Earnings Review and Free Research Report: NovaGold Resources’ Reported its Q3 FY17 Results

LONDON, UK / ACCESSWIRE / October 12, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on NovaGold Resources Inc. (NYSE AMER: NG), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=NG, following the Company's announcement of its third quarter fiscal 2017 (Q3 FY17) earnings on October 03, 2017. The Vancouver, Canada-based Company is engaged in the development of mineral properties in North America and has not reported any revenues till date. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on NG. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

During the Q3 FY17, NovaGold's general and administrative (G&A) expense were $4.65 million, up from $4.23 million in Q3 FY16. The increase in G&A expense is primarily due to higher share-based compensation costs for stock options compared to the prior year. The Company's share of losses in Donlin Gold project increased to $3.17 million in Q3 FY17 from $1.98 million in Q3 FY16. Share of losses in Galore Creek project was $0.61 million in Q3 FY17 compared to $0.21 million in Q3 FY16. Furthermore, total operating expenses during Q3 FY17 came in at $8.42 million compared to $6.42 million in the past year's same quarter.

The precious metal mining Company reported loss from operations increased to $8.42 million in Q3 FY17, from $6.42 million in Q3 FY16, due to drill program expenses at Donlin Gold as well as increased care and maintenance activity at Galore Creek. Furthermore, the Company reported net loss of $10.39 million, or $0.03 per basic and diluted share in Q3 FY17 compared to net loss of $7.38 million, or $0.02 per basic and diluted share, in the year-ago comparable quarter.

Mine Update

Donlin Gold Project - The Company informed the market that the US Army Corps of Engineers, the lead permitting agency, had completed the cooperating agency review of the preliminary final Donlin Gold Environmental Impact Statement (EIS). Meanwhile, the final EIS is anticipated to be published in 2018 and the Record of Decision (ROD) expected to follow shortly thereafter.

Galore Creek Project - NovaGold's prime focus is on advancing Donlin Gold, hence the Company is committed towards selling all or part of its 50% interest in the project.

Cash Flow and Balance Sheet

In the three months ended August 31, 2017, net cash used in operating activities increased to $1.68 million, from net cash used in operating activities of $0.54 million the prior year's same quarter. As on August 31, 2017, cash and cash equivalents balance stood at $21.64 million compared to $30.27 million as on November 30, 2016. Additionally, accumulated deficit as on August 31, 2017, was $1.73 billion compared to $1.71 billion as on November 30, 2016.

Moreover, the Company assured that it has over $88 million in cash and term deposits as of August 31, 2017, which would be sufficient to drive its objectives of completing permitting activities at Donlin Gold and advancing the current drill program and related optimization work in collaboration with Barrick Gold (NYSE: ABX).

Stock Performance

On Wednesday, October 11, 2017, NovaGold Resources' stock closed the trading session at $4.31, rising 2.86% from its previous closing price of $4.19. A total volume of 1.68 million shares were exchanged during the session. The stock currently has a market cap of $1.37 billion.

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