Novagold Resources Inc
NG—
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Novagold Resources Inc AI Insights
Informational only. Not investment advice.Snapshot
- Zero revenue TTM with -89.9M net loss - pure pre-production exploration play burning 10M/year in cash[Total Revenue TTM]
- P/B of 22x vs book value of 177M - market pricing in massive future asset value not yet on balance sheet[Price to Book Ratio]
- 163M debt at 0.92 D/E with only 58M cash - 2.8x debt coverage, funding runway ~5-6 years at current burn[Debt to Equity]
Watch Triggers
- Cash and Equivalents: Falls below 30M — Would signal imminent dilutive equity raise or debt refinancing need
- Issuance of Capital Stock: Exceeds 50M annually — Accelerating dilution suggests project costs exceeding plans
- Total Debt: Increases above 200M — Rising leverage on zero-revenue base increases bankruptcy risk
Bull Case
Donlin Gold is one of world's largest undeveloped gold deposits - 4B EV implies market believes in eventual production at scale
Enterprise ValueMarket Cap TTM
27M equity issuance TTM shows capital market access; 121M working capital provides multi-year runway without immediate dilution
Issuance of Capital StockWorking Capital
Bear Case
22x P/B for zero-revenue company - any project delay, cost overrun, or gold price drop devastates equity value
Price to Book RatioTotal Revenue TTM
163M debt with 15M interest expense TTM on zero revenue - capital structure requires continuous equity raises, diluting shareholders
Total DebtInterest Expense TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Binary outcome: Donlin Gold project feasibility determines if 4B market cap is justified or collapses
3-5ylow
- Zero revenue until mine production begins
- 163M debt requires refinancing or equity dilution
- Gold price sensitivity on unbuilt asset
0 revenue TTM, -90M net loss58M cash vs 10M annual burn3.9B market cap on 177M equity
Valuation Context
Caveats
NG Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Mining (except Oil and Gas)
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$3.22B | — | ||
$3.27B | — | ||
0.00 | — | ||
$0 | — | ||
$-0.26 | — | ||
0% | — | ||
0% | — | ||
$-13.83M | — | ||
-52.0% | — | ||
Beta 5Y (Monthly) | unknown | — |
NG Dividend History
No dividends
NG Stock Splits
No stock splits
NG SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
04/01/26 | 02/28/26 | 10-Q | |
01/22/26 | 11/30/25 | 10-K | |
10/01/25 | 08/31/25 | 10-Q | |
06/25/25 | 05/31/25 | 10-Q | |
04/01/25 | 02/28/25 | 10-Q | |
01/23/25 | 11/30/24 | 10-K | |
10/02/24 | 08/31/24 | 10-Q | |
06/26/24 | 05/31/24 | 10-Q | |
04/03/24 | 02/29/24 | 10-Q | |
01/24/24 | 11/30/23 | 10-K | |
10/03/23 | 08/31/23 | 10-Q | |
06/27/23 | 05/31/23 | 10-Q | |
04/04/23 | 02/28/23 | 10-Q | |
01/25/23 | 11/30/22 | 10-K | |
10/04/22 | 08/31/22 | 10-Q | |
06/29/22 | 05/31/22 | 10-Q | |
04/05/22 | 02/28/22 | 10-Q | |
01/26/22 | 11/30/21 | 10-K | |
09/29/21 | 08/31/21 | 10-Q | |
06/29/21 | 05/31/21 | 10-Q | |
03/31/21 | 02/28/21 | 10-Q | |
01/27/21 | 11/30/20 | 10-K | |
09/30/20 | 08/31/20 | 10-Q | |
06/24/20 | 05/31/20 | 10-Q | |
04/01/20 | 02/29/20 | 10-Q | |
01/22/20 | 11/30/19 | 10-K | |
10/01/19 | 08/31/19 | 10-Q | |
06/26/19 | 05/31/19 | 10-Q | |
04/02/19 | 02/28/19 | 10-Q | |
01/23/19 | 11/30/18 | 10-K | |
10/02/18 | 08/31/18 | 10-Q | |
06/27/18 | 05/31/18 | 10-Q | |
04/04/18 | 02/28/18 | 10-Q | |
01/24/18 | 11/30/17 | 10-K | |
10/03/17 | 08/31/17 | 10-Q | |
06/27/17 | 05/31/17 | 10-Q | |
04/03/17 | 02/28/17 | 10-Q | |
01/25/17 | 11/30/16 | 10-K | |
10/04/16 | 08/31/16 | 10-Q | |
06/27/16 | 05/31/16 | 10-Q | |
04/04/16 | 02/29/16 | 10-Q | |
01/27/16 | 11/30/15 | 10-K | |
10/06/15 | 08/31/15 | 10-Q | |
07/07/15 | 05/31/15 | 10-Q | |
03/31/15 | 02/28/15 | 10-Q | |
01/28/15 | 11/30/14 | 10-K | |
10/07/14 | 08/31/14 | 10-Q | |
07/09/14 | 05/31/14 | 10-Q | |
04/07/14 | 02/28/14 | 10-Q | |
02/12/14 | 11/30/13 | 10-K | |
10/09/13 | 08/31/13 | 6-K | |
07/10/13 | 05/31/13 | 6-K | |
04/10/13 | 02/28/13 | 6-K | |
02/12/13 | 11/30/12 | 40-F | |
10/11/12 | 08/31/12 | 6-K | |
07/12/12 | 05/31/12 | 6-K | |
04/12/12 | 02/29/12 | 6-K | |
02/22/12 | 11/30/11 | 40-F | |
10/13/11 | 08/31/11 | 6-K | |
07/13/11 | 05/31/11 | 6-K | |
04/13/11 | 02/28/11 | 6-K | |
02/22/11 | 11/30/10 | 40-F | |
10/14/10 | 08/31/10 | 6-K | |
07/13/10 | 05/31/10 | 6-K | |
04/13/10 | 02/28/10 | 6-K | |
02/17/10 | 11/30/09 | 40-F | |
10/13/09 | 08/31/09 | 6-K | |
07/15/09 | 05/31/09 | 6-K | |
02/28/09 | 02/28/09 | 6-K | |
02/24/09 | 11/30/08 | 40-F | |
08/31/08 | 08/31/08 | 6-K | |
05/31/08 | 05/31/08 | 6-K | |
02/29/08 | 02/29/08 | 6-K | |
03/04/08 | 11/30/07 | 6-K | |
08/31/07 | 08/31/07 | 6-K | |
05/31/07 | 05/31/07 | 6-K | |
02/28/07 | 02/28/07 | 6-K | |
03/01/07 | 11/30/06 | 40-F | |
08/31/06 | 08/31/06 | 6-K | |
05/31/06 | 05/31/06 | 6-K | |
02/28/06 | 02/28/06 | 6-K | |
02/28/06 | 11/30/05 | 40-F | |
08/31/05 | 08/31/05 | 6-K | |
05/31/05 | 05/31/05 | 6-K | |
02/28/05 | 02/28/05 | 6-K | |
04/20/05 | 11/30/04 | 6-K | |
08/31/04 | 08/31/04 | 6-K | |
05/31/04 | 05/31/04 | 6-K | |
02/29/04 | 02/29/04 | 6-K | |
04/21/04 | 11/30/03 | 40-F | |
08/31/03 | 08/31/03 | Unknown | -- |
05/31/03 | 05/31/03 | Unknown | -- |
02/28/03 | 02/28/03 | Unknown | -- |
11/30/02 | 11/30/02 | Unknown | -- |
08/31/02 | 08/31/02 | Unknown | -- |
05/31/02 | 05/31/02 | Unknown | -- |
02/28/02 | 02/28/02 | Unknown | -- |
11/30/01 | 11/30/01 | Unknown | -- |
08/31/01 | 08/31/01 | Unknown | -- |
05/31/01 | 05/31/01 | Unknown | -- |
02/28/01 | 02/28/01 | Unknown | -- |
11/30/00 | 11/30/00 | Unknown | -- |
08/31/00 | 08/31/00 | Unknown | -- |
05/31/00 | 05/31/00 | Unknown | -- |
02/29/00 | 02/29/00 | Unknown | -- |