08:47 AM EDT, 10/01/2025 (MT Newswires) -- Novagold Resources ( NG ) (NG.TO, NG) Wednesday reported that it widened its fiscal third-quarter net loss and provided an update on the Donlin Gold project, which is 60% owned by Novagold and 40% owned by funds managed by Paulson.

Fiscal third-quarter loss came in at US$15.6 million, or $0.04 per share, widening from a loss of $10.7 million, or $0.03 per share.

The results reflect higher expenditures at Donlin Gold due to the 2025 field program and ramp-up of activities to commence the bankable feasibility study.

As of Aug. 31, Novagold held about $125 million in cash and term deposits and reported net cash expenditures for the fiscal third quarter of $9 million, reflecting $8.1 million to fund Novagold's share of the Donlin Gold project and $0.9 million in corporate general and administrative costs.

The 2025 Donlin Gold budget of $43 million remains unchanged, but Novagold's share of funding is expected to increase to $24 million due to an incremental 10% funding obligation.

Novagold's share price at last look lost 0.5% to $8.80 in the U.S. pre-market trading Wednesday.