NOVAGOLD Resources Inc. (NYSE American, TSX: NG) released its third quarter 2026 report on October 8, 2026, highlighting progress on its planned acquisition of full ownership of the Donlin Gold project in Alaska and continued advancement of the Bankable Feasibility Study (BFS). The company ended the quarter with approximately $343.4 million in cash and term deposits, providing a strong financial base as it pursues a transformative all-share transaction with Paulson Advisers LLC. With a Special Meeting of Shareholders scheduled for November 3, 2026, investors will be closely watching the transaction's path to closing before year-end.

Key Points

  • NOVAGOLD Resources Inc. (NYSE American, TSX: NG)
  • NOVAGOLD filed its Q3 2026 report, disclosing progress on acquiring Paulson's 40% stake in Donlin Gold to reach 100% ownership via an all-share transaction expected to close by year-end 2026
  • Cash and term deposits of approximately $343.4 million as of August 31, 2026; net loss of $36.0 million and loss per share of $0.08 for the quarter; fiscal 2026 operating expenditure guidance raised by $11.5 million to approximately $110.0 million
  • Investors may be watching the November 3, 2026 Special Meeting of Shareholders vote and the BFS completion timeline targeted for 2027

All-Share Donlin Gold Transaction Targets Full Ownership by Year-End

On July 21, 2026, NOVAGOLD entered into definitive agreements to acquire Paulson's 40% interest in Donlin Gold LLC, increasing its ownership from 60% to 100% through an all-share transaction. The release states that a new parent entity, NovaGold Corporation, would become the ultimate parent company and be listed on the New York Stock Exchange upon closing. The transaction is subject to shareholder approval at the November 3, 2026 Special Meeting, as well as court, regulatory, and stock exchange approvals. The expected post-transaction market capitalisation is approximately $4.9 billion, according to the announcement.

Q3 Financial Results Reflect Elevated BFS and Transaction Costs

NOVAGOLD reported a net loss of $36.0 million, or $0.08 per share, for the third quarter ended August 31, 2026. Operational cash expenditures totalled $28.1 million, comprising $24.8 million for NOVAGOLD's share of Donlin Gold project costs and $3.3 million in corporate general and administrative expenses. The company raised its fiscal 2026 operating expenditure guidance by $11.5 million to approximately $110.0 million, reflecting $7.7 million in additional legal and professional fees incurred through the third quarter and $3.8 million anticipated in the fourth quarter related to the pending transactions.

Bankable Feasibility Study Progress and Financial Advisors Appointed

The Donlin Gold BFS, led by Fluor Corporation alongside specialist contractors WSP, Worley, and Hatch, remains on schedule for completion in 2027. Donlin Gold appointed Endeavour Financial and Macquarie Capital as financial advisors to evaluate funding alternatives — including project finance, infrastructure financing, and potential support from governmental agencies or sovereign wealth funds. The company's team has grown from approximately 35 to 77 employees since the beginning of 2026 to support BFS and site activities, the release states.

Permitting Position Maintained Amid Supplemental Environmental Review

On September 23, 2026, the U.S. Army Corps of Engineers published a Supplemental Environmental Impact Statement for Donlin Gold, analyzing a larger theoretical tailings dam release while leaving existing federal permits in place. The public comment period runs until October 23, 2026, with the Final SEIS anticipated in April 2027. The release confirms that all federal and state permits and approvals granted to Donlin Gold remain in effect as legal appeals proceed. Dam Safety Certificate issuance is expected in 2028, with Detailed Design Packages anticipated by end of 2026 or early 2027.