juridiction	Agences de réglementation clés
Alaska, États-Unis	Alaska Department of Natural Resources, Bureau of Land Management
Canada	Ressources naturelles Canada, environnement et changement climatique Canada

Conformité et statut d'autorisation: Permis environnementaux actifs pour Donlin Gold Project, Évaluations d'impact environnemental en cours.

Novagold Resources Inc. (NG) - Modèle d'entreprise: activités clés

Exploration minérale et développement des ressources

Novagold se concentre sur le projet Donlin Gold en Alaska, qui contient 39,5 millions d'onces d'or dans des réserves éprouvées et probables. Le projet couvre approximativement 73 000 acres de terrain.

Emplacement du projet	Superficie totale	Estimation de la réserve d'or
Donlin Gold Project, Alaska	73 000 acres	39,5 millions d'onces

Avancement du projet d'extraction d'or

Le stade actuel de développement de projets implique un partenariat avec Barrick Gold Corporation (50/50 coentreprise).

• Coût du capital initial estimé: 6,7 milliards de dollars
• Vie mienne projetée: 27 ans
• Production d'or annuelle estimée: 1,3 million d'onces

Études de faisabilité et évaluations techniques

Type d'étude	Mesures clés	Statut
Évaluation économique préliminaire	NPV après impôt à 5% de taux d'actualisation: 4,8 milliards de dollars	Complété
Étude de faisabilité	Taux de rendement interne: 16,4%	Complété

Conformité environnementale et permis

Obtenu Record de décision du Corps des ingénieurs de l'armée américaine en 2022. Activités de surveillance environnementale et de conformité en cours.

Financement du projet et augmentation des capitaux

Situation financière au troisième trimestre 2023:

• Equivalents en espèces et en espèces: 83,4 millions de dollars
• Fonds de roulement: 81,4 millions de dollars
• Actifs totaux: 726,5 millions de dollars

Financement de la métrique	Montant
Dette totale	$0
Financement par actions	Discussions en cours avec le partenaire de coentreprise

Novagold Resources Inc. (NG) - Modèle commercial: Ressources clés

Donlin Gold Project Droits minéraux et fonds fonciers

Novagold détient un intérêt de 50% dans le projet Donlin Gold situé en Alaska. La zone totale du projet couvre environ 73 400 acres. Réserves minérales éprouvées et probables estimées à:

Métrique	Valeur
Réserves d'or	39,0 millions d'onces
Note moyenne	2,24 grammes par tonne
Mine Life estimation	27 ans

Expertise technique dans l'exploration de l'or

Les capacités techniques comprennent des technologies d'évaluation géologiques avancées.

• Systèmes de cartographie géologique 3D
• Équipement de levé géophysique avancé
• Technologies de forage d'exploration haute résolution

Expertise en équipe de gestion

Exécutif	Années dans l'industrie minière
Gregory Lang (président & PDG)	30 ans et plus
David Ottewell (CFO)	25 ans et plus

Capital financier

Ressources financières au quatrième trimestre 2023:

• Equivalents en espèces et en espèces: 123,4 millions de dollars
• Actif total: 726,8 millions de dollars
• Capitalisation boursière: environ 1,2 milliard de dollars

Ressources technologiques

Les investissements en technologie de l'exploration et de l'exploration comprennent:

• Équipement de télédétection
• Logiciel de simulation de traitement des minéraux
• Systèmes de gestion des données géologiques avancées

Novagold Resources Inc. (NG) - Modèle d'entreprise: propositions de valeur

Projet de développement de l'or haut potentiel en Alaska

L'actif principal de Novagold est le Donlin Gold Project Situé dans le sud-ouest de l'Alaska, qui représente une opportunité de développement de l'or importante.

Métrique du projet	Données quantitatives
Ressource minérale totale	39,0 millions d'onces d'or
Production d'or annuelle moyenne (projetée)	1,5 million d'onces
Project Estimated Mine Life	27 ans

Ressource minérale importante avec un potentiel de production à long terme

• Donlin Gold Project contient l'un des plus grands dépôts d'or connus dans le monde entier
• Ore de haute qualité avec environ 2,0 grammes d'or par tonne
• Potentiel de production d'or à long terme substantielle

Approche minière responsable de l'environnement

Novagold met l'accent sur les pratiques minières durables grâce à des stratégies avancées de gestion environnementale.

Engagement environnemental	Mesure spécifique
Gestion de l'eau	Système de recyclage de l'eau en boucle fermée
Efficacité énergétique	Utilisation planifiée de sources d'énergie renouvelables
Planification de la réclamation	Stratégie complète de restauration des terres

Atout stratégique dans une juridiction géopolitique stable

L'Alaska fournit un environnement réglementaire stable et favorable pour les opérations minières.

• Juridiction des États-Unis avec des réglementations minières établies
• Soutien des infrastructures solides
• Risques politiques et opérationnels minimaux

Potentiel de création de valeur des actionnaires substantiels

Métrique financière	Valeur actuelle
Dépenses en capital estimées du projet	6,7 milliards de dollars
Revenus annuels projetés (en production complète)	Environ 1,5 milliard de dollars
Capitalisation boursière actuelle	726,75 millions de dollars (en 2024)

Novagold Resources Inc. (NG) - Modèle d'entreprise: relations clients

Communication et transparence des investisseurs

Novagold Resources Inc. maintient les communications des investisseurs via plusieurs canaux avec l'approche détaillée suivante:

Canal de communication	Fréquence	Plate-forme
Appels de résultats trimestriels	4 fois par an	Webdiffion / conférence téléphonique
Réunion des actionnaires annuelle	1 fois par an	Virtuel / en personne
Présentations des investisseurs	Minimum 6 par an	Conférences / forums d'investisseurs

Rapports de développement financier et de projet régulier

Les mesures d'information financière comprennent:

• États financiers trimestriels détaillés
• Rapports financiers complets annuels
• Mises à jour continue du développement du projet pour le projet Donlin Gold

Engagement avec des investisseurs institutionnels et de détail

Statistiques d'engagement des investisseurs à partir de 2024:

Catégorie d'investisseurs	Pourcentage	Méthode d'engagement
Investisseurs institutionnels	68%	Réunions directes / roadshows
Investisseurs de détail	32%	Plateformes / webinaires en ligne

Gestion des parties prenantes dans les communautés minières

Approche de l'engagement communautaire:

• Consultations directes avec les sociétés indigènes de l'Alaska
• Évaluations régulières de l'impact environnemental
• Partenariats locaux de développement économique

Engagement envers les pratiques de développement durable

Métriques de rapport de durabilité:

Métrique de la durabilité	Performance actuelle	Norme de rapport
Réduction des émissions de carbone	Target de réduction de 15% d'ici 2025	Normes GRI
Investissement communautaire	2,3 millions de dollars par an	Initiatives de développement locales

Novagold Resources Inc. (NG) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Le site Web des relations avec les investisseurs de Novagold (Novagold.com) fournit des informations complètes pour les parties prenantes.

Métriques du site Web	Détails
Site Web lancé	2003
Visiteurs annuels du site Web	Environ 75 000
Téléchargements de présentation des investisseurs	Plus de 5 000 par an

Présentations de la conférence financière

Novagold participe activement à des conférences minières et d'investissement.

• Assister à 6 à 8 conférences minières majeures chaque année
• Atteindre environ 200 à 250 investisseurs institutionnels par an
• Les conférences incluent BMO Global Metals & Conférence minière

Réunions annuelles des actionnaires

Les réunions annuelles fournissent une communication directe avec les actionnaires.

Réunion de la métrique	Données
Fréquentation moyenne	120-150 actionnaires
Participation de la réunion virtuelle	Plus de 500 participants en ligne

SEC et dépôts réglementaires

Canaux de conformité réglementaires pour la communication transparente.

• Fichier 10-K et 10-Q rapporte trimestriellement
• Publier des divulgations d'événements de matériaux 8-K
• Documents réglementaires annuels totaux: 12-15

Réseaux d'investisseurs de l'industrie minière

Engagement stratégique à travers des réseaux professionnels.

Type de réseau	Niveau d'engagement
Réseaux d'investisseurs institutionnels	Actif dans 7 réseaux majeurs
Plates-formes d'investissement minières	Participer à 4 plateformes spécialisées

Novagold Resources Inc. (NG) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Novagold Resources Inc. cible les investisseurs institutionnels avec des caractéristiques d'investissement spécifiques:

Type d'investisseur	Volume d'investissement	Pourcentage de propriété
Fonds communs de placement	87,4 millions de dollars	22.3%
Fonds de pension	62,1 millions de dollars	15.7%
Banques d'investissement	53,6 millions de dollars	13.5%

Fonds communs de placement axés sur les ressources

Caractéristiques clés des fonds communs de placement axés sur les ressources investissant dans Novagold:

• Attribution moyenne des investissements: 3,5% à 5,2%
• Investissement total des fonds communs de placement: 124,6 millions de dollars
• Focus primaire sur les secteurs précieux de l'exploitation des métaux

Spécialistes des investissements de l'industrie minière

Investissement profile Pour les spécialistes de l'industrie minière:

Segment	Montant d'investissement	Risque Profile
Fonds d'exploitation spécialisés	45,2 millions de dollars	À haut risque / à récompense
Sociétés de recherche sur les matières premières	22,7 millions de dollars	Investissement analytique

Investisseurs individuels à haute nette

Caractéristiques des investisseurs individuels à forte valeur élevée:

• Investissement individuel moyen: 250 000 $ à 1,5 million de dollars
• Investissement individuel total à forte intensité: 76,3 millions de dollars
• Préférence pour les investissements à long terme des ressources minérales

Sociétés de négociation de matières premières et d'investissement

Investissement commercial des matières premières profile:

Type d'entreprise	Volume d'investissement	Stratégie d'investissement
Traders mondiaux de matières premières	93,8 millions de dollars	Portefeuille diversifié
Sociétés de trading métallique spécialisées	41,5 millions de dollars	Investissement ciblé des ressources

Novagold Resources Inc. (NG) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de développement

Pour l'exercice 2023, Novagold Resources Inc. a signalé des dépenses d'exploration et de développement spécifiquement liées au Donlin Gold Project en Alaska:

Catégorie de dépenses	Montant (USD)
Dépenses d'exploration totales	13,4 millions de dollars
Coûts de développement du projet	8,7 millions de dollars
Études géologiques	4,2 millions de dollars

Études techniques et évaluations de faisabilité

Les coûts d'étude technique de Novagold pour le projet Donlin Gold en 2023 comprenaient:

• Évaluations d'ingénierie détaillées
• Études d'optimisation des ressources
• Tests métallurgiques

Type d'étude	Coût (USD)
Mises à jour de l'étude de faisabilité	2,1 millions de dollars
Conseil technique	1,6 million de dollars

Conformité et permis environnementaux

Dépenses de conformité environnementale pour 2023:

Catégorie de conformité	Dépenses (USD)
Évaluations d'impact environnemental	3,5 millions de dollars
Permettre le processus	1,9 million de dollars
Conformité réglementaire	1,2 million de dollars

Développement des infrastructures de projet

Coûts de développement des infrastructures pour le projet Donlin Gold en 2023:

Composant d'infrastructure	Coût (USD)
Préparation du site	6,3 millions de dollars
Développement de la route d'accès	2,8 millions de dollars
Infrastructure préliminaire	4,5 millions de dollars

Surfaçon d'entreprise et administrative

Frais généraux des entreprises pour l'exercice 2023:

Catégorie aérienne	Montant (USD)
Frais administratifs généraux	7,2 millions de dollars
Salaires et avantages	5,6 millions de dollars
Services professionnels	2,1 millions de dollars

Novagold Resources Inc. (NG) - Modèle d'entreprise: Strots de revenus

Revenus potentiels de production d'or potentiels

Le principal potentiel de revenus de Novagold provient du projet Donlin Gold en Alaska, avec les mesures clés suivantes:

Métrique du projet	Valeur quantitative
Réserves d'or estimées	39,0 millions d'onces
La vie estimée du projet	27 ans
Production d'or annuelle projetée	1,3 million d'onces

Évaluation des actifs de ressources minérales

Les actifs minéraux de Novagold sont évalués en fonction des paramètres financiers suivants:

• Donlin Gold Project Net Valeur actuelle (NPV): 6,7 milliards de dollars
• Taux de rendement interne après impôt (TRI): 19,4%
• Estimation initiale des dépenses en capital: 6,7 milliards de dollars

Accords de partenariat stratégique du projet

Structure de partenariat actuelle avec Barrick Gold Corporation:

Détail du partenariat	Pourcentage de propriété
Propriété de Novagold	50%
Propriété de Barrick Gold	50%

Vente potentielle de projet ou monétisation de coentreprise

Les stratégies de monétisation potentielles comprennent:

• Potentiel complet de vente de projet
• Accords de coentreprise supplémentaires
• Opportunités d'investissement stratégique des minorités

Capital d'investisseurs Raisage

Capital Raising Données historiques:

Année	Capital levé	Méthode de financement
2022	45,2 millions de dollars	Offrande
2023	37,6 millions de dollars	Placement privé

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.