NOVAGOLD Reports Q1 2026 Progress on Donlin Gold Project with $294M Funding
NOVAGOLD Resources Inc. completed a $294 million upsized private placement and reported $393 million in cash reserves, advancing the Donlin Gold project's Bankable Feasibility Study (BFS) with Fluor Corporation as lead engineer. This strategic financing supports project development and operational activities amid rising expenditures.
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As of February 28, 2026, NOVAGOLD Resources Inc. reported approximately $392.5 million in cash and term deposits. The company completed an upsized bought deal private placement generating net proceeds of approximately $294 million to fund the Donlin Gold project, where expenditures for Q1 2026 were $20.8 million, driven by BFS activities.
The BFS, expected to conclude in 2027, is supported by engineering contracts with Fluor, WSP, Worley, and Hatch. Additionally, a non-binding LOI was signed with Glenfarne Alaska LNG to evaluate natural gas supply for the project's power needs. These developments enhance the project's economic potential and regulatory standing, with ongoing engagement in the Y-K region to maintain local stakeholder relationships.
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