11:59 AM EDT, 06/25/2025 (MT Newswires) -- (Updates shares.)

Novagold Resources ( NG ) on Wednesday said its loss widened in its fiscal second quarter.

The company reported a 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, in the year-prior quarter.

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 spending on 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.

Novagold shares were last seen $0.34 to $5.00 on the Toronto Stock Exchange.

Price: 5.06, Change: -0.28, Percent Change: -5.24