LONDON, UK / ACCESSWIRE / January 31, 2018 / Active-Investors.com has just released a free earnings report on NovaGold Resources Inc. (NYSE: NG) ("NovaGold"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=NG. The Company released its financial results on January 24, 2018, for the full fiscal year 2017 (FY17). The Vancouver, Canada-based Company is engaged in the development of mineral properties in North America and has not reported any revenues till date. Register today and get access to over 1000 Free Research Reports by joining our site below:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, NovaGold Resources most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
During FY17, NovaGold's general and administrative (G&A) expenses were $20.80 million, up from $20.18 million in FY16. The Company's share of losses in the Donlin Gold Project increased to $11.22 million in FY17 from $8.82 million in FY16, whereas its share of losses in the Galore Creek Project was $1.68 million in FY17 compared to $1.15 million in FY16. Furthermore, the Company's total operating expenses came in at $33.70 million during FY17 compared to $30.15 million in the past year.
The precious metal mining Company's reported loss from operations increased to $33.70 million in FY17 from $30.15 million in FY16, due to drill program expenses at Donlin Gold, increased care and maintenance activity at Galore Creek, as well as higher G&A costs. Furthermore, the Company reported a net loss of $39.02 million, or $0.12 per basic and diluted share, in FY17 compared to a net loss of $33.85 million, or $0.11 per basic and diluted share, in the year ago.
Donlin Gold Project - The Company informed the market that the US Army Corps of Engineers, the lead permitting agency, is finalizing the Donlin Gold Environmental Impact Statement (EIS) and expects to file the document in early 2018, with the Record of Decision (ROD) to follow later this year.
Galore Creek Project - NovaGold's prime focus is on advancing Donlin Gold. Therefore, the Company is committed towards selling all or part of the Company 50% interest in the Galore Creek Project and re-deploy the proceeds towards the Donlin Gold Project.
Cash Flow and Balance Sheet
In the year ended November 30, 2017, net cash used in operating activities increased to $8.28 million from $7.42 million in the prior year. As on November 30, 2017, cash and cash equivalents stood at $27.95 million compared to $30.27 million as on November 30, 2016. The Company's term deposits balance was $56.00 million as on November 30, 2017, compared to $75.00 million as on November 30, 2016. Additionally, accumulated deficit was $1.74 billion as on November 30, 2017, compared to $1.71 billion as on November 30, 2016.
Moreover, the Company assured that it has over $88 million in cash and term deposits as of November 30, 2017, which would be sufficient to drive the Company's objectives of completing permitting activities at Donlin Gold, as well as in meeting other financial obligations.
Stock Performance Snapshot
January 30, 2018 - At Tuesday's closing bell, NovaGold Resources' stock dropped 2.62%, ending the trading session at $3.72.
Volume traded for the day: 2.12 million shares, which was above the 3-month average volume of 1.53 million shares.
After yesterday's close, NovaGold Resources' market cap was at $1.17 billion.
The stock is part of the Basic Materials sector, categorized under the Gold industry.
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