NovaGold Shares Fall on 3Q Loss
By Adriano Marchese
NovaGold Resources shares fell after the company reported a slightly narrowed loss in its third quarter.
Shares in Toronto traded 11% lower Thursday at 5.02 Canadian dollars ($3.72).
The New York- and Toronto-listed precious metals company reported a net loss of $10.7 million, just below the $11.1 million reported a year ago.
On a per-share basis, this was a loss of 3 cents, unchanged from a year earlier.
NovaGold is partnered with Canadian mining gold company Barrick Gold to develop its 50%-owned, federally permitted Donlin Gold project in Alaska, for which the company is still waiting for a construction decision from the state.
Chief Executive Gregory Lang said in an earnings call that the Donlin project tailings dam and related water retention structures are the last remaining permits that fit the project needs of all the major permits, but noted that "it's a pretty rigorous process in Alaska."
Lang noted that as NovaGold approaches a construction decision, it determined it was an appropriate time to advance the dam safety certifications.
"We're filing all the preliminary design packages now that will be reviewed by the state and we anticipate approval probably in a year, year and a half, well in advance of our decisions on the project," he said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 03, 2024 13:13 ET (17:13 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks