NOVAGOLD RESOURCES INC Files Q2 2024 10-Q

TL;DR

NOVAGOLD filed its Q2 10-Q, check financials for period ending May 31, 2024.

AI Summary

NOVAGOLD RESOURCES INC filed its 10-Q for the period ending May 31, 2024. The company's fiscal year ends on November 30th. Key financial periods reported include the six months ended May 31, 2024, and May 31, 2023, as well as the three months ended May 31, 2024, and May 31, 2023.

Why It Matters

This filing provides investors with an update on NOVAGOLD's financial performance and operational status for the second quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 20240531 — Reporting Period End (The end date for the financial reporting period covered by this 10-Q.)
• 20230531 — Prior Year Period End (The end date for the comparable prior year financial reporting period.)
• 20240301 — Quarter Start Date (The start date for the most recent fiscal quarter.)
• 20230301 — Prior Year Quarter Start (The start date for the comparable prior year fiscal quarter.)

Key Players & Entities

• NOVAGOLD RESOURCES INC (company) — Filer
• 201 SOUTH MAIN STREET, SUITE 400, SALT LAKE CITY, UT 84111 (address) — Business and Mail Address
• 801-449-9328 (phone_number) — Business Phone
• May 31, 2024 (date) — Reporting Period End Date
• November 30 (date) — Fiscal Year End

FAQ

Filing Documents

• ng20240531_10q.htm (10-Q) — 806KB
• ex_690356.htm (EX-31.1) — 12KB
• ex_690357.htm (EX-31.2) — 12KB
• ex_690358.htm (EX-32.1) — 4KB
• ex_690359.htm (EX-32.2) — 4KB
• logo.jpg (GRAPHIC) — 4KB
• 0001171843-24-003662.txt ( ) — 4408KB
• ng-20240531.xsd (EX-101.SCH) — 44KB
• ng-20240531_def.xml (EX-101.DEF) — 271KB
• ng-20240531_lab.xml (EX-101.LAB) — 238KB
• ng-20240531_pre.xml (EX-101.PRE) — 302KB
• ng-20240531_cal.xml (EX-101.CAL) — 43KB
• ng20240531_10q_htm.xml (XML) — 672KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 15 Item 4.

Controls and Procedures

Controls and Procedures 15

- OTHER INFORMATION

PART II - OTHER INFORMATION 16 Item 1.

Legal Proceedings

Legal Proceedings 16 Item 1A.

Risk Factors

Risk Factors 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 3. Defaults Upon Senior Securities 16 Item 4. Mine Safety Disclosures 16 Item 5. Other Information. 16 Item 6. Exhibits 16 This Quarterly Report on Form 10-Q contains forward-looking statements or information within the meaning of Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995 concerning anticipated results and developments in our operations in future periods, planned exploration activities, the adequacy of our financial resources and other events or conditions that may occur in the future. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, anticipated timing of updated reports and/or studies, capital expenditures, operating costs, cash flow estimates, production estimates and similar statements relating to the economic viability of a project, timelines, strategic plans, including our plans and expectations relating to the Donlin Gold project, permitting and the timing thereof, market prices for precious metals, or other statements that are not statements of fact. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Statements concerning mineral resource estimates may also be deemed to constitute "forward-looking statements" to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements NOVAGOLD RESOURCES INC. CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Unaudited, US dollars in thousands) As of May 31, 2024 As of November 30, 2023 ASSETS Cash and cash equivalents $ 52,568 $ 45,749 Term deposits 60,000 80,000 Other assets (Note 5) 1,377 1,470 Current assets 113,945 127,219 Investment in Donlin Gold (Note 4) 3,454 3,071 Other assets (Note 5) 4,178 3,000 Total assets $ 121,577 $ 133,290 LIABILITIES Accounts payable and accrued liabilities $ 1,277 $ 703 Accrued payroll and related benefits 1,718 2,799 Other liabilities (Note 7) 896 404 Current liabilities 3,891 3,906 Promissory note (Note 6) 144,047 136,748 Other liabilities (Note 7) 1,111 859 Total liabilities 149,049 141,513 Commitments and contingencies (Notes 6 and 7) EQUITY (DEFICIT) Common shares 1,988,472 1,986,938 Contributed surplus 91,874 88,621 Accumulated deficit ( 2,083,329 ) ( 2,059,311 ) Accumulated other comprehensive loss ( 24,489 ) ( 24,471 ) Total equity (deficit) ( 27,472 ) ( 8,223 ) Total liabilities and equity (deficit) $ 121,577 $ 133,290 The accompanying notes are an integral part of these condensed consolidated interim financial statements. These condensed consolidated interim financial statements are authorized for issue by the Board of Directors on June 24, 2024. They are signed on the Company's behalf by: /s/ Gregory A. Lang, Director /s/ Hume Kyle, Director 1 NOVAGOLD RESOURCES INC. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited, US dollars in thousands except per share amounts) Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Operating expenses: General and administrative (Note 9) $ 7,603 $ 5,535 $ 13,862 $ 11,142 Equity loss – Donlin Gold (Note 4) 3,990 7,543 6,951 12,018 11,593 13,078 20,813 23,160 Loss fro

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View this 10-Q filing on SEC EDGAR