08:31 AM EDT, 06/25/2025 (MT Newswires) -- Novagold Resources ( NG ) traded 2.8% higher at last look Wednesday in NYSE American pre-market trading as the company's comprehensive loss widened in its fiscal second quarter.

The company reported a comprehensive loss of US$53.7 million, or a US$0.15 per share, for the three months ended May 31, compared with a loss of US$13.7 million, or US$0.04 per share.

The results include a non-cash, non-recurring charge of US$39.6 million related to warrants issued under a backstop commitment agreement.

The results also reflect higher expenditures at the Donlin gold project in Alaska, where a 2025 field program is underway. Novagold owns a 60% stake in the project and funds managed by Paulson Advisers own 40%.

Novagold said its near-term priorities include commencing an updated feasibility study for Donlin, executing the 2025 drill program, and pursuing further exploration at depth.