NOVAGOLD Advances Donlin Gold Project Towards Construction Decision

NOVAGOLD is entering a critical phase in its efforts to advance the Donlin Gold Project toward a construction decision. Buoyed by promising drill results for 2025, a strengthened treasury amounting to $125 million, and recent regulatory victories, the company is reducing uncertainty surrounding one of North America’s largest undeveloped gold deposits. The acceptance into the federal FAST-41 permitting program has clarified the federal timeline for Donlin, while a ruling from the Alaska Supreme Court upheld essential water rights and right-of-way for a natural gas pipeline crucial to the project’s infrastructure.

With approximately 40 million ounces in measured and indicated resources, continued high-grade drill intercepts, and a bankable feasibility study (BFS) set to commence before year-end, NOVAGOLD is positioning Donlin as a long-term asset in a stable jurisdiction. The ongoing strength in gold prices and investor interest in large-scale U.S. mining projects further supports this trajectory.

CEO Insights on Project Progress

In a recent interview with the Canadian Mining Journal, Greg Lang, CEO of NOVAGOLD, discussed the company’s strategic direction. He emphasized the importance of the recent drill results, which confirmed consistent, high-grade mineralization. The 2025 drill program involved approximately 18,000 metres of drilling aimed at achieving three core objectives essential for Donlin’s development.

One key focus was tight-spaced drilling within ore zones, designed to provide mining engineers with detailed data for future mine planning. Lang noted that results confirmed the continuity of high-grade mineralization, enhancing confidence in the ore body’s consistency. Additionally, the project aimed to convert a portion of inferred resources around known ore bodies, ACMA and Lewis, to measured and indicated categories, thereby strengthening the resource model.

The drilling also included geotechnical work to inform pit slope designs and support broader infrastructure planning, which are critical components of the BFS. Lang highlighted that while Donlin Gold is modeled as a 2.25 g/t deposit, the recent intercepts averaged nearly 4.0 g/t of gold. This not only reflects geological significance but also increases the overall grade and potential economic value of the resource.

Future Milestones and Community Engagement

NOVAGOLD is preparing to select an engineering firm for the BFS in the coming months. Lang explained that the company is highly selective in its criteria, focusing on firms capable of delivering quality results while also managing the project through detailed engineering and construction management. The request for proposals (RFP) was issued in the third quarter, with an anticipated contract award before the end of the year.

Looking ahead, several key milestones are expected before the end of 2025. The award of the BFS contract will enable NOVAGOLD to provide guidance on project schedules and costs, representing a significant step toward a construction decision. The company is also designing a district-wide exploration program to assess the broader potential of the Donlin Gold land package, reinforcing its belief in the area’s gold prospectivity.

Lang emphasized the importance of community engagement, noting that Donlin Gold is situated on private land owned by two Alaska Native corporations: Calista Corporation, which holds the mineral rights, and The Kuskokwim Corporation, which owns the surface rights. The company has established life-of-mine agreements with both corporations, which have been instrumental in navigating the permitting process.

As Donlin Gold progresses, NOVAGOLD remains committed to local hiring and workforce development, having welcomed employees from 22 local villages in the Yukon-Kuskokwim region. Lang noted that these individuals are not only skilled workers but also serve as vital ambassadors for the project, which is seen as a significant source of economic stability in a region facing challenges.

As NOVAGOLD transitions from a developer to a builder over the next five years, the company plans to focus on executing the BFS, finalizing engineering strategies, and preparing for construction. The strategic acceptance into the FAST-41 program, which enhances transparency in the federal permitting process, is expected to streamline timelines while maintaining rigorous environmental safeguards.

In conclusion, Lang expressed confidence in NOVAGOLD’s positioning within the current market. With a robust financial foundation, successful permitting milestones, and a commitment to community engagement, the company is poised to advance the Donlin Gold Project toward what could be one of the largest and most significant gold mines in the United States.