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NOVAGOLD

TICKER: NG:TSX; NG:NYSE.MKT

NOVAGOLD is well-financed precious metals company engaged in the exploration and development of mineral properties in North America. The company is focused on permitting and developing its 50%-owned flagship property, Donlin Gold, one of the world's largest known undeveloped gold deposits. The Donlin Gold project commenced permitting in 2012, a clearly defined process expected to take approximately four years. NOVAGOLD is also committed to maximizing value of its non-core assets and is currently exploring opportunities to sell its interest in the Galore Creek copper-gold-silver project in British Columbia, Canada.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

John Bridges, J.P. Morgan (10/9/14) "NOVAGOLD believes it has passed the halfway stage with permitting its Donlin gold project in Alaska and could be ready to build or sell in late 2016. . .we expect the state to be supportive of Donlin's development."

The Gold Report Interview with Keith Phillips (8/27/14) "NOVAGOLD's Donlin is one of the premier undeveloped gold assets in the world, full stop. There's also a strong partner in Barrick Gold. Donlin is a large, high-grade opportunity in a good jurisdiction, and once it becomes a mine, it will be producing for decades. It's one in a handful of truly strategic assets in the world. [Cowen and Company, JP Morgan and RBC Capital Markets all cover NOVAGOLD.]. . .that institutional support is certainly helpful, but a project of that scale is challenging to finance in today's market. In the market we had four years ago, it would be viable, and we will certainly see such markets again in the future. NOVAGOLD and Barrick are advancing the project and there will ultimately be a construction decision, but even if Donlin were permitted and ready to go and all they had to do was spend the money, I expect they would both choose to pause and wait for better capital markets and better valuations." More >

The Gold Report Interview with Jeb Handwerger (8/11/14) "NOVAGOLD is on our watchlist as it owns the Donlin project, where it is partnered with Barrick. It has around 45 Moz gold in the Resource category. Donlin could possibly produce over a million ounces of gold annually at a high grade of 2.2 g/t. It can be purchased at a major discount. NOVAGOLD is currently trading under $4/share. In previous gold bull markets, the company was trading in the mid-teens. As the sector turns, I wouldn't be surprised if it makes that move again." More >

John Bridges, J.P. Morgan (7/11/14) "NOVAGOLD is an unusual and rare company with a large gold project in a politically stable location (Alaska) with a full feasibility study. . .the company has outperformed the S&P gold index by 40% this year. . .Donlin is a unique, low-cost, high-grade asset."

John Bridges, J.P. Morgan (7/9/14) "NOVAGOLD is tracking within its $30M budget for the year. . .the company has $176M in cash and term deposits plus a motivated shareholder group (top two shareholders) controlling 36% of the equity. It is about halfway through the time consuming environmental impact statement process."

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John Bridges, J.P. Morgan (6/20/14) "NOVAGOLD is performing better thus far this year as it has advanced its permitting process. The Donlin project provides exposure to the long-term gold price but no near-term operating risk since commissioning is still years away; the company has secured financing for its share of permitting costs for the Donlin project."

The Mining Report Interview with Stephan Bogner (4/1/14) "Keep NOVAGOLD on your radar as well. Once gold prices pick up, this company is ready to either advance its Donlin property into a mine or be taken out." More >

Jeff Desjardins, Tickerscores (3/13/14) "NOVAGOLD owns 50% of one of largest undeveloped gold projects in the world in the Donlin Creek gold project. . .the company's balance sheet is strong with $191M in cash, which will easily move it through the permitting stages."

John Bridges, J.P. Morgan (2/18/14) "Gold deposits of NOVAGOLD's Donlin Gold's size are rare, and large deposits in politically safer locations are even more unusual. . .we estimate that the 34 Moz Au Donlin deposit is the fourth-largest undeveloped gold deposit worldwide. . .the company also owns a 50% interest in the Galore Creek project in British Columbia with Teck Resources Ltd., which contains reserves of 6.8Blb Cu, 5.45 Moz Au and 102 Moz Ag."

The Energy Report Interview with Porter Stansberry (1/30/14) "I like NOVAGOLD because it has an absolutely ironclad balance sheet. Whether the price of gold goes up or down this year, there is no way that it can or will go bankrupt. It has around $200M in cash on its balance sheet, and it has two gold projects that have very high-grade ore that are very likely to become mines. I view the shares of NovaGold, which are still below $3, as essentially a call option on the price of gold. This company will certainly be solvent for the next two or three years, and if the price of gold were to go up in that period, the share price would probably go to $10 or $20. It's a safe way to speculate on a higher gold price going forward." More >

The Gold Report Interview with Mike Niehuser (12/4/13) "A big project that I believe still has potential is in Alaska. . .NOVAGOLD is divesting noncore assets and focusing on advancing Donlin Creek, arguably one of the world's largest undeveloped gold deposits, which will benefit from an increase in gold prices." More >

Adam Graf, Cowen & Co. (11/8/13) "NOVAGOLD is primarily advancing the 50%-owned Donlin gold project in Alaska. A feasibility study released in early 2013 demonstrated the sheer size of the project, which is capable of producing 1.5 Moz gold annually over its first five years at cash costs of $409/oz and 1.13 Moz gold annually over its 27-year mine life at $585/oz. . .the company's ~$200M cash balance should be more than sufficient to take it through permitting."

The Gold Report Interview with Greg Dorsey (4/17/13) "NOVAGOLD has a $1B market cap. Its flagship project is Donlin, which it is developing with Barrick in Alaska. This high-grade deposit has close to 40 Moz gold. It is going into the permit stages and is years away from production. But in the meantime, while we are waiting, we expect the price of gold to rise. The stock is currently trading at the very small faction of the value of its reserves, offering tremendous leverage on the way to those reserves being extracted. A lot of smart people, including very successful hedge fund managers, like NOVAGOLD. . .we think this will be a $30 or $40 stock at some point." More >

Paolo Lostritto, National Bank Financial (2/25/13) "NOVAGOLD's exploration success at Galore Creek highlights scale and further potential. . .based on the results of the 2012 drill program, the partnership plans to update the Galore Creek resource. . .we reiterate our Outperform rating and $9.30 price target."

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