NOVAGOLD beats expectations, narrowing 1Q loss thanks to cost efficiencies at Alaska gold project
NOVAGOLD Resources Inc (TSE:NG) (NYSEAMERICAN:NG), the junior gold development company, reported better-than-expected 1Q 2019 results as its losses narrowed compared to the year-ago quarter.
The Vancouver-based precious metals company reported a net loss of US$6.3 million during the three months ended February 2019, or a loss per share of $0.02, compared with $8.2 million or $0.03 per share during the same period a year prior.
Consensus analyst estimates had a loss per share of $0.03, unchanged from the year-ago quarter.
The loss reduction was largely the result of decreasing general and administrative expenses, as well as more cost efficiencies at the company’s flagship Donlin gold project, the company said in a statement.
Development progressing at Donlin
Located in a historic mining region in Alaksa, Donlin is a 50-50 joint venture with Barrick Gold Corporation (NYSEGOLD). It is one of the largest high-grade gold deposits discovered in recent years. NOVAGOLD is aiming to make a production decision by the end of 2019.
“With the completion of the recent Barrick-Randgold merger, the Donlin Gold partnership is clearly benefitting from very constructive input from Barrick’s new technical team,” said NOVAGOLD’s CEO Gregory Lang in a statement. “We have a common goal of advancing the project in a financially-disciplined manner with a focus on engineering excellence, environmental stewardship, safety and social responsibility.”
Balance sheet
NOVAGOLD has around $162 million in cash and term deposits and expects to spend around $24 million in 2019, $13 million of which to fund its share of expenditures at the Donlin project.
Shares of NOVAGOLD closed at C$5.54 in Toronto and US$4.16 in the US on Tuesday.
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Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/217877/novagold-beats-expectations-narrowing-1q-loss-thanks-to-cost-efficiencies-at-alaska-gold-project-217877.html
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