NovaGold Shares Fall on 3Q Loss

By Adriano Marchese

NovaGold Resources shares fell after the company reported a slightly narrowed loss in its third quarter.

Shares in Toronto traded 11% lower Thursday at 5.02 Canadian dollars ($3.72).

The New York- and Toronto-listed precious metals company reported a net loss of $10.7 million, just below the $11.1 million reported a year ago.

On a per-share basis, this was a loss of 3 cents, unchanged from a year earlier.

NovaGold is partnered with Canadian mining gold company Barrick Gold to develop its 50%-owned, federally permitted Donlin Gold project in Alaska, for which the company is still waiting for a construction decision from the state.

Chief Executive Gregory Lang said in an earnings call that the Donlin project tailings dam and related water retention structures are the last remaining permits that fit the project needs of all the major permits, but noted that "it's a pretty rigorous process in Alaska."

Lang noted that as NovaGold approaches a construction decision, it determined it was an appropriate time to advance the dam safety certifications.

"We're filing all the preliminary design packages now that will be reviewed by the state and we anticipate approval probably in a year, year and a half, well in advance of our decisions on the project," he said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

October 03, 2024 13:13 ET (17:13 GMT)

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