{"url_path":"/sec/ng/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-24","source_url":"https://www.sec.gov/Archives/edgar/data/1173420/0001171843-26-004279-index.html","accession_number":"0001171843-26-004279","cik":"0001173420","ticker":"NG","issuer_name":"NOVAGOLD RESOURCES INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1173420/0001171843-26-004279-index.html","primary_entity_key":"0001173420","primary_entity_name":"NOVAGOLD RESOURCES 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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n**FORM 10-Q**\n\n \n\n**☒         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the Quarterly Period Ended May 31, 2026**\n\n**OR**\n\n \n\n**☐         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the Transition Period from                     to**\n\n**Commission File Number: 001-31913**\n\n \n\n \n\n \n\n**NOVAGOLD RESOURCES INC.**\n\n(Exact Name of Registrant as Specified in Its Charter)\n\n \n\n**British Columbia**\n\n**N/A**\n\n(State or Other Jurisdiction of\n\nIncorporation or Organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n \n\n**201 South Main Street, Suite 400**\n\n**Salt Lake City, Utah, USA**\n\n**84111**\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n \n\n**(801) 639-0511**\n\n(Registrant’s Telephone Number, Including Area Code)\n\nSecurities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:\n\n \n\n**Title of Each Class**\n**Trading Symbol**\n**Name of each exchange on which registered**\n\nCommon Shares, no par value\nNG\n\nNYSE American\n\nToronto Stock Exchange\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):\n\n \n\nLarge accelerated filer ☒\n\nAccelerated filer ☐\n\nNon-accelerated filer ☐\n\nSmaller reporting company ☐\n\nEmerging growth company ☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nAs of June 19, 2026, the Company had 438,780,614 common shares, no par value, outstanding.\n\n \n\n \n\n \n\n \n\n \n\n**NOVAGOLD RESOURCES INC.**\n\n \n\n**TABLE OF CONTENTS**\n\n \n\n**Page**\n\n \n\n[PART I - FINANCIAL INFORMATION](#p1)\n\n[1](#p1)\n\n \n \n\n[Item 1.](#p1i1)\n\n[Financial Statements](#p1i1)\n\n[1](#p1i1)\n\n[Item 2.](#i2)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i2)\n\n[15](#i2)\n\n[Item 3.](#i3)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#i3)\n\n[22](#i3)\n\n[Item 4.](#i4)\n\n[Controls and Procedures](#i4)\n\n[22](#i4)\n\n \n \n \n\n[PART II - OTHER INFORMATION](#p2)\n\n[23](#p2)\n\n \n \n\n[Item 1.](#p2i1)\n\n[Legal Proceedings](#p2i1)\n\n[23](#p2i1)\n\n[Item 1A.](#p2i1a)\n\n[Risk Factors](#p2i1a)\n\n[23](#p2i1a)\n\n[Item 2.](#p2i2)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#p2i2)\n\n[23](#p2i2)\n\n[Item 3.](#p2i3)\n\n[Defaults Upon Senior Securities](#p2i3)\n\n[23](#p2i3)\n\n[Item 4.](#p2i4)\n\n[Mine Safety Disclosures](#p2i4)\n\n[23](#p2i4)\n\n[Item 5.](#p2i5)\n\n[Other Information.](#p2i5)\n\n[23](#p2i5)\n\n[Item 6.](#p2i6)\n\n[Exhibits](#p2i6)\n\n[23](#p2i6)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Cautionary Note Regarding Forward-Looking Statements**\n\n \n\nThis 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 including the Donlin Gold (as defined below) bankable feasibility study and draft supplemental environmental impact statement; capital expenditures, operating costs, cash flow estimates, production estimates and similar statements relating to the economic viability of a project; anticipated timing and impact of certain judicial and/or administrative decisions; continued support of the state and federal permitting process; future capital raising activities and their related dilutive effects; the anticipated use of net proceeds from previous offerings; sufficiency of working capital; repayment of the Barrick Mining Corporation promissory note; timelines and strategic plans, including our plans and expectations relating to the development, exploration, construction and operation of the Donlin Gold project; permitting and the timing thereof, including the anticipated timing of the dam safety design packages and the issuance of the Dam Safety Certificates; infrastructure development, including but not limited to potential natural gas pipeline development; the anticipated impact of the adoption of ASU 2025-11 on the Company’s consolidated financial statements; the Company’s market price; 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.\n\n \n\nAny 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”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential”, “possible” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.\n\n \n\nForward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect:\n\n \n\n \n\n●\n\nour ability to achieve production at the Donlin Gold project;\n\n \n\n●\n\ndependence on the cooperation of our co-owner in the exploration and development of the Donlin Gold project;\n\n \n\n●\n\nexpectations regarding future gold prices and demand;\n\n \n\n●\n\nestimated capital costs, operating costs, production and economic returns;\n\n \n\n●\n\nestimated metal pricing, metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying our mineral resource and mineral reserve estimates;\n\n \n\n●\n\nour expected ability to develop adequate infrastructure and that the cost of doing so will be reasonable;\n\n \n\n●\n\nassumptions that all necessary permits and governmental approvals will be obtained and retained, and the timing of such approvals;\n\n \n\n●\n\nassumptions made in the interpretation of drill results, the geology, grade and continuity of our mineral deposits;\n\n \n\n●\n\nour expectations regarding demand for equipment, skilled labor and services needed for the Donlin Gold project;\n\n \n\n●\n\nour activities not being adversely disrupted or impeded by development, operating or regulatory risks;\n\n \n\n●\n\nour expectations regarding the timing and outcome of certain judicial and/or administrative decisions, including but not limited to the appeals to: (i) the federal Joint Record of Decision and permits issued by the U.S. Army Corps of Engineers and U.S. Bureau of Land Management, and (ii) the State Clean Water Act Section 401 Certification (as defined below); and\n\n \n\n●\n\nour ability to fund the feasibility study update.\n\n \n\nForward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation:\n\n \n\n \n\n●\n\nuncertainty of whether there will ever be production at the Donlin Gold project;\n\n \n\n●\n\nrisks related to cooperation with our co-owner on which we depend for Donlin Gold project activities;\n\n \n\n●\n\nrisks related to cooperation with Calista and TKC and our continued compliance with the mining lease and surface use agreement with each, respectively, for the Donlin Gold project subsurface mineral and surface rights;\n\n \n\n●\n\nownership of the membership interests being contractually reduced;\n\n \n\n●\n\nrisks related to failure of maintaining an effective system of disclosure controls;\n\n \n\n●\n\nour history of losses and expectation of future losses;\n\n \n\n●\n\nour concentrated property portfolio;\n\n \n\n \n\n \n\n \n\n \n\n●\n\nrisks related to our ability to finance the development of the Donlin Gold project through external financing, strategic alliances, the sale of property interests or otherwise;\n\n \n\n●\n\nuncertainty of estimates of capital costs, operating costs, production and economic returns, including the impact of inflation thereon and increases in energy prices due to geopolitical tensions;\n\n \n\n●\n\ncommodity price fluctuations;\n\n \n\n●\n\nrisks related to market events and general economic conditions;\n\n \n\n●\n\nrisks related to opposition to operations at our mineral exploration and development properties from non-governmental organizations or civil society;\n\n \n\n●\n\nthe risk that permits and governmental approvals necessary to develop and operate the Donlin Gold project will not be available on a timely basis, subject to reasonable conditions, or at all;\n\n \n\n●\n\nuncertainties relating to the assumptions underlying our mineral reserve and mineral resource estimates, such as metal pricing, metallurgy, mineability, marketability and operating and capital costs;\n\n \n\n●\n\nrisks related to the inability to develop or access the infrastructure required to construct and operate the Donlin Gold project;\n\n \n\n●\n\nuncertainty related to title to the Donlin Gold project;\n\n \n\n●\n\nrisks related to our largest shareholder;\n\n \n\n●\n\nrisks related to conflicts of interests of some of the directors and officers of the Company;\n\n \n\n●\n\nrisks related to the need for reclamation activities on our properties and uncertainty of cost estimates related thereto;\n\n \n\n●\n\ncredit, liquidity, interest rate and currency risks;\n\n \n\n●\n\nmining and development risks, including risks related to infrastructure, accidents, equipment breakdowns, labor disputes or other unanticipated difficulties with, or interruptions in, development, construction or production;\n\n \n\n●\n\nrisks related to changes in governmental regulation and uncertainties resulting from changes being implemented by the current U.S. federal administration including, but not limited to, the stability of pre-existing tax regimes and tariffs;\n\n \n\n●\n\nrisks related to environmental laws and regulations;\n\n \n\n●\n\nrisks related to our insurance;\n\n \n\n●\n\nrisks related to title and other rights to our mineral properties;\n\n \n\n●\n\nrisks related to increases in demand for equipment, skilled labor and services needed for exploration and development of the Donlin Gold project, and related cost increases;\n\n \n\n●\n\nour need to attract and retain qualified management and technical personnel;\n\n \n\n●\n\nuncertainty as to the outcome of potential litigation;\n\n \n\n●\n\nrisks related to the effects of global climate change on the Donlin Gold project;\n\n \n\n●\n\nrisks related to information technology systems;\n\n \n\n●\n\nrisks related to cybersecurity attacks and breaches; and\n\n \n\n●\n\nrisks related to the Company’s status as a “passive foreign investment company” in the United States.\n\n \n\nThis list is not exhaustive of the factors that may affect any of our forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and our actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Annual Report on Form 10-K for the year ended November 30, 2025, as filed with the SEC on January 22, 2026 (“Annual Report on Form 10-K”) and this Quarterly Report on Form 10-Q under the heading “Risk Factors” and elsewhere.\n\n \n\nOur forward-looking statements contained in this Quarterly Report on Form 10-Q are based on the beliefs, expectations, and opinions of management as of the date of this report. We do not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.\n\n \n\n \n\n \n\n \n\n \n\n**PART I - FINANCIAL INFORMATION**"}