NG Novagold Resources Inc.

$NG Options were pricing a 16.55 percent move into the Q3 print (Benzinga Pro). The realized move: 1.3 percent to 6.28. The volatility bet got crushed. Because the print contained nothing new. A 36.0 million loss, 8 cents a share, from the spend the filings telegraphed: 28.1 million in quarterly cash burn, 24.8 million of it into Donlin Gold's feasibility study, plus 3.3 million of G&A. Cash is intact at 343.4 million. The feasibility study stays on schedule for 2027. The Paulson deal, taking Novagold to 100 percent of Donlin's roughly 40 million ounces, is still expected to close by year-end, shareholder vote November 3. The one new line: Donlin Gold appointed Endeavour Financial and Macquarie Capital to run the project-financing process, with project finance, infrastructure capital, and government or sovereign-wealth money available. For a 2.9 billion market-cap company sitting on a mine that could do over a million ounces a year, the financing mix is the next real disclosure.

$NG Q3 '26 Earnings Results & Recap NOVAGOLD increased fiscal 2026 operating expenditure guidance by $11.5M to approximately $110M, including approximately $31.2M in corporate G&A excluding share-based compensation and unchanged Donlin Gold funding of approximately $78.8M.

$NG Novagold reports Q3 Thursday before the open. Options traders are pricing a 16.55 percent move, the widest of any 2 billion-plus stock this week (Benzinga Pro). The print is not the story: no revenue yet, a 7-cent-a-share expected loss. Donlin Gold in Alaska is still a development project, not an operating mine. The story is consolidation. On September 29 Novagold agreed to buy Paulson's 40 percent of Donlin for shares, at roughly a 10 percent discount to implied value, with closing expected in December. That takes it from 60 to 100 percent of about 40 million ounces of measured and indicated gold, with potential for more than a million ounces a year over a 27-year life. The tape is not impressed: down 10 percent in the last week, down 31.1 percent in 2026 (Benzinga). The Street is: consensus Buy, average target 12.42 (MarketBeat). Thursday prices the feasibility study update, the financing path, and the cash position. Full ownership just changes who answers the questions.

$NG 300 mile natural gas line through the Alaska Range? When is construction scheduled? It’s the first piece of required infrastructure unless a port with diesel electrical generation is constructed. Tough project: time line, funding, infrastructure, delays, refractory ore, native Alaskan royalty A real miner should develop. Barrick left for Reko Diq?

$NG Good spot to add or enter after pulling back -23% from the August highs. Remain long here. Gold LT trend is still intact and going higher.