NOVAGOLD Advances Donlin Gold Project Towards Construction Decision

NOVAGOLD is on the cusp of a significant transition as it moves the Donlin Gold Project closer to a construction decision. The company is buoyed by promising drill results from 2025, an improved financial position, and favorable regulatory developments. These factors collectively reduce uncertainty surrounding what is considered one of North America’s largest undeveloped gold deposits.

In a recent development, NOVAGOLD gained acceptance into the federal FAST-41 permitting program. This designation provides a clearer and more predictable federal timeline for the Donlin project. Additionally, a ruling from the Alaska Supreme Court in November confirmed essential water rights and the right-of-way for a state-controlled segment of the proposed natural gas pipeline. These key validations reinforce the project’s prospects for advancement.

With approximately 40 million ounces in measured and indicated resources and continuous high-grade drill intercepts, NOVAGOLD is positioning the Donlin Gold Project as a long-life asset in a stable jurisdiction. This comes at a time when both gold prices and investor interest in large-scale U.S. projects are robust.

CEO Greg Lang Discusses Strategic Developments

In an interview with the Canadian Mining Journal, NOVAGOLD CEO Greg Lang provided insights into the company’s progress and future plans. He emphasized the importance of the recent drill results, which confirmed consistent high-grade mineralization, and their implications for the project’s overall resource potential.

Lang highlighted the recent drill program, which involved approximately 18,000 metres of drilling aimed at three critical objectives. The first involved tight-spaced drilling within ore zones, designed to provide mining engineers with high-resolution data for refined mine planning. The results confirmed continuity of high-grade mineralization, boosting confidence in the ore body’s consistency.

The second objective focused on converting inferred resources surrounding the known ore bodies, ACMA and Lewis, into measured and indicated categories. This step enhances the robustness of the resource model. The third objective included geotechnical drilling to inform pit slope designs and broader infrastructure planning, essential for the upcoming bankable feasibility study (BFS).

Lang noted that while the Donlin Gold deposit is modeled at 2.25 grams per tonne (g/t), the average intercepts from this year’s drilling approached 4.0 g/t. This not only reflects positively on the deposit’s geology but also enhances the overall economic viability of the project.

Key Milestones and Future Outlook

Looking ahead, NOVAGOLD plans to select an engineering firm for the BFS shortly. The criteria for selection include the firm’s capability to deliver a high-quality BFS and manage the detailed engineering and construction phases. The formal request for proposals was issued in the third quarter, with expectations to award the contract by the end of the year.

Lang outlined several upcoming milestones for investors and stakeholders to monitor before the end of 2025. The anticipated award of the BFS will be pivotal in guiding the project’s timeline and costs. Moreover, a district-wide exploration program is in development to explore the broader potential of the Donlin Gold land package.

The company remains in a strong financial position, with $125 million in cash and term deposits as of August 31, 2025, allowing for the funding of upcoming development activities. Lang reiterated that these milestones represent substantial progress toward unlocking the value of Donlin Gold, positioning it as one of the largest and highest-grade open-pit gold mines in the U.S.

As NOVAGOLD proceeds, the firm is committed to responsible project management and maintaining strong community relations. The Donlin Gold project is located on private land owned by two Alaska Native corporations, Calista Corporation and The Kuskokwim Corporation. Both have been instrumental in the permitting process and have vested interests in the project’s success.

Lang emphasized the importance of local hiring and community engagement, noting that this year alone, employees from 22 local villages have joined the workforce, representing a vital source of economic stability in a region with few large-scale opportunities.

As NOVAGOLD transitions from a development phase to a construction phase over the next five years, the company aims to execute the BFS, finalize engineering strategies, and continue deepening community engagement. The focus remains on ensuring that the Donlin Gold Project delivers lasting benefits for generations to come.